Kinetik Completes Acquisition of Durango Midstream’s New Mexico Gathering, Processing System
6/25/2024
(P&GJ) — Kinetik Holdings Inc. has completed its previously announced acquisition of Durango Permian LLC, enhancing its platform in the Northern Delaware Basin.
Kinetik funded the cash consideration for the Durango acquisition with proceeds from the divestiture of its 16% equity interest in the Gulf Coast Express pipeline (GCX), which was completed on June 4, 2024.
With this acquisition, Kinetik has significantly expanded its footprint in the Delaware Basin. The combined effect of the GCX divestiture and the Durango acquisition has been immediately deleveraging, resulting in a leverage ratio of 3.4 times following the closing.
Kinetik plans to update its 2024 Guidance with its second quarter 2024 financial results release.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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