Kinetik sells 27.5% EPIC Crude stake to Plains for $500M upfront plus $96M earnout

Kinetik Holdings Inc.

Kinetik will receive ~$500M upfront cash and up to $96M in contingent earnout for its 27.5% interest in EPIC Crude.
Implied upfront valuation for 100% of EPIC at $2.85B; contingency valuation $350M.
Transaction expected to close by early 2026, pending HSR antitrust clearance.
Proceeds to fund growth projects and potential acceleration of shareholder returns.
Vinson & Elkins LLP served as legal counsel to Kinetik.

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