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Stock impact report

Kinetik divests stake in Gulf Coast Express pipeline to ArcLight affiliate [Yahoo! Finance]

Kinetik Holdings Inc. (KNTK) 
Company Research Source: Yahoo! Finance
The deal consideration involved an upfront cash payment of $510m and an additional deferred $30m cash payment due upon making a final investment decision on the pipeline capacity expansion project. The deal between the parties was signed in May 2024. The stake sale in the GCX project also forms part of Kinetik's strategy to strengthen its position as a pure-play midstream company in the Delaware Basin. Proceeds from the sale will be used by Kinetik to fund the previously announced acquisition of Durango Permian. Kinetik will acquire Durango's assets in New Mexico, including 3,862km of gas-gathering pipelines and a processing capacity of 220 million cubic feet per day (mft³/d). The acquisition also includes the Kings Landing project, a 200mft³/d greenfield processing complex in Eddy County, New Mexico, which is set for completion in April 2025. Proceeds from the latest deal are earmarked for general corporate purposes, including capital investments to support a new 15-year Show less Read more
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