Hess Midstream (HESM) said 10 million Class A shares representing limited partner interests in the company will be made available in a public offering, according to a Feb. 5 news release.
Global Infrastructure Partners, an HESM affiliate, will act as the selling shareholder. The plan is for a 30-day option for up to 1.5 million additional Class A shares. Hess Midstream will not receive proceeds from the sale of Class A shares in the offering.
Hess Midstream said Citigroup is serving as bookrunning manager of the offering. The agency underwriting the sale intends to sell Class A shares occasionally in one or more transactions on the New York Stock Exchange. The sale will be through over-the-counter market transactions at market or negotiated prices.
Recommended Reading
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
Gulfport Plans Liquids-rich Program After ‘Strong’ Ohio Oil Tests
2024-05-01 - Appalachia gas producer Gulfport Energy continues to report “strong oil production” from a two-well Hendershot pad drilled in eastern Ohio last year. Gulfport plans to develop additional liquids-rich opportunities this year as natural gas prices hover near record lows.