SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)*

 

 

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)

June 26, 2023

(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 11 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)

 

  1.6%

14  

  Type of Reporting Person

 

  PN

 

 


CUSIP No. 428103105    13D    Page 2 of 11 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)

 

  1.6%

14  

  Type of Reporting Person

 

  OO (Delaware limited liability company)


CUSIP No. 428103105    13D    Page 3 of 11 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)

 

  1.6%

14  

  Type of Reporting Person

 

  OO (Delaware limited liability company)


CUSIP No. 428103105    13D    Page 4 of 11 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

 

  88,954,634

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  88,954,634

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  88,954,634

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  Not Applicable

13  

  Percent of Class Represented by Amount in Row (11)

 

  61.4%

14  

  Type of Reporting Person

 

  OO (Delaware limited liability company)


CUSIP No. 428103105    13D    Page 5 of 11 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

 

  88,954,634

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  88,954,634

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  88,954,634

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  Not Applicable

13  

  Percent of Class Represented by Amount in Row (11)

 

  61.4%

14  

  Type of Reporting Person

 

  CO


CUSIP No. 428103105    13D    Page 6 of 11 pages

 

Explanatory Note

This Amendment No. 7 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 2.

Identity and Background.

Item 2 is hereby amended to replace Schedule A in its entirety with Schedule A filed herewith.

 

Item 4.

Purpose of Transaction.

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

Fourth Repurchase Agreement

On June 29, 2023, pursuant to a Unit Repurchase Agreement, dated June 26, 2023 (the “Fourth Repurchase Agreement”), by and among the Issuer, HESM Opco, Hess Investments and Blue Holding, HESM Opco purchased from each of Hess Investments and Blue Holding 1,675,042 Opco Class B Units (the “Repurchased Units”) for an aggregate purchase price of approximately $100 million, or $29.85 per unit (the “Fourth Repurchase Transaction”). Pursuant to the terms of the Fourth Repurchase Agreement, immediately following the closing of the Fourth Repurchase Transaction, HESM Opco cancelled the Repurchased Units, and the Issuer cancelled, for no consideration, an equal number of Class B Shares held by New HESM GP LP in accordance with Section 5.5(e) of the Amended Opco Partnership Agreement.

The above description of the Fourth 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 56,858,493 Class A Shares outstanding following the consummation of the Fourth Repurchase Transaction and the cancellation of the Repurchased Units and an equal number of Class B Shares:

 

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        1.6     0        898,000        0        898,000  

Hess Midstream GP LLC

     898,000        1.6     0        898,000        0        898,000  

Hess Infrastructure Partners GP LLC

     898,000        1.6     0        898,000        0        898,000  

Hess Investments North Dakota LLC

     88,954,634        61.4     0        88,954,634        0        88,954,634  

Hess Corporation

     88,954,634        61.4     0        88,954,634        0        88,954,634  


CUSIP No. 428103105    13D    Page 7 of 11 pages

 

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 88,056,634 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 Fourth Repurchase Agreement and is incorporated herein by reference. A copy of this 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

12    Unit Repurchase Agreement, dated as of June 26, 2023, 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 June 29, 2023).


CUSIP No. 428103105    13D    Page 8 of 11 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: June 30, 2023

 

HESS MIDSTREAM GP LP
By: Hess Midstream GP LLC, its general partner
By:  

/s/ Jonathan C. Stein

Name: Jonathan C. Stein
Title: Chief Financial Officer
HESS MIDSTREAM GP LLC
By:  

/s/ Jonathan C. Stein

Name: Jonathan C. Stein
Title: Chief Financial Officer
HESS INFRASTRUCTURE PARTNERS GP LLC
By:  

/s/ Jonathan C. Stein

Name: Jonathan C. Stein
Title: Chief Financial Officer
HESS INVESTMENTS NORTH DAKOTA LLC
By:  

/s/ Jonathan C. Stein

Name: Jonathan C. Stein
Title: Vice President
HESS CORPORATION
By:  

/s/ John P. Rielly

Name: John P. Rielly
Title: Executive Vice President and Chief Financial Officer


CUSIP No. 428103105    13D    Page 9 of 11 pages

 

Schedule A

The name, present principal occupation or employment and citizenship of each of the executive officers and directors of Hess Corporation, Hess Investments North Dakota LLC, Hess Infrastructure Partners GP LLC and Hess Midstream GP LLC are set forth below. Unless otherwise noted, the address of each Hess Corporation related person is 1185 Avenue of the Americas, New York, NY 10036 and the address of each other related person is 1501 McKinney Street, Houston TX 77010.

Hess Corporation

 

Name

  

Present Principal Occupation or

Employment

  

Citizenship

John B. Hess

   Chief Executive Officer of Hess Corporation and Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Gregory P. Hill

   President and Chief Operating Officer    United States of America

Timothy B. Goodell

   Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of Hess Corporation and General Counsel and Secretary of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

John P. Rielly

   Executive Vice President and Chief Financial Officer of Hess Corporation and Vice President of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Richard Lynch

   Senior Vice President, Technology and Services    United States of America

Gerbert G. Schoonman

   Senior Vice President, Global Production    United States of America

Andrew Slentz

   Senior Vice President, Human Resources and Office Management    United States of America

Barbara Lowery-Yilmaz

   Senior Vice President and Chief Exploration Officer    United States of America

Terrence J. Checki

   Director    United States of America

Leonard S. Coleman, Jr.

   Director    United States of America

Lisa Glatch

   Director    United States of America

Edith E. Holiday

   Director    United States of America

Marc S. Lipschultz

   Co-President and Director of Blue Owl Capital Inc.    United States of America

Raymond J. McGuire

   President of Lazard Ltd    United States of America

David McManus

   Director    United Kingdom

Kevin O. Meyers, Ph.D.

   Independent Energy Consultant    United States of America

Karyn F. Ovelmen

   Executive Vice President and Chief Financial Officer of Newmont Corporation    United States of America

James H. Quigley

   Chairman of the Board    United States of America

William G. Schrader

   Director    United States of America


CUSIP No. 428103105    13D    Page 10 of 11 pages

 

Hess Investments North Dakota LLC

 

Name

  

Present Principal Occupation or

Employment

  

Citizenship

John B. Hess

   Chief Executive Officer of Hess Corporation and Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Timothy B. Goodell

   Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of Hess Corporation and General Counsel and Secretary of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

John P. Rielly

   Executive Vice President and Chief Financial Officer of Hess Corporation and Vice President of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Jonathan C. Stein

   Senior Vice President, Strategy and Planning and Chief Risk Officer of Hess Corporation and Chief Financial Officer of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Gerbert G. Schoonman

   Senior Vice President, Global Production of Hess Corporation    United States of America

Hess Infrastructure Partners GP LLC

 

Name

  

Present Principal Occupation or

Employment

  

Citizenship

Jonathan C. Stein

   Senior Vice President, Strategy and Planning and Chief Risk Officer of Hess Corporation and Chief Financial Officer of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Timothy B. Goodell

   Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of Hess Corporation and General Counsel and Secretary of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Gerbert G. Schoonman

   Senior Vice President, Global Production of Hess Corporation    United States of America

John P. Rielly

   Executive Vice President and Chief Financial Officer of Hess Corporation and Vice President of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

John A. Gatling

   President and Chief Operating Officer of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

William J. Brilliant

   Partner of Global Infrastructure Partners    United States of America

James K. Lee

   Investment Principal of Global Infrastructure Partners    Australia

Scott E. Telesz

   Partner of Global Infrastructure Partners    United States of America


CUSIP No. 428103105    13D    Page 11 of 11 pages

 

Hess Midstream GP LLC

 

Name

  

Present Principal Occupation or

Employment

  

Citizenship

John B. Hess

   Chief Executive Officer of Hess Corporation and Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

John A. Gatling

   President and Chief Operating Officer    United States of America

Jonathan C. Stein

   Senior Vice President, Strategy and Planning and Chief Risk Officer of Hess Corporation and Chief Financial Officer of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Timothy B. Goodell

   Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer of Hess Corporation and General Counsel and Secretary of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

John P. Rielly

   Executive Vice President and Chief Financial Officer of Hess Corporation and Vice President of Hess Midstream GP LLC, the General Partner of Hess Midstream LP    United States of America

Gregory P. Hill

   President and Chief Operating Officer of Hess Corporation    United States of America

Gerbert G. Schoonman

   Senior Vice President, Global Production of Hess Corporation    United States of America

William J. Brilliant

   Partner of Global Infrastructure Partners    United States of America

Scott E. Telesz

   Partner of Global Infrastructure Partners    United States of America

James K. Lee

   Investment Principal of Global Infrastructure Partners    United States of America

David W. Niemiec

   Advisor, Saratoga Partners    United States of America

John P. Reddy

   Director    United States of America

Stephen J.J. Letwin

   President and Chief Executive Officer of Mancal Corporation    United States of America