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.
Kinetik Holdings Inc. reports news on its Permian Basin midstream operations, including gas gathering and processing, compression and treating, NGL transportation, produced water handling, and crude oil gathering, stabilization, storage, and transportation. The company operates through Midstream Logistics and Pipeline Transportation segments.
Recurring updates cover financial and operating results, dividend declarations, the dividend reinvestment plan, customer agreements, commodity-basis exposure, and system expansions. Company news also includes updates on the Kings Landing Complex, ECCC Pipeline construction, Delaware Basin capacity needs, and pipeline transportation assets serving access points toward the U.S. Gulf Coast.
Kinetik Holdings (NYSE: KNTK) has announced that its subsidiary, Kinetik Holdings LP, plans to offer $250 million in 6.625% sustainability-linked senior notes due 2028. These notes are additional to the previously issued $800 million aggregate principal amount under the same terms.
The new notes will be offered under Rule 144A and Regulation S of the Securities Act, exclusively to qualified institutional buyers and non-U.S. persons. The proceeds will be used for general corporate purposes, including repaying a portion of revolving credit facility borrowings.
The interest rate on these notes is linked to Kinetik's performance against sustainability targets outlined in their Sustainability-Linked Financing Framework from May 16, 2022, which received a second party opinion from ISS ESG.
Kinetik Holdings (NYSE: KNTK) reported strong financial results for Q4 and full-year 2024. The company achieved Q4 net income of $16.2 million and Adjusted EBITDA of $237.5 million. For the full year 2024, Kinetik posted net income of $244.2 million and record Adjusted EBITDA of $971.1 million, representing 16% year-over-year growth.
The company completed strategic expansions including the Durango Permian acquisition and Barilla Draw assets purchase. Q4 results were temporarily impacted by negative gas prices at Waha and maintenance activities, resulting in a $15 million headwind.
Looking ahead, Kinetik provided 2025 guidance with projected Adjusted EBITDA between $1.09-1.15 billion and capital expenditure guidance of $450-540 million. The company expects approximately 20% growth in gas processed volumes and projects Q4 2025 annualized Adjusted EBITDA to exceed $1.2 billion.
Kinetik Holdings (NYSE: KNTK) has announced its fourth quarter dividend of $0.78 per share ($3.12 annualized), payable on February 12, 2025, to shareholders of record as of February 3, 2025. The company will release its Q4 2024 earnings after market close on February 26, 2025, followed by a conference call on February 27, 2025.
The company maintains an active Dividend Reinvestment Plan (DRIP) that is open to all shareholders. Details of the plan are available in the company's S-3 registration statement filed with the SEC on July 12, 2024. Shareholders can register for the DRIP through Broadridge Corporate Issuers, , either online or through various contact methods.
Permian Resources (NYSE: PR) has announced the sale of its natural gas and oil gathering systems in Reeves County, Texas to Kinetik Holdings for $180 million in cash. The sale includes recently purchased and legacy company-owned midstream infrastructure but excludes water infrastructure and surface acreage.
The transaction is expected to close in Q1 2025, subject to regulatory approval. The divestiture aims to streamline operations and enhance value for investors while allowing Permian Resources to increase its residue natural gas sales at Gulf Coast pricing, reducing exposure to in-basin Waha pricing. The company expects no significant impact on its cash operating costs.
Kinetik Holdings (NYSE: KNTK) has announced a definitive agreement to acquire natural gas and crude oil gathering systems from Permian Resources for $180 million in cash. The assets, primarily located in Reeves County, Texas, include approximately 60,000 gross operated acres dedicated under long-term, fixed-fee agreements.
The transaction features over 250 Mmcf/d of primarily owned electric compression with a private electric distribution system, and is expected to handle more than 150 Mmcf/d of gas gathered volumes and 25 Mb/d of crude gathered volumes in 2025. The assets are adjacent to Kinetik's existing Delaware South system and will be integrated post-closing. The deal is expected to close in Q1 2025, subject to customary conditions.
Kinetik Holdings reported strong Q3 2024 financial results with net income of $83.7 million, a 94% increase year-over-year, and Adjusted EBITDA of $265.7 million, up 23%. The company increased its 2024 Adjusted EBITDA guidance to $970-1000 million and tightened Capital Expenditures guidance to $270-290 million. Natural gas processing volumes reached 1.71 Bcf/d, a 15% increase year-over-year. Kinetik increased its quarterly dividend by 4% to $0.78 per share and expanded its ownership in EPIC Crude to 27.5%. The company announced plans for a new pipeline connecting Delaware North and South systems, capable of flowing over 150 Mmcf/d of rich gas.
Kinetik Holdings Inc. (NYSE: KNTK) has announced a 4% increase in its quarterly cash dividend to $0.78 per share ($3.12 annualized) for Q3 2024. The dividend will be paid on November 7, 2024, to shareholders of record as of October 28, 2024. CEO Jamie Welch cited strategic transactions and business outperformance as reasons for the increase, stating they've reached their 3.5x leverage target earlier than expected.
The company will host its Q3 2024 results conference call on November 7, 2024, at 8:00 am CST, with the earnings release scheduled for November 6, 2024, after market close. Kinetik also reminded shareholders of its Dividend Reinvestment Plan (DRIP), which is open to all shareholders and can be accessed through the Broadridge website or by contacting Broadridge Corporate Issuers,
Kinetik Holdings Inc. (NYSE: KNTK) has announced that Todd Carpenter, General Counsel and Chief Compliance Officer, will retire from the company effective February 28, 2025. Mr. Carpenter will continue his current responsibilities and ensure a smooth transition until his retirement. After retiring, he will provide ongoing support to the company.
Kinetik has begun an internal and external search for Mr. Carpenter's successor and will announce the appointment in due course. Jamie Welch, Kinetik's President & Chief Executive Officer, praised Mr. Carpenter's almost 40-year legal career and his contributions to the company over the past seven years, expressing gratitude for his counsel, friendship, and dedicated service to Kinetik.
Diamondback Energy, Kinetik Holdings, and EPIC Midstream have announced transformative transactions for EPIC Crude Holdings. Key highlights include:
1. Diamondback and Kinetik acquired a 30% equity interest in EPIC Crude, now each owning 27.5%.
2. Diamondback increased its volume commitment to 200 MBpd.
3. Kinetik entered a new transportation arrangement with EPIC Crude.
4. Combined long-term volume commitments from partners represent over 33% of EPIC Crude's capacity.
5. EPIC Crude transports over 600 MBpd and has secured MVCs or contracts for ~90% of 2025 total volumes.
These actions aim to strengthen EPIC Crude's financial profile, reduce costs, and enhance returns. The company is positioned for potential expansion, with partners having an option for about one-third of the expansion capacity.
Kinetik Holdings Inc. (NYSE: KNTK) has published its 2023 Sustainability Report, highlighting significant progress in environmental, safety, and sustainability initiatives. Key achievements include:
• 83% reduction in Total Recordable Incident Rate and zero lost time incidents
• 32% reduction in methane emissions intensity since 2021
• 14% reduction in greenhouse gas emissions intensity since 2021
• Formation of New Energy Ventures group to explore clean energy opportunities
• Partnership with Infinium for ultra low-carbon e-Fuels production
These accomplishments were achieved despite a 25% increase in natural gas volumes since 2021. The company implemented various technologies and programs to reduce emissions, including upgrading pneumatics, electrifying compression, and enhancing leak detection. Kinetik remains committed to fostering a culture of safety, environmental responsibility, and community engagement.