📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Kinetik Holdings Inc., through its subsidiaries, operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It offers gathering, compression, processing, stabilization, treating, and storage services; transportation services through pipelines; and water gathering and disposal services for companies that produce natural gas, natural gas liquids (NGL), and crude oil. The company also sells condensates, natural gas residue, and NGLs. Kinetik Holdings Inc. was founded in 2017 and is headquartered in Midland, Texas.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

CEO expressed pride in execution and confidence in long-term growth, but also acknowledged delays in King's Landing startup, revised EBITDA guidance down, and cited commodity price headwinds and cost inflation. Language included 'resilience' and 'relentless focus' alongside 'frustrating' and 'over-optimistic'.

Q3 2025

Mixed

CEO acknowledges 'we have stumbled' over the past four quarters, says 'reputations and credibility are in question', and pledges to 'absolutely do better', while simultaneously promoting strategic project progress and new partnerships.

Q4 2025

Mixed

Management acknowledged a challenging 2025 with underperformance, but expressed renewed confidence for 2026 citing strategic progress (contract restructurings, Kings Landing performance) and a clear execution plan. Specific operational milestones combined with cautious macro assumptions (e.g., 100 MMcf/d of continued curtailments) create a balanced, credible but not overly bullish tone.

Q1 2026 latest

Confident Specific

Management uses definitive language like 'record earnings,' 'quarterly record,' and 'tracking ahead of plan.' They cite specific numbers (e.g., $251M EBITDA, 220 MMcf/d curtailments) and emphasize execution across three pillars. The tone is assured but acknowledges challenges ('unprecedented volatility') and provides detailed offsets.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens after this call: Kinetik delivered record EBITDA despite severe Waha negativity, proving its marketing strategy and Gulf Coast capacity provide a credible offset. Near-term risk from prolonged shut-ins (now 220 MMcf/d avg) is partially mitigated by wider spreads and higher commodity prices. The reaffirmed guidance with upside potential from commodity margins and conservative curtailment assumptions supports confidence. Long-term catalysts include Kings Landing expansion FID, Durango contract extensions, and new Gulf Coast/export exposure. Watch for: timing of curtailment reversal (expected late 2026), sustained marketing gains, and progress on Kings Landing II. The company is executing well but remains exposed to Waha pricing until new takeaway comes online in late 2026/2027.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Kinetik delivers record Q1 2026 adjusted EBITDA of $251M, amid Waha pricing challenges.

Revenue & Profitability

First quarter 2026 adjusted EBITDA was $251 million, above guidance. Distributable cash flow was $181 million, and free cash flow was $101 million. The Midstream Logistics segment delivered record $179 million (up 12% YoY), while Pipeline Transportation was $78 million (down YoY). The company affirmed full-year 2026 adjusted EBITDA guidance of $950 million to $1.05 billion, with Q1 outperformance offsetting lower volume expectations.

Outlook

Management expects Waha negative pricing to persist through 2026 but sees relief as new Gulf Coast takeaway capacity (over 5 Bcf/d) comes online by early 2027. Higher commodity prices (WTI up 30%+ from guidance) support activity and volume growth in 2027. The long-term outlook for Permian gas growth remains constructive, with deferred volumes returning as basis spreads tighten.

Growth Drivers

Key growth drivers include amending legacy Durango contracts (75% completed), expanding capacity at Kings Landing (sour conversion and potential expansion), and securing additional Gulf Coast pricing exposure for 2028+. The company is also benefiting from a European LNG contract with INEOS starting in early 2027 and a push-pull effect of higher crude prices accelerating producer activity into 2027.

Balance Sheet & CapEx

Full-year 2026 capital expenditure guidance is reaffirmed at $450-$510 million. Q1 CapEx was $91 million, with remaining spend evenly weighted. 70% of CapEx is allocated to New Mexico, including the ECCC pipeline (in-service this quarter), the Kings Landing sour gas conversion project (spud summer, year-end 2026 in-service), and long-lead items for a potential Kings Landing expansion.

Margins

Margin trajectory is improving through contract amendments that increase the fee-based percentage (from ~60% to closer to 85-90% in some areas). Marketing gains from Gulf Coast transport spreads are offsetting volume curtailments. Operating and G&A costs are tracking to budget, with additional efficiencies identified for 2027. NGL and crude hedges have been increased to capture higher commodity prices.

Key Risks

Key risks include prolonged negative Waha pricing leading to higher-than-expected production shut-ins (now forecasted at 220 MMcf/d average for 2026), potential for new Waha price lows (e.g., -$15/MMBtu), and pipeline maintenance downtime affecting marketing gains. The volatility of commodity prices and reliance on Gulf Coast takeaway capacity are also flagged.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 2026 results led to a 7% increase in full-year Adjusted EBITDA guidance, driven by operational excellence, strong customer activity, and favorable market conditions. Elevated CapEx supports accelerated growth, with leverage and dividend coverage both improving.

Q1 2026 Q1 2026 2026-05-07

Record Q1 adjusted EBITDA exceeded guidance, driven by strong commercial execution and effective hedging against Waha price volatility. 2026 guidance affirmed despite higher curtailments, with growth focused on New Mexico and new Gulf Coast/external market opportunities.

Q4 2025 Q4 2025 2026-02-26

2025 results were impacted by commodity volatility and underperformance, but strategic asset expansions, contract restructurings, and commercial wins position the business for 7% adjusted EBITDA growth in 2026. Capital allocation is now growth-focused, with disciplined leverage and annual dividend increases.

Q3 2025 Q3 2025 2025-11-06

Q3 results showed strong project execution but were impacted by commodity price volatility, delays at King's Landing, and producer shut-ins. Guidance for 2025 EBITDA was revised lower, but long-term growth is supported by new projects, improved forecasting, and disciplined capital allocation.

Q2 2025 Q2 2025 2025-08-07

Q2 adjusted EBITDA reached $243M, with guidance for 2025 revised to $1.03–$1.09B due to project delays and commodity price headwinds. Major growth projects like King's Landing and ECCC pipeline are on track, supporting a strong multi-year outlook and continued capital discipline.

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