Page 1

EX - 99.1 2 hesm - ex991_6.htm EX - 99.1 Hess HESS Midstream Exhibit 99.1 HESS MIDSTREAM LP News Release HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2021 Key Developments : • Increased quarterly cash distribution to $ 0.5042 per Class A share for the second quarter of 2021 , an approximate 11 % increase compared with the first quarter of 2021 , resulting in a 1.4x coverage ratio relative to distributions . Announced agreement by Hess Midstream Operations LP to repurchase $ 750 million of Class B units from Hess Corporation and Global Infrastructure Partners , expected to be completed in August 2021 . Second Quarter 2021 Highlights : • . Net income was $ 162.0 million . Net cash provided by operating activities was $ 224.6 million . Net income attributable to Hess Midstream LP was $ 11.0 million , or $ 0.44 per Class A share , after deduction for noncontrolling interests . Adjusted EBITDA1 was $ 230.2 million , Distributable Cash Flow1 was $ 207.5 million and Adjusted Free Cash Flow1 was $ 162.6 million . Guidance : • • • • Following strong year - to - date 2021 results , Hess Midstream LP is updating its full year 2021 net income guidance to $ 590 - $ 610 million and raising its full year 2021 Adjusted EBITDA guidance to $ 880 - $ 900 million . Following Hess Corporation's announcement of increasing rig count in the Bakken to 3 rigs in September 2021 , Hess Midstream LP is increasing its full year 2021 expansion capital guidance to $ 165 million . Hess Midstream LP is reiterating its annual distribution per share growth target of at least 5 % through 2023 from the new higher per share distribution level with expected annual distribution coverage greater than 1.4x . Hess Midstream LP is reaffirming its previously announced expectation of continued growth in Adjusted EBITDA in 2022 and 2023 and continued Adjusted Free Cash Flow generation sufficient to fully fund growing distributions , creating additional capital allocation flexibility . HOUSTON , July 28 , 2021 - Hess Midstream LP ( NYSE : HESM ) ( " Hess Midstream " ) today reported second quarter 2021 net income of $ 162.0 million compared with net income of $ 107.8 million for the second quarter of 2020. After deduction for noncontrolling interests , net income attributable to Hess Midstream was $ 11.0 million , or $ 0.44 per Class A share . Hess Midstream generated Adjusted EBITDA of $ 230.2 million . Distributable Cash Flow ( " DCF " ) for the second quarter of 2021 was $ 207.5 million and Adjusted Free Cash Flow was $ 162.6 million . 1 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 .