Hess Midstream announces $60M repurchase: $18M sponsor buyback + $42M ASR

Hess Midstream LP

Repurchased 455,811 Class B units from Chevron affiliate at $39.49/unit for ~$18M.
Entered $42M ASR with JPMorgan to repurchase Class A shares; initial delivery of 744,492 shares.
Both repurchases funded via revolving credit facility; repurchased securities will be cancelled.
Post unit repurchase, public ownership ~62.2%, Chevron ~37.8%; expects increased distributable cash flow per share.
Reaffirms ~$1B financial flexibility through 2028 for incremental shareholder returns and debt repayment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Hess Midstream LP entered into Unit Repurchase Agreement with Hess Investments North Dakota LLC valued at approximately $18 million (effective 2026-03-02).

Action: entry
Agreement: equity purchase
Counterparty: Hess Investments North Dakota LLC
Value: approximately $18 million
Effective: 2026-03-02

Exact text from the filing

On March 2, 2026, Hess Midstream LP, a Delaware limited partnership (the “Company”), Hess Midstream Operations LP, a Delaware limited partnership and a subsidiary of the Company that holds all of the Company’s operating assets (“HESM OpCo” and, together with the Company, the “Partnership Entities”), and Hess Investments North Dakota LLC, a Delaware limited liability company (“HINDL”) and an indirect, wholly owned subsidiary of Chevron Corporation (“Chevron”), entered into a Unit Repurchase Agreement (the “Repurchase Agreement”) pursuant to which HESM OpCo agreed to purchase from HINDL 455,811 Class B units representing limited partner interests in HESM OpCo (“Class B Units” and such Class B Units subject to the Repurchase Agreement, the “Subject Units”) for an aggregate purchase price of approximately $18 million (the “Repurchase Transaction”).

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Hess Midstream LP filing history →

Source: SEC EDGAR

accession 0001193125-26-091542

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