Hess Midstream LP Undergoes Major Changes

By Tamara Parker • Monday, July 21 12:03 • Permanent Link

Hess Midstream LP (NYSE: HESM) has recently undergone significant changes following the completion of the merger between Hess Corporation and Chevron Corporation. The company announced the appointment of new members to its board of directors and new executive officers. As a result of the merger, Chevron now beneficially owns approximately 37.8% interest in Hess Midstream on a consolidated basis.

In terms of the board of directors, John B. Hess, Chairman and CEO, Gregory P. Hill, President and COO of Hess Corporation, and John P. Rielly, EVP and CFO of Hess Corporation, have left the board. Andy Walz, President of Chevron Downstream, Midstream & Chemicals, has joined the board and will serve as chairman. Joining Walz from Chevron are Kristen Ghattas and Kristi McCarthy, while Gerbert Schoonman will remain on the board.

Three independent directors, Stephen J.J. Letwin, David W. Niemiec, and John P. Reddy, will remain on the board and continue to serve on the audit committee. The company expects to appoint a fourth independent board member.

Jonathan C. Stein, the current CFO of Hess Midstream, has been named the new CEO, succeeding John B. Hess. Michael J. Chadwick has been appointed as the new CFO, succeeding Mr. Stein.

Hess Midstream is focused on strong operational and financial performance, delivering significant shareholder returns on a consistent basis. The company is committed to driving shareholder value underpinned by its performance.

Hess Midstream is a fee-based, growth-oriented midstream company that owns, operates, develops, and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries, and third-party customers. The company owns oil, gas, and produced water handling assets primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota.

These changes mark a significant shift in the leadership and governance of Hess Midstream as it aligns with Chevron's ownership and strategic direction. As a result of these announcements, the company's shares have moved 6.74% on the market, and are now trading at a price of $41.00. If you want to know more, read the company's complete 8-K report here.

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