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
- Trench collapse kills one construction worker in Houston, Texas
- Intrepid Fiber breaks ground on fiber optic network in Superior, Colo.
- Excavator collides with I-95 overpass in Henrico, Va., causing multi-vehicle crash
- Shrewsbury, Mass., expands sewer inspections and cleaning efforts
- Kinder Morgan moves forward with $1.7 billion natural gas pipeline project in Katy, Texas
- Final construction phase kicks off for Indianapolis deep rock tunnel
- Texas contractor penalized by OSHA for repeated trench safety violations
- Trench collapse kills one construction worker in Houston, Texas
- Nevada OSHA fines Elon Musk's Boring Company over safety violations in Vegas tunnel project
- WES tunnel boring machine retrieved from Oregon river after seven-month project
Comments