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Kinetik Holdings Inc. - $KNTK STOCK NEWS

Welcome to our dedicated page for Kinetik Holdings news (Ticker: $KNTK), a resource for investors and traders seeking the latest updates and insights on Kinetik Holdings stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Kinetik Holdings's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Kinetik Holdings's position in the market.

Rhea-AI Summary

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.

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Rhea-AI Summary

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.

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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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Kinetik Holdings Inc. (NYSE: KNTK) declares a cash dividend of $0.75 per share ($3.00 annualized) for the first quarter ended March 31, 2024. The dividend will be paid on May 9, 2024, to shareholders of record as of April 29, 2024. Kinetik will host a conference call on May 9, 2024, to discuss first-quarter results and release earnings after market close on May 8, 2024.
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Infinium and Kinetik have reached an agreement to utilize captured CO2 for the production of ultra-low carbon electrofuels, showcasing a unique long-term partnership with significant decarbonization benefits for the transportation industry.
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Kinetik Holdings Inc. (NYSE: KNTK) appoints William Ordemann to its Board of Directors, replacing Ben Rodgers. Ordemann brings 38 years of energy industry experience and served in executive roles at Enterprise Products Partners L.P. He aims to enhance Kinetik's strategic vision and execution.
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0.87%
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management
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Kinetik Holdings Inc. (NYSE: KNTK) announced a $150 million accounts receivable securitization facility agreement with PNC Bank, extending the maturity of its Term Loan Credit Facility to December 2026.
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Kinetik Holdings Inc. (NYSE: KNTK) announced a secondary offering of 11,373,801 shares of its Class A common stock by Apache Midstream LLC at $33.75 per share. The Company will not receive proceeds from the sale. The underwriters have an option to purchase additional shares. CEO to purchase 14,814 shares at the public offering price.
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Rhea-AI Summary
Kinetik Holdings Inc. (NYSE: KNTK) announced a secondary offering of 11,373,801 shares of its Class A common stock by Apache Midstream LLC, a subsidiary of Apache Corporation. The Company will not receive proceeds from the sale. The Offering includes a 30-day option for additional shares. The Chief Executive Officer expressed interest in purchasing shares. Goldman Sachs, BofA Securities, J.P. Morgan, and Mizuho are acting as joint lead managers for the Offering.
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Rhea-AI Summary
Kinetik Holdings Inc. (NYSE: KNTK) reported strong financial results for Q4 2023, with net income of $267.4 million and Adjusted EBITDA of $228.0 million. The full year 2023 net income was $386.5 million, with Adjusted EBITDA of $838.8 million. The company issued guidance for 2024 with Adjusted EBITDA expected to be between $905 million and $960 million. Kinetik completed strategic growth projects in 2023, positioning itself for future growth.
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Kinetik Holdings Inc.

NYSE:KNTK

KNTK Rankings

KNTK Stock Data

2.42B
35.87M
16.48%
56.33%
3.98%
Pipeline Transportation of Crude Oil
Transportation and Warehousing
Link
United States of America
HOUSTON

About KNTK

altus midstream company owns gas gathering, processing, and transmission assets in the permian basin of west texas. as of december 31, 2019, its assets included approximately 178 miles of in-service natural gas gathering, 55 miles of residue gas, and 38 miles of natural gas liquids (ngl) pipelines; three cryogenic processing trains; and an ngl truck loading terminal with six lease automatic custody transfer units and eight ngl bullet tanks. the company is based in houston, texas. altus midstream company is a subsidiary of apache midstream llc.