EQT affiliate completes $344 million offering of Kodiak Gas shares

NEW YORK - Frontier TopCo Partnership, L.P., an affiliate of EQT Infrastructure III and IV funds, completed an underwritten public offering of 10 million shares of Kodiak Gas Services, Inc. (NYSE:KGS) common stock, the company announced Tuesday.

The offering generated gross proceeds of $344 million, with Goldman Sachs & Co. LLC serving as the underwriter for the transaction that closed on September 9.

Kodiak Gas Services did not sell any shares in the offering and received no proceeds from the sale, according to the press release statement. The shares were sold entirely by the EQT affiliate, identified as the "Selling Stockholder" in the announcement.

EQT Infrastructure funds are private equity investors focused on infrastructure assets. Kodiak Gas Services is a provider of compression services for the oil and gas industry.

The transaction represents a significant stock placement in the energy services sector, though the press release did not specify EQT’s remaining ownership stake in Kodiak following the offering.

In other recent news, EQT Corporation has made significant strides in securing liquefied natural gas (LNG) capacity through multiple long-term agreements. The company announced a 20-year Sale and Purchase Agreement with Commonwealth LNG for 1.0 million tonnes per annum, involving a facility near Cameron, Louisiana. Additionally, EQT has entered into another 20-year agreement with NextDecade Corporation for 1.5 million tonnes per annum at the Rio Grande LNG export facility in Texas. This deal is contingent upon NextDecade’s final investment decision on Train 5, expected in the fourth quarter of 2025.

In other developments, EQT’s Chief Information Officer, Richard A. Duran, will take an unpaid sabbatical from September 2025 to February 2026, although he will remain available for consultation in emergencies. Meanwhile, Endurance Investment Partners, a new private equity firm, has launched with a focus on energy liquidity, partnering with Rice Investment Group. Founded by John Spradling and Trey Hatcher, Endurance aims to provide strategic liquidity solutions for energy and infrastructure sectors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.