Hess Midstream LP (NYSE:HESM) Q1 2024 Results Conference Call April 25, 2024 12:00 PM ET

Company Participants

Jennifer Gordon - VP, IR
John Gatling - President, COO
Jonathan Stein - CFO

Conference Call Participants

Doug Irwin - Citi

Operator

Good day, ladies and gentlemen. And welcome to the First Quarter 2024 Hess Midstream Conference Call. My name is Gigi, and I'll be your operator for today. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's 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, Gigi. 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.

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, 2024 conference call. Today, I'll discuss our first quarter performance, which demonstrates a continued focus on the safe delivery of our strategy. I'll also review Hess Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance.

In the first quarter, we continued to progress our 2024 business objectives in a safe and efficient manner. Throughput volumes averaged 393 million cubic foot per day for gas processing, 117,000 barrels of oil per day for crude terminaling and 116,000 barrels of water per day for water gathering. In line with our guidance, overall volumes were broadly flat compared to the fourth quarter, reflecting severe winter weather experienced in January, resulting in slightly lower oil volumes offset by strong gas capture performance. We continue to support Hess' commitment to achieving zero routine flaring by the end 2025.