BlackRock subsidiary Global Infrastructure Partners (GIP) finished its investment exit of Hess Midstream on May 30, Hess announced.

GIP exited its position in Hess Midstream after the closing of a public offering on May 30. The firm sold approximately 15.02 million shares at $37.25 per share.

Ownership of Hess Midstream now consists of about 62.2% for the public and 37.8% for Hess Corp.

“We are thankful for the prosperous partnership with GIP, which allowed us to build a leading midstream platform together, and we are excited to continue executing on our track record of operational and financial excellence,” said Jonathan Stein, CFO of Hess Midstream, in the announcement.

Hess Midstream reconfigured its board with the closing. GIP’s three designated board members resigned their positions. The board may now have a total of eight members, four designated by Hess and four independent members.

There are no changes to the commercial agreements with Hess as a result of the closing of the GIP offering and this governance update, according to the announcement.

“We expect to continue to have more than $1.25 billion of financial flexibility through 2027 that can be used to support incremental repurchase transactions, which may include repurchases of additional publicly traded Class A shares,” Stein said.