Hess Midstream LP (HESM) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the first-quarter 2026 Hess Midstream conference call. My name is Kevin. I'll be your operator for today. (Operator Instructions) Please be advised today's conference is being recorded for replay purposes.

各位女士、先生，大家好，歡迎參加 Hess Midstream 2026 年第一季財報電話會議。我是 Kevin，今天將擔任會議接線員。（接線員指示）請注意，今日會議將錄音以供日後重播。

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

現在我想將會議交給投資人關係副總裁 Jennifer Gordon。請開始。

Thank you, Kevin. Good morning, everyone, and 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.

謝謝你，Kevin。各位早安，感謝大家參與我們第一季財報電話會議。我們的財報新聞稿已於今早發布，並刊登於我們的網站 www.hessmidstream.com。今日電話會議包含預測及其他前瞻性陳述，屬於聯邦證券法所定義之範圍。這些陳述受已知與未知風險及不確定性影響，可能導致實際結果與該等陳述所明示或暗示者有所差異。

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.

這些風險包括 Hess Midstream 向美國證券交易委員會（SEC）提交文件中「風險因素」章節所載者。此外，在今日電話會議中，我們可能會討論若干 GAAP 財務衡量指標。非 GAAP 財務衡量指標與最直接可比較之 GAAP 財務衡量指標之差異調節表，可於財報新聞稿中查閱。今天與我一同出席的有執行長 Jonathan Stein，以及財務長 Mike Chadwick。

I'll now turn the call over to Jonathan Stein.

接下來我把電話交給 Jonathan Stein。

Thanks, Jennifer. Welcome, everyone, to our first-quarter 2026 earnings call. Today, I will discuss our first quarter performance and outlook for the remainder of the year and then I'll hand the call over to Mike to review our financials.

謝謝你，Jennifer。歡迎各位參加我們 2026 年第一季財報電話會議。今天我將說明第一季表現以及今年剩餘期間的展望，之後把電話交給 Mike 檢視我們的財務狀況。

In the first quarter, we continued to execute our operational priorities and deliver our financial strategy. We delivered solid operational performance and achieved our guidance, which included the impact of severe winter weather in January and February. In March, we completed an accretive $60 million share in unit repurchase on the public and our sponsor.

第一季，我們持續落實營運優先事項並推進財務策略。我們交出穩健的營運表現並達成指引，其中已納入 1 月與 2 月嚴峻冬季天候的影響。3 月，我們完成一筆具增益性的 6,000 萬美元股份與單位回購，回購對象包含公開市場及我們的贊助方。

And lastly, we increased our distribution 2% or approximately 8% on an annualized basis for Class A shares. This increase included our targeted 5% annual increase for Class A shares and a distribution level increase following our repurchase that maintains our total distributed cash on a lower share and unit count.

最後，我們將 A 類股份的配息提高 2%，換算年化約提高 8%。此增幅包含我們針對 A 類股份目標的年度 5% 成長，以及在回購後為維持在較低股份與單位數下的總配發現金而進行的配息水準調整。

Turning to our results. During the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering.

接著看我們的營運結果。本季處理量平均為：天然氣處理 4.30 億立方英尺/日；原油終端作業 11.9 萬桶/日；集水 11.5 萬桶/日。

In line with our guidance, throughput volumes were down compared to the fourth quarter, primarily due to severe winter weather in January and February, partially offset by recovery in March as well as capture of additional third-party gas volumes. Consistent with our annual guidance, we continue to expect volumes to grow through the rest of the year, excluding the impact of planned maintenance at TGP in the second quarter that is expected to reduce volumes by 5 million to 10 million cubic feet per day for the quarter.

符合我們的指引，處理量較 2025 年第四季下降，主要因 1 月與 2 月嚴峻冬季天候所致；3 月的復甦以及額外取得第三方天然氣量部分抵銷了影響。與我們的年度指引一致，除第二季 TGP 計畫性維護的影響外，我們仍預期今年其餘期間處理量將成長；該維護預計使該季處理量減少每日 500 萬至 1,000 萬立方英尺。

Turning to Hess Midstream's capital program. In the first quarter, we safely brought online the second of two new compressor stations after completing it in the fourth quarter of 2025. In the first quarter, capital expenditures were $10 million, seasonally lower than the fourth quarter of 2025 and severe winter weather restricted activity levels.

接著談 Hess Midstream 的資本計畫。第一季，我們在 2025 年第四季完工後，安全地將兩座新壓縮站中的第二座投入運轉。第一季資本支出為 1,000 萬美元，季節性低於 2025 年第四季，且嚴峻冬季天候限制了作業活動水準。

We expect our capital spend to be seasonally higher in the second and third quarters, as we continue to execute our program including completion of greenfield, high-pressure gathering pipeline infrastructure that we started in 2025. However, with the second compressor station online and reflecting Chevron's move to long laterals, which reduces well connect CapEx for Hess Midstream, we have now reduced our 2026 estimated capital expenditure by a third to approximately $100 million.

我們預期第二季與第三季資本支出將呈季節性上升，因我們持續執行計畫，包括完成我們於 2025 年啟動的綠地高壓集輸管線基礎設施。然而，隨著第二座壓縮站上線，並反映 Chevron 轉向更長水平段（long laterals），可降低 Hess Midstream 的井口連接資本支出（CapEx），我們現已將 2026 年預估資本支出下調三分之一至約 1 億美元。

As a result of this reduction and together with the deferral of cash taxes, we are increasing our 2026 adjusted free cash flow guidance to $910 million to $960 million, reflecting a 20% increase year-over-year at the midpoint. Hess Midstream remains a leader in shareholder cash returns with one of the highest free cash flow yields across our peer set.

由於此項下調，並結合現金稅款的遞延，我們將 2026 年調整後自由現金流指引上調至 9.10 億至 9.60 億美元，以中位數計年增 20%。Hess Midstream 仍是股東現金回饋的領先者之一，在同業中擁有最高水準之一的自由現金流殖利率。

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 easily provide returns to our shareholders through growing distribution and incremental share repurchases, while simultaneously continuing to reduce our debt leverage.

總結而言，我們仍專注於安全且可靠的營運，同時運用我們過往對既有基礎設施的投資，持續創造可觀的調整後自由現金流，使我們能透過提高配息與額外股份回購，輕鬆為股東提供回報，同時持續降低負債槓桿。

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

接下來我把電話交給 Mike，請他回顧第一季財務表現與指引。

Thanks, Jonathan, and good morning, everyone. Today, I'll discuss our financial results for the first quarter of 2026 and provide an update on our second quarter financial guidance and outlook for 2026. Turning to our results. For the first quarter of 2026, net income was $158 million compared to approximately $168 million in the fourth quarter of 2025. Adjusted EBITDA for the first quarter of 2026 was $300 million, compared with $309 million in the fourth quarter.

謝謝你，Jonathan，各位早安。今天我將說明 2026 年第一季財務結果，並更新我們 2026 年第二季財務指引以及 2026 年展望。先看結果：2026 年第一季淨利為 1.58 億美元，較 2025 年第四季約 1.68 億美元下降。2026 年第一季調整後 EBITDA 為 3.00 億美元，較第四季的 3.09 億美元下降。

The decrease was primarily due to lower revenues, primarily caused by severe winter weather in January and February. Total revenues including pass-through revenues decreased by approximately $15 million, resulting in segment revenue changes as follows: Gathering revenues decreased by approximately $14 million.

下降主要來自營收較低，而營收下滑主要由 1 月與 2 月嚴峻冬季天候所致。包含轉嫁收入（pass-through revenues）在內的總營收約減少 1,500 萬美元，各事業別營收變動如下：集輸（Gathering）營收約減少 1,400 萬美元。

Processing revenues decreased by approximately $6 million, while terminaling revenues increased by approximately $5 million. Total cost and expenses, excluding depreciation and amortization, pass-through costs and net of our proportional share of LM4 earnings decreased by approximately $6 million, primarily from lower seasonal maintenance and lower third-party offloads, resulting in adjusted EBITDA for the first quarter of 2026 of $300 million.

處理（Processing）營收約減少 600 萬美元，而終端（Terminaling）營收約增加 500 萬美元。總成本與費用（不含折舊與攤銷、轉嫁成本，並扣除我們按比例認列的 LM4 獲利）約減少 600 萬美元，主要因季節性維護較少及第三方卸載（offloads）較低所致，因此 2026 年第一季調整後 EBITDA 為 3.00 億美元。

Our gross adjusted EBITDA margin for the first quarter of 2026 was maintained at approximately 83%, above our 75% target, highlighting our continued strong operating leverage. First quarter of 2026 capital expenditures were approximately $10 million, significantly lower than in the fourth quarter of 2025, a severe winter weather limited activity. Net interest, excluding amortization of deferred finance costs, was approximately $53 million, resulting in adjusted free cash flow of approximately $237 million, an increase of 14% from the fourth quarter of 2025.

2026 年第一季毛調整後 EBITDA 利潤率維持約 83%，高於我們 75% 的目標，凸顯我們持續強勁的營運槓桿。2026 年第一季資本支出約 1,000 萬美元，顯著低於 2025 年第四季，因嚴峻冬季天候限制了活動。淨利息（不含遞延融資成本攤銷）約 5,300 萬美元，使調整後自由現金流約 2.37 億美元，較 2025 年第四季增加 14%。

We had a drawn balance of $343 million on our revolving credit facility at the end of the first quarter of 2026. For the second quarter 2026, we expect net income to be approximately $150 million to $160 million and adjusted EBITDA to be approximately flat with the first quarter at $295 million to $305 million, which includes the impact of planned second quarter maintenance at the Tioga Gas Plant. We expect adjusted free cash flow in the second quarter of 2026 to decrease relative to the first quarter of 2026, as capital expenditures in the second quarter are projected to be seasonally higher than the first quarter.

截至 2026 年第一季末，我們在循環信用額度項下的動用餘額為 3.43 億美元。對於 2026 年第二季，我們預期淨利約為 1.50 億至 1.60 億美元，調整後 EBITDA 預期與第一季大致持平，約為 2.95 億至 3.05 億美元，其中包含 Tioga Gas Plant 第二季計畫性維護的影響。我們預期 2026 年第二季調整後自由現金流將較第一季下降，因第二季資本支出預計季節性高於第一季。

As we said in our fourth quarter call, we expect second half volumes to be higher than the first half helping to drive higher EBITDA in the second half of the year. For the full year 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.

如同我們在第四季電話會議所述，我們預期下半年處理量將高於上半年，進而帶動下半年 EBITDA 較高。就 2026 年全年而言，我們仍預期淨利介於 6.50 億至 7.00 億美元之間，2026 年調整後 EBITDA 介於 12.25 億至 12.75 億美元之間，以中位數計與 2025 年大致持平。

As Jonathan mentioned, our cash position is strong and notable among our peers set. We now expect full year 2026 capital expenditures of approximately $105 million and 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 use for incremental shareholder returns and debt repayment.

如 Jonathan 所提，我們的現金狀況強勁，且在同業中相當突出。我們目前預期 2026 年全年資本支出約 1.05 億美元，並預期產生 9.10 億至 9.60 億美元的調整後自由現金流；在完全支應我們目標的年度 5% 配息成長後，超額調整後自由現金流約 2.80 億美元，我們預期將用於額外的股東回饋與償還債務。

As mentioned, we no longer expect to pay $15 million of cash taxes in 2026 and do not expect to pay material cash taxes until after 2028, following the recent interim guidance from the IRS on the application of the corporate alternative minimum tax. In March, we executed an accretive $60 million share repurchase transaction from both the sponsor and the public. And as the year progresses, we will continue to evaluate additional opportunities for incremental returns of capital.

如前所述，基於美國國稅局（IRS）近期就公司替代性最低稅（corporate alternative minimum tax）適用所發布的臨時指引，我們不再預期於 2026 年支付 1,500 萬美元的現金稅款，且預期在 2028 年之後才會支付具重大性的現金稅款。3 月，我們完成一筆具增益性的 6,000 萬美元股份回購交易，回購來源同時包含贊助方與公開市場。隨著年度推進，我們將持續評估其他額外資本回饋機會。

So this concludes my remarks. We will be happy to answer any questions. I will now turn the call over to the operator.

以上就是我發言的結語。我們很樂意回答任何問題。現在我把電話交給接線員。

(Operator Instructions)

（接線員指示）

Jeremy Tonet, JP Morgan Securities.

Jeremy Tonet，摩根大通證券。

Good morning, everyone. This is Francine on for Jeremy. Thank you very much for taking questions. Just wanted to zoom in a bit more on the change to CapEx here and what this means for well connect/turn-in-line activity for the year and whether there are any read-throughs or changes to growth expectations year-end or into 2027 that we can derive from this. Thank you.

各位早安。我是 Francine，代替 Jeremy 發言。非常感謝讓我們提問。我想更聚焦一下這次資本支出（CapEx）的變動，以及這對今年的井口連接／投產（well connect/turn-in-line）活動意味著什麼；另外，從這項變動中，我們是否能推導出年末或延伸到 2027 年的成長預期有任何解讀或變化？謝謝。

Hi. Thanks for the question. Look, if you look at what's been happening with CapEx for us, really since the end of last year, we've really been reducing CapEx as we are approaching the end of our infrastructure build-out, which has been really years in the making, as we continue to build out our strategic footprint in the Bakken. CapEx was low in the first quarter.

嗨，謝謝你的問題。你看我們的資本支出（CapEx）狀況，其實自去年底以來，隨著我們接近基礎設施建置的尾聲——這是多年來逐步完成的工程——並且持續在巴肯（Bakken）擴大我們的策略性版圖，我們確實一直在降低 CapEx。第一季的 CapEx 偏低。

That was really, as I mentioned, due to really restricted activity due to the weather as well as seasonal dynamics that's normal for the first quarter. And we do expect that to be the low point of the year and then pick up as we continue to build out over the next few quarters, including, as I mentioned, completing our greenfield high-pressure gathering pipeline infrastructure, we started last year and expect to complete this year.

如我提到的，這主要是因為天候以及第一季常見的季節性因素，導致活動受到相當限制。我們預期這會是全年低點，接下來幾季會回升，因為我們會持續推進建置；包括我提到的，我們去年開始的綠地（greenfield）高壓集輸管線基礎設施，預計今年完成。

So really nothing in terms of changing strategically, the kind of downsizing, if you will, of our guidance this year from $150 million to approximately $100 million is really rightsizing our CapEx to account for things like upstream efficiencies like longer laterals, which as I discussed, can have the effect of reducing well connect CapEx for us. So that's very positive.

所以在策略上其實沒有任何改變。今年指引從 1.5 億美元下修到約 1 億美元，若你要說是縮減，其實是把 CapEx「調整到合適水準」（rightsizing），以反映上游效率提升，例如更長的水平段（longer laterals）；如我先前所說，這會降低我們的井口連接（well connect）CapEx。這是非常正面的。

And really, if you reflect on that, it's really just an extraordinary business model. That with the lower CapEx that we are spending, we're really going to make significant free cash flow that supports, of course, our 5% targeted distribution growth as well as incremental returns of capital to our shareholders, like the shareholder the share repurchase we did this quarter as well as simultaneously being able to do debt repayment?

而且如果你把這點納入考量，這其實凸顯了我們商業模式的卓越之處：在我們支出更低 CapEx 的同時，仍能產生可觀的自由現金流（free cash flow），用以支持我們目標 5% 的配息成長（distribution growth），並且還能額外回饋股東，例如本季進行的庫藏股回購（share repurchase）；同時也能進行償債。

Thank you. That's helpful. And I would just like to touch a bit on kind of the third-party outlook here and whether you've had any changes to that since the Middle East conflict has been ensuing. Thank you.

謝謝，這很有幫助。我也想稍微談一下第三方（third-party）的展望，以及自中東衝突持續以來，你們對此是否有任何變化。謝謝。

Sure. In terms of third parties, I mean nothing, I would say, in terms of major macro changes. We did have some additional third-party volume in the first quarter, as I mentioned, that was really some additional throughput from other midstream providers. And that really highlights, as we said in the past, optionality that we have in our system that allows flexibility for others to be able to utilize it during operational challenges that they have.

當然。就第三方而言，我的意思是，在重大總體（macro）變化方面，我會說沒有什麼改變。如我提到的，第一季確實有一些額外的第三方量，主要是來自其他中游（midstream）業者的額外輸送量（throughput）。這也凸顯了我們過去說過的：我們系統具備選擇性（optionality），在其他業者面臨營運挑戰時，能讓他們有彈性使用我們的系統。

We're still targeting 10% third-party volumes, and that's incorporated into our guidance and any additional third-party volumes would be upside, not seeing anything dramatic, just a normal, like I said, third parties coming to you utilize optionality in our system, but nothing -- no major changes due to macro environment at this point.

我們仍以第三方量占比 10% 為目標，這也已納入我們的指引；任何額外的第三方量都會是上行（upside）。目前沒有看到任何劇烈變化，就如我說的，屬於正常情況：第三方來使用我們系統的選擇性，但就目前而言，沒有因總體環境而出現重大變化。

That's super helpful. Thank you, again.

這非常有幫助。再次謝謝。

John Mackay, Goldman Sachs.

John Mackay，高盛。

Hey, team. Thanks for the time. Last call, you guys spent some time talking about a little bit of evolution on the balance sheet side, thinking about lower leverage over time. I'm just wondering, were a quarter later now, if you've had some time to kind of refine that and be able to kind of longer-term leverage target you want to put out there relative to the kind of distribution growth and maybe some buyback cadence you've talked about?

各位好，謝謝撥冗。上次電話會議你們花了一些時間談到資產負債表方面的演進，思考隨時間降低槓桿。我想問的是，現在又過了一季，你們是否有時間把這點再精煉一下，並提出一個更長期的目標槓桿水準，並且與你們談到的配息成長以及可能的回購節奏做相對應？

Yeah. No, I can talk to that. And there's -- and thanks, John, for the question. There's no change read to our return of capital approach that we outlined in our December guidance now or as we talked about and our Q4 call in February. So we do plan to use a portion of our free cash flow, as we said then, after distributions to pay down debt. And it's a conservative financial strategy that's consistent with the volume profile and -- target for about 200,000 barrels of oil equivalent per day plateau production in the Bakken.

可以，我來回應。也謝謝你，John。就我們在 12 月指引中所概述、以及我們在 2 月 Q4 電話會議中談到的資本回饋（return of capital）做法而言，沒有任何改變。因此，我們仍計畫如當時所說，在配息之後，使用部分自由現金流來償還債務。這是一個保守的財務策略，並且與我們的量能輪廓（volume profile）一致——也就是巴肯（Bakken）約 20 萬桶油當量／日（barrels of oil equivalent per day）的平台期（plateau）產量目標。

So we'll still have a balanced strategy though. That includes an incremental return of capital beyond our 5% annual distribution growth and we plan to have a stronger balance sheet as a result. So all of that is underpinned, obviously, by the MVCs that we have out to 2028, and they continue to provide some significant downside protection. And we're still aiming for about $1 billion of free cash flow after distributions through 2028. And as I said, we'll use that.

不過我們仍會採取平衡策略，其中包含在每年 5% 配息成長之外的額外資本回饋，而因此我們的資產負債表也會更強健。這一切的基礎，顯然，是我們到 2028 年的最低量承諾（MVCs），它們持續提供相當顯著的下行保護（downside protection）。我們仍以 2028 年前、在配息之後累計約 10 億美元的自由現金流為目標；如我所說，我們會運用這些資金。

Obviously, every distribution or every share buyback is approved by our Board, and that will be set by our Board, but we plan to use that for incremental return of capital and paying down our debt. So no change there really.

當然，每一次配息或每一次股票回購都需要董事會核准，並由董事會決定，但我們的規劃是把這些資金用於額外的資本回饋以及償還債務。所以基本上沒有改變。

All right. I appreciate that. Second one, I apologize, it's a little bit in the weeds, but terminals revenue was really strong in the quarter. Just wondering if there's any kind of one-off in there or this new kind of implied rate is the go forward we should think of?

了解，謝謝。第二個問題，不好意思有點細節，但本季碼頭（terminals）營收非常強。想請問這裡面是否有任何一次性因素（one-off），還是說這個新隱含費率（implied rate）就是我們應該視為未來常態的水準？

Yes. I think you're reading that right. There is an element of implied rates in there in the terminals. And that's -- as you recall, it's a cost-of-service rate that gets adjusted every year for our expectation of OpEx, CapEx and any volumes that drives a targeted return on that. So that's part of the reason why you're seeing better stronger performance there is just a tariff adjustment.

是的，我想你的解讀是對的。碼頭業務裡確實包含隱含費率的因素。你也記得，這是一個成本加成（cost-of-service）的費率機制，每年會依我們對營運費用（OpEx）、資本支出（CapEx）以及任何相關量能的預期進行調整，以達成目標報酬。你看到更強的表現，部分原因就是費率（tariff）調整。

Do you mind just reminding us kind of the structure of that contract going forward?

可以請你提醒一下，這份合約未來的結構大概是怎麼樣嗎？

So that goes through to 2033, and it's rebalanced every year as part of a calculation that aims to return a specific like mid-teen return, and it will be based on what we anticipate as the actual volumes, CapEx, OpEx in order to serve that and to generate that return. So the tariffs reflect up and down accordingly. So if we have lower volumes anticipated, then the tariff will go up. And if we have lower CapEx, for example, then the tariff will go down and that's through to 2023.

這份合約到 2033 年為止，而且每年都會依一套計算方式重新平衡（rebalanced），目標是達到特定的報酬水準，例如約中十位數（mid-teen）的報酬率；並會根據我們預期的實際量能、CapEx、OpEx 來提供服務並產生該報酬。因此費率（tariffs）會相應上調或下調。若預期量能較低，費率就會上升；例如若 CapEx 較低，費率就會下降——而這個機制一路適用到 2023 年。

Thank you very much.

非常感謝。

Doug Irwin, Citi.

Doug Irwin，花旗。

Hey. Thanks for the question. I just wanted to pick up on the second quarter guidance you gave here. I think my math, just looking at the full year midpoint implies something around 8% growth in the second half of the year. Can you maybe just talk about some of the drivers you see contributing to that growth in the second half and where there might be some risk to the upside or downside from here?

嗨，謝謝讓我提問。我想接續你們給的第二季指引。我用全年中位數簡單算了一下，似乎意味著下半年大約有 8% 的成長。你們能否談談下半年成長的主要驅動因素，以及從現在起可能有哪些上行或下行風險？

Sure. Let me just -- let me start. I mean, on the volume side, really, as we said, Q1 is, I'd say, really the low point in terms of volume, would you have planned maintenance in TGP in the second quarter. So that takes out 5 million to 10 million cubic feet per day. Absent that, we would have seen some additional growth into Q2.

當然。我先從量能（volume）面談起。如我們所說，第一季大概是量能的低點；而第二季 TGP 會有計畫性維修（planned maintenance），因此會減少每日 500 萬到 1,000 萬立方英尺（cubic feet per day）。若沒有這項維修，我們原本會看到第二季有一些額外成長。

And then as the year really progresses, obviously, better weather. Chevron continues to do longer laterals, so you'll start to see that pick up as those completions get completed later in the year and more wells come online. So that will also drive some additional volumes as well as we continue to grow through the year.

接著隨著年度推進，天氣轉好。Chevron 持續鑽更長的水平段（longer laterals），因此當這些完井（completions）在今年稍晚完成、更多井投產（come online）後，你會開始看到量能回升。這也會帶動額外量能，並推動我們在全年持續成長。

So no change to our overall guidance. And yes, that's about 8% on the EBITDA basis increase in the second half and really it's going to be driven by just really the flow of cadence, if you will, of volumes as we kind of come off this low point related to weather, get through this maintenance in second quarter and then continued volume growth from there?

所以我們的整體指引沒有改變。是的，以 EBITDA 來看，下半年大約是 8% 的增幅；主要將由量能的節奏（cadence）所驅動——也就是我們從天候造成的低點回升、度過第二季維修，之後量能持續成長。

Understood. And then my second, just maybe on the broader growth outlook beyond '26. I mean we have Chevron gene to plateau in volumes in the Bakken around that 200,000 barrels of equivalent level. But you seem to kind of keep squeezing out more free cash flow from the business. I'm just curious if there's any appetite to pursue inorganic opportunities or maybe any other ways to kind of put some of that free cash flow to work from here? Or should we really just kind of expect the buybacks and debt repayment to be the primary focus from here?

了解。那我的第二個問題，可能是關於 '26 年之後更廣泛的成長展望。我是說，我們看到雪佛龍在巴肯（Bakken）的產量似乎會在約 200,000 桶油當量的水準附近趨於平台期。但你們看起來仍能持續從業務中擠出更多自由現金流。我只是好奇，是否有意願去追求外延式（inorganic）機會，或是還有其他方式可以把部分自由現金流投入運用？還是我們應該預期，從現在開始主要重點會放在回購與償還債務上？

Sure. Let me start, I'll then turn it over to Mike. You can talk a little bit about capital allocation. But I think it's a good opportunity to really reflect that if you kind of look around -- there's been a lot of changes around us for the past year or two. And here we are 9 to 10 months after the acquisition of Hess by Chevron.

當然。我先開始，然後再交給 Mike。你可以談談資本配置。不過我認為這也是個很好的機會來回顧：如果你環顧四周——過去一兩年我們周遭發生了很多變化。而我們現在距離雪佛龍收購 Hess 已經過了 9 到 10 個月。

And really, I think so much at Hess Midstream remains the same. In terms of where we are now, as you mentioned, Chevron targeting approximately 200,000 barrels of oil equivalent per day while continuing to optimize the development plan -- that really -- that development plan underpins our volume guidance and EBITDA growth. And remember with that EBITDA growth, really driven by inflation escalates and reduction in CapEx.

而且我認為，Hess Midstream 的很多事情其實仍然不變。就我們目前的狀況而言，如你所提到的，雪佛龍的目標是在持續優化開發計畫的同時，將產量鎖定在約每日 200,000 桶油當量——而這個開發計畫正是支撐我們的產量指引與 EBITDA 成長的基礎。並且請記得，這個 EBITDA 成長主要是由通膨調升（inflation escalators）以及資本支出（CapEx）下降所驅動。

While also Chevron continues to bring lessons from other basins to the Bakken, like longer laterals, workover optimization and increased chemicals to improve productivity, we're also benefiting from that along the lateral, for example, obviously, make the wells economics by decreasing the breakeven. But also, as I talked about, impact has been given a positive way by reducing our well connect capital requirements as less wells are needed and that's really the driver of that free cash flow.

同時，雪佛龍也持續把其他盆地的經驗帶到巴肯，例如更長的水平段（laterals）、修井（workover）最佳化，以及增加化學品用量以提升生產力；我們也因此受益。以水平段為例，這些作法顯然能透過降低損益兩平點來改善井的經濟性。但同時，如我所說，影響也以正面方式呈現：由於所需井數變少，我們的接井資本需求也降低，而這正是自由現金流的驅動因素。

So our financial strategy continues to be the same, 5% distribution growth can be achieved even at MVC levels and significant obviously, free cash flow. So with all the things that have changed around us, we continue to have all the elements of visibility, consistency, shareholder returns and balance sheet strength. They've always been our hallmark. And so with so much changing around this, we're continuing to execute our strategy, focused on operating our assets safely and reliably and executing our financial strategy.

因此，我們的財務策略仍然相同：即使在 MVC 水準下，也能達成 5% 的配息成長，並且顯著產生自由現金流。即便周遭有這麼多變化，我們仍具備可見度、一致性、股東回報與資產負債表強度等所有要素——這些一直是我們的標誌。因此，在外部環境變動之際，我們仍持續執行策略，專注於安全且可靠地營運資產，並落實我們的財務策略。

So all that says a lot remains the same in terms of looking at bolt-on opportunities, we've always said that we'll look at those, but the bar remains high relative to our existing business model, which continues to be really differentiated relative to others in the sector.

所以，總結來說，很多事情仍然不變。至於併購補強（bolt-on）機會，我們一直都說會評估，但相較於我們現有的商業模式，門檻仍然很高；而我們的模式相對於同業也確實更具差異化。

Maybe I'll turn it over to Mike, you can talk a little bit about with this higher free cash flow, really a lot of the same in terms of our capital allocation strategy as well.

也許我把問題交給 Mike，你可以談談在自由現金流更高的情況下，我們的資本配置策略其實也大致相同。

Yeah. No, thanks, Jonathan. I think you summarized it pretty well. I think what I'd add to that is, obviously, as we think about our that EBITDA leverage target. We don't have a specific target in mind, but we will naturally see our 3 times current debt leverage drop as we continue to grow EBITDA without increasing the absolute level of debt. And as we -- that will naturally delever us, but with some portion of our free cash flow after distributions that we'll use for debt payment, we'll see that delever even further.

好的。謝謝你，Jonathan。我覺得你總結得很到位。我想補充的是，當我們思考 EBITDA 槓桿目標時，我們沒有設定一個特定目標，但隨著我們在不增加絕對債務水準的情況下持續提升 EBITDA，我們目前約 3 倍的淨負債槓桿自然會下降。這會自然去槓桿；此外，我們也會把配息後自由現金流的一部分用於償債，槓桿就會進一步下降。

But what I would say is that with our current guidance out 2028 and with the ambition to continue to do some shareholder return of capital, then the math would not support us getting really done far below 2.5 times leverage by 2028. So that gives you a bit of a range as to where we're expecting our leverage to sit in the longer term through 2028.

但我想說的是，依照我們目前到 2028 年的指引，以及持續進行部分股東資本回饋的企圖心來看，從數學上並不支持我們在 2028 年前把槓桿降到遠低於 2.5 倍。因此，這也提供你一個區間，讓你了解我們預期在較長期、直到 2028 年，槓桿大概會落在什麼水準。

But as Jonathan said, it's steady as she goes. We are pretty good from a cash position. And we look forward to rolling out the next three years with some good coverage with our MVCs and with transparency to our volume throughput driven by Chevron's targeted 200,000 barrels of oil per day planned production.

但如 Jonathan 所說，就是按部就班。我們的現金部位相當充裕。我們也期待在接下來三年，透過 MVC 帶來良好的保障，並且在雪佛龍計畫將產量目標定在每日 200,000 桶原油的帶動下，對我們的輸送量（throughput）有更高的透明度。

Got it. Thanks for the time.

了解。謝謝撥冗。

Praneeth Satish, Wells Fargo.

Wells Fargo 的 Praneeth Satish。

Hi, good morning. So beyond the drilling and completion efficiencies that Chevron has highlighted in the Bakken, are there any other longer-term costs or structural opportunities or changes that you and Chevron are working towards that could show up in your business. Maybe put differently, as your capital intensity comes down, are there scenarios where some of those savings kind of flow back to Chevron through alternative commercial structures or anything like that?

嗨，早安。那麼，除了雪佛龍在巴肯強調的鑽井與完井效率之外，你們與雪佛龍是否還在推動任何其他長期成本或結構性的機會或變革，可能會反映在你們的業務中？換個方式問，當你們的資本強度下降時，是否存在某些情境，讓部分節省的成本透過替代性的商業結構等方式回流給雪佛龍，或類似安排？

Well, what I would say is, look, in terms of efficiencies and optimization, those are all really win-wins. I gave an example of a lot of the laterals, which reduced the breakeven, obviously, increased number of wells available economic to drill and then also, as I said, reduces our capital and makes it just all efficient, all around. In terms of the contract structure, if that's what you're kind of alluding to there, look, just a reminder, 85% of revenues are fixed fee. That continues together with the cost of services, Mike mentioned on the terminaling and water gathering that continues through the end of 2033.

我會這麼說：就效率與最佳化而言，這些確實都是雙贏。我舉了很多水平段的例子，它降低了損益兩平點，顯然也增加了具經濟性、可供鑽探的井數；同時，如我所說，也降低了我們的資本需求，讓整體更有效率。至於合約結構——如果你是在暗示這一點——提醒一下，85% 的營收是固定費率（fixed fee）。這點仍然不變；另外，Mike 提到的終端裝卸（terminaling）與集水（water gathering）的成本加成服務（cost of service）合約也會持續到 2033 年底。

So really including this year, another eight years, that contract structure provides Hess Midstream with visibility and consistency. As I mentioned, two of our hallmarks of what we've always been part of. So look, before the 2033, there's no contractual mechanism to change the task to renegotiate the contract. There's also governance guardrails including the need for special approval, including at least one of the independent directors to prevent any notable action by Chevron. Initially, of course, they're just normal conflicts committee process for any proposed contract changes.

所以，實際上包含今年在內，接下來還有八年，這樣的合約結構為 Hess Midstream 提供了可見度與一致性——如我提到的，這一直是我們的兩大標誌。因此，在 2033 年之前，合約上沒有機制可以改變條款或重新談判合約。此外也有治理護欄（governance guardrails），包括需要特別核准，且至少要有一位獨立董事同意，以防止雪佛龍採取任何重大行動。當然，若有任何擬議的合約變更，也會走一般的利益衝突委員會（conflicts committee）流程。

So look, right now, we're focused on working with Chevron in terms of optimizing operationally to really continue to help develop the Bakken in just the most optimized way possible.

所以目前我們專注於與雪佛龍合作，在營運面持續最佳化，真正以最優方式推動巴肯的開發。

Got you. Now that makes sense. It seems like a win-win here. Maybe just a clarifying question on terminals. So you mentioned it's a cost of service contract. It stepped up this quarter. It was quite a large step-up, I guess, when we kind of translate that to EBITDA. And so just to be clear, is this kind of the Q1 run rate? Is that something that we can assume for the balance of the year kind of going forward?

了解。這樣就合理了。看起來確實是雙贏。也許再問一個關於終端的釐清問題：你提到這是成本加成服務合約，本季費率上調（step-up）了，而且上調幅度相當大，我想當我們把它換算到 EBITDA 時就很明顯。所以想確認一下：這是否就是第一季的運行水準（run rate）？我們是否可以假設今年剩餘期間大致會以此水準延續？

Yeah. I think it will be -- it is based on both the tariffs and also what throughputs we had now Q1 I'd say, was a little bit of an impacted quarter because of the weather. And so we'll see how that plays out when we get into more stable territory in Q2, Q3 and the rest of the year. But yes, I think a part of that is obviously the step-up in the tariffs because of the cost-of-service formula. And so I wouldn't say that I would extrapolate completely on the Q1, but definitely, that's going to be a factor.

是的。我認為會——它是基於費率（tariffs）以及我們在第一季的吞吐量（throughputs）。我會說第一季因為天候因素受到一些影響，所以等到第二季、第三季以及今年剩餘時間進入更穩定的狀態後，我們再看會如何發展。但沒錯，其中一部分顯然是因成本加成服務公式而帶來的費率上調。因此我不會說要完全用第一季去外推，但這肯定會是一個因素。

Yeah. Look, the only thing I would just say on terminaling also, as Mike explained the rates not you to repeat that. But you do see more third parties terminaling one-off, can have some variation quarter-to-quarter because that's a place where people can just come up and do short-term terminaling kind of lockup, so to speak, or short-term arrangements.

對。另外我想補充關於終端裝卸的一點：如 Mike 解釋過費率——我就不重複了——但你確實會看到更多第三方的一次性終端裝卸，這可能會讓季度之間出現一些波動，因為那是人們可以臨時來做短期終端裝卸、某種程度上「鎖定」短期容量，或進行短期安排的地方。

Got you. Thank you.

了解。謝謝。

Thank you. At this time, there are no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。目前沒有其他提問。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。