Kinetik Completes Acquisition of Durango Midstream’s New Mexico Gathering and Processing System
Kinetik Holdings Inc. (KNTK)
Company Research
Source: Business Wire
HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today completed its previously announced acquisition of Durango Permian LLC (“Durango”), a robust platform with exciting potential in the Northern Delaware Basin.Kinetik funded the cash consideration of the Durango acquisition with cash proceeds from the divestiture of its 16% equity interest in Gulf Coast Express pipeline (“GCX”), which was completed on June 4, 2024.As a result of the acquisition, Kinetik has significantly enhanced its overall Delaware Basin wide footprint. Taken together, the GCX divestiture and Durango acquisition are immediately deleveraging with Kinetik’s leverage ratio1 at 3.4 times following the closing.Kinetik will update its 2024 Guidance with its second quarter 2024 financial results release.About Kinetik Holdings Inc.Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is h
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KNTK
News
- Kinetik Holdings acquires Durango Permian [Yahoo! Finance]Yahoo! Finance
- Morgan Stanley Energy Partners Completes Sale of Durango Permian to Kinetik Holdings [Yahoo! Finance]Yahoo! Finance
- Kinetik wraps up $765m acquisition of Durango Permian [Yahoo! Finance]Yahoo! Finance
- Kinetik Completes Acquisition of Durango Midstream's New Mexico Gathering and Processing System [Yahoo! Finance]Yahoo! Finance
- Kinetik divests stake in Gulf Coast Express pipeline to ArcLight affiliate [Yahoo! Finance]Yahoo! Finance
KNTK
Earnings
- 5/8/24 - Miss
KNTK
Sec Filings
- 6/28/24 - Form 8-K
- 6/27/24 - Form 11-K
- 6/7/24 - Form 8-K
- KNTK's page on the SEC website