NEW YORK--(BUSINESS WIRE)--Sep. 24, 2014--
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, North Dakota; 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, North Dakota; and a 100%
interest in Hess’ propane storage cavern and rail and truck transloading
facility located in Mentor, Minnesota.
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. When available, a preliminary prospectus related
to this offering may be obtained from:
Goldman, Sachs & Co.
200 West Street
New York, NY
10282
Attn: Prospectus Department
Email: prospectus-ny@ny.email.gs.com
Morgan Stanley
180 Varick Street, 2nd Floor
New York,
NY 10014
Attn: Prospectus Department
To obtain a copy of the preliminary prospectus free of charge when
available, visit the SEC’s website at http://www.sec.gov
and search under “Hess Midstream Partners LP.”
A registration statement relating to these securities has been filed
with the SEC but has not yet become effective. These securities may not
be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
This news release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking statements
involve certain risks and uncertainties, including, among others, that
the business plans of Hess or Hess Midstream Partners may change as
circumstances warrant and that securities of Hess Midstream Partners may
not ultimately be offered to the public because of general market
conditions or other factors. Neither Hess nor Hess Midstream Partners
undertakes any obligation to update or revise such forward-looking
statements to reflect events or circumstances that occur, or of which
Hess or Hess Midstream Partners becomes aware after the date hereof.
Source: Hess Corporation
For Hess Corporation
Investors:
Jay Wilson,
212-536-8940
or
Media:
Sard Verbinnen & Co
Michael
Henson/Patrick Scanlan
212-687-8080