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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.
Kinetik Holdings Inc. (NASDAQ: KNTK) announced an upsized secondary offering of 3,478,261 shares of its Class A common stock at $58.00 per share, led by Apache Midstream LLC. The offering was increased from an original size of 2,500,000 shares due to high investor demand. Kinetik will not sell any shares and will not receive proceeds from the sale. A 30-day option for underwriters to purchase an additional 521,739 shares is included. The offering is managed by BofA Securities, J.P. Morgan, and Morgan Stanley among others.
Kinetik Holdings announced a secondary offering of 2,500,000 shares of Class A common stock by Apache Midstream LLC, a subsidiary of Apache Corporation. Kinetik will not sell any shares or receive proceeds from this offering. A 30-day option for underwriters to purchase an additional 375,000 shares is included. The offering is subject to market conditions and managed by BofA Securities, J.P. Morgan, and Morgan Stanley. This information is detailed in a prospectus supplement available upon request.
Kinetik Holdings has announced its 2022 Guidance, projecting Adjusted EBITDA between $770 million and $810 million, with approximately $25 million of cost synergies expected. Key developments include the completion of a super-system interconnect by June 2022 and plans for a full redemption of Series A preferred shares by year-end, supported by a 100% reinvestment of dividends from Core Shareholders. Capital expenditures are estimated at $125 million to $150 million, with a potential dividend increase of at least 5% starting in 2023.
Kinetik Holdings announced the completion of its business combination with Altus Midstream and BCP, creating an integrated midstream company.
Kinetik will trade on NASDAQ under the symbol KNTK starting February 23, 2022. The new structure includes 75% ownership by BCP unitholders and 5% by existing Altus shareholders. Apache Corporation's ownership is reduced to 20%. The company aims to achieve a strong financial profile with a focus on gas gathering in the Delaware Basin, targeting a net zero GHG emissions goal by 2050.