Hess Midstream (NYSE: HESM) director gets 1,656 new phantom shares

Rhea-AI Filing Summary

Hess Midstream LP director J Patrick Reddy converted 1,612 2025 phantom shares into 1,612 Class A shares at an exercise price of $0.00 per share. These phantom shares, each economically equivalent to one Class A share, vested on March 8, 2026.

On the same date, he received a grant of 1,656 2026 phantom shares, also economically equivalent to Class A shares and scheduled to vest on March 8, 2027. Following these transactions, he holds 24,437 Class A shares directly and 1,656 phantom shares.

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

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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^*

REDDY J PATRICK

(Last) (First) (Middle)

1400 SMITH STREET

(Street)

HOUSTON TX 77002

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/08/2026

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	03/08/2026		M(1)		1,612	A	$0	24,437	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
2025 Phantom Shares	$0	03/08/2026		M			1,612	(2)	(2)	Class A Shares	1,612	$0	0	D
2026 Phantom Shares	(3)	03/08/2026		A		1,656		(4)	(4)	Class A Shares	1,656	$0	1,656	D

Explanation of Responses:

1. Class A shares acquired upon settlement of phantom shares granted in 2025 for service as director. Each phantom share is the economic equivalent of one Class A share.

2. The 2025 phantom shares vested on March 8, 2026.

3. Each phantom share is the economic equivalent of one Class A share.

4. The phantom shares will vest on March 8, 2027 and have no expiration date.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Jessica Cauley, Attorney-In-Fact for John P. Reddy	03/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Hess Midstream (HESM) director J Patrick Reddy report?

Director J Patrick Reddy exercised 1,612 2025 phantom shares into 1,612 Class A shares at $0.00 per share and received a grant of 1,656 2026 phantom shares, all dated March 8, 2026 as part of director compensation.

How many Hess Midstream (HESM) shares does J Patrick Reddy hold after these transactions?

After the reported transactions, J Patrick Reddy directly owns 24,437 Class A shares of Hess Midstream LP and holds 1,656 2026 phantom shares, which are economically equivalent to Class A shares and will vest on March 8, 2027.

What are Hess Midstream (HESM) 2025 and 2026 phantom shares mentioned in the filing?

The 2025 and 2026 phantom shares are compensation awards for service as director, each economically equivalent to one Class A share. 2025 phantom shares vested on March 8, 2026, while the 2026 phantom shares will vest on March 8, 2027 and have no expiration date.

Was J Patrick Reddy’s Hess Midstream (HESM) transaction an open-market stock purchase or sale?

The transactions were not open-market trades. They reflect a derivative exercise of 1,612 2025 phantom shares into Class A shares at $0.00 per share and a grant of 1,656 new 2026 phantom shares as part of director compensation.

When did Hess Midstream (HESM) director phantom shares vest and when will new awards vest?

The 2025 phantom shares vested on March 8, 2026, triggering settlement into Class A shares. The newly granted 2026 phantom shares are scheduled to vest on March 8, 2027 and carry no expiration date, according to the disclosure footnotes.

Does the Hess Midstream (HESM) Form 4 show any insider share sales by J Patrick Reddy?

The disclosure shows no sales. It reports only the exercise or conversion of 1,612 phantom shares into Class A shares and the grant of 1,656 additional phantom shares, both categorized as acquisitions related to director compensation rather than market transactions.