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CEO of Hess John B. Hess. Image courtesy of Hess.

New York-based Hess Corporation filed plans Friday for an initial public offering on the New York Stock Exchange for its recently announced midstream spinoff Hess Midstream Partners.

Hess Midstream Partners is a master limited partnership that will be based in Houston.

Hess expects to take the firm public during the first quarter of 2015 and trade under the symbol “HESM.”

The company has not disclosed how many units will be offered during the IPO or the price range for the units.

Hess Midstream Partners’ initial assets will be contributed by Hess.

The assets are expected to include a 30 percent interest in a natural gas processing plant located in Tioga, North Dakota and a 50 percent interest in the company’s rail loading terminal in Tioga, along with the associated rail cars.

Hess Midstream is also expected to hold a 50 percent interest in Hess’ crude oil truck and pipeline terminal located in Williams County, North Dakota and a 100 percent interest in the company’s propane storage cavern and rail and truck transloading facility located in Mentor, Minnesota.

Morgan Stanley and Goldman Sachs will serve as the joint book-running managers for the IPO.

Hess has begun divesting from its refining and retail assets as it focuses on its larger North American oil and gas projects.

In April, Thailand’s PTT Exploration bought Hess’ oil and gas assets in Thailand for $1 billion.

In May, Hess sold its gasoline stations and retail business to Ohio-based Marathon Petroleum for $2.87 billion.