Hess Midstream signs of accretive $100M sponsor unit repurchase

Hess Midstream announced the execution of a definitive agreement providing for the repurchase of approximately $100M of Class B units by its subsidiary, Hess Midstream Operations , from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors . The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. “We continue to execute unit repurchase transactions as part of our unique and differentiated financial strategy, which prioritizes consistent and ongoing return of capital to our shareholders,” said Jonathan Stein, Chief Financial Officer of Hess Midstream. “Since the beginning of 2021 through this current transaction, we will have returned $1.55B to shareholders through accretive unit repurchases from our Sponsors that have reduced the total unit count by approximately 20%. Following this unit repurchase, which is expected to provide immediate accretion to our shareholders, we expect to continue to have more than $1B of financial flexibility through 2025 that can be used to support potential incremental unit repurchases.”