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Kinetik (KNTK) investor relations material
Kinetik Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved full commercial in-service at King's Landing in late September 2025, adding over 200 Mmcfpd of processing capacity and supporting strategic growth, despite delays and commodity price headwinds.
Reached FID on the acid-gas injection (AGI) project at King's Landing, expected in-service by late 2026, enhancing sour-gas treatment capabilities.
Completed major acquisitions (Barilla Draw and Durango) and closed the sale of a 27.5% interest in EPIC Crude Holdings, generating over $500 million in net proceeds for debt reduction and growth projects.
Finalized key commercial agreements, including a five-year European LNG pricing deal with INEOS and a residue gas supply for a new 1,350 MW Texas power facility, diversifying market access.
Management acknowledges underperformance versus guidance due to integration challenges, commodity volatility, and inflation, and is committed to improved forecasting and disciplined execution.
Financial highlights
Q3 2025 Adjusted EBITDA was $243 million; distributable cash flow was $158 million; free cash flow was $51 million; capital expenditures were $154 million.
Q3 2025 total operating revenues were $464 million, up 17% year-over-year; net income was $15.5 million, down 81% year-over-year.
Midstream Logistics Adjusted EBITDA was $151 million, down 13% year-over-year; Pipeline Transportation Adjusted EBITDA was $95 million, nearly flat year-over-year.
Net debt as of September 30, 2025, was $4.15 billion; leverage ratio at 3.9x (3.7x pro forma for EPIC Crude sale).
Year-to-date, $176 million of Class A common stock repurchased, with $100 million in Q3 2025.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance revised to $965 million–$1.005 billion, reflecting delays at King's Landing, commodity price declines, and the EPIC Crude sale.
Capital expenditure guidance tightened to $485 million–$515 million for 2025, including contingent consideration paid in October.
2025 volume expectations: low double-digit growth in natural gas, over 40% growth in crude oil, and mid-single-digit growth in produced water.
2025 commodity price assumptions: WTI at $65/bbl, Natural Gas (Waha) at $0.84/MMBtu, NGLs at $0.59/gal.
2025 gross profit expected to be 85% fixed fee and 15% commodity-based.
How do Waha prices impact 2025 EBITDA guidance?
What is the strategic value of Kings Landing AGI
How will Kinetik achieve investment grade ratings
AGI project's role in Kings Landing capacity expansion
Forecasting and risk mitigation changes
Prioritize buybacks vs. organic projects in '26
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Frequently asked questions
Kinetik Holdings Inc. is an energy infrastructure company that provides midstream services for oil and natural gas producers. The company operates gathering, transportation, and processing facilities, primarily in the Permian Basin, one of the largest oil and gas producing regions in the United States. Kinetik's services include natural gas gathering and processing, crude oil gathering, and transportation of natural gas liquids (NGLs). The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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