Hess Midstream drops as Global Infrastructure Partners cuts stake

Hess Midstream LP

06/02/2024 13:35

** Hess Midstream's  HESM.N  shares down 4.3% at $33.17
before the bell after secondary offering priced
    ** Subsidiary of Hess Corp  HES.N  late Mon announced 10 mln
shares for gross proceeds of $331 mln with Citigroup as sole
bookrunner
    ** Offering priced at $33.10, 4.5% discount to HESM last
close
    ** Fund manager Global Infrastructure Partners (GIP) reduces
its HESM holdings by ~4% to 28%, per the prospectus filing
    ** HESM's shares up 9.5% YTD through Mon and have gained 17%
over the past 12 months
    ** Last month, GIP agreed to $12.5 bln buyout by BlackRock
 BLK.N 
    ** In Oct, Chevron  CVX.N  announced $53 bln acquisition of
Hess Corp amid string of oil mega-mergers

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))