Permian To Sell Its Natural Gas And Oil Gathering Systems In Reeves County To Kinetik For $180 Mln

Centennial Resource Developemen a

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(RTTNews) - Permian Resources Corp. (PR) announced Tuesday it has entered into a definitive agreement to sell its natural gas and oil gathering systems primarily located in Reeves County, Texas to Kinetik Holdings Inc. (KNTK) for a total cash consideration of $180 million, subject to customary post-closing adjustments.

The divested natural gas and oil pipeline systems include a combination of both recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage.

This transaction will also allow Permian Resources to increase the amount of residue natural gas sold at Gulf Coast pricing over time, further reducing the Company's exposure to in-basin Waha pricing.

Additionally, the Company expects the transaction to have essentially no impact to its best-in-class cash operating costs. The transaction is expected to close during the first quarter of 2025, subject to regulatory approval.