Diamondback Energy, Kinetik Holdings and EPIC Midstream Announce Transformative Transactions for EPIC Crude
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Business Wire
Existing Partners increase ownership and commitments to further strengthen EPIC Crude’s financial profile and growth prospects HOUSTON--(BUSINESS WIRE)--Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik”) and EPIC Midstream Holdings LP (“EPIC Midstream”), today announced a series of transactions to support the continued growth and strengthened financial profile of EPIC Crude Holdings, LP (“EPIC Crude”), an affiliate of EPIC Midstream, including:Diamondback and Kinetik (together, the “Partners”) acquired a 30% equity interest in EPIC Crude. The Partners now each own 27.5% of EPIC Crude.EPIC Midstream continues to own a 45% equity interest in and manage the operations of EPIC Crude.Diamondback is converting its existing commitment on EPIC Crude into a significantly larger volume commitment of 200 MBpd to accommodate additional crude barrels from Diamondback’s newly completed merger with Endeavor Energy Resources. As a result of that
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