Filing Details

Accession Number:
0001193125-22-156025
Form Type:
13D Filing
Publication Date:
2022-05-19 20:00:00
Filed By:
Blackstone Holdings Iii L.p.
Company:
Kinetik Holdings Inc. (NASDAQ:KNTK)
Filing Date:
2022-05-20
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
BCP Raptor Aggregator 28,818,398 1,667,780 28,818,398 1,667,780 30,486,178 62.9%
BX Permian Pipeline Aggregator 4,658,926 269,350 4,658,926 269,350 4,928,276 19.8%
BCP VII BEP II Holdings Manager 33,477,324 1,937,130 33,477,324 1,937,130 35,414,454 66.8%
Blackstone Energy Management Associates II 0 35,414,454 0 35,414,454 35,414,454 66.8%
Blackstone Management Associates VII 0 35,414,454 0 35,414,454 35,414,454 66.8%
Blackstone EMA II 0 35,414,454 0 35,414,454 35,414,454 66.8%
BMA VII 0 35,414,454 0 35,414,454 35,414,454 66.8%
Blackstone Holdings III 33,477,324 1,937,130 33,477,324 1,937,130 35,414,454 66.8%
Blackstone Holdings III GP 33,477,324 1,937,130 33,477,324 1,937,130 35,414,454 66.8%
Blackstone Holdings III GP Management 33,477,324 1,937,130 33,477,324 1,937,130 35,414,454 66.8%
Blackstone Inc 33,479,711 1,937,130 33,479,711 1,937,130 35,416,841 66.8%
Blackstone Group Management 33,479,711 1,937,130 33,479,711 1,937,130 35,416,841 66.8%
Stephen A. Schwarzman 33,479,711 1,937,130 33,479,711 1,937,130 35,416,841 66.8%
Filing

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

KINETIK HOLDINGS INC.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

02215L209

(CUSIP Number)

John G. Finley

Blackstone Inc.

345 Park Avenue

New York, New York 10154

Tel: (212) 583-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 17, 2022

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.   ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

BCP Raptor Aggregator, LP

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

28,818,398(1)

      8     

SHARED VOTING POWER

 

1,667,780 (2)

      9     

SOLE DISPOSITIVE POWER

 

28,818,398 (1)

    10     

SHARED DISPOSITIVE POWER

 

1,667,780 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

30,486,178 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

62.9% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

(1)

Includes common units representing limited partner interests of Kinetik Holdings LP (f/k/a Altus Midstream LP, the Partnership, and such units, Common Units) and a corresponding number of shares of Class C Common Stock, par value $0.0001 per share, of Kinetik Holdings Inc. (f/k/a Altus Midstream Company, the Issuer and such stock, Class C Common Stock), which together may be redeemed for shares of Class A Common Stock, par value $0.0001 per share of the Issuer (Class A Common Stock) on a one-for-one basis pursuant to the Third Amended and Restated Agreement of Limited Partnership of the Partnership (Third A&R LPA)

(2)

Consists of the consideration allocation rights described in Item 6 herein (Consideration Allocation Rights), which may each be settled for shares of Class A Common Stock as described further in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

2


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

BX Permian Pipeline Aggregator LP

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

4,658,926 (1)

      8     

SHARED VOTING POWER

 

269,350 (2)

      9     

SOLE DISPOSITIVE POWER

 

4,658,926 (1)

    10     

SHARED DISPOSITIVE POWER

 

269,350 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,928,276 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

19.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

3


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

BCP VII/BEP II Holdings Manager L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,477,324 (1)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,477,324 (1)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

4


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Energy Management Associates II L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

0

      8     

SHARED VOTING POWER

 

35,414,454 (1)(2)

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

35,414,454 (1)(2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

5


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Management Associates VII L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

0

      8     

SHARED VOTING POWER

 

35,414,454 (1)(2)

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

35,414,454 (1)(2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

6


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone EMA II L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

0

      8     

SHARED VOTING POWER

 

35,414,454 (1)(2)

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

35,414,454 (1)(2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

7


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

BMA VII L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

0

      8     

SHARED VOTING POWER

 

35,414,454 (1)(2)

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

35,414,454 (1)(2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

OO

 

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

8


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Holdings III L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Quebec, Canada

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,477,324 (1)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,477,324 (1)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

9


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Holdings III GP L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,477,324 (1)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,477,324 (1)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

10


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Holdings III GP Management L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,477,324 (1)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,477,324 (1)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,414,454 (1)(2)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

11


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Inc.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,479,711 (1)(3)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,479,711 (1)(3)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,416,841 (1)(2)(3)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (4)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

CO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

 

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

 

(3)

Additionally, as of the date hereof, Harvest Fund Advisors LLC, an indirect subsidiary of Blackstone Inc. (HFA), is the beneficial owner of 2,387 shares of Class A Common Stock, which Class A Common Stock is held by funds and accounts managed by HFA in the ordinary course of its business.

 

(4)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

12


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Blackstone Group Management L.L.C.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,479,711 (1)(3)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,479,711 (1)(3)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,416,841 (1)(2)(3)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (4)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Additionally, as of the date hereof, HFA is the beneficial owner of 2,387 shares of Class A Common Stock, which Class A Common Stock is held by funds and accounts managed by HFA in the ordinary course of its business.

(4)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

13


CUSIP No. 02215L209

 

  1   

NAMES OF REPORTING PERSON

 

Stephen A. Schwarzman

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a):  ☐        (b):  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (see Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

 BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

33,479,711 (1)(3)

      8     

SHARED VOTING POWER

 

1,937,130 (2)

      9     

SOLE DISPOSITIVE POWER

 

33,479,711 (1)(3)

    10     

SHARED DISPOSITIVE POWER

 

1,937,130 (2)

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

35,416,841 (1)(2)(3)

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

66.8% (4)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(1)

Includes Common Units and a corresponding number of shares of Class C Common Stock, which together may be redeemed for shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA.

(2)

Consists of the Consideration Allocation Rights which may each be settled for shares of Class A Common Stock as further described in Item 6.

(3)

Additionally, as of the date hereof, HFA is the beneficial owner of 2,387 shares of Class A Common Stock, which Class A Common Stock is held by funds and accounts managed by HFA in the ordinary course of its business.

(4)

Calculated pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended. See Item 5.

 

14


Explanatory Note

This Amendment No. 1 (Amendment No. 1) to Schedule 13D relates to the Class A common stock, par value $0.0001 per share (the Class A Common Stock), of Kinetik Holdings Inc., a Delaware corporation (f/k/a Altus Midstream Company, the Issuer), and is being filed to amend the initial statement on Schedule 13D filed on March 4, 2022 (as amended, the Schedule 13D).

Except as set forth herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.

 

Item 3.

Source and Amount of Funds or Other Consideration

The information in Item 5(c) and Item 6 of this Schedule 13D is incorporated herein by reference.

 

Item 5.

Interest in Securities of the Issuer

The first three paragraphs of items 5(a) and (b) of the Schedule 13D are hereby amended and restated in their entirety as follows:

(a) and (b) Calculations of the percentage of the shares of Class A Common Stock beneficially owned assumes that there were 20,274,206 shares of Class A Common Stock outstanding as of the date hereof and takes into account any shares of Class A Common Stock which would be received upon exchange of shares of Class C common stock, par value $0.0001 per share, of the Issuer (Class C Common Stock) along with an equivalent number of common units representing limited partner interests (Common Units) in Kinetik Holdings LP, a Delaware limited partnership and subsidiary of the Issuer (f/k/a Altus Midstream LP, the Partnership) for a corresponding number of newly-issued shares of Class A Common Stock on a one-for-one basis pursuant to the Third A&R LPA (as defined in Item 6), in each case, that may be deemed to be beneficially owned by the Reporting Persons, as applicable (and no other shares of Class C Common Stock or Common Units).

The aggregate number and percentage of shares of Class A Common Stock beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference.

As of the date hereof, (i) BCP Aggregator holds 607,825 shares of Class A Common Stock, 28,210,573 Common Units and a corresponding number of shares of Class C Common Stock and 1,667,780 Consideration Allocation Rights and (ii) BX Permian holds 98,263 shares of Class A Common Stock, 4,560,663 Common Units and a corresponding number of shares of Class C Common Stock and 269,350 Consideration Allocation Rights. The Common Units are generally redeemable in exchange for shares of Class A Common Stock on a one-for-one basis or, at the Partnerships option, an equivalent amount of cash; provided that the Issuer may, at its option, effect a direct exchange of cash or Class A Common Stock for such Common Units in lieu of such a redemption by the Partnership. Upon any redemption or exchange of Common Units, a corresponding number of shares of Class C Common Stock will be cancelled. Harvest Fund Advisors LLC, an indirect subsidiary of Blackstone (HFA), is the beneficial owner of 2,387 shares of Class A Common Stock, which shares are held by funds and accounts managed by HFA in the ordinary course of its business.

Item 5(c) of the Schedule 13D is hereby amended and restated in its entirety as follows:

BCP Aggregator and BX Permian received 3,624 and 585 shares, respectively, on May 3, 2022 in settlement of a corresponding number of Consideration Allocation Rights.

Pursuant to the DRIP Agreement, BCP Aggregator and BX Permian participated in the dividend reinvestment plan of the Issuer and had 100% of its cash dividends or distributions reinvested in shares of Class A Common Stock of the Issuer as follows on May 17, 2022.

 

15


Entity   Amount reinvested   Price per share   Number of shares
BCP Aggregator   $42,321,295.50   $70.05   604,201
BX Permian   $6,841,872   $70.05   97,678

 

Item 6.

Contracts, Arrangements, Understandings or Relations with Respect to Securities of the Issuer

The penultimate paragraph of Item 6 is hereby amended and restated by the following:

Certain affiliates of the Reporting Persons hold 72,200 Series A Preferred Units of the Partnership (Series A Preferred Units), a subsidiary of the Issuer.

 

Item 7.

Material to be Filed as Exhibits

Exhibit C of Item 7 of the Schedule 13D is hereby amended and restated by the following:

 

Exhibit C    Consideration Allocation Agreement, dated as of February 22, 2022, by and among Altus Midstream Company, BCP Raptor Aggregator, LP, a Delaware limited partnership, BX Permian Pipeline Aggregator LP, a Delaware limited partnership, Buzzard Midstream LLC, a Delaware limited liability company, and the other parties listed on the signature pages thereto (filed herewith).

 

16


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: May 20, 2022

 

BCP RAPTOR AGGREGATOR, LP
By: BCP VII/BEP II Holdings Manager L.L.C., its general partner
By:  

/s/ David Foley

Name:   David Foley
Title:   Senior Managing Director
BX PERMIAN PIPELINE AGGREGATOR LP
By: BCP VII/BEP II Holdings Manager L.L.C., its general partner
By:  

/s/ David Foley

Name:   David Foley
Title:   Senior Managing Director
BCP VII/BEP II HOLDINGS MANAGER L.L.C.
By:  

/s/ David Foley

Name:   David Foley
Title:   Senior Managing Director

[Signature Page to Schedule 13D/A]


BLACKSTONE ENERGY MANAGEMENT ASSOCIATES II L.L.C.
By:   Blackstone EMA II L.L.C., its sole member
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Authorized Signatory
BLACKSTONE EMA II L.L.C.
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Authorized Signatory
BLACKSTONE MANAGEMENT ASSOCIATES VII L.L.C.
By:   BMA VII L.L.C., its sole member
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Authorized Signatory
BMA VII L.L.C.
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Authorized Signatory
BLACKSTONE HOLDINGS III L.P.
By:   Blackstone Holdings III GP L.P., its general partner
By:   Blackstone Holdings III GP Management L.L.C., its general partner
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Senior Managing Director

[Signature Page to Schedule 13D/A]


BLACKSTONE HOLDINGS III GP L.P.
By:   Blackstone Holdings III GP Management L.L.C., its general partner
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Senior Managing Director
BLACKSTONE HOLDINGS III GP MANAGEMENT L.L.C.
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Senior Managing Director
BLACKSTONE INC.
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Senior Managing Director
BLACKSTONE GROUP MANAGEMENT L.L.C.
By:  

/s/ Tabea Hsi

Name:   Tabea Hsi
Title:   Senior Managing Director

[Signature Page to Schedule 13D/A]


STEPHEN A. SCHWARZMAN

/s/ Stephen Schwarzman

[Signature Page to Schedule 13D/A]