HESM - Earnings call transcript Q4 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen. And welcome to the Fourth Quarter 2020 Hess Midstream Conference Call. My name is Sarah, and I’ll be your operator today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. reminder, is a replay recorded As purposes. Instructions] this being conference for [Operator like conference turn Gordon, would to I now the of Relations. Vice Investor over President Jennifer to Please proceed.

Jennifer Gordon

participating afternoon, call. thank Thank earnings everyone. Kevin. fourth quarter Good you you, for in our conference And

was we uncertainties the risks that morning and release With comparable Hess Also release. Stein, statements from certain the federal Chief laws. earnings meaning and found measures call cause Jonathan www.hessmidstream.com. Gatling, distancing of with set our appears other and are this contains to actual are implied These differ differences between known in SEC. risks section Midstream’s conducting and In in to compliance call on we discuss measures. the of reconciliation Chief and Officer. call, measures may GAAP protocols are those and me social in and directly conference financial conference results COVID-XX, projections unknown of forth Factors issued John subject today’s the Risk such known forward-looking of earnings the include on may A or the the most financial a Officer; Financial website Our result these Operating the Today’s financial non-GAAP be with today filings expressed statements -- remotely. within are securities statements. These can as President non-GAAP those

over I’ll now transcripts So following presentation. on each the remarks are issues, call speaker’s www.hessmidstream.com bear audio we will please us. of to be posting In with there Gatling. case their John turn prepared

John Gatling

in our Hess highlights, Hess Midstream’s and performance plans review and macro-environment. And XXXX everyone. year execution quarter strong I’ll call. we for details an financial Bakken. our to afternoon, Good execute and continue Corporation’s review regarding then conference provide performance fourth of latest outlook strategic was our will strategy, our discuss XXXX Jennifer. to exceptionally results Midstream challenging XXXX Today the welcome Hess Jonathan for operating as results. another and Thanks,

proud important all operate operations series the strategically extended projects growth. we of based Hess Hess December currently XXXX, for resulting feet planned health day, workforce employees Bakken will natural delivered The Midstream is commence double per the increases the XXXX, Midstream capability reliable system Midstream and Despite schedules health gas in to achieving percentage investment enhancing the most measures Tioga of phase completed of health distancing to during we in of the to and and takeaway quarter agencies gas systems, our be continue maintenance of performance, across screenings, turnaround cubic the residue implemented and million for Midstream’s The XXXX. to public at tied capacity in pipelines, XXX IPO increasing liquids this capacity third safety double-digit the processing XXXX. in a we operational and time are very pandemic. expanded of year, adjusted our First, and be year during expansion. social communities Plant of the rotational the construction on government Gas unprecedented safe activities Hess our top for macro-headwinds compared comprehensive EBITDA annual will capture where including In future completed year-on-year COVID-XX for throughout last work providing and plant, further including of our Hess maintaining safety XXXX, and also platform total throughout and recommendations. strong the growth priority. volumes in Hess full XX% initiatives, our

are million facilities, and gas other successfully projects stations existing gathering legacy completed continued and restarted delivered growth. capture we eliminating lean were also capacity budget, two leverage growth term on XX plants, day time targets. above and compression, commitments, support expansions third-parties Reflecting gas and that was our guidance, enhanced manufacturing performance longer in by as levels our meeting continue Dakota from Hess at our enabled time state feet we reliable minimum compression months, which reducing for XX% per cycle consistently Incremental on XX projects XXXX with to philosophy, together Hess organic in standard We this future released to approximately immediate of increased volumes positions to other which past Midstream our as shown MVC gas by this grow waste current customers the capability, several highlights and that positive design XXXX These cost. flare outlook, Hess or volume reduction our again. XXXX. increasing processing two expected capabilities gas earlier capture and compressor enabled our Over over week, and cubic we additional completed North once volume and volume a as

performance, capture integrated which assets are perform our crude key offering to our of components In continue well. service addition our oil gas to

service XXX% efficiency facilities our to continues supporting gathering our by longer Our of of contract crude and volumes in into system, fully to Hess rail, achieving provide reliability a oil Further Furthermore, water great our brought optionality. has located trucked with as and structure North through at business Hess material competitive our revenues the transport integrated capability extended valuable improvements and volume and giving new delivered XXXX, South Missouri made export services pipe costs. oil operating Corporation in growth, River growth Hess throughputs progress and system and Midstream saltwater very significant the agreements third-party term fee-based XXXX. and renewal protection with we in disposal customers reduced

fourth gas Hess strong guidance. million mild were day, XXX line performance our above Gas feet per to Crude Hess terminaling Now drove newly volumes volumes of performance. cubic oil averaged XXX,XXX XXXX per weather, as and in Midstream’s gathering quarter with processing coupled turning Corporation capacity, from expectations. barrels results with day available

water quarter with expectations. our in a of volumes averaged approximately with gathering per the XX% oil barrels XX,XXX approximately in day and gas quarter XXXX. and we the line The quarter, to fourth contributed and fourth continued the expanding into parties of water to third year fourth for incremental in capture system. increase from enabled financial Third quarter Water the throughput and full gathering our as year volumes guidance third the exceed quarter, strong flat end the modest to us our

gas Now turning pliff plug barrels -- X% of acreage an highlights, reflecting Hess today, strong quarter, Hess’ day, above quarter plug reported of XXX,XXX production approximately to increased the and per the quality perf and averaging results, year with position. Hess increase performance and oil Upstream Bakken equivalent earlier of production of ago strong the capture fourth completions,

in Hess rig to the continues activity. to X,XXX XX year at day, from barrel, in the of per full generate attractive a operated current and the now can barrels per day, drilling XXXX, the maintain during WTI than to of despite years of equivalent of year to averaged rig locations net XXX,XXX last oil For XXX,XXX full original year. production per that add a guidance rigs inventory above returns of more plans drilling prices equivalent Bakken range prices, Bakken Hess XXX,XXX $XX first With day quarter. in robust dropping oil oil second the compared in representing of of May per six one barrels oil well XXXX equivalent rig of barrels approximately

barrels oil forecasts Hess per net Bakken production of to full approximately the average year equivalent For day. XXXX, XXX,XXX

Hess to guidance. Midstream Turning

Our was complete earlier released and on our financial this available website. and operational is week guidance

which per feet million year feet day XXXX, average This our quarter, day. day. For and XX per cubic the announced planned between cubic is volumes in incorporates processing reducing full feet cubic by commence gathering we XXX and volumes gas XX-day previously the million annual maintenance gas per expect to turnaround, processing to XXX TGP million approximately third guidance

progress will continue COVID-XX we closely the risks. turnaround we As monitor planning to potential activities,

consistent year Our full that of the of with quarter anticipates XX% our approximately will levels achieved fourth contribute XXXX. third-parties in volumes, we guidance gas

Turning crude XXX,XXX oil volumes per XXX,XXX and assets, our full we average between oil per barrels to crude day of to for barrels of anticipate terminaling year XXXX oil day.

volumes. approximately total are throughputs XX% our of expected to crude Third-party comprise oil

a our most the our at forecast million, XXXX. $XXX at $XXX approximately an of to our systems of guidance, year or increase volumes full MVC on giving in to which physical below approximately range adjusted degree confidence XX% the is As protected, million to high projects are revenue XX% EBITDA revenue the of compared levels, of midpoint

first reflecting quarter gas, lower modestly volumes oil expect and decline production winter to weather We XXXX, seasonal each be quarter water to potential fourth conditions. and compared

Turning to capital program. XXXX Hess Midstream’s

call the in story with in to total million, reduction $XX planned financial than greenfield well growth, capital Full feet which, day, compression million, expandable $XX dividend be activities I’ll tie-in flow, gas the is TGP, executing capacity and $XXX when of improving and liquids expected million processing, in and results gas In to years, sector, at focused capital activities compression pad completion through year of plan million strategy sustainable capture approximately million cubic ongoing a additions, and our of free provide XXXX well and approximately differentiated to XX% growing gathering summary, turn are compressor to $XXX Expansion expansion. expenditures a lower Compression two Hess’ capital XXXX. review we in on capability an interconnects. growth. the greenfield we to XXXX. increasingly the approximately pad the stations XXXX, volume $XX and prior per export new an gas in construction With basis to and Jonathan Hess is is long-term full XX expenditures of and compression, XXX and our online interconnects, focused basin. on relative year further with remain which further on gas contract in TGP guidance. We million comprising focused to Midstream gas -- residue as cash on million optimization capacity, construction supporting protection now to in system the the capital over drive development will

Jonathan Stein

good John, Thanks, and everyone. afternoon,

As and our John demonstrating model. how both differentiate of described, business are XXXX financial in contract we results record executing strong on strategy, continuing and our strength our delivering structure our track proud

our with through XXXX, in conservative strategy, enabled successfully navigate reductions a During us macro proactive capital quickly combined respond and expenditures, environment. to challenging financial

times Our adjusted with EBITDA adjusted leverage representing of our from results we $XXX quarterly EBITDA, differentiated completed X below peers. with our fourth clearly times full XXXX, X.X to year and beat target XXXX compared growth our XX% and quarter of guidance million, again

gathering expenses, quarter. attributable approximately was in capture gas increased million of $X Total including the third primarily by in adjusted revenues segment change lower including including activity The million. to due EBITDA approximately of expected the share adjusted but finance capture excluding capital deferred seasonal compared increased quarter adjusted increase by third than end fees, since that we $XXX costs and XXth, the million costs quarter $XX On quarter million. distribution basis. million, $XXX This on million. earnings The amortization annualized for in EBITDA quarterly flow processing of expenditures primarily of deferred in $XXX announced fourth pass-through the related G&A, million, million, was quarter. $XXX increased million turnaround times. For fourth distribution maintenance IPO. that the income lower, than XXXX, million. consecutive were for adjusted excluding in maintenance distribution -- decreased interest, net X% approximately to and covering in was for maintenance represents $XXX $X by to lower X%, our million and proportional fourth was depreciation $X third third an $XXX Total Adjusted net million, to approximately to expected XXth fourth the an fourth were $X gathering by million, range $XX Fourth and approximately driven increase relative than an less the the was operating the of $XXX of quarter approximately revenues by as maintenance was approximately our in quarter and expenditures revenues processing increasing by our EBITDA our primarily increase following. were increase activity. fourth quarter, cash Resulting segment activity our Expansion $X of exceeding of net higher amortization quarter quarter LMX was approximately EBITDA X.X to of million, result approximately top and million volumes million, for distributable approximately compared depreciation, gas completed the capital January $X guidance $X our processing our work $X lower the quarter. and in EBITDA

X XX As at months EBITDA X.X basis below approximately I highlighted times trailing end leverage EBITDA was conservative earlier, representing $X.X our and quarter adjusted of debt times a billion, on adjusted target. approximately

XX-year to its were XXXX, forward commercial we extend of all for for as additional gathering, agreements and years. and result no agreements XXXX, process changes any gathering with to XX, of exercise XXXX, period certain December tariff commercial storage the terms our option and Hess our processing, agreements, crude commercial exercised service gas December of Turning a an end renewal There oil terminaling, updated XX, nomination Midstream gas our on the through Hess option. its XXXX with renewal the of also to the Hess. rates At completed

with Bakken. prior nomination nomination, to in return and year’s maintain expected activity lower actual targeted As contractual XXXX, to on changes primarily previous process the as CapEx deployed. from the capital cycles, reduced Hess in considered Tariffs volumes volumes the in rig our and forecasted increased compared

XXXX XX% for release, we our the XXXX. also years this process, provided for through XXXX for that based MVCs As system guidance part each established year. in on MVC In a volumes new nominated recent of we

Our system expected revenue each sight growth and MVCs volumes year through and provide growth physical to MVCs expected XXXX. line of throughputs long-term increasing higher of a in combination incremental through

example, to be million per cubic volumes MVCs generally in XXXX from physical For time our processing, MVCs feet XXXX, in during day we which XXX grow in to below and expect or million day XXXX XXXX. gas at XXX per feet cubic looking at

implies XXXX In day, feet the million XXX expected day. XXXX per million for nominated addition, which from million increase cubic XXXX cubic an of the up set of cubic MVC to volume grossed at when the the compared XXX XXX XXX% per to feet per day, level, XX% feet -- MVC is an

from expected of adjusted EBITDA in of our to cash million from ongoing expansion less with which $XXX cash MVCs, million, XX% lower midpoint guidance, be capital approximately XXXX, XXXX provide to primarily Turning expected year distributable expenditures to CapEx. $XXX XX% protection and at we to free of revenues. full full increase $XXX the line expect, redetermination adjusted rate with representing in free generate income XXXX midpoint, flow annual definition adjusted annual prior combined of XXXX, cash updated at of and is net approximately The with million, year our increasing adjusted EBITDA the our growth flow flow

cash times We financial with our of continue maintain strength, distribution positive times the is flow free distribution at financial flow margin expected this adjusted excess annual least in together approximately XX%. and in growth expect to target we approximately of per than fully on coverage distributions, adjusted year X% million. adjusted of an of conservative target, $XXX basis EBITDA X ability we share margin to XXXX greater cash full significant below with adjusted times our free a flexibility. after EBITDA have With consistent fund in that X maintain adjusted XXXX with approximately EBITDA X.X with Highlighting historical to leverage our our distributions

million to $XXX the in to approximate For an higher to quarter fourth to approximately $XXX approximately be adjusted rates million seasonally be $XXX XXXX, $XXX expect OpEx. in XXXX increase XX% of million, based we at particular, first to adjusted tariff relative and EBITDA and income EBITDA lower net the quarter midpoint on of million

million, distributable to delivering range of the maintenance quarter be of times. expected approximately interest, costs, capital expenditures at $XX First midpoint million distribution in excluding approximately resulting $XXX net and of of million, $XXX are flow X.X to expected cash the coverage deferred amortization approximately finance

at resulting described, higher and the days will in has the maintenance incur in year and volume incorporated maintenance commencing we below which operating XXXX is coverage expenses third expected a John during fully expected time quarter, our of period As to capital, anticipate times turnaround The guidance. distribution full TGP into XX for turnaround. the been and our last turnaround X.X financial of we guidance

during Hess a As payments the reminder, Midstream MVC will turnaround. receive

contract enable Our also stability strength and to forward XXXX. us visibility our beyond financial and trajectory structure provide to

and growth visible approximately $XXX cash funding continued per remarks. in In midpoint after and times with unique our including continued connects increasing free this asset have of distribution expected compression primarily share to with proposition my to and a higher continued incremental of This positive physical in XXXX, with revenue cash XXXX in shareholders. in of on EBITDA capital in adjusted distributions combination metrics, volume volumes protecting are and adjusted our basis return we XXXX, XXXX adjusted and implied growth we XX% XXXX XXXX, in growing conservative distribution potential free at contract in growth flexibility unique annually lower free debt and in adjusted supported fully The and guidance financial accretive growth with in in be of MVCs positive and targeted across sight and financial flow, million capital adjusted XXXX visibility adjusted distributions expected we concludes least Our including visible our revenues growth base, growth of free capital least strategic midstream to per MVCs allocation as XXXX. flow significant level through metrics by across without by of line below increasing EBITDA the X% of our at sector continued including cash and at revenues X%, cash of generally or growing ongoing funding XXXX after protected XXXX a XXXX XX% have well to flow summary, X growth equity EBITDA adjusted metrics differentiated XXXX targeted continued and value approximately flow provides target, structure, With volume projects, the higher financial for us MVCs. XXXX above free XX% with and expect XXXX, expected continue on revenues funding. our be financial and expected leverage focused spending growing revenue a of cash adjusted share flow and fully with --

I call happy to now over We questions. turn to will any the be will Operator. answer the

Operator

question Thank you. Your from Instructions] comes the with first line Brian [Operator UBS. Reynolds of

now Your line is open.

Brian Reynolds

part a on everyone. is Brian Reynolds afternoon, have allocation your Good two question This and Shneur. Hi. M&A. around I capital for thoughts around

comments ‘XX administration about expected acquisition federal about this recent around a your GOMM Hess lands, should pause and from of we activity? Does discussions? permanent in Given pause Thank you. limited think how an given on assets prior potential

John Gatling

the for Yeah. question. Sure. Brian, Thanks,

So we to continue evaluate.

we’re continue very previously, in mentioned with the we working evaluation the climate the But definitely aware Mexico And As to evaluate we’re process we’re of in through. obviously that political continuing partnership interested Hess. assets monitor has and that’ll of attractive to continuing Gulf and of we’re of that. be process the part we’re very

So, quality, still we the Hess to earnings future. of in the high still John play think going as energy big and call, Hill again, their in Greg assets is mentioned, are and role a

again, environment administration but continuing the Biden So, our to on and the monitor may we’re it’s attractive, that any perspective, from place impacts still industry. political the

Brian Reynolds

you. Thank distribution? guys profile given Are outside cash just of up of And follow allocation, we of through for capital of to buybacks sponsors XXXX. not, for consider flow If special growth you form return that’s just to Midstream unitholders quick opportunities the Hess considering capital Gulf Great. from or your different assets? on kind a -- would should of Mexico free Hess a Thanks. a expect

John Gatling

corporate any kind kind of That this it Jonathan. really we’re and time. at Brian. over interested kick hand in acquisition Sure. question the of And to -- again, I’ll Yeah. off Thanks, not

obviously, assets. set strategic continuing high ahead to the where growth place really and looking I there structure mean, because some our us, those look we’re focus Bakken areas. having our we’re value We’re for of of is Again, natural how chase are up, growth. we’re to the natural acquisitions to at a to not bolt-on where opportunities the bolt-ons

the if those very reminder, expect that broader be Again, Mexico or a of and attack we any Mexico fits how of very were we which can acquire in disciplined the we evaluate So to determination as make portfolio. opportunities. mentioned, we assets, how at we into structure. particular, And the were I kind of a very continue of of our if favor contract much to to just would a we we’ll Gulf that structure, cost acquisitions, structure, service similar do Gulf

a is protection those downside evaluations. to component key So, acquisition asset

capital Jonathan As structure far that. it as some to to I’ll hand over speak of question, the to

Jonathan Stein

our dividend this we’re Thanks, as at been in disciplined well there financial John. will with be leverage within really in very free asset Along flexibility leverage for relative our add, John past. significant accretive already as forward is to financial capital, I’ll EBITDA just going I that continue Certainly, think, in strategy that a times to flow cash That the multiple of being point, shareholders. we’ve gives a capital as but of terms position options. X opportunities target. described, like lines return conservative returning to also decreasing is positive,

we As in the both flexibility in and those how terms that They or are of differentiated a in disciplined and and in But from we with buybacks potentially you return choices capital choices of distribution, them. our position of along continue terms and really flexibility at do we’ll looking make terms to to use in that we of different shareholders. how unique terms we we of have mentioned, are certainly sponsors, execution each lines have the both criteria of timing.

Brian Reynolds

and Great. great Thank for of a have rest that day you your everyone.

John Gatling

Thanks.

Brian. too You

Operator

you. Thank

JPMorgan. comes Your Tonet the from with line Jeremy question next of

open. line Your is now

Vinay Chitteti

This Vinay guys. Hi, on for Jeremy. is

the uncertainty and Bakken federal North Just transactions, not versus third-party DAPL the impact land with talked on bolt-on wanted discuss But understand, any want and of you Hess up kind how quickly take Bakken. now? on how uncertainty DAPL to thoughts to opportunities -- well previously positioned on in activity in given the how going which River regulatory is there the risk, the any right follow it’s you just did give also going of and Again, Midstream. about guys is the have to the the we are interested South to

John Gatling

Sure.

-- question it’s there’s some been developments first, been there. let me just DAPL address recent maybe I because know So, the

much. is whether how it export rail, mean, our we Hess perspective perspective, handle we is perspective, us stamp terminalling postage a all impact I from structure the think about for via -- have it’s same terminalling. how really the from the -- really export that kind of via approach directly doesn’t us. to it you pipe Midstream We all or that our if from Just

if is oil reminder, throughout hits when terminal, the pipe operation the when to just a it lower. oil it in delivered rail continuing then rail the fee the was the So gets it Midstream, were as had terminal same even much even And and a prices we’ve at terminal. the does as duration of lower activity Hess --

maintained rail operation through Our terminal operation duration -- that. consistent the of

So other and at terminaling to position our export South capabilities Missouri like Hess River, North the very flexibility. and you River the move And feel we both to and provide in have North and a as of very, optionality product and of South. we mentioned, strong customers Missouri we’re ability

South see activity as increasing and that third-party can flexibility activity and a exporting a and of is particular, And support very capability in Hess from all And River, rig the we well. strong customers. strategic talked is we’re comes and think, is in infrastructure been and I location as the third-party the hydrocarbons we have basin of of for position well. our some the see there’s Hess continuing oil add how basin. strengthen we of have lot the to in other strategic provides also -- Hess’ prices both in producers again, Hess meet adding we’re because all and tremendous also North about just a really of as of customers, again, to as to additional can some -- our we capacities as continuing mean, standpoint where our question we of the far So, then infrastructure, are our I physical I span -- think, back,

Jonathan Stein

is This Jonathan.

in about. one and XX% I similar what a the XX% increase -- not add, EBITDA year, deliver Just we still in I highlight, the this that last external year have the just thing we happened we despite just obviously, talked increase environment, we have think,

some terms it And as I so the XXXX, as fact we what’s whether of and through, protected about really sight we of in forward. despite uncertainty at look if MVCs with course, certainly that contract lower have of that you our -- and described, to volumes reset because levels clear point. Together those in then described, DAPL most structure then if -- like are expected and on of And from really line volumes script rate we the John as that. there’s that, to going really implied XXXX, sight of revenue things of to to occur, line lower the talked have increasing come in are going even and our costs the higher John in at by MVCs, that, capital are growth,

after cash are basis, flow that distributions growing even out there in So the the we free forward going navigate and supported past. on free being growing uncertainties EBITDA are to is flow positive really the done if and we’ve a ability to us cash position allows visibility to have now as that there have unique by

John Gatling

did I -- mention portfolio to that’s within production and the impact X% earlier in today. And still well exposed. forget lands. Hess’ Hess that the in and Greg John their only thing the one mentioned There’s Hill call earnings very Bakken Bakken Yeah. about limited There’s as of on maybe federal in

even again, that So perspective. that position perspective from a and other have basin we in that has the from in feel the favorable producers like,

Vinay Chitteti

Thanks. it. Got

acreage gas XXXX here, capacity right what available forward the as guys mean, add from Any in of and bit you you set assets could well. to up opportunity is third-party much guidance quickly capture the give that? more to just wanted opportunity more going on how -- a compression is want additions this and or is it understand the now has or quite did I are Just follow year projecting and

John Gatling

combination team And infrastructure a the just of huge would in Yeah. and as did of Hess integrated just all a focused much of It’s and in. infrastructure A a sight has just very growth. infrastructure, build that not win excited of proud year an delivered with The of as perspective, gas how that great to very capacity lot see the a job of Sure. in say just with additional last we gathering infrastructure. we the we been that team disciplined opportunity we build I upstream us from along that, future. amazing could. Midstream it line job operational to When is what really did for and and speculative, an approach we’re we build possibly XXXX

of -- highlighted the and -- XXXX. earlier definitely up on Hess the of are depending to economic as result see on from and interest into prices kind expecting that continuing see but MVC got X,XXX mentioned then definitely four a And those. earnings interested at Hess locations are current price, So, you of XXXX oil to a is as in there’s an from get rig. adding Hess There’s developing that Greg remaining today we’ve expecting that the we that rolling to to call, well in that rigs. And as expect increases XXXX, in realized, also to see we’re profile growth I’ve can some we’re capacity we’ve

third-party Hess’ to linked our with really customers. is plan developed infrastructure other a our along plan So

MVCs we’ll little grow of increase to the focused and indication So, gives a the again, really other continue we’ll into stay that infrastructure and producers that’s that’s again, future. to sight visibility around line last like to as If bit years be growth on support well. opportunities our I into at decides history expecting. profile further, of over bit that obviously been where our and that we’re of we several our think, that to to looking little be think then or heading I I’ve Hess growth a given of But

Vinay Chitteti

it. very all me. taking Got for Thanks question. That’s That’s my for helpful.

John Gatling

you. Thank Absolutely. Sure.

Operator

you. Thank

line question Dounis Our of next comes Credit from with Suisse. a Spiro

Your line is now open.

Doug Irwin

rigs do basically general flat overall, keeping rig seem the production terribly back you high see coming and a second in in is on just This this adding and Doug talked know has just just Hey. you on for Hess But Maybe little but basin follow quickly. year. inventories don’t real up a Spiro. Bakken to I touched on quick be And this bit. about activity a

curious rigs order to of the what kind in being we start or coming at two point to volumes? year next grow over to maintain need do see even back able Just or

John Gatling

a kind Yeah. you’re I basin that of macro a of mean, up more question. I bringing think,

of I rig mentioned, third-party plans to back, and growth of support Hess’ trajectory. think and line well-positioned to got got we’ve a and we’re sight -- what Greg very announced our we’ve I customers as a are adding President lot has already as Hess and mentioned, interest I Operating just the of talking basin. to exciting back about more [Technical to around Difficulty] to Hess Officer potentially the you highlight pretty even hear I getting back again, it’s Chief rigs think, when that stuff add the to that mean,

Operator

you today’s you much. participation. concludes This conference for your Thank call. Thank very

a Everyone disconnect. now have day. great may You

Hess Midstream (HESM) 27 Jan 212020 Q4 Earnings call transcript