Business Context and Reporting Period
This Form 8-K filing by Kinetik Holdings Inc. (KNTK) covers the Annual Meeting of Shareholders held on June 30, 2022. The report details the results of shareholder votes and provides revised historical financial statements related to the company's February 2022 business combination transactions.
Key Financial Metrics
The filing does not contain current period revenue, profit, cash flow, margin, debt, or liquidity metrics. It references revised historical audited consolidated financial statements for BCP Raptor Holdco, LP for the years ended December 31, 2021, and 2020, which are attached as Exhibit 99.1 but not detailed within the text of this report.
Material Changes and Corporate Actions
- Shareholder Votes: Shareholders approved the election of all 10 director nominees and ratified the appointment of KPMG LLP as the independent auditor.
- Stock Split: The vote results reflect shares outstanding as of May 11, 2022, and do not account for a two-for-one stock split effected via stock dividend on June 8, 2022.
- Financial Statement Revision: The company is issuing revised historical financial statements to retroactively adjust the legal capital of BCP Raptor Holdco, LP to reflect the legal capital of Kinetik Holdings Inc., giving retrospective effect to the February 2022 transactions.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future operations, or specific risk factors. The primary focus is on the administrative completion of the shareholder meeting and the technical revision of historical accounting records to align with the completed business combination.
Key Facts for Investor Verification
- Verify the specific financial figures in the revised historical statements attached as Exhibit 99.1.
- Confirm the impact of the June 8, 2022, two-for-one stock split on current share counts and per-share metrics.
- Note that KPMG LLP has been ratified as the independent auditor for the fiscal year ending December 31, 2022.
- Review the consent of KPMG LLP (Exhibit 23.1) regarding the consolidated financial statements of BCP Raptor Holdco, LP.