Commenting on the 1Q20 results, John Gatling, President and Chief Operating Officer of Hess Midstream said, “We delivered strong volume growth across all of our systems in the first quarter, enabling us to exceed both our original and revised Adjusted EBITDA guidance. Going forward in 2020, we will meet any Covid-19 related challenges with increased safety measures and continued execution while delivering the visible financial growth and stability that our unique contract structure supports even in the current rapidly changing environment.”
Hess Midstream’s results contained in this release include the historical results of HIP for all periods prior to the closing of the Partnership’s acquisition of HIP, incentive distribution rights simplification and conversion from a master limited partnership into an ‘Up-C’ structure on December 16, 2019 (collectively, the Transaction), which was accounted for as a business combination of entities under common control. We refer to certain results as “attributable to Hess Midstream LP,” which exclude (i) the non-controlling interests in the Partnership retained by affiliates of Hess Corporation (“Hess”) and Global Infrastructure Partners, (ii) the noncontrolling interests in the historical operating subsidiaries of the Partnership, and (iii) historical activity of HIP prior to its acquisition by the Partnership, which is included in “net parent investment.”
