Kinetik Holdings Inc. (Kinetik) will acquire oil and gas gathering systems from Permian Resources Corp. (Permian Resources). The assets, primarily located in Reeves County, Texas, provide Kinetik a multi-stream opportunity for natural gas gathering, compression, and processing, as well as crude gathering services.
The acquisition includes about 60,000 operated acres (24,281 ha) dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression, and processing and crude oil gathering services; more than 250 MMcf/d (7.07 x 106 m3/d) of electric compression with corresponding ownership of a private electric distribution system; and more than 150 MMcf/d (4.2 x 106 m3/d) of gas gathered volumes in 2025.
The acquisition is expected to close in the first quarter of 2025.
“This investment opportunity reinforces our strategic partnership with Permian Resources, which is one of the most active and lowest cost operators in the Delaware Basin,” said Jamie Welch, Kinetik’s president and chief executive officer. “We are excited to further expand our Delaware gas and crude systems with this natural fit, bolt-on acquisition. The Assets are located adjacent to our existing Delaware South system and will be integrated shortly following closing.”
Headquartered in Houston and Midland, Texas, Kinetik provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water.
