Kinetik Holdings Inc. today announced the completion of its previously announced acquisition of Durango Permian LLC, a robust platform with exciting potential in the Northern Delaware Basin.
Kinetik funded the cash consideration for the Durango acquisition with cash proceeds from the divestiture of its 16% equity interest in the Gulf Coast Express pipeline, which was completed on June 4, 2024.
As a result of the acquisition, Kinetik has significantly enhanced its overall footprint in the Delaware Basin. Taken together, the GCX divestiture and Durango acquisition are immediately deleveraging, with Kinetik’s leverage ratio at 3.4 times following the closing.
Kinetik will update its 2024 guidance with the release of its second quarter 2024 financial results.
For more information visit www.kinetik.com
