Slide 1: Hess Midstream Investor Relations Presentation
Hess Midstream Investor Relations Presentation August 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements.” Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “drive,” “could,” “may,” “should,” “would,” “enable,” “believe,” “intend,” “focus,” “potential,” “project,” “plan,” “trend,” “predi
Slide 3: Leading Midstream Platform
Leading Midstream Platform Delivering Cash Flow Stability and Shareholder Returns Leading Business Model with Strategic Infrastructure serving Chevron(1) and Third Parties • Strategic infrastructure assets providing oil, gas and water midstream High Quality, services to Chevron and third parties Int
Slide 4: Leading Midstream Attributes
Leading Midstream Attributes Visible Adjusted EBITDA and Adjusted Free Cash Flow Growth Gas Volume and Growth in Adjusted Moderating Capital Significant Adjusted Free Revenue Growth EBITDA Program Cash Flow Generation • Expect annualized growth of • Expect annualized growth of • Capital spend throug
Slide 5: Capital Allocation
Capital Allocation Committed to Distribution Growth and Strong Balance Sheet Incremental Return of Capital 1 Growing Base Distribution 2 and Debt Repayment ✓ Target at least 5% annual DPS growth through ✓ Expect to generate approximately ~$1.0B of at least 2028(1) Adjusted Free Cash Flow after Distr
Slide 6: Leading Business Model
Hess Midstream Leading Business Model Differentiated Financial Metrics Compared to Wide Range of Peers(1) 2025 Debt / 2025 Adjusted EBITDA Average Free Cash Flow Yield 2025E – 2028E(2) 12% 5.3x 9% 4.2x 8% 3.8x 7% 3.7x 7% 3.5x 3.5x 3.5x 3.1x 2.9x 2.7x 4% 4% 2% 2% 0% G D HESM E C B A H I F A F B H G I
Slide 7: Stable, Growing Cash Flow
Stable, Growing Cash Flow Long-Term Commercial Contracts with Chevron through 2033 100% Fee-Based Contracts(1) No direct commodity price exposure with inflation escalation Fixed Fee: ~85% of Revenues Cost of Service: ~15% of Revenues $/unit $/unit Average Illustrative Rate Fee (2021-23) Scenarios 20
Slide 8: Established Track Record
Established Track Record Demonstrated Effectiveness of Long-Term Commercial Contracts Chevron Bakken Net Production (MBoe/d) HESM Adjusted EBITDA(1,2) ($MM) 204 $1,225 - 193 194 $1,275 $1,238 182 $1,136 156 154 $1,017 152 $978 $903 117 $744 112 105 105 $549 $505 $380 $239 $273 2015 2016 2017 2018 20
Slide 9: Integrated Gas Processing and Gathering
Integrated Gas Processing and Gathering Offers Processing and Export Optionality to Chevron and Third Parties ~500 MMcf/d of Gas Processing Capacity • 500 MMcf/d processing capacity, including 400 MMcf/d at the Tioga Gas Plant (TGP) and 100 MMcf/d (net) at Little Missouri 4 plant • 60 MBbl/d of NGL
Slide 10: Integrated Crude Oil Terminaling and Gathering
Integrated Crude Oil Terminaling and Gathering Offers Terminaling and Export Optionality to Chevron and Third Parties ~505 MBbl/d of Crude Oil Terminaling Capacity • ~285 MBbl/d Ramberg Terminal Facility (RTF) export capacity • ~100 MBbl/d Johnson’s Corner Header System export capacity • ~120 MBbl/d
Slide 11: Water Services Assets
Water Services Assets Offers Integrated Water Handling Services to Chevron and Third Parties Extensive Gathering Footprint North of the River • Improved safety and environmental exposure, operational efficiencies, and cost savings through gathering versus trucking • Infrastructure reliability and qu
Slide 12: Hess Midstream's Strengths
Hess Midstream’s Strengths Stable, Growing Cash Flow Generation from Leading Business Model High Quality, Integrated Portfolio With Meaningful Scale Long-Term Commercial Contracts with Chevron Differentiated Cash Flow Stability Prioritized Shareholder Returns and Strong Balance Sheet 11
Slide 13: Hess Midstream
Hess [HESS] Midstream
Slide 14: 2026 Guidance
2026 Guidance Demonstrates Continued Adjusted Free Cash Flow Generation 2026 Guidance: $1,225 MM – $1,275 MM Adjusted EBITDA and ~$105 MM Capex Guidance Highlights • Oil and gas volumes are projected to remain flat to 2025 volumes (1,2) • Expect Adjusted EBITDA approximately flat at the midpoint of
Slide 15: Reconciliation to GAAP Metrics
Reconciliation to GAAP Metrics Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, management utilizes certain additional non-GAAP measures to facilitate comparisons of past performance and future periods. We previously reported the non-GAAP measur
Slide 16: Reconciliation to GAAP Metrics
Reconciliation to GAAP Metrics The following table presents a reconciliation of Gross Adjusted EBITDA margin to Gross margin, the most directly comparable GAAP financial measure. 15
Slide 17: Midstream Market Optionality
Midstream Market Optionality Providing Access to Key Export Routes Tioga Rail Terminal Rail to East Coast Rail to West Coast Crude Oil Enbridge Ramberg Terminal Facility DAPL Andeavor Refinery DAPL Johnson’s Corner Northern Border Dry Gas Alliance Gas and NGLs Tioga Gas Plant WBI CNG Vantage Allianc
Slide 18: Hess Midstream
Hess [HESS] Midstream