Hess (HES) Investor Presentation summary

Strategic business model and portfolio

• Operates a high-quality, integrated midstream infrastructure platform serving both Hess and third parties, with assets spanning oil, gas, and water services.

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

• Minimum Volume Commitments (MVCs) set on a three-year rolling basis provide downside risk protection and revenue stability.

• Approximately 80% of 2025 revenues are protected by MVCs, supporting cash flow predictability.

• Recognized for ESG stewardship, with annual sustainability reports since 2020.

Financial performance and guidance

• 2025 Adjusted EBITDA guidance is $1,235MM–$1,285MM, with Adjusted Free Cash Flow of $735MM–$785MM.

• Expects ~10% growth in oil and gas volumes in 2025, with >10% Adjusted EBITDA growth in 2026 and >5% in 2027.

• Gross Adjusted EBITDA Margin targeted at ~75% for 2025.

• Leverage projected to decline below 3.0x EBITDA by end of 2025 and below 2.5x by end of 2026.

• Capital expenditures for 2025 are guided at ~$300MM, focused on well connects, maintenance, and gas processing expansion.

Cash flow, shareholder returns, and capital allocation

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

• Incremental returns via share repurchases or additional distribution increases, funded by leverage capacity and excess free cash flow.

• Over $1.25B of financial flexibility expected through 2027 for potential share repurchases.

• Completed $1.95B in sponsor Class B unit repurchases since 2021.

• Ongoing capital program is self-funded by stable Adjusted EBITDA generation.