Hess Midstream LP: directors' dealings · United States · SEC (Form 4)

About Hess Midstream LP

Hess Midstream LP (NYSE: HESM) is a United States-listed midstream energy company traded on the NYSE. Headquartered in Houston, Texas, it was founded in 2014 and has grown around a fee-based infrastructure model serving crude oil, natural gas and produced-water handling needs in the U.S. upstream value chain. The company’s asset base is concentrated in the Bakken and Three Forks shale plays in the Williston Basin of North Dakota, making it a geographically focused but strategically important logistics platform for one of North America’s key oil-producing regions. ([hessmidstream.com](https://www.hessmidstream.com/news-releases/news-release-details/hess-midstream-lp-announces-filing-2024-annual-report-form-10-k/)) Hess Midstream’s business is organized into three reportable segments: gathering, processing and storage, and terminaling and export. In practical terms, the company collects hydrocarbons and produced water from well sites, processes and stores gas and liquids, and handles terminaling and export functions that move volumes into market channels. This asset mix gives the business a more stable, contract-driven earnings profile than a typical exploration and production company, while still retaining exposure to basin activity levels and drilling momentum. The company describes itself as fee-based and growth-oriented, with services delivered both to Hess-related entities and to third-party customers. ([hessmidstream.com](https://www.hessmidstream.com/news-releases/news-release-details/hess-midstream-lp-announces-filing-2024-annual-report-form-10-k/)) From a corporate history standpoint, a major milestone came in 2019, when Hess Midstream acquired Hess Infrastructure Partners LP and transitioned into an Up-C structure. That move simplified the investment case and aligned the public vehicle more cleanly with its operating assets. The 2019 transaction also reinforced Hess Midstream’s role as a large-scale, publicly traded midstream platform supporting production growth in the Bakken. Since then, the company has remained focused on disciplined infrastructure expansion, asset utilization, and distribution growth rather than broad geographic diversification. ([investors.hess.com](https://investors.hess.com/news-releases/news-release-details/hess-corporation-receive-cash-and-equity-sale-hess)) In competitive terms, Hess Midstream benefits from long-life assets, a concentrated operating footprint, and relatively resilient cash generation characteristics typical of midstream businesses. Its specialization is a strength: it is deeply integrated into the logistics needs of a major producing basin, which can support steady throughput demand. The flip side is concentration risk, since performance depends heavily on activity levels in North Dakota and on the health of the associated producer base. For investors in France, Belgium and Switzerland, that makes HESM a relatively defensive energy infrastructure name rather than a commodity beta play. ([hessmidstream.com](https://www.hessmidstream.com/news-releases/news-release-details/hess-midstream-lp-announces-filing-2024-annual-report-form-10-k/)) Recent company disclosures underscore continued operational momentum. Hess Midstream announced the filing of its 2024 Form 10-K on February 27, 2025. In its Form 10-Q filed in November 2025, the company reported higher nine-month revenues versus the prior year and declared a quarterly cash distribution of $0.7548 per Class A Share, payable on November 14, 2025. The same filing also notes a sponsor transition: Chevron became the sponsor from July 18, 2025, following changes in the upstream ownership structure. Taken together, these updates suggest business continuity, ongoing distribution support and an unchanged strategic role in the Bakken midstream ecosystem. ([hessmidstream.com](https://www.hessmidstream.com/news-releases/news-release-details/hess-midstream-lp-announces-filing-2024-annual-report-form-10-k/))