Hess Midstream P SEC Filings

Hess Midstream LP announced several board changes following a leadership move at its controlling parent. On December 4, 2025, Andrew B. Walz resigned from the Board of Hess Midstream GP LLC, the general partner of Hess Midstream LP, effective immediately. His resignation was due to his appointment as an executive officer of Chevron Corporation and was explicitly stated not to result from any disagreement over the company’s operations, policies, or practices.

In connection with his departure, Kristi H. McCarthy was designated Chairman of the Board, and Barbara F. Harrison, a senior Chevron executive and vice president, Crude Supply and Trading at Chevron U.S.A. Inc., was appointed as a new board member, effective immediately. Chevron, as the indirect parent of the entity that controls the general partner, has the right to appoint all board members. Harrison, like other Chevron-affiliated directors, will not receive additional compensation from Hess Midstream or its general partner for board service and will be entitled to indemnification under the partnership agreement.

Tortoise Capital Advisors, L.L.C. filed Amendment No. 2 to Schedule 13G reporting beneficial ownership of 4,827,169 Hess Midstream LP Class A shares, representing 3.68% of the class as of the stated event date. The filing identifies Tortoise as an investment adviser (IA) and states the securities are held in the ordinary course, not to change or influence control.

Tortoise reports authority stemming from advisory agreements with investment companies and managed accounts, under which clients retain the right to reclaim investment and voting power by terminating their agreements.

Goldman Sachs Asset Management, L.P. filed an Amendment No. 1 to Schedule 13G reporting beneficial ownership of Hess Midstream LP (HESM) Class A shares.

The filing discloses beneficial ownership of 8,333,429 Class A shares, representing 6.4% of the class, with an event date of 09/30/2025. The firm reports 0 shares with sole voting and dispositive power, and 8,333,429 shares with shared voting and shared dispositive power.

The reporting person is classified as an Investment Adviser (IA) and certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

HESM: A Form 144 notice indicates a proposed sale of 8,087 Class A shares, with an aggregate market value of $270,822.31. The shares are listed on the NYSE, and the approximate sale date is November 7, 2025, to be executed through Fidelity Brokerage Services LLC.

The filing states these shares were acquired via restricted stock vesting on September 26, 2025 as compensation. Shares outstanding were 129,392,378 at the time noted. The document also lists recent sales in the past three months, including John A. Gatling (43,913 shares for $1,827,323.20 on August 12, 2025; 5,817 shares for $191,600.34 on October 8, 2025) and the Gatling Family Trust (18,543 shares for $770,210.42 on August 12, 2025).

Hess Midstream LP reported third‑quarter 2025 results showing higher activity and steady cash returns. Revenue was $420.9 million, up from the prior year, with net income of $175.5 million. Net income attributable to Hess Midstream LP was $97.7 million, or $0.75 per Class A share. Net cash provided by operating activities was $258.9 million.

The board declared a quarterly cash distribution of $0.7548 per Class A share, payable November 14, 2025, to holders of record November 6, 2025. Operationally, throughput rose, including 10% higher gas processing, 7% higher oil terminaling, and 7% higher water gathering versus the prior‑year quarter.

During the quarter, the Partnership issued $800.0 million of 5.875% senior notes due 2028 and redeemed its 2026 notes. On July 24, 2025, S&P assigned an investment grade rating of BBB- with a stable outlook, easing certain note and credit facility covenants.

Hess Midstream LP filed a Form 8‑K announcing it issued a news release reporting estimated results for the third quarter of 2025. The news release is furnished as Exhibit 99.1 and incorporated by reference.

HESM Form 144 summary: A notice was filed reporting a proposed sale of 5,817 Class A shares with an aggregate market value of $191,600.34, to be sold on 10/08/2025 via Fidelity Brokerage Services LLC on the NYSE. The shares were acquired by restricted stock vesting from the issuer on 09/26/2025 and were paid as compensation. The filing also discloses insider sales in the prior three months: John A. Gatling sold 43,913 shares for $1,827,323.20 and the Gatling Family Trust sold 18,543 shares for $770,210.42, totaling 62,456 shares and $2,597,533.62 in gross proceeds. The signer certifies no undisclosed material adverse information.

ALPS Advisors, Inc. and the Alerian MLP ETF filed an Amendment to Schedule 13G reporting shared beneficial ownership of common units of Hess Midstream LP. ALPS Advisors reports beneficial ownership of 12.75% of the class, equal to 29,295,245 units, while Alerian MLP ETF reports 12.6%, equal to 28,950,810 units. Both filers state they have no sole voting or dispositive power and instead report shared voting and dispositive power over the listed amounts. The filing clarifies that ALPS Advisors acts as an investment adviser to funds that own the securities and disclaims direct beneficial ownership, and that the holdings are managed in the ordinary course of business and not for the purpose of changing control.

The filing is an Initial Statement of Beneficial Ownership (Form 3) for Michael Scott Bast reporting ownership in Hess Midstream LP (HESM). Mr. Bast directly owns 800 Class A shares and holds three tranches of phantom shares that convert economically 1:1 to Class A shares: 1,327 (2023), 2,378 (2024), and 2,789 (2025). The phantom shares vest on specified dates beginning March 8, 2026 and have no expiration dates. The filing was executed on 09/26/2025.