Hess Midstream Partners raises quarterly distribution 2.7% to 58.51c per share

Hess Midstream LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.5851 per Class A share for the quarter ended March 31, 2023. The distribution represents an approximate 2.7% increase in the quarterly distribution per Class A share for the first quarter of 2023 as compared to the fourth quarter of 2022. 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. "We continue to use our financial flexibility to deliver consistent and ongoing return of capital to our shareholders," said Jonathan Stein, Chief Financial Officer of Hess Midstream. "With today’s announcement, we utilized our excess adjusted free cash flow beyond our growing distributions and were able to provide a further return of capital to our shareholders through a 1.5% increase per Class A share in our quarterly distribution level and continue to target at least 5% annual distribution growth per Class A share through 2025 from this new higher distribution level. 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."