Kinetik slides as APA cuts stake

Kinetik Holdings

12/12/2023 12:34

** Shares of pipeline operator Kinetik Holdings  KNTK.N 
down 6.4% at $32.10 premarket after overnight secondary offering
priced
    ** Co late Mon announced 6.5 mln shares sold by APA Corp
 APA.O , formerly known as Apache, at $31.50
    ** Offering size boosted from 6 mln shares and priced at
8.2% discount to last sale
    ** E&P firm APA reduces its holdings in KNTK by about 10% to
~14.1 mln shares, per the SEC filing
    ** KNTK has ~57.1 mln Class A shares outstanding
    ** JP Morgan, Barclays, RBC and TD Securities joint lead
bookrunners for offering
    ** KNTK's shares up ~4% YTD through Mon close. Stock up ~30%
from 2023 intra-day low of $26.32 hit in early May

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))