Hess Midstream LP announces an Equity Buyback for $10 million worth of its shares.

Published: 2025-05-07 12:15:00 ET HESM

Published on 05/07/2025 at 12:15, updated on 05/07/2025 at 17:20

Hess Midstream LP (NYSE:HESM) announces a share repurchase program. Under the program, the company entered into a agreement with JPMorgan Chase Bank to repurchase class A shares up to $10 million worth of its stock. The program will be funded via borrowings under its existing revolving credit facility.

The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on the average of the daily volume-weighted average prices of company's class A shares during the term of the program. The company will receive an initial share delivery of 189,804 Class A shares from JPM, representing approximately 70% of the expected Class A share repurchases under the ASR agreement, based on the closing price of the Class A shares of $36.88 on May 5, 2025. The transactions under ASR agreement is expected to occur in May 2025.