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Kinetik Holdings Inc. (Symbol: KNTK) is a prominent midstream operator specializing in the gathering, processing, and transportation of natural gas and oil. Based in Houston, Texas, Kinetik exclusively serves the Permian Basin, a rich energy-producing region in West Texas. The company owns extensive infrastructure assets, including approximately 178 miles of natural gas gathering pipelines, 55 miles of residue gas lines, and 38 miles of natural gas liquids (NGL) pipelines. Additionally, Kinetik operates three cryogenic processing trains and an NGL truck loading terminal equipped with six lease automatic custody transfer units and eight NGL bullet tanks.
As a subsidiary of Apache Midstream LLC, Kinetik plays a crucial role in connecting energy producers to market hubs and other major pipelines. Its strategic partnerships and ownership stakes in various pipelines facilitate the transport of natural gas and NGLs to the Gulf Coast, thus granting the company access to export markets and international demand.
In recent developments, Kinetik has made significant strides in sustainability and innovation. One notable achievement is the agreement with Infinium, a leader in eFuels, to dedicate carbon dioxide (CO2) from Kinetik’s gas gathering and processing system in the Permian Basin for the production of ultra-low carbon electrofuels. This partnership underscores Kinetik’s commitment to reducing carbon emissions and pioneering energy transition efforts.
Kinetik’s robust operational framework and strategic initiatives position it as a key player in the midstream sector, providing comprehensive services that include gathering, transportation, compression, processing, and treating natural gas, NGLs, crude oil, and water. The company continually updates investors and stakeholders through announcements, operational updates, and press releases on its website, offering transparency and fostering trust in its business practices.
For more information, visit Kinetik's official website.
Kinetik Holdings (NYSE: KNTK) has completed its acquisition of Durango Permian's New Mexico Gathering and Processing System. This acquisition, funded through the divestiture of Kinetik's 16% equity interest in the Gulf Coast Express pipeline, significantly enhances Kinetik's presence in the Northern Delaware Basin. The transactions are immediately deleveraging, reducing the company's leverage ratio to 3.4 times. Updated 2024 guidance will be provided with the second quarter financial results release.
Kinetik Holdings (NYSE: KNTK) has completed the sale and transfer of its 16% equity stake in the Gulf Coast Express pipeline to an affiliate of ArcLight Capital Partners for $510 million upfront and an additional $30 million deferred cash payment contingent on a future capacity expansion project. The proceeds will be used for general corporate purposes, including acquiring Durango Permian and investing in a new 15-year gas gathering and processing agreement in Eddy County, New Mexico, which strengthens Kinetik’s operational presence in the region.
Kinetik Holdings Inc. (NYSE: KNTK) announced a series of strategic transactions worth $1 billion, including the acquisition of Durango Permian for $765 million, the divestiture of its 16% interest in Gulf Coast Express pipeline for $540 million, and a new agreement in Eddy County, New Mexico. The acquisition expands processing capacity, doubles pipeline mileage, adds over 60 new customers, and enhances Kinetik's position in the Delaware Basin. The transactions are expected to be over 10% accretive to free cash flow per share starting in the second half of 2025. Kinetik aims to reinvest proceeds efficiently and accretively into strategic assets.
Kinetik Holdings Inc. (NYSE: KNTK) reported a strong first quarter in 2024 with a net income of $35.4 million, a 724% increase year-over-year, and Adjusted EBITDA of $233.6 million, a 25% increase year-over-year. The company achieved a quarterly gas processed volume of 1.53 Bcf/d, up 13% year-over-year. Key highlights include completion of amine treating projects, a long-term agreement with Infinium, and operational expansions in New Mexico. Financially, Kinetik executed a $150 million accounts receivable securitization facility and declared a cash dividend of $0.75 per share. Governance-wise, the company reduced emissions and appointed a new board member. The upcoming events include participation in several conferences.
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