Diamondback Energy (FANG) and Kinetik (KNTK) together acquired a 30% equity stake in Epic Midstream affiliate Epic Crude, according to a joint statement Tuesday.
Diamondback and Kinetik each now own a 27.5% stake in Epic Crude, while Epic Midstream retains 45% ownership and operational control, the companies said.
In addition, Diamondback increased its commitment to 200 thousand barrels per day on Epic Crude following its merger with Endeavor Energy Resources, while Kinetik entered into a new transportation deal with Epic Crude and a new connection between its crude gathering system and the Epic Crude pipeline, according to the statement.
Combined long-term volume commitments from Diamondback and Kinetik are set to begin in 2025 and run through 2035, accounting for over 33% of Epic Crude's volume capacity, the companies added.
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