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EX - 99.1 2 hesm - ex991_6.htm EX - 99.1 Hess HESS Midstream News Release HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2021 First Quarter 2021 Highlights : Exhibit 99.1 HESS MIDSTREAM LP • Net income was $ 159.6 million . Net cash provided by operating activities was $ 165.4 million . • • • Net income attributable to Hess Midstream LP was $ 8.6 million , or $ 0.45 per Class A share , after deduction for noncontrolling interests . Adjusted EBITDA1 was $ 226.7 million , Distributable Cash Flow1 was $ 204.6 million and Adjusted Free Cash Flow1 was $ 182.2 million . Increased quarterly cash distribution to $ 0.4526 per Class A share , an increase of 1.2 % compared with the fourth quarter of 2020 and 5 % on an annualized basis , resulting in a 1.6x coverage ratio relative to distributions . Hess Midstream LP is targeting annual distribution per share growth of at least 5 % through 2023 with expected annual distribution coverage greater than 1.4x . Hess Midstream LP is reaffirming its previously announced guidance for full year 2021 . HOUSTON , April 28 , 2021 - Hess Midstream LP ( NYSE : HESM ) ( " Hess Midstream ” ) today reported first quarter 2021 net income of $ 159.6 million compared with net income of $ 129.0 million for the first quarter of 2020. After deduction for noncontrolling interests , net income attributable to Hess Midstream was $ 8.6 million , or $ 0.45 per Class A share . Hess Midstream generated Adjusted EBITDA of $ 226.7 million . Distributable Cash Flow ( " DCF " ) for the first quarter of 2021 was $ 204.6 million and Adjusted Free Cash Flow was $ 182.2 million . " We continue to advance projects that will significantly expand our gas capture capability further positioning us for long- term organic growth , " said John Gatling , President and Chief Operating Officer of Hess Midstream . “ With 95 % revenue protection from minimum volume commitments through 2022 , we are uniquely positioned to deliver continued growth in Adjusted EBITDA , adjusted free cash flow and distributions with low leverage and downside contract protection . " Hess Midstream's results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP owned by affiliates of Hess Corporation ( " Hess " ) and Global Infrastructure Partners ( " GIP " ) . We refer to certain results as " attributable to Hess Midstream LP , " which exclude the noncontrolling interests in Hess Midstream Operations LP owned by Hess and GIP . Adjusted EBITDA , Distributable Cash Flow and Adjusted Free Cash Flow are non - GAAP measures . Definitions and reconciliations of these non - GAAP measures to GAAP reporting measures appear in the following pages of this release .