Good day, ladies and gentlemen, and welcome to the first quarter 2023 Hess Midstream conference call. My name is Gigi, and I'll be your operator for today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's 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, Gigi. Good afternoon, everyone. Thank you for participating in our first 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. 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. I'll now turn the call over to John Gatling. Thanks, Jennifer. Good afternoon, everyone, and welcome to Hess Midstream's first-quarter 2023 conference call. Today, I'll discuss our first quarter performance, which demonstrates a continued focus on the safe execution of our operational strategy while simultaneously advancing our financial priorities. I will also review Hess Corporation's results and outlook for the Bakken. Jonathan will then review our financial results and guidance. In the first quarter, we successfully advanced two key priorities. First, to organically grow our business in a safe, efficient and cost-effective manner. Second, to return available capital to our shareholders. Our focused gas capture investments continue to drive increasing volumes through our systems while supporting Hess's commitment to achieving zero routines flaring by the end of 2025. Additionally, in the first quarter, we executed an accretive buyback and increased our distribution, leveraging our strong financial position. We remain focused on executing our operational and financial priorities and are well positioned for growth as reflected in our guidance through 2025. Turning to Hess Midstream operations. In the first quarter, throughput volumes averaged 338 million cu ft per day for gas processing, 104,000 bbl of oil per day for crude terminaling, and 79,000 bbl of water per day for water gathering. Gas processing throughputs increased by approximately 8% from the fourth quarter, mainly driven by strong weather recovery and increased gas capture. Turning to Hess Upstream highlights. Earlier today, Hess reported strong first quarter results, with Bakken net production averaging 163,000 bbl of oil equivalent per day, which was above their guidance range of 155,000 bbl-160,000 bbl of oil equivalent per day, reflecting high uptime and recovery from challenging weather conditions during the fourth quarter. Hess anticipates Bakken net production will increase to between 165,000 bbl and 170,000 bbl of oil equivalent per day in the second quarter. Hess continues to operate a four-rig program in the Bakken and plans to bring online approximately 110 wells in 2023. Furthermore, Hess forecasts Bakken net production to grow over the course of 2023 and 2024 and average approximately 200,000 bbl of oil equivalent per day in 2025, which implies approximately 10% annualized throughput growth rate across all Hess Midstream systems from 2023 to 2025. Additionally, Hess expects to hold production at approximately 200,000 bbl of oil equivalent per day for nearly a decade. Turning to Hess Midstream guidance, which was included in our earnings release, we're reaffirming our previously announced throughput guidance for full year 2023. Now focusing on the second quarter. We expect volume growth from the first quarter across all our systems, mainly driven by Hess's planned production growth and continued focus on gas capture. For full year 2023, we're forecasting gas processing volumes to average between 350 million and 360 million cu ft per day. Additionally, we expect crude terminaling volumes to average between 105,000 bbl and 115,000 bbl of oil per day and water gathering volumes to average between 85,000 bbl and 95,000 bbl of water per day. Our 2023 planned volume growth continues to support adjusted EBITDA in the range of $990 million to $1.03 billion. Now turning to Hess Midstream's 2023 capital program. We continue to make excellent progress on our 2023 capital plans and are focused on supporting Hess's development in the basin. Construction is progressing on schedule for two new compressor stations and associated infrastructure and when brought online is expected to increase gas gathering capacity by 100 million cu ft per day. The planned expansion of our gas gathering system is expected to increase gas throughputs by more than 30% in 2025 relative to 2022. Driven by Hess's planned development activity and goal of achieving zero routine flaring by the end of 2025. Full year 2023 capital expenditures remain unchanged and are expected to total $225 million, which is comprised of $210 million of expansion activity and $15 million of maintenance activity. In summary, we remain focused on safe, reliable, and efficient operating performance and project delivery, which will continue to drive strong financial results. The year is off to a strong start and we're well-positioned for substantial growth through at least 2025, which is expected to result in sustainable excess cash flow generation and the potential to return additional capital to our shareholders. I'll now turn the call over to Jonathan to review our financial results and guidance. Thanks, John, and good afternoon, everyone. We continue to execute a financial strategy that includes return of capital to shareholders as a priority and a demonstrated track record of differentiated shareholder returns. Since the beginning of 2021, we have returned $1.25 billion to shareholders through accretive repurchases that have reduced our total unit count by 17%. In addition to the combination of our 5% targeted annual distribution growth and three distribution level increases following each repurchase, we have increased our distribution per Class A share by approximately 30% over this period. As a result, our total shareholder return yield is one of the highest of our midstream peers. Furthermore, our leverage of approximately 3 x adjusted EBITDA is one of the lowest among our peers, highlighting our differentiated ability to deliver significant shareholder returns while also maintaining balance sheet strength. With our recently completed unit repurchase and distribution level increase, we continue our track record of shareholder returns through our return of capital framework. In January, we announced that we expect to generate greater than $1 billion of financial flexibility through 2025 for capital allocation, including potential ongoing unit repurchases. Utilizing this capacity, our recent repurchase transaction of $100 million is approximately 1.5% accretive on a distributable cash flow per Class A share basis, with public ownership of Hess Midstream on a consolidated basis increasing to approximately 18.3%. Supported by the repurchase, we recently announced a further return of capital to our shareholders through an immediate 1.5% increase in our quarterly distribution level beyond our targeted 5% annual distribution per Class A share growth. As we have done in the past with the reduced share count following the repurchase, this distribution level increase is fully funded by the associated reduced distributed cash flow. From this new higher level, we will continue to target at least 5% annual distribution growth per Class A share through 2025, with expected annual distribution coverage of at least 1.4 x. Following the unit repurchase, we expect to continue to have more than $1 billion of financial flexibility through 2025 that can be used to continue execution of our return of capital framework, including potential ongoing unit repurchases. Turning to our results. For the first quarter of 2023, net income was $142 million compared to $150 million for the fourth quarter of 2022. Adjusted EBITDA for the first quarter of 2023 was $239 million compared to $245 million for the fourth quarter of 2022. The change in adjusted EBITDA relative to the fourth quarter of 2022 was primarily attributable to the following. During the first quarter of 2023, our tariff rates and physical throughput volumes were higher, including an approximate 7% increase in gas processing volumes. As we transition from higher MVC levels in 2022 to growing physical throughput volumes in 2023 that are at or above MVCs, total revenues, excluding pass-through revenues, decreased by approximately $10 million, resulting in segment revenue changes as follows. Processing revenues decreased by approximately $5 million, terminal revenues decreased by approximately $3 million, and gathering revenues decreased by approximately $2 million. With physical volumes growing as more wells come online, we expect continued growth in revenues through the rest of 2023. Total costs and expenses, excluding depreciation, amortization, pass-through costs, and net of a proportional share of LM4 earnings, decreased by approximately $4 million, primarily due to lower maintenance costs and operating G&A in our gathering segment, resulting in adjusted EBITDA for the first quarter of 2023 of $239 million at the high end of our guidance. Our gross adjusted EBITDA Margin for the quarter was maintained at approximately 80%, highlighting our continued strong operating leverage. First quarter maintenance capital expenditures were approximately $3 million, and net interest, excluding amortization of deferred finance costs, were approximately $39 million. The result was that distributable cash flow was approximately $197 million for the first quarter, covering our distribution by 1.4x. Expansion capital expenditures in the first quarter were approximately $54 million, resulting in adjusted free cash flow of approximately $142 million. We had a drawn balance of $121 million on a revolving credit facility at quarter end, which includes funding our recent $100 million unit repurchase transaction. Turning to guidance. For the second quarter of 2023, we expect net income to be approximately $140 million-$150 million. Adjusted EBITDA to be approximately $240 million-$250 million, reflecting higher volumes offset by seasonally higher operating costs. Second quarter maintenance capital expenditures and net interest, excluding amortization of deferred finance costs, are expected to be approximately $45 million, resulting in expected distributable cash flow of approximately $195 million-$205 million, delivering distribution coverage of approximately 1.4x. For the full year 2023, we are reaffirming all previously announced guidance and expect net income of $600 million-$640 million and adjusted EBITDA of $990 million-$1,030 million. With total expected capital expenditures of $225 million, we expect at the midpoint to generate adjusted free cash flow of approximately $625 million. With distributions per Class A share targeted to grow at least 5% annually from the new higher distribution level, we expect to be free cash flow positive after fully funding distributions for 2023. We expect increasing volumes and revenues in each quarter through 2023 across oil, gas, and water systems, with seasonally higher operating costs in the second and third quarters of the year, resulting in expected growing adjusted EBITDA each quarter through the rest of the year. As implied in our guidance, we anticipate adjusted EBITDA in the second half of the year to be greater than 5% higher relative to the first half. In summary, we are very pleased to have delivered additional incremental return of capital to Hess Midstream shareholders and look forward to a visible trajectory of growth in our operational financial metrics that underpins our unique and differentiated financial strategy with a focus on consistent and ongoing return of capital. This concludes. We will be happy to answer any questions. I will now turn the call over to the operator. Thank you. Ladies and gentlemen, as a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Doug Irwin from Citi. Hey, everyone. Thanks for the question. Just wanted to start with EBITDA margin. I think you've guided to 75% margins for 2023. If you look at 1Q margins, I think it came in at 83% and it's been well above 75% for the last few quarters as well. I'm just curious what's driving this outperformance and if that's something that's sustainable moving forward. Sure. Really, I mean, in terms of our EBITDA margin and just, you know, at the level that we said targeting 75%, really that's first driven by our lean philosophy, which enables us to drive our operating costs lower. Really a material proportion of our cost base is relatively fixed. Therefore, with growing volumes in revenue and comparatively lower variable operating expenses, we have a robust EBITDA margin. We've set target 75%, but as you know, we look to continue as historically we have, exceeded that. If you look back, really over the years, we really have been just historically above that, including this year's, this quarter's EBITDA margin, which is just above 80%. Really, I think we should look at that as sort of a target, but something that we look to continue as we've done in the past, to continue to meet or exceed that. Expect to be continuing in that direction. Got it. That's helpful. Was just hoping you could provide a little more context just around how you landed on the size and the timing of this first buyback this year, and maybe how you're thinking about potential buybacks throughout the remainder of the year. I guess, is this gonna be kind of a quarterly decision you're looking at, or is it maybe a little more opportunistic than that? Sure. First, you know, just a reminder, our return on capital framework has really two elements. First is the 5% annual distribution growth through 2025 at least. Of course, the repurchases, which are an incremental return on capital utilizing our available financial flexibility. If you look back, how we've done this historically in 2021 and 2022, we really did one large buyback transaction per year. What's really changed now as we go forward, we intend to do multiple buybacks per year on an ongoing basis through 2025, using the more than $1 billion of financial flexibility that we've talked about. The $100 million buyback was really the start of this approach. What we expect is, again, we would see multiple opportunities each year, starting this year and starting with the hundred and, again, multiple opportunities the rest of this year. Together with potentially related distribution level increases like we did here following the repurchase when we have the lower share count as a result of the repurchase, we have the opportunity to utilize that additional capacity to just bring us back to the same distributable cash flow and increase our distribution level. Overall, you know, really the change is rather than doing this one per year, really this multiple per year. Through that, we think there will be significant ongoing accretion as we significantly continue to reduce our share count over the period. Got it. That's all for me. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.