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Hess HESS Midstream News Release HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE THIRD QUARTER OF 2021 Third Quarter 2021 Highlights : • Safely and successfully completed a maintenance turnaround at the Tioga Gas Plant . Exhibit 99.1 HESS MIDSTREAM LP • • • • Completed a previously announced repurchase of an aggregate of 31,250,000 Class B units of Hess Midstream Operations LP from Hess Corporation and Global Infrastructure Partners for $ 750 million . Net income was $ 131.1 million . Net cash provided by operating activities was $ 182.0 million . Net income attributable to Hess Midstream LP was $ 9.9 million , or $ 0.39 per Class A share , after deduction for noncontrolling interests . Adjusted EBITDA¹ was $ 205.0 million , Distributable Cash Flow¹ was $ 171.5 million and Adjusted Free Cash Flow¹ was $ 119.8 million . Guidance : • Following strong year - to - date 2021 results and successful execution of the Tioga Gas Plant turnaround , Hess Midstream LP is raising its full year 2021 net income guidance to $ 605 - $ 615 million and full year 2021 Adjusted EBITDA guidance to $ 895 - $ 905 million . Hess Midstream LP is reiterating its annual distribution per share growth target of at least 5 % through 2023 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 and further capital allocation flexibility . HOUSTON , October 27 , 2021 - Hess Midstream LP ( NYSE : HESM ) ( " Hess Midstream " ) today reported third quarter 2021 net income of $ 131.1 million compared with net income of $ 115.8 million for the third quarter of 2020. After deduction for noncontrolling interests , net income attributable to Hess Midstream was $ 9.9 million , or $ 0.39 per Class A share . Hess Midstream generated Adjusted EBITDA of $ 205.0 million . Distributable Cash Flow ( " DCF " ) for the third quarter of 2021 was $ 171.5 million and Adjusted Free Cash Flow was $ 119.8 million . " We delivered strong operational performance in the third quarter , safely executing the Tioga Gas Plant turnaround under challenging conditions while delivering the high end of our Adjusted EBITDA guidance range , " said John Gatling , President and Chief Operating Officer of Hess Midstream . " We expect a strong ramp - up from the turnaround , which is reflected in our throughput and Adjusted EBITDA guidance increase for the fourth quarter and full year . In addition , with our strong execution and balance sheet , we have the flexibility to take advantage of future accretive growth opportunities , including potential incremental return of capital to shareholders . " ( 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 . 1