Hess Midstream

Investor Relations Presentation

August 2020
Disclaimer
Forward-Looking Statements
This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,”
“forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking
statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our
business strategy; our industry; our expected revenues; our future profitability; our maintenance or expansion projects; our projected budget and capital expenditures
and the impact of such expenditures on our performance; and future economic and market conditions in the oil and gas industry. The presentation contains our
guidance. Our forecasts and expectations are dependent upon many assumptions, many of which are uncertain and beyond our control. The presentation also
contains operational guidance from Hess Corporation, which are not estimates of our management and are subject to numerous risks and assumptions, all of which
are beyond our control.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about
the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our
historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important
factors could cause actual results to differ materially from those in our forward-looking statements: the direct and indirect effects of the COVID-19 global pandemic
and other public health developments on our business and those of our business partners, suppliers and customers, including Hess Corporation (“Hess”); the ability
of Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all 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; fluctuations in the prices and demand for
crude oil, natural gas and NGLs, including as a result of the COVID-19 global pandemic; changes in global economic conditions and the effects of a global economic
downturn on our business and the business 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 safety, such as spills, releases, pipeline
integrity and measures to limit greenhouse gas emissions; 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 the competing
third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as
accidents, severe weather events, labor disputes, 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 weakness in the oil and gas industry or negative outcomes within
commodity and financial markets; liability resulting from litigation; 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 (“SEC”).

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to
place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such
forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. 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. A reconciliation of those measures to our most directly
comparable financial measures calculated and presented in accordance with GAAP is provided in the appendix to this presentation. Certain Adjusted EBITDA
forecasts were determined on an Adjusted EBITDA-only basis. Accordingly, information related to the elements of net income, including taxes and interest, are not
available and, therefore, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measures have not been provided.
1
 Leading Midstream Platform
Delivering Long-Term, Competitive and Resilient Growth

Leading Business Model with Strategic

Infrastructure serving Hess and Third Parties

• 100% consolidated ownership of strategic infrastructure assets

High Quality,
• Providing oil, gas and water midstream services to Hess and 3rd Parties
Integrated Portfolio
• 1099 security with broader investor appeal
With Meaningful Scale • ~$4 billion historical investment drives growth with limited capex

• 10-year commercial contracts(1) and unilateral 10-year renewal(1) right

Long-Term Commercial
• 100% fee-based contracts minimize commodity price exposure
Contracts with
• Minimum Volume Commitments intended to provide downside protection
Hess Corporation • Annual fee recalculation supports cash flow stability and growth visibility

• ~25% Adjusted EBITDA growth in each of 2020 and 2021

Differentiated • ~95% of revenues protected by MVCs through end of 2022
Cash Flow Stability • Capital plan reduced to sustaining levels by 2021
• ~$750 MM Free Cash Flow(2) in each of 2021-22

• Targeted 5% DPS(3) growth through 2022 with ~1.4x coverage in 2021-22

Sustainable • Self-funding capex, interest and growing distributions in 2021-22
Distribution Growth • Conservative ~3.0x target leverage with financial flexibility
• No equity needs to fund capital plan and financial growth

Differentiated Financial Metrics(4)

~25% Adjusted EBITDA Growth  ~75% Free Cash Flow Conversion(5)  5% Targeted DPS(3) Growth
Guidance as of July 2020. | See appendix for definitions of Adjusted EBITDA and a reconciliation to GAAP financial measures (1) Oil & Gas commercial contracts were effective as of January 1, 2014. Water
commercial contracts were effective as of January 1, 2019 with a primary cost of service term of 14 years. 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) Free Cash Flow calculated as Adjusted EBITDA less capex (3) Distribution per Class A Share through 2022 (4) Metrics through 2021
(5) Free Cash Flow Conversion calculated as Adjusted EBITDA less capex divided by Adjusted EBITDA
2
2020 Guidance
Demonstrates Highly Visible Growth

2020 Guidance: $690 - $710MM Adjusted EBITDA and $260MM Capex

Guidance Highlights
• Expect ~25% increase in Adjusted EBITDA compared to full year 2019 (1,2)

• ~97% of 2H 2020 revenues protected by MVCs

• Guided Distributable Cash Flow (DCF) delivers targeted 5% annual DPS growth
• Full year distribution coverage target of ~1.2x
• Maintain historical gross EBITDA margin at >75%
• Capital investment significantly reduced from 2019
• Significant increase in Free Cash Flow

Increase /
2020 2020 2020
Throughput volumes (in (Decrease)
Guidance MVCs Guidance
thousands) Financials ($millions) from 2019

Gas Gathering 290 – 300 312 Net Income 425 – 445 -

Crude Oil Gathering 125 – 135 126 Adjusted EBITDA 690 – 710 ~25%

Gas Processing 275 – 285 266 Distributable Cash Flow 590 – 610 -

Crude Terminaling 140 – 150 143 Total Capital 260 (26%)

Water Gathering 55 – 60 69 Free Cash Flow 430 – 450 >100%

Note: See appendix for definition of Adjusted EBITDA, FCF, DCF, and a reconciliation to GAAP financial measures.
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 Leading Midstream Attributes
Self-Funding, High Growth, Significant Free Cash Flow
Growing Adjusted EBITDA,
Declining Capital Expenditures Increasing Free Cash Flow
Revenues Protected by MVCs
~25% Adjusted EBITDA CAGR in Capital Reducing to ~$750 MM Annual Free Cash Flow
2020 and 2021 Sustaining Levels in 2021 and 2022
• ~97% of 2H 2020 revenues • Reduced original 2020-21 capital • Revenue-protected EBITDA
protected by MVCs plan by ~$200MM (~30%) growth and lower capital spend
• Annual rate redetermination at end • Complete major infrastructure build • Increasing free cash flow self-
of 2020 and higher MVCs in 2021 out with TGP expansion in 2020 funds interest and growing
• 2021 capital expected to be distributions
• Expect ~25% Adjusted EBITDA
growth in 2021, relative to 2020 significantly below 2020 spend • Expected 1.4x distribution
• 2021-22 capital at sustaining coverage ratio in 2021-2022
• ~95% 2021-22 revenues protected
levels; incremental capital above • No equity needs to fund capital
by MVCs
plan earns contracted return plan and financial growth

Adjusted EBITDA ($MM) Expansion & Maintenance Capital(1) ($MM) Free Cash Flow(2) ($MM)
~$750 ~$750
Guidance Free Cash Flow after
$350
Distributions(3) & Interest
$690 - $710
Guidance
$551 $260
$430 - $450

~$115

2019 2020E 2021E 2019 2020E 2021E 2020E 2021E 2022E

Note: See appendix for definition of Adjusted EBITDA, FCF and a reconciliation to GAAP financial measures.| Guidance as of July 2020. (1) Includes
equity investments (2) Free cash flow calculated as Adjusted EBITDA less capex. (3) Targeted 5% DPS growth per Class A Share through 2022 (4) Debt
Leverage(4) ~3.0x ~2.0x ~2.0x 4
/ EBITDA leverage on TTM basis
Stable, Growing Cash Flows
Supported by Long-Term Commercial Contracts with Hess
MVCs provide ongoing Annual fee recalculation for changes in volume
near-term downside protection forecast to maintain EBITDA stability
(1),(2) (2)
10-Year Commercial Contracts + Unilateral 10-Year Renewal Right

100% Fee-Based Contracts Minimum Volume Commitments Fee Recalculation Mechanisms

Minimize commodity price exposure Provide downside protection Deliver cash flow stability

 Fees set annually for all future years in  Set on rolling 3-year basis (send or pay)  Annual fee recalculation to maintain
(2)
initial term to achieve contractual return targeted return on capital deployed
 Effective for both terms
on capital deployed
 Cannot be adjusted downwards once set  Fees adjust for changes in actual and
 Fees escalate each year at CPI for both forecasted volume/capex and budgeted
terms  Any shortfall payments made quarterly opex to maintain EBITDA stability
 Capital above forecast increases EBITDA

Simplified Fee Calculation Annual fees for all forward years

$/unit set and adjusted to maintain
contractual return on capital
deployed
Actual and Forecasted Contractual
Capex and Return
Budgeted Opex Base Illustrative
Fee Fee
Scenarios
Actual and Forecasted ($ / Unit)
Volumes
1
Nomination
1 2 3 4 5
Year Forward Years in Initial Term
(1) Oil & Gas commercial contracts were effective as of January 1, 2014. Water commercial contracts were effective as of January 1, 2019 with a primary cost of service term of 14 years. Terminals have no unilateral right to
extend. (2) Commercial contract for initial term of one gas gathering subsystem expires December 31, 2028 with unilateral 5-year renewal right.

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 Established Track Record
Proven Effectiveness of Long-Term Commercial Contracts
Demonstrated cash flow protection during oil price downturns

Hess Bakken Operated Rig Count(1) Hess Bakken Net Production(1) (MBoe/d) Adjusted EBITDA(2,3) ($MM)

9 900

8 ~185 $690 -
8 800

$710
7 152 700

6 $551
6 117
600
$505
5 112 105 105
5 500

$380
4 4 400

3 3
3 300 $239 $273
2 200

1
1 100

- -

2015 2016 2017 2018 2019 2020E Current 2015 2016 2017 2018 2019 2020E 2021E 2015 2016 2017 2018 2019 2020E 2021E

Average Rig Count

Demonstrated cash flow protection Contract structure supports

during oil price downturns continued revenue growth
 Higher MVCs from previous nominations cannot be CPI escalated fee structure
reduced once set
Increasing MVCs from earlier nomination
 Increasing MVCs provide short term revenue protection
between annual rate resets Deliveries above nomination not included in fee
recalculation
 Annual fee determination resets fees higher for actual
and forecasted volumes below nomination
Incremental capital drives additional revenue

Note: Information related to Hess Corporation has been derived from its filings with the SEC and has not been independently verified. See appendix for definition of Adjusted EBITDA and a reconciliation
to GAAP measures. (1) Estimated rig count and estimated annual net production reflects Hess Corporation July 2020 guidance. Hess Corporation was operating one Bakken rig at end June 2020.
(2) As adjusted for Hess Midstream Operation LP’s acquisition of Hess Infrastructure Partners in connection with the consummation of our restructuring transactions in December 2019 (3) 2020 and 2021 6
Adjusted EBITDA is Hess Midstream guidance, as provided in July 2020
 Strategic Relationship with Strong Sponsor
Leading Bakken Acreage Position
Material Position in Premium Tight Oil Play Hess Corporation Summary

 Total liquidity of $5.3 billion at 6/30/20,

Tioga Gas Plant
(planned expansion)
including
Tioga Rail
Terminal - $1.6 billion cash
- $3.5 billion undrawn revolving credit facility
Ramberg
Terminal
Facility
 Investment grade credit rating from two of
Financial three agencies
115-120
Position - S&P BBB-, Fitch BBB-, Moody’s Ba1(1)
 Significant portion of remaining 2020 crude
oil production hedged
Hawkeye
Facilities

Johnson’s Corner
 Chartered 3 VLCCs to store 2 mmbbl each
Header System of May, June and July Bakken crude oil
production expected to be sold in 2H20

 Leading ~530,000 acre position in core Middle

Targa JV Gas Plant
Bakken and Three Forks
 Hess ~75% WI, operator
Hess
 Focus on efficiencies via Lean principles to
Bakken
Upstream enhance returns
Summary  Advantaged infrastructure provides export
Hess operated acreage
flexibility to deliver incremental value
Hess non-operated acreage
 Successful transition to plug & perf completed
 Planned 2020 net production of ~185 MBoe/d(2)
Note: Information related to Hess Corporation has been derived from its filings with the SEC and has not been independently verified. 7
(1) Moody’s credit rating is below investment grade (2) Hess Corporation guidance as of July 2020
 Integrated Gas Processing and Gathering
Offers Processing and Export Optionality to Hess and Third Parties
350 MMcf/d of Gas Processing Capacity
• Tioga Gas Plant capacity of 250 MMcf/d incl. ethane extraction
• Little Missouri 4 plant (50/50 JV with Targa Resources) with
100 MMcf/d net processing capacity
• 60 MBbl/d of NGL fractionation capacity interconnected to pipe
export and Rail Terminal for NGL rail export (30 MBbl/d capacity)
Tioga Gas Plant
• Market export optionality north and south of the Missouri river (planned expansion)

Planned Capacity Expansion to 500 MMcf/d

• TGP expansion facility construction expected to be completed by
the end of 2020 Hawkeye Gas
Facility
• Incremental capacity from the planned expansion is expected to
be available in 2021
• Expansion increasing Y-grade NGL & residue gas capacity
 Single gas processing tariff across gas plant portfolio Little Missouri 4

~450 MMcf/d of Gas Gathering Pipeline Capacity

• ~1,350 miles of natural gas and NGL gathering pipelines
• ~240 MMcf/d of compression capacity
• Ability to unload NGL trucks north / south of the Missouri River Gas Gathering and Gas Processing (MMcf/d)
Execution Highlights Since April 2017 IPO Gas Gathering
Gas Processing 290 - 300 312
275 - 285
275 266
248 260
Executed Strategic Gas Processing JV with Targa  213
233
200

Acquired Summit Tioga Oil, Gas and Water


Gathering System

Completed ramp-up at LM4 Gas Plant 

(1)
System capacities as of 12/31/19. Guidance as of July 2020 2017 2018 2019 2020 2020 MVC
(1) Please see appendix for table of Minimum Volume Commitments (MVC) Guidance 8
 Integrated Crude Oil Terminaling and Gathering
Offers Terminaling and Export Optionality to Hess and Third Parties

~385 MBbl/d of Crude Oil Terminaling Capacity

• ~285 MBbl/d Ramberg Terminal Facility (RTF) export capacity
• ~100 MBbl/d Johnson’s Corner Header System export capacity
• Export optionality north/south of the Missouri River—interstate
pipelines: Enbridge, DAPL, etc. and Tioga Rail Terminal (TRT) Tioga Rail
Terminal
• TRT with connectivity to TGP, RTF and gathering systems; dual
loop track with loading capacity of 140 MBbl/d Ramberg Terminal
Facility
• 550 crude oil rail cars built to the latest safety standards
• ~330 MBbl/d crude oil terminal storage
Hawkeye Oil
 Single terminaling tariff independent of delivery location Facility
Johnson’s Corner
Header System

~240 MBbl/d of Crude Oil Gathering Capacity

• ~550 miles of crude oil gathering pipelines
• Ability to unload crude oil trucks north/south of the Missouri River
• Export connectivity to interstate pipelines and TRT
Crude Oil Gathering and Terminaling (MBbl/d)
Crude Oil Gathering 140 - 150
125 - 135
Execution Highlights Since April 2017 IPO Crude Terminaling 143
131 126
118
101
Started Up Johnson’s Corner Header System & 89

Hawkeye Oil Facility 64 69

Acquired Summit Tioga Oil, Gas and Water


Gathering System
(1)
System capacities as of 12/31/19. Guidance as of July 2020. 2017 2018 2019 2020 2020 MVC
(1) Please see appendix for table of Minimum Volume Commitments (MVC) Guidance
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 Growing Water Services Assets
Offers Integrated Water Handling Services to Hess and Third Parties

Rapidly Growing Business Line

• Extensive Bakken water gathering footprint north of
the Missouri River
• Increased operational efficiencies and cost savings through
gathering compared to trucking
• Infrastructure demand driving future growth
• Pipeline gathering, produced water disposal, and trucking
provide integrated service offering

 Cost of Service Gathering tariff

 MVCs set at 100% of nomination for 2020-21
 14-year commercial contract(1) + unilateral 10-year renewal right

~250 Miles of Water Gathering Pipelines

• Positioned to support capture of incremental volume growth
• Ability to transport produced water to 15 water handling and
disposal facilities (2)
Water Gathering (MBbl/d)
Execution Highlights 69
55 - 60

First 2 saltwater disposal wells mechanically 41


complete at end of 2019
25
16
Acquired Summit Tioga Oil, Gas and Water

Gathering System(3)
(4)
2017 2018 2019 2020 2020 MVC
Guidance
System capacities as of 12/31/19. Guidance as of July 2020 (1) Contract was effective 1/1/19. (2) Three water handling and disposal facilities operated by Hess Midstream,
twelve water handling and disposal facilities operated by third parties.(3) Acquired by HIP in March 2019 (4) Please see appendix for table of Minimum Volume Commitments 10
(MVC)
Focused and Disciplined Capital Allocation
Proactively Reducing Capital to Sustaining Levels in 2021

Focused and Efficient Capital Program(1)

Expansion Capital Area ($MM) 2020 2021

• Reduced 2020 – 2021 capital program by Gas Processing:

aggregate ~$200 MM (~30%)
Tioga Gas Plant expansion and $135 -
associated build-out
• Complete major infrastructure build out
program through balance of 2020 Well Connects:
Interconnect of Hess and Third- $95 -
• TGP expansion facility construction expected Party Gas, Oil, Water Volumes
to be completed by the end of 2020
Compression:
• Continue phased build-out of water gathering Additional gas compression to $20 -
and disposal capacity meet Hess demand

Expansion Capital $250 ~$100

Hess Acquisition Opportunities

Maintenance Capital $ 10 ~$ 15
• Potential to acquire additional assets from
Hess, including Gulf of Mexico infrastructure
assets Total Capital $260 ~$115

Capital program self-funded by low risk Adjusted EBITDA generation

(1) Guidance as of July 2020
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Hess Midstream’s Strengths
Large Scale Full Service Midstream Provider in the Bakken

High Quality, Integrated Portfolio

With Meaningful Scale Stable, Growing Cash Flow Generation
From Leading Business Model

Long-Term Commercial Contracts

with Hess Corporation

Differentiated Cash Flow Stability

Targeted 5%
Annual DPS Growth
Sustainable Distribution Growth

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Reconciliation to GAAP Metrics
Non-GAAP Financial Measures
We define Adjusted EBITDA as net income (loss) before net interest expense, income tax expense (benefit), 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, non-recurring items, if applicable. We define Free Cash Flow as Adjusted EBITDA less capital expenditures, excluding acquisition capital expenditures. We define Distributable Cash
Flow as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. Distributable
cash flow does not reflect changes in working capital balances. Adjusted EBITDA, Free Cash Flow and Distributable Cash Flow are non-GAAP supplemental financial measures that management
and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
• 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;
• the ability of our assets to generate sufficient cash flow to make distributions to our shareholders;
• our ability to incur and service debt and fund capital expenditures; and
• the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentation of Adjusted EBITDA, free cash flow and distributable cash flow provides useful information to investors in assessing our financial condition and results of
operations. The GAAP measures most directly comparable to Adjusted EBITDA, free cash flow and distributable cash flow are net income (loss) and net cash provided by (used in) operating
activities. Adjusted EBITDA, free cash flow and distributable cash flow should not be considered as alternatives to GAAP net income (loss), income (loss) from operations, net cash provided by
(used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, free cash flow and distributable cash flow have
important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. You should not consider Adjusted EBITDA,
free cash flow or distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP. Additionally, because Adjusted EBITDA, free cash flow and distributable
cash flow may be defined differently by other companies in our industry, our definition of Adjusted EBITDA, free cash flow and distributable cash flow may not be comparable to similarly titled
measures of other companies, thereby diminishing their utility.
The following table presents a reconciliation of Adjusted EBITDA, Distributable Cash Flow and Free Cash Flows to net income, the most directly comparable GAAP financial measure, for each of
the periods indicated.

Predecessor HESM
(1)
Historical Estim ated

(in millions) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Net income $ 139.0 $ 81.6 $ 242.0 $ 325.5 $ 317.7 $ 425 - 445
Add: Depreciation expense, including proportional share of
90.3 105.8 116.5 126.9 144.5 155
equity affiliates' depreciation
Add: Interest expense, net 9.6 18.7 25.8 53.3 62.4 100
Add: Income tax expense (benefit) - - - - (0.1) 10
Add: Transaction costs - - - - 26.2 -
Add: Impairment - 66.7 - - - -
Less: Gain on sale of property, plant and equipment - - 4.7 0.6 - -
Adjusted EBITDA $ 238.9 $ 272.8 $ 379.6 $ 505.1 $ 550.7 $ 690 - 710
Less: Interest, net, and maintenance capital expenditures 100
Distributable cash flow $ 590 - 610

Adjusted EBITDA $ 550.7 $ 690 - 710

Less: Capital expenditures 350.1 260
Free cash flow $ 200.6 $ 430 - 450

Guidance as of July 2020 (1) As adjusted for the Hess Midstream Operations LP’s acquisition of Hess Infrastructure Partners in connection with the consummation of our restructuring transaction in December 2019
14
Reconciliation to GAAP Metrics

The following table presents a reconciliation of gross EBITDA margin to net income, the most directly comparable GAAP financial measure.

Predecessor HESM
Historical(1)
(in millions) FY 2018 FY 2019
Net income $ 325.5 $ 317.7
Add: Depreciation expense, including proportional share of
126.9 144.5
equity affiliates' depreciation
Add: Interest expense, net 53.3 62.4
Add: Income tax expense (benefit) - (0.1)
Add: Transaction costs - 26.2
Less: Gain on sale of property, plant and equipment 0.6 -
Adjusted EBITDA $ 505.1 $ 550.7

Total revenues $ 712.7 $ 848.3

Less: pass-through revenues 80.5 130.1
Revenues excluding pass-through $ 632.2 $ 718.2
Gross EBITDA margin 80% 77%

(1) As adjusted for the Hess Midstream Operations LP’s acquisition of Hess Infrastructure Partners in connection with the consummation of our restructuring transaction in December 2019
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Hess Corporation Focus on Sustainability
Hess Midstream maintains same safety, environmental, and SR commitment

Safety Climate Change & Environment Social Responsibility

 Enterprise-wide focus on  Committed to developing oil and gas  Fundamental to the way we do
continuous improvement to resources in an environmentally business is to have a positive
ensure “everyone, everywhere, responsible and sustainable way impact on the communities where
every day, home safe”  Pursue infrastructure projects that we operate
 Employees and contractors share reduce flaring in the Bakken,  Invest in community programs with a
common goal of zero safety including additional gas gathering, focus on education, workforce
incidents compression, processing capacity development and environmental
 Active program of safety leadership  Opportunity evaluation includes stewardship
training in the Bakken consideration of carbon asset risk  Integrate social responsibility into
and scenario planning enterprise business processes

Industry Leading ESG Performance

Hess Corporation

11 consecutive years 7 consecutive 10 consecutive years on No.1 oil & gas; No. 9 overall 10 consecutive years on No.3 Energy MLP
Leadership status years on U.S. North America Index USA ESG Leaders Index in ESG & SRI metrics
Index 13 consecutive years on list

For more information, please refer to the Hess Corporation 2019 Sustainability Report: https://www.hess.com/sustainability/sustainability-reports

16
Midstream Market Optionality
Providing Access to Key Export Routes

Tioga Rail Terminal Rail to East Coast

Rail to West Coast

Crude Oil

Enbridge

Ramberg Terminal Facility DAPL

Andeavor Refinery

DAPL
Johnson’s Corner

Northern Border
Dry Gas
Alliance
Gas and NGLs

Tioga Gas Plant WBI

CNG

Vantage
Alliance
NGLs Rail (via TRT)
Little Missouri 4 Gas Plant
Local Deliveries

17
 Minimum Volume Commitments

Agreement 2020 2021(1) 2022(1)

Gas Gathering (MMcf/d) 312 323 360

Oil Gathering (MBbl/d) 126 130 117

Gas Processing (MMcf/d) 266 292 345

Crude Terminaling (MBbl/d) 143 153 145

Water Gathering (MBbl/d) 69 84 67(2)

Growing MVCs provide line of sight to long-term organic growth

.
MVCs set at year end 2019 (1) MVCs are set annually at 80% of Hess’ nomination for the three years following each nomination. Once set, MVCs for each year can only be increased and not reduced.
MVCs for 2021 are approximately 85% or greater of Hess’ nomination based on the annual reset. (2) Water gathering MVCs for the year 2022 decrease from 100% to 80% of the nominations.
18