Kinetik finalizes sale of equity stake in Gulf Coast Express pipeline
(UI) — Kinetik Holdings Inc. has announced the completion of its previously announced sale and direct transfer of its 16% equity interest in the Gulf Coast Express pipeline to an affiliate of ArcLight Capital Partners LLC for $510 million in upfront cash and an additional $30 million deferred cash payment due upon a final investment decision on a capacity expansion project.
The cash proceeds will be used for general corporate purposes, including funding Kinetik’s acquisition of Durango Permian LLC and capital investment to support its new 15-year low-pressure and high-pressure gas gathering and processing agreement in Eddy County, New Mexico. This investment significantly enhances Kinetik’s position in New Mexico.
The pipeline is jointly owned by Kinder Morgan (34%), DCP Midstream (25%), ArcLight Capital (25%) and Kinetik (16%).
Related News
From Archive
- Tunnel boring machine ‘Clack-A-Mole’ nears one-third completion in Oregon outfall project
- Texas A&M weighs underground transit plan with Elon Musk's Boring Co. to reduce campus traffic
- Lynchburg, Va., breaks ground on largest-ever Blackwater CSO tunnel project
- Wyo-Ben’s Max Gel, Max Bore HDD system boost drilling efficiency, performance
- Federal court halts permits for 32-mile Tennessee gas pipeline project
- Wisconsin proposes new PFAS drinking water standards to align with federal rules
- Elgin, Ill., joins EPA drinking water initiative to accelerate lead pipe replacement
- Dog River pipeline replacement in Oregon improves water supply with new HDPE pipe
- Leaking wastewater systems named top source of San Diego River contamination, study finds
- New Portable Welding System From Miller
Comments