Form 4: Hess Corp Executes Share and Unit Transactions in Hess Midstream LP
SEC Form 4
Hess Corp reports changes in beneficial ownership of Hess Midstream LP securities, including cancellation and transfer of Class B shares and Opco Class B Units.
Summary
- Hess Corp, along with related entities, reported changes in their beneficial ownership of Hess Midstream LP securities on June 26, 2024.
- A total of 1,024,471 Class B Shares were cancelled for no consideration in connection with Hess Midstream Operations LP's repurchase of an equivalent number of Opco Class B Units from Hess Investments North Dakota LLC (HINDL).
- Following the repurchase, the Opco Class B Units were also cancelled.
- Additionally, 675,110 Class B Shares were transferred from Hess Midstream GP LP to HINDL for no consideration.
- After these transactions, Hess Corp and related entities continue to hold significant amounts of Class B Shares, Class A Shares, and Opco Class B Units indirectly.
- Hess Corp disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing transactions in company securities. It doesn't inherently convey positive or negative sentiment, but rather reports factual changes in ownership.
Industry Context
This announcement reflects ongoing adjustments in the ownership structure within Hess Midstream LP, potentially related to strategic realignments or capital management initiatives within the Hess Corporation group.
Related Party Transactions
- The cancellation of Class B Shares and repurchase of Opco Class B Units between Hess Midstream Operations LP and Hess Investments North Dakota LLC (HINDL) are related-party transactions.
- The transfer of Class B Shares from Hess Midstream GP LP to HINDL is a related-party transaction.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the adjustments in ownership structure, but the overall impact is likely to be neutral as the transactions are internal to the Hess group.
- Employees and other stakeholders are unlikely to be directly affected by these transactions.
Key Dates
| Date | Description |
|---|---|
| 06/26/2024 | Date of the reported transactions, including cancellation and transfer of Class B Shares and Opco Class B Units. |
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