Permian Resources has entered into an agreement to sell its midstream gathering systems to Kinetik Holdings for $180 million. The deal encompasses approximately 60,000 acres dedicated to natural gas and crude oil gathering services under long-term agreements.
The assets being divested comprise over 100 miles of operated oil and gas gathering infrastructure, spanning more than 10,000 surface acres. The transaction is slated for completion in the first quarter of 2025, pending regulatory approval.
This strategic move aligns with Permian Resources' objective to concentrate on core operations and drive investor value. Co-CEOs James Walter and Will Hickey expressed confidence in the deal, citing its potential to maintain a robust balance sheet and pursue future growth opportunities.