Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) has announced a strategic acquisition of natural gas and crude oil gathering systems from Permian Resources Corporation (NYSE: PR) (“Permian Resources”) for $180 million in cash.

Kinetik was approved by the Texas Railroad Commission to build 8.2 mile pipeline in Reeves County, TX (pernit #10633). Kinetik has positioned itself as one of the largest midstream companies in the Delaware Basin, with a significant operational footprint that includes over 4,600 miles of pipeline and management of approximately 1.4 million serviced acres across Texas and New Mexico.

Kinetik has entered into an agreement to acquire Durango Permian LLC, expanding its footprint in Eddy and Lea Counties, New Mexico.

Kinetik Holdings Inc. (KNTK) is an energy midstream company that was formed in February 2022 when publicly traded Altus Midstream merged with privately held EagleClaw Midstream. This created the only pure-play midstream company operating in the Texas Delaware Basin.