HOUSTON & MIDLAND, Texas - Kinetik Holdings Inc. (NYSE: KNTK), a midstream energy company, has initiated a secondary offering of 11,373,801 shares of Class A common stock. 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 this transaction.
The offering also includes a 30-day option for underwriters to purchase up to an additional 1,706,070 shares of Kinetik’s Class A common stock. This move is subject to market conditions, and there is no certainty regarding the completion or the timing of the offering.
Kinetik’s CEO has expressed interest in purchasing shares at the public offering price, indicating confidence in the company’s value. The joint lead book-running managers for the offering are Goldman Sachs & Co (NYSE:GS). LLC, BofA Securities, J.P. Morgan, and Mizuho.
The offering is being made through a prospectus supplement, which, along with the accompanying base prospectus, can be obtained when available from the respective offices of the joint book-running managers listed.
This offering follows the registration statement filed with the SEC on March 13, 2024, which became effective upon filing. Prospective investors are advised to read the prospectus supplement and the accompanying base prospectus for more detailed information about Kinetik and the offering.
Kinetik Holdings, headquartered in Midland with a significant presence in Houston, specializes in services for natural gas, natural gas liquids, crude oil, and water producers in the Delaware Basin, from the Permian to the Gulf Coast.
The news release includes forward-looking statements, which are subject to various risks and uncertainties. These may cause actual results to differ materially from expectations outlined in such statements. Kinetik does not undertake any obligation to update these forward-looking statements, except as required by law.
This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Sales of securities will not be conducted in any jurisdiction where such offer, solicitation, or sale would be unlawful.
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