secwatch.observer — SEC 8-K summary
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Issuer:     Kinetik Holdings Inc. (KNTK)
CIK:        0001692787
Form:       8-K
Filed at:   2024-06-07T23:59:59+00:00
Accession:  0001692787-24-000036
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 2.01, 9.01, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

Kinetik sells 16% GCX stake for $540M; funds Durango Permian acquisition and NM expansion
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- Total consideration $540M: $510M cash upfront (net proceeds $494.4M) + $30M earnout on capacity expansion FID.
- Cash used to fund previously announced acquisition of Durango Permian LLC and capital for 15-year gas gathering agreement in Eddy County, NM.
- Pro forma eliminates equity income from GCX: $9.0M for Q1 2024 and $37.5M for FY2023.
- Pro forma net income to Class A shareholders: $5.6M (Q1 2024) vs historical $11.6M; $288.9M (FY2023) vs $289.4M.
- Deal closed June 4, 2024 with GCX Pipeline, LLC, an affiliate of ArcLight Capital Partners.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692787/000169278724000036/0001692787-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692787/000169278724000036/apa-20240604.htm
  HTML page:      https://secwatch.observer/filing/0001692787-24-000036

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