Hess Midstream LP

Hess Midstream bought back about $30 million of units, this time solely from HINDL, which the filing newly discloses is now an indirect, wholly owned subsidiary of Chevron Corporation - confirming Chevron's 2025 acquisition of Hess Corporation has flowed through to Hess Midstream's own sponsor structure. GIP was not part of this particular repurchase.

material agreement

Hess Midstream's latest ~$100 million sponsor unit repurchase disclosed, for the first time, that the BlackRock acquisition of Global Infrastructure Partners had closed - GIP is now described as "a part of BlackRock" - and gave the post-repurchase ownership split as roughly 47.9% public, 14.3% GIP/BlackRock and 37.8% Hess Corporation.

asset acquisition disposition

Hess Midstream agreed to buy back $750 million of ownership units directly from its sponsors Hess and GIP - the first of what would become a recurring pattern of unit repurchases funded by new debt, gradually converting sponsor-held units into public float.

material agreement

Hess Midstream exercised its option to extend its core minimum-volume gathering, processing and terminal agreements with Hess Corporation by another 10 years, through January 2034 - locking in the revenue base underpinning its business for over a decade beyond the original 2024 expiration.

material agreement

The reorganization closed: Hess Midstream acquired 100% of Hess Infrastructure Partners from Hess Corporation and Global Infrastructure Partners (their 80% stake in the core pipeline joint ventures, 100% of the produced-water business, and all incentive distribution rights) for about $1.15 billion of assumed debt, roughly 230 million newly issued limited partner units, and about $550 million cash - giving Hess Midstream 100% ownership of its underlying midstream assets for the first time.

asset acquisition disposition

The amendment disclosed a right holders lose in the reorganisation: the new partnership agreement makes shareholders irrevocably waive trial by jury for any claim under state or federal law, expressly including claims under the federal securities laws, and binds anyone who later buys shares in the market. A full comparison of old and new holder rights was added with it.

business combination

Hess Midstream Partners registered the shares for its own reorganisation: each public common unit converts into one Class A share of Hess Midstream LP, a partnership that has elected to be taxed as a corporation and which replaces the old partnership as the listed entity. Control stays where it was, with the Hess and Global Infrastructure Partners joint venture above it.

business combination

Hess Midstream Partners LP announced it will acquire Hess Infrastructure Partners (the 50/50 Hess Corporation/Global Infrastructure Partners joint venture that actually owns 80% of the midstream assets), eliminate the incentive distribution rights it pays its sponsors, and convert into a new, corporate-taxed "Hess Midstream LP" - a pro forma $7.25 billion enterprise, immediately accretive to public unitholders, with Hess and GIP retaining majority ownership.

merger communication