Hess Midstream drops on pricing secondary offering by Global Infrastructure Partners

Hess Midstream LP

30/05/2024 13:41

** Hess Midstream's  HESM.N  stock down 3.9% at $34.40
premarket after overnight secondary offering priced
    ** Subsidiary of Hess Corp  HES.N  late Weds announced 10
mln shares sold by Global Infrastructure Partners (GIP) for $343
mln gross proceeds
    ** Offering priced at $34.30, 4.2% discount to stock's last
sale
    ** JP Morgan sole bookrunner
    ** Offering cuts BlackRock-owned  BLK.N  GIP's stake from
26.8% to 22.4%, or ~50 mln shares, per the SEC prospectus filing
    ** Through Weds, HESM shares up 13% YTD and up ~30% over the
past 12 months
    ** GIP's sale comes a day after Hess Corp shareholders
approved co's $53 bln merger with Chevron  CVX.N , a deal
delayed amid U.S. FTC scrutiny and arbitration claim filed by
Hess' partners in Guyana, Exxon Mobil  XOM.N  and CNOOC
 0883.HK 

 (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))