Hess Midstream launches secondary offering of 15M shares by GIP; GIP to exit and board to be restructured

Hess Midstream LP

GIP affiliate offers 15,022,517 Class A shares; HESM receives no proceeds.
Upon closing, GIP will hold no interest; Hess affiliate will own 100% of HIP (GP's sole member).
GIP-designated directors (Brilliant, Lee, Telesz) to resign; no other board changes expected.
Board will consist of up to 8 directors: no more than 4 Hess-affiliated, remainder independent.
Certain actions (debt >4x EBITDA, distributions, M&A, governance) require one Hess and one independent director approval.

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