07:43 AM EST, 12/10/2024 (MT Newswires) -- Kinetik Holdings ( KNTK ) is set to acquire Permian Resources' ( PR ) natural gas and crude oil gathering systems in Reeves County, Texas for $180 million in cash, the companies said in separate statements.

Permian said that aside from streamlining its business, the divestment will "increase the amount of residue natural gas sold at Gulf Coast pricing over time" and reduce the company's exposure to in-basin Waha pricing.

The bolt-on acquisition is expected to close in Q1.