Harvest Fund Advisors and Blackstone disclose 3.8% Hess Midstream stake

Rhea-AI Filing Summary

Amendment No. 1 to a Schedule 13G/A reports that Harvest Fund Advisors LLC and related Blackstone entities may be deemed to beneficially own up to 5,016,295 Class A shares of Hess Midstream LP, representing 3.8% of the Class A shares outstanding. The percentage is calculated on 131,084,592 Class A shares outstanding following the issuer's May 30, 2025 prospectus disclosure and reflects holdings as of June 30, 2025.

The filing maps the ownership chain: the shares are held by funds and accounts managed by HFA and by entities within the Blackstone structure. The reporting persons disclaim beneficial ownership for some entities and certify the shares were not acquired to change or influence control of the issuer.

Positive

• Transparent disclosure of beneficial ownership totaling up to 5,016,295 Class A shares (3.8%)
• Clear ownership chain showing holdings are through funds/accounts managed by Harvest Fund Advisors and Blackstone entities
• Item 10 certification stating the shares were not acquired to influence control, indicating a passive intent

Negative

• Stake is below 5%, limiting the reporting persons' ability to materially influence issuer strategy
• Complex, multi-entity ownership structure could complicate immediate clarity around economic vs. voting arrangements despite disclosure

Insights

Financial Analyst

TL;DR: Stake is modest at ~3.8%, signaling transparency without a control intent.

The Schedule 13G/A discloses a beneficial position of up to 5,016,295 Class A shares in Hess Midstream (HESM), equating to 3.8% of the class on a 131,084,592 share base. For market impact, a sub-5% stake typically lacks the weight to drive strategic outcomes or force board changes. The filing clarifies ownership through managed funds and a multi-layer Blackstone structure, and includes the Item 10 certification stating the position was not acquired to influence control, which reinforces a passive investor profile.

Corporate Governance Expert

TL;DR: Disclosure provides governance clarity; ownership structure is layered but explicitly passive.

The amendment documents the chain of control from Harvest Fund Advisors through multiple Blackstone entities and notes a small incremental holding of 651 shares attributed to Blackstone Intermediary Holdco L.L.C., producing the maximum reported beneficial ownership of 5,016,295 shares. The explicit disclaimer of beneficial ownership by certain reporting persons and the certification that the stake was not acquired to influence control reduce the likelihood this holding will trigger governance engagement obligations or active proxy actions.

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)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 5,015,644.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,015,644.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,015,644.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,015,644.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,015,644.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,015,644.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 5,015,644.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,015,644.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,015,644.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 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 5,016,295.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,016,295.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,016,295.00

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)

3.8 %

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 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2025, HFA may be deemed to beneficially own 5,015,644 Class A shares representing limited partner interests of the Issuer ("Class A Shares") held by funds and accounts managed by HFA. Blackstone Intermediary Holdco L.L.C. may be deemed to beneficially own an additional 651 Class A Shares held by a fund or account over which it may be deemed to have indirect voting and dispositive power. 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 131,084,592 Class A Shares outstanding following the secondary offering described by the Issuer in the Prospectus filed by the Issuer with the Securities and Exchange Commission on May 30, 2025. 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: See each cover page hereof.
(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, See Exhibit 99.1
Date:	08/08/2025

Harvest Fund Holdco L.P.

Signature:	/s/ Marisa Beeney
Name/Title:	Marisa Beeney, Authorized Person, See Exhibit 99.1
Date:	08/08/2025

Blackstone Harvest Holdco L.L.C.

Signature:	/s/ Marisa Beeney
Name/Title:	Marisa Beeney, Authorized Person, See Exhibit 99.1
Date:	08/08/2025

Blackstone Intermediary Holdco L.L.C.

Signature:	/s/ Evan Clandorf
Name/Title:	Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:	08/08/2025

Blackstone Securities Partners L.P.

Signature:	/s/ Evan Clandorf
Name/Title:	Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:	08/08/2025

Blackstone Advisory Services L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:	08/08/2025

Blackstone Holdings I L.P.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:	08/08/2025

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

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:	08/08/2025

Blackstone Inc.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:	08/08/2025

Blackstone Group Management L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:	08/08/2025

Stephen A. Schwarzman

Signature:	/s/ Stephen A. Schwarzman
Name/Title:	Stephen A. Schwarzman
Date:	08/08/2025

Exhibit Information

Exhibit 99.1 Signatures (filed herewith).

FAQ

What stake do Harvest Fund Advisors and Blackstone report in Hess Midstream (HESM)?

The filing discloses up to 5,016,295 Class A shares beneficially owned, representing 3.8% of the Class A shares outstanding.

What reporting date and outstanding share base are used in the HESM Schedule 13G/A?

Holdings are reported as of June 30, 2025, calculated on 131,084,592 Class A shares outstanding following the May 30, 2025 prospectus disclosure.

Which entities filed the Schedule 13G/A for HESM?

The statement is filed on behalf of Harvest Fund Advisors LLC and multiple related Blackstone entities including Blackstone Inc., Blackstone Holdings I L.P., and affiliated holdco and advisory entities.

Does the filing indicate an intent to influence control of Hess Midstream (HESM)?

No. Item 10 contains a certification that the securities were not acquired and are not held to change or influence control of the issuer.

What is the CUSIP for the securities reported in this Schedule 13G/A?

The CUSIP reported for Hess Midstream LP Class A shares is 428103105.