10:36 AM EDT, 05/06/2025 (MT Newswires) -- 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 ( HESM ) 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 ( HESM ) shares recently were about 1.5% higher in mid-morning trading on Tuesday.

Price: 37.42, Change: +0.54, Percent Change: +1.46