John-Paul (JP) Munfa
About John‑Paul (JP) Munfa
John‑Paul (JP) Munfa, age 43, has served on Kinetik Holdings Inc.’s Board since February 2022. He is a Senior Managing Director in Blackstone’s Private Equity group, focusing on midstream and transmission investments; previously, he was an Analyst in Blackstone’s Restructuring and Private Equity groups (2004; 2006–2009). He holds an A.B. in Economics from Harvard College and an MBA from Stanford Graduate School of Business, where he graduated as an Arjay Miller Scholar .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blackstone (Private Equity Group) | Senior Managing Director; focuses on midstream/transmission investments | Re‑joined 2011; prior Analyst 2006–2009; Restructuring Analyst 2004 | Integral role across Blackstone energy/midstream investments (e.g., Cheniere, EagleClaw Midstream, GridLiance, Permian Highway Pipeline, etc.) |
| BCP Raptor Holdco GP, LLC (general partner of BCP) | Director | Jun 2017 – Feb 2022 | Governance/oversight role prior to Kinetik Transactions |
External Roles
| Organization | Role | Status |
|---|---|---|
| Blackstone | Senior Managing Director, Private Equity | Current |
| Public company boards (last 5 years) | — | None |
Board Governance
- Independence: The Board determined JP Munfa is independent under NYSE and SEC rules .
- Committee assignments: Not a member of Audit, Compensation, or Governance; serves on the full Board only .
- Attendance and engagement: Board held 6 meetings in 2024; all continuing directors attended all regularly scheduled Board and committee meetings of which they were a member; all then‑serving directors attended the 2024 annual meeting .
- Board leadership: Chair is independent (David I. Foley); Lead Independent Director is Laura A. Sugg, designated annually; roles for Chair/CEO are separated .
- Executive sessions: Independent directors meet regularly in executive session without management present .
- Related‑party oversight: Audit Committee is tasked to resolve potential conflicts for related‑party transactions involving Blackstone/I Squared, per policy .
| Governance Item | 2024 Detail |
|---|---|
| Board meetings | 6 |
| Attendance | 100% of continuing directors; all attended 2024 annual meeting |
| Committees held | Audit (5), Compensation (8), Governance (5) meetings |
| Munfa committee roles | None |
| Independence determination | Independent (NYSE/SEC) |
Fixed Compensation
Kinetik’s policy pays non‑employee, non‑affiliate directors an annual cash retainer and equity grants; however, no compensation is paid to directors designated by Blackstone or I Squared. JP Munfa is a Blackstone‑designated director and receives no director compensation from Kinetik .
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | No compensation for Blackstone/I Squared designees |
| Committee chair fees | $0 | Not applicable; not a chair |
| Meeting fees | $0 | Not part of policy; no pay for designees |
| Annual equity (RSUs) | $0 | Non‑affiliate directors receive $140,000; designees receive none |
Performance Compensation
No performance‑based compensation is provided to Blackstone‑designated directors; JP Munfa receives no annual incentive or PSU awards as a director .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Affiliation/interlock | Blackstone and affiliates own ~49.0% combined voting power; under the Stockholders Agreement, Blackstone may nominate three directors, including JP Munfa |
| Committee conflict handling | Audit Committee resolves conflicts for related‑party transactions involving Blackstone/I Squared |
Expertise & Qualifications
- Energy finance and investment expertise focused on midstream/transmission; extensive deal execution experience across pipelines and energy infrastructure .
- Education: A.B. Economics (Harvard); MBA (Stanford GSB, Arjay Miller Scholar) .
Equity Ownership
| Holder | Class A Shares | Class A Ownership % | Class C Shares | Class C Ownership % | Combined Voting Power % |
|---|---|---|---|---|---|
| John‑Paul (JP) Munfa | — | — | — | — | — |
| Blackstone Inc. and affiliates | 15,766,039 | 25.9% | 65,542,472 | 67.5% | 49.0% |
Additional alignment policies:
- Anti‑hedging/anti‑pledging: Directors are prohibited from hedging or pledging Company securities; no margin accounts permitted for directors .
- Director stock ownership guidelines: Apply to non‑affiliate directors (5x annual cash retainer); compliance noted for non‑affiliate directors; Blackstone/I Squared designees are not covered by the Non‑Employee and Non‑Affiliate Director Compensation Policy .
Governance Assessment
- Strengths:
- Independence determination and regular executive sessions support credible oversight .
- Full attendance in 2024 indicates engagement and diligence .
- Robust related‑party transaction policy with Audit Committee conflict resolution mitigates affiliation risks .
- Potential red flags and investor confidence signals:
- Affiliation with controlling shareholder (Blackstone ~49% voting power; nominates three directors) raises perceived conflict risk; reliance on Audit Committee independence is critical .
- No direct share ownership disclosed for Munfa may lower personal “skin‑in‑the‑game” alignment versus non‑affiliate directors subject to ownership guidelines .
- No committee roles limits direct influence on audit/comp/ESG oversight compared to peers on key committees .
Overall implication: Munfa’s capital‑markets and midstream transaction expertise is valuable, but investors should monitor Blackstone‑related transactions and Board committee independence rigor. Policy architecture (anti‑hedging/pledging; conflict resolution; executive sessions) is strong, yet alignment optics (no director pay/equity; no personal holdings) may be scrutinized in the context of a concentrated shareholder influence .