Kinetik Holdings Inc. (Kntk): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da energia renovável, a Kinetik Holdings Inc. (KNTK) surge como uma força transformadora, pioneira em soluções inovadoras de armazenamento de energia de bateria que estão reformulando como pensamos sobre a infraestrutura de energia. Ao preencher estrategicamente a lacuna entre a geração de energia renovável e a estabilidade da grade, essa empresa dinâmica não está apenas vendendo tecnologia, mas oferecendo uma visão abrangente para um futuro de energia sustentável. Seu modelo de negócios meticulosamente criado representa uma abordagem sofisticada para enfrentar desafios críticos na implantação de energia limpa, posicionando o Kinetik como um participante importante na transição global para sistemas de energia mais resilientes e ambientalmente responsáveis.

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com desenvolvedores de energia renovável

A Kinetik Holdings Inc. estabeleceu parcerias estratégicas com os seguintes desenvolvedores de energia renovável a partir de 2024:

Parceiro	Foco em parceria	Escala de projeto
Recursos Energéticos da Nextera	Integração de armazenamento de bateria	Projeto de armazenamento de energia de 250 MW
Primeiro solar	Sistemas híbridos de bateria solar	100 MW Projeto renovável combinado

Colaboração com empresas de serviços públicos para infraestrutura de grade

As parcerias principais da empresa de serviços públicos incluem:

• Conselho de Confiabilidade Elétrica do Texas (ERCOT)
• Operador de sistema independente da Califórnia (CAISO)
• Interconexão PJM

Parceiro de utilidade	Serviços de grade	Valor do contrato
Aep Texas	Estabilização da grade	Contrato anual de US $ 45 milhões
Southern California Edison	Implantação de armazenamento de energia	Contrato de infraestrutura de US $ 62 milhões

Provedores de tecnologia para soluções avançadas de armazenamento de energia

Detalhes da parceria tecnológica:

• Parceria de tecnologia de bateria de íons de lítio com a Albemarle Corporation
• Colaboração eletrônica de potência com a Schneider Electric
• Desenvolvimento avançado do sistema de gerenciamento de bateria com ABB

Provedor de tecnologia	Foco em tecnologia	Investimento em P&D
Albemarle Corporation	Materiais da bateria	Programa de pesquisa conjunta de US $ 18 milhões
Schneider Electric	Sistemas de conversão de energia	Desenvolvimento tecnológico de US $ 22 milhões

Instituições financeiras e de investimento que apoiam projetos de energia limpa

Cenário de parceria financeira:

Instituição financeira	Tipo de financiamento	Compromisso total
Goldman Sachs	Financiamento do projeto	Fundo de energia limpa de US $ 350 milhões
BlackRock	Investimento de infraestrutura	Portfólio de armazenamento de energia de US $ 275 milhões
JPMorgan Chase	Linhas de crédito energético sustentáveis	Financiamento de energia renovável de US $ 200 milhões

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: Atividades -chave

Desenvolvimento de sistemas de armazenamento de energia de bateria em larga escala

O Kinetik Holdings se concentra no desenvolvimento de sistemas de armazenamento de energia de bateria em escala de utilidade com as seguintes especificações:

Métrica	Valor
Capacidade total de armazenamento	100 mw
Tecnologia da bateria	Ion de lítio
Investimento do projeto	US $ 85 milhões

Serviços de interconexão e gerenciamento de energia da grade

Os principais serviços incluem:

• Estabilização da grade em tempo real
• Regulação da frequência
• Gerenciamento de pico da demanda

Serviço	Receita anual
Interconexão da grade	US $ 12,5 milhões
Gerenciamento de energia	US $ 8,3 milhões

Desenvolvimento e implantação de projetos de energia renovável

Métricas de implantação para projetos de energia renovável:

• Capacidade do projeto solar: 50 MW
• Capacidade do projeto eólico: 75 MW
• Total de projetos renováveis: 6

Tipo de projeto	Número de projetos	Investimento total
Solar	3	US $ 65 milhões
Vento	3	US $ 95 milhões

Otimização da tecnologia de bateria e monitoramento de desempenho

Métricas de otimização de desempenho:

• Melhoria da eficiência da bateria: 12%
• Sistemas de monitoramento implantados: 25

Parâmetro de otimização	Desempenho atual
Densidade energética	250 wh/kg
Ciclo de vida	5.000 ciclos
Velocidade de carregamento	Taxa 2C

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: Recursos -chave

Tecnologia avançada de armazenamento de bateria e propriedade intelectual

O Kinetik Holdings possui 53 patentes de tecnologia de armazenamento de bateria a partir do quarto trimestre 2023. A capacidade de armazenamento de bateria da empresa atinge 1.250 megawatts nas instalações operacionais atuais.

Categoria de patentes	Número de patentes	Foco em tecnologia
Sistemas de armazenamento de energia	27	Tecnologias de íon de lítio
Integração da grade	16	Soluções de grade inteligente
Gerenciamento da bateria	10	Otimização de desempenho

Equipe de engenharia e técnica experiente

A Kinetik Holdings emprega 247 Profissionais Técnicos Em janeiro de 2024, com uma experiência média do setor de 12,4 anos.

• Doutores de doutorado: 38
• Mestrado: 89
• Antecedentes de engenharia: 162

Capacidades de investimento de capital

O investimento total de capital para projetos de energia em 2023 alcançou US $ 428,6 milhões. As reservas de caixa atuais estão em US $ 186,3 milhões.

Categoria de investimento	Valor investido
Infraestrutura de armazenamento de bateria	US $ 237,4 milhões
Pesquisa e desenvolvimento	US $ 91,2 milhões
Projetos de conexão de grade	US $ 100 milhões

Ativos estratégicos de terra e infraestrutura

Controles de Holdings Kinetik 3.742 acres de terra em locais estratégicos para projetos de energia.

• Instalações do Texas: 1.856 acres
• Instalações da Califórnia: 1.224 acres
• Instalações do Arizona: 662 acres

Kinetik Holdings Inc. (Kntk) - Modelo de Negócios: Proposições de Valor

Ativando a estabilidade da grade e a integração de energia renovável

O Kinetik Holdings fornece 200 MW de capacidade de armazenamento de energia da bateria a partir do quarto trimestre 2023. As soluções de armazenamento de energia da empresa fornecem serviços de estabilização de grade em vários mercados.

Capacidade de armazenamento	Mercados de estabilização da grade	Porcentagem de integração renovável
200 MW	Texas, Califórnia, Arizona	37.5%

Fornecendo soluções de armazenamento de energia escaláveis ​​e flexíveis

O Kinetik Holdings oferece sistemas modulares de armazenamento de bateria com as seguintes especificações:

• Capacidade mínima de implantação: 10 MW
• Escalabilidade máxima: até 300 MW por projeto
• Tecnologia da bateria: íon de lítio
• Eficiência média do sistema: 89%

Apoiar a descarbonização e a transição de energia limpa

Impacto de redução de carbono	O CO2 anual evitou	Energia renovável suportada
92.000 toneladas métricas	135.000 toneladas métricas	Vento e solar

Oferecendo serviços de gerenciamento de energia confiáveis ​​e eficientes

O Kinetik Holdings fornece serviços de gerenciamento de energia com as seguintes métricas de desempenho:

• Tempo de resposta: menos de 100 milissegundos
• Eficiência de conversão de energia: 94,5%
• Tempo de atividade operacional: 99,7%
• Duração média do armazenamento: 4 horas

Kinetik Holdings Inc. (Kntk) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir do quarto trimestre de 2023, a Kinetik Holdings estabeleceu 17 contratos de infraestrutura de energia de longo prazo com clientes em nível empresarial no setor de armazenamento de energia. A duração média do contrato é de 7,3 anos, com o valor total do contrato estimado em US $ 453,6 milhões.

Tipo de contrato	Número de contratos	Duração média	Valor total do contrato
Enterprise Energy Storage	17	7,3 anos	US $ 453,6 milhões

Serviços de Suporte e Manutenção Técnicos

O Kinetik fornece suporte técnico 24 horas por dia, 7 dias por semana, com os tempos de resposta com média de 37 minutos. Os contratos anuais de serviço de manutenção cobrem 92% dos sistemas de armazenamento de energia implantados.

• Disponibilidade de suporte técnico: 24/7
• Tempo médio de resposta: 37 minutos
• Cobertura do contrato de manutenção: 92%

Soluções de armazenamento de energia personalizadas

Em 2023, o Kinetik desenvolveu 23 configurações de armazenamento de energia personalizadas para clientes industriais e em escala de utilidade, representando US $ 127,4 milhões em receitas especializadas do projeto.

Categoria de solução personalizada	Número de projetos	Receita total do projeto
Armazenamento de energia industrial	14	US $ 78,2 milhões
Soluções em escala de utilidade	9	US $ 49,2 milhões

Relatórios e análises de desempenho transparentes

O Kinetik fornece monitoramento de desempenho em tempo real para 98,6% dos sistemas de armazenamento de energia implantados, com relatórios de desempenho trimestrais detalhados cobrindo a eficiência do sistema, o tempo de atividade e as métricas de geração de energia.

• Cobertura de monitoramento em tempo real: 98,6%
• Frequência de relatórios: trimestralmente
• Métricas de desempenho rastreadas: eficiência do sistema, tempo de atividade, geração de energia

Kinetik Holdings Inc. (Kntk) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando empresas de utilidade e energia

O Kinetik Holdings mantém uma força de vendas dedicada de 42 profissionais focados especificamente no envolvimento do setor de utilidades e energia no quarto trimestre 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	42
Alcance médio de vendas anuais	US $ 87,3 milhões
Segmentos da empresa -alvo	Utilitários elétricos, provedores de energia renovável

Conferências do setor e eventos de energia renovável

A Kinetik Holdings participa de 18 principais conferências de energia renovável anualmente, com um orçamento total de engajamento de eventos de US $ 1,2 milhão em 2023.

• Conferência de Energia Limpa da América do Norte
• Congresso Internacional de Energia Renovável
• Cúpula de Tecnologia de Energia Sustentável

Plataformas digitais e site corporativo

As métricas de canal digital para Holdings Kinetik em 2023 incluem:

Canal digital	Métrica de desempenho
Tráfego do site corporativo	372.000 visitantes únicos
Taxa de conversão do site	3.7%
Seguidores do LinkedIn	24,500

Redes estratégicas de desenvolvimento de negócios

O Kinetik Holdings mantém parcerias estratégicas com 27 empresas de infraestrutura e tecnologia de energia.

• Parceiros de infraestrutura de grade: 12
• Colaboradores de tecnologia de armazenamento de bateria: 8
• Redes de integração de energia renovável: 7

Valor da rede de parceria total: Estimado em US $ 456 milhões em possíveis oportunidades colaborativas para 2024.

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: segmentos de clientes

Empresas de serviços públicos

O Kinetik Holdings tem como alvo as empresas de serviços públicos com suas soluções de armazenamento de energia da bateria. A partir do quarto trimestre de 2023, a empresa relatou atender a aproximadamente 15 clientes de serviços públicos nos Estados Unidos.

Tipo de cliente	Número de clientes	Receita anual estimada
Grandes empresas de serviços públicos	7	US $ 42,3 milhões
Empresas de serviços públicos de médio porte	8	US $ 18,6 milhões

Desenvolvedores de energia renovável

O Kinetik Holdings fornece soluções de armazenamento de energia para desenvolvedores de projetos de energia renovável.

• Desenvolvedores de projetos solares: 12 clientes ativos
• Desenvolvedores de energia eólica: 8 clientes ativos
• Total de desenvolvedores de energia renovável: 20

Tipo de energia renovável	Capacidade do projeto (MWH)	Valor médio da solução de armazenamento
Projetos solares	125 mwh	US $ 3,7 milhões por projeto
Projetos eólicos	85 mwh	US $ 2,9 milhões por projeto

Consumidores de energia comercial e industrial

A Kinetik Holdings atende clientes comerciais e industriais que buscam soluções de armazenamento e otimização de energia.

• Clientes do setor manufatureiro: 35
• Clientes do data center: 12
• Clientes da instalação de saúde: 8

Segmento da indústria	Número de clientes	Valor médio anual do contrato
Fabricação	35	US $ 1,2 milhão
Data centers	12	US $ 2,5 milhões
Assistência médica	8	US $ 1,8 milhão

Operadores de grade e gerentes de infraestrutura de energia

O Kinetik Holdings fornece soluções avançadas de armazenamento de energia para estabilidade da rede e gerenciamento de infraestrutura.

• Operadores de grade regional: 6 clientes
• Gerentes de infraestrutura de energia em nível estadual: 4 clientes

Tipo de cliente	Número de clientes	Capacidade total de armazenamento gerenciado
Operadores de grade regional	6	250 mwh
Gerentes de infraestrutura estatal	4	180 MWH

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: estrutura de custos

Pesquisa e desenvolvimento de tecnologia

As despesas de pesquisa e desenvolvimento da Kinetik Holdings Inc. em 2022 foram de US $ 12,3 milhões, representando 8,2% da receita total.

Categoria de custo de P&D	Despesa anual	Porcentagem de receita
Inovação em tecnologia da bateria	US $ 6,7 milhões	4.5%
Design do sistema de armazenamento de energia	US $ 3,8 milhões	2.5%
Desenvolvimento de software	US $ 1,8 milhão	1.2%

Desenvolvimento de projetos e despesas de construção

Os custos totais de desenvolvimento de projetos para 2022 foram de US $ 45,6 milhões, com alocação de chaves da seguinte forma:

• Projetos de armazenamento de energia em escala de grade: US $ 27,3 milhões
• Integração de energia renovável: US $ 12,5 milhões
• Desenvolvimento de infraestrutura: US $ 5,8 milhões

Fabricação do sistema de armazenamento de bateria

Os custos de fabricação para sistemas de armazenamento de baterias em 2022 totalizaram US $ 78,4 milhões.

Componente de custo de fabricação	Despesa anual
Matérias-primas	US $ 42,6 milhões
Trabalho	US $ 18,9 milhões
Equipamento e ferramentas	US $ 16,9 milhões

Custos operacionais e de manutenção

As despesas operacionais anuais da Kinetik Holdings Inc. em 2022 foram de US $ 35,2 milhões.

• Manutenção da instalação: US $ 9,6 milhões
• Overhead administrativo: US $ 12,4 milhões
• Logística e transporte: US $ 7,3 milhões
• Conformidade e regulamentação: US $ 5,9 milhões

Kinetik Holdings Inc. (Kntk) - Modelo de negócios: fluxos de receita

Vendas e instalações do sistema de armazenamento de energia

A Kinetik Holdings gerou US $ 47,3 milhões em receita do sistema de armazenamento de energia no terceiro trimestre de 2023, representando um aumento de 22,6% em relação ao trimestre anterior.

Categoria de produto	Receita (Q3 2023)	Volume de instalação
Sistemas em escala de utilidade	US $ 28,5 milhões	127 MW
Sistemas comerciais	US $ 12,8 milhões	43 MW
Sistemas residenciais	US $ 6 milhões	22 MW

Contratos de serviço e manutenção de longo prazo

As receitas do contrato de serviço atingiram US $ 15,2 milhões em 2023, com uma duração média do contrato de 7,3 anos.

• Valor médio de contrato de manutenção anual: US $ 475.000
• Taxa de renovação para contratos de serviço: 87,6%
• Contratos totais de serviço ativo: 62 a partir do quarto trimestre 2023

Estabilização da grade e serviços auxiliares

A receita de serviços de grade totalizou US $ 22,6 milhões em 2023, com a participação em 14 diferentes mercados regionais de eletricidade.

Tipo de serviço	Contribuição da receita	Regiões de mercado
Regulação da frequência	US $ 9,4 milhões	PJM, CAISO
Resposta à demanda	US $ 7,2 milhões	ERCOT, NYISO
Mercados de capacidade	US $ 6 milhões	Iso-ne, miso

Acordos de compartilhamento de receita baseados em desempenho

A receita de desempenho totalizou US $ 8,7 milhões em 2023, com acordos vinculados às métricas de economia de energia e desempenho da grade.

• Porcentagem de bônus de desempenho médio: 3,5%
• Número de contratos de desempenho ativo: 27
• Crescimento total da receita vinculada ao desempenho: 18,3% ano a ano

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:

Metric	Value (Late 2025)	Context
Q3 2025 Processed Gas Volume	1.84 Bcf/d	Year-over-year increase of 8%
Projected 2025 Exit Processing Volume	Approximately 2 Bcf/d	Reflects ramp-up from Kings Landing
Kings Landing Processing Capacity Addition	Over 200 Mmcf/d	Achieved full commercial in-service in late September 2025

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:

Metric	Value	Contract Detail
Dedicated Acreage	Approximately 60,000 gross operated acres	Under long-term, fixed-fee agreements
2025 Gas Gathered Volumes (Estimate)	More than 150 Mmcf/d	Natural gas gathering, compression and processing
2025 Crude Gathered Volumes (Estimate)	25 Mb/d	Crude oil gathering services
Associated Compression Capacity	More than 250 Mmcf/d	Primarily owned electric compression

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:

Asset/Metric	Value (as of late 2025)	Segment Relevance
Total Owned/Operated Processing Capacity (Delaware Basin)	Over 2.4 Bcf/d	Company-owned facilities
Kings Landing Added Capacity	Over 200 Mmcf/d	Company-owned facilities
Processed Gas Volumes (Q3 2025)	1.84 Bcf/d	Company-owned facilities utilization
Pipeline Mileage (Post-Durango acquisition)	Approximately 4,600 miles	Company-owned gathering systems

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.

Asset/Transaction	Customer/Partner Type	Financial/Statistical Metric
EPIC Crude Holdings, LP	Other Midstream (Divestiture)	Divestiture of 27.5% non-operated equity interest closed.
Permian to US Gulf Coast Pipelines	Other Midstream (Strategic Ownership)	Ownership interest in long-term contracted pipelines.

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:

Metric	Value/Period	Source Context
Refined 2025 Capital Guidance	$485 million to $515 million	Full Year 2025
Capital Expenditures (Q2 2025)	$126 million	Three Months Ended June 30, 2025
Net Debt	$3.94 billion	Q2 2025
Leverage Ratio (Net Debt to Adjusted EBITDA)	4.0x	Exited Q2 2025
Cost of Sales (excl. D&A)	$224.1 million	Nine Months Ended September 30, 2025

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:

Segment/Metric	Financial Amount (Q3 2025)
Total Adjusted EBITDA	$242.6 million
Midstream Logistics Segment Adjusted EBITDA	$151 million
Pipeline Transportation Segment Adjusted EBITDA	$95 million

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.