Hess Midstream Partners LP announced the formation of a 50/50 joint venture with Targa Resources Corp. to construct a new 200 million standard cubic feet per day gas processing plant called Little Missouri Four ('LM4'). The new gas plant will be located at Targa's existing Little Missouri facility, south of the Missouri River in McKenzie County, North Dakota.

Targa will manage the construction of LM4 and will operate the plant. Hess Midstream's 50% interest in the joint venture will be held through Hess TGP Operations LP, in which Hess Midstream owns a 20% controlling economic interest, and Hess Infrastructure Partners LP ('HIP') owns the remaining 80% economic interest. LM4 is expected to be completed in the fourth quarter of 2018.

Construction costs for LM4 are anticipated to be approximately $150 million (gross to the joint venture), with $15 million attributable to Hess Midstream ($60 million funded by HIP). In addition, Hess Midstream and HIP will also invest approximately $100 million gross, $20 million attributable to Hess Midstream, for new pipeline infrastructure to gather volumes to the LM4 plant.