Hess Midstream Partners LP, an MLP formed by Hess to own pipeline and storage assets in the Bakken Shale, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The company will enter into multiple 10-year, fee-based commercial agreements with Hess (NYSE: HES) that will include minimum volume commitments based on dedicated production, inflation escalators and fee redetermination mechanisms.
The Houston, TX-based company, which was founded in 2014 and booked $247 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol HESM. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
Hess Midstream is one of several midstream oil and gas MLPs on file for an IPO.
