Kinetik closes ~$765M Durango acquisition in Delaware Basin; funds with GCX sale

Kinetik Holdings Inc.

Acquired Durango Permian LLC for ~$765M: $315M cash, 3.8M OpCo units now, 7.7M units due July 2025.
Cash portion funded by June 4 divestiture of 16% GCX pipeline stake.
Leverage ratio post-close at 3.4x; deal immediately deleveraging.
Kinetik will update 2024 guidance with Q2 2024 earnings.
Durango platform enhances Kinetik's Delaware Basin footprint; Kings Landing earnout up to $75M.

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