Hess Midstream LP (NYSE:HESM) Q1 2022 Earnings Conference Call April 27, 2022 12:00 PM ET

Company Participants

Jennifer Gordon - VP, IR

John Gatling - President & COO

Jonathan Stein - CFO

Conference Call Participants

Doug Irwin - Credit Suisse

Michael Lapides - Goldman Sachs

Dan Walk - J.P. Morgan

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2022 Hess Midstream Conference Call. My name is Livya and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [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. Good afternoon everyone and thank you for participating in our first 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.

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 first quarter 2022 conference call.

Today, Jonathan and I will review the highlights from our recent transactions, as we continue to execute our financial strategy to return additional capital to shareholders. I will also discuss our operating performance, progress of our capital program, and review Hess Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance.

We recently delivered several positive announcements for Hess Midstream. In early April, we completed a $400 million unit repurchase from our sponsors. The repurchase provided significant and immediate accretion to our shareholders, while optimizing our capital structure to a conservative 3x adjusted EBITDA leverage target on a full-year 2022 basis.