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- **Kings Landing Operational but Delayed**: Full commercial service achieved, but $20M EBITDA shortfall due to delayed volume contributions.
- **2026 Outlook Cautious**: Waha gas price volatility expected to persist, with ~20% volume curtailments in Q4 2025.
- **Strategic Projects Advance**: AGI (late 2026) and ECCC (Q2 2026) to enhance sour gas processing and takeaway capacity.
- **LNG Agreement Diversify Pricing**: 0.5 MMT/year agreement with INEOS to access European gas prices.
- **Guidance Revised Down**: 2025 EBITDA midpoint $985M, reflecting $70M cumulative impact from operational and commodity challenges.

**【CEO Summary Section】**
- Kings Landing achieved full commercial service in September, but delays in volume contributions and margin realization reduced full-year EBITDA by ~$20M.
- ECCC pipeline expected to enter service in Q2 2026, enabling sweet gas flow to the Gulf Coast while freeing up capacity for sour gas processing.
- Acid Gas Injection (AGI) project at Kings Landing received FID and is expected to be in service late 2026, enhancing sour gas processing capacity.
- Secured a 5-year LNG agreement with INEOS for 0.5 million metric tons/year, providing European price exposure for residue gas.

**【CFO Financial Commentary】**
- Q3 2025: Adjusted EBITDA $243M, DCF $158M, Free Cash Flow $51M.
- Full-year 2025 guidance revised to $985M midpoint (from $1.025B), reflecting $20M impact from Kings Landing delays, $30M from lower commodity prices, and $20M from EPIC Crude sale.
- 2026 outlook cautious due to Waha gas price volatility, with ~20% of volumes curtailed in October, impacting producer activity and development timelines.

**【Q&A Highlights】**
- Producers delayed ~30% of Q4 turn-in-line activity, with ~20% of volumes curtailed in October due to negative Waha gas prices.
- Industry set to add ~5 Bcf/day of takeaway capacity in 2026-2027, expected to alleviate Waha constraints by late 2026.
- LNG agreement provides diversification for residue gas pricing, while AGI project positions for sour gas growth.
- Hedging strategy maintains 40-80% coverage across products, with 2026 hedges within target range despite Waha volatility.

Kinetik Holdings Inc. (KNTK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

KNTK

KNTK fundamentals

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