Kinetik Holdings Inc., a natural gas transmission company, reported a change in its board of directors, according to a recent SEC filing. Elizabeth Cordia has resigned from her position on the board effective immediately as of January 15, 2025. Ms. Cordia’s departure was not due to any disagreement with the company on its operations, policies, or practices.
Following Ms. Cordia's resignation, Blackstone (NYSE:BX) Energy Partners II L.P. (BX), which had the right to designate a director under the terms of the Amended and Restated Stockholders Agreement dated October 21, 2021, has appointed Karen Putterman to fill the vacancy. Ms. Putterman's appointment to the board was effective immediately on January 15, 2025. She will not receive compensation for her service on the board. The company's stock is currently trading near its 52-week high, reflecting investor confidence in its management and operations.
Ms. Putterman has no material interest in any transaction that would require disclosure under Item 404(a) of Regulation S-K. In accordance with company practice, she will enter into the standard form indemnification agreement with Kinetik Holdings Inc. This agreement, filed previously with the SEC, obligates the company to indemnify its directors and officers to the fullest extent permitted under Delaware law against liabilities that may arise due to their service to the company.
The change in the board composition comes as Kinetik Holdings continues its operations in the energy and transportation sector, with its principal executive offices located in Houston, Texas. The company, formerly known as Altus Midstream Co and Kayne Anderson Acquisition Corp, is incorporated in Delaware and is listed on the New York Stock Exchange under the ticker NYSE:KNTK.
InvestingPro analysis indicates the company has achieved impressive revenue growth of 20% in the last twelve months, though current valuations suggest the stock may be trading above its Fair Value. For detailed insights and additional metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Kinetik reported robust Q3 results, with a record adjusted EBITDA of $266 million, reflecting a 23% increase year-over-year. The company also announced that it processed 1.71 billion cubic feet of gas per day, marking a 15% increase from the previous year. Despite negative gas prices at the Waha Hub, Kinetik has fortified its standing through strategic partnerships and project advancements, leading to a raised quarterly cash dividend and an increased EBITDA guidance for 2024.
The company also acquired a 27.5% equity interest in EPIC Crude and solidified a long-term partnership with Diamondback (NASDAQ:FANG) Energy. Among recent developments, Kinetik is benefiting from CO2 capture credits and is making progress on major construction projects, including the Kings Landing Cryo I and a new pipeline from Eddy County to Culberson County.
The company also anticipates a return of Alpine High volumes by December 2024, driven by positive pricing dynamics. Kinetik remains focused on balancing organic growth with shareholder returns through dividends and share repurchases.
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