Hess Midstream (HESM) Investor presentation summary

Strategic infrastructure and business model

• Operates a high-quality, integrated midstream platform serving Chevron and third parties, with significant scale and long-term commercial contracts extending through 2033.

• 100% fee-based contracts minimize commodity price exposure, with ~95% of 2026 revenues protected by minimum volume commitments (MVCs).

• Strategic assets include ~500 MMcf/d gas processing, ~685 MMcf/d gas gathering, ~505 MBbl/d crude terminaling, ~290 MBbl/d crude gathering, and ~360 miles of water gathering pipelines.

• Integrated system provides export optionality for oil, gas, and NGLs via multiple pipelines and rail connections.

Financial performance and guidance

• 2026 Adjusted EBITDA guidance is $1,225–$1,275 million, with Adjusted Free Cash Flow of $910–$960 million.

• Capital expenditures are projected at ~$105 million in 2026, with leverage expected to decrease below 3.0x Adjusted EBITDA.

• Gross Adjusted EBITDA margin targeted at ~75% for 2026, with ~95% of revenues protected by MVCs.

• Adjusted Free Cash Flow after distributions is expected to average ~$280 million in 2026, supporting incremental shareholder returns and debt repayment.

Growth, stability, and shareholder returns

• Gas volumes are expected to grow ~1.5% annually from 2026–2028, while oil volumes plateau.

• Adjusted EBITDA is projected to grow ~5% annually from 2026–2028, driven by higher gas volumes, tariff escalators, and lower operating costs.

• Targeting at least 5% annual distribution per share (DPS) growth through 2028, fully funded from Adjusted Free Cash Flow.

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

• Demonstrated track record of annual Adjusted EBITDA growth since formation, including during oil price downturns.