Slides
Page 1
Hess HESS Midstream Hess Midstream Investor Relations Presentation August 2026
Page 2
1 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,” “predict,” “will,” “target,” “opportunity” and similar expressions, and variations or negatives of these words, are intended to identify forward-looking statements, but not all forward-looking statements include such words. Forward-looking statements relating to our operations, assets, and strategy are based on management’s current expectations, assessments, estimates, projections and assumptions about the industry. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond our control and difficult to predict. Therefore, actual outcomes and results may differ materially from our current projections or expectations of future results expressed or forecasted by these forward-looking statements. Among the important factors that could cause actual results to differ materially from those in our forward-looking statements are: the ability of Chevron and other parties to satisfy their obligations to us, including Chevron’s ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Chevron in excess of our minimum volume commitments (“MVCs”) and relative to Chevron’s nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the businesses of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to natural and human causes beyond our control, such as accidents, severe weather events, labor disputes, political crises, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of changes in credit ratings, weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; risks and uncertainties associated with Hess Corporation’s (“Hess”) integration with Chevron following the completion of the Merger, including the failure of Chevron to realize anticipated synergies of the Merger in the expected timeframe, operational challenges, the diversion of management’s attention from ongoing business concerns, or unforeseen expenses associated with the Merger; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this presentation could also cause actual results to differ materially from those in our forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date of this presentation. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Non-GAAP Measures This document includes certain non-GAAP financial measures as defined under SEC Regulation G. Reconciliations of those measures to our most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the appendix to this presentation. Hess Midstream LP (“Hess Midstream” or “HESM”) is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected Adjusted Free Cash Flow and projected Adjusted Free Cash Flow after Distributions to projected net cash provided by operating activities without unreasonable effort. Hess Midstream is unable to project passthrough revenues with a reasonable degree of accuracy. Therefore, Hess Midstream is unable to provide a reconciliation of projected Gross Adjusted EBITDA Margin without unreasonable effort. Basis of Presentation As used in this presentation, the term “Chevron” may refer to Chevron Corporation, one or more of its consolidated subsidiari es, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Unless the context otherwise requires, references in this presentation to Chevron refer to Hess when referring to periods prior to July 17, 2025 and Chevron from July 18, 2025 to present.
Page 3
2 Leading Midstream Platform Delivering Cash Flow Stability and Shareholder Returns Guidance as of July 2026. (1) Information relating to Chevron has been derived from its SEC filings and press releases and ha s 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 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 definitions of Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions. (4) Distribution per Class A Share through 2028. Leading Business Model with Strategic Infrastructure serving Chevron(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 Chevron and third parties • Significant historical investment established meaningful scale, requires lower forward capital expenditures • Sustainability report released July 2025 • 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 2028, intended to provide downside risk protection • Combination of fixed fee and cost-of-service revenue supports cash flow stability and growth visibility • 2026E Adjusted EBITDA(3) of $1,225MM – $1,275MM • ~95% of revenues protected by MVCs in 2026 • 2026E Adjusted Free Cash Flow(3) of $910MM – $960MM • Focus on financial strength with leverage below 3.0x • Targeted at least 5% annual DPS(4) growth through 2028 • Approximately $1B of Adjusted Free Cash Flow after Distributions(3) expected through 2028 for potential incremental shareholder returns and debt repayment Long-Term Commercial Contracts with Chevron Differentiated Cash Flow Stability High Quality, Integrated Portfolio with Meaningful Scale Prioritized Shareholder Returns and Strong Balance Sheet
Page 4
3 2026E 2028E Oil Terminaling (MBbl/d) 2025 2026E 2027E 2028E • Expect annualized growth of ~1.5% in gas volumes from 2026 through 2028 • Expect oil volumes to plateau in 2026 • Expect continued revenue growth from tariff inflation escalators Leading Midstream Attributes Visible Adjusted EBITDA and Adjusted Free Cash Flow Growth • Expect annual average growth of ~10% from 2026 through 2028 • Expect long-term leverage to decrease below 3.0x Adjusted EBITDA(3). • Target at least 5% annual DPS growth through 2028(2) • Expect ~$1.0B of Adjusted Free Cash Flow after Distributions(4) through 2028 • Capital spend through 2028 aligns with current growth trajectory and leverages historical investments • Ongoing capital primarily for well connects and maintenance • Growing EBITDA and moderating capital program support Adjusted Free Cash Flow generation Adjusted Free Cash Flow(4) ($MM) 2026E 2028E Gas Processing (MMcf/d) Volumes $1,238 2025 2026E 2027E 2028E Adjusted EBITDA(4) ($MM) Guidance as of July 2026. (1) Value reflects Adjusted Free Cash Flow, which includes targeted distributions. (2) Targeted at least 5% annual DPS growth per Class A Share through 2028. (3) Debt / Adjusted EBITDA leverage on TTM basis. (4) See appendix for definitions of Adjusted EBITDA, Gross Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted Free Cas h Flow after Distributions to the most directly comparable GAAP financial measures. • Expect annualized growth of ~5% in Adjusted EBITDA from 2026 through 2028 • Targeting ~75% Gross Adjusted EBITDA Margin(4) • Adjusted EBITDA growth driven by higher gas volumes, annual tariff rate increases and lower operating costs 2025 2026E 2027E 2028E $910-$960(1) 3.1x <3.0x <2.5x <2.5xLeverage(3) Capex ($MM) Adjusted FCF after Distributions(4)Distributions 435-445 125-135 >450 <$75 ~130 $247Guidance $1,225 - $1,275 ~$105 Guidance Guidance Guidance $779 Gas Volume and Revenue Growth Growth in Adjusted EBITDA Moderating Capital Program Significant Adjusted Free Cash Flow Generation
Page 5
4 $1.98 $2.24 $2.44 $2.71 $2.97 2021 2022 2023 2024 2025 2026E 2027E 2028E Ongoing 5% Targeted DPS Increase + 6% Incremental Increase in Distribution Level 5% Targeted DPS Increase + 5% Incremental Increase in Distribution Level Capital Allocation Committed to Distribution Growth and Strong Balance Sheet ✓ Target at least 5% annual DPS growth through at least 2028(1) ✓ Distributions fully funded from Adjusted Free Cash Flow(4) Growing Base Distribution1 ✓ Expect to generate approximately ~$1.0B of Adjusted Free Cash Flow after Distributions(4) through 2028 for incremental shareholder returns and debt repayment Incremental Return of Capital and Debt Repayment2 Significant Total Return of Capital ($MM) 750 400 400 300 400 60 2021 2022 2023 2024 2025 2026 Distributions Share Repurchases Ongoing Return of Capital: •Approx. $1.0 billion of Adjusted Free Cash Flow after Distributions through 2028 expected to be available for potential incremental shareholder returns and debt repayment Ongoing Targeted DPS Increases ($/share)(3) (1) Guidance as of July 2026. (2) Q2’26 distributions per share compared to Q1’21 distributions per share. (3) 2026E, 2027E & 2028E based on targeted 5% annual DPS growth (4) Debt / Adjusted EBITDA leverage on TTM basis. 2026 year-end estimate. Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions are non-GAAP measures. See appendix for reconciliation to GAAP financial measures. Increased DPS by ~74%(2) and completed an aggregate of $2.31B share repurchases since 2021 5% Targeted DPS Increase + 3% Incremental Increase in Distribution Level 5% Targeted DPS Increase + 5% Incremental Increase in Distribution Level 2.9x 3.0x 3.2x 3.1x 3.1x <3.0xLeverage(4)
Page 6
5 Differentiated Financial Metrics Compared to Wide Range of Peers(1) Source: Wells Fargo Midstream Monthly Outlook July 2026, Bloomberg and company SEC filings. (1) Peer set includes Antero Midstream, Enbridge, Enterprise Products, 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) Calculated as average of Free Cash Flow Yield from 2025E to 2028E, as provided by Wells Fargo Midstream Monthly Outlook from July 2026, which has not been independently verified. ✓ Gas Volume and Revenue Growth ✓ Balance Sheet Strength ✓ Leading Shareholder Cash Returns ✓ Best-in-Class Contract Structure ✓ Differentiated Cash Flow Stability ✓ Sustainable Distribution Growth Unique combination of: Average Free Cash Flow Yield 2025E – 2028E(2) Hess Midstream Leading Business Model 5.3x 4.2x 3.8x3.7x3.5x3.5x3.5x 3.1x2.9x2.7x FIHABCEHESMDG 2025 Debt / 2025 Adjusted EBITDA 0% 2% 2% 4% 4% 7% 7% 8% 9% 12% A F B H G I E D C HESM
Page 7
6 1 1 2 3 4 5 ✓ Initial fee set at average rate for period 2021-23 on a 2023 basis, escalated at Consumer Price Index (CPI)(2) ✓ Fees cannot be changed or reduced once set $/unit Average Rate (2021-23) $/unit Illustrative Fee Scenarios Fixed Fee: ~85% of Revenues Cost of Service: ~15% of Revenues 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 Minimum Volume Commitments Provide downside protection and three year forward visibility ✓MVCs(3) apply at 80% of nomination on 3-year forward basis ✓Set on rolling 3-year forward basis (send or pay) ✓Applies through full term of contract through 2033 ✓Cannot be adjusted downwards once set (1) 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 ex ercised renewal options to extend the terms of certain crude oil gathering, terminaling, storage, gas processing and gas gathering commercial agreements 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. (2) Average rate for period 2021-2023 on a 2023 inflation adjusted basis; CPI escalation is capped at 3% annually. In the secondary term, MVCs are subject to a shortfall credit and there will be a timing difference between when MVC payments are received and when revenue is recognized, and volumes may be supplemented as HESM potentially sources additional volumes produced by third parties. MVCs set at year end 2024. (4) 2027 gas MVCs include the impact of planned regulatory inspections and maintenance at the Tioga Gas Plant. ✓ Fees recalculated annually for all forward years to maintain contractual return on capital deployed ✓ Fee recalculation based on actual and forecast volumes, capex and opex ✓ Applies to water gathering and terminaling agreements through 2033 and certain gas gathering agreements through 2028 20332024 MVCs 2026 2027(4) 2028 Gas Gathering (MMcf/d) 419 422 346 Oil Gathering (MBbl/d) 111 113 89 Gas Processing (MMcf/d) 396 404 336 Crude Terminaling (MBbl/d) 118 124 99 Water Gathering (MBbl/d) 105 100 94 2033
Page 8
7 112 105 105 117 152 193 156 154 182 204 194 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $239 $273 $380 $505 $549 $744 $903 $978 $1,017 $1,136 $1,238 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Established Track Record Demonstrated Effectiveness of Long-Term Commercial Contracts Chevron Bakken Net Production (MBoe/d) HESM Adjusted EBITDA(1,2) ($MM) Note: Information related to Chevron has been derived from its filings with the SEC and press releases and has not been independently verified. (1) As adjusted for Hess Midstream Operations LP’s acquisition of Hess Infrastructure Partners in connection with the consummation of our restructuring transaction in December 2019. (2) See appendix for definition of Adjusted EBITDA and reconciliation of non-GAAP measures. 2026 Adjusted EBITDA is Hess Midstream guidance, as provided in July 2026. (3) CPI escalation is capped at 3% annually. Demonstrated cash flow protection and growth ✓Adjusted EBITDA growth every year since formation through two oil price downturns ✓Three-year MVCs provide revenue floor while production recovers ✓Contract structure captures revenue growth and return on capital invested ✓Fees increased annually based on CPI escalation(3) $1,225 - $1,275
Page 9
8 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 fractionation (incl. ethane) capacity interconnected to pipe and Rail Terminal export ✓Single gas processing tariff across gas plant portfolio ~685 MMcf/d of Gas Gathering Pipeline Capacity Gas Gathering and Gas Processing (MMcf/d) 437 458 450-460 419420 445 435-445 396 2024 2025 2026E 2026 MVC(2) Gas Gathering Gas Processing Hawkeye Gas Facility Tioga Gas Plant Little Missouri 4 Complementary Business Line Capacity consistent with gas throughput growth and contracted third party volume Guidance as of July 2026. (1) 2026 estimated compression capacity. (2) Please see slide 6 of this presentation for table of Minimum Volume Commitments (MVC). • ~1,430 miles of natural gas and NGL gathering pipelines • ~600(1) MMcf/d of compression capacity, increasing gas capture Guidance
Page 10
9 • ~285 MBbl/d Ramberg Terminal Facility (RTF) export capacity • ~100 MBbl/d Johnson’s Corner Header System export capacity • ~120 MBbl/d Other DAPL Connections(1) export capacity • Export optionality north/south of the Missouri River—interstate pipelines: Enbridge, DAPL, and Tioga Rail Terminal (TRT) • TRT with connectivity to TGP, RTF and gathering systems; dual loop track with loading capacity of 140 MBbl/d • 550 crude oil rail cars built to the latest safety standards ✓ Single terminaling tariff independent of delivery location ✓ Cost of Service terminaling tariff through 2033 Integrated Crude Oil Terminaling and Gathering Offers Terminaling and Export Optionality to Chevron and Third Parties System Optionality Focus Integrated system providing crude export optionality through multiple pipelines and rail ~505 MBbl/d of Crude Oil Terminaling Capacity Guidance as of July 2026. (1) Represents 2 additional DAPL connections established in 2023 north of the Missouri River. ( 2) Please see slide 6 of this presentation for table of Minimum Volume Commitments (MVC). ~290 MBbl/d of Crude Oil Gathering Capacity 114 121 115-125 111 123 129 125-135 118 2024 2025 2026E 2026 MVC Crude Oil Gathering and Terminaling (MBbl/d) (2) Crude Oil Gathering Crude Terminaling Ramberg Terminal Facility Tioga Rail Terminal Johnson’s Corner Enbridge Rail to East Coast, West Coast & Gulf Coast Andeavor Refinery DAPL DAPL Johnson’s Corner Header System Hawkeye Oil Facility Ramberg Terminal Facility Tioga Rail Terminal • ~615 miles of crude oil gathering pipelines • Crude oil truck unloading north and south of the Missouri River Guidance
Page 11
10 Water Services Assets Offers Integrated Water Handling Services to Chevron and Third Parties Complementary Business Line System expansion has driven growth by reducing produced water trucking. Provides full midstream 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 quality driving future growth demand • Pipeline gathering, produced water disposal, and trucking provide integrated service offering ✓Cost of Service gathering tariff through 2033 ✓14-year contract(1) and unilateral 10-year renewal right • Positioned to support capture of incremental volume growth • Ability to transport produced water to disposal facilities ~360 Miles of Water Gathering Pipelines Guidance as July 2026. (1) Contract was effective 1/1/19. (2) Please see slide 6 of this presentation for table of Minimum Volume Commitments (MVC). Water Gathering (MBbl/d) 125 131 Guidance 125-135 105 2024 2025 2026E 2026 MVC (2)
Page 12
11 Hess Midstream’s Strengths Stable, Growing Cash Flow Generation from Leading Business Model High Quality, Integrated Portfolio With Meaningful Scale Differentiated Cash Flow Stability Prioritized Shareholder Returns and Strong Balance Sheet Long-Term Commercial Contracts with Chevron
Page 14
13 2026 Guidance Demonstrates Continued Adjusted Free Cash Flow Generation Note: See Reconciliation to GAAP Metrics for definitions of Adjusted EBITDA, Adjusted FCF, Adjusted FCF after Distributions, Gross Adjusted EBITDA Margin, and reconciliations to the most directly comparable GAAP financial measures. Guidance as of July 2026. (1,2) Throughput volumes 2026 Guidance 2026 MVCs Financials ($millions) 2026 Guidance Gas Gathering MMcf/d 450 – 460 419 Net Income $650 – $700 Crude Oil Gathering MBbl/d 115 – 125 111 Adjusted EBITDA $1,225 – $1,275 Gas Processing MMcf/d 435 – 445 396 Capital Expenditures ~$105 Crude Terminaling MBbl/d 125 – 135 118 Adjusted Free Cash Flow $910 – $960 Water Gathering MBbl/d 125 – 135 105 AFCF After Distributions ~$280 Guidance Highlights • Oil and gas volumes are projected to remain flat to 2025 volumes • Expect Adjusted EBITDA approximately flat at the midpoint of guidance, compared with 2025 • ~95% revenues protected by MVCs • Gross Adjusted EBITDA Margin targeted to be ~75% • Targeted 5% annual DPS growth • Adjusted Free Cash Flow of ~$280MM, at guidance midpoint, after funding targeted distributions • Leverage expected to decrease to below 3x Adjusted EBITDA 2026 Guidance: $1,225 MM – $1,275 MM Adjusted EBITDA and ~$105 MM Capex
Page 15
14 Reconciliation to GAAP Metrics (1) As adjusted for Hess Midstream Operations LP’s acquisition of Hess Infrastructure Partners in connection with the consummation of our restructuring transaction in December 2019. (2) Reflects targeted distrib utions. (3) Adjusted Free Cash Flow of ~$935MM, at guidance midpoint, after funding targeted distributions . 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 measure of “Adjusted EBITDA,” which we defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash and non-recurring items, if applicable. As this definition varied from other definitions of Adjusted EBITDA, we determined it was appropriate to discontinue reporting Adjusted EBITDA as previously defined. Beginning with the second quarter of 2024, and as presented here, “Adjusted EBITDA” is defined as reported net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash and non-recurring items, if applicable. Prior period calculations of Adjusted EBITDA have been recast to conform to the new presentation, as applicable. We define “Adjusted Free Cash Flow” as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes, capital expenditures and ongoing contributions to equity investments. We define “Adjusted Free Cash Flow after Distributions” as Adjusted Free Cash Flow less cash distributions to shareholders and to noncontrolling interest. We define “Gross Adjusted EBITDA Margin” as the ratio of Adjusted EBITDA to total revenues, less pass-through revenues. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and Gross Adjusted EBITDA Margin to reported net income (GAAP), net cash provided by operating activities (GAAP) and gross margin (GAAP), respectively, are provided below. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected Adjusted Free Cash Flow and projected Adjusted Free Cash Flow after Distributions to projected net cash provided by operating activities without unreasonable effort. Hess Midstream is unable to project passthrough revenues with a reasonable degree of accuracy. Therefore, Hess Midstream is unable to provide a reconciliation of projected Gross Adjusted EBITDA Margin without unreasonable effort.
Page 16
15 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.
Page 17
16 Crude OilGas and NGLs Midstream Market Optionality Providing Access to Key Export Routes Ramberg Terminal Facility Tioga Rail Terminal Johnson’s Corner Dry Gas Tioga Gas Plant NGLs Little Missouri 4 Gas Plant Enbridge Rail to East Coast Rail to West Coast Andeavor Refinery DAPL Northern Border Alliance WBI CNG DAPL Alliance Vantage Rail (via TRT) Local Deliveries ONEOK