Kinetik Holdings Inc. announced the completion of its acquisition of Durango Permian LLC, enhancing its operations in the Northern Delaware Basin. This acquisition follows the divestiture of Kinetik's 16% equity interest in the Gulf Coast Express pipeline (GCX) on June 4, 2024, which funded the purchase. The acquisition was announced in a press release on June 24.
According to the release, the acquisition of Durango expands Kinetik's footprint in the Delaware Basin. As a result, Kinetik’s leverage ratio has improved to 3.4 times post-closing, indicating an immediate deleveraging effect from the transaction.
Kinetik will provide updated 2024 guidance with the release of its second-quarter financial results.
According to its website, Kinetik Holdings Inc. is a fully integrated midstream C-corporation operating in the Delaware Basin, with headquarters in Houston and Midland. The company offers services including gathering, transportation, compression, processing, and treating for natural gas, natural gas liquids, crude oil, and water producers. For more information, visit www.kinetik.com.