Hess Midstream (HESM) said Tuesday it agreed to repurchase $190 million of class B units from affiliates of Hess (HES) and BlackRock's (BLK) Global Infrastructure Partners, its two primary sponsors, through its subsidiary.
The pipeline and energy infrastructure company also said it entered an accelerated share repurchase agreement with JPMorgan Chase (JPM) to buy back $10 million of its publicly traded class A shares.
Both the class B units and class A shares will be cancelled once the transactions settle. Hess Midstream said the moves are expected to immediately boost distributable cash flow per share.
Following the repurchases, the company said it will retain about $1.25 billion of financial flexibility through 2027 for potential additional buybacks or distribution increases.
Hess Midstream shares recently were about 1.5% higher in mid-morning trading on Tuesday.
Price: 37.42, Change: +0.54, Percent Change: +1.46
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