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Kinetik Holdings Inc. (NYSE: KNTK) provides essential midstream energy infrastructure, connecting oil and gas production to markets through gathering systems, processing facilities, and strategic pipelines. This page serves as the definitive source for KNTK-related news, offering investors and industry professionals timely updates on operational developments and corporate milestones.
Access press releases covering earnings reports, infrastructure expansions, and sustainability initiatives like the company’s CO2 capture partnership for electrofuels production. Our curated collection ensures you stay informed about KNTK’s dual focus: maintaining reliable energy logistics while advancing decarbonization efforts in the Permian Basin and Gulf Coast regions.
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Kinetik Holdings Inc. (NYSE: KNTK) has announced its second quarter dividend and financial results timing. The company declared a cash dividend of $0.75 per share ($3.00 annualized) for Q2 2024, payable on August 7, 2024, to shareholders of record as of July 29, 2024. Kinetik will host its Q2 2024 results conference call on August 8, 2024, at 8:00 am CDT, with the earnings release issued after market close on August 7, 2024.
The company has implemented a Dividend Reinvestment Plan (DRIP) open to all shareholders. Details of the Plan are available on Kinetik's website and in its SEC Form S-3 filing. Shareholders can register for the DRIP online or by contacting Broadridge Corporate Issuers, , the Plan Administrator.
Morgan Stanley Energy Partners has completed the sale of Durango Permian to Kinetik Holdings. The transaction includes a mix of cash and equity, with additional payments contingent on the success of Durango Permian’s Kings Landing Gas Gathering and Processing Development. Durango Permian, a top player in gas gathering and processing in the Permian Basin, has been under Morgan Stanley’s management and achieved significant growth in New Mexico. The deal enhances Kinetik’s presence in the region, promising operational synergies and future growth, especially with the Kings Landing project. Financial advisors for Durango Midstream included Greenhill & Co. and Wells Fargo Securities, with Sidley Austin LLP as legal counsel.
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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