Amendment: SEC Form SC 13D/A filed by Hess Midstream LP

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 16)*

 

 

Hess Midstream LP

(Name of Issuer)

Class A Shares

(Title of Class of Securities)

428103105

(CUSIP Number)

Timothy B. Goodell

Hess Corporation

1185 Avenue of the Americas

New York, NY 10036

(212) 997-8500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 9, 2024

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

 

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No. 428103105		13D		Page 1 of 8 pages

 

1		Name of Reporting Person    Hess Midstream GP LP
2		Check the Appropriate Box if a Member of a Group  (a): ☐  (b): ☐
3		SEC Use Only
4		Source of Funds    OO
5		Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)    ☐
6		Citizenship or Place of Organization    Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person with				7		Sole Voting Power    0
				8		Shared Voting Power    898,000
				9		Sole Dispositive Power    0
				10		Shared Dispositive Power    898,000

11		Aggregate Amount Beneficially Owned by Each Reporting Person    898,000
12		Check if the Aggregate Amount in Row (11) Excludes Certain Shares    Not Applicable
13		Percent of Class Represented by Amount in Row (11)    1.0%
14		Type of Reporting Person    PN

CUSIP No. 428103105		13D		Page 2 of 8 pages

 

1		Name of Reporting Person    Hess Midstream GP LLC
2		Check the Appropriate Box if a Member of a Group  (a): ☐  (b): ☐
3		SEC Use Only
4		Source of Funds    OO
5		Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)    ☐
6		Citizenship or Place of Organization    Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person with				7		Sole Voting Power    0
				8		Shared Voting Power    898,000
				9		Sole Dispositive Power    0
				10		Shared Dispositive Power    898,000

11		Aggregate Amount Beneficially Owned by Each Reporting Person    898,000
12		Check if the Aggregate Amount in Row (11) Excludes Certain Shares    Not Applicable
13		Percent of Class Represented by Amount in Row (11)    1.0%
14		Type of Reporting Person    OO (Delaware limited liability company)

CUSIP No. 428103105		13D		Page 3 of 8 pages

 

1		Name of Reporting Person    Hess Infrastructure Partners GP LLC
2		Check the Appropriate Box if a Member of a Group  (a): ☐  (b): ☐
3		SEC Use Only
4		Source of Funds    OO
5		Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)    ☐
6		Citizenship or Place of Organization    Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person with				7		Sole Voting Power    0
				8		Shared Voting Power    898,000
				9		Sole Dispositive Power    0
				10		Shared Dispositive Power    898,000

11		Aggregate Amount Beneficially Owned by Each Reporting Person    898,000
12		Check if the Aggregate Amount in Row (11) Excludes Certain Shares    Not Applicable
13		Percent of Class Represented by Amount in Row (11)    1.0%
14		Type of Reporting Person    OO (Delaware limited liability company)

CUSIP No. 428103105		13D		Page 4 of 8 pages

 

1		Name of Reporting Person    Hess Investments North Dakota LLC
2		Check the Appropriate Box if a Member of a Group  (a): ☐  (b): ☐
3		SEC Use Only
4		Source of Funds    OO
5		Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)    ☐
6		Citizenship or Place of Organization    Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person with				7		Sole Voting Power    0
				8		Shared Voting Power    82,883,687
				9		Sole Dispositive Power    0
				10		Shared Dispositive Power    82,883,687

11		Aggregate Amount Beneficially Owned by Each Reporting Person    82,883,687
12		Check if the Aggregate Amount in Row (11) Excludes Certain Shares    Not Applicable
13		Percent of Class Represented by Amount in Row (11)    47.8%
14		Type of Reporting Person    OO (Delaware limited liability company)

CUSIP No. 428103105		13D		Page 5 of 8 pages

 

1		Name of Reporting Person    Hess Corporation
2		Check the Appropriate Box if a Member of a Group  (a): ☐  (b): ☐
3		SEC Use Only
4		Source of Funds    OO
5		Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)    ☐
6		Citizenship or Place of Organization    Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person with				7		Sole Voting Power    0
				8		Shared Voting Power    82,883,687
				9		Sole Dispositive Power    0
				10		Shared Dispositive Power    82,883,687

11		Aggregate Amount Beneficially Owned by Each Reporting Person    82,883,687
12		Check if the Aggregate Amount in Row (11) Excludes Certain Shares    Not Applicable
13		Percent of Class Represented by Amount in Row (11)    47.8%
14		Type of Reporting Person    CO

CUSIP No. 428103105		13D		Page 6 of 8 pages

 

Explanatory Note

This Amendment No. 16 to Schedule 13D amends and supplements the statement on Schedule 13D originally filed with the United States Securities and Exchange Commission on December 17, 2019 (as amended, the “Statement”), relating to the Class A Shares representing limited partner interests (the “Class A Shares”) of Hess Midstream LP, a Delaware limited partnership (the “Issuer”). Capitalized terms used herein without definition shall have the meaning set forth in the Statement.

 

Item 4.

Purpose of Transaction.

Item 4 of the Statement is hereby amended and supplemented as follows:

September 2024 Repurchase Agreement 

On September 9, 2024, the Issuer, HESM Opco, Hess Investments and Blue Holding entered into a Unit Repurchase Agreement (the “September 2024 Repurchase Agreement”), pursuant to which HESM Opco agreed to purchase from Hess Investments and Blue Holding 1,061,782 and 1,761,480 Opco Class B Units, respectively (the “Repurchased Units”), for an aggregate purchase price of approximately $100 million, or $35.42 per unit (the “September 2024 Repurchase Transaction”).

On September 11, 2024, pursuant to the terms of the September 2024 Repurchase Agreement, the September 2024 Repurchase Transaction closed. As a result, HESM Opco purchased and cancelled the Repurchased Units, and the Issuer cancelled, for no consideration, an equal number of Class B Shares held by Hess Investments and Blue Holding, respectively, in accordance with Section 5.5(e) of the Amended Opco Partnership Agreement.

Class B Share Distribution Agreement

In connection with the September 2024 Repurchase Transaction, on September 11, 2024, New HESM GP LP, New HESM GP LLC, HIP GP LLC, Hess Investments and Blue Holding, L.P. entered into a distribution agreement (the “September 2024 Distribution Agreement”) pursuant to which New HESM GP LP distributed 3,522,960 Class B Shares to HIP GP LLC. HIP GP LLC then immediately distributed 1,761,480 Class B Shares to each of Hess Investments and Blue Holding.

The above description of the September 2024 Repurchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is filed as an exhibit hereto and incorporated herein by reference.

 

Item 5.

Interest in Securities of the Issuer.

Item 5 of the Statement is hereby amended and restated in its entirety as follows:

(a) – (b)

The following sets forth the aggregate number of Class A Shares and percentage of Class A Shares outstanding beneficially owned by each of the Reporting Persons, as well as the number of Class A Shares as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 91,421,383 Class A Shares outstanding as of July 31, 2024, as disclosed in the Issuer’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on August 8, 2024.

CUSIP No. 428103105		13D		Page 7 of 8 pages

 

Reporting Person		Amount beneficially owned				Percent of class				Sole power to vote or to direct the vote				Shared power to vote or to direct the vote				Sole power to dispose or to direct the disposition				Shared power to dispose or to direct the disposition
Hess Midstream GP LP			898,000				1.0	%			0				898,000				0				898,000
Hess Midstream GP LLC			898,000				1.0	%			0				898,000				0				898,000
Hess Infrastructure Partners GP LLC			898,000				1.0	%			0				898,000				0				898,000
Hess Investments North Dakota LLC			82,883,687				47.8	%			0				82,883,687				0				82,883,687
Hess Corporation			82,883,687				47.8	%			0				82,883,687				0				82,883,687

New HESM GP LP is the record holder of 898,000 Class A Shares. HIP GP LLC is the sole member of New HESM GP LLC, which is the general partner of New HESM GP LP. HIP GP LLC is a 50/50 joint venture between Hess Investments and Blue Holding. As such, each of the foregoing entities may be deemed to beneficially own the securities held of record by New HESM GP LP.

In addition, Hess Investments is the record holder of 81,985,687 Opco Class B Units, which may be redeemed for Class A Shares on a one-for-one basis at the option of the holder.

Hess Investments is an indirect, wholly owned subsidiary of Hess Corporation. As a result, Hess Corporation may be deemed to share beneficial ownership of the securities held of record by Hess Investments and New HESM GP LP.

 

(c)	Except as described in Item 4, none of the Reporting Persons nor Related Persons has effected any transactions in the Class A Shares or Opco Class B Units during the past 60 days.

 

(d)

None.

 

(e)	Not applicable.

 

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Item 6 of the Statement is hereby amended and supplemented as follows:

Item 4 above summarizes certain provisions of the September 2024 Repurchase Agreement and is incorporated herein by reference. A copy of such agreement is attached as an exhibit hereto and incorporated herein by reference.

Except as set forth herein, none of the Reporting Persons or Related Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including, but not limited to, any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

 

Item 7.

Materials to be Filed as Exhibits

Item 7 of the Statement is hereby amended and supplemented as follows:

 

Exhibit Number*		Description
19		Unit Repurchase Agreement, dated as of September 9, 2024, by and among Hess Midstream Operations LP, Hess Midstream LP, Hess Investments North Dakota LLC and GIP II Blue Holding, L.P. (incorporated by reference to Exhibit 10.1 to the Issuer’s Current Report on Form 8-K filed on September 11, 2024).

CUSIP No. 428103105		13D		Page 8 of 8 pages

 

SIGNATURES

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.

Date: September 11, 2024