{"id":793618,"date":"2024-12-10T06:33:02","date_gmt":"2024-12-10T11:33:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/"},"modified":"2024-12-10T06:33:02","modified_gmt":"2024-12-10T11:33:02","slug":"kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/","title":{"rendered":"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b><span class=\"bwuline\">Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources<\/span><\/b><\/p>\n<p>HOUSTON &amp; MIDLAND, Texas&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nKinetik Holdings Inc. (NYSE: KNTK) (\u201c<b>Kinetik<\/b>\u201d or the \u201c<b>Company<\/b>\u201d) today announced it has entered into a definitive agreement with Permian Resources Corporation (NYSE: PR) (\u201c<b>Permian Resources<\/b>\u201d) whereby Kinetik will acquire Permian Resources\u2019 natural gas and crude oil gathering systems (the \u201c<b>Assets<\/b>\u201d) primarily located in Reeves County, Texas for $180 million of cash consideration (the \u201c<b>Transaction<\/b>\u201d). The Transaction provides a multi-stream opportunity for natural gas gathering, compression and processing, as well as crude gathering services for Kinetik.<\/p>\n<p><b>Transaction Highlights:<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nApproximately 60,000 gross operated acres dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression and processing and crude oil gathering services<\/p>\n<\/li>\n<li>\nMore than 250 Mmcf\/d of primarily owned electric compression with corresponding ownership of a private electric distribution system<\/p>\n<\/li>\n<li>\nMore than 150 Mmcf\/d of gas gathered volumes and 25 Mb\/d of crude gathered volumes in 2025<\/p>\n<\/li>\n<li>\nThe Transaction is highly competitive with Kinetik\u2019s high-quality, organic backlog and meets our strict investment criteria<\/p>\n<\/li>\n<li>\nAdditional upside with control of residue gas and natural gas liquids from the dedicated rich gas via system optimization and integration with existing assets<\/p>\n<\/li>\n<\/ul>\n<p>\n\u201cThis investment opportunity reinforces our strategic partnership with Permian Resources, which is one of the most active and lowest cost operators in the Delaware Basin,\u201d said Jamie Welch, Kinetik\u2019s President &amp; Chief Executive Officer. \u201cWe are excited to further expand our Delaware gas and crude systems with this natural fit, bolt-on acquisition. The Assets are located adjacent to our existing Delaware South system and will be integrated shortly following closing. The dedicated acreage includes highly economic inventory and shallow PDP declines, and with Permian Resources\u2019 long-term development support, we expect attractive volume growth and long-term value creation for our stakeholders.\u201d<\/p>\n<p>\nThe transaction is expected to close in the first quarter of 2025 following satisfaction of customary closing conditions, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.<\/p>\n<p><b>About Kinetik Holdings Inc.<\/b><\/p>\n<p>\nKinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.kinetik.com%2F&amp;esheet=54164542&amp;newsitemid=20241209818350&amp;lan=en-US&amp;anchor=www.kinetik.com&amp;index=1&amp;md5=fc81491330a117904aadbd00e3cd3d93\">www.kinetik.com<\/a>.<\/p>\n<p><b>Forward-looking statements<\/b><\/p>\n<p>\nThis news release includes certain statements that may constitute \u201cforward-looking statements\u201d for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. While forward-looking statements are based on assumptions and analyses that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially. See Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future development, or otherwise, except as may be required by law.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209818350r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241209818350\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241209818350\/en\/<\/a><\/span><\/p>\n<p><b>Kinetik Investors:<br \/>\n<\/b><br \/>Alex Durkee<br \/>\n<br \/>(713) 574-4743<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investors@kinetik.com\">investors@kinetik.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241209818350\/en\/1630267\/3\/KNTK_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources HOUSTON &amp; MIDLAND, Texas&#8211;(BUSINESS WIRE)&#8211; Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement with Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d) whereby Kinetik will acquire Permian Resources\u2019 natural gas and crude oil gathering systems (the \u201cAssets\u201d) primarily located in Reeves County, Texas for $180 million of cash consideration (the \u201cTransaction\u201d). The Transaction provides a multi-stream opportunity for natural gas gathering, compression and processing, as well as crude gathering services for Kinetik. Transaction Highlights: Approximately 60,000 gross operated acres dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression and processing &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-793618","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources HOUSTON &amp; MIDLAND, Texas&#8211;(BUSINESS WIRE)&#8211; Kinetik Holdings Inc. (NYSE: KNTK) (\u201cKinetik\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement with Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d) whereby Kinetik will acquire Permian Resources\u2019 natural gas and crude oil gathering systems (the \u201cAssets\u201d) primarily located in Reeves County, Texas for $180 million of cash consideration (the \u201cTransaction\u201d). The Transaction provides a multi-stream opportunity for natural gas gathering, compression and processing, as well as crude gathering services for Kinetik. Transaction Highlights: Approximately 60,000 gross operated acres dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression and processing &hellip; Continue reading &quot;Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T11:33:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209818350r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources\",\"datePublished\":\"2024-12-10T11:33:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/\"},\"wordCount\":607,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20241209818350r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\\\/\",\"name\":\"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources - 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(NYSE: KNTK) (\u201cKinetik\u201d or the \u201cCompany\u201d) today announced it has entered into a definitive agreement with Permian Resources Corporation (NYSE: PR) (\u201cPermian Resources\u201d) whereby Kinetik will acquire Permian Resources\u2019 natural gas and crude oil gathering systems (the \u201cAssets\u201d) primarily located in Reeves County, Texas for $180 million of cash consideration (the \u201cTransaction\u201d). The Transaction provides a multi-stream opportunity for natural gas gathering, compression and processing, as well as crude gathering services for Kinetik. Transaction Highlights: Approximately 60,000 gross operated acres dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression and processing &hellip; Continue reading \"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-10T11:33:02+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209818350r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources","datePublished":"2024-12-10T11:33:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/"},"wordCount":607,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209818350r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/kinetik-announces-bolt-on-acquisition-of-gas-and-crude-gathering-systems-in-texas-delaware-basin-from-permian-resources\/","name":"Kinetik Announces Bolt-On Acquisition of Gas and Crude Gathering Systems in Texas Delaware Basin from Permian Resources - 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