Q3 2024 Hess Midstream LP Earnings Call Transcript
Key Points
- Hess Midstream LP (HESM) reported strong operating and financial performance in the third quarter, with stable throughput volumes across gas processing, crude terminaling, and water gathering.
- The company successfully completed planned maintenance at the Little Missouri 4 gas plant, maintaining high system availability and strong gas capture.
- Hess Midstream LP (HESM) reaffirmed its 2024 throughput guidance, expecting approximately 10% growth in oil and gas systems compared to 2023.
- The company has returned $1.85 billion to shareholders since 2021 through accretive repurchases, demonstrating a strong commitment to shareholder returns.
- Hess Midstream LP (HESM) maintains a low leverage ratio of approximately 3.2 times adjusted EBITDA, highlighting its financial strength and ability to deliver significant shareholder returns.
- The impact of wildfires in North Dakota is expected to affect fourth-quarter volumes, particularly due to power outages affecting well pads and compressor stations.
- Despite strong performance, the company faces risks and uncertainties that could cause actual results to differ from projections, as noted in their forward-looking statements.
- Capital expenditures increased in the third quarter due to ongoing construction activities, which could impact short-term cash flow.
- The company anticipates higher operating and G&A expenses in the fourth quarter due to an active maintenance program and higher allocations under agreements.
- Hess Midstream LP (HESM) faces potential weather-related contingencies in the fourth quarter, which could impact operational performance and financial results.
Good day, ladies and gentlemen. And welcome to the third-quarter 2024 Hess Midstream conference call. My name is Gigi, and I'll be your operator for today. (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.
Thank you, Gigi. Good afternoon, everyone, and thank you for participating in our third-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
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