Hess Midstream (HESM) Investor presentation summary

Business model and strategic positioning

• Operates a high-quality, integrated midstream platform with significant scale, serving Chevron and third parties through strategic infrastructure assets.

• Long-term commercial contracts extend through 2033, with 100% fee-based structures minimizing commodity price exposure and providing cash flow stability.

• Minimum Volume Commitments (MVCs) set on a three-year rolling basis, currently through 2028, protect ~95% of 2026 revenues.

• Focus on sustainability, with a report released in July 2025, and a strong balance sheet with leverage targeted below 3.0x.

• Differentiated financial metrics include growing Adjusted EBITDA, expanding Adjusted Free Cash Flow, and targeted 5% annual distribution per share (DPS) growth.

Financial performance and guidance

• 2026 guidance projects Adjusted EBITDA of $1,225MM–$1,275MM and Adjusted Free Cash Flow of $910MM–$960MM.

• Capital expenditures are expected to moderate, with 2026 capex at ~$105MM, supporting strong free cash flow generation.

• Leverage is expected to decrease below 3.0x Adjusted EBITDA by 2026, with further reductions anticipated through 2028.

• Approximately $1B of Adjusted Free Cash Flow after distributions is expected through 2028 for incremental shareholder returns and debt repayment.

• Gross Adjusted EBITDA margin is targeted at ~75% for 2026, with ongoing revenue growth from tariff escalators and higher gas volumes.

Capital allocation and shareholder returns

• Committed to at least 5% annual DPS growth through 2028, fully funded from Adjusted Free Cash Flow.

• Since 2021, DPS increased by ~74% and $2.31B in share repurchases completed.

• Ongoing capital allocation prioritizes incremental shareholder returns and debt repayment, with $1B of Adjusted Free Cash Flow after distributions expected through 2028.

• Distributions and share repurchases are key components of total return of capital strategy.