Kinetik, a Permian-to-Gulf Coast midstream operator, has agreed to acquire DurangoPermian, a Texas-based midstream company, in a cash and stock deal worth up to $840m. The deal allows Kinetik to gain access to the Kings Landing complex, a natural gas gathering facility under construction in the Permican Basin with a processing capacity of 200 million cubic feet per day. Kinetick will pay $315m in cash and issue around 3.8 million shares of its shares as consideration, totalling $765m. Durango Midstream is an affiliate of Morgan Stanley Energy Partners and also includes a contingent payment of up to €75m linked to the capital cost for the complex. The Kings Landing facility is expected to be ready in April 2025, boosting Durango Permbian’s processing capacity to 420 million cubic ft/day processing capacity. In a separate transaction, Kinetic has agreed on selling its 16% equity stake in the 720km Gulf Coast Express pipeline (GCX) to an ArcLight Capital Partners affiliate, with the anticipated total sale proceeds totalling €540m.
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