• Hess Midstream LP updates its full year 2026 guidance.
  • Hess Midstream LP provides preliminary financial guidance for 2027 after giving effect to the transaction, including expected Adjusted EBITDA(1) of approximately $850 million to $950 million(2), with expected Gross Adjusted EBITDA Margin(1) of approximately 75%, and expected Adjusted Free Cash Flow(1) of approximately $525 million to $625 million, based on approximately $125 million of expected capital expenditures across the DJ and Bakken basins.
  • Hess Midstream LP expects to continue to target annual distribution per Class A share growth of 5% per share on an annualized basis in the third and fourth quarters of 2026. Hess Midstream LP expects to maintain its quarterly distributions in 2027 consistent with the expected fourth quarter 2026 distribution amount and intends to maintain at least that distribution level going forward fully funded by Adjusted Free Cash Flow.
  • Hess Midstream LP expects 2027 leverage in the range of 3.75x – 4.0x Adjusted EBITDA, and long-term leverage declining to a range of 3.5x – 3.75x Adjusted EBITDA.

 (1)Adjusted EBITDA, Gross Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to the most directly comparable GAAP measures appear in the following pages of this release.

(2)The value of the DJ Basin assets and shares transferred will be added to a contract liability associated with the Bakken commercial agreements. The aggregate contract liability balance will be recognized to revenue through 2045. Our 2027 Adjusted EBITDA guidance includes an estimate of the incremental revenue associated with this contract liability.

Hess Midstream LP (NYSE:HESM) ("Hess Midstream" or the "Company") today announced the execution of a definitive agreement with Chevron to acquire DJ Basin crude oil and gas gathering and storage assets from Chevron. Chevron will contribute all of its existing ownership interests in Hess Midstream as part of the transaction, including 100% of the ownership interests in Hess Midstream’s general partner, Hess Midstream GP LP ("GP LP"), and 100% of the ownership interests in GP LP’s general partner (together, the "General Partner"). Hess Midstream will cancel all of the contributed interests in Hess Midstream and will own 100% of the General Partner. In connection with the closing of the transaction, Chevron and Hess Midstream will amend their existing Bakken commercial agreements and Hess Midstream will provide midstream gathering, transportation and storage services to Chevron in the DJ Basin under long-term, fee-based commercial agreements supported by acreage dedications. The transaction is expected to establish Hess Midstream as an independent, multi-basin midstream company.