Permian Resources to Sell Assets to Kinetik in $180M Cash Deal

Dow Jones12-10

By Denny Jacob

Permian Resources agreed to sell its natural gas and oil gathering systems to Kinetik Holdings in a cash deal valued at $180 million.

The oil and natural gas company said the divested systems located in Reeves County, Texas, include a combination of recently purchased and legacy company-owned midstream infrastructure and exclude any water infrastructure or surface acreage.

Permian said the deal will allow it to increase the amount of residue natural gas sold at Gulf Coast pricing over time, reducing its exposure to in-basin Waha pricing.

The deal is expected to close during the first quarter of 2025.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 10, 2024 06:44 ET (11:44 GMT)

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