Hess Midstream repurchases $100M of Class B units from sponsors at $29.85/unit

Hess Midstream LP

HESM OpCo repurchased 3,350,084 Class B units from affiliates of Hess Corp and GIP for $100M ($29.85/unit).
Repurchased units cancelled; public ownership increases to ~24.0% of consolidated company.
CFO says transaction accretive, supports incremental distribution growth above 5% annual target through 2025.
Funded via revolving credit facility; repurchase approved by conflicts committee of independent directors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Hess Midstream LP entered into Unit Repurchase Agreement with Hess Investments North Dakota LLC and GIP II Blue Holding, L.P. valued at approximately $100 million (effective 2023-06-26).

Action: entry
Agreement: equity purchase
Counterparty: Hess Investments North Dakota LLC and GIP II Blue Holding, L.P.
Value: approximately $100 million
Effective: 2023-06-26

Exact text from the filing

he “Partnership Entities”), Hess Investments North Dakota LLC, a Delaware limited liability company (“HINDL”), and GIP II Blue Holding, L.P., a Delaware limited partnership (“GIP” and, together with HINDL, the “Sponsors” and each, a “Sponsor”), entered into a Unit Repurchase Agreement (the “Repurchase Agreement”) pursuant to which HESM OpCo agreed to purchase from the Sponsors (divided equally between the Sponsors) 3,350,084 Class B units representing limited partner interests in HESM OpCo (the “Class B Units” and such Class B Units subject to the Repurchase Agreement, the “Repurchased Units”) for an aggregate purchase price of approximately $100 million (the “Repurchase Transaction”).

View on SEC.gov

269 material agreements filed in the last 30 days. Browse all material agreements →

Hess Midstream LP filing history →

Source: SEC EDGAR

accession 0001193125-23-178600

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.