Kinetik Holdings Earnings Call Transcripts
Fiscal Year 2026
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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.
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The meeting confirmed a quorum, elected all Board nominees, approved executive compensation, and ratified KPMG as auditors for 2026. No additional shareholder proposals were submitted, and final voting results will be filed in a Form 8-K.
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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.
Fiscal Year 2025
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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.
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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.
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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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First quarter adjusted EBITDA grew 7% year-over-year to $250 million, with strong progress on strategic projects and a $500 million share repurchase program announced. Full-year guidance is affirmed, though management expects results below the midpoint due to commodity headwinds and customer schedule changes.
Fiscal Year 2024
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2024 saw record earnings, major M&A, and strategic expansion, with Adjusted EBITDA up 16% year-over-year and leverage reduced to 3.4x. 2025 guidance targets 15% EBITDA growth, 20% volume growth, and significant capital projects, with most profit from fixed fees and strong hedging.
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Record Adjusted EBITDA and strong volume growth were achieved despite negative Waha gas prices and curtailments. Strategic expansions, new pipeline projects, and increased EPIC Crude ownership position the business for continued growth, with raised 2024 guidance and a higher dividend.
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Second quarter results showed strong year-over-year growth in Adjusted EBITDA and volumes, driven by strategic acquisitions and expansions in New Mexico. 2024 guidance was raised for both EBITDA and CapEx, with significant growth expected from new projects and integration of Durango assets.