Harvest Fund Advisors and affiliated Blackstone entities report owning 6,528,473 Hess Midstream LP Class A shares, or 5.1% of the class. These Class A units represent limited partner interests in Hess Midstream.
The shares are held in funds and accounts managed by Harvest Fund Advisors LLC, with a chain of control running through multiple Blackstone holding and management entities up to Blackstone Inc. and Blackstone Group Management L.L.C., which is controlled by founder Stephen A. Schwarzman. All reporting persons state that they may be deemed beneficial owners through these control relationships but expressly disclaim beneficial ownership.
The ownership percentage is calculated using 129,392,378 Class A shares outstanding as of October 31, 2025, as disclosed in Hess Midstream’s Form 10-Q. The group also certifies that the securities were not acquired to change or influence control of Hess Midstream, other than activities solely in connection with a nomination under the specified proxy rule.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Hess Midstream LP
(Name of Issuer)
Class A shares representing limited partner interests
(Title of Class of Securities)
428103105
(CUSIP Number)
02/09/2026
(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)
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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
6,528,473.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,528,473.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,528,473.00
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)
5.1 %
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 February 9, 2026, HFA may be deemed to beneficially own 6,528,473 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 129,392,378 Class A Shares outstanding as of October 31, 2025 as disclosed by the Issuer in its Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 6, 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.
Not Applicable
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:
02/17/2026
Harvest Fund Holdco L.P.
Signature:
/s/ Marisa Beeney
Name/Title:
Marisa Beeney, Authorized Person, See Exhibit 99.1
Date:
02/17/2026
Blackstone Harvest Holdco L.L.C.
Signature:
/s/ Marisa Beeney
Name/Title:
Marisa Beeney, Authorized Person, See Exhibit 99.1
Date:
02/17/2026
Blackstone Intermediary Holdco L.L.C.
Signature:
/s/ Evan Clandorf
Name/Title:
Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:
02/17/2026
Blackstone Securities Partners L.P.
Signature:
/s/ Evan Clandorf
Name/Title:
Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:
02/17/2026
Blackstone Advisory Services L.L.C.
Signature:
/s/ Evan Clandorf
Name/Title:
Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:
02/17/2026
Blackstone Holdings I L.P.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
02/17/2026
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:
02/17/2026
Blackstone Inc.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
02/17/2026
Blackstone Group Management L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
What stake in Hess Midstream LP (HESM) is reported in this Schedule 13G?
The filing reports beneficial ownership of 6,528,473 Class A shares of Hess Midstream LP, representing 5.1% of the outstanding Class A units. This percentage is based on 129,392,378 Class A shares outstanding as of October 31, 2025.
Who are the reporting persons on this Hess Midstream (HESM) Schedule 13G?
The reporting group includes Harvest Fund Advisors LLC, multiple affiliated Blackstone entities (such as Blackstone Inc. and related holding companies), and Stephen A. Schwarzman. Each may be deemed to beneficially own the same 6,528,473 Class A shares through control relationships.
How is the 5.1% ownership in Hess Midstream (HESM) calculated?
The 5.1% figure is calculated by dividing 6,528,473 Class A shares by 129,392,378 Class A shares outstanding as of October 31, 2025, a number disclosed in Hess Midstream’s Form 10-Q filed November 6, 2025.
Do Harvest and Blackstone claim full beneficial ownership of their HESM shares?
The filing states each reporting person may be deemed to beneficially own Hess Midstream securities through entities they control, but each disclaims beneficial ownership. The report is not an admission of beneficial ownership for Section 13(d) or any other purpose.
Are Harvest and Blackstone seeking to influence control of Hess Midstream (HESM)?
The group certifies that the Hess Midstream securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, other than activities solely related to a nomination under the referenced proxy rule.
What type of Hess Midstream (HESM) securities are covered in this Schedule 13G?
The Schedule 13G covers Class A shares representing limited partner interests in Hess Midstream LP. These are the publicly traded units, identified by CUSIP 428103105, and the filing focuses on this specific class.
What is the key ownership date referenced in the Hess Midstream (HESM) filing?
As of February 9, 2026, Harvest Fund Advisors may be deemed to beneficially own 6,528,473 Hess Midstream Class A shares held by funds and accounts it manages. The outstanding share count baseline is as of October 31, 2025.
