Hess Corporation (NYSE:HES) announced today that its wholly owned subsidiary, Hess Midstream Partners LP, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests. The offering is expected to occur in the first quarter of 2015.
Hess Midstream Partners intends to list its common units on the New York Stock Exchange under the symbol “HESM.” The number of common units to be offered and the price range for the offering have not yet been determined.
Headquartered in Houston, Hess Midstream Partners’ initial assets will be contributed by Hess and are expected to include a 30% interest in Hess’ natural gas processing plant located in Tioga, N.D.; a 50% interest in Hess’ rail loading terminal located in Tioga, along with the associated rail cars; a 50% interest in Hess’ crude oil truck and pipeline terminal located in Williams County, N.D.; and a 100% interest in Hess’ propane storage cavern and rail and truck transloading facility located in Mentor, Minn.
Goldman, Sachs & Co. and Morgan Stanley will act as joint book-running managers for the proposed offering. The offering will be made only by means of a prospectus.