Hess Midstream falls as Global Infrastructure Partners to slice stake

Hess Midstream LP

29/05/2024 22:08

** Hess Midstream's  HESM.N  stock down 3% at $34.75 in
extended trading after it commences secondary offering
    ** Subsidiary of Hess Corp  HES.N  says Global
Infrastructure Partners (GIP) to sell 10 mln shares with JP
Morgan as sole bookrunner
    ** Offering would reduce fund manager GIP's stake from 26.8%
to 22.4%, or ~50 mln shares, per the SEC prospectus filing
    ** HESM shares on Weds closed down 0.3% at $35.81. Shares
have gained 13% YTD and are up ~30% over the past 12 months
    ** Offering comes a day after Hess Corp's shareholders
approved co's $53 bln merger with Chevron  CVX.N . The deal has
been stalled by U.S. FTC ongoing review and clouded by
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))