Hess Midstream LP raises quarterly distribution 2.7% to 63.43c per share

Hess Midstream LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of 63.43c per Class A share for the quarter ended December 31, 2023. The distribution represents an approximate 2.7% increase in the quarterly distribution per Class A share for the fourth quarter of 2023 as compared to the third quarter of 2023. This increase consists of an approximate 1.5% increase in Hess Midstream’s distribution level per Class A share in addition to the quarterly 1.2% increase per Class A share consistent with its target of at least 5% growth in annual distributions per Class A share through 2025. “We continue to execute on our differentiated financial strategy, prioritizing consistent and ongoing return of capital to our shareholders,” said Jonathan Stein, Chief Financial Officer of Hess Midstream. “With today’s announcement, we have once again utilized our excess adjusted free cash flow beyond our growing distributions to provide a further return of capital to our shareholders through a 1.5% increase per Class A share in our quarterly distribution level in addition to the quarterly 1.2% increase per Class A share consistent with our target of at least 5% growth in annual distributions per Class A share through 2025. We expect to continue to have more than $1 billion of financial flexibility through 2025 that can be used to support our return of capital framework, including potential additional and ongoing unit repurchases that could support further distribution per share level increases.”