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 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.