Good day, ladies and gentlemen. Welcome to the second quarter 2026 Hess Midstream conference call. My name is Kevin, and I'll be your operator for today. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question- and- answer session. To ask a question during the session, you need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised 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, Kevin. Good morning, everyone, and t hank 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 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 Jonathan Stein, Chief Executive Officer, and Mike Chadwick, Chief Financial Officer. I'll now turn the call over to Jonathan Stein. Thanks, Jennifer. Welcome everyone to our second quarter 2026 earnings call. Today, I will discuss our second quarter performance and outlook for the remainder of the year. Then, I'll hand the call over to Mike to review our financials. In the second quarter, we continued to execute our operational priorities and deliver our financial strategies. We completed planned maintenance at TGP on time and under budget. Our plan for the third quarter includes maintenance at LM4 and completing maintenance work that has now shifted to the second half of the year. Complementing our operational execution, we continued to find efficiencies across our assets on both synergies and improved performance. During the quarter, we also delivered on our financial strategy by strengthening our balance sheet and increasing our distribution in line with our continued prioritization of shareholder returns. Hess Midstream remains a leader in shareholder returns, and we reiterate our 2026 adjusted free cash flow guidance of $910 million-$960 million, or a 20% increase year-over-year at the midpoint. Turning to our results. During the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 BOPD for crude terminaling, and 121,000 BWPD for water gathering. Compared to the first quarter, throughput volumes were flat to lower on oil but higher in gas as the maintenance at TGP was offset by the capture of additional third-party volume. Consistent with our annual guidance, we continue to expect volumes to grow in the second half of the year. Turning to Hess Midstream's capital program. In the second quarter, capital expenditures were $31 million as we continued to execute our program, including completion of greenfield high-pressure gathering pipeline infrastructure. We expect our capital spend to be higher in the third quarter in line with planned activity. In summary, we remain focused on executing safe and reliable operations while leveraging our historical investment in existing infrastructure to continue generating significant adjusted free cash flow, allowing us to uniquely provide returns to our shareholders through growing distributions and incremental share repurchases while simultaneously continuing to reduce our debt leverage. With that, I'll hand the call over to Mike to review our financial performance for the second quarter and guidance. Thanks, Jonathan, and g ood morning, everyone. Today, I will discuss our financial results for the second quarter of 2026 and provide an update on our third quarter financial guidance and outlook for 2026. Turning to our results. For the second quarter of 2026, net income was $174 million compared to approximately $158 million in the first quarter. Adjusted EBITDA for the second quarter of 2026 was $314 million, compared with $300 million in the first quarter. The increase was primarily due to lower operating expenses, with some activity shifting into the second half of the year, as well as G&A savings from lower allocations during the quarter. Total revenues, excluding pass-through revenues, increased by approximately $10 million, resulting in segment revenue changes as follows. Gathering revenues increased by approximately $7 million, and processing revenues increased by approximately $3 million. Total costs and expenses, excluding depreciation and amortization, pass-through costs, and net of our proportional share of LM4 earnings, decreased by approximately $4 million, primarily due to lower operating expenses with some activity shifting into the second half of the year, as well as G&A savings from lower allocations during the quarter, resulting in adjusted EBITDA for the second quarter of 2026 of $314 million. Our gross adjusted EBITDA margin for the second quarter of 2026 was maintained at approximately 85%, above our 75% target, highlighting our continued strong operating leverage. Second quarter of 2026 capital expenditures were approximately $31 million, in line with quarterly activity. Net interest, excluding amortization of deferred finance costs, was approximately $51 million, resulting in adjusted free cash flow of approximately $232 million, a decrease of approximately 2% from the first quarter of 2026. We had a drawn balance of $256 million on our revolving credit facility at the end of the second quarter of 2026, a decrease of approximately $87 million from the first quarter of 2026. For the third quarter of 2026, we expect net income to be approximately $165 million- $175 million, and adjusted EBITDA to be approximately flat at the midpoint with the second quarter at $310 million- $320 million, as expected higher revenues and volumes are offset by higher OpEx. We expect adjusted free cash flow in the third quarter of 2026 to decrease relative to the second quarter of 2026, as capital expenditures in the third quarter are projected to be higher than the second quarter, reflecting increased activity. We continue to expect second half volumes to be higher than the first half of the year. For the full year of 2026, we continue to expect net income of between $650 million and $700 million, and adjusted EBITDA of between $1.225 billion and $1.275 billion in 2026, approximately flat at the midpoint compared with 2025. As Jonathan mentioned, our cash position is strong and notable among our peer set. We expect to generate adjusted free cash flow of between $910 million and $960 million, and excess adjusted free cash flow of approximately $280 million after fully funding our targeted 5% annual distribution growth, which we expect to continue to use for incremental shareholder returns and debt repayment. This concludes my remarks. We will be happy to answer any questions. I will now turn the call over to the operator. Thank you. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. If your question has been answered and you wish to remove yourself from the queue, please press star one one again. We'll pause for a moment while we compile a Q&A roster. Our first question comes from Jeremy Tonet with JP Morgan. Your line is open. Hey, good morning, guys. This is [audio distortion] on for Jeremy. Appreciate the comments and the prepared remarks on the full year guide, but maybe, curious if you could talk to some of the puts and takes that could drive the high end versus low end, and then on the cost side, how you see, OpEx and maintenance timing throughout the balance of the year. Thank you. Yeah, thanks for the question. I can take that one. So, what it's going to take to get to some of the puts and takes on our EBITDA guidance range, i t's going to be pretty much about weather and execution in the second half of the year. The high end of the range would probably require continued strong execution of our maintenance plan and favorable weather conditions to ensure we have fewer interruptions in our operations. On the downside, that would be the opposite. If we get interrupted with weather or any of our maintenance costs become higher, that's going to be on the downside. With regards to phasing, as you heard in our prepared remarks, Jonathan and I both mentioned that we've got a bit of a phasing shift in OpEx. Some of the maintenance programs that we were expecting to carry out in Q2 shifted to later in the year, and w e expect to pick that up in Q3. Typically, when we get to Q4, it's a bit of a lower phasing on OpEx as weather takes an impact, but w e also expect to see possibly some volatility on the actualization of G&A allocations from the sponsor, typically around Q4 as well. That's the reason why we've kept our EBITDA guidance in the same range as previous quarter. We've kept it flat for the full year. Got it. Thank you. Then, could you maybe just dive a little bit deeper on the second half volume growth drivers? Understand there's an absence of kind of those weather and maintenance-related headwinds, but curious if there's anything else specifically given this little bit of a stronger third-party volumes that we've seen on gas in particular. Yeah. Hey, it's Jonathan. I think in terms of the phasing of volume, as we had always said that we expected the second half of the year to be higher. Some of that is just, you know, as Chevron sets up its own drilling program and optimizes, you're going to have normal phasing in terms of when you have wells online. In addition, of course, Chevron has talked about longer laterals, increased productivity, so a ll of that will continue to come through into the second half of the year. But really, the volume growth that we had was really planned and just part of normal phasing. As Mike said, the way you can kind of think about the year is really continued volume growth quarter-on-quarter from this point forward, at least 5% growth into the second half of the year. That will drive revenues quarter-on-quarter up into this third quarter. As Mike said, OpEx is going to basically increase as we defer some maintenance and things like that into third quarter. That gets us to kind of that EBITDA flat with higher revenues and higher OpEx. In the fourth quarter, then we'll have higher revenue and expect OpEx to be at least flat or lower, so d riving higher EBITDA into the fourth quarter and then keeping our full-year guidance. So, just really phasing on the volume side, nothing, o f course, we had good third-party volumes this quarter on gas side. Opportunities like that continue to exist, so that would all be upside. Got it. Thank you. One moment for our next question. Our next question comes from John Mackay with Goldman Sachs. Your line is open. Hey, team. Thank you for the time. Jonathan, you touched on this a little bit, but Chevron also made a point of bringing it up on their call, just in terms of the efficiency gains they are seeing in the basin. Anything you can kind of walk us through of what you're seeing on the ground, and t o the extent that you're starting to see kind of initial results, maybe any commentary you can share about how to frame up the production growth outlook from here. Thank you. Sure. Yeah, look, I think anything on production growth, really more a question for Chevron. What I can say from the Midstream side is certainly those efficiencies are helping in terms of certainly maintaining production. Chevron did mention this, that even at a lower rig count, they're able to maintain production. That volume kind of expectation of approximately 200,000 BOEPD, that underpins our guidance going forward. We've talked about in the past, as they drill longer laterals, that obviously, you have less wells to be able to achieve similar volumes, and so t hat helps us in terms of our CapEx. As we've talked about, we're highly capital efficient, leveraging our historical investment and now even more capital efficiency to be able to get the same volume throughput, if you will. As we said, looking forward, again, we're not expecting necessarily production growth per se, consistent with what Chevron has talked about on their side. Really expecting, as we talked about our guidance, a lot of that is inflation escalation as you go forward. So, that's really kind of a driver. And some OpEx savings. We are continuing to see some synergies that Chevron has seen through the Hess acquisition. We're seeing that come through as well, and that's certainly coming through in our OpEx. That's part of what we're seeing in terms of OpEx savings as well. I'd say, look, I would say, early days because we're still now a year into the merger, its acquisition of passing to Chevron. But certainly, from the Midstream side, we're seeing the ability to maintain that production even at lower rig counts and seeing rig count becoming, from our point of view, less important as Chevron can really maintain that production level going forward. I appreciate that thorough answer. I want to ask one follow-up, and I understand there's probably not a ton you can say here, but they also made a point of mentioning on the call just a review of their broader midstream strategy in the basin. Is there any kind of context or perspective that you guys are able to share at this point? Thank you. Sure. No, I think, look, that was really mentioned in the context of just the Bakken and getting to know the Bakken and the production efficiencies and optimizing that we just talked about. Look, from our side, we're focused on execution of our plan, leveraging the historic investment to drive free cash flow generation and really producing results like we saw in this quarter. Understood. Appreciate the time. Thank you. One moment for our next question. Our next question comes from Doug Irwin with Citi. Your line is open. Hey, team. Thanks for the question. I wanted to start with the EBITDA margin this quarter. You hit 85%, which is well above your 75% target, and r ealize there are probably some one-time cost benefits this quarter, but if I look back, it's been quite some time since you've even been below 80%, I think. Just wondering if that target is starting to look a bit conservative today or if there's maybe an expectation of converging back towards that over time. Yeah. Thanks for the question, Doug, I'm glad you've noticed the strong performance on our margin. It is extraordinary that we're managing to keep a very healthy margin at 85% this quarter. You're right, there are some smaller adjustments that were recorded as credits this quarter. They were relatively minor, but they did help the margin. But the main driver, as I mentioned in my earlier remarks, is phasing of OpEx that shifted across to Q3 and Q4. While we continue a pretty strong trend of excess of 80%, we're comfortable maintaining our 75% margin target. It is what we expect on the long term, but we'll enjoy the greater than 80% margins in the meantime. But we're not intending to change our guidance just yet. Got it. Maybe just to follow up on capital allocation, you didn't do a buyback this quarter, and activity's been a little less ratable here despite the free cash flow outlook remaining pretty strong. Just curious how you're thinking about buybacks versus debt paydown and if you have an ultimate target of where you expect to trend relative to that 3x long-term leverage range you've talked about. Yeah. No, thanks, Doug. There is no change to our guidance that we issued in December on our financial plan there. We will use some of the excess adjusted free cash flow to pay down debt as well as perform returns of capital to shareholders, and you saw that in March with the $60 million share repurchase from the public and our sponsor. In this quarter, we paid down $87 million against the revolver, and we've guided $280 million of excess adjusted free cash flow for this year as our target. We've got some capacity left to do further shareholder returns of capital or debt paydown. But I'd say that the board evaluates this mix of paydown and return of capital during the year and throughout the year, and that's part of their consideration when they evaluate this. And so, while we do multiple share buybacks or returns of equity per year, it is ultimately a board decision. With regards our longer-term view on leverage, right now, we're at 3x leverage, and we expect that to go lower. We're not using any new debt to fund any share returns or share buybacks, rather, or debt is going to stay, in absolute terms, the same. But then, as we've indicated, we'll use some of that adjusted excess free cash flow to pay down some of that debt, so that'll drift lower. And then, we're guiding an increase in our EBITDA, so the trend will be that the debt ratio will go lower. By 2028, we're expecting to get down in the region of about 2.5x. That's what the guidance would indicate. We don't expect to go much lower than that. But there's no absolute level of debt that we're aiming to try and achieve. We do expect it to go lower than 3x. Understood. Thanks for the time. I'm not showing any further questions at this time. As such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.