Form 4: Hess Midstream LP: Key Entities Adjust Class B Share Holdings Following Opco Unit Conversion

Hess Infrastructure Partners GP LLC, Hess Midstream GP LLC, and Hess Midstream GP LP report changes in beneficial ownership of Hess Midstream LP shares following the conversion of Opco Class B Units into Class A Shares.

Summary

• Hess Infrastructure Partners GP LLC, Hess Midstream GP LLC, and Hess Midstream GP LP filed a Form 4 detailing changes in their beneficial ownership of Hess Midstream LP [HESM] securities.
• The changes are related to the conversion of Opco Class B Units into Class A Shares.
• Specifically, 1,650,000 Class B Shares were cancelled for no consideration in connection with the conversion.
• Additionally, 1,650,000 Class B Shares were transferred from Hess Midstream GP LP to Hess Investments North Dakota LLC for no consideration.
• Following these transactions, Hess Midstream GP LP beneficially owns 35,372,806 Class B Shares and 898,000 Class A Shares.
• Hess Infrastructure Partners GP LLC is the sole member of Hess Midstream GP LLC, which is the general partner of Hess Midstream GP LP; therefore, each entity may be deemed to beneficially own the securities held by Hess Midstream GP LP.

Sentiment

Score: 7

Explanation: The document is a standard SEC filing detailing changes in beneficial ownership. It doesn't contain overtly positive or negative information, but the restructuring suggests ongoing management of the company's capital structure, which is generally viewed neutrally to slightly positively.

Industry Context

This filing reflects internal restructuring and adjustments in share ownership within the Hess Midstream LP structure, which is common in master limited partnerships (MLPs) following unit conversions or internal transfers.

Related Party Transactions

• The transfer of 1,650,000 Class B Shares from Hess Midstream GP LP to Hess Investments North Dakota LLC is a related party transaction.
• The entities involved are all affiliated with Hess Midstream LP.

Stakeholder Impact

• The changes in beneficial ownership are unlikely to have a significant immediate impact on shareholders, employees, customers, suppliers, or creditors.
• The transactions reflect internal restructuring and do not represent a fundamental shift in the company's operations or financial condition.

Key Dates