Midland-based Kinetik Holdings said recently it completed the third of three strategic growth projects in its 2023 capital program when it placed online gathering system expansion into Lea County, N.M. Kinetik said the expansion was placed online Jan. 18 (two months ahead of schedule) and under budget.
Jamie Welch, president and CEO, said Feb. 28, “2023 was a critical year for Kinetik as we executed upon highly strategic organic growth projects key to our long-term vision. We reported record volume growth each successive quarter, and exit-to-exit processed gas volumes grew by 22 percent. Our initiatives throughout 2023 have positioned us well for future growth with existing customers and market share capture in the northern Delaware Basin.”
Kinetik said it expects low double-digit growth of gas processed volumes in 2024 and capital expenditures of $125 million to $165 million.