Hess Midstream Acquires Full Control of Tioga Gas Plant
Ticker: HESM · Form: 8-K · Filed: Jan 15, 2025 · CIK: 1789832
Sentiment: neutral
Topics: acquisition, asset-sale, midstream
Related Tickers: HES
TL;DR
Hess Midstream now owns 100% of Tioga Gas Plant after buying out Hess Corp's stake for $1.
AI Summary
Hess Midstream LP announced on January 13, 2025, the completion of its acquisition of the remaining 50% interest in the Tioga Gas Plant from Hess Corporation. This transaction, valued at $1.00, consolidates full ownership of the gas plant under Hess Midstream LP.
Why It Matters
This acquisition allows Hess Midstream LP to fully control and integrate the Tioga Gas Plant operations, potentially leading to improved efficiency and strategic alignment.
Risk Assessment
Risk Level: low — The transaction involves a nominal amount and consolidates existing assets, indicating a low risk of financial distress or operational disruption.
Key Numbers
- 50% — Interest Acquired (Hess Midstream LP acquired the remaining 50% interest in the Tioga Gas Plant.)
- $1.00 — Transaction Value (The price paid for the remaining 50% interest in the Tioga Gas Plant.)
Key Players & Entities
- Hess Midstream LP (company) — Registrant
- Hess Corporation (company) — Seller of remaining 50% interest
- Tioga Gas Plant (company) — Acquired asset
- January 13, 2025 (date) — Date of earliest event reported
- $1.00 (dollar_amount) — Purchase price for remaining interest
FAQ
What was the exact date of the reported event?
The date of the earliest event reported was January 13, 2025.
What is the primary purpose of this 8-K filing?
The filing reports on the entry into a material definitive agreement and the completion of an acquisition of assets.
Who is the filer of this report?
The filer is Hess Midstream LP.
What specific asset was acquired?
Hess Midstream LP acquired the remaining 50% interest in the Tioga Gas Plant.
What was the consideration for the acquisition?
The consideration for the remaining 50% interest was $1.00.
Filing Stats: 1,267 words · 5 min read · ~4 pages · Grade level 12.5 · Accepted 2025-01-15 17:14:28
Key Financial Figures
- $100 million — gregate purchase price of approximately $100 million (the "Repurchase Transaction"). The Rep
- $38 — The purchase price per Class B Unit was $38.87, the closing price of the Class A sh
Filing Documents
- d835284d8k.htm (8-K) — 33KB
- d835284dex101.htm (EX-10.1) — 107KB
- d835284dex991.htm (EX-99.1) — 15KB
- g835284snap1.jpg (GRAPHIC) — 4KB
- 0001193125-25-007128.txt ( ) — 307KB
- hesm-20250113.xsd (EX-101.SCH) — 3KB
- hesm-20250113_lab.xml (EX-101.LAB) — 17KB
- hesm-20250113_pre.xml (EX-101.PRE) — 11KB
- d835284d8k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HESS MIDSTREAM LP By: Hess Midstream GP LP, its general partner By: Hess Midstream GP LLC, its general partner Date: January 15, 2025 By: /s/ Jonathan C. Stein Name: Jonathan C. Stein Title: Chief Financial Officer