Hess Midstream announces $100M repurchase from sponsor, public

Hess Midstream (HESM) announced an accretive $100M repurchase that included both Class B units from its sponsor, Chevron (CVX), and Class A shares from the public. The company executed a definitive agreement to repurchase approximately $30M of Class B units and entered into an accelerated share repurchase agreement with JPMorgan to repurchase $70M of its Class A shares. “We continue to execute repurchase transactions as part of our ongoing financial strategy, which prioritizes return of capital to our shareholders,” said Jonathan Stein, CEO of Hess Midstream.