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Hess Midstream
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April 2024 Investor Relations Presentation
| John Hess | Page 16 of 11 |
May 18, 2024
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"April 2024 Investor Relations Presentation"
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15 2024 Guidance Demonstrates Continued Free Cash Flow Generation Note: See Reconciliation to GAAP Metrics for definition of Adjusted EBITDA, Adjusted FCF, Gross Adjusted EBITDA Margin, and a reconciliation to GAAP financial measures. (1,2) Throughput volumes 2024 Guidance 2024 MVCs Financials ($millions) 2024 Guidance Gas Gathering MMcf/d 415 – 425 365 Net Income $670 – $720 Crude Oil Gathering MBbl/d 105 – 115 101 Adjusted EBITDA $1,125 – $1,175 Gas Processing MMcf/d 395 – 405 340 Capital Expenditures $250 – $275 Crude Terminaling MBbl/d 120 – 130 114 Adjusted Free Cash Flow $685 – $735 Water Gathering MBbl/d 105 – 115 92 AFCF After Distributions ~$115 Guidance Highlights • Increasing Hess Midstream gas capture driving volume guidance • Expect ~12.5% increase in Adjusted EBITDA, at guidance midpoint, compared to full year 2023 • ~85% revenues protected by MVCs • Gross Adjusted EBITDA Margin targeted to be ~75% • Targeted 5% annual DPS growth • Adjusted Free Cash Flow of ~$115MM, at guidance midpoint, after funding targeted distributions 2024 Guidance: $1,125 – $1,175 MM Adjusted EBITDA and $250 – $275 MM Capex