[Form 4] Hess Midstream LP Class A Share representing a limited partner Interest Insider Trading Activity

Rhea-AI Filing Summary

John A. Gatling, President and COO of Hess Midstream LP (HESM), reported an insider sale on 08/12/2025. The Form 4 shows he disposed of 62,457.163 Class A shares representing limited partner interests at a weighted-average price of $41.59 per share, with execution prices ranging from $41.525 to $41.650. The filing lists the amount of securities beneficially owned following the reported transactions as 0, indicating no remaining direct ownership reported on this form. The Form 4 was signed by an agent on 08/14/2025 and includes an undertaking to provide transaction-level details upon request.

Positive

• Timely and detailed disclosure of the sale, including weighted-average price and execution price range
• Form 4 filed and signed shortly after the transaction, maintaining Section 16 transparency

Negative

• Reported direct ownership reduced to zero after the sale of 62,457.163 Class A shares, which may be viewed negatively by some investors
• No indication in this Form 4 that the sale was made under a Rule 10b5-1 plan or similar pre-arranged program

Insights

Securities Analyst

TL;DR: Insider sale of 62,457.163 Class A shares at ~$41.59 reduces reported direct holdings to zero; disclosure is timely and precise.

The filing documents a material open-market sale by the company's President and COO on 08/12/2025. The reported weighted-average price and disclosed execution range allow investors to see the price band for the disposition. Because the post-transaction beneficial ownership is reported as zero, this transaction represents a full divestiture of the reported direct stake. From a market-significance perspective, the sale size should be assessed relative to HESM's free float and average daily volume; that context is not provided in this Form 4 and would determine near-term trading impact.

Corporate Governance Expert

TL;DR: The report reflects standard Section 16 disclosure for an officer sale; transparency is upheld but raises governance questions investors may note.

The form identifies John A. Gatling as President and COO and records an executed sale reducing his reported direct holdings to zero. The filer used an agent to sign and discloses the weighted-average sale price and price range, which supports transparency. While timely reporting and price-range disclosure meet disclosure norms, the document does not state whether the sales were pursuant to a Rule 10b5-1 plan or other pre-arranged program; that absence is explicit in this filing and may be relevant for interpreting the motivation and compliance posture behind the transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gatling John A.

(Last) (First) (Middle)

1501 MCKINNEY STREET

(Street)

HOUSTON TX 77010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hess Midstream LP [ HESM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and COO

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Shares	08/12/2025		S		62,457.163	D	$41.59(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported sales transactions were executed at prices ranging from $41.525 to $41.650. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide, upon request, to the SEC staff, the issuer or a security holder of the issuer, full information regarding the number of shares and prices at which the transactions were affected.

	Barry Schachter for John A. Gatling	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did John A. Gatling report in his Form 4 for HESM?

He reported selling 62,457.163 Class A shares on 08/12/2025 at a weighted-average price of $41.59, with execution prices ranging $41.525–$41.650, and reported 0 shares owned after the transaction.

When was the transaction executed and when was the Form 4 filed?

Transaction date: 08/12/2025. Form signed/filed (agent): 08/14/2025.

Does the Form 4 state the sale was under a 10b5-1 plan?

No. The filing does not indicate the transaction was made pursuant to a Rule 10b5-1 plan.

What price range were the shares sold at?

Execution prices ranged from $41.525 to $41.650, with a reported weighted-average price of $41.59.

Who signed the Form 4 on behalf of the reporting person?

Barry Schachter signed the Form 4 on behalf of John A. Gatling on 08/14/2025.