Hess Midstream LP has declared a quarterly cash distribution of $0.6011 per share of Class A stock, the company said in a July 24 press release.

The distribution is for the quarter ending June 30. When compared with first-quarter 2023, the distribution represents an approximate increase of 2.7%, the company said.

The increase consists of an approximate 1.5% in Hess Midstream’s distribution level per share and an additional quarterly 1.2% as it chases a targeted 5% growth in annual distributions through 2025.

The distribution will be payable on Aug. 14 to all shareholders of record as of the close of business on Aug. 3.

Hess Midstream owns, operates, develops and acquires midstream assets to provide services to Hess Corp., in addition to third-party customers. Its assets are primarily located in the Bakken and Three Forks plays in the Williston Basin.