Kinetik Holdings Inc. (KNTK): Business Model Canvas [Dec-2025 Updated]

Honestly, dissecting a midstream giant like Kinetik Holdings Inc. can feel like reading a dense engineering schematic, but their business model is actually quite clear: lock in producers with fee-based contracts across their essential Permian infrastructure. As you review their late 2025 setup, note the balancing act: they are guiding for $\mathbf{\$965}$ million to $\mathbf{\$1.005}$ billion in Adjusted EBITDA this year, yet they are pouring $\mathbf{\$485}$ million to $\mathbf{\$515}$ million into growth projects while carrying $\mathbf{\$3.94}$ billion in net debt. This is defintely how they create capacity relief and secure long-term cash flows. Dive below to see the nine building blocks that define this strategy, from their key partnerships to their cost structure.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Kinetik Holdings Inc.'s (KNTK) stability, which is heavily reliant on locking in long-term, committed capacity with major players in the Permian Basin. These aren't just handshake deals; they are structured contracts that provide revenue visibility, which is key for financing growth projects like the recently commissioned Kings Landing Complex.

Long-term, fixed-fee agreements with Permian Basin producers form the foundation of the revenue base. These contracts secure volume commitments regardless of short-term commodity price swings at hubs like Waha. This structure is what allows Kinetik to project its 2025 Adjusted EBITDA guidance, which was revised to be between $965 million and $1.005 billion as of the Third Quarter 2025 results.

The strategic relationship with Permian Resources Corporation is a prime example of this, solidified by a major acquisition early in 2025. This partnership ensures dedicated throughput for Kinetik's infrastructure.

This acquisition reinforced Kinetik's strategic position, especially with the associated control of residue gas and Natural Gas Liquids (NGLs) from the dedicated rich gas.

The five-year LNG pricing agreement with INEOS Energy for residue gas is a significant move to diversify pricing options for Kinetik's producer customers, linking volumes to European benchmarks. This deal specifically supports residue gas takeaway.

• Agreement Term: Five years.
• Delivery Commencement: Starting in early 2027.
• Annual Volume Commitment: Up to 0.5 MTPA (Million Tons Per Annum).
• Pricing Mechanism: Title Transfer Facility (TTF) Netback.
• Impact: Enough gas to heat more than 500,000 homes for a year.

Kinetik also has a pipeline connection agreement with Competitive Power Ventures (CPV). This partnership is notable because it involves connecting Kinetik's network to CPV's new power generation center without requiring Kinetik to spend capital on the connection itself. The power plant size is substantial.

• Connected Facility Size: 1,350 MW power plant.
• Capital Requirement for Kinetik: No capital expenditure mentioned for the connection.

Finally, Kinetik maintains membership in the Permian Strategic Partnership (PSP), which includes other major Exploration and Production (E&P) companies operating in the region. This membership is a key part of Kinetik's industry engagement, though specific financial contributions or statistical data related to this membership were not detailed in the latest public filings reviewed. Still, being part of this group helps Kinetik stay aligned with the basin's development priorities.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Key Activities

You're looking at the core engine of Kinetik Holdings Inc. as of late 2025, which is all about moving and treating gas in the heart of the Delaware Basin. The key activities here are capital-intensive and focused on expanding system bottlenecks.

Operating and maintaining extensive natural gas gathering and processing systems is the bread and butter. Kinetik Holdings Inc. runs over 1,600+ miles of gas gathering infrastructure across the Delaware Basin. Their total processing capacity is around 2.0 billion cubic feet per day (Bcf/d), strategically located near the Waha Hub. Looking at the third quarter of 2025, the actual volumes they processed hit 1.84 Bcf/d, which was an 8% increase year-over-year for that quarter, even with some headwinds. For the first nine months of 2025, the average processed volume was near 1.80 Bcf/d in Q1 and was 1.75 Bcf/d in Q2. That's the baseline operation you need to track.

Here's a quick look at the operational scale and recent performance:

The company is heavily focused on executing major organic growth projects like the ECCC Pipeline. The big one for near-term takeaway relief is the ECCC Pipeline, a large diameter, high-pressure line connecting the Delaware North system to the Delaware South system. Construction was progressing through the third quarter of 2025, with an estimated in-service date set for the second quarter of 2026 (2Q26). This project is designed for an initial rich gas throughput of approximately 150 Mmcf/d, with plans to expand that to around 300 Mmcf/d to support future development. Also, the Kings Landing Complex in New Mexico, which adds over 200 Mmcf/d of processing capacity, achieved full commercial in-service in late September 2025, which is huge for bringing back curtailed volumes.

When it comes to managing commodity price exposure through hedging and commercial arrangements, Kinetik Holdings Inc. is actively locking in revenue streams. For 2025, the CFO noted they are relatively well-hedged across most products, including C1 through C5 and WTI. Looking ahead to 2026, the goal is to hedge between 40% to 80% of equity volumes on a rolling 12-month basis. On the commercial side, they finalized a deal to connect their residue gas pipeline to the 1,350 MW CPV Basin Ranch Energy Center in Texas, which comes with no capital cost to Kinetik Holdings Inc. Plus, they locked in a five-year European LNG pricing agreement with INEOS Energy for 0.5 million tonnes per annum (MTPA) at Port Arthur LNG.

A critical activity for handling produced gas quality is sour gas treating and acid gas injection (AGI) project development. Kinetik Holdings Inc. reached a Final Investment Decision (FID) on its AGI project at Kings Landing. This lets them take high levels of H2S and CO2 at all three Delaware North processing complexes. The capital cost is about $50mm, and they anticipate the project will be in-service by late 2026, with permit approval expected by year end 2025.

Finally, optimizing system capacity to alleviate Delaware Basin takeaway constraints is a constant focus, especially given market volatility. The third quarter results were negatively affected by production shut-ins driven by capacity constraints on Permian-to-Gulf Coast residual natural gas pipelines, which caused negative short-term Waha natural gas prices. The full in-service of Kings Landing in late Q3 2025 is key here, as it helps return volumes that had been curtailed for up to two years. System optimization also involves directing sweet gas to the new Kings Landing facility while keeping sour gas flowing to older facilities like Dagger Draw and Maljamar.

• Kings Landing start-up delays in August and September impacted 2025 Adjusted EBITDA guidance by approximately $20 million.
• Commodity price declines were cited as negatively impacting full-year 2025 earnings by nearly $30 million.
• Production curtailments due to Waha prices impacted full-year 2025 earnings by approximately $20 million.
• The company received over $500 million in cash proceeds from the EPIC Crude sale in October 2025, which was used to pay down debt.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Key Resources

You're looking at the core assets Kinetik Holdings Inc. (KNTK) relies on to run its business in the Delaware Basin as of late 2025. These aren't just things they own; they are the engines generating the cash flow.

The Kings Landing Complex is a major physical asset. Construction progressed, and Kinetik Holdings Inc. reported commissioning started in June 2025, with full commercial in-service reached in late September 2025. This facility adds 220 Mmcf/d of gas processing capacity in New Mexico.

Kinetik Holdings Inc. maintains an integrated midstream infrastructure footprint across the Delaware Basin. This network includes pipelines, processing plants, and compression assets. Following recent expansions, including the Durango Permian acquisition, Kinetik Holdings Inc. operates over 2.4 Bcf/d of processing capacity and approximately 4,600 miles of pipelines across eight counties.

The company has secured its capital for future growth by executing a strategic asset sale. Kinetik Holdings Inc. entered an agreement to divest its 27.5% equity interest in EPIC Crude Holdings, LP for approximately $500 million in net upfront cash, plus an additional $96 million contingent cash payment. This transaction valued 100% of EPIC Crude at an upfront figure of $2.85 billion.

A key element supporting stable cash flows is the nature of its commercial agreements. Kinetik Holdings Inc. secures acreage dedication under long-term, fixed-fee agreements for services like gas gathering, compression, and processing. These contracts help provide the predictable revenue streams midstream operators value.

The asset base also includes specialized power infrastructure. Through an acquisition announced in late 2024, Kinetik Holdings Inc. gained ownership of a private electric distribution system, which is paired with more than 250 Mmcf/d of primarily owned electric compression.

Here's a quick look at the scale of some of these key tangible and financial resources as of the latest reports:

These physical assets are underpinned by the commercial structure:

• Long-term, fixed-fee agreements securing dedicated acreage.
• Infrastructure supporting comprehensive services: gathering, transportation, compression, processing, and treating.
• Ownership of a private electric distribution system.

If onboarding for new producer connections takes longer than expected, cash flow ramp-up is definitely impacted, as seen with the slight delay in the Kings Landing startup affecting 2025 guidance.

Finance: draft 13-week cash view by Friday.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Value Propositions

You're looking at the core value Kinetik Holdings Inc. delivers to its upstream partners in the Permian Basin, specifically focusing on what they achieved by late 2025. Honestly, it boils down to taking their customers' production-gas, NGLs, crude, and water-and providing the infrastructure to move it and process it reliably.

Comprehensive, integrated gathering, processing, and transportation services.

Kinetik Holdings Inc. offers a full suite of services: gathering, transportation, compression, processing, and treating. This integration means producers get a single-source solution for their produced hydrocarbons and water. For instance, by the third quarter of 2025, Kinetik Holdings Inc. processed natural gas volumes averaging 1.84 Bcf/d. The company projects exiting 2025 with processing volumes near 2 Bcf/d, showing the scale of their integrated operation. This is supported by the fact that their Q1 2025 processed volumes were 1.80 Bcf/d, showing a clear ramp-up through the year.

Here's a quick look at the throughput Kinetik Holdings Inc. was handling:

Critical capacity relief for producers in the Delaware North system.

The biggest immediate value proposition for many producers was solving the bottleneck in the Delaware North system. The full commercial in-service of the Kings Landing Complex in late September 2025 was a huge deal, adding that critical processing capacity in New Mexico. This facility was specifically noted for providing long overdue relief for producers with material curtailed production on the Delaware North system, allowing for the resumption of new development activity that had been paused for up to two years.

High-pressure rich gas takeaway capacity via the ECCC Pipeline project.

To further alleviate pressure on the Delaware North assets, Kinetik Holdings Inc. is building the ECCC Pipeline. This project is designed to connect the western portion of the system between Eddy and Culberson counties. Construction progressed through the third quarter of 2025, with service targeted for the second quarter of 2026. This pipeline is key because it provides further critical rich gas takeaway capacity relief for the Delaware North system and will allow sweet, rich gas to flow south.

Diversified market access, including U.S. Gulf Coast and LNG export.

Kinetik Holdings Inc. is actively de-risking its producers from negative in-basin pricing, like the Waha hub volatility seen in late 2025, by securing premium market outlets. They finalized a five-year LNG pricing agreement with INEOS Energy for a total of 0.5 MTPA at Port Arthur LNG, which starts in early 2027. Also, they secured additional firm transport capacity to the U.S. Gulf Coast, which is expected to start flowing in 2028.

The shift in their commodity exposure reflects this strategy:

• Fixed Fee agreements sourced approximately 85% of expected gross profit as of late 2025.
• Only about 15% of expected gross profit was commodity-exposed.

Scalable solutions for high H2S and CO2 (sour gas) processing.

The Northern Delaware Basin is seeing more sour gas, and Kinetik Holdings Inc. is positioning itself to handle it. They reached a Final Investment Decision (FID) on their Acid Gas Injection (AGI) project at Kings Landing. This project, with capital costs around $50 million, will enable the company to take high levels of H2S and CO2 at all three of their Delaware North processing complexes. The expected in-service date for this scalable sour gas solution is late 2026.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Customer Relationships

Kinetik Holdings Inc. structures its customer relationships around long-term commitments that secure volume throughput and provide revenue visibility, which is critical given the volatility seen in 2025, such as the plunging Waha natural gas prices.

Long-term, dedicated contracts with minimum volume commitments (MVCs).

The foundation of Kinetik Holdings Inc.'s revenue stability rests on contracts that mandate minimum throughput or minimum payments. For instance, as of December 31, 2024, Kinetik Holdings Inc. had contractually committed revenue of $6,154 thousand scheduled for recognition in fiscal year 2025, limited to contracts with fixed pricing and volume terms, which generally includes obligations tied to MVCs. Kinetik Holdings Inc. has actively managed these arrangements; for example, an amendment was executed with a Lea County, New Mexico producer in 2024 to increase treating services alongside an increase in the existing Minimum Volume Commitment level. Furthermore, Kinetik Holdings Inc. entered into a 15-year agreement to provide gas gathering and processing services with a major customer in Eddy County, New Mexico, with processing services starting in the second quarter of 2025.

High-touch commercial engagement with Delaware North customers.

The full commercial in-service of the Kings Landing Complex in late September 2025 was a significant event specifically noted as a step for Kinetik Holdings Inc.'s Delaware North customers. This new processing capacity, adding over 200 Mmcf/d of gas processing capacity, was expected to return new volumes that had been curtailed for up to two years, enabling the resumption of development plans across that system throughout the fourth quarter of 2025 and into 2026.

Strategic, partnership-focused approach with key producers like Permian Resources.

Kinetik Holdings Inc. solidified a key producer relationship through the acquisition of natural gas and crude oil gathering systems from Permian Resources for $180 million in cash consideration, which closed in the first quarter of 2025. This transaction reinforces a strategic partnership, as Jamie Welch, Kinetik Holdings Inc.'s President & Chief Executive Officer, noted Permian Resources is one of the most active and lowest cost operators in the Delaware Basin. The acquired assets came with approximately 60,000 gross operated acres dedicated under long-term, fixed-fee agreements. The expected volumes from these dedicated assets for 2025 included more than 150 Mmcf/d of gas gathered volumes and 25 Mb/d of crude gathered volumes.

The key metrics from the Permian Resources transaction highlight the nature of these dedicated relationships:

Investor relations and transparency following revised 2025 guidance.

Following macro headwinds, Kinetik Holdings Inc. provided revised guidance for the full year 2025, demonstrating transparency with its stakeholders. The initial 2025 Adjusted EBITDA guidance of $1.09 billion to $1.15 billion was tightened to a range of $965 million to $1.005 billion as of the third quarter 2025 results. Correspondingly, the 2025 Capital Guidance was refined to be between $485 million and $515 million. The company reported Q3 2025 Adjusted EBITDA of $242.6 million, bringing the nine-month total to $735.6 million. To support capital returns, Kinetik Holdings Inc. repurchased $100 million of Class A common stock during the third quarter of 2025, totaling $176 million year-to-date.

Direct sales and transport agreements with power generation and LNG entities.

Kinetik Holdings Inc. is actively securing downstream market access to move residue gas away from constrained in-basin pricing. This includes a finalized agreement for a residue gas pipeline connection to a new 1,350 MW gas-fired power plant developed by Competitive Power Ventures, Inc. in Texas. Furthermore, Kinetik Holdings Inc. executed a five-year LNG pricing agreement with Ineos Energy for approximately 0.5 million tonnes per annum (MTPA) at the Port Arthur LNG facility, which is set to commence in early 2027. The company is also securing additional firm transport capacity to the U.S. Gulf Coast, with some capacity expected to commence in 2028.

• Contract Term (INEOS LNG Agreement): Five-year pricing agreement.
• Contract Volume (INEOS LNG Agreement): Approximately 0.5 MTPA.
• Power Plant Connection Capacity: Residue gas pipeline connection to a 1,350 MW facility.
• Future Transport Capacity Commencement: Expected in 2028.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Channels

You're looking at how Kinetik Holdings Inc. moves the gas it gathers and processes to the market, which is all about physical infrastructure and contractual access. This is the backbone of their midstream value proposition.

Company-owned and operated natural gas gathering and processing facilities

Kinetik Holdings Inc. uses its owned and operated assets as the primary physical conduit for its services. These facilities are concentrated in the Delaware Basin, spanning both Texas and New Mexico.

The recent commissioning of the Kings Landing Complex in Eddy County, New Mexico, in late September 2025, was a major channel expansion, adding over 200 Mmcf/d of gas processing capacity. This directly supports the resumption of development for customers whose production had been curtailed. Furthermore, the acquisition of Durango Permian LLC, which closed earlier in 2025, was designed to expand processing capacity by 420 MMcf/d. Considering these additions, Kinetik now owns and operates over 2.4 billion cubic feet per day (Bcf/d) of processing capacity entirely within the Delaware Basin.

The throughput across these facilities shows the utilization of this channel:

• Processed natural gas volumes for the three months ended September 30, 2025, reached 1.84 Bcf/d.
• The company anticipated exiting 2025 with processing volumes near 2 Bcf/d.
• Volumes for the second quarter of 2025 were reported at 1.75 Bcf/d.

Here's a look at the scale of the processing and gathering footprint as of late 2025, reflecting the integration of recent growth projects:

Pipeline Transportation segment, including operated and non-operated assets

Kinetik's Pipeline Transportation segment is a critical channel for moving processed product out of the basin. This segment generated Adjusted EBITDA of $95 million for the third quarter of 2025. This segment includes both assets Kinetik operates and those where it holds a non-operated stake.

A key strategic move impacting this channel was the October 2025 closing of the divestiture of its 27.5% non-operated equity interest in EPIC Crude Holdings, LP. This recycling of capital is intended to fund growth projects. The segment also includes three EMI pipelines originating in the Permian Basin, the Kinetik NGL Pipelines, and the Delaware Link Pipeline.

Direct interconnects to third-party downstream pipelines for market access

Direct interconnects are how Kinetik ensures its product reaches major trading hubs and end-users. While the company divested its stake in Gulf Coast Express pipeline (GCX), it secured alternative access. Kinetik maintained firm capacity on the Permian Highway Pipeline (PHP), a 430-mile conduit running from the Waha Hub to Katy, TX, which provides access to the U.S. Gulf Coast and Mexico markets.

The company also secured additional natural gas transport capacity to the U.S. Gulf Coast in Q3 2025 to address customer demand and mitigate issues like the Waha price-related production shut-ins experienced earlier in the year due to capacity constraints on other Permian-to-Gulf Coast residual pipelines.

Kinetik's marketing entity for securing Gulf Coast transport capacity

Kinetik uses its marketing capabilities to manage its transport channel risk and secure favorable market positioning. Earlier in 2024, the company noted that it was previously on a net long position for Gulf Coast transport capacity, which provided marketing gains when production was curtailed. Following the resolution of some operational constraints and asset sales, the focus shifted to securing capacity to meet growing customer needs.

A concrete example of securing downstream market access is the new five-year liquefied natural gas (LNG) pricing agreement executed with INEOS Energy for a total of 0.5 million tonnes per annum (MTPA) at Port Arthur LNG.

Residue gas pipeline connections to large-scale power generation facilities

Connecting residue gas-the dry gas left after NGLs are stripped-to power plants is a key outlet channel. Kinetik finalized an agreement in the third quarter of 2025 for a residue natural gas pipeline connection to serve a new 1,350 MW gas-fired power generation facility owned by Competitive Power Ventures, Inc. (CPV). This locks in a long-term outlet for a specific product stream, which is crucial for system optimization, especially as the Delaware North system transitions to handling higher levels of sour gas requiring sequestration.

Finance: draft 13-week cash view by Friday.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Customer Segments

You're looking at the core groups Kinetik Holdings Inc. serves across its integrated midstream system in the Delaware Basin and beyond.

Upstream oil and gas producers in the Delaware Basin (Delaware North focus) represent the foundational customer base for Kinetik Holdings Inc.'s Midstream Logistics segment.

• Customer base of approximately ~90 producer customers.
• Long-term dedications cover approximately 850,000 acres for gas, crude oil, and water services.
• The Durango acquisition added over 60 new customers.
• Kinetik is one of the largest natural gas processors in the Delaware Basin, with over 2.4 Bcf/d of processing capacity following the Kings Landing Complex in-service.
• For the nine months ended September 30, 2025, Kinetik generated $735.6 million in Adjusted EBITDA.

Crude-focused customers experiencing production curtailments are a direct operational factor influencing Kinetik Holdings Inc.'s near-term financial outlook.

• Production curtailments from these customers were cited as a reason for revising the full-year 2025 Adjusted EBITDA guidance down to between $965 million and $1.005 billion.
• The commissioning of the Kings Landing Complex in late September 2025 was expected to alleviate material curtailed production on the Delaware North system.
• For the three months ended September 30, 2025, Midstream Logistics adjusted EBITDA fell 13% year-over-year to $151 million.

Large-scale power generation facilities are a growing outlet for Kinetik Holdings Inc.'s residue gas takeaway, linking production to power demand.

• Kinetik Holdings Inc. finalized an agreement for a residue natural gas pipeline connection to a new 1,350 MW gas-fired power generation facility owned by Competitive Power Ventures, Inc. (CPV).

International LNG buyers are targeted through long-term commercial agreements leveraging Permian supply.

• Kinetik Holdings Inc. executed a five-year LNG pricing agreement with INEOS Energy for a total of 0.5 million tonnes per annum (MTPA) at Port Arthur LNG, commencing in early 2027.
• The company notes LNG demand is set to double by 2030.

Other midstream companies (for joint ventures and non-operated assets) represent strategic partnerships and divestitures that shape Kinetik Holdings Inc.'s asset base.

These customer relationships drive the business, which saw $243 million in total Adjusted EBITDA in the third quarter of 2025.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Cost Structure

You're looking at the expense side of Kinetik Holdings Inc.'s operations as of late 2025. This is where the capital goes to keep the Permian Basin flowing, and honestly, it's dominated by big infrastructure spending and the ongoing cost of moving gas.

Capital Expenditures (CapEx) represent a major outlay. Kinetik Holdings Inc. refined its full-year 2025 Capital Guidance to a range of $485 million to $515 million, which covers both growth and necessary maintenance activities. To give you a sense of the spending pace, Q2 2025 saw CapEx hit $126 million as the company pushed the Kings Landing Complex toward full service. This heavy investment is what underpins their future capacity growth.

Operating expenses are significant, especially with current market dynamics. You've got to account for the direct costs of running the facilities. Management noted specific pressures on unit operating costs, with electricity and lease compression costs causing the year-over-year unit cost per Mcf to rise by about ~$0.10 in Q2 2025. Looking at the reported Cost of Sales (which excludes depreciation and amortization), the figure for the three months ended September 30, 2025, was $88.3 million, building up to $224.1 million for the first nine months of 2025.

Here's a quick look at some of those key financial metrics that drive cost of capital decisions:

The balance sheet carries the weight of substantial net debt, which stood at $3.94 billion as of Q2 2025. This debt level translates directly into interest expense, a non-negotiable cost of capital that Kinetik Holdings Inc. must service. The leverage ratio at the end of Q2 2025 was 3.6x per the Credit Agreement, with the Net Debt to Adjusted EBITDA ratio at 4.0x.

Costs related to handling more challenging gas streams are becoming a structural part of the expense base. Kinetik Holdings Inc. reached a Final Investment Decision (FID) on the acid gas injection (AGI) project at Kings Landing during Q3 2025. This project is designed to sequester high levels of H2S and CO2, positioning Kinetik Holdings Inc. to handle increasingly sour gas. The expected in-service date for this specific AGI project is year-end 2026.

Finally, you have the overhead costs. Management has been applying a high level of scrutiny to spending across the board. This includes:

• Vigilant focus on General and Administrative (G&A) spending.
• Scrutiny on costs related to integrating recent acquisitions and projects.

They are definitely keeping a tight lid on non-operational costs while funding major infrastructure builds.

Kinetik Holdings Inc. (KNTK) - Canvas Business Model: Revenue Streams

Kinetik Holdings Inc. generates revenue primarily through fee-based services across its two main operating segments: Midstream Logistics and Pipeline Transportation.

The Midstream Logistics segment encompasses several core revenue-generating activities, including fee-based revenue from natural gas gathering, compression, and processing, alongside revenue from crude oil and water gathering services. For the third quarter of 2025, this segment delivered an Adjusted EBITDA of $151 million.

Gas service revenues, which are reported net of cost of sales for certain volumes where Kinetik Holdings Inc. acts as principal, totaled $224.1 million for the nine months ended September 30, 2025. This compares to $159.4 million for the same nine-month period in 2024.

The Pipeline Transportation segment, which includes assets like the EMI pipelines and the Delaware Link Pipeline, contributed an Adjusted EBITDA of $95 million for the third quarter of 2025.

Here's a quick look at the segment performance metrics for Q3 2025:

The company's overall financial outlook is reflected in its revised full-year 2025 guidance. Kinetik Holdings Inc. now estimates full-year 2025 Adjusted EBITDA to be between $965 million and $1.005 billion.

Other relevant financial data points for the nine months ended September 30, 2025, include:

• Adjusted EBITDA for the nine months ended September 30, 2025: $735.6 million.
• Distributable Cash Flow for the nine months ended September 30, 2025: $468.8 million.
• Free Cash Flow for the nine months ended September 30, 2025: $179.2 million.
• Reported Q3 2025 revenue: $464.0M.