Business Context and Reporting Period
This Form 8-K Current Report was filed by Kinetik Holdings Inc. on January 15, 2025. The filing addresses a change in the composition of the Company's Board of Directors under Item 5.02.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure regarding corporate governance and does not contain financial performance data.
Material Changes
- Resignation: Elizabeth Cordia resigned as a member of the Board of Directors effective immediately on January 15, 2025.
- Reason for Departure: Ms. Cordia expressed no disagreement with the Company regarding operations, policies, or practices. She served as a designee of Blackstone Energy Partners II L.P. ("BX").
- Appointment: Pursuant to the Amended and Restated Stockholders Agreement, BX designated Karen Putterman to fill the vacancy. The Board appointed Ms. Putterman as a director effective immediately on January 15, 2025.
- Compensation: Ms. Putterman will not receive compensation for her service on the Board.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. No new risks or contingencies were disclosed in this report. The appointment of Ms. Putterman is subject to a standard form indemnification agreement consistent with those held by other directors and officers.
Key Facts for Investor Verification
- Verify the terms of the Amended and Restated Stockholders Agreement regarding Blackstone Energy Partners II L.P.'s right to designate directors.
- Confirm the background and qualifications of the newly appointed director, Karen Putterman.
- Review the standard form indemnification agreement referenced in the filing (Exhibit 10.3 to the February 28, 2022, Form 8-K) to understand liability protections for directors.
- Monitor for any subsequent filings regarding the composition of the Board or related governance changes.