secwatch.observer — SEC 8-K summary
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Issuer:     Kinetik Holdings Inc. (KNTK)
CIK:        0001692787
Form:       8-K
Filed at:   2024-06-28T23:59:59+00:00
Accession:  0001193125-24-171159
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692787/000119312524171159/0001193125-24-171159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692787/000119312524171159/d822789d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-171159

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer