Energy pipeline operator Kinetik Holdings, in which Blackstone Group LP holds a partial stake, is reportedly in the early stages of evaluating strategic alternatives, with a possible sale of the company among the options under consideration.

According to people familiar with the matter, Kinetik has engaged advisers to prepare for a potential divestiture process, which could commence within a matter of weeks. These individuals, who requested anonymity as the details are not yet public, noted that no definitive decision has been made and Kinetik may also opt to continue operating as an independent entity.

In Wednesday trading on the New York Stock Exchange, Kinetik's share price slipped 0.8% to close at $54.55, giving the company a market valuation of roughly $8.9 billion. Over the past twelve months, the stock has gained approximately 30%. Representatives for both Kinetik and Blackstone have declined to comment on the matter.

The company is being brought to the deal-making table amid a broader uptick in oil and gas sector merger and acquisition activity, fueled by rising commodity prices driven by ongoing conflicts in Ukraine and Iran.