Who Owns Altus Midstream Company?

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Who Really Owns Kinetik Holdings Inc. (Formerly Altus Midstream)?

Unraveling the Altus Midstream SWOT Analysis is just the beginning; understanding its ownership structure is key to grasping its strategic moves. Knowing the Altus Midstream owner offers crucial insights into its future, from investment strategies to operational decisions. This energy company, now known as Kinetik Holdings Inc., has undergone a significant transformation, making its ownership landscape a dynamic area of interest.

The evolution of Altus ownership is a story of strategic shifts and market adaptation, starting with its formation as Kayne Anderson Acquisition Corp. (KAAC). The merger with EagleClaw Midstream dramatically altered the company's trajectory, reshaping its governance and influencing its midstream assets profile. Exploring the Altus Midstream company profile reveals how these changes have impacted its market position and strategic direction, making it essential for anyone tracking the Altus Midstream stock price or seeking to understand its long-term potential.

The story of Altus Midstream began with its incorporation on December 12, 2016, in Delaware, initially under the name Kayne Anderson Acquisition Corp. (KAAC). This entity later transformed into the Altus Midstream we know today. KAAC's initial public offering in the second quarter of 2017 set the stage for its future in the energy sector.

The transformation of KAAC into Altus Midstream was finalized on November 9, 2018, through the acquisition of the Altus Midstream Entities from Apache Corporation. This pivotal transaction, known as the Altus Combination, also included options to acquire equity interests in five third-party pipeline projects. The acquisition marked a significant shift in the company's trajectory, establishing its presence in the midstream sector.

At its inception, Altus Midstream had an estimated market capitalization of $3.5 billion, based on a share price of $10 and 354.4 million common shares outstanding. Apache Corporation held a significant ownership stake, receiving 251.9 million shares, which represented a 71.1% ownership in Altus Midstream. KAAC contributed approximately $952 million in cash from its IPO and private placement proceeds.

Early Investors and Ownership Structure

Following the Altus Combination, the ownership structure of Altus Midstream saw Apache Corporation maintaining a significant interest. Altus Midstream held approximately 23.1% of the outstanding common units and a controlling interest in Altus Midstream LP, while Apache held the remaining 76.9%. This structure highlights Apache's initial dominant role and the influence of early investors in shaping the company's direction.

• Early investors in Altus Midstream included APA, Elda River Capital Management, Kayne Anderson Capital Advisors, Magnetar Capital, and The Carlyle Group.
• The initial capitalization and ownership structure were key elements in establishing Altus Midstream's foundation.
• The acquisition by KAAC from Apache Corporation was a pivotal moment in the company's history.
• The company's early financial backing and strategic partnerships were crucial for its growth.

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The ownership of Altus Midstream, now known as Kinetik Holdings Inc., has seen a significant shift. The most impactful event was the all-stock merger with BCP Raptor Holdco LP, the parent company of EagleClaw Midstream, which concluded on February 22, 2022. This strategic move reshaped the company's shareholder base, with new major stakeholders emerging.

Before the merger, Apache Corporation was the primary owner of Altus Midstream, holding approximately 79% of the company. Following the combination, Altus issued shares to BCP's unitholders, mainly funds associated with Blackstone and I Squared Capital. This transaction resulted in Blackstone and I Squared Capital controlling about 75% of the pro forma company. Apache's stake decreased to roughly 20%, while existing public shareholders retained around 5% of the combined entity. This restructuring significantly altered the Altus Midstream owner landscape.

As of May 2, 2024, institutional investors collectively hold a substantial 37% ownership in Kinetik Holdings. Blackstone Inc. is the largest shareholder, with 20% of shares outstanding. I Squared Capital Advisors (US) LLC holds the second-largest stake at 8.4%. Other significant institutional owners include Vanguard Group Inc., BlackRock, Inc., and Goldman Sachs Group Inc. Private equity firms collectively hold 28% ownership, and individual insiders hold 8.83%. The general public holds a 26% stake, reflecting a diverse ownership structure for this energy company.

Key Ownership Takeaways for Altus Midstream

The merger with EagleClaw Midstream significantly altered the ownership structure of Altus Midstream, now Kinetik Holdings Inc.

• Blackstone and I Squared Capital are now major shareholders.
• Institutional investors hold a significant portion of the company.
• Apache Corporation's stake was reduced after the merger.
• The general public holds a notable percentage of the company's shares.

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Following the merger, the leadership of the combined entity, now known as Kinetik, is spearheaded by Jamie Welch, who serves as the President and Chief Executive Officer. The Board of Directors includes a total of 11 members. This comprises the CEO, four independent directors, three designees from Blackstone, two designees from I Squared Capital, and one designee from Apache. Jamie Welch, in addition to his role as CEO, holds approximately 6.0% of the company stock and is a Member of the Board of Directors.

The structure of the board and the significant ownership stakes held by major stakeholders like Blackstone and I Squared Capital, who collectively held 75% of the pro forma company after the merger, suggest considerable influence over strategic decisions. This ownership structure and board representation are crucial aspects of understanding the Altus Midstream owner dynamics. Further insights can be found in Target Market of Altus Midstream.

While specific details on dual-class shares or special voting rights are not explicitly stated, the substantial ownership by Blackstone and I Squared Capital, along with their board representation, indicates their significant control over the strategic direction of the energy company. Recent SEC filings also highlight ongoing ownership activity, with Schedule 13D filings reporting acquisitions of beneficial ownership exceeding 5%, which could signal an intent to influence business strategy. Understanding the board composition and the major shareholders is crucial for assessing the future of Altus Midstream.

Ownership and Influence

The board of directors is composed of 11 members, with significant representation from major shareholders. Blackstone and I Squared Capital hold a combined 75% of the company post-merger, indicating substantial influence.

• Jamie Welch, the CEO, also holds a significant stake in the company.
• Ongoing SEC filings reveal acquisitions of beneficial ownership exceeding 5%.
• The structure highlights the importance of major stakeholders in strategic decisions.
• This structure is key to understanding Altus ownership.

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Over the past few years, the ownership landscape of Kinetik Holdings Inc., the parent company of the midstream assets formerly known as Altus Midstream, has seen significant shifts. The merger with BCP Raptor Holdco LP in February 2022 was a pivotal moment, leading to Blackstone and I Squared Capital becoming major shareholders. This transaction resulted in these two entities holding a combined 75% stake, while Apache's ownership decreased to approximately 20%, and public shareholders held around 5%.

More recently, in June 2025, I Squared Capital, through ISQ Global Fund II GP LLC, reduced its holdings by selling over 4.2 million shares of Kinetik's Class A Common Stock. This sale, valued at approximately $188.2 million, significantly decreased their stake to just one share. This change could signal a strategic shift by one of the major private equity investors in the energy company.

Kinetik's financial strategies also reflect these ownership dynamics. In the first quarter of 2025, the Board authorized a $500 million share repurchase program, indicating a commitment to returning capital to shareholders. Furthermore, the company issued an additional $250 million of sustainability-linked senior notes due 2028 in March 2025. The increasing institutional ownership, with 566 institutional owners holding over 67.4 million shares as of June 2025, highlights strong interest from large funds and asset managers in the midstream assets.

Ownership Changes

The 2022 merger with BCP Raptor Holdco LP reshaped the shareholder base. Blackstone and I Squared Capital became major stakeholders. Apache's stake decreased, and public ownership remained minimal.

Recent Transactions

I Squared Capital sold shares in June 2025, reducing its stake. This could reflect a change in investment strategy. The sale involved over 4.2 million shares.

Capital Management

Kinetik authorized a $500 million share repurchase program. The company issued $250 million in senior notes. These actions demonstrate financial management.

Institutional Interest

Institutional ownership is significant, with 566 owners holding shares. This indicates strong confidence from large investors. Total shares held by institutions were over 67.4 million.

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