# EDGAR Filing Document

**Accession Number:** 0001789832
**File Stem:** 0001193125-26-091542
**Filing Date:** 2026-3
**Character Count:** 83286
**Document Hash:** 26a58aee70156f52357e0c655b40f718
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091542.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091542

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260302

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hess Midstream LP
- **CENTRAL INDEX KEY:** 0001789832
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39163
- **FILM NUMBER:** 26721459

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 SMITH STREET
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 832-854-1000

**MAIL ADDRESS:**
- **STREET 1:** 1400 SMITH STREET
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): March 2, 2026

## Hess Midstream LP

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **DELAWARE** | **No. 001-39163** | **No. 84-3211812** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| |
|:---|
| **1400 Smith Street** |
| **Houston, Texas 77002** |
| **(Address of Principal Executive Offices) (Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (832) 854-1000

#### N/A

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Class A shares representing limited partner interests | HESM | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.**  |

---

#### Unit Repurchase Agreement
On March 2, 2026, Hess Midstream LP, a Delaware limited partnership (the "Company"), Hess Midstream Operations LP, a Delaware limited partnership and a subsidiary of the Company that holds all of the Company's operating assets ("HESM OpCo" and, together with the Company, the "Partnership Entities"), and Hess Investments North Dakota LLC, a Delaware limited liability company ("HINDL") and an indirect, wholly owned subsidiary of Chevron Corporation ("Chevron"), entered into a Unit Repurchase Agreement (the "Repurchase Agreement") pursuant to which HESM OpCo agreed to purchase from HINDL 455,811 Class B units representing limited partner interests in HESM OpCo ("Class B Units" and such Class B Units subject to the Repurchase Agreement, the "Subject Units") for an aggregate purchase price of approximately $18 million (the "Repurchase Transaction"). The purchase price per Class B Unit is $39.49, the closing price of the Class A shares representing limited partner interests in the Company ("Class A Shares") on March 2, 2026. Pursuant to the terms of the Repurchase Agreement, immediately following the purchase of the Subject Units from HINDL, HESM OpCo will cancel the Subject Units, and the Company will cancel, for no consideration, an equal number of Class B shares representing limited partner interests in the Company held by HINDL, in accordance with Section 5.5(e) of the Amended and Restated Agreement of Limited Partnership of the Company, dated as of December 16, 2019, as amended by that certain First Amendment to the Amended and Restated Agreement of Limited Partnership of the Company, dated as of January 26, 2026.

The terms of the Repurchase Agreement were unanimously approved by the Board of Directors (the "Board") of Hess Midstream GP LLC ("GP LLC"), the general partner of Hess Midstream GP LP, a Delaware limited partnership and the general partner of the Company (the "General Partner"), and the Conflicts Committee of the Board (the "Conflicts Committee") consisting solely of independent directors. The Conflicts Committee retained independent legal and financial advisors to assist it in evaluating and negotiating the Repurchase Agreement and the Repurchase Transaction.

HINDL made customary representations and warranties in the Repurchase Agreement, including, among others, representations and warranties as to its organization, authorization to enter into the Repurchase Agreement, ownership of the Subject Units and necessary consents and approvals. Each of the Partnership Entities also made customary representations and warranties in the Repurchase Agreement, including, among others, representations and warranties as to their organization, authorization to enter into the Repurchase Agreement and necessary consents and approvals.

The Repurchase Transaction closed on March 4, 2026.

The above description of the Repurchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Repurchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The Repurchase Agreement has been included to provide investors with information regarding its terms. The document is not intended to provide any other factual information about the Company, HESM OpCo, or HINDL. The representations, warranties and covenants contained in the Repurchase Agreement are being made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the agreement, made solely for the allocation of risk between the parties and may be subject to limitations agreed upon by the contracting parties.

#### Relationships
The Company is managed and controlled by GP LLC. GP LLC is wholly owned by Hess Infrastructure Partners GP LLC ("HIP GP"), and HIP GP is owned 100% by HINDL. As a result, certain individuals, including officers and directors of Chevron, HINDL, HIP GP and the General Partner, serve as officers and/or directors of more than one of such other entities.

Unless expressly stated otherwise herein, the term "Chevron" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

---

On March 3, 2026, the Company issued a news release announcing the Repurchase Transaction and entry into the ASR Agreement (as defined below).

------

A copy of this press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

On March 2, 2026, following approval of the Board, the Company entered into an accelerated share repurchase ("ASR") agreement with JPMorgan Chase Bank, National Association (the "Counterparty Bank"), to repurchase an aggregate of $42 million (the "Repurchase Price") of Class A Shares (the "ASR Agreement").

Pursuant to the terms of the ASR Agreement, the Company paid the Repurchase Price to the Counterparty Bank and received an initial delivery of 744,492 Class A Shares (which represents an aggregate value of 70% of the Repurchase Price based on the closing price of the Class A Shares on March 2, 2026). The exact total number of shares to be repurchased under the ASR Agreement will be based generally on the average of the daily volume-weighted average prices of the Class A Shares during the term of the ASR transaction, subject to adjustments pursuant to the terms and conditions of the ASR Agreement. The Class A Shares repurchased under the ASR Agreement will be cancelled following settlement thereof. Upon final settlement of the ASR transaction, the Company may be entitled to receive additional Class A Shares from the Counterparty Bank or, under certain circumstances, the Company may be required to deliver Class A Shares or make a cash payment, at its option, to the Counterparty Bank.

The ASR Agreement is scheduled to terminate in March 2026. The Company funded the Repurchase Price with borrowings under its existing revolving credit facility.

#### Cautionary Statement Relevant to Forward-Looking Information
This Current Report on Form 8-K includes forward-looking statements regarding future events. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. For a further discussion of these risks and uncertainties, please refer to the "Risk Factors" section of the Company's most recently filed Annual Report on Form 10-K and in other filings made by the Company with the Securities and Exchange Commission. While the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if new information becomes available.

---

| | |
|:---|:---|
| **Item 9.01.** | **Exhibits**  |

---

---

| | |
|:---|:---|
| 10.1 | [Unit Repurchase Agreement, dated as of March 2, 2026, by and among Hess Midstream LP, Hess Midstream Operations LP and Hess Investments North Dakota LLC.](d104823dex101.htm) |
| 99.1 | [News Release Announcing the Repurchase Transaction](d104823dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

------

#### 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** | **HESS MIDSTREAM LP** |
|  | By: | Hess Midstream GP LP, |
|  |  | its general partner |
|  | By: | Hess Midstream GP LLC, |
|  |  | its general partner |
| Date: March 4, 2026 | By: | /s/ Michael J. Chadwick |
|  |  | Name: Michael J. Chadwick |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1** 

***Execution Version*** 

**<u>UNIT REPURCHASE AGREEMENT</u>**

This UNIT REPURCHASE AGREEMENT, dated as of March 2, 2026 (this "***Agreement***"), is by and among Hess Midstream Operations LP, a Delaware limited partnership ("***HESM OpCo***"), Hess Midstream LP, a Delaware limited partnership ("***Hess Midstream***" and, together with HESM OpCo, the "***Partnership Parties***"), and Hess Investments North Dakota LLC, a Delaware limited liability company ("***HINDL***"). HESM OpCo, Hess Midstream and HINDL are sometimes individually referred to herein as a "***Party***" and collectively referred to herein as the "***Parties***."

**<u>RECITALS</u>**

**WHEREAS**, as of the date hereof, HINDL is the record and beneficial owner of 78,283,296 OpCo Class B Units (as defined below);

**WHEREAS**, the Parties desire to effect a transaction in which HESM OpCo will purchase from HINDL an aggregate of 455,811 OpCo Class B Units (the "***Repurchased Units***" and each, a "***Repurchased Unit***") for an amount of cash equal to (a) $39.49 per Repurchased Unit, *multiplied by* (b) the number of Repurchased Units (such amount, the "***Cash Consideration***");

**WHEREAS**, in connection with the purchase and acquisition by HESM OpCo of the Repurchased Units, HESM OpCo and HINDL will enter into an Assignment Agreement in the form attached as <u>Exhibit A</u> hereto (the "***Assignment***"), which Assignment shall provide for the assignment of the Repurchased Units from HINDL to HESM OpCo;

**WHEREAS**, immediately following the purchase of the Repurchased Units by HESM OpCo, at the Closing (as defined below), Hess Midstream shall cancel, for no consideration, an aggregate number of Class B Shares (as defined below) held by HINDL equal to the aggregate number of Repurchased Units purchased by HESM OpCo hereunder in accordance with Section 5.5(e) of the HESM Company Agreement (as defined below);

**WHEREAS**, the Conflicts Committee (as defined below) has reviewed, authorized and approved this Agreement, the other Transaction Documents (as defined below) and the transactions contemplated hereby and thereby, with such approval constituting Special Approval (as defined in the HESM Company Agreement) for all purposes of the HESM Company Agreement, including Section 7.9(b) thereof; and

**WHEREAS**, subsequent to the approval by the Conflicts Committee, the board of directors (the "***HESM Board***") of Hess Midstream GP LLC, a Delaware limited liability company (the "***GP LLC***") and the general partner of Hess Midstream GP LP, a Delaware limited partnership (the "***General Partner***"), approved this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby.

------

**NOW, THEREFORE,** in consideration of the mutual covenants, representations, warranties and agreements herein contained, the Parties agree as follows:

**ARTICLE I** 

**DEFINITIONS** 

Capitalized terms used but not otherwise defined herein shall have the respective meanings given to such terms below:

"***Affiliate***" means, with respect to any Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with, such specified Person through one or more intermediaries or otherwise; *provided, however,* that (a) with respect to HINDL, the term "Affiliate" shall not include any Group Member, and (b) with respect to any Partnership Party, the term "Affiliate" shall not include HINDL or any of its Affiliates (other than a Group Member).

"***Agreement***" has the meaning given to such term in the preamble hereof.

"***Applicable Law***" or "***Law***" means any applicable statute, law, regulation, ordinance, rule, judgment, rule of law (including common law), decree, permit, requirement, or other governmental restriction or any similar form of decision of, or any provision or condition issued under any of the foregoing by, or any determination by any Governmental Authority having or asserting jurisdiction over the matter or matters in question, whether now or hereafter in effect and in each case as amended (including all of the terms and provisions of the common law of such Governmental Authority), as interpreted and enforced at the time in question.

"***Assignment***" has the meaning given to such term in the recitals hereto.

"***Business Day***" has the meaning given to such term in the OpCo Partnership Agreement.

"***Cash Consideration***" has the meaning given to such term in the recitals hereto.

"***Cause***" means, with respect to a director, the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the willful, intentional and material breach or the habitual and continued neglect by such director of his or her duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such director's willful and intentional violation of any state or federal laws, or the organizational documents of Hess Midstream; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such director's commission of any felony or a crime involving moral turpitude, or such director's willful and intentional commission of a fraudulent or dishonest act.

"***Class B Shares***" has the meaning given to such term in the HESM Company Agreement.

"***Closing***" has the meaning given to such term in <u>Section</u> <u>2.1(b</u>).

"***Closing Date***" has the meaning given to such term in <u>Section</u> <u>2.1(b</u>).

"***Conflicts Committee***" has the meaning set forth in the HESM Company Agreement.

"***Contract***" means any written contract, agreement, indenture, instrument, note, bond, loan, lease, easement, mortgage, franchise, license agreement, purchase order, binding bid or offer, binding term sheet or letter of intent or memorandum, commitment, letter of credit or any other legally binding arrangement, including any amendments or modifications thereof and waivers relating thereto.

------

"***Control***" means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms "Controlling" and "Controlled" have correlative meanings.

"***Enforceability Exceptions***" has the meaning given to such term in <u>Section</u> <u>3.2</u>.

"***General Partner***" has the meaning given to such term in the recitals hereto.

"***Governmental Authority***" means any applicable multinational, foreign, federal, state, local or other governmental statutory or administrative authority, regulatory body or commission or any court, tribunal or judicial or arbitral authority that has any jurisdiction over a matter.

"***Group Member***" has the meaning given to such term in the HESM Company Agreement.

"***HESM Company Agreement***" means the Amended and Restated Agreement of Limited Partnership of Hess Midstream, dated as of December 16, 2019, as amended by the First Amendment to the Amended and Restated Agreement of Limited Partnership of Hess Midstream, dated as of January 26, 2026.

"***HESM OpCo***" has the meaning given to such term in the preamble hereto.

"***Hess Midstream***" has the meaning given to such term in the preamble hereto.

"***HINDL***" has the meaning given to such term in the preamble hereto.

"***HINDL Closing Certificate***" has the meaning given to such term in <u>Section</u> <u>7.2(d)</u>.

"***Lien***" means (a) any lien, hypothecation, pledge, collateral assignment, security interest, charge or encumbrance of any kind, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent (including any agreement to give any of the foregoing) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing, other than in each case, the restrictions under applicable federal, state and other securities laws, the limited liability company agreement of HINDL, and (b) any purchase option, right of first refusal, right of first offer, call or similar right of a third party.

"***Material Adverse Effect***" means, with respect to any Person, any change, circumstance, effect or condition that, individually or in the aggregate, (a) would have a material adverse effect on the business, properties, management, financial position or results of operations of such Person and its subsidiaries, taken as a whole, or (b) would have a material adverse effect on the performance by such Person of its obligations under this Agreement.

------

"***OpCo Class B Unit***" has the meaning given to such term in the HESM Company Agreement.

"***OpCo Partnership Agreement***" means the Third Amended and Restated Agreement of Limited Partnership of HESM OpCo, dated as of December 16, 2019, as amended by the First Amendment to the Third Amended and Restated Agreement of Limited Partnership of HESM OpCo, dated as of January 26, 2026.

"***Partnership Closing Certificate***" has the meaning given to such term in <u>Section</u> <u>7.1(d)</u>.

"***Partnership Parties***" has the meaning given to such term in the preamble hereto.

"***Party***" and "***Parties***" have the meanings given to such terms in the preamble hereto.

"***Permit***" means all franchises, grants, authorizations, licenses, permits, easements, certificates of need, variances, exemptions, consents, certificates, approvals and orders.

"***Person***" means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any Governmental Authority.

"***Proceeding***" means any action, suit, claim, hearing, proceeding, arbitration, investigation, audit, inquiry, litigation or mediation (whether civil, criminal, administrative or investigative) commenced, brought, conducted or heard by or before any Governmental Authority, arbitrator or mediator.

"***Repurchased Unit***" and "***Repurchased Units***" have the meanings given to such terms in the recitals hereto.

"***Transaction Documents***" means, collectively, this Agreement and the Assignment.

**ARTICLE II** 

**THE TRANSACTIONS** 

Section 2.1 **<u>Repurchase, Delivery and Cancellation of the Repurchased Units</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the terms of this Agreement, at the Closing, HINDL shall sell, transfer, assign and deliver the Repurchased Units to HESM OpCo, and HESM OpCo shall purchase and acquire all of such Repurchased Units, and, in consideration therefor, HESM OpCo shall pay to HINDL an amount in cash equal to $17,999,976.39 by wire transfer of immediately available funds to the account or accounts designated by HINDL, which shall be designated by HINDL in writing and provided to HESM OpCo no later than 5:00 p.m., New York City time, on the last full Business Day immediately preceding the Closing Date. Following the repurchase of the Repurchased Units hereunder, the Repurchased Units shall be cancelled and shall no longer be deemed to be outstanding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of the transactions contemplated by this Agreement (the "***Closing***") shall occur on the later of (i) March 4, 2026 and (ii) the first Business Day following the satisfaction or waiver (if permitted hereunder) of all of the conditions set forth in <u>Article VII</u> other than those conditions that by their nature are to be satisfied at the Closing (but subject to the fulfillment or waiver of such conditions at the Closing), at the offices of Latham & Watkins LLP, 811 Main Street, Suite 3700, Houston, Texas 77002 (or remotely via the electronic exchange of executed documents), unless another date or place is mutually agreed upon in writing by the Parties. The date upon which the Closing occurs hereunder is referred to herein as the "***Closing Date***."

Section 2.2 **<u>HINDL Closing Deliverables</u>**. At the Closing, HINDL shall deliver (or cause to be delivered):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a counterpart to the Assignment, duly executed on behalf of HINDL, and such other transfer documents or instruments that may be reasonably necessary to be delivered by HINDL in order to effect a sale, transfer, assignment and delivery to HESM OpCo of the Repurchased Units in accordance with <u>Section</u> <u>2.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a duly completed Internal Revenue Service Form W-9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the HINDL Closing Certificate, duly executed by an authorized officer or authorized person of HINDL.

Section 2.3 **<u>Deliveries by the Partnership Parties</u>**. At the Closing, with respect to <u>Section</u> <u>2.3(a)</u>, HESM OpCo shall deliver (or cause to be delivered), and with respect to <u>Sections</u> <u>2.3(b)</u> and <u>(c)</u>, the Partnership Parties shall deliver (or cause to be delivered):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Cash Consideration payable to HINDL in accordance with <u>Section</u> <u>2.1(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a counterpart to the Assignment, duly executed on behalf of HESM OpCo, and such other transfer documents or instruments that may be reasonably necessary to be delivered by HESM OpCo in order to effect a sale, transfer, assignment and delivery to HESM OpCo of the Repurchased Units in accordance with <u>Section</u> <u>2.1(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Partnership Closing Certificate, duly executed by an authorized officer or authorized person of each Partnership Party.

**ARTICLE III** 

**REPRESENTATIONS AND WARRANTIES OF HINDL** 

HINDL represents and warrants to the Partnership Parties as of the date hereof as follows:

Section 3.1 **<u>Organization</u>**. HINDL is a limited liability company duly formed, validly existing and in good standing under the Laws of the State of Delaware.

------

Section 3.2 **<u>Authorization</u>**. HINDL has full limited liability company power and authority to execute, deliver and perform each Transaction Document to which it is a party. The execution, delivery and performance by HINDL of the Transaction Documents to which it is a party and the consummation by HINDL of the transactions contemplated hereby and thereby have been duly authorized by all necessary limited liability company action. Each Transaction Document executed or to be executed by HINDL has been, or when executed will be, duly executed and delivered by HINDL and, assuming the execution and delivery by the other parties thereto, constitutes, or when executed and delivered by the other parties thereto will constitute, a valid and legally binding obligation of HINDL, enforceable against HINDL in accordance with its terms, except to the extent that such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Applicable Laws affecting creditors' rights and remedies generally and (b) equitable principles that may limit the availability of certain equitable remedies (such as specific performance) in certain instances (the "***Enforceability Exceptions***").

Section 3.3 **<u>No Conflicts or Violations</u>**. The execution, delivery and performance of each of the Transaction Documents to which HINDL is a party, and the consummation of the transactions contemplated hereby and thereby, do not: (a) violate or conflict with any provision of the organizational documents of HINDL; (b) violate any Law applicable to HINDL; (c) violate, result in a breach of, constitute (with due notice or lapse of time or both) a default or cause any obligation, penalty or premium to arise or accrue under any Contract to which HINDL is a party; or (d) result in the creation or imposition of any Lien upon any of the properties or assets of HINDL, except, in the case of clauses (b) through (d), as would not, individually or in the aggregate, reasonably be expected to materially impede the ability of HINDL to consummate any of the transactions contemplated hereby.

Section 3.4 **<u>Consents and Approvals</u>**. Except (a) as would not, individually or in the aggregate, reasonably be expected to materially impede the ability of HINDL to consummate any of the transactions contemplated hereby, or (b) for any filings required for compliance with any applicable requirements of the federal securities Laws, any applicable state or other local securities Laws and any applicable requirements of a national securities exchange, neither the execution and delivery by HINDL of any of the Transaction Documents to which HINDL is a party, nor the performance by HINDL of its obligations thereunder, requires the consent, approval, waiver or authorization of, or declaration, filing, registration or qualification with any Governmental Authority by HINDL.

Section 3.5 **<u>Ownership of</u> <u>OpCo</u> <u>Class</u> <u>B Units</u>**. As of the date hereof, HINDL is, and prior to giving effect to the sale and transfer of the Repurchased Units on the Closing Date, HINDL shall be, the record and beneficial owner of 78,283,296 OpCo Class B Units. At the Closing, HINDL shall deliver the Repurchased Units, free and clear of all Liens. None of the Repurchased Units is subject to any voting trust or other contract, agreement, arrangement, commitment or understanding, written or oral, restricting or otherwise relating to the voting or disposition of such Repurchased Units, other than this Agreement and the organizational documents of HESM OpCo. No proxies or powers of attorney have been granted with respect to the Repurchased Units. Except as contemplated by this Agreement, there are no outstanding warrants, options, agreements, convertible or exchangeable securities or other commitments pursuant to which HINDL is or may become obligated to transfer any of the Repurchased Units, except as (a) would not reasonably be expected to impair the ability of HINDL to deliver the Repurchased Units to HESM OpCo as contemplated hereby and (b) would not apply to the Repurchased Units following the delivery of the Repurchased Units to HESM OpCo pursuant to this Agreement.

------

Section 3.6 **<u>Litigation</u>**. There is no Proceeding pending or, to the knowledge of HINDL, threatened against HINDL, or against any officer, manager or director of HINDL, in each case related to the Repurchased Units or the transactions contemplated hereby. HINDL is not a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Repurchased Units or the transactions contemplated hereby.

Section 3.7 **<u>Conflicts Committee Matters</u>**. To the knowledge of HINDL, the projections and budgets provided in writing to the Conflicts Committee (including those provided to any financial advisor to the Conflicts Committee) as part of the Conflicts Committee's review of the Transaction Documents and the transactions contemplated thereby have a reasonable basis and are materially consistent with the General Partner's current expectations.

Section 3.8 **<u>Brokers and Finders</u>**. No investment banker, broker, finder, financial advisor or other intermediary is entitled to any broker's, finder's, financial advisor's or other similar based fee or commission in connection with the transactions contemplated hereby as a result of being engaged by HINDL or any of its Affiliates.

Section 3.9 **<u>Acknowledgments</u>**. HINDL acknowledges that it has not relied on any advice or recommendation by the Partnership Parties or their respective partners, directors, officers, agents or Affiliates with respect to its decision to enter into this Agreement and to consummate the transactions contemplated hereby. HINDL has had sufficient opportunity and time to investigate and review the business, management and financial affairs of the Partnership Parties before its decision to enter into this Agreement, and further has had the opportunity to consult with all advisers it deems appropriate or necessary to consult with in connection with this Agreement and any action arising hereunder, including tax and accounting advisers. HINDL acknowledges that, in connection with its entry into this Agreement and consummation of the transactions contemplated hereby, it has not relied on any express or implied representations or warranties of any nature, oral or written, made by or on behalf of any of the Partnership Parties or any of their respective partners, directors, officers, Affiliates or representatives, except for the representations and warranties of the Partnership Parties set forth in <u>Article IV</u> and the documents delivered by HESM OpCo in connection with the transactions contemplated hereby.

**ARTICLE IV** 

**REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP PARTIES** 

Each of the Partnership Parties, jointly and severally, represents and warrants to HINDL as of the date hereof as follows:

Section 4.1 **<u>Organization</u>**. Each of the Partnership Parties is a limited partnership duly formed and validly existing and in good standing under the Laws of the State of Delaware.

Section 4.2 **<u>Authorization</u>**. Each of the Partnership Parties has full limited partnership power and authority to execute, deliver and perform each Transaction Document to which it is a party. The execution, delivery and performance by each of the Partnership Parties of the Transaction Documents to which it is a party and the consummation by such Partnership Party of

------

the transactions contemplated thereby have been duly authorized by all necessary limited partnership action. Each Transaction Document executed or to be executed by a Partnership Party has been, or when executed will be, duly executed and delivered by such Partnership Party and, assuming the execution and delivery by the other parties thereto, constitutes, or when executed and delivered by the other parties thereto will constitute, a valid and legally binding obligation of such Partnership Party, enforceable against such Partnership Party in accordance with its terms, except to the extent that such enforceability may be limited by the Enforceability Exceptions.

Section 4.3 **<u>No Conflicts or Violations</u>**. The execution, delivery and performance of each of the Transaction Documents to which a Partnership Party is a party, and the consummation of the transactions contemplated thereby, do not: (a) violate or conflict with any provision of the organizational documents of such Partnership Party; (b) violate any Law applicable to such Partnership Party; (c) violate, result in a breach of, constitute (with due notice or lapse of time or both) a default or cause any obligation, penalty or premium to arise or accrue under any Contract to which any Partnership Party is a party; (d) result in the creation or imposition of any Lien or other encumbrance upon any of the properties or assets of the Partnership Parties or any of their respective subsidiaries; or (e) result in the cancellation, modification, revocation or suspension of any Permit of any Partnership Party or any of their respective subsidiaries, except in the case of clauses (b) through (e), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the Partnership Parties and their subsidiaries, taken as a whole.

Section 4.4 **<u>Solvency</u>**. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, all liabilities (including contingent liabilities) of HESM OpCo (other than liabilities to partners of HESM OpCo on account of their partnership interests and liabilities for which the recourse of creditors is limited to specified property of HESM OpCo), will not exceed the fair value of the assets of HESM OpCo (except that the fair value of property that is subject to a liability for which the recourse of creditors is limited is included in the assets of HESM OpCo only to the extent that the fair value of the property exceeds that liability). The transactions contemplated by this Agreement and the other Transaction Documents will not impair HESM OpCo's ability to continue as a going concern.

Section 4.5 **<u>Consents and Approvals</u>**. Except (a) as would not, individually or in the aggregate, reasonably be expected to materially impede the ability of the Partnership Parties to consummate any of the transactions contemplated hereby, or (b) for any filings required for compliance with any applicable requirements of the federal securities Laws, any applicable state or other local securities Laws and any applicable requirements of a national securities exchange, neither the execution and delivery by any Partnership Party of any of the Transaction Documents to which such Partnership Party is a party, nor the performance by such Partnership Party of its respective obligations thereunder, requires the consent, approval, waiver or authorization of, or declaration, filing, registration or qualification with any Governmental Authority by any Partnership Party or any of their respective subsidiaries.

Section 4.6 **<u>Litigation</u>**. There is no Proceeding pending or, to the knowledge of the Partnership Parties, threatened against any Partnership Party or any of their respective officers, managers, partners or directors, in each case related to the Repurchased Units or the transactions contemplated hereby. No Partnership Party is a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Repurchased Units or the transactions contemplated hereby.

------

Section 4.7 **<u>No Adverse Changes</u>**. Since December 31, 2025, there has not been any Material Adverse Effect with respect to the Partnership Parties, taken as a whole.

Section 4.8 **<u>Brokers and Finders</u>**. Except for Intrepid Partners, LLC, no investment banker, broker, finder, financial advisor or other intermediary is entitled to any broker's, finder's, financial advisor's or other similar based fee or commission in connection with the transactions contemplated hereby as a result of being engaged by any Partnership Party or any of its respective Affiliates.

Section 4.9 **<u>Financial Ability</u>**. At the Closing, HESM OpCo will have, through a combination of cash on hand and funds available under existing credit facilities, funds sufficient to satisfy its obligations under this Agreement and to consummate the transactions contemplated hereby.

Section 4.10 **<u>Acknowledgments</u>**. Each of the Partnership Parties acknowledges that it has not relied on any advice or recommendation by HINDL or its partners, directors, officers, agents or Affiliates with respect to such Partnership Party's decision to enter into this Agreement and to consummate the transactions contemplated hereby. The Partnership Parties have had the opportunity to consult with all advisers they deem appropriate or necessary to consult with in connection with this Agreement and any action arising hereunder, including tax and accounting advisers. Each of the Partnership Parties acknowledges that, in connection with its entry into this Agreement and consummation of the transactions contemplated hereby, it has not relied on any express or implied representations or warranties of any nature, oral or written, made by or on behalf of HINDL or any of its partners, directors, officers, Affiliates or representatives, except for the representations and warranties of HINDL set forth in <u>Article III</u> and the documents delivered by HINDL in connection with the transactions contemplated hereby.

**ARTICLE V** 

**COVENANTS** 

Section 5.1 **<u>Further Assurances</u>.** On and after the Closing Date, the Parties shall use their respective commercially reasonable efforts to take or cause to be taken all appropriate actions and do, or cause to be done, all things necessary or appropriate to make effective the transactions contemplated hereby, including the execution of any additional assignment or similar documents or instruments of transfer of any kind, the obtaining of consents that may be reasonably necessary or appropriate to carry out any of the provisions hereof and the taking of all such other actions as such Party may reasonably request to be taken by the other Parties from to time to time, consistent with the terms of this Agreement, in order to effectuate the provisions and purposes of this Agreement and the transactions contemplated hereby.

Section 5.2 **<u>[Reserved]</u>**.

Section 5.3 **<u>Cancellation of Class</u> <u>B Shares</u>**. The Parties acknowledge and agree that, following the purchase of the Repurchased Units by HESM OpCo, at the Closing, Hess Midstream shall cancel, for no consideration, an aggregate number of Class B Shares held by HINDL equal to the aggregate number of Repurchased Units repurchased by HESM OpCo hereunder in accordance with Section 5.5(e) of the HESM Company Agreement.

------

Section 5.4 **<u>Section</u> <u>16 Matters</u>**. Prior to the Closing, the Parties shall take all such actions as may be necessary or appropriate to cause the transactions contemplated by this Agreement to be exempt under Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, to the extent permitted by Applicable Law.

Section 5.5 **<u>Conflicts</u> <u>Committee</u>**. Prior to the earlier of the Closing and the termination of this Agreement, the HESM Board shall not, and HINDL shall not cause the HESM Board to, without the consent of a majority of the then-existing members of the Conflicts Committee, eliminate the Conflicts Committee, revoke or diminish the authority of the Conflicts Committee or remove or cause the removal of any director of the HESM Board that is a member of the Conflicts Committee, either as a director or as a member of such committee. For the avoidance of doubt, this <u>Section</u> <u>5.5</u> shall not apply to the filling, in accordance with the provisions of the governing documents of GP LLC, of any vacancies caused by the resignation, death or incapacity of any such director or the removal of any such director for Cause.

Section 5.6 **<u>Fairness Opinion</u>**. The Conflicts Committee has received the opinion of Intrepid Partners, LLC to the effect that, as of the date of such opinion, and based upon and subject to the assumptions, qualifications, limitations and other matters set forth therein, the total Cash Consideration to be paid by HESM OpCo to HINDL at the Closing is fair, from a financial point of view, to Hess Midstream.

**ARTICLE VI** 

**SURVIVAL** 

All representations and warranties of the Parties contained in this Agreement shall terminate as of the Closing Date. All covenants and agreements of the Parties contemplated to be performed prior to the Closing shall terminate as of the Closing Date. All covenants and agreements of the Parties contemplated to be performed following the Closing shall survive the Closing until performed in accordance with their respective terms.

**ARTICLE VII** 

**CLOSING CONDITIONS** 

Section 7.1 **<u>Conditions to HINDL's Obligation to Effect the Closing</u>**. The obligations of HINDL to effect the transactions contemplated by this Agreement shall be subject to the fulfillment (or, to the extent permitted by Applicable Law, written waiver by HINDL) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Bring Down of Representations and Warranties</u>. (i) The representations and warranties of the Partnership Parties in <u>Sections</u> <u>4.1</u>, <u>4.2</u>, <u>4.3</u>, <u>4.4</u>, <u>4.5</u>, <u>4.7</u> and <u>4.9</u> shall be true and correct (without regard to qualifications as to materiality or Material Adverse Effect contained therein, except in the case of the representation and warranty contained in <u>Section</u> <u>4.7</u>) in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), and (ii) the other representations and warranties of the Partnership Parties made in this Agreement shall be true and

------

correct in all respects (without regard to qualifications as to materiality or Material Adverse Effect contained therein) as of the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date) except, in the case of clause (ii), where the failure of the representations and warranties to be true and correct, individually or in the aggregate, has not had a Material Adverse Effect on the Partnership Parties, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance of Covenants</u>. The Partnership Parties shall have performed and complied with, in all material respects, all covenants required by this Agreement to be performed or complied with by the Partnership Parties prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Injunctions or Restraints</u>. No Law, order issued by any Governmental Authority of competent jurisdiction or other legal restraint or prohibition preventing the consummation of any of the transactions contemplated hereby, declaring unlawful the transactions contemplated hereby or causing the transactions contemplated hereby to be rescinded shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Closing Certificate</u>. Prior to or at the Closing, the Partnership Parties shall have delivered a certificate signed by an authorized officer or other authorized person of each Partnership Party, dated as of the Closing Date, to the effect that the conditions specified in <u>Section</u> <u>7.1(a)</u> and <u>Section</u> <u>7.1(b)</u> are satisfied (the "***Partnership Closing Certificate***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Closing Deliveries</u>. HINDL shall have received the closing deliverables as set forth in <u>Section</u> <u>2.3</u>.

Section 7.2 **<u>Conditions to the Partnership Parties' Obligation to Effect the Closing</u>**. The obligations of the Partnership Parties to effect the transactions contemplated by this Agreement shall be subject to the fulfillment (or, to the extent permitted by Applicable Law, written waiver by the Partnership Parties) on or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Bring Down of Representations and Warranties</u>. (i) The representations and warranties of HINDL in <u>Sections</u> <u>3.1</u>, <u>3.2</u>, <u>3.3</u>, <u>3.4</u>, <u>3.5</u> and <u>3.9</u> shall be true and correct (without regard to qualifications as to materiality or Material Adverse Effect contained therein) in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), and (ii) the other representations and warranties of HINDL made in this Agreement shall be true and correct in all respects (without regard to qualifications as to materiality or Material Adverse Effect contained therein) as of the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date) except, in the case of clause (ii), where the failure of the representations and warranties to be true and correct, individually or in the aggregate, have not materially impeded or would not reasonably be expected to materially impede the ability of HINDL to consummate to the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance of Covenants</u>. HINDL shall have performed and complied with, in all material respects, all covenants required by this Agreement to be performed or complied with by HINDL prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Injunctions or Restraints</u>. No Law, order issued by any Governmental Authority of competent jurisdiction or other legal restraint or prohibition preventing the consummation of any of the transactions contemplated hereby, declaring unlawful the transactions contemplated hereby or causing the transactions contemplated hereby to be rescinded shall be in effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Closing Certificate</u>. Prior to or at the Closing, HINDL shall have delivered a certificate of an authorized officer or other authorized person of HINDL, dated as of the Closing Date, to the effect that the conditions specified in <u>Section</u> <u>7.2(a)</u> and <u>Section</u> <u>7.2(b)</u> are satisfied (the "***HINDL Closing Certificate***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Closing Deliveries</u>. The Partnership Parties shall have received the closing deliverables as set forth in <u>Section</u> <u>2.2</u>.

**ARTICLE VIII** 

**TERMINATION** 

Section 8.1 **<u>Termination</u>**. This Agreement may be terminated at any time prior to the Closing Date (it being understood that any termination by the Partnership Parties pursuant to this <u>Article</u> VIII shall not require the approval of the Conflicts Committee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written agreement of the Partnership Parties and HINDL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by either the Partnership Parties, on the one hand, or HINDL, on the other hand, if any injunction or other order, decree, decision, determination or judgment permanently restraining, enjoining or otherwise prohibiting consummation of the transactions hereunder shall become final and non-appealable or any Law that permanently makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Partnership Parties if there has been a breach of, or failure to perform, any representation, warranty, covenant or agreement made by HINDL in this Agreement, such that the conditions set forth in <u>Section</u> <u>7.2(a)</u> or <u>Section</u> <u>7.2(b)</u> would not be satisfied and such breach or failure to perform is not curable or, if curable, is not cured by the earlier of (i) the Termination Date (as defined below) and (ii) 45 days following receipt by HINDL of notice of such breach or failure from the Partnership Parties; *provided, however,* that the right to terminate this Agreement pursuant to this <u>Section</u> <u>8.1(c)</u> shall not be available if either of the Partnership Parties is itself in breach of any provision of this Agreement or has failed to perform any of its representations, warranties, covenants or agreements set forth in this Agreement, and which breach or failure to perform would result in the failure of the conditions set forth in <u>Section</u> <u>7.1(a)</u> or <u>Section</u> <u>7.1(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by HINDL if there has been a breach of, or failure to perform, any representation, warranty, covenant or agreement made by the Partnership Parties in this Agreement, such that the conditions set forth in <u>Section</u> <u>7.1(a)</u> or <u>Section</u> <u>7.1(b)</u> would not be satisfied and such breach or failure to perform is not curable or, if curable, is not cured by the earlier of (i) the Termination Date and (ii) 45 days following receipt by the Partnership Parties of notice of such breach or failure from HINDL; *provided, however,* that the right to terminate this Agreement pursuant to this <u>Section</u> <u>8.1(d)</u> shall not be available if HINDL is itself in breach of any provision of this Agreement or has failed to perform any of its representations, warranties, covenants or agreements set forth in this Agreement, and which breach or failure to perform would result in the failure of the conditions set forth in <u>Section</u> <u>7.2(a)</u> or <u>Section</u> <u>7.2(b)</u>; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by either the Partnership Parties, on the one hand, or HINDL, on the other hand, if the Closing shall not have occurred prior to March 16, 2026 (the "***Termination Date***"); *provided, however,* that the right to terminate this Agreement pursuant to this <u>Section</u> <u>8.1(e)</u> shall not be available if the failure of the Party so requesting termination to perform any covenant or obligation under this Agreement shall have been the primary cause of the failure of the Closing to occur on or prior to such date.

Section 8.2 **<u>Effect of Termination</u>**. In the event that this Agreement is terminated, this Agreement shall become null and void and no Party or any Party's Affiliates, subsidiaries, directors, officers or employees, shall have any further obligation or any liability of any kind to any Person by reason of this Agreement except that no Party shall be relieved of any liability in respect of its breach of this Agreement that occurs prior to such termination.

**ARTICLE IX** 

**MISCELLANEOUS** 

Section 9.1 **<u>Headings; References; Interpretation</u>**. All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word "including" following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation," "but not limited to" or other words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.

Section 9.2 **<u>No Third-Party Rights</u>**. The provisions of this Agreement are intended to bind the Parties as to each other and are not intended to, and do not, create rights in any other Person or confer upon any other Person any benefits, rights or remedies, and no Person is or is intended to be a third-party beneficiary of any of the provisions of this Agreement. Without limiting the generality of the foregoing, the Parties agree that their respective representations, warranties and covenants set forth in this Agreement are the product of negotiations among the Parties and are for the sole benefit of the Parties, in accordance with and subject to the terms of this Agreement, and no other Person has the right to rely upon the representations and warranties, or the right to enforce any covenants, set forth herein. Any inaccuracies in such representations and warranties are subject to waiver by the Parties in accordance with <u>Section</u> <u>9.6</u> without notice or liability to any other Person. In some instances, the representations and warranties in this Agreement may represent an allocation among the Parties of risks associated with particular matters regardless of the knowledge of any of the Parties. Consequently, Persons other than the Parties may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date.

------

Section 9.3 **<u>Successors and Assigns</u>**. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. No Party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other Parties.

Section 9.4 **<u>Notices</u>**. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, electronic mail, air courier guaranteeing overnight delivery or personal delivery to the following addresses:

*If to either of the Partnership Parties:* 

c/o Hess Midstream GP LLC

1400 Smith Street

Houston, Texas 77002

Attention: Jonathan Stein

*If to HINDL:* 

Hess Investments North Dakota LLC

c/o Chevron Corporation

1400 Smith Street

Houston, Texas 77002

Attention: Gabriela Boersner 

Section 9.5 **<u>Severability</u>**. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be valid and effective under Applicable Law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and the Parties shall negotiate in good faith with a view to substitute for such provision a suitable and equitable solution in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

Section 9.6 **<u>Amendment or Modification; Waiver</u>**. This Agreement may be amended, supplemented or modified from time to time only by the written agreement of all the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an amendment to this Agreement. Any extension or waiver of the obligations herein of any Party shall be valid only if set forth in an instrument in writing referring to this section and executed by the Party to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition, of this Agreement. The failure of any Party to assert any of its rights hereunder shall not constitute a waiver of any of such rights.

------

Section 9.7 **<u>Integration</u>**. This Agreement, each of the other Transaction Documents and each of the other instruments referenced herein and therein and in the exhibits attached hereto supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to the subject matter of this Agreement, each of the other Transaction Documents and such other instruments. This Agreement, each of the other Transaction Documents and each of the other instruments referenced herein or therein contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. There are no unwritten oral agreements between the Parties. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties after the date of this Agreement.

Section 9.8 **<u>Applicable Law</u>**. This Agreement shall be construed in accordance with and governed by the Laws of the State of Delaware, without regard to the principles of conflicts of law. EACH OF THE PARTIES AGREES THAT THIS AGREEMENT INVOLVES AT LEAST $100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY AGREES (a) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (b) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY'S AGENT FOR ACCEPTANCE OF LEGAL PROCESS AND TO NOTIFY THE OTHER PARTIES OF THE NAME AND ADDRESS OF SUCH AGENT.

Section 9.9 **<u>Specific Performance</u>**. The Parties agree that irreparable damage would occur and that there would be no adequate remedy at Law in the event that any of the provisions of this Agreement were not performed prior to termination of this Agreement in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware without bond or other security being required, this being in addition to any other remedy to which they are entitled at law or in equity.

Section 9.10 **<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which, when taken together, shall be deemed one agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronically, including by PDF transmission, shall constitute effective execution and delivery of this Agreement for all purposes. Signatures of the Parties hereto transmitted by facsimile or electronically, including by PDF transmission, shall be deemed to be their original signatures for all purposes. The words "execution," "signed," "signature" and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile, electronic format (including, without limitation, "pdf," "tif" and "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act, the New York State Electronic Signatures and Records Act, and any other Applicable Law.

------

Section 9.11 **<u>Effectiveness</u>**. This Agreement shall become effective when it shall have been executed by the Parties.

[*Signature page follows*]

------

IN WITNESS WHEREOF, each of the Parties has duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HESS MIDSTREAM OPERATIONS LP** | **HESS MIDSTREAM OPERATIONS LP** |
| By: Hess Midstream LP, as delegate of authority of Hess Midstream Partners GP LP, the general partner of Hess Midstream Operations LP | By: Hess Midstream LP, as delegate of authority of Hess Midstream Partners GP LP, the general partner of Hess Midstream Operations LP |
| By: Hess Midstream GP LP, its general partner | By: Hess Midstream GP LP, its general partner |
| By Hess Midstream GP LLC, its general partner | By Hess Midstream GP LLC, its general partner |
| By: | /s/ Jonathan C. Stein |
| Name: | Jonathan C. Stein |
| Title: | Chief Executive Officer |
| **HESS MIDSTREAM LP** | **HESS MIDSTREAM LP** |
| By: Hess Midstream GP LP, its general partner | By: Hess Midstream GP LP, its general partner |
| By Hess Midstream GP LLC, its general partner | By Hess Midstream GP LLC, its general partner |
| By: | /s/ Jonathan C. Stein |
| Name: | Jonathan C. Stein |
| Title: | Chief Executive Officer |

---

[*Signature Page to Unit Repurchase Agreement*]

------

---

| | |
|:---|:---|
| **HESS INVESTMENTS NORTH DAKOTA LLC** | **HESS INVESTMENTS NORTH DAKOTA LLC** |
| By: | /s/ Michael J. Chadwick |
| Name: | Michael J. Chadwick |
| Title: | Vice President |

---

[*Signature Page to Unit Repurchase Agreement*]

------

**<u>EXHIBIT A</u>**

**Form of Assignment of Class B Units** 

**[See attached]** 

------

***Final Form*** 

**ASSIGNMENT OF CLASS B UNITS** 

**HESS INVESTMENTS NORTH DAKOTA LLC** 

THIS ASSIGNMENT OF CLASS B UNITS (this "***Agreement***") is made effective as of March 4, 2026 (the "***Effective Time***"), by and between Hess Midstream Operations LP, a Delaware limited partnership ("***HESM OpCo***"), and Hess Investments North Dakota LLC, a Delaware limited liability company ("***Assignor***").

**RECITALS** 

WHEREAS, Assignor is the record and beneficial owner of 78,283,296 Class B Units representing limited partner interests in HESM OpCo (the "***Class B Units***");

WHEREAS, HESM OpCo and Assignor have entered into that certain Unit Repurchase Agreement (the "***Purchase Agreement***"), dated as of March 2, 2026, by and among HESM OpCo, Hess Midstream LP, a Delaware limited partnership, and Assignor, pursuant to which, among other things, (a) HESM OpCo shall purchase from Assignor 455,811 Class B Units (the "***Subject Units***") and (b) Assignor shall sell, transfer, assign and deliver all of its right, title and interest in and to the Subject Units to HESM OpCo;

WHEREAS, Assignor desires to assign all of its right, title and interest in and to the Subject Units to HESM OpCo, and HESM OpCo desires to accept Assignor's assignment of the Subject Units (the "***Assignment***");

WHEREAS, immediately following HESM OpCo's purchase of the Subject Units, HESM OpCo shall cancel the Subject Units, and the Subject Units shall cease to be outstanding; and

WHEREAS, in order to effectuate the Assignment, HESM OpCo and Assignor are executing and delivering this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment</u>. Effective as of the Effective Time, Assignor hereby irrevocably assigns, transfers and delivers to HESM OpCo all of Assignor's right, title and interest in and to the Subject Units, together with all rights and obligations existing or arising with respect to the Subject Units, whether arising or attributable to periods prior to or after the Effective Time, as set forth in the OpCo Partnership Agreement (as defined in the Purchase Agreement) and the Delaware Revised Uniform Limited Partnership Act, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance, Assumption and Acknowledgment</u>. Effective as of the Effective Time, HESM OpCo hereby accepts Assignor's assignment of the Subject Units pursuant to <u>Section</u> <u>1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effect of Assignment</u>. Effective as of the Effective Time, (a) Assignor shall cease to have any right, title or interest in or to the Subject Units and shall have no further rights or obligations with respect to the Subject Units under the OpCo Partnership Agreement or otherwise, and (b) each of the Subject Units shall be cancelled and shall cease to be outstanding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflict of laws of that state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Further Assurances</u>. Each of Assignor and HESM OpCo agrees to take such further action as may be necessary or appropriate to effect the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>General</u>. This Agreement is binding on and shall inure to the benefit of the signatories hereto and their respective successors and assigns. This Agreement is expressly subject to the terms, provisions and limitations of the Purchase Agreement and, in the event of any conflict between the terms of this Agreement and the terms of the Purchase Agreement, the terms of the Purchase Agreement shall control. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which, when taken together, shall be deemed one agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronically including by PDF transmission shall constitute effective execution and delivery of this Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile or electronically including by PDF transmission shall be deemed to be their original signatures for all purposes. The words "execution," "signed," "signature" and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf," "tif" and "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act, the New York State Electronic Signatures and Records Act, and any other applicable law. Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.

*[Remainder of page intentionally left blank.]* 

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Time.

---

| |
|:---|
| **HESS MIDSTREAM OPERATIONS LP** |
| By: Hess Midstream LP, as delegate of authority of Hess Midstream Partners GP, LP, the general partner of Hess Midstream Operations LP |
| By: Hess Midstream GP LP, its general partner |
| By: Hess Midstream GP LLC, its general partner |
| By: |
| Name: Jonathan C. Stein |
| Title: Chief Executive Officer |

---

[Signature Page to Assigment of Class B Units]

------

---

| |
|:---|
| **HESS INVESTMENTS NORTH DAKOTA LLC** |
| By: |
| Name: Michael J. Chadwick |
| Title: Vice President |

---

[Signature Page to Assigment of Class B Units]

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g104823g0303114347923.jpg) | ***Investor Contact:*** | ***Jennifer Gordon***<br> ***(212) 536-8244*** |

---

***News Release*** 

**<u>FOR IMMEDIATE RELEASE</u>**

**HESS MIDSTREAM LP ANNOUNCES SIGNING OF ACCRETIVE $60 MILLION REPURCHASE FROM SPONSOR AND THE PUBLIC** 

HOUSTON, March 3, 2026 — Hess Midstream LP (NYSE: HESM) ("Hess Midstream"), today announced an accretive $60 million repurchase that included both Class B units of its subsidiary, Hess Midstream Operations LP, from an affiliate of Chevron, Hess Midstream's sponsor (the "Sponsor"), and Hess Midstream's Class A shares from the public.

Hess Midstream announced the execution of a definitive agreement providing for the repurchase of approximately $18 million of Class B units by its subsidiary, Hess Midstream Operations LP, from the Sponsor. The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream's general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors.

Hess Midstream also announced that it has entered into an accelerated share repurchase ("ASR") agreement with JPMorgan Chase Bank, National Association ("JPM"), to repurchase $42 million of Hess Midstream's publicly traded Class A shares.

"We continue to execute repurchase transactions as part of our ongoing financial strategy," said Jonathan Stein, Chief Executive Officer of Hess Midstream. "Following these repurchase transactions, we continue to expect to have approximately $1 billion of financial flexibility through 2028 for incremental shareholder returns and debt repayment, including the potential for further unit and share repurchases over this period."

------

The repurchased securities will be cancelled following settlement of each repurchase transaction, which is expected to result in increased distributable cash flow per Class A share providing capacity for incremental distribution growth above Hess Midstream's annual distribution target of at least 5% through 2028, consistent with Hess Midstream's return of capital framework.

**Unit Repurchase Summary** 

Hess Midstream Operations LP, Hess Midstream's consolidated subsidiary, agreed to repurchase 455,811 Class B units of Hess Midstream Operations LP, equal to approximately 0.2% of the consolidated company, held by the Sponsor for a purchase price of approximately $18 million. The purchase price per Class B unit is $39.49, the closing price of the Class A shares on March 2, 2026. After completing the unit repurchase transaction but before giving effect to any repurchase of publicly traded Class A shares purchased by Hess Midstream in the ASR transaction, ownership of Hess Midstream on a consolidated basis will be approximately 62.2% for the public and 37.8% for Chevron. The unit repurchase is anticipated to close on March 4, 2026. Hess Midstream expects to fund the unit repurchase with borrowings under its existing revolving credit facility.

**ASR Transaction** 

Under the ASR agreement, Hess Midstream agreed to make an upfront payment of $42 million to JPM and will receive an initial share delivery of 744,492 Class A shares from JPM, representing approximately 70% of the expected Class A share repurchases under the ASR agreement, based on the closing price of the Class A shares of $39.49 on March 2, 2026.

The final number of Class A shares to ultimately be purchased by Hess Midstream under the ASR agreement will be based generally on the average of the daily volume-weighted average prices of Class A shares during the term of the transaction, subject to adjustments pursuant to the terms and conditions of the ASR agreement. Final settlement of the transactions under the ASR agreement is expected to occur in March 2026. Hess Midstream expects to fund the repurchase of Class A shares in the ASR from borrowings under its existing revolving credit facility.

------

**About Hess Midstream** 

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. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at <u>www.hessmidstream.com</u>.

As used in this press release, the term "Chevron" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

***Cautionary Note Regarding Forward-Looking Information***

This press release contains "forward-looking statements." Words such as "anticipate," "estimate," "expect," "forecast," "guidance," "drive," "could," "may," "should," "would," "enable," "believe," "intend," "focus," "potential," "project," "plan," "trend," "predict," "will," "target," "opportunity" and similar expressions, and variations or negatives of these words, are intended to identify forward-looking statements, but not all forward-looking statements include such words.

Forward-looking statements relating to Hess Midstream's operations, assets, and strategy are based on management's current expectations, assessments, estimates, projections and assumptions about the industry. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond Hess Midstream's control and difficult to predict. Therefore, actual outcomes and results may differ materially from our current projections or expectations of future results expressed or forecasted by these forward-looking

------

statements. Among the important factors that could cause actual results to differ materially from those in our forward-looking statements are: the ability of Chevron and other parties to satisfy their obligations to us, including Chevron's ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids ("NGLs") and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Chevron in excess of our minimum volume commitments and relative to Chevron's nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the businesses of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to natural and human causes beyond our control, such as accidents, severe weather events, labor disputes, political crises, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of changes in credit ratings, weakness in the oil and gas

------

industry or negative outcomes within commodity and financial markets; liability resulting from litigation; risks and uncertainties associated with Hess Corporation's integration with Chevron; our ability to satisfy the closing conditions of the Class B unit repurchase or the ASR transaction; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.

Other unpredictable or unknown factors not discussed in this press release could also cause actual results to differ materially from those in our forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

***Investor Contact:***

***Jennifer Gordon***

***(212) 536-8244***