NYSE: KNTK
Kinetik Holdings Inc. (NYSE: KNTK) is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. It provides gathering, transportation, compression, processing and treating services for producers of natural gas, natural gas liquids, crude oil and water. The business reports two segments.
- **Midstream Logistics**: Gas gathering and processing, including the Kings Landing, Diamond Cryo, East Toyah, Pecos and Pecos Bend processing complexes. It also operates the ECCC Pipeline linking its Delaware North and Delaware South systems. The segment earns gathering and processing fees and realizes margins on residue gas and NGL sales.
- **Pipeline Transportation**: Primarily equity interests in long-haul pipelines such as Permian Highway Pipeline and Shin Oak. The company has divested EPIC Crude Holdings.
Growth projects include:
- The 380 MMcf/d Kings Landing II plant, targeted for mid-2028.
- An ECCC Pipeline expansion to about 225 MMcf/d.
- A further 400 MMcf/d cryogenic processing expansion.
- Acid gas injection and sour gas treating capabilities.
- The Diamond Volt behind-the-meter power generation project.
The company is also expanding residue gas takeaway to the Gulf Coast through firm transport commitments. Its common stock is split between Class A shares (publicly traded) and Class C shares. Updated
The EPS miss came from a $27.8 million unrealized commodity loss on hedges, not from operations, which set record Delaware Basin processed volumes. Management now guides full-year adjusted EBITDA to the high end of $1.04 billion to $1.1 billion. Keep an eye on the stock as the paper loss clears.
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Kinetik Holdings Inc. (NYSE: KNTK) is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. It provides gathering, transportation, compression, processing and treating services for producers of natural gas, natural gas liquids, crude oil and water.
