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 contracts minimizing commodity price exposure.

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

• Approximately 95% of 2026 revenues are protected by MVCs, supporting cash flow predictability.

• Sustainability initiatives highlighted by a report released in July 2025.

Financial performance and guidance

• 2026 Adjusted EBITDA guidance is $1,225MM–$1,275MM, with Adjusted Free Cash Flow of $850MM–$900MM.

• Capital expenditures for 2026 are projected at ~$150MM, with leverage expected to fall below 3.0x.

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

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

• Gross Adjusted EBITDA Margin targeted at ~75% for 2026.

Operational highlights and asset base

• Gas processing capacity of ~500 MMcf/d and gathering pipeline capacity of ~685 MMcf/d, with ~1,430 miles of pipelines.

• Crude oil terminaling capacity of ~505 MBbl/d and gathering capacity of ~290 MBbl/d, with ~615 miles of pipelines.

• Water services include ~360 miles of gathering pipelines, supporting operational efficiency and environmental goals.

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

• Contract structure includes fixed fee and cost-of-service revenue, with annual CPI-based escalators capped at 3%.