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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.
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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.
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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.
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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.
Kinetik Holdings Inc. (NASDAQ: KNTK) announced a cash dividend of $1.50 per share for Q1 2022, amounting to an annualized total of $6.00. This consistent dividend will be paid on May 17, 2022 to shareholders of record by May 5, 2022. The company will also hold a conference call on May 11, 2022 to discuss its Q1 results, with the earnings release issued after market close on May 10, 2022. Additionally, Kinetik has implemented a voluntary Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends into additional shares.
Kinetik Holdings announced the closing of a secondary offering of 4,000,000 shares of Class A common stock at $58.00 per share, fully exercising the underwriter’s option for an additional 521,739 shares. The offering was conducted by Apache Midstream LLC as the selling stockholder, with no shares sold by Kinetik itself, meaning the company received no proceeds. Notable financial institutions acted as joint lead managers for the offering. A registration statement for the securities was filed and declared effective by the SEC.