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
- Authorities investigating trench collapse that killed worker in Ashburn, Va.
- NTSB publishes preliminary report on fatal gas pipeline explosion in Lexington, Mo.
- Mass. governor slams Trump for ‘dangerous delay’ of $50 million in lead pipe replacement funds
- Ditch Witch West sells first Bulldog trencher to speed up undergrounding work along West Coast
- Centuri awarded nearly $400 million for U.S. gas infrastructure work
- Maryland lawmakers push to curb BGE pipeline spending, citing safety and cost concerns
- Charlottesville, Va., to begin work on 24-inch water line for Rivanna River crossing
- Mass. governor slams Trump for ‘dangerous delay’ of $50 million in lead pipe replacement funds
- City of Albuquerque halts fiber optic construction in response to damage, complaints
- Pasadena, Calif., undergrounding project could take 500 years to finish
Comments