Hess Midstream signs $200M repurchase: $190M from sponsors, $10M ASR of Class A shares

Hess Midstream LP

HESM OpCo to repurchase 5,151,842 Class B units from sponsors for ~$190M at $36.88/share; units canceled.
ASR agreement with JPMorgan to repurchase $10M of Class A shares; initial delivery of 189,804 shares.
Post-unit repurchase (pre-ASR) ownership: public 55.1%, Hess Corp 37.8%, GIP/BlackRock 7.1%.
Unit repurchase expected to close May 9, 2025; ASR final settlement in May 2025; funded via credit facility.
CFO says repurchases accretive; expects >$1.25B financial flexibility through 2027 for further repurchases.

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