HESM holder files Form 144 to sell 8,087 Class A shares

Rhea-AI Filing Summary

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).

Insights

Securities counsel perspective

Routine Form 144 for a modest planned sale; neutral impact.

The filing notices an intended sale of 8,087 HESM Class A shares with an aggregate value of $270,822.31, to be sold on the NYSE around Nov 7, 2025 via Fidelity. Form 144 provides advance notice for potential sales by affiliates or large holders under Rule 144.

The shares were acquired via restricted stock vesting on Sep 26, 2025 as compensation, which is common. The filing also lists past 3‑month sales by named parties with specific share counts and proceeds. Actual sales depend on market conditions and execution.

As an administrative disclosure without new operating information, this is typically neutral for valuation. The presence of 129,392,378 shares outstanding offers scale context only.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	8087	270822.31	129392378	11/07/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	09/26/2025	Restricted Stock Vesting	Issuer			8087	09/26/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
John A Gatling 1501 McKinney Street Houston TX 77010	Class A	08/12/2025	43913	1827323.20
Gatling Family Trust 1501 McKinney Street Houston TX 77010	Class A	08/12/2025	18543	770210.42
John A Gatling 1501 McKinney Street Houston TX 77010	Class A	10/08/2025	5817	191600.34

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does HESM’s Form 144 disclose about upcoming share sales?

A planned sale of 8,087 Class A shares with an aggregate market value of $270,822.31, expected around November 7, 2025 on the NYSE.

How were the HESM shares in the Form 144 acquired?

The shares were acquired via restricted stock vesting on September 26, 2025 as compensation.

Which broker is named for the proposed HESM share sale?

The filing lists Fidelity Brokerage Services LLC as the broker for the proposed sale.

How many HESM shares are outstanding according to the notice?

The filing lists 129,392,378 shares outstanding.

What recent HESM share sales are listed in the past 3 months?

Listed sales include John A. Gatling: 43,913 shares for $1,827,323.20 (Aug 12, 2025) and 5,817 shares for $191,600.34 (Oct 8, 2025); Gatling Family Trust: 18,543 shares for $770,210.42 (Aug 12, 2025).

What exchange is named for the HESM shares in the Form 144?

The notice names the NYSE as the exchange.