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Hess Midstream
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April 2024 Investor Relations Presentation
| John Hess | Page 6 of 11 |
May 21, 2024
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"April 2024 Investor Relations Presentation"
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5 Hess Midstream Leading Business Model Source: Wells Fargo Midstream Monthly Outlook April 2024, Bloomberg, company releases, and SEC filings (1) Peer set includes Antero Midstream, Enbridge, Enterprise Products, Equitrans, Kinder Morgan, ONEOK, Inc., Pembina Pipelines, Targa Resources Corp., Western Midstream, and The Williams Companies Inc. Peers include a selection of companies held in infrastructure funds. (2) Adjusted EBITDA build multiple calculated as gross property, plant and equipment divided by Adjusted EBITDA. (3) Cash Return calculated as total distributions and announced share buybacks from 2021 to YTD 2024E divided by market capitalization as of March 28, 2024. 7.1x 5.5x 4.9x 4.3x 4.2x 3.8x 3.7x 3.7x 3.4x 3.2x 3.2x C G I J E H A D F B HESM 2023 Debt / 2023 Adjusted EBITDA Differentiated Financial Metrics Compared to Wide Range of Peers 1 Unique combination of: ? Balance Sheet Strength ? Leading Shareholder Cash Returns ? Leading Growth ? Best-in-Class Contract Structure ? Differentiated Cash Flow Stability ? Sustainable Distribution Growth Hess Midstream’s Leading Fundamentals 9% 17% 18% 19% 23% 26% 27% 28% 28% 32% 45% B J A C H E I F G D HESM Cash Return by Company (3) 2021 – 2024E Act & Est Distributions Act & Est. Share Buybacks Peers 2023 Adjusted EBITDA Build Multiple (2) 9.9x 9.4x 9.0x 8.2x 7.7x 7.6x 7.3x 7.3x 6.6x 5.7x 4.7x G C I A J F D H B E HESM Peers Peers