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Hess Infrastructure Partners LP Announces Closing of Acquisition of Hess Corporation’s Bakken Water Business

HOUSTON–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24HESM&src=ctag" target="_blank"gt;$HESMlt;/agt;–Hess Infrastructure Partners LP (“HIP” or the “Partnership”), a
midstream energy joint venture between Hess Corporation (“Hess”) (NYSE:
HES) and Global Infrastructure Partners (“GIP”) and the sponsor of Hess
Midstream Partners LP, a publicly traded master limited partnership
(“Hess Midstream”), today announced that it has closed the previously
announced acquisition of Hess’ existing Bakken water services business
for a total cash consideration of $225 million, subject to customary
adjustments. The Partnership has provided Hess Midstream a right of
first offer to acquire the water services business in the event the
Partnership decides to sell the water services business in the future.

The scope of the water services business includes substantially all of
Hess’ Bakken produced water gathering assets and saltwater disposal
services in North Dakota, which currently consist of over 150 miles of
existing Hess water gathering pipelines capturing approximately 30,000
barrels per day of produced water. The water services business is
supported by a long-term contract that includes minimum volume
commitments for both produced water gathering and disposal services, and
annual tariff rate recalculations for the produced water gathering
services.

In addition, on February 26, 2019, HIP announced an agreement to acquire
approximately 75 miles of produced water gathering pipelines from Summit
Midstream Partners. This acquisition will be incorporated into HIP’s
existing long-term water contract and is expected to close in the first
quarter of 2019.

About Hess Infrastructure Partners LP

HIP is a midstream energy joint venture between Hess and GIP. The
Partnership owns interests in various operating companies that provide a
diverse mix of midstream oil and natural gas services in the core of the
Bakken and Three Forks shale plays in the Williston Basin area of North
Dakota. The Partnership also owns a 100% interest in the general partner
of Hess Midstream.

About Hess Midstream Partners LP

Hess Midstream 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 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.

About Hess Corporation and Global Infrastructure Partners

Hess is a global independent energy company engaged in the exploration
and production of crude oil and natural gas. GlP is an independent
infrastructure fund that invests in infrastructure assets and businesses
across three core sectors: energy, transportation and water/waste.

Cautionary Statement Relevant to Forward-Looking Information

This press release includes forward-looking statements regarding future
events. These forward-looking statements are based on the Partnership’s
current plans and expectations and involve a number of risks and
uncertainties that could cause actual results and events to vary
materially from the results and events anticipated or implied by such
forward-looking statements. These risks include the possibility that the
proposed acquisition of Summit’s water gathering assets will not be
consummated on the expected timeline, or at all, that HIP may elect not
to offer the water services business for sale in the future, and that
produced water volumes in the Bakken do not grow as expected, or at all.
While the Partnership may elect to update these forward-looking
statements at some point in the future, it specifically disclaims any
obligation to do so, even if new information becomes available in the
future. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release.

Contacts

Investors:
Jennifer Gordon
Director – Investor Relations
(212)
536-8244

Media:
Robert Young
(346) 319-8783