Sec Form 13D Filing - APA Corp (APA) filing for KINETIK HOLDINGS INC (KNTK) - 2022-03-15

Insider filing report for Changes in Beneficial Ownership

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  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

 

KINETIK HOLDINGS INC.

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

02215L209

(CUSIP Number)

Ben C. Rodgers

One Post Oak Central

2000 Post Oak Boulevard, Suite 100

Houston, Texas 77056-4400

(713) 296-6000

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

with a copy to:

Troy Harder

Bracewell LLP

711 Louisiana Street, Suite 2300

Houston, Texas 77002

March 11, 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.  ☐

 

*

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

The information required in 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 provision of the Act (however, see the Notes).

 

 

 

 

CUSIP No. 02215L209

 

  1.    

   Names of Reporting Persons:

 

  APA Corporation

  2.  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See instructions)

 

  OO

  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:

 

  9,024,758(1)

     8.   

  Shared Voting Power:

 

  0

     9.   

  Sole Dispositive Power:

 

  9,024,758(1)

   10.   

  Shared Dispositive Power:

 

 & #xA0;0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person:

 

  9,024,758(1)

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11):

 

  47.3% (2)

14.  

  Type of Reporting Person (See Instructions):

 

  CO

 

(1)

The aggregate number of shares of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), of Kinetik Holdings Inc. (the “Issuer”), that may be deemed beneficially owned by APA Corporation, a Delaware corporation (“APA Corporation”), is comprised of the following: (i) 8,865,651 shares of Class A Common Stock and (ii) 159,107 shares of Class A Common Stock issuable upon exercise of warrants (the “Warrants”) beneficially owned by APA Corporation.

(2)

Based on 19,055,567 shares of Class A Common Stock, consisting of: (i) 18,896,460 shares of Class A Common Stock outstanding as of March 4, 2022 and (ii) 159,107 shares of Class A Common Stock issuable upon exercise of the Warrants beneficially owned by APA Corporation.

 

Page 2 of 6

CUSIP No. 02215L209  

 

  1.   

Names of Reporting Persons:

 

Apache Midstream LLC(1)

  2.  

Check the Appropriate Box if a Member of a Group

(a)  ☐        (b)  ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See instructions)

 

OO

  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:

 

9,024,758(2)

     8.   

Shared Voting Power:

 

0

     9.   

Sole Dispositive Power:

 

9,024,758(2)

   10.   

Shared Dispositive Power:

 

0

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

9,024,758(2)

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

☐

13.  

Percent of Class Represented by Amount in Row (11):

 

47.3% (3)

14.  

Type of Reporting Person (See Instructions):

 

OO

 

(1)

Apache Midstream LLC, a Delaware limited liability company (“Apache Midstream” and, together with APA Corporation, the “Reporting Persons”), is a wholly owned subsidiary of APA Corporation, and APA Corporation controls Apache Midstream.

 

(2)

The aggregate number of shares of Class A Common Stock that may be deemed beneficially owned by Apache Midstream is comprised of the following: (i) 8,865,651 shares of Class A Common Stock and (ii) 159,107 shares of Class A Common Stock issuable upon exercise of the Warrants beneficially owned by Apache Midstream.

 

(3)

Based on 19,055,567 shares of Class A Common Stock, consisting of: (i) 18,896,460 shares of Class A Common Stock outstanding as of March 4, 2022 and (ii) 159,107 shares of Class A Common Stock issuable upon exercise of the Warrants beneficially owned by Apache Midstream.

 

Page 3 of 6

CUSIP No. 02215L209

 

Explanatory Note

This Amendment No. 3 to Schedule 13D amends and supplements the information set forth in Schedule 13D filed by Apache Corporation and Apache Midstream with the United States Securities and Exchange Commission (the “SEC”) on December 10, 2018 and subsequently amended by Amendment No. 1 filed on March 11, 2019, and Amendment No. 2 filed on November 10, 2021 (as so amended, the “Schedule 13D”).

Except as set forth herein, this Amendment No. 3 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 4.

Purpose of Transaction.

Item 4 is hereby amended and supplemented by adding the following:

In January 2022, a direct exchange by the Issuer and Apache Midstream was effectuated under the limited partnership agreement of Altus Midstream LP, a Delaware limited partnership and subsidiary of the Issuer (the “Partnership”), pursuant to which the Issuer succeeded to Apache Midstream’s 12,500,000 common units representing limited partner interests in Altus Midstream LP (the “Common Units”), issued an additional 12,500,000 shares of Class A Common Stock to Apache Midstream, and cancelled Apache Midstream’s 12,500,000 shares of Class C common stock, $0.0001 par value per share, of the Issuer (the “Class C Common Stock”).

On March 11, 2022, pursuant to an underwritten public offering, Apache Midstream sold 4,000,000 shares of Class A Common Stock.

As a result of the foregoing, Apache Midstream directly owns 8,865,651 shares of Class A Common Stock.

 

Item 5.

Interest in Securities of the Issuer.

Item 5 is hereby amended and supplemented as follows:

Sections (a) and (b) of Item 5 are amended and restated as follows:

 

  (a)

The Reporting Persons beneficially owned the following number of shares of Class A Common Stock, representing the following percentage ownership in the Issuer (see the footnotes to the cover pages hereto):

 

Name of Reporting Person

    Number of Shares
Beneficially Owned		      Percentage Ownership
in the Issuer		  

APA Corporation

      9,024,758        47.3 % 

Apache Midstream

      9,024,758        47.3 % 

 

  (b)

As of the close of business on March 11, 2022, the number of shares of Class A Common Stock as to which each Reporting Person has:

 

  (i)

Sole power to vote or to direct the vote;

 

  (ii)

Shared power to vote or to direct the vote;

 

  (iii)

Sole power to dispose or to direct the disposition; or

 

  (iv)

Shared power to dispose or to direct the disposition.

 

Name of Reporting Person

    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		  < /td>    Shared Power
to
Dispose or to
Direct the
Disposition		  

APA Corporation

      9,024,758        0        9,024,758        0  

Apache Midstream

      9,024,758        0        9,024,758        0  

 

Page 4 of 6

CUSIP No. 02215L209

 

Item 7.

Material to be filed as Exhibits

 

Exhibit
Number		   

Description of Exhibits

Exhibit 99.1    Joint Filing Agreement, dated as of March 15, 2022, between APA Corporation and Apache Midstream LLC.

 

Page 5 of 6

CUSIP No. 02215L209

 

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: March 15, 2022

 

APA CORPORATION
By:  

/s/ Ben C. Rodgers

Name:   Ben C. Rodgers
Title:   Senior Vice President, Treasurer and Midstream and Marketing
APACHE MIDSTREAM LLC
By:  

/s/ Ben C. Rodgers

Name:   Ben C. Rodgers
Title:   Senior Vice President and Treasurer

 

Page 6 of 6