Slide 1: Investor Relations Presentation July 2025
Hess Midstream Investor Relations Presentation July 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “pred
Slide 3: Leading Midstream Platform
Leading Midstream Platform Delivering Long-Term, Competitive and Resilient Growth 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 Long-Term Growth, Sustainable Cash Flow Visible Volume and Significant Growth in Disciplined Capital Sustainable FCF and Revenue Growth Adjusted EBITDA Program Financial Flexibility Gas Capture a Key Driver 2025E Adjusted EBITDA of Targeted Investments to 2025E A
Slide 5: Return of Capital to Shareholders Framework
Return of Capital to Shareholders Framework Committed to Consistent & Ongoing Return of Capital 1 Growing Base Distribution 2 Incremental Return of Capital ✓ Target at least 5% annual DPS growth through ✓ Share repurchases and / or additional distribution at least 2027(1) increases ✓ Funded by lever
Slide 6: Leading Business Model
Hess Midstream Leading Business Model Differentiated Financial Metrics Compared to Wide Range of Peers1 Adjusted EBITDA CAGR 2024 – 2027E 2024 Adjusted EBITDA Build Multiple(2) 10.9% 12.4x 8.6% 7.9% 6.4% 8.1x 8.5x 5.4% 7.1x 7.2x 7.6x 7.7x 4.7% 5.1% 6.6x 4.2% 3.7% 4.3x 4.5x 1.7% D G H E C F I B HESM
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 $/unit Average Illustrative Rate Fee (2021-23) Scenarios 1
Slide 8: Established Track Record
Established Track Record Demonstrated Effectiveness of Long-Term Commercial Contracts Hess Bakken Operated Rig Count(1) Hess Bakken Net Production (MBoe/d) HESM Adjusted EBITDA(2,3) ($MM) 204 $1,235 – 9 193 182 $1,285 8 8 $1,136 156 152 154 $1,017 7 $978 6 $903 6 117 112 $744 5 105 105 5 4 4 4 4 4 3
Slide 9: Current Portfolio of Operations
Current Portfolio of Operations Strategically Located Infrastructure Supporting Volume Growth ▪ Gas, oil and water infrastructure strategically located to service Chevron and Third Parties ▪ Volume growth through 2025 supported by activity at 4 rigs and increased gas capture with goal of zero routin
Slide 10: Integrated Gas Processing and Gathering
Integrated Gas Processing and Gathering Offers Processing and Export Optionality to Chevron and Third Parties ~500 MMcf/d of Gas Processing Capacity • 500 MMcf/d processing capacity, including 400 MMcf/d at the Tioga Gas Plant (TGP) and 100 MMcf/d (net) at Little Missouri 4 plant • 60 MBbl/d of NGL
Slide 11: Integrated Crude Oil Terminaling and Gathering
Integrated Crude Oil Terminaling and Gathering Offers Terminaling and Export Optionality to Chevron and Third Parties ~505 MBbl/d of Crude Oil Terminaling Capacity • ~285 MBbl/d Ramberg Terminal Facility (RTF) export capacity • ~100 MBbl/d Johnson’s Corner Header System export capacity • ~120 MBbl/d
Slide 12: Water Services Assets
Water Services Assets Offers Integrated Water Handling Services to Chevron and Third Parties Extensive Gathering Footprint North of the River • Improved safety and environmental exposure, operational efficiencies, and cost savings through gathering versus trucking • Infrastructure reliability and qu
Slide 13: Disciplined Capital Allocation
Disciplined Capital Allocation Targeted Investments to Meet Customer Demand Stable & Focused Capital Program(1) Capital Area ($MM) 2025 capital focused on: Ongoing Capital: Interconnect of Chevron - Ongoing capital: Gathering well connects to Chevron and third-party and Third-Party gas, oil, $125 cu
Slide 14: 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 13
Slide 15: Hess Midstream
Hess [HESS] Midstream
Slide 16: 2025 Guidance
2025 Guidance Demonstrates Continued Free Cash Flow Generation 2025 Guidance: $1,235 MM – $1,285 MM Adjusted EBITDA and ~$300 MM Capex Guidance Highlights • ~10% increase in oil and gas volumes expected compared with 2024 (1,2) • Expect ~11% increase in Adjusted EBITDA, at guidance midpoint, compare
Slide 17: 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 18: 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. 17
Slide 19: 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 20: Hess Midstream
Hess [HESS] Midstream