Hess Midstream LP


Executed a definitive agreement providing for the repurchase of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corp. and Global Infrastructure Partners, Hess Midstream’s sponsors. The transaction is expected to optimize Hess Midstream’s capital structure to our targeted 3.0x debt/adjusted EBITDA for full-year 2022 and provide significant and immediate accretion to its shareholders. The purchase price per Class B unit will be the same per Class A share price paid by the public in the approximately $250 million underwritten secondary public offering by the sponsors concurrently announced. Hess Midstream expects to fund the unit repurchase through debt financing, which may include borrowings under its existing revolving credit facility.

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