Form 4: Hess Midstream LP Executive John A. Gatling Reports Share Transactions

John A. Gatling, President and COO of Hess Midstream LP, reports acquisition and disposal of Class A shares and phantom shares, primarily related to settlement of phantom shares and tax withholding.

Summary

• On March 8, 2025, John A. Gatling, President and COO of Hess Midstream LP, acquired Class A shares through the settlement of phantom shares under the company's 2017 Long Term Incentive Plan.
• He acquired 2,486 Class A shares, 2,948 Class A shares, and 2,378 Class A shares from 2022, 2023, and 2024 phantom shares respectively.
• On March 11, 2025, Mr. Gatling disposed of 2,087 Class A shares at a price of $40.598 per share to satisfy tax withholding obligations related to the settlement of phantom shares.
• Following these transactions, Mr. Gatling directly owns 62,457 Class A shares.
• He also acquired 6,199 phantom shares under the 2025 plan, which will vest in three equal installments beginning March 8, 2026.
• After the reported transactions, Mr. Gatling holds 6,199 2025 phantom shares, 4,757 2024 phantom shares, and 2,948 2023 phantom shares.

Sentiment

Score: 5

Explanation: The document reflects standard executive compensation practices and insider trading disclosures, with no indication of unusual or concerning activity.

Future Outlook

The 2025 phantom shares will vest in three equal installments beginning March 8, 2026, indicating future equity-based compensation for the reporting person.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, providing transparency into the trading activities of Hess Midstream LP's executives. It reflects the ongoing equity compensation practices common in the industry.

Comparison to Industry Standards

• Executive compensation packages often include phantom shares or restricted stock units that vest over time, similar to the Hess Midstream LP plan.
• The vesting schedules and tax withholding practices are standard across publicly traded companies.
• Comparable companies like Enterprise Products Partners and MPLX also utilize equity-based compensation for their executives.

Stakeholder Impact

• The transactions have a minor impact on shareholders, reflecting routine executive compensation and tax-related sales.
• Employees participating in the Long Term Incentive Plan are indirectly affected by the vesting and settlement of phantom shares.

Key Dates