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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 Inc. (NASDAQ: KNTK) announced its transfer of Class A Common Stock to the New York Stock Exchange (NYSE) from Nasdaq. Trading on NYSE will commence on October 24, 2022, under the existing ticker symbol 'KNTK.' Until October 21, 2022, Kinetik's shares will continue trading on Nasdaq before being delisted. The CEO, Jamie Welch, and management will commemorate the listing by ringing the NYSE opening bell, also marking the one-year anniversary of Kinetik's formation from a business combination of Altus Midstream Company and BCP Raptor Holdco LP.
Kinetik Holdings Inc. (NASDAQ: KNTK) has revised its 2022 Pro Forma Adjusted EBITDA guidance upwards to $820 million to $840 million, reflecting a 5% increase. The company completed a $3.0 billion sustainability-linked refinancing, retiring all existing debt, and issued a new $1.25 billion revolving credit facility. The Permian Highway Pipeline expansion has been greenlit, with completion expected by November 2023. Kinetik processed natural gas volumes of 1.16 Bcf/d for Q2 2022, reporting net income of $131.4 million and Pro Forma Free Cash Flow of $127 million for the same period.
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.
Kinetik Holdings (NASDAQ: KNTK) announced the successful completion of a comprehensive refinancing involving a new $1.25 billion unsecured revolving credit facility and a $2.0 billion unsecured term loan A facility. This refinancing leads to a fully unsecured capital structure.
Kinetik also issued $1.0 billion in sustainability-linked senior notes due 2030, aimed at enhancing liquidity and aligning with sustainability performance targets. Additionally, Kinetik's Class A Common Stock will begin trading on a stock split adjusted basis from June 9, 2022, following a two-for-one stock split.
Kinetik Holdings has announced a two-for-one stock split aimed at enhancing liquidity and making the stock more accessible to investors. The split will occur through a stock dividend, providing one additional share for each existing share, effective June 8, 2022. Post-split, Kinetik will have approximately 135 million shares outstanding, with a planned quarterly dividend of $0.75 per share starting from the second quarter of 2022. This initiative reflects the company's strategy to improve shareholder value and attract new investors.
Kinetik Holdings Inc. announced strong financial results for Q1 2022, emphasizing robust operational execution following its merger with Altus Midstream on February 22, 2022. The company processed 1.11 Bcf/d of natural gas, generating Pro Forma Adjusted EBITDA of $191 million, distributable cash flow of $145 million, and free cash flow of $119 million. Kinetik also signed new agreements for 360 MMcf/d and plans expansions for the Permian Highway and Gulf Coast Express pipelines. The declared dividend is $1.50 per share, payable on May 17, 2022, with ongoing efforts to reduce outstanding preferred units.
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