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Stock impact report

Kinetik to expand in Delaware Basin with Durango acquisition and new agreements [Yahoo! Finance]

Kinetik Holdings Inc. (KNTK) 
Company Research Source: Yahoo! Finance
The transaction, valued at $765m, includes a $75m contingent consideration related to the construction of a new complex. Durango's assets in New Mexico encompass approximately 3,862km of gas-gathering pipelines and a processing capacity of around 220 million cubic feet per day (mft³/d). The acquisition is expected to double Kinetik's pipeline mileage and augment its processing capacity, with more than 60 new customers being added to its portfolio. The acquisition also includes the Kings Landing project, a 200mft³/d greenfield processing complex in Eddy County, New Mexico, which is slated for completion in April 2025. This will boost Durango's processing capacity to 420mft³/d. Kinetik, headquartered in Houston and Midland, Texas, has also secured a 15-year service agreement with an existing customer to provide gas-gathering and processing services in Eddy County, New Mexico. The company plans to invest approximately $200m in gathering infrastructure to support this contract, Show less Read more
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