Ownership of Hess Midstream now consists of about 62.2% for the public and 37.8% for Hess Corp. (Source: Shutterstock)
BlackRock subsidiary Global Infrastructure Partners (GIP) finished its investment exit of Hess Midstream on May 30, Hess announced.
GIP exited its position in Hess Midstream after the closing of a public offering on May 30. The firm sold approximately 15.02 million shares at $37.25 per share.
Ownership of Hess Midstream now consists of about 62.2% for the public and 37.8% for Hess Corp.
“We are thankful for the prosperous partnership with GIP, which allowed us to build a leading midstream platform together, and we are excited to continue executing on our track record of operational and financial excellence,” said Jonathan Stein, CFO of Hess Midstream, in the announcement.
Hess Midstream reconfigured its board with the closing. GIP’s three designated board members resigned their positions. The board may now have a total of eight members, four designated by Hess and four independent members.
There are no changes to the commercial agreements with Hess as a result of the closing of the GIP offering and this governance update, according to the announcement.
“We expect to continue to have more than $1.25 billion of financial flexibility through 2027 that can be used to support incremental repurchase transactions, which may include repurchases of additional publicly traded Class A shares,” Stein said.
Recommended Reading
Dividends Declared the Week of May 12
2025-05-18 - Here is a compilation of dividends declared during the week of May 12 from select upstream, midstream and service and supply companies including Hess Corp, Diversified Energy and South Bow.
ProPetro Appoints Caleb Weatherl to CFO
2025-07-16 - Caleb Weatherl, most recently Garrison Energy’s CEO and board member, has joined ProPetro Holding Corp. as the company’s new CFO.
IPAA Seeking New CEO as Eshelman to Take New Role
2025-06-12 - IPAA’s chairman Mike Hillebrand told members in an email that the next CEO would be “a visionary, dynamic leader who understands the unique challenges and opportunities facing our diverse membership.”
ArcLight, DigitalBridge Back Data Center Co. Takanock with $500MM
2025-06-25 - Takanock has secured capital commitments totaling $500 million from ArcLight and DigitalBridge to address data center power constraints.
Top US Private Producers See Opportunity in Market Volatility
2025-06-30 - Privately held oil and gas producers from Surge Energy, Northeast Natural Energy, Anschutz Exploration, Greylock Energy and Jonah Energy dish on their plans in the Delaware, Midland Appalachian basins, where they ready to pounce on M&A opportunities.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.