Hess Midstream Investor Relations Presentation July 2025
Leading Midstream Platform Delivering Long-Term, Competitive and Resilient Growth Leading Business Model with Strategic Infrastructure serving Chevron(1) and Third Parties Strategic infrastructure assets providing oil, gas and water…
Leading Midstream Attributes Visible Long-Term Growth, Sustainable Cash Flow Visible Volume and Significant Growth in Disciplined Capital Sustainable FCF and Revenue Growth Adjusted EBITDA Program Financial Flexibility Gas Capture a…
Return of Capital to Shareholders Framework Committed to Consistent & Ongoing Return of Capital 1 Growing Base Distribution 2 Incremental Return of Capital Target at least 5% annual DPS growth through Share repurchases and / or…
Hess Midstream Leading Business Model Differentiated Financial Metrics Compared to Wide Range of Peers1 Adjusted EBITDA CAGR 2024 2027E 2024 Adjusted EBITDA Build Multiple(2) 10.9% 12.4x 8.6% 7.9% 6.4% 8.1x 8.5x 5.4% 7.1x 7.2x…
Stable, Growing Cash Flow Long-Term Commercial Contracts with Chevron through 2033 100% Fee-Based Contracts(1) No direct commodity price exposure with inflation escalation Fixed Fee: 85% of Revenues Cost of Service: 15% of Revenues…
Established Track Record Demonstrated Effectiveness of Long-Term Commercial Contracts Hess Bakken Operated Rig Count(1) Hess Bakken Net Production (MBoe/d) HESM Adjusted EBITDA(2,3) (MM) 204 1,235 9 193 182 1,285 8 8 1,136 156…
Current Portfolio of Operations Strategically Located Infrastructure Supporting Volume Growth Gas, oil and water infrastructure strategically located to service Chevron and Third Parties Volume growth through 2025 supported by…
Integrated Gas Processing and Gathering Offers Processing and Export Optionality to Chevron and Third Parties 500 MMcf/d of Gas Processing Capacity 500 MMcf/d processing capacity, including 400 MMcf/d at the Tioga Gas Plant (TGP)…
Integrated Crude Oil Terminaling and Gathering Offers Terminaling and Export Optionality to Chevron and Third Parties 505 MBbl/d of Crude Oil Terminaling Capacity 285 MBbl/d Ramberg Terminal Facility (RTF) export capacity 100 MBbl/d…
Water Services Assets Offers Integrated Water Handling Services to Chevron and Third Parties Extensive Gathering Footprint North of the River Improved safety and environmental exposure, operational efficiencies, and cost savings…
Disciplined Capital Allocation Targeted Investments to Meet Customer Demand Stable & Focused Capital Program(1) Capital Area (MM) 2025 capital focused on: Ongoing Capital: Interconnect of Chevron - Ongoing capital: Gathering well…
Hess Midstreams Strengths Stable, Growing Cash Flow Generation from Leading Business Model High Quality, Integrated Portfolio With Meaningful Scale Long-Term Commercial Contracts with Chevron Differentiated Cash Flow…
2025 Guidance Demonstrates Continued Free Cash Flow Generation 2025 Guidance: 1,235 MM 1,285 MM Adjusted EBITDA and 300 MM Capex Guidance Highlights 10% increase in oil and gas volumes expected compared with 2024 (1,2) Expect 11%…
Reconciliation to GAAP Metrics Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, management utilizes certain additional non-GAAP measures to facilitate comparisons of past…
Reconciliation to GAAP Metrics The following table presents a reconciliation of Gross Adjusted EBITDA margin to Gross margin, the most directly comparable GAAP financial measure. 17
Midstream Market Optionality Providing Access to Key Export Routes Tioga Rail Terminal Rail to East Coast Rail to West Coast Crude Oil Enbridge Ramberg Terminal Facility DAPL Andeavor Refinery DAPL Johnsons Corner…
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