Form 4: Blackstone's BCP Raptor Aggregator and BX Permian Pipeline Aggregator Receive Kinetik Holdings Shares Through Consideration Allocation Rights and Dividend Reinvestment

BCP Raptor Aggregator L.P. and BX Permian Pipeline Aggregator LP, entities related to Blackstone, acquired Kinetik Holdings Inc. Class A Common Stock through consideration allocation rights and dividend reinvestment.

Summary

• On April 25, 2024, BCP Raptor Aggregator L.P. and BX Permian Pipeline Aggregator LP received shares of Kinetik Holdings Inc. Class A Common Stock as settlement of Consideration Allocation Rights.
• BCP Raptor Aggregator L.P. acquired 481 shares and BX Permian Pipeline Aggregator LP acquired 78 shares through this settlement.
• Additionally, both entities acquired shares through the company's Dividend and Distribution Reinvestment Plan since their last Form 4 filing.
• BCP Raptor Aggregator L.P. acquired an additional 2,475,508 shares and BX Permian Pipeline Aggregator LP acquired an additional 400,204 shares through the reinvestment plan.
• Following these transactions, BCP Raptor Aggregator L.P. beneficially owns 10,255,727 shares and BX Permian Pipeline Aggregator LP beneficially owns 1,657,988 shares.
• The Consideration Allocation Rights are related to an agreement where additional shares of Class A Common Stock are issued if certain shares are forfeited by original holders.
• The reporting persons have disclaimed beneficial ownership of the securities held by other reporting persons, except to the extent of their pecuniary interest.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing detailing transactions by major shareholders. It doesn't convey strong positive or negative sentiment, but rather reflects routine adjustments in ownership. The continued investment through dividend reinvestment is a mildly positive signal.

Positives

• The acquisition of shares through the Dividend and Distribution Reinvestment Plan indicates a continued investment in Kinetik Holdings Inc.

Future Outlook

The document mentions future potential settlement dates for Consideration Allocation Rights on February 25, 2025, and February 25, 2026, depending on forfeiture of shares by original holders.

Industry Context

This filing reflects ongoing transactions and adjustments in ownership among major shareholders of Kinetik Holdings, which is common in the energy infrastructure sector. Blackstone's continued involvement suggests a sustained interest in the company's performance.

Comparison to Industry Standards

• Blackstone's investment in Kinetik Holdings is similar to other private equity firms maintaining significant stakes in energy infrastructure companies.
• Dividend Reinvestment Plans are a common mechanism for shareholders to increase their holdings, aligning with industry practices.
• The level of detail in the Form 4 filings is consistent with SEC regulations and industry standards for transparency in ownership changes.

Stakeholder Impact

• The changes in beneficial ownership may be of interest to shareholders, as they reflect the investment activity of major stakeholders like Blackstone.
• The transactions do not appear to have an immediate impact on employees, customers, suppliers, or creditors.

Key Dates