Form 4: BlackRock Portfolio Management LLC Reports Changes in Hess Midstream LP Ownership

BlackRock Portfolio Management LLC reports transactions involving Hess Midstream LP's Class A and Class B shares, including a conversion of Opco Class B Units into Class A Shares.

Summary

• BlackRock Portfolio Management LLC filed a Form 4 detailing changes in beneficial ownership of Hess Midstream LP [HESM] securities on February 13, 2025.
• The transactions occurred on February 12, 2025, and involved Class A and Class B shares.
• 11,000,000 Class B Shares were cancelled for no consideration in connection with the conversion of Opco Class B Units into Class A Shares.
• 11,000,000 Class A Shares were acquired through conversion of Opco Class B Units.
• 11,000,000 Class A Shares were disposed of at a price of $39.11 per share.
• Following the reported transactions, BlackRock Portfolio Management LLC indirectly beneficially owns 19,336,403 Class B Shares and 449,000 Class A Shares through Hess Midstream GP LP and Blue Holding respectively.
• The Opco Class B Units can be converted into Class A Shares on a one-to-one basis at any time.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, providing transparency to the market.

Stakeholder Impact

• The transactions may influence the market's perception of Hess Midstream LP, potentially affecting shareholder value.

Key Dates