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Hess Midstream
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April 2024 Investor Relations Presentation
| John Hess | Page 3 of 11 |
May 17, 2024
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"April 2024 Investor Relations Presentation"
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2 Leading Midstream Platform Delivering Long-Term, Competitive and Resilient Growth Guidance as of April 2024. (1) Information relating to Hess has been derived from its SEC filings and press releases and has not been independently verified. (2) Oil & Gas commercial contracts were effective as of January 1, 2014. Water services contracts were effective as of January 1, 2019 with a primary cost of service term of 14 years. On December 30, 2020, HESM exercised renewal options to extend the terms of certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements with Hess for the Secondary Term through December 31, 2033. Terminals have no unilateral right to extend. Commercial contract for initial term of one gas gathering subsystem expires December 31, 2028 with unilateral 5-year renewal right. (3) See appendix for definition of Adjusted Free Cash Flow. (4) Distribution per Class A Share through at least 2026. Leading Business Model with Strategic Infrastructure serving Hess (1) and Third Parties Differentiated Financial Metrics Growing Adjusted EBITDA ? Expanding Adjusted Free Cash Flow ? 5% Targeted DPS (4) Growth • Strategic infrastructure assets providing oil, gas and water midstream services to Hess and third parties • Significant historical investment drives growth with limited capex • Hess consistently recognized for ESG stewardship; HESM released 2020, 2021 and 2022 Sustainability Reports • Long term commercial contracts (2) extending through 2033 • 100% fee-based contracts minimize commodity price exposure • Minimum Volume Commitments (“MVCs”), set on a three-year rolling basis and currently set through 2026, intended to provide downside risk protection • Combination of fixed fee and cost-of-service revenue supports cash flow stability and growth visibility • 2024 Adjusted EBITDA of $1,125MM – $1,175MM • ~85% of revenues protected by MVCs in 2024 • 2024 Adjusted Free Cash Flow (3) of $685MM – $735MM • Focus on financial strength with conservative 3.0x target leverage • Continuing to execute our Return of Capital framework • Targeted at least 5% annual DPS (4) growth • Greater than $1.25B of financial flexibility expected through 2026 for potential incremental share repurchases Long-Term Commercial Contracts with Hess Differentiated Cash Flow Stability High Quality, Integrated Portfolio With Meaningful Scale Prioritized Shareholder Returns and Strong Balance Sheet