Good day, ladies and gentlemen, and welcome to the second quarter 2021 Hess Midstream conference call. My name is Michelle, and I will be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session. If at any time you require operator assistance, please press star followed by zero, and we will be happy to assist you. As a reminder, this 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, Michelle. 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. In case there are audio issues, we will be posting transcripts of each speaker's prepared remarks on www.hessmidstream.com following the presentation. I'll now turn the call over to John Gatling. Thanks, Jennifer. Good afternoon, everyone, and welcome to Hess Midstream's second quarter 2021 conference call. Today, Jonathan and I will review the highlights from a series of announcements that Hess Midstream and Hess Corporation made earlier this morning. We'll also discuss our operating performance and financial results as we continue to deliver our strategy, provide an update to our 2021 guidance, and review Hess Corporation's latest results and outlook for the Bakken. The announcements we made this morning delivered multiple positive catalysts for Hess Midstream. First, we reported strong second quarter results that surpassed our quarterly guidance, driven by increasing gas capture and lower than anticipated operating costs. Second, driven by strong performance in the first half of 2021, we're raising our key full-year throughput and financial guidance and confirming our transition to significant free cash flow generation. Full-year adjusted EBITDA is now anticipated to be in the range of $880 million-$900 million, representing an increase of 19% at the midpoint compared to full year 2020. Third, Hess Midstream announced a 10% increase in our distribution per share level relative to the previous target, allowing us to use our financial flexibility to return free cash flow to shareholders on an ongoing basis while maintaining at least 1.4 times coverage. Fourth, the board of directors of our general partner also approved a $750 million unit repurchase from Hess Midstream sponsors. The unit repurchase optimizes our capital structure to a conservative three times adjusted EBITDA leverage target and generates ongoing accretion to shareholders. The repurchase and distribution increase demonstrates the strength of our financial position and allows us to deliver an immediate and meaningfully accretive return of capital to our shareholders. Finally, Hess Corporation announced plans to add a third operated rig in the Bakken in September 2021, reflecting the improvement in oil prices and continued strength of their inventory of high-return drilling locations. Moving to a three-rig program allows Hess to grow cash flow and production, better leverage our strategic infrastructure, and drive incremental volumes growth for the midstream. The additional rig, combined with our aggressive gas capture strategy, leaves Hess Midstream poised for strong organic growth. Focused expansion of our gas compression and processing capacity ensures that we're well-positioned to meet Hess's accelerated pace of development. We're about one-third of the way through a well-planned maintenance turnaround at the Tioga Gas Plant. When final export tie-ins are completed towards the end of the year, Hess Midstream's total gas processing capacity will increase by 40% to 500 million cubic foot per day. Additionally, procurement and fabrication activities continue on two new greenfield compressor stations, which, when online in 2022, will meaningfully expand our gas compression capacity by approximately 20%, further supporting Hess and third-party customers in meeting North Dakota's flare reduction targets. With our expected strong 2021 performance, Hess's plans to increase development pace, and the continued execution of our gas capture strategy, we're well positioned to pour sustained free cash flow sufficient to fund growing distributions and the potential for future accretive opportunities, including additional return of capital to shareholders. Now turning to Hess Midstream's second quarter 2021 performance. Throughput volumes in the second quarter exceeded expectations, primarily driven by increasing gas capture and strong delivery across the business. Second quarter gas processing volumes averaged 304 million cubic foot per day. Crude terminaling volumes averaged 116,000 barrels of oil per day, and water gathering volumes averaged 74,000 barrels of water per day. Third parties contributed approximately 10% of our gas and 15% of our oil volumes in the second quarter, consistent with the first quarter and in line with guidance for the full year. Turning to Hess Upstream's highlights. Earlier today, Hess reported strong second quarter production results with the Bakken net production averaging 159,000 barrels of oil equivalent per day, which was above Hess's guidance of approximately 155,000 barrels of oil equivalent per day, primarily reflecting increased gas capture, which allowed Hess to drive flaring to under 5%, well below the state's 9% minimum. For full year 2021, Hess continues to expect Bakken net production to average between 155,000 and 160,000 barrels of oil equivalent per day. Now turning to Hess Midstream guidance. As we shared earlier, we're increasing our full year operational and financial guidance, which was included in this morning's earnings release and is available on our website. For full year 2021, we now expect gas processing volume to average between 285 and 295 million cubic foot per day, an increase of approximately 5% at the midpoint compared to previous guidance. Our guidance incorporates a planned 45-day maintenance turnaround at TGP, which commenced on July 12th, is progressing to plan, and is expected to conclude by the end of August. Turning to our crude oil assets. We expect full year 2021 crude terminaling volumes to average between 120,000 and 130,000 barrels of oil per day, unchanged from previous guidance. Full year water gathering volumes are expected to average between 70,000 and 80,000 barrels of water per day, an increase of 15% at the midpoint compared to previous guidance, reflecting excellent performance year to date. We're continuing to build out our systems and apply lean learnings to improve operational efficiencies and drive more water into pipe. Our full year throughput guidance continues to anticipate that third parties will contribute approximately 10% of our gas and 15% of our oil volumes, which is comparable to the levels that we achieved in the first half of 2021. Now focusing on the third quarter. With the planned maintenance turnaround at TGP in progress, we expect third quarter gas volumes to be below MVC levels before returning to normal operating levels in the fourth quarter. Oil and water volumes are each expected to be approximately flat compared to the second quarter. Turning to Hess Midstream's 2021 capital program. We've made several optimizations to our plans, accelerating field compression and low pressure gathering well connections to accommodate Hess's increasing development pace. Full year 2021 capital expenditures are now expected to total $180 million, an increase of $20 million from previous guidance. We expect expansion capital to be approximately $165 million, which is comprised of $95 million for compression projects, $60 million for low pressure gathering and well interconnects, and $10 million for gas processing. Maintenance capital is expected to be approximately $15 million. In summary, we're continuing to deliver our strategy, making focused investments to expand infrastructure to meet the accelerating development plans from our customers, delivering safe and reliable operating performance and strong financial results, enabling Hess Midstream to deliver accretive and meaningful return of capital to our shareholders. I'll now turn the call over to Jonathan to review our financial results and guidance. Thanks, Sean, and good afternoon, everyone. As John described, we are pleased to have made some important announcements this morning and deliver accretive and meaningful return of capital to Hess Midstream shareholders. First, we are returning excess free capital to shareholders through an increase in the level of our distribution of 10% while continuing to target 5% annualized growth through 2023. As we said before, dividend is an output, not an input that should be consistent with our financial metrics and strategy. We are unique in that we have the visibility and balance sheet to deliver an ongoing and lasting return of capital to our shareholders. Second, we are optimizing our capital structure through an accretive $750 million repurchase of units from our sponsors and reducing leverage to 3 times adjusted EBITDA on a full year 2021 basis. We believe that a conservative 3 times adjusted EBITDA leverage target is the optimal capital structure for our business and are excited to execute on our financial strategy today. After these announcements, we will continue to have financial flexibility, including distribution coverage of at least 1.4 times, expected ongoing free cash flow after distribution, and leverage declining below our 3 times adjusted EBITDA target as early as 2022, allowing for potential future accretive opportunities, including incremental return of capital to shareholders. Let me provide some additional details on these announcements. Our second quarter distribution represents an approximate 11% increase compared to the distribution for the first quarter of 2021, including a 10% increase in the distribution level in addition to a quarterly fee increase consistent with Hess Midstream's targeted 5% growth in annual distributions per Class A share. Hess Midstream continues to target annual distribution per Class A share growth of at least 5% through 2023 from this new higher distribution level, and expected annual distribution coverage of greater than 1.4 times. The quarterly distribution will be payable on August 15th, 2021 to Class A shareholders of record as of the close of business on August 9th, 2021. Turning to the unit repurchase, the $750 million unit repurchase from Hess and GIP is consistent with Hess Midstream's 3 times adjusted EBITDA leverage target on a full year 2021 basis and is expected to be approximately 8% accretive on a distributable cash flow per Class A share basis. The unit repurchase is expected to result in distribution savings to Hess Midstream of approximately $30 million in the second half of 2021 on a consolidated basis. The purchase price per Class B unit is $24. That is equivalent to an approximate 4% discount to the 30-day volume-weighted average trading price for Hess Midstream Class B shares on July 27th, 2021. The repurchase transaction reduces the consolidated number of outstanding shares and units by approximately 31.25 million units or 11%. As a result, public ownership of Hess Midstream on a consolidated basis will increase to approximately 9.5%. The terms of the proposed repurchase transaction were unanimously approved by the board based on the approval and recommendation of its conflicts committee, composed solely of independent directors. The unit repurchase is anticipated to close in August 2021, and Hess Midstream expects to fund the repurchase through new debt financing. Following the distribution increase and repurchase transaction, Hess Midstream expects to continue to generate ongoing free cash flow after distributions over the next several years. For full year 2021, we expect adjusted free cash flow in excess of distributions to be approximately $75 million. In 2022, in addition to organic growth, driven in part by the planned addition of a third Hess-operated rig in the Bakken later this year, our revenues continue to be approximately 95% protected by generally increasing MVC. In 2023, we expect continued higher revenues with physical volumes growing above MVCs from higher Hess production and continued increase in gas capture. With this increase in expected revenue and lower ongoing capital spending relative to historical levels, we have visibility to continued growth in adjusted EBITDA and generation of adjusted free cash flow after distribution and expect to delever below our conservative 3x adjusted EBITDA leverage target as early as 2022, providing continued flexibility for future accretive growth opportunities, including incremental return of capital to shareholders. Turning to our results. For the second quarter, net income was $162 million compared to $150 million for the first quarter. Adjusted EBITDA for the second quarter was $230 million compared to $227 million for the first quarter. The change in adjusted EBITDA relative to the first quarter was primarily attributable to the following. Total revenues were up by $6 million, primarily driven by increasing gas capture and higher MVC levels, resulting in segment revenue changes as follows: an increase in gathering revenues of approximately $2 million, an increase in processing revenues of approximately $2 million, and an increase in terminals revenues of approximately $2 million. Total operating expenses, including G&A and excluding depreciation and amortization and past due costs, were higher, increasing adjusted EBITDA by approximately $3 million, including higher seasonal maintenance activity in our gathering and processing segments of approximately $4 million, partially offset by lower G&A expenses of approximately $1 million, resulting in adjusted EBITDA for the second quarter of 2021 of $230 million or 4.5% above the top end of our guidance, primarily due to higher revenues and lower than expected operating costs as certain maintenance activities were deferred to the third quarter of 2021. Second quarter 2021 maintenance capital expenditures were approximately $2 million. Net interest, excluding amortization of deferred finance costs, was approximately $21 million. The result was that distributable cash flow was approximately $207 million for the third quarter of 2021, covering our increased distribution by approximately 1.4 times. Expansion capital expenditures in the second quarter were $45 million. At quarter end, debt was approximately $1.85 billion, representing leverage of approximately 2.2x adjusted EBITDA on a trailing 12-month basis. Turning to guidance. As a result of strong first half performance, we are updating our full year 2021 financial guidance. Full year 2021 net income guidance is $590 million-$610 million. We expect full year 2021 adjusted EBITDA of $880 million-$900 million, an increase of 2% at the midpoint compared to our previous guidance and an approximate 19% increase compared to full year 2020. Focusing more closely on the balance of 2021. As John described, the Tioga gas plant turnaround commenced earlier in July. As previously guided, we expected to incur additional operating expenses of approximately $15 million and maintenance capital of approximately $15 million related specifically to the turnaround. Just a reminder, Hess Midstream will receive MVC payments during the turnaround. Its revenue is expected to be modestly lower than the second quarter, where certain systems were above MVC levels. In addition to costs incurred specific to this turnaround, we expect other operating costs to be approximately $10 million higher relative to the second quarter as we conduct routine seasonal maintenance activities, including activities deferred from the second quarter. As a result, for the third quarter of 2021, we expect net income to be approximately $120 million to $130 million and adjusted EBITDA to be approximately $195 million to $205 million. Third quarter maintenance capital expenditures are expected to be approximately $15 million, and net interest excluding amortization of deferred finance costs are expected to be approximately $25 million, resulting in expected distributable cash flow of approximately $155 million to $165 million, with distribution coverage at the midpoint of the range of approximately 1.2 times. In the fourth quarter, we expect increased financial results supported by MVC-protected revenues and lower operating costs with the completion of the TGP turnaround and lower seasonal activities. In summary, we are excited to have made these important investments to deliver immediate accretive and meaningful return on capital to Hess Midstream shareholders. Looking forward, we continue to have financial flexibility, including distribution coverage of at least 1.4 times, expected ongoing free cash flow after distribution, and declining leverage. As we move below our 3x adjusted EBITDA leverage target and our free cash flow continues to grow, we will continue to execute our financial strategy to maintain an optimized capital structure, allowing for potential future accretive opportunities, including incremental return of capital to shareholders. This concludes my remarks. We will be happy to answer any questions. I will now turn the call over to the operator. Ladies and gentlemen, if you have a question, please press star followed by one on your telephone. If your question has been answered or you would like to withdraw your question, press pound. Questions will be taken in the order received. Please press star one to begin. Our first question comes from the line of Jeremy Asher with JPMorgan. Your line is open. Please go ahead. Hi. Good afternoon. Hey, Jeremy. Good afternoon. Just wanted to touch base on the big news today, and just wanted to see the big allocations of capital going back to the shareholders through the buybacks, and just wondering if you could talk a bit more on the process there and as how you got to that decision. Can you share any thoughts on how you evaluated buybacks versus M&A or drop-downs and leaving capacity for that in the future? Just wanted to kind of see if that's something that what your latest thoughts are on drop-downs at this point. If you will, I'll start, and then Jonathan can. Just from the standpoint of drop-downs and assets within Hess, GOM continues to still be an option for us. It's become clear that it's really not going to happen this year. It's a great opportunity, but we really don't need it to achieve our targets. With that, I'll hand it over to Jonathan. Thanks, John. Right. With that background, we look forward at our capital structure for the year. As I mentioned in my remarks at the end of the quarter, we're at 2.2 times in terms of leverage as we look forward to the end of the year. We had always said we would be at two times had we done nothing at this point. Rather than let our capital structure become suboptimal, we've always said that we believe three times EBITDA is the optimal capital structure for the business. Given the fact that we're free cash flow positive after distribution, we thought this was the right opportunity to be able to execute on return of capital, both in terms of using net leverage for buyback, as we discussed, in a very accretive way, also to be able to increase our distribution on an ongoing and long-term basis that can be supported and still be free cash flow positive after distribution. I think it's important to highlight that even after these transactions, we'll continue to be free cash flow positive. We'll continue to have distribution coverage of 1.4 times. Most critically, our leverage will continue to decline as we look forward. As early as next year, we'll already be below, again, our three-times leverage target. That means that opportunities, whether it be investments like Gulf of Mexico drop-down or other bolt-on opportunities or potentially additional incremental return of capital to shareholders, will continue to be something that we can continue to execute in the future, in the really near term. We have the financial flexibility just about as much as we had before going forward and continue to have that going forward to be able to execute on that strategy. Got it. It sounds like even after this large buyback and dividend increase, still a lot of financial flexibility to execute in, I guess, a number of different measures. That's great to hear. Maybe kind of pivoting towards growth CapEx. I think you discussed growth CapEx increase next year with higher Hess activity. I was just wondering if you could boil down a little bit more what that might look like. If that's compression, well connects, or anything bigger that we should be thinking about here. Yeah, no. With the TGP expansion behind us and the turnarounds ongoing now, we'll have the processing capacity that we need here in the near term. Most of the CapEx that's going to be increasing, in particular in 2022, is going to be tied to the greenfield compression that I mentioned before. There will be a little bit associated with well connects with the acceleration of the third rig and potentially a fourth rig. But right now it's mainly driven from the compression CapEx and the well connects. Oh, sorry. Yeah. Let me just add with that background. Even in as next year, we may see, as John described, some higher CapEx. I do reemphasize that with that, we're still going to be, as you know, our revenues next year are going to be growing based on growing MVCs, about 18% growing MVCs on the cash side, that's about 70% of our revenue. CapEx, even with the slightly higher CapEx, still below, let's say, historical levels, certainly 2020 or below. We're still going to be free cash flow positive after distribution next year. We'll still maintain significant financial flexibility. As I mentioned, of course, we'll continue to de-lever as a result. Really in just a great position even with that being able to support Hess ramping up rigs. Got it. That's very helpful. I'll leave it there. Thanks. Thank you. Thank you. Our next question comes from the line of Brian Reynolds from UBS. Your line is open. Please go ahead. Hi, good afternoon, everyone, and congrats on the announcement this morning. As a follow-up to Jeremy's question on capital allocation, just looking ahead into 2022 and 2023, should we be effectively targeting a specific payout ratio, assume all growth or M&A hiking return hurdles up from that? I guess just any color around that. Should we be targeting maybe free cash flow neutral after dividends as a way to return capital to shareholders, assuming all growth sort of happens from that? Thanks. Yeah. Look, in terms of our financial strategy, it continues to be what we've said, which is that we believe a 3 times EBITDA leverage target is the optimal capital structure. We've also said that in terms of our distribution and dividend policy, that we believe it should be an output, not input, meaning it should be consistent and something that's sustainable and meets with our financial strategy and financial metrics. As we go forward, today we're really just executing on that strategy. As we go forward, we'll continue to do that to the extent that we're below our target level. We'll be looking for opportunities to optimize the balance sheet to the extent that there are investment opportunities, whether it be drop-downs or bolt-ons. Certainly, we'll take advantage of those. To the extent that they're not, we don't have visibility to those. Looking at our forecast in terms of free cash flow growth and our leverage profile, we'll continue to execute on strategy as we did today, by using our financial flexibility to additionally return our capital to shareholders, whether that be in the form of buybacks or distributions. I think it's strategic to us is that we have the financial flexibility to be able to, as we did today, execute both. Great. Sounds like 3 times leverage is the target there. As a follow-up on gas capture, you guys were hovering around MVCs for gas gatherings for the quarter. I'm just wondering about the future gas capture opportunities for you guys. Is there more wood to chop? How would you help characterize, what% of the increasing gas gathering for the quarter was attributable to reduction of flaring or just higher GORs on your footprint in general? Thanks. Sure. Maybe I'll just start off on the well side is, there really hasn't been a change in well performance from a gas to oil ratio perspective. It's primarily associated with gas capture. As Hess mentioned earlier today, they're running below 5% flaring. Obviously the state target is set at 9%. They're exceeding expectations from that perspective. As John Hess mentioned earlier and Greg also discussed on their call, there's a commitment to continue to drive flaring down, continue to have a more positive impact from a sustainability perspective. From that perspective, we're continuing to aggressively chase the gas and make sure that we're able to capture it and get that the level as low as possible. Again, I think we've made strides over the last several years in helping Hess get below the 5% flaring level. I think as we continue to build out our infrastructure, we're going to continue to see improvements in that area. That is going to continue to be a focus for us, and that's part of the reason why the two additional greenfield compressor stations are going to be added along with the associated gathering system to support that. Great. That's all from me. Have a great day. Thanks. Okay. You too. Thanks. Thank you. Our next question comes from the line of Praneeth Satish with Wells Fargo. Your line is open. Please go ahead. Good afternoon. Just one question from me. With the inflation ticking up on traditional metrics like CPI and PPI, from a Hess perspective, what kind of tariff increase should we expect in 2022 as you have inflation escalators across all your contracts? As a follow-up, do you think that revenue increase will all flow through to EBITDA? Do you think some of that revenue increase will get eaten up by higher costs? Thanks. Maybe I'll take the actual execution inflation, and I'll let Jonathan talk a little bit about the inflation structure, kind of the CPI built into the contract. From an inflationary perspective, we are seeing some cost increases, but we continue to leverage our technology and innovation and lean activities to try and offset the inflation. From our perspective, the big areas where we are seeing price increases is around steel. It's around the cost associated with steel and associated chemicals. Overall, we feel like that we're able to moderate that and with our operational efficiencies, offset the pressures we're currently seeing from an inflationary perspective. With that, I'll hand it over to Jonathan for the contractual piece. Right. Thanks. In terms of the contract mechanics, I mean, first, in terms of, as you mentioned, there is an inflation escalator that can max out up to 2%. We will certainly pick up some of that inflation will go into the rate. In terms of costs. The costs will really go into the rates. Essentially, we also, as we have been discussing, are going to have certainly higher volumes on a longer-term basis next year. Those seem to be primarily MVC driven. Beyond that, certainly there's opportunity for volume growth, as John talked about, from Hess increasing production as well as continuing gas capture. I think in terms of the mechanics, we're not necessarily expecting a significant rate increase just given some mechanics of volumes and costs, although we will certainly pick up any inflation. Again, that'll be within the range up to that 6%. Besides that, not really expecting any significant change. Really, we think the real driver going forward will be, again, MVC volume, MVC levels going up next year. As we move into 2023, organic growth driven by growing Hess production and gas capture. Got it. Thank you. Thank you. Our next question comes from the line of Douglas Irwin with Credit Suisse. Your line is open. Please go ahead. Hi, guys. Thanks for the question. I just have a follow-up to Brian's question on gas capture. Looking at gas volumes this quarter, they're above MVCs, and just curious if the projects coming online and Hess adding a third, and I know you talked about potentially adding a fourth rig on their call this morning. Just wondering if there's a scenario where we could potentially see something outside versus MVCs in 2022, maybe ahead of expectations. Yeah. From a 2022 perspective, if you remember, the 2022 was set at a higher rig rate back when Hess was still running at six rigs. We're going to be at or slightly below MVCs or anticipated to be at or slightly below MVCs in 2022. But as we move into 2023, we see opportunities for continued volume growth with the addition of the third rig and potentially the addition of a fourth rig. We do anticipate being above MVCs in the longer term. Overall, I think we're well-positioned. 2022 is going to be a transitional year for us, and then we'll begin to see that volume growth again and start to get above the MVC levels. Got it. That's helpful. Thank you. Maybe back to just some of the potential accretive opportunities you talked about. In the absence of the Gulf of Mexico here, just kind of curious what kind of opportunities in terms of bolt-ons do you think would make sense for SN? I guess specifically, are you focusing just with the Bakken or would you be interested in potentially looking at opportunities in the Permian Basin? Yeah. I think we've been pretty clear that our focus is the Bakken. Our focus is taking care of Hess and our other customers in the Permian Basin. That is our priority. As we talked about, Gulf of Mexico is definitely an attractive opportunity for us and something that is available to us. We don't need it from a growth perspective, but it is something that we're continuing to work through, and we can pull that trigger pretty much any time we're ready for that. Again, there's no plans to do anything this year for that. Back to the Bakken, as far as our infrastructure goes, we definitely see opportunity to continue to build on our strategic footprint, and that's a priority. It's really a priority around Hess and our third-party customers and where the infrastructure adds strengthen our footprint, strengthen our ability to take care of our customer needs and make sure that we're able to get into market. We would definitely look at opportunities for bolt-ons. They're going to be smaller opportunities, I would say. The other piece that's, again, really important to emphasize is it represents all upsides for us. It's all growth potential. Nothing that we've built into our plans as of yet. We're always interested in strengthening our position, and that continues to be a focus for us. Got it. I will leave it there. Thank you. Yeah. Thank you. Thank you. Our next question comes from the line of Alonso Guerra-Garcia with Mizuho. Your line is open. Please go ahead. Hey, guys. Appreciate the time. A couple here, both are pretty brief. Wondering more about the 10% distribution increase that came along with this monster buyback announcement. Hess has an effective 5% growth target. Was this more of a one-time right-sizing of the distribution level? Curious about the decision to lift that meaningfully and if that's something that sort of stays in your playbook for the future, just given that guidance of growing by a minimum of 5%? Sure. As we've always said, the way we look at the dividend is what's the right output, what is sustainable, what's consistent with our financial metrics? As we look forward, as we had said, we're going to be free capital positive after distribution, still above 1.4 times coverage even with this distribution level step-up. Even after this distribution increase, we're still going to be $75 million in free capital positive after distributions this year. As I said earlier, we'll continue to be free capital positive after distributions again next year. We're really in a unique position that we're able to not just do some type of special one-time dividend, but actually be able to provide ongoing and lasting return of capital to our shareholders through a step-up in the level. Again, we're stepping up the level of distribution by 10%. We'll be growing off that new level 10% going forward on an annualized basis. Really for us, that's the right output. It's sustainable. It's consistent with our financial metrics and with our strategy. Got it. That's helpful, John. Thanks. I guess this is a follow-up on activity in the Bakken. I guess until Hess, obviously, third rig, potentially fourth rig by the end of next year, I was wondering what you're seeing in terms of activity increases from the third-party customers. Ultimately, how you see that kind of playing into the mix of the third parties for your business for the foreseeable future. Sure. Just from the standpoint of third parties, just to hit that first, we've continued to see pretty stable volumes coming from third parties, about 10% on the gas and 15% on oil. That's kind of our revised forecast or our estimate going into the future. Now, as I just kind of look at the basin more broadly, there definitely is activity ramping up across all producers. It's not just Hess. There's other producers as well. That does represent upside for us. Until we start to see that coming into the system, that'll be something that we'll continue to monitor and manage. The fortunate thing that we have is the infrastructure's in place. We're already connected to a lot of these customers as it is. As they grow their volumes, we're well-positioned to capture that upside. From our perspective, we're forecasting the 10% and 15% respectively between gas and oil, and then looking at opportunities as the broader basin ramps and to be in position to help our customers capture their volumes and meet flaring reductions and capture water and oil as well, and get to the best outcomes available. Got it. Makes sense. Thanks, John. I'll leave it there. Thanks. Okay. Thank you. Thank you very much. This concludes today's conference. Thank you for participating, and you may now disconnect. Everyone, have a great day.