Hess Midstream LP (NYSE:HESM) Q2 2022 Earnings Conference Call July 27, 2022 12:00 PM ET

Company Participants

Jennifer Gordon - Director, IR

John Gatling - President & COO, Hess Midstream GP LLC

Jonathan Stein - CFO, Hess Midstream GP LLC

Conference Call Participants

Stephen McGee - JPMorgan Chase & Co.

Douglas Irwin - Crédit Suisse

Praneeth Satish - Wells Fargo Securities

Michael Lapides - Goldman Sachs Group

Operator

Good day, ladies and gentlemen, and welcome to the Second Quarter 2022 Hess Midstream Conference Call. My name is Victor, and I'll be your operator for today. [Operator Instructions]. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Jennifer Gordon, Vice President of Investor Relations. Please proceed.

Jennifer Gordon

Thank you, Victor. Good afternoon, everyone, and thank you for participating in our second quarter earnings conference call. Our earnings release was issued this morning and appears on our website, www.hessmidstream.com. Today's conference call contains projections and other forward-looking statements within the meaning of the Federal Securities Laws. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in such statements.

These risks include those set forth in the Risk Factors section of Hess Midstream's filings with the SEC. Also on today's conference call, we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the earnings release and our transcript of today's prepared remarks.

With me today are John Gatling, President and Chief Operating Officer; and Jonathan Stein, Chief Financial Officer. In case there are audio issues, we will be posting transcripts of each speaker's prepared remarks on www.hessmidstream.com following their presentation. I'll now turn the call over to John Gatling.

John Gatling

Thanks, Jennifer. Good afternoon, everyone, and welcome to Hess Midstream's Second Quarter 2022 Conference Call. Today, I will review the progress we're making on executing our strategy, discuss our operating performance and capital program and review Hess Corporation's results and outlook for the Bakken.

Jonathan will then review our financial results and guidance. Beginning with Hess' upstream results. Today, Hess reported second quarter Bakken net production averaged 140,000 barrels of oil equivalent per day, reflecting the impact of severe weather in April and May. Hess' production is recovering. Well results continue to meet or exceed expectations, and Hess anticipates production to build in the second half of the year as they bring approximately 50 wells online compared to 32 wells in the first half of 2022.