Form 4: Chevron, Hess Report Beneficial Ownership Changes in Hess Midstream

Chevron and Hess Corporation reported changes in their beneficial ownership of Hess Midstream LP, involving the cancellation of Class B Shares and Opco Class B Units.

Summary

• 455,811 Class B Shares of Hess Midstream LP were cancelled for no consideration.
• The cancellation was linked to Hess Midstream Operations LP's repurchase of 455,811 Opco Class B Units from Hess Investments North Dakota LLC (HINDL).
• The repurchased Opco Class B Units were subsequently cancelled.
• Chevron Corporation and Hess Corporation are deemed beneficial owners of Hess Midstream LP securities through their wholly-owned subsidiary, HINDL.
• Opco Class B Units are convertible into Class A Shares on a one-to-one basis and have no expiration date.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing reporting a change in beneficial ownership, with no direct positive or negative implications for the company's operational or financial performance.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that such ownership adjustments are common following corporate restructuring or strategic portfolio management within large energy conglomerates like Chevron and Hess, reflecting internal capital allocation decisions rather than broader industry shifts.

Related Party Transactions

• Hess Midstream Operations LP repurchased Opco Class B Units from Hess Investments North Dakota LLC (HINDL), a wholly-owned subsidiary of Hess Corporation, which is in turn a wholly-owned subsidiary of Chevron Corporation.

Stakeholder Impact

• Minimal direct impact on public shareholders as this represents an internal beneficial ownership adjustment within the Chevron-Hess corporate structure.

Key Dates

Keywords

Chevron, Hess Corp, Hess Midstream LP, HESM, SEC Form 4, Beneficial Ownership, Class B Shares, Opco Class B Units, Equity Transaction