Hess Midstream (HESM) Investor presentation summary

Strategic business model and portfolio

• Integrated midstream infrastructure provides oil, gas, and water services to Chevron and third parties, supporting volume growth and operational efficiency.

• Long-term commercial contracts with Chevron extend through 2033, with 100% fee-based contracts and minimum volume commitments (MVCs) set on a three-year rolling basis, providing revenue stability and downside protection.

• Portfolio includes ~500 MMcf/d gas processing, ~675 MMcf/d gas gathering, ~505 MBbl/d crude terminaling, ~290 MBbl/d crude gathering, and ~330 miles of water gathering pipelines.

• Strategic location in the Bakken supports growth, with infrastructure positioned for incremental capacity and export optionality.

Financial performance and guidance

• 2025 guidance targets Adjusted EBITDA of $1,235MM–$1,285MM and Adjusted Free Cash Flow of $725MM–$775MM, with capex of ~$300MM.

• ~80% of 2025 revenues are protected by MVCs, and gross Adjusted EBITDA margin is targeted at ~75%.

• Oil and gas volumes are expected to grow ~10% in 2025, with further growth in subsequent years.

• Leverage is expected to decline below 3.0x EBITDA by end of 2025, enhancing financial flexibility.

Shareholder returns and capital allocation

• Targeting at least 5% annual distribution per share (DPS) growth through 2027, fully funded from Adjusted Free Cash Flow.

• Over $1.25B of financial flexibility expected through 2027 for potential incremental share repurchases or additional distribution increases.

• Since 2021, DPS increased by ~63% and $2.15B in share repurchases completed.

• Capital program is stable and self-funded, focusing on maintenance, well connects, and expansion projects such as new compressor stations and a 125 MMcf/d gas processing plant expected online in 2027.