Hess Midstream LP. (NYSE:HESM) Q2 2024 Earnings Conference Call July 31, 2024 12:00 PM ET

Company Participants

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

Conference Call Participants

Doug Irwin - Citi
John Mackay - Goldman Sachs & Company
Naomi Marfatia - UBS
Praneeth Satish - Wells Fargo

Operator

Good day, ladies and gentlemen. And welcome to the Second 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 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.

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 Second Quarter 2024 Conference Call. Today, I’ll discuss our second quarter performance and review Hess Corporation’s results and outlook for the Bakken. Jonathan will then review our financial results and guidance.

In the second quarter, throughput volumes averaged 419 million cubic foot per day for gas processing, 126,000 barrels of oil per day for crude terminaling and 124,000 barrels of water per day for water gathering.

Throughputs increased across all segments of our business, with gas processing and oil terminaling volumes increasing by approximately 7% and 8%, respectively, from the first quarter, primarily driven by strong Hess performance. System availability remained high across our midstream assets, and gas capture was particularly strong in the second quarter.