USMC, correct me if I'm wrong, but I think the Hornet has dump-masts in the vertical stab, above the rudders (look the same shape as the F-4's; in the Phantom they were outboard of the ailerons).

If he was dumping gas, sounds like an engine failure and trying to reduce weight in a thrust-deficient situation...that turned sour.

Of course, keen "observers" could report to CNN that vortex condensation trails were "....fuel being dumped....."