HOUSTON & MIDLAND, Texas - Kinetik Holdings Inc. (NYSE: KNTK), a midstream corporation operating in the Delaware Basin, has priced an underwritten secondary offering of 11,373,801 shares of its Class A common stock at $33.75 each. The shares are being offered by Apache Midstream LLC, a subsidiary of Apache Corporation (NASDAQ:APA). Kinetik itself is not selling any shares and will not receive any proceeds from the sale by the Selling Stockholder.
The Selling Stockholder has also given underwriters a 30-day option to purchase up to an additional 1,706,070 shares. Concurrent with the Offering, Kinetik's CEO has agreed to purchase 14,814 shares at the public offering price.
A team of leading financial institutions, including Goldman Sachs & Co (NYSE:GS). LLC, BofA Securities, J.P. Morgan, and Mizuho, are serving as joint lead book-running managers. Other institutions are also participating as joint book-running managers or co-managers.
This Offering follows a registration statement filed with the SEC on March 13, 2024, which became effective immediately.
Kinetik Holdings, headquartered in Midland with a significant presence in Houston, offers services for natural gas, natural gas liquids, crude oil, and water producers, including gathering, transportation, compression, processing, and treating.
The information in this article is based on a press release statement.
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