Hess Midstream (HESM): Harvest and Blackstone cut holding below 5% threshold

Rhea-AI Filing Summary

Hess Midstream LP is the subject of an amended Schedule 13G filing by Harvest Fund Advisors and several Blackstone-affiliated entities, together described as the Reporting Persons. As of June 30, 2026, the Reporting Persons may be deemed to beneficially own 5,786,130 Class A shares of Hess Midstream, representing 4.5% of the Class A shares outstanding.

These Class A shares represent limited partner interests and are held by funds and accounts managed by Harvest Fund Advisors. The ownership percentage is calculated using 128,350,881 Class A shares outstanding as of April 30, 2026. The Reporting Persons state that they no longer beneficially own more than five percent of the Class A shares and characterize this as an exit filing, while also certifying that the securities were not acquired or held for the purpose of changing or influencing control of Hess Midstream.

Key Figures

Beneficial ownership: 5,786,130 Class A shares Ownership percentage: 4.5% Shares outstanding: 128,350,881 Class A shares +1 more

4 metrics

Beneficial ownership 5,786,130 Class A shares Class A shares of Hess Midstream LP beneficially owned as of June 30, 2026

Ownership percentage 4.5% Percentage of Hess Midstream Class A shares beneficially owned by the Reporting Persons

Shares outstanding 128,350,881 Class A shares Hess Midstream Class A shares outstanding as of April 30, 2026

Ownership threshold status Below 5% Reporting Persons state they no longer beneficially own more than five percent of the class

Key Terms

beneficially own, limited partner interests, exit filing, Schedule 13G, +1 more

5 terms

beneficially own financial

"As of June 30, 2026, HFA may be deemed to beneficially own 5,786,130 Class A shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

limited partner interests financial

"Title of class of securities: Class A shares representing limited partner interests"

An investor's ownership stake in a limited partnership that gives them rights to a share of profits and losses but not day-to-day control over the business, similar to being a silent partner in a project. For investors this matters because it defines how they earn returns, how much risk and liability they carry, and how easy it is to sell their position — all key factors when valuing and comparing investments.

exit filing regulatory

"As of June 30, 2026, the Reporting Persons no longer beneficially own more than five percent ... This filing represents an exit filing"

Schedule 13G regulatory

"This statement is filed on behalf of the Reporting Persons on Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficial ownership financial

"Each Reporting Person may be deemed to beneficially own the securities of the Issuer"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 04:31 PM Accepted by SEC EDGAR 08/07/2026 - 04:30 PM Learn about SEC filing dates

FAQ

What stake in Hess Midstream (HESM) do the Reporting Persons disclose?

The Reporting Persons may be deemed to beneficially own 5,786,130 Class A shares of Hess Midstream LP, representing 4.5% of the outstanding Class A shares, based on 128,350,881 shares outstanding as of April 30, 2026.

Why is this Schedule 13G/A for Hess Midstream (HESM) described as an exit filing?

It is described as an exit filing because, as of June 30, 2026, the Reporting Persons state they no longer beneficially own more than five percent of Hess Midstream’s Class A shares, reducing their holdings below the 5% reporting threshold.

Which entities are included as Reporting Persons for the Hess Midstream (HESM) stake?

Reporting Persons include Harvest Fund Advisors LLC, multiple Blackstone-affiliated entities such as Blackstone Inc. and Blackstone Holdings I L.P., and Stephen A. Schwarzman, all tied through a chain of control relationships described in the filing.

How was the 4.5% ownership in Hess Midstream (HESM) calculated?

The 4.5% figure is based on 5,786,130 Class A shares beneficially owned divided by 128,350,881 Class A shares outstanding as of April 30, 2026, a share count disclosed by Hess Midstream in its Form 10-Q.

Do the Reporting Persons seek to influence control of Hess Midstream (HESM)?

The Reporting Persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Hess Midstream, except for activities solely in connection with a nomination under Rule 14a-11.

Who ultimately controls the Blackstone entities reporting a Hess Midstream (HESM) stake?

The filing states that Blackstone Group Management L.L.C. is wholly owned by Blackstone’s senior managing directors and is controlled by its founder, Stephen A. Schwarzman, who may be deemed to beneficially own the reported securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Hess Midstream LP

(Name of Issuer)

Class A shares representing limited partner interests

(Title of Class of Securities)

428103105

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Harvest Fund Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Harvest Fund Holdco L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Harvest Holdco L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Intermediary Holdco L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Securities Partners L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Advisory Services L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Holdings I L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Holdings I/II GP L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Blackstone Group Management L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 428103105

1

Names of Reporting Persons

Stephen A. Schwarzman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,786,130.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,786,130.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,786,130.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hess Midstream LP
(b)	Address of issuer's principal executive offices: 1501 Mckinney Street, Houston, Texas 77010
Item 2.
(a)	Name of person filing: See Item 2(c) below.
(b)	Address or principal business office or, if none, residence: See Item 2(c) below.
(c)	Citizenship: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: (i) Harvest Fund Advisors LLC ("HFA") 100 W. Lancaster Avenue, Suite 200 Wayne, PA 19087 Citizenship: Delaware (ii) Harvest Fund Holdco L.P. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (iii) Blackstone Harvest Holdco L.L.C. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (iv) Blackstone Intermediary Holdco L.L.C. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (v) Blackstone Securities Partners L.P. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (vi) Blackstone Advisory Services L.L.C. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (vii) Blackstone Holdings I L.P. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (viii) Blackstone Holdings I/II GP L.L.C. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (ix) Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (x) Blackstone Group Management L.L.C. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizenship: Delaware (xi) Stephen A. Schwarzman. c/o Blackstone Inc. 345 Park Avenue New York, NY 10154 Citizen: United States
(d)	Title of class of securities: Class A shares representing limited partner interests
(e)	CUSIP No.: 428103105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2026, HFA may be deemed to beneficially own 5,786,130 Class A shares ("Class A Shares") representing limited partner interests of Hess Midstream LP (the "Issuer") held by funds and accounts managed by HFA. Harvest Fund Holdco L.P. is the sole member of HFA. Blackstone Harvest Holdco L.L.C. is the general partner of Harvest Fund Holdco L.P. Blackstone Intermediary Holdco L.L.C. is the sole member of Blackstone Harvest Holdco L.L.C. Blackstone Securities Partners L.P. is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Advisory Services L.L.C. is the general partner of Blackstone Securities Partners L.P. Blackstone Holdings I L.P. is the sole member of Blackstone Advisory Services L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Class C common stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each Reporting Person may be deemed to beneficially own the securities of the Issuer beneficially owned by entities directly or indirectly controlled by it or him, but each disclaims beneficial ownership of the securities reported herein, and this report shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of such securities for purposes of Section 13(d) of the Act or any other purpose. Calculations of the percentage of shares of Class A Shares beneficially owned are based on 128,350,881 Class A Shares outstanding as of April 30, 2026 as disclosed by the Issuer in its Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 7, 2026. Each of the Reporting Persons may be deemed to be the beneficial owner of the Class A Shares listed on such Reporting Person's cover page.
(b)	Percent of class: As of June 30, 2026, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Class A Shares listed on such Reporting Person's cover page. As of June 30, 2026, the Reporting Persons no longer beneficially own more than five percent of the Class A Shares. This filing represents an exit filing for the Reporting Persons.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See each cover page hereof.
	(ii) Shared power to vote or to direct the vote: See each cover page hereof.
	(iii) Sole power to dispose or to direct the disposition of: See each cover page hereof.
	(iv) Shared power to dispose or to direct the disposition of: See each cover page hereof.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

Each of the Reporting Persons hereby makes the following certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Harvest Fund Advisors LLC

Signature:	/s/ Anthony Merhige
Name/Title:	Anthony Merhige, Senior Managing Director
Date:	08/07/2026

Harvest Fund Holdco L.P.

Signature:	/s/ Anthony Merhige
Name/Title:	Anthony Merhige, Authorized Person
Date:	08/07/2026

Blackstone Harvest Holdco L.L.C.

Signature:	/s/ Anthony Merhige
Name/Title:	Anthony Merhige, Authorized Person
Date:	08/07/2026

Blackstone Intermediary Holdco L.L.C.

Signature:	/s/ Evan Clandorf
Name/Title:	By: Blackstone Securities Partners L.P., its sole member, By: Evan Clandorf, Authorized Person
Date:	08/07/2026

Blackstone Securities Partners L.P.

Signature:	/s/ Evan Clandorf
Name/Title:	Evan Clandorf, Authorized Person
Date:	08/07/2026

Blackstone Advisory Services L.L.C.

Signature:	/s/ Evan Clandorf
Name/Title:	Evan Clandorf, Authorized Person
Date:	08/07/2026

Blackstone Holdings I L.P.

Signature:	/s/ Victoria Portnoy
Name/Title:	By: Blackstone Holdings I/II GP L.L.C., its general partner, By: Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/07/2026

Blackstone Holdings I/II GP L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/07/2026

Blackstone Inc.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/07/2026

Blackstone Group Management L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/07/2026

Stephen A. Schwarzman

Signature:	/s/ Stephen A. Schwarzman
Name/Title:	Stephen A. Schwarzman
Date:	08/07/2026