Hess Midstream Partners LP Announces 2018 Guidance and 2018 Capital Budget

2018 Guidance Highlights Include:

• Net Income of $335—$360 million
• Adjusted EBITDA1 of
  $460—$485 million, of which $90—$95 million is attributable to Hess
  Midstream Partners LP.
• DCF1 of Hess Midstream
  Partners LP of $87—$92 million.
• Gas gathering volumes of 240—250 million standard cubic feet per
  day (MMscf/d).
• Gas processing volumes of 225—235 million standard cubic feet
  per day (MMscf/d).
• Crude oil gathering volumes of 75—85 thousand barrels of oil per
  day (Mbo/d).
• Crude terminal volumes of 85—95 thousand barrels of oil per day
  (Mbo/d).
• Capital budget, including equity investments, of $330 million
  gross, $66 million net to Hess Midstream Partners LP. This includes
  expenditures of $165 million gross, $33 million net to Hess Midstream
  Partners LP, which were previously announced in respect of a joint
  venture with Targa Resources Corp. to construct the Little Missouri 4
  Gas Processing Plant and related pipeline infrastructure.
• Annual Minimum Volume Commitments (MVCs) under long term
  contracts with Hess Corporation increasing for 2018 and 2019, new MVCs
  provided for 2020.
• Hess Midstream Partners LP is targeting long-term 15% annual
  distribution growth per unit with at least a 1.1x distribution
  coverage ratio.

HOUSTON–(BUSINESS WIRE)–$HESM–Hess Midstream Partners LP (NYSE:HESM) (“Hess Midstream”) today provided
2018 guidance and announced its 2018 Capital budget. John Hess, Chairman
and CEO of Hess Midstream, said: “The Bakken is Hess Corporation’s
largest operated growth asset. With Hess’ industry-leading position in
the core of the play and increased activity starting in 2018, the Bakken
is expected to generate capital efficient production growth of 15 – 20
percent per year through 2020. This growth trajectory supports Hess
Midstream infrastructure buildout, throughput growth and long-term
distribution growth target of 15 percent.”

Full Year 2018 Guidance

Full year 2018 volumes are anticipated to grow significantly versus
2017, driven by anticipated production growth from Hess Corporation, a
full year of operation of our Hawkeye Gas Facility, and additional
growth due to our recently completed Johnson’s Corner Header System
project and the Hawkeye Oil Facility.

In 2018, gas gathering volumes are anticipated to average 240 to
250 MMscf/d and gas processing volumes are expected to average 225 to
235 MMscf/d.

Crude oil gathering volumes are anticipated to average 75 to 85 Mbo/d in
2018, and crude oil terminaling volumes are expected to average 85 to
95 Mbo/d.

Hess Midstream financial guidance incorporates the outcomes of the end
year tariff rate recalculation and nomination process conducted with
Hess Corporation under Hess Midstream’s commercial agreements with Hess
Corporation.

Hess Midstream anticipates 2018 net income of between $335 million and
$360 million and Adjusted EBITDA of between $460 million and
$485 million. Adjusted EBITDA attributable to Hess Midstream is
estimated to be $90 million to $95 million. Hess Midstream estimates
Distributable Cash Flow for the full year 2018 to range between
$87 million and $92 million.

2018 Capital Budget

Hess Midstream’s 2018 capital budget, including equity investments
associated with the recently announced joint venture with Targa
Resources Corp., is $330 million gross, $66 million net to Hess
Midstream. The 2018 capital program is primarily focused on construction
of the Little Missouri 4 (“LM4”) gas processing plant, installation of
pipeline and related infrastructure to gather volumes to the LM4 plant
and expansion of gas compression capacity in the Bakken. The balance of
2018 expenditures are expected to be allocated to system build outs to
service Hess Corporation and third-party customers, gathering system
well connects, and maintenance activities. Approximately $320 million
gross, $64 million net to Hess Midstream, of the total 2018 capital
budget is allocated to expansion expenditures, including equity
investments associated with the recently announced joint venture with
Targa Resources Corp., with an estimated $10 million gross, $2 million
net to Hess Midstream, allocated to maintenance expenditures.

Little Missouri 4 Gas Processing Plant

Approximately $165 million gross, $33 million net to Hess Midstream, of
the 2018 capital budget is expected to be deployed in respect of the LM4
gas processing plant, a new build 200 MMscf/d plant to be located south
of the Missouri River near Watford City, North Dakota. Approximately
$75 million of this spend is expected to be allocated to plant
construction activities, and approximately $90 million is expected to be
deployed to pipeline and related infrastructure to gather gas volumes to
the LM4 plant. Plant construction activities are expected to be complete
by the end of 2018, with other infrastructure to be completed in early
2019 to support volume growth.

Gas Compression Expansion

Approximately $80 million gross, $16 million net to Hess Midstream, of
the 2018 capital budget is expected to be allocated to expansion of gas
compression capacity. This expansion supports Hess Corporation’s
accelerated development of its acreage position in the Bakken, including
announced plans to grow its operated rig count to 6 rigs during 2018.

System Build Outs for Hess Corporation and Third Parties, Well
Connects

Approximately $75 million gross, $15 million net to Hess Midstream, of
the 2018 capital budget is estimated to be spent on undertaking key
system build outs to meet Hess Corporation and third-party oil and gas
volumes, including connecting wells to our expanding gathering system.

Maintenance Activities

Approximately $10 million gross, $2 million net to Hess Midstream, of
the 2018 capital budget is allocated to maintenance expenditures. No
major maintenance activities are planned for 2018.

Hess Midstream is targeting long-term 15% annual distribution growth per
unit with at least a 1.1x distribution coverage ratio.

Minimum Volume Commitments

As part of the annual nomination process set forth in our long-term
commercial contracts, Hess Corporation’s minimum volume commitments
(MVCs) were reviewed and updated, based upon the nomination of Hess
Corporation and third-party throughputs contracted through Hess
Corporation. MVCs are set annually at 80% of Hess Corporation’s
nomination for the three years following each nomination. Once set, MVCs
for each year can only be increased and not reduced. The MVCs for Gas
gathering and Gas processing also incorporate the expected construction
of the LM4 gas processing plant.

About Hess Midstream

Hess Midstream Partners LP is a fee-based, growth oriented traditional
master limited partnership that was formed to own, operate, develop and
acquire a diverse set of midstream assets to provide services to Hess
Corporation and third-party customers. Hess Midstream’s assets are
primarily located in the Bakken and Three Forks Shale plays in the
Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Reconciliation of U.S. GAAP to Non-GAAP Measures

In addition to our financial information presented in accordance with
U.S. generally accepted accounting principles (GAAP), management
utilizes additional non-GAAP measures to facilitate comparisons of past
performance and future periods. Hess Midstream has used two non-GAAP
financial measures in this earnings release. “Adjusted EBITDA” presented
in this release is defined as reported net income (loss) plus interest
expense, income tax expense and depreciation and amortization, as
further adjusted to eliminate the impact of certain items that we do not
consider indicative of our ongoing operating performance, such as other
income and other non-cash, non-recurring items, if applicable. We define
Adjusted EBITDA attributable to Hess Midstream Partners LP as Adjusted
EBITDA less Adjusted EBITDA attributable to Hess Infrastructure Partners
LP retained interests in our join interest assets. “Distributable Cash
Flow” (“DCF”) is defined as Adjusted EBITDA attributable to Hess
Midstream Partners LP less cash paid for interest and maintenance
capital expenditures. Distributable cash flow does not reflect changes
in working capital balances. We believe that investors’ understanding of
our performance is enhanced by disclosing these measures as they may
assist in assessing our operating performance as compared to other
publicly traded partnerships in the midstream energy industry, without
regard to historical cost basis or, in the case of Adjusted EBITDA,
financing methods, and assessing the ability of our assets to generate
sufficient cash flow to make distributions to our unitholders. These
measures are not, and should not be viewed as, a substitute for U.S.
GAAP net income or cash flow from operating activities and should not be
considered in isolation. A reconciliation of net income attributable to
Hess Midstream Partners LP (GAAP) to Adjusted EBITDA is provided below.

Forward-looking Statements

This press release may include forward-looking statements within the
meaning of the federal securities laws. Generally, the words
“anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,”
“may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,”
“will” and similar expressions identify forward-looking statements,
which generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause actual
results to differ materially from historical results and current
projections or expectations. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements in Hess Midstream’s prospectus dated April 4, 2017
and other SEC filings, including the risk that the Little Missouri 4 gas
processing plant is not constructed on time, at the anticipated total
construction cost, or at all; that the total processing capacity of the
plant differs from expected capacity; and that additional Hess or
third-party volumes may not be realized. Hess Midstream undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this press
release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release.

______________________________

1Adjusted EBITDA and DCF are non-GAAP measures.
Definitions and reconciliations of these non-GAAP measures to GAAP
reporting measures appear in the following pages of this release.

Contacts

For Hess Midstream Partners LP
Investor:
Jennifer
Gordon, (212) 536-8244
or
Media:
Sard Verbinnen &
Co
Patrick Scanlon, (212) 687-8080