Kinetik Announces Second Quarter Dividend, Financial Results Timing, and the Full Redemption of its Series A Preferred

Rhea-AI Summary

Kinetik Holdings declared a cash dividend of $0.75 per share for Q2 2022, aligning with prior communications. The annualized total is $3.00 and will be paid on August 17, 2022, to shareholders recorded by close on August 5, 2022. The company will hold a conference call on August 10, 2022, at 8:00 am CDT to discuss second quarter results. Kinetik also completed the accelerated redemption of its Series A Preferred, further enhancing cash flow. A Dividend Reinvestment Plan is in place, with significant reinvestment from major stakeholders.

Positive

• Announced quarterly dividend of $0.75 per share, consistent with previous guidance.
• Accelerated redemption of Series A Preferred improves cash flow.

Negative

• None.

HOUSTON and MIDLAND, Texas, July 20, 2022 (GLOBE NEWSWIRE) -- Kinetik Holdings Inc. (NASDAQ: KNTK) (“Kinetik” or the “Company”) today declared a cash dividend of $0.75 per share ($3.00 on an annualized basis) for the second quarter ended June 30, 2022. The announced quarterly dividend is consistent with prior communications and will be paid on Wednesday, August 17, 2022 to shareholders of record as of close on Friday, August 5, 2022.

Kinetik will host its second quarter 2022 results conference call Wednesday, August 10, 2022 at 8:00 am Central Daylight Time (9:00 am Eastern Daylight Time) to discuss second quarter results. The Company will issue its earnings release and updated 2022 Guidance after market on Tuesday, August 9, 2022. The text of the earnings release, the accompanying presentation and link to the live webcast will be available on the Company’s website at www.kinetik.com. A replay of the conference call will also be available on the website following the call.

Kinetik also completed the previously announced accelerated redemption of its Series A Preferred using cash on hand and drawings under its revolving credit facility. The accelerated redemption further enhances the Company’s free cash flow and completes its capital structure simplification. Additional details will be included in the Company’s upcoming second quarter earnings release.

Kinetik previously implemented a Dividend Reinvestment Plan (the “DRIP” or the “Plan”) open to all shareholders. Participation is optional for public shareholders; meanwhile, Blackstone, I Squared, Apache and Management are reinvesting almost 100% of their quarterly dividends under the DRIP. The DRIP provides Kinetik’s shareholders with the opportunity to have all or a portion of the cash dividends declared on their common shares automatically reinvested into additional common shares of the Company. Shareholders may elect to terminate participation in the Plan at any time.

A complete description of the Plan is included in the Company’s Form S-3 registration statement filed with the SEC on April 4, 2022 and is posted on the Company’s website at www.kinetik.com.

To participate, shareholders of record may register online by visiting the American Stock Transfer’s website at www.astfinancial.com or by contacting American Stock Transfer, the Plan Administrator, by telephone toll free from inside the United States at 1-(800)-278-4353 or outside of the United States at 1-(718)-921-8124. Shareholders may also contact the Plan Administrator in writing at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219. Please include a reference to Kinetik Holdings Inc. in all correspondence. Shareholders who own common stock through a broker should consult their broker regarding participation in the Plan.

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 headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.

Contacts

Kinetik Investors
(713) 487-4832
Maddie Wagner
Website: www.kinetik.com

FAQ

What is Kinetik Holdings' dividend for Q2 2022?

Kinetik Holdings declared a cash dividend of $0.75 per share for Q2 2022.

When will Kinetik Holdings pay its dividend?

The dividend will be paid on August 17, 2022, to shareholders recorded by August 5, 2022.

What is the annualized dividend for Kinetik Holdings?

The annualized dividend for Kinetik Holdings is $3.00 per share.

When is Kinetik Holdings' Q2 2022 conference call?

The conference call is scheduled for August 10, 2022, at 8:00 am Central Daylight Time.

What is the significance of the accelerated redemption of Series A Preferred?

The accelerated redemption enhances Kinetik's free cash flow and simplifies its capital structure.