Hess Midstream Lp · NYSE:HESM
Hess Midstream Lp — Investor Presentation (October 2026)
15 slides from Hess Midstream Lp's investor presentation, October 2026
Slide 1: Hess Midstream Investor Update Call
Hess Midstream Investor Update Call October 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: Transformative Transaction Will Create Independent Company
Transformative Transaction Will Create Independent Company Creation of New Independent, Multi-Basin Midstream Company Pro Forma Structure • Chevron Bakken commercial agreements simplified • HESM to acquire DJ Basin midstream Public supporting investment1 assets from Chevron 100% • 2027–2033 rates re
Slide 4: Investment Highlights
Investment Highlights Independent, multi-basin midstream company well-positioned for growth and returns Significant Increase in Gathered Volumes • Strategic infrastructure assets in the Bakken and DJ Basins providing oil, across all commodities Independent Multi-Basin gas and water midstream service
Slide 5: Solid Foundation and Continued Financial Strength
Solid Foundation and Continued Financial Strength Addition of DJ volume propels HESM to peer-leading throughput position Servicing CVX’s 2nd Largest Production Asset Group • Leading gathering platform: Production of CVX1 Assets (MBoe/d) • Primary gatherer in two of Chevron’s three domestic shale pla
Slide 6: DJ Basin – Colorado
DJ Basin – Colorado Acquiring the largest crude oil gathering system in the DJ Basin by volume gathered Chevron’s primary DJ Basin gathering platform with significant third-party customer volume and opportunity DJ Basin Gathering and Transportation System Oil, Gas, Water Gathering and Storage Capaci
Slide 7: Saddlehorn Pipeline
Saddlehorn Pipeline Established long-haul platform provides stable cash flows Saddlehorn is the largest pipeline connecting the Gulf Coast and Cushing Hubs with Bakken, PRB and DJ Ownership Williston ONEOK 40%, operator Plains 40% Downstream Connectivity 20% Saddlehorn pipeline provides producers co
Slide 8: Bakken System – North Dakota
Bakken System – North Dakota High quality, integrated portfolio with meaningful scale Gas Gathering and Crude Terminaling and Water Services Processing Gathering Divide Divide Divide Williams Williams Williams Mountrail Mountrail Mountrail McKenzie McKenzie McKenzie Gas gathering lines Crude gatheri
Slide 9: Long Term Contracts with Chevron
Long Term Contracts with Chevron Fixed Fee Contracts through 2045 with downside protections Fixed Fee Contracts with Long Term Dedications Significant Revenue Downside Protection No Direct Commodity Exposure with Inflation Escalators Bakken DJ Downside Protection Variable 30% ~70% of revenue protect
Slide 10: Financial Policy
Financial Policy Capital allocation priorities aligned with go-forward business profile • Ability to hold distributions at expected 4Q’26 levels funded with Maintain Base Adj. FCF Distribution • Reduced recontracting risk with anchor shipper agreements to 2045 • Established asset base is a reliable
Slide 11: Preliminary Forward Guidance
Preliminary Forward Guidance Demonstrates continued adjusted free cash flow generation Baseline Guidance for 2027: ~$900MM of Adjusted EBITDA1 and ~$125MM of capex (1,2) Guidance Highlights Baseline Guidance 2027 • Expect Adjusted EBITDA of $850MM - $950MM* Financials ($millions) • Gross Adjusted EB
Slide 12: Appendix
| [ee HESS Midstream APPENDIX
Slide 13: Updated FY 2026 Guidance
Updated FY 2026 Guidance Measure – Full Year Unit FY 2026 Guidance Throughputs Gas Gathering MMcf/d 435 - 445 Gas Processing MMcf/d 425 - 435 Crude Oil Gathering MBbl/d 110 - 120 Crude Terminals MBbl/d 120 - 130 Water Gathering MBbl/d 120 - 130 Financials Net Income $MM $650 - $675 Adjusted EBITDA $
Slide 14: Reconciliation to GAAP Metrics
Reconciliation to GAAP Metrics Non-GAAP Measures In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non- GAAP measures to facilitate comparisons of past performance and future periods. W
Slide 15: Reconciliation to GAAP Metrics
Reconciliation to GAAP Metrics Guidance Year Ending December 31, 2026 (Unaudited) (in millions) Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow to net income: Net income $ 650 - 675 Plus: Depreciation expense 230 Interest expense, net 220 Income tax expense 125 Adjusted EBITDA $ 1,225
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