Kinetik Holdings Inc.

Listed Company

KNTKCIK 0001692787NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.76B

Net Income

$178.26M

Total Assets

$7.10B

Equity

$-565.38M

Shares Out

66.20M

Op. Cash Flow

$604.12M

Business

Kinetik Holdings Inc. is an integrated midstream energy company that provides gathering, transportation, compression, processing and treating services for hydrocarbons in the Permian Basin. It offers natural gas gathering, transportation, compression, treating and processing; NGL stabilization and transportation; produced water gathering and disposal; and crude oil gathering, stabilization, storage and transportation. The company operates through two segments—Midstream Logistics and Pipeline Transportation—and holds equity interests in several long‑term Permian pipelines. Its operations and distribution channels span the Delaware and Permian Basins with interconnections to intrabasin NGL and gas pipelines and takeaway routes to the U.S. Gulf Coast, serving producers and wholesale markets across Texas and New Mexico.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,764	1,483	1,256	1,213	662
Costs of sales (excluding depreciation and amortization expenses)	786	621	516	542	234
Operating expenses	271	196	162	137	91
Ad valorem taxes	29	25	22	17	12
General and administrative expenses	131	134	98	94	29
Depreciation and amortization expenses	383	324	281	260	244
Loss on disposal of assets, net	8,000	4	19	13	382,000
Total operating costs and expenses	1,599	1,304	1,097	1,063	609
Operating income	165	179	159	150	53
Interest and other income	4	3	2	489,000	4
Loss on debt extinguishment	−635,000	−525,000	−2	−28	4,000
Gain on sale of equity method investment	415	90	0	0	—
Interest expense	−233	−217	−206	−149	−117
Equity in earnings of unconsolidated affiliates	226	213	200	181	63
Total other income (expense), net	412	88	−6	103	−50
Income before income taxes	577	267	154	253	3
Income tax expense (benefit)	51	23	−233	3	2
Net income including noncontrolling interest	526	244	386	251	1
Net income attributable to Common Unit limited partners	348	164	97	95	1
Net income attributable to holders of Class A Common Stock	178	80	289	—	—
Basic (in USD per share)	2.66	1.03	5.25	1.47	0
Diluted (in USD per share)	2.63	1.02	2.52	1.47	0
Basic (in shares)	62	59	52	42	0
Diluted (in shares)	63	60	146	42	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	4	5	6	19
Accounts receivable, net of allowance for credit losses of $1,000 in 2025 and 2024	85	112	216	204	178
Accounts receivable pledged	165	140	0	—	—
Derivative assets	14	2	8	7	0
Prepaid and other current assets	34	37	29	24	21
Current assets	302	295	257	242	218
Property, plant and equipment, net	3,866	3,434	2,743	2,535	1,839
Intangible assets, net	553	652	592	695	786
Derivative asset, non-current	1	65,000	165,000	0	—
Operating lease right-of-use assets	71	30	38	29	62
Deferred tax asset	198	204	236	0	—
Deferred charges and other assets	90	77	85	32	22
Investments in unconsolidated affiliates	2,010	2,120	2,541	2,380	626
Goodwill	5	5	5	5	0
Noncurrent assets	6,794	6,520	6,240	5,678	3,336
Total assets	7,096	6,815	6,497	5,920	3,553
Accounts payable	42	27	34	18	12
Accrued expenses	172	187	177	174	136
Derivative liabilities	6	10	2	6	3
Current portion of operating lease liabilities	44	19	29	23	32
Current debt obligations	165	140	0	0	54
Other current liabilities	12	36	8	7	4
Current liabilities	441	419	250	228	241
Long term debt, net	3,628	3,364	3,563	3,369	2,253
Contract liabilities	31	21	26	23	12
Operating lease liabilities	29	11	9	6	30
Derivative liabilities	0	2	5	8	200,000
Other liabilities	15	2	3	3	2
Deferred tax liabilities	22	17	13	11	7
Noncurrent liabilities	3,725	3,417	3,620	3,419	2,305
Total liabilities	4,165	3,836	3,870	3,647	2,546
COMMITMENTS AND CONTINGENCIES (NOTE 17)	—	—	—	—	—
Redeemable noncontrolling interest Common Unit limited partners	3,500	5,960	3,160	3,110	1,007
Deferred consideration	0	1,000	0	—	—
Additional paid-in capital	241	0	193	119	0
Accumulated deficit	−806	−2,977	−724	−959	0
Total equity	−565	−2,977	−531	−840	10,000
Total liabilities, noncontrolling interest and equity	7,096	6,815	6,497	5,920	3,553

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	8	7	6	10	13
Amortization of contract costs	7	7	7	2	2
Contingent liabilities fair value adjustment	5	200,000	0	−839,000	—
Payment of contingent liability in excess of acquisition-date fair value	−5	0	0	—	—
Distributions from unconsolidated affiliates	246	290	272	257	68
Derivatives settlement	4	−7	26	11	−19
Derivative fair value adjustment	−24	18	−34	−96	12
Warrants fair value adjustment	0	0	−88,000	−133,000	0
Share-based compensation	63	77	56	43	0
Deferred income tax expense (benefit)	51	20	−233	2	2
Accounts receivable and pledged receivable	2	−7	−12	−8	—
Other assets	−12	8	−6	−4	−11
Accounts payable	5	−41	20	−2	−3
Accrued liabilities	−13	−3	−7	39	77
Operating leases	1	−606,000	701,000	179,000	786,000
Net cash provided by operating activities	604	637	584	613	236
Property, plant and equipment expenditures	−492	−264	−313	−206	−78
Intangible assets expenditures	−37	−12	−17	−15	−5
Investments in unconsolidated affiliate	−1	−3	−239	−78	—
Net cash paid for acquisition of interest in unconsolidated affiliate	0	−85	0	0	—
Distributions from unconsolidated affiliates	3	4	7	0	—
Cash proceeds from sale of equity method investment	504	524	0	0	—
Cash proceeds from disposals of assets	227,000	409,000	358,000	219,000	4
Net cash paid for business combinations	−175	−341	−125	0	—
Net cash used in investing activities	−199	−177	−686	−286	−100
Proceeds from borrowings under A/R Facility	112	156	0	0	—
Payments on A/R Facility	−87	−16	0	0	—
Proceeds from borrowings from long-term debt	1,400	0	800	3,000	30
Payments on long-term debt	−1,000	−200	−800	−2,294	−97
Payments of debt issuance costs, net	−11	−1	−11	−37	−3
Payments of debt discount, net	−1	−500,000	0	—	—
Proceeds from revolving line of credit	1,628	1,060	753	565	39
Payments on revolving line of credit	−1,765	−1,064	−554	−879	−70
Cash dividends paid to Class A Common Stock shareholders	−194	−175	−81	−39	0
Distributions paid to Class C Common Unit limited partners	−306	−221	−697,000	−1	−51
Payments on contingent liability	−5	0	0	—	—
Repurchase of Class A Common Stock	−176	0	−6	0	0
Net cash (used in) provided by financing activities	−405	−461	100	−339	−137
Net change in cash	345,000	−904,000	−2	−12	−862,000
Cash paid for interest, net of amounts capitalized	216	245	208	120	108
Cash paid for income taxes, net	4	560,000	480,000	0	0
Property and equipment and intangible accruals in accounts payable and accrued liabilities	32	21	27	17	9
Right-of-use obtained in exchange for lease liabilities	35	44	5	7	44
Class A Common Stock issued through dividend and distribution reinvestment plan	2	76	352	263	0
Fair value of assets acquired in business combinations	191	875	0	2,444	—
Cash consideration paid	175	358	0	—	—
Deferred consideration	0	275	0	0	—
Contingent consideration	0	5	0	0	—
Liabilities assumed	16	90	0	1,431	0

Filings

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