Who Owns Altus Midstream Company?

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Who Owns Kinetik Holdings Inc.?

The ownership of a company dictates its strategic path and accountability. A key event was the February 2022 merger of Altus Midstream Company with BCP Raptor Holdco, LP, forming Kinetik Holdings Inc., a major Permian Basin midstream entity.

Kinetik Holdings Inc. operates extensively in the Delaware Basin, offering vital gathering, processing, and transportation services. As of Q1 2025, Kinetik reported a net income of $19.3 million and an adjusted EBITDA of $250.0 million.

Understanding the ownership of Kinetik Holdings Inc. involves tracing the lineage from Altus Midstream and its merger partners. This includes examining founder stakes, significant investors, public shareholders, and the shifts in control over time, including insights from an Altus Midstream BCG Matrix analysis.

Altus Midstream Company was established in 2018 through a strategic agreement between Apache Corporation and Kayne Anderson Acquisition Corp. (KAAC). This formation involved Apache contributing its midstream assets located at Alpine High, a significant unconventional resource play in the Delaware Basin, to form Altus Midstream LP. The partnership was jointly owned by Apache and KAAC, marking a pivotal moment in the company's early ownership structure.

Formation Agreement

Altus Midstream was created in 2018 via an agreement between Apache Corporation and Kayne Anderson Acquisition Corp. (KAAC).

Asset Contribution

Apache Corporation contributed its midstream assets from the Alpine High play in the Delaware Basin to the newly formed partnership.

Company Renaming and Listing

Following the transaction's close in November 2018, KAAC was renamed Altus Midstream Company and commenced trading on Nasdaq under the ticker symbol ALTM.

Initial Market Capitalization

At its inception, Altus Midstream was valued at an estimated $3.5 billion, reflecting its significant asset base and market potential.

Initial Ownership Stake

Apache Corporation held approximately 71% of the company's shares at formation, with a provision for this stake to potentially increase to around 74% based on performance earn-outs.

Funding from IPO

KAAC injected approximately $952 million from its initial public offering and a private placement to support ongoing midstream infrastructure investments.

The initial leadership of Altus Midstream was spearheaded by Brian Freed, who transitioned from his role as Apache's Senior Vice President, Midstream and Marketing, to become the company's first Chief Executive Officer. Kevin McCarthy, who served as the Chairman of the board of directors for KAAC, expressed optimism about the collaboration with Apache, highlighting the formation of a dedicated, Permian-focused midstream C-corporation. The company's foundational strategy was to serve the Alpine High resource play and develop five distinct pipeline projects for gas, NGLs, and crude oil, connecting the Permian Basin to the Texas Gulf Coast, which aligns with the Target Market of Altus Midstream.

Early Vision and Strategy

Altus Midstream's initial vision was to be a pure-play midstream entity focused on the Permian Basin, specifically servicing the Alpine High play.

• Service the Alpine High resource play.
• Develop five pipeline projects.
• Connect Permian Basin to Texas Gulf Coast.
• Focus on gas, NGL, and crude oil transportation.

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The ownership structure of Altus Midstream underwent a significant transformation with its merger into Kinetik Holdings Inc. in February 2022. This strategic move integrated Altus Midstream's assets and operations into a larger, publicly traded entity, fundamentally altering who owns Altus Midstream.

Following the merger, Kinetik Holdings Inc. emerged as the current owner of the former Altus Midstream assets, operating as a publicly traded C-corporation under the ticker NYSE: KNTK. This transition means that the Altus Midstream ownership structure is now synonymous with Kinetik's shareholder base. Institutional investors represent a significant portion of Kinetik's ownership, with Blackstone Inc. standing out as the largest single shareholder. The collective holdings of the top nine shareholders indicate a substantial concentration of ownership, influencing the company's direction. Understanding these key stakeholders is crucial for comprehending the Altus Midstream ownership structure explained in the context of Kinetik Holdings.

Kinetik Holdings: Financial Snapshot and Operational Performance

Kinetik Holdings Inc. has demonstrated a solid financial and operational performance in the first quarter of 2025. The company's strategic direction and operational efficiency are key factors in its current market position.

• Net income for Q1 2025 was reported at $19.3 million.
• Adjusted EBITDA for Q1 2025 reached $250.0 million.
• Processed gas volumes saw a year-over-year increase of 17%, reaching 1.80 Bcf/d.
• The company's leverage ratio stood at 3.4x at the close of Q1 2025.
• Further insights into the company's financial health can be found in its 2024 annual report, filed March 3, 2025, and its Q1 2025 financial results, reported May 7, 2025. This aligns with the broader discussion on the Marketing Strategy of Altus Midstream.

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The governance of the company is overseen by a Board of Directors, whose members' terms are set to expire at the annual meeting of stockholders on May 19, 2025. This board includes individuals such as Deborah L. Byers, David I. Foley, Michael Kumar, D. Mark Leland, Kevin S. McCarthy, John-Paul (JP) Munfa, William Ordemann, Karen Putterman, Laura A. Sugg, and Jamie Welch.

Jamie Welch holds the dual roles of President & Chief Executive Officer and Director. Michael Kumar joined the Board in February 2024 and also serves as a Senior Policy Advisor for I Squared. While specific details regarding dual-class shares or special voting rights are not extensively publicized, the significant ownership held by entities like Blackstone Inc. indicates their substantial influence on voting power. A prior arrangement involving the re-investment of a portion of dividends, which concluded in March 2024, was in place to manage cash flow. The annual meeting on May 19, 2025, was a key event for shareholders to cast votes on various corporate matters, impacting the future direction and Altus Midstream ownership structure.

Understanding Altus Midstream Ownership Dynamics

The ownership structure of the company is influenced by its major shareholders and board composition. Understanding who owns Altus Midstream is key to grasping its strategic direction.

• Blackstone Inc. is a significant shareholder, suggesting considerable voting power.
• The Board of Directors includes representatives from major shareholders and management.
• The company's history includes arrangements that impacted cash flow management, as detailed in its Brief History of Altus Midstream.
• Shareholder votes at the annual meeting are critical for corporate decisions.
• The concentration of ownership can impact who controls Altus Midstream.

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Recent developments have significantly reshaped the ownership landscape of the entity formerly known as Altus Midstream. The February 2022 merger with BCP Raptor Holdco, LP, creating Kinetik Holdings Inc., marked a pivotal moment. Kinetik has since pursued strategic growth through acquisitions and increased equity stakes in key assets.

Institutional investors hold a substantial portion of the company's shares, with approximately 37% ownership as of May 2, 2024. Blackstone Inc. stands as the largest shareholder. The share price on July 29, 2025, was $43.21, reflecting a 4.27% increase from the previous year. Kinetik's financial performance in Q1 2025 included a net income of $19.3 million and Adjusted EBITDA of $250.0 million, with processed gas volumes rising 17% year-over-year to 1.80 Bcf/d. The company has affirmed its 2025 Adjusted EBITDA guidance between $1.09 billion and $1.15 billion.

Ownership Structure Overview

Kinetik Holdings Inc. is the current owner following the merger of Altus Midstream. Blackstone Inc. is the largest shareholder, with institutional investors holding a significant percentage of the company's stock.

Recent Strategic Acquisitions

The company has actively expanded its asset base, notably acquiring natural gas and crude oil gathering systems in Reeves County, Texas, in January 2025 for $178.4 million.

Financial Performance and Guidance

For the first quarter of 2025, Kinetik reported a net income of $19.3 million and Adjusted EBITDA of $250.0 million. The company maintains a positive outlook, affirming its 2025 Adjusted EBITDA guidance.

Investor Confidence and Market Presence

An increased share repurchase program of $500 million in May 2025 signals management's confidence. The dual listing on NYSE Texas, effective July 18, 2025, aims to broaden market access and investor engagement, aligning with the company's Mission, Vision & Core Values of Altus Midstream.

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