KINETIK HOLDINGS INC.

(KNTK)
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Delayed Nasdaq  -  04:00 2022-06-24 pm EDT
34.01 USD   -2.16%
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Kinder Morgan takes another step to expand Permian gas pipes

05/17/2022 | 12:33pm EDT

May 17 (Reuters) - Kinder Morgan Inc added another project to the list of proposed pipes seeking to move growing amounts of natural gas from the Permian shale in Texas with its announced open season for an expansion of the Gulf Coast Express pipe in Texas.

If the solicitation generates enough interest, Kinder said in a release on Monday that Gulf Coast Express will increase the pipe's capacity by nearly 0.570 billion cubic feet per day (bcfd).

The open season for the Gulf Coast Express expansion follows another open season by Kinder in April to expand the Permian Highway gas pipe by nearly 0.650 bcfd.

One billion cubic feet is enough gas for about 5 million U.S. homes.

The Permian in West Texas and eastern New Mexico is the biggest shale oil producing basin in the United States.

Energy firms have increased drilling activity in the Permian in recent months with oil prices over $100 a barrel. That oil comes out of the ground with a lot of gas, called associated gas.

With Permian associated gas production also growing fast and demand for gas rising from new liquefied natural gas export plants on the Gulf Coast, several companies are looking to add new gas pipes in the region, including units of Energy Transfer LP and MPLX LP.

Kinder said the Gulf Coast Express project will involve primarily compression expansions to increase gas deliveries from the Permian to South Texas markets.

Pending customer commitments, Kinder said the target in-service date for the Gulf Coast Express project is Dec. 1, 2023.

The in-service date for the Permian Highway project is Oct. 1, 2023.

Gulf Coast Express is operated by Kinder's Texas Pipeline subsidiary and is jointly owned by units of Kinder (34%), DCP Midstream LP (25%), ArcLight Capital Partners LLC (25%) and Kinetik Holdings Inc (16%).

(Reporting by Scott DiSavino Editing by Marguerita Choy)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KINDER MORGAN, INC. 1.48% 16.48 Delayed Quote.3.91%
KINETIK HOLDINGS INC. -2.16% 34.01 Delayed Quote.10.94%
LONDON BRENT OIL 2.22% 112.44 Delayed Quote.44.36%
MPLX LP 3.15% 28.86 Delayed Quote.-2.47%
S&P GSCI NATURAL GAS INDEX -0.03% 294.0819 Real-time Quote.68.39%
WTI 3.07% 107.53 Delayed Quote.38.53%
All news about KINETIK HOLDINGS INC.
06/14KINETIK HOLDINGS INC. : Entry into a Material Definitive Agreement, Termination of a Mater..
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06/09US Futures Move Higher Ahead of Jobless Claims
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06/09Top Premarket Decliners
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06/01Kinetik Prices $1.0 Billion Sustainability-Linked Senior Notes Offering Due 2030
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06/01Kinetik Prices $1.0 Billion Sustainability-Linked Senior Notes Offering Due 2030
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06/01Kinetik Prices $1.0 Billion Sustainability-Linked Senior Notes Offering Due 2030
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Financials (USD)
Sales 2022 873 M - -
Net income 2022 16,4 M - -
Net Debt 2022 3 559 M - -
P/E ratio 2022 6,19x
Yield 2022 9,56%
Capitalization 1 294 M 1 294 M -
EV / Sales 2022 5,56x
EV / Sales 2023 5,48x
Nbr of Employees 200
Free-Float 22,1%
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Number of Analysts 4
Last Close Price 34,01 $
Average target price 40,63 $
Spread / Average Target 19,5%
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Managers and Directors
Jamie W. Welch President, CEO, CFO & Director
David I. Foley Chairman
Matthew Wall Chief Operating Officer & Executive VP
Todd Carpenter Chief Compliance Officer & General Counsel
Steven M. Stellato EVP, Chief Accounting & Administrative Officer
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