Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

20.  Subsequent Events

In January 2025, HESM Opco repurchased 2.6 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for $100 million. The unit repurchase was financed using borrowings under HESM Opco’s revolving credit facility. In February 2025, Hess Midstream LP completed an underwritten public equity offering of 12.7 million Hess Midstream LP Class A shares held by an affiliate of GIP. Hess Corporation did not receive any proceeds from the public equity offering. After giving effect to these transactions, public shareholders of Class A shares of Hess Midstream LP own approximately 54%, GIP owns approximately 8%, and Hess Corporation owns approximately 38% of the consolidated entity on an as-exchanged basis.

In February 2025, HESM Opco issued $800 million in aggregate principal amount of 5.875% fixed-rate senior unsecured notes due in 2028 in a private offering. HESM Opco intends to use the proceeds from issuance of the new senior unsecured notes, along with borrowings under its revolving credit facility, to redeem its outstanding 5.625% senior notes due in 2026.