Hess Midstream LP (HESM) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the third quarter 2025 Hess Midstream conference call. My name is Gigi, and I'll be your operator for today. (Operator Instructions) Please be advised that today's conference is being recorded for replay purposes.

女士們、先生們，大家好，歡迎參加 Hess Midstream 2025 年第三季電話會議。我叫吉吉，今天由我來為您接聽電話。（操作員指示）請注意，今天的會議將被錄音，以便回放。

I would now like to turn the conference over to Jennifer Gordon, Vice President of Investor Relations. Please proceed.

現在我將把會議交給投資者關係副總裁詹妮弗·戈登。請繼續。

Thank you, Gigi. Good morning, everyone, and thank you for participating in our third quarter earnings conference call. Our earnings release was issued this morning and appears on our website, hessmidstream.com.

謝謝你，吉吉。各位早安，感謝各位參加我們第三季財報電話會議。我們今天早上發布了盈利報告，報告已發佈在我們的網站 hessmidstream.com 上。

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.

今天的電話會議包含聯邦證券法意義上的預測和其他前瞻性陳述。這些聲明存在已知和未知的風險和不確定性，可能導致實際結果與此類聲明中明示或暗示的結果有所不同。

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.

這些風險包括 Hess Midstream 向美國證券交易委員會提交的文件中「風險因素」部分列出的風險。在今天的電話會議上，我們可能也會討論一些GAAP財務指標。有關這些非GAAP財務指標與最直接可比較的GAAP財務指標之間差異的調節表，請參閱獲利報告。

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.

今天陪同我出席的有執行長喬納森·斯坦和財務長麥克·查德威克。現在我將把電話交給喬納森·斯坦。

Thanks, Jennifer. Welcome, everyone, to our third quarter 2025 earnings call. Today, I have some brief opening comments and will review our operations, and then I'll hand the call over to Mike to review our financials. In the third quarter, we continued to execute our operational priorities and deliver our financial strategy that prioritizes return of capital to shareholders. We delivered strong operational performance, with gas throughputs increasing from the second quarter despite the impact of localized flooding in August.

謝謝你，珍妮弗。歡迎各位參加我們2025年第三季財報電話會議。今天，我先做個簡短的開場白，回顧一下我們的營運情況，然後把電話交給麥克，讓他來回顧一下我們的財務狀況。第三季度，我們繼續執行營運重點，並落實以股東資本回報為優先的財務策略。儘管8月份受到局部洪水的影響，但我們仍取得了強勁的營運業績，天然氣吞吐量從第二季開始成長。

Third quarter results benefited from an increase in third-party volumes as our customers navigated Northern Border pipeline maintenance towards the end of the quarter. This provides upside to our results and is a good reminder of the strategic nature of our midstream assets in the Bakken, we also executed a $100 million share and unit repurchase in the third quarter and increased our distribution by 2.4% and or approximately 10% on an annualized basis for Class A share. That included our targeted 5% annual increase for Class A share and a distribution level increase following repurchase that we obtained our total distributed cash on a lower share and unit count.

第三季業績受惠於第三方業務量的增加，因為我們的客戶在本季結束時應對了北部邊境管道的維護工作。這為我們的績效帶來了上行空間，也很好地提醒了我們巴肯地區中游資產的戰略意義。此外，我們在第三季執行了 1 億美元的股票和單位回購，並將 A 類股的分紅提高了 2.4%，或以年化計算提高了約 10%。這包括我們A類股每年5%的目標成長，以及回購後分配水準的提高，使得我們在較低的股份和單位數量下獲得了全部分配現金。

During the quarter, throughput volumes averaged 462 million cubic feet per day of gas processing, 130,000 barrels of oil per day for crude terminaling and 137,000 barrels of water per day for water gathering. Throughput increased approximately 3% in gas gathering and processing compared with the second quarter. We expect fourth quarter volumes to be relatively flat with the third quarter on lower expected third-party volumes as announced in our September guidance update into law for winter weather contingency and planned maintenance at the Little Missouri four gas plant.

本季度，天然氣日均吞吐量為 4.62 億立方英尺，原油碼頭日均吞吐量為 13 萬桶，集水日均吞吐量為 13.7 萬桶。與第二季相比，天然氣收集和加工的吞吐量增加了約 3%。我們預計第四季度銷量將與第三季度持平，原因是第三方銷量預計下降，正如我們在 9 月份的指導更新中所宣布的那樣，冬季天氣應急措施和小密蘇里四號天然氣廠的計劃維護導致銷量下降。

Turning to Hess Midstream's capital program. In the third quarter, we safely completed and brought online the first of two new compressor stations for the year and expect completion of the second compressor station in the fourth quarter. As announced in September, we have suspended activities on the Capa gas plant and we move the projects from our forward plans.

接下來我們來看看赫斯中游公司的資本項目。第三季度，我們安全完成了今年兩個新壓縮站中的第一個並投入運營，預計第二個壓縮站將於第四季度完工。正如9月宣布的那樣，我們已經暫停了Capa天然氣廠的各項活動，並將這些項目從我們的未來計劃中移除。

As a result, full year 2025 capital expenditures are now expected to total approximately $270 million. We remain committed to our ongoing strategy, which prioritizes ongoing return of capital to our shareholders, but both excess free cash flow after distribution and leverage capacity relative to our long-term leverage target of 3x adjusted EBITDA.

因此，預計 2025 年全年資本支出總額約為 2.7 億美元。我們將繼續致力於我們現有的策略，該策略優先考慮持續向股東返還資本，但同時也要考慮在分配後產生的超額自由現金流以及相對於我們長期槓桿目標（調整後 EBITDA 的 3 倍）的槓桿能力。

As we noted in our recent guidance update with the removal of the Capa gas plant from our forward plan, we expect significantly lower capital going forward providing additional free cash flow to support our return on capital framework. Looking forward, we will release guidance for 2026 and our 2028 MVCs after our budget process concludes in December.

正如我們在最近的指導更新中指出的那樣，隨著 Capa 天然氣廠從我們的未來計劃中移除，我們預計未來資本支出將大幅減少，從而提供額外的自由現金流來支持我們的資本回報框架。展望未來，我們將在 12 月預算流程結束後發布 2026 年及 2028 年 MVC 的指導意見。

With that, I'll hand the call over to Mike to review our financial performance for the third quarter and guidance for the fourth quarter.

接下來，我將把電話交給麥克，讓他回顧我們第三季的財務表現並展望第四季。

Thanks, Jonathan, and good morning, everyone. Today, I'm going to review our results for the third quarter and our financial guidance, and then we will open the call for questions. For the third quarter of 2025, net income was $176 million compared to $180 million for the second quarter. Adjusted EBITDA for the third quarter of 2025 was $321 million compared to $316 million for the second quarter.

謝謝你，喬納森，大家早安。今天，我將回顧我們第三季的業績和財務預期，然後我們將開放問答環節。2025年第三季淨收入為1.76億美元，而第二季為1.8億美元。2025 年第三季調整後 EBITDA 為 3.21 億美元，而第二季為 3.16 億美元。

The increase in adjusted EBITDA relative to the second quarter was primarily attributable to the following: Total revenues, excluding pass-through revenues, increased by approximately $7 million, driven by higher third-party gas gathering and processing throughput volumes, resulting in segment revenue changes as follows: Gathering revenues increased by approximately $4 million; processing revenues increased by approximately $3 million; total cost and expenses, excluding depreciation and amortization; pass-through costs and net of our proportional share of Little Missouri four earnings increased by approximately $2 million, primarily from higher seasonal maintenance and employee costs.

與第二季相比，調整後 EBITDA 的成長主要歸因於以下因素：總收入（不包括轉嫁收入）增長約 700 萬美元，主要得益於第三方天然氣收集和處理吞吐量的增加，導致各業務部門收入變化如下：收集收入增長約 400 萬美元；處理收入增長約 300 萬美元；總成本和油田費用（不加約200 萬美元，主要原因是季節性維護和員工成本增加。

That resulted in adjusted EBITDA for the third quarter of 2025 of $321 million. Our gross adjusted EBITDA margin for the third quarter was maintained at approximately 80%, above our 75% target highlighting our continued strong operating leverage.

由此得出，2025 年第三季的調整後 EBITDA 為 3.21 億美元。第三季調整後 EBITDA 毛利率維持在 80% 左右，高於我們 75% 的目標，凸顯了我們持續強勁的營運槓桿作用。

Third quarter capital expenditures were approximately $80 million and net interest, excluding amortization of deferred finance costs, was approximately $54 million, resulting in adjusted free cash flow of approximately $187 million. We had a drawn balance of $356 million on our revolving credit facility at quarter end. In January, we announced we are targeting annual distribution per Class A share growth of at least 5% through 2027, which is supported by our existing MVCs.

第三季資本支出約 8,000 萬美元，淨利息（不含遞延融資成本攤提）約 5,400 萬美元，調整後的自由現金流約 1.87 億美元。截至季末，我們的循環信貸額度已提取餘額為 3.56 億美元。今年一月，我們宣布，我們的目標是到 2027 年實現 A 類股年度分紅成長至少 5%，這得到了我們現有 MVC 的支持。

Last week, we announced our third quarter distribution that included our targeted 5% annual growth per Class A share and an additional increase utilizing the excess adjusted free cash flow available for distributions following the $100 million share repurchase completed in the third quarter. Turning to guidance.

上週，我們公佈了第三季分紅計劃，其中包括我們設定的每股 A 類股 5% 的年度增長目標，以及利用第三季度完成 1 億美元股票回購後可用於分紅的超額調整後自由現金流進行額外增長。尋求指導。

For the fourth quarter of we expect net income to be approximately $170 million to $180 million and adjusted EBITDA to be approximately $315 million to $325 million, reflecting scheduled maintenance and lower third-party volumes as discussed in our September guidance release. We are narrowing our full year guidance for net income to $685 million to $695 million and for adjusted EBITDA to $1.245 billion to $1.255 billion, implying EBITDA growth of approximately 10% year-on-year at the midpoint of the guidance range.

我們預計第四季度淨收入約為 1.7 億美元至 1.8 億美元，調整後 EBITDA 約為 3.15 億美元至 3.25 億美元，這反映了我們在 9 月份發布的業績指引中討論的計劃維護和第三方業務量下降。我們將全年淨利潤預期範圍縮小至 6.85 億美元至 6.95 億美元，調整後 EBITDA 預期範圍縮小至 12.45 億美元至 12.55 億美元，這意味著在預期範圍的中點，EBITDA 同比增長約 10%。

Consistent with the suspension of the Kappa gas plants and the removal of the project from our forward plans, we now expect capital expenditures of approximately $270 million and adjusted free cash flow of approximately $760 million to $770 million.

由於 Kappa 天然氣工廠已暫停運營，且該項目已從我們的未來計劃中移除，我們現在預計資本支出約為 2.7 億美元，調整後的自由現金流約為 7.6 億美元至 7.7 億美元。

With distributions per Class A share targeted to grow at least 5% annually from the higher distribution level, we now expect excess adjusted free cash flow of approximately $140 million after fully funding our targeted growing distributions.

A類股每股分紅的目標是在較高分紅水準的基礎上每年至少增長5%，因此，在完全支付我們預期的增長分紅後，我們現在預計超額調整自由現金流約為1.4億美元。

We expect continued adjusted free cash flow growth through 2027 to support our targeted annual distribution per Class A share growth of at least 5% through 2027. And financial flexibility for incremental return of capital, including potential share repurchases.

我們預計到 2027 年，經調整後的自由現金流將持續成長，以支持我們到 2027 年 A 類股每股年度分紅成長目標至少達到 5%。以及用於逐步返還資本的財務彈性，包括潛在的股票回購。

As Jonathan mentioned, we will release guidance for 2026 and our 2028 MVCs after completing our budget process in December. We remain committed to our ongoing strategy, which prioritizes return of capital to shareholders.

正如喬納森所提到的，我們將在 12 月完成預算流程後發布 2026 年的指導意見以及 2028 年的 MVC。我們將繼續堅持既定策略，優先考慮向股東返還資本。

This concludes my remarks. We will be happy to answer any questions. I'll now turn the call over to the operator.

我的發言到此結束。我們很樂意回答任何問題。現在我將把電話轉接給接線員。

(Operator Instructions)

（操作說明）

Jeremy Tonet, JPMorgan Securities LLC

Jeremy Tonet，摩根大通證券有限責任公司

Hi. Good morning. Just wanted to dive in a little bit more on, I guess, Bakken trends here. And just wondering if you could talk a bit on how GORs are trending over time and how you think that projects going forward at this point impacting your business?

你好。早安.我想更深入探討巴肯頁岩油的趨勢。我想請您談談GOR（全球平均收益率）隨時間推移的發展趨勢，以及您認為目前這些項目將如何影響您的業務？

Okay, sure. As you know, in historically, has not had increasing GORs because they've had a very active program Chevron now operating 3 rigs, certainly, as an active program that tends to keep lower than in the program where you have less rigs and less activity.

好的，沒問題。如您所知，從歷史上看，由於雪佛龍公司一直積極開展項目，目前運營 3 個鑽井平台，因此其油氣產量並未增加。當然，作為一個積極的項目，其產量往往會低於鑽井平台較少、活動較少的項目。

But in general, as we've talked about, our expectation is based on the new guidance that we gave out 3 rigs that Chevron is running, we expect to maintain oil to plateau and then gas to increase over time, and that basically is driven by GORs.

但總的來說，正如我們之前討論過的，我們的預期是基於我們發布的新的指導意見，雪佛龍正在運營的 3 個鑽井平台，我們預計石油產量將保持穩定，然後天然氣產量將隨著時間的推移而增加，這基本上是由氣油比 (GOR) 驅動的。

Because at this point, we're really at almost full gas capture. So really the trend in gas is really going to be GR driven. So with that, that will really continue to drive growth for Hess Midstream over the long term as gas represents 75% of our revenues.

因為目前我們已經幾乎完全實現了天然氣捕獲。所以，天然氣產業的發展趨勢其實將由溫室氣體排放所驅動。因此，天然氣業務佔赫斯中游公司收入的 75%，這將真正繼續推動該公司長期成長。

Got it. That's helpful. And then given that backdrop and not to get too far ahead of ourselves here, I was just wondering if you could provide any thoughts into 2020 beyond how MVCs might be shaping up expectations there, given Chevron moving to 3 rigs as you described there.

知道了。那很有幫助。鑑於此背景，為了不操之過急，我只是想知道，除了 MVC 可能如何影響 2020 年的預期之外，您能否就此提供一些看法，例如雪佛龍正如您所描述的那樣轉向 3 輛卡車。

Yeah, I'd say, look, we're going to finish our development planning here with Chevron, will approve our budget in December, and then we'll give our guidance, including 2026 guidance, but also our 2020 MVC. So we'll just wait until then, it's not too far away.

是的，我想說，我們將會和雪佛龍公司完成我們的發展規劃，在 12 月批准我們的預算，然後我們會給出我們的指導意見，包括 2026 年的指導意見，以及我們 2020 年的 MVC（市場價值主張）。所以我們就等到那時吧，時間不遠了。

Got it. Just the last one for me. We've seen some volatility in the share price here. Just wondering if you could provide any thoughts, I guess, on the cadence or approach to buybacks in the future?

知道了。這是我最後一個了。我們看到股價出現了一些波動。我想問您能否就未來股票回購的節奏或方式提供一些想法？

Yeah, I can talk to that one. And I think as we can see at the moment, our leverage is at 3x. And we guided in September that we would have flat EBITDA in 2026 and then we'd return to growth in 2027. However, we would have significantly lower CapEx, as Jonathan mentioned, that will be an assist to our free cash flow.

是的，我可以和他談談。而且我認為，正如我們目前所看到的，我們的槓桿率為 3 倍。我們在 9 月曾預測，2026 年 EBITDA 將保持平穩，然後在 2027 年恢復成長。但是，正如喬納森所提到的，我們的資本支出將大幅降低，這將有助於我們的自由現金流。

And then we'll also be able to have our 5% growth on distributions continue. And so we feel very comfortable that we'll have the financial flexibility through 2027 and to continue with our capital repurchase or capital returns policy and any share -- potential share repurchases.

這樣一來，我們也能繼續維持5%的分紅成長。因此，我們非常有信心，到 2027 年，我們將擁有足夠的財務靈活性，繼續執行我們的資本回購或資本回報政策以及任何股份——潛在的股份回購。

Understood thank you. I'll leave it there.

明白了，謝謝。我就說到這兒吧。

Doug Irwin, Citi.

道格歐文，花旗銀行。

Hey, thanks for the questions maybe to start on the CapEx outlook. You've talked about kind of expecting significantly lower CapEx over the next couple of years, and I know we're about to get guidance in a month or I think in the past, you've put out $125 million is kind of what you view as more of a base level they'll connect to run rate going forward. Is that kind of the right way to think about the starting point for '26? Or are there maybe still some additional discrete growth projects in the backlog that we should be looking at next year as well.

嘿，謝謝你的提問，或許我們可以開始討論資本支出前景了。您曾提到預計未來幾年資本支出將大幅下降，我知道我們將在一個月內獲得相關指引，或者我認為在過去，您曾表示 1.25 億美元是您認為更接近未來營運水平的基本水平。這樣思考「26」的起點是否正確？或者，明年是否還有一些其他獨立的成長項目值得我們關注？

Sure. Let me start, and then I'll hand over to Mike. I mean, I think in general, as we said, historically, $125 million is our expected ongoing capital. That includes well connects, as you mentioned as well as maintaining third parties at about 10% of our volumes. I think certainly, we said we're going to be significantly lower than the original guidance we had of $250 million to $300 million for '26 and '27.

當然。我先開始，然後交給麥克。我的意思是，總的來說，正如我們所說，從歷史數據來看，1.25億美元是我們預期的持續資本。正如您所提到的，這包括良好的連接，以及將第三方業務維持在我們業務量的 10% 左右。我認為，我們確實說過，2026 年和 2027 年的業績將遠低於我們最初給出的 2.5 億美元至 3 億美元的預期。

I think we do have some small growth projects, so it might be slightly above that 125, but somewhere between that $125 million and significantly below the $250 million to $300 million, again, we'll give guidance coming up here. once we complete the business plan, but that gives you at least some kind of a range to think about.

我認為我們確實有一些小型增長項目，所以最終金額可能會略高於1.25億美元，但應該在1.25億美元到2.5億至3億美元之間，具體數額我們會在完成商業計劃後給出。但這至少能為您提供一個大致的範圍。

Let me turn it over to Mike. Just anything you want to add there?

讓我把麥克風交給麥克。你還有什麼要補充的嗎？

Yeah, no, thanks, Jonathan. And just like I said, just now, I'd just say that the lower capital expenditure that we're expecting that will drive continued growth in our free cash flow will support financial flexibility for incremental return of capital and that includes any potential buybacks.

不，謝謝，喬納森。正如我剛才所說，我們預計較低的資本支出將推動自由現金流的持續成長，從而為逐步收回資本提供財務靈活性，包括任何潛在的回購。

And just to underline that, that already starts next year, right? So we had expected, as I said, $250 million to $300 million previously in 2026. So next year already, we'll already see the benefit of that lower capital. And so while we had talked about EBITDA being flat, relatively flat next year, and again, we'll give more details in the upcoming guidance but do you expect next year to see growth in free cash flow, and that will provide the flexibility for return on capital as early as next year.

需要強調的是，這從明年就開始了，對吧？正如我之前所說，我們預計到 2026 年將達到 2.5 億美元至 3 億美元。所以明年我們就能看到資本減少帶來的好處了。因此，雖然我們之前討論過明年 EBITDA 將保持平穩，相對平穩，而且我們會在即將發布的業績指引中提供更多細節，但您是否預計明年自由現金流會增長，這將為最早在明年實現資本回報提供靈活性？

Got it. that's helpful. And then maybe just a higher level one, given some of the changes that the sponsor here. And I realize you can't speak to Chevron, but just wondering if you could comment on how that relationship has evolved now that you've had a few quarters under your belt working with them as your sponsor. And more specifically, just any updated thoughts on how Hess Midstream kind of fits with them their broader strategy here moving forward and how that maybe feeds into your growth outlook and capital allocation from here.

明白了，這很有幫助。鑑於贊助商所做的一些改變，或許可以考慮更高層次的方案。我知道您不能代表雪佛龍公司發言，但我只是想知道，在您與他們合作幾個季度後，他們作為您的贊助商，您能否談談這種關係是如何發展的。更具體地說，您有什麼關於 Hess Midstream 如何融入他們未來整體策略的最新想法，以及這可能如何影響您未來的成長前景和資本配置？

Sure. I'll leave the last part to Chevron. But in terms of how is it going, we're working our way through now integration and it's gone very well. The board -- new board with the new Chevron Board Directors has met obviously several times, and we've approved two distribution increases.

當然。最後一部分就交給雪佛龍公司吧。但就進展而言，我們目前正在進行整合工作，而且進展非常順利。董事會——由新的雪佛龍董事會成員組成的新董事會顯然已經召開了多次會議，並且我們已經批准了兩次分紅增加。

I think both our base targeted 5% annual increase as well as two distribution level increases, one this week following repurchase we also approved the share repurchase that we did there in the third quarter. So going really well, really at the Board level, continuing to execute on plan. We're focused on running Hess safely and efficiently focused on capital discipline and continue to execute our capital framework for our shareholders.

我認為我們設定的基本目標年增長率為 5%，並且兩次提高分紅水平，一次是在本週，此前我們批准了第三季度進行的股票回購。所以一切進展順利，尤其是在董事會層面，計畫正在按部就班地執行。我們專注於安全且有效率地經營赫斯公司，注重資本紀律，並繼續為股東執行我們的資本框架。

So also I would say that as we announced the May were underway for the search for a fourth independent Board member. So going very well, working very well with Chevron. It's a natural fit for us and looking forward to continuing.

所以我也要說，正如我們在五月宣布的那樣，尋找第四位獨立董事會成員的工作已經開始了。一切進展順利，與雪佛龍的合作非常愉快。這非常適合我們，我們期待繼續合作。

Got it thanks for the time.

明白了，謝謝你抽出時間。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Thanks. Good morning maybe just first, starting on 2026. So you kind of mentioned that it's going to be flat with 2026 EBITDA is going to be flat with 2025. So I guess the first question is, why would it be flat if we're seeing rising gas volumes? Is there something there kind of offsetting that.

謝謝。早安，或許就先這樣吧，從2026年開始。所以你剛才提到，到 2026 年 EBITDA 將與 2025 年持平。所以我想第一個問題是，如果我們看到天然氣產量上升，為什麼天然氣價格會保持穩定？有沒有什麼因素可以抵銷這種影響？

And then as a follow-up to that, Chevron is reducing the rig count, but I think potentially moving towards longer laterals than what Hess did. So is that kind of baked into that outlook for '26 and '27 kind of moving to longer laterals? Or would you consider that upside?

然後，作為後續措施，雪佛龍公司正在減少鑽井平台數量，但我認為它可能會採用比赫斯公司更長的水平井。所以，對於 2026 年和 2027 年的前景來說，轉向更長的橫向移動是否已經有所預期？或者你會把這當成優勢嗎？

Sure. I can -- I'll kind of answer both those together. Really early guidance that we gave out recently was really designed to provide a shape for our guidance based on our current expectations after we complete the business plan process in December, we'll provide more detailed guidance for 2026, and that's going to include, of course, a range for volumes as well as EBITDA and other financial metrics as we always do. Of course, that final EBITDA range is going to be a combination of oil and gas volumes rates, including our inflation escalator, OpEx expectations.

當然。我可以——我會把這兩個問題一起回答。我們最近發布的早期指導方針實際上是為了根據我們目前的預期，為我們的指導意見提供一個框架。在 12 月完成業務規劃流程後，我們將提供更詳細的 2026 年指導意見，當然，這將包括銷售範圍以及 EBITDA 和其他財務指標，就像我們一貫的做法一樣。當然，最終的 EBITDA 範圍將是石油和天然氣產量、我們的通膨調整係數以及營運支出預期等因素綜合考慮的結果。

And of course, the business plan -- development plan that we get from Chevron will incorporate their expectations in terms of increased efficiencies and productivities, including things like longer laterals, as you said. I think critically, I think I just want to reemphasize what I just said earlier there that we expect continued growth in free cash flow as a capital plan reduces with the removal of the gas plant.

當然，我們從雪佛龍公司獲得的商業計劃——發展計劃，將會包含他們對提高效率和生產力的期望，包括像你所說的更長的水平井。我認為，從根本上來說，我想再次強調我剛才所說的，隨著天然氣工廠的拆除，資本計劃減少，我們預計自由現金流將繼續增長。

So still under any scenario, expecting that continued growth in free cash flow. And again, we'll give more details in a range of outcomes when we give out our EBITDA guidance and our annual guidance after the budget is completed and we finished Board approval in December. Mike, anything you want to add on to that?

因此，無論在何種情況下，我們都預期自由現金流將持續成長。此外，我們將在預算完成後、董事會於 12 月批准後發布 EBITDA 指引和年度指引時，提供一系列結果的更多細節。麥克，你還有什麼要補充的嗎？

No, I think you summarized it well, Jonathan. And I think we will obviously provide the updated guidance after the finalization of the plan in December. But I think, no, we've got a good runway with financial flexibility towards 2027 at the very least, and we'll update when we get the 2028 MVCs.

不，我覺得你總結得很好，喬納森。我認為，在12月計劃最終確定後，我們顯然會提供更新後的指導意見。但我認為，至少到 2027 年，我們有充足的資金和財務彈性，等我們拿到 2028 年的 MVC 數據後，我們會更新情況。

Got you. No, that's helpful. And then I guess based on your discussions, recent discussions here with Chevron, they move to a 3-rig program. Are there any indications that they might further reduce the rig activity and go to 2-rigs? Is that kind of in some of the conversations you're having? And then just conceptually, if that were to happen, should we roughly think about oil maybe declining a bit and gas volumes to be flat with rising GORs? I understand maybe that's not your base case, but just trying to frame downside risk.

抓到你了。不，這很有幫助。然後，根據你們的討論，以及最近與雪佛龍的討論，我猜他們會轉向三鑽井平台計劃。是否有任何跡象表明他們可能會進一步減少鑽井活動，改為只保留兩座鑽井平台？你們的一些談話中是否也涉及了這種情況？那麼從概念上講，如果這種情況發生，我們是否應該大致認為石油產量可能會略有下降，而天然氣產量將保持平穩，同時氣油比上升？我明白這可能不是你的基本情況，但我只是想說明下行風險。

Sure. I mean I think let's just start with the base case. As you said, currently, shares running 4 rigs as they said they expect to release the rig in the fourth quarter. As we've said, 3 rigs, again, oil plateau in 2026 and gas will continue to grow at least 2027 and then we'll give again more update when we give out our guidance for 2016 and then through I think it's important to note, Chevron, just last week, you announced and said in the call that their goal is to maintain a plateau at 200,000 barrels of oil equivalent per day for the foreseeable future. That model works really well for the Hess Midstream model where we're focused on long-term execution.

當然。我的意思是，我覺得我們應該先從最基本的情況開始。正如你所說，目前該公司運營 4 台鑽機，他們表示預計將在第四季度釋放這台鑽機。正如我們所說，3 個鑽井平台，石油產量將在 2026 年達到峰值，天然氣產量至少在 2027 年將繼續增長，之後我們將在發布 2016 年的業績指引時提供更多更新資訊。另外，我認為值得注意的是，雪佛龍公司就在上周宣布，並在電話會議上表示，他們的目標是在可預見的未來將日產量維持在 20 萬桶油當量。這種模式非常適合 Hess Midstream 的模式，因為我們專注於長期執行。

And at that level, 200,000 barrels oil per day that provides ongoing free cash flow generation and ongoing financial flexibility. Also would highlight, of course, as we've always said, the 5% dividend growth can be delivered even at MVC levels. So in terms of our return of capital program, that's always kind of at the base and that's well protected.

而在這個產量水準下，每天20萬桶石油的產量能夠持續產生自由現金流，並提供持續的財務彈性。當然，我們也要強調一點，正如我們一直所說，即使在 MVC 水準下，也能達到 5% 的股息成長。所以就我們的資本回報計劃而言，它始終處於基礎地位，並且得到了很好的保護。

And above and beyond that, we at 200,000 barrels of oil equivalent per day, we expect ongoing free cash flow that can generate incremental financial flexibility on that. So I don't want to speculate beyond that. And -- but again, we'll give more details on our current plan and expectations when we finish our budget and development plan here in December.

除此之外，我們預期日產量達到 20 萬桶油當量後，將持續產生自由現金流，進而帶來更大的財務彈性。所以我不想再做更多推測。但是，我們將在 12 月完成預算和發展計劃後，公佈我們目前的計劃和預期的更多細節。

Got it thank you.

明白了，謝謝。

John McKay, Goldman Sachs.

約翰麥凱，高盛集團。

Hey everyone, thank you for the time. I want to pick up on that last question a little bit. Can you just -- I know you guys go through this every year, but can you just remind us how the 2028 MVCs will be set again effectively what kind of plan does Chevron kind of need to walk you through and it's just interesting because it's going to be our first time doing it with them. Just curious if that's going to differ at all from the Hess process before.

大家好，感謝大家抽空。我想稍微補充一下最後一個問題。我知道你們每年都要經歷這些，但你們能不能再提醒我們一下，2028 年的 MVC 將如何制定？雪佛龍需要向你們介紹什麼樣的計畫？這很有意思，因為這將是我們第一次與他們合作。我只是好奇這和之前的赫斯法會有什麼不同。

Yeah, there's no change to the process. The process is really baked into the commercial agreements that we have now with Chevron. And the process is essentially they deliver to us their development plan through the end of the term of the contract. We develop a system plan, which is really the infrastructure required to develop that plan.

是的，流程沒有任何改變。這個流程實際上已經融入我們目前與雪佛龍簽訂的商業協議中。這個過程本質上就是他們在合約期滿前向我們提交他們的發展計畫。我們制定係統計劃，而這實際上是指實施該計劃所需的基礎設施。

And then essentially, the MVC is set at 80% of the third year of that development plan. So that's really no change. It's a very mechanical type process. Obviously, we work together to put together that development plan and system plan together with the goal of optimizing the Bakken, that's a win-win and in everyone's best interest. But in terms of the process of the mechanics of a MVC, that's really the process that's defined in the commercial agreements, and that hasn't changed at all.

然後，基本上，MVC 設定為該發展計畫第三年的 80%。所以實際上並沒有什麼變化。這是一個非常機械化的過程。顯然，我們共同努力製定發展計劃和系統計劃，目標是優化巴肯油田，這是雙贏的，符合每個人的最佳利益。但就 MVC 的運作機製而言，這實際上是商業協議中定義的流程，這一點絲毫沒有改變。

That's helpful. And then maybe just one clarification. I think if we go through what you guys have been talking about before, you guys are pretty comfortable, I think, arguing that the 200 a day run rate that Chevron wants to flow. That can be hit on the 3-rig program. So the four would have put you, I guess, decently about that. Is that the implication?

那很有幫助。最後，或許還需要一個澄清。我認為，如果我們回顧一下你們之前討論的內容，你們應該比較有把握地認為，雪佛龍希望實現的每天 200 輛的產量是合理的。這可以透過 3 個鑽井平台計劃來實現。所以，我想，這四個人應該能讓你對這件事有個比較準確的判斷。是這個意思嗎？

Yeah, I think what I would say is, and you could see that in our previous guidance before we updated it. That was based on a 4-rig program, and we had growth in both oil and gas and the gas being a function of the oil growth and obviously associated gas you're going to have growth in gas plus then just GOR is increasing as well. So then now under the current plan, you're really seeing oil plateau and gas continue to grow.

是的，我想說的是，這一點在我們更新之前的指導下也有體現。這是基於 4 台鑽機的計劃，石油和天然氣產量都有所增長，天然氣產量的增長取決於石油產量的增長，顯然伴生氣也會增長，此外，氣油比也在增加。所以，按照目前的計劃，石油價格確實趨於平穩，而天然氣價格將繼續成長。

So yes, the implication there is that previously in 4 rigs because of the efficiencies and productivities that has now, Chevron has been able to achieve, they were able to achieve what they're able to get historically at 4-rigs, they were able to now get a 3-rig and continuing to run at 4-rigs would have really taken you above that goal of plateauing a 200,000 BOE per day.

所以，這意味著，由於效率和生產力的提高，雪佛龍之前使用 4 台鑽機就能達到過去 4 台鑽機所能達到的產量，現在他們只需 3 台鑽機就能實現目標。如果繼續使用 4 台鑽孔機，就能真正超越每天 20 萬桶油當量的目標。

Thank you.

謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。