Press release
Kinetik Reports Fourth Quarter and Record Full Year 2024 Financial and Operating Results and Provides 2025 Guidance
Generated fourth quarter 2024 net income of $16.2 million and Adjusted EBITDA1 of $237.5 million Reported full year 2024 net income of $244.2 million,
About this update from Apa Corporation
[{"type":"text","content":"\n\nGenerated fourth quarter 2024 net income of $16.2 million and Adjusted EBITDA1 of $237.5 million\n\n\n\nReported full year 2024 net income of $244.2 million, Adjusted EBITDA1 of $971.1 million, and Capital Expenditures2 of $264.5 million\n\n\n\nAnnounced bolt-on acquisition of natural gas and crude oil gathering systems primarily located in Reeves County, Texas, which closed in January 2025 (“Barilla Draw”)\n\n\n\nIssuing full year 2025 Guidance (“2025 Guidance”):\n\n\nAdjusted EBITDA1 guidance of $1.09 billion to $1.15 billion\n\n\n\nCapital guidance of $450 million to $540 million, including growth and maintenance Capital Expenditures2 and the previously communicated $75 million of contingent consideration tied to the final cost of the Kings Landing Complex (“Kings Landing”)\n\n\n\n\n\n\n HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--\nKinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter and year ended December 31, 2024.\n\n\n2024 Results and Commentary\n\n\nFor the three and twelve months ended December 31, 2024, Kinetik reported net income including non-controlling interest of $16.2 million and $244.2 million, respectively.\n\n\nKinetik generated Adjusted EBITDA1 of $237.5 million and $971.1 million, Distributable Cash Flow1 of $155.4 million and $657.0 million, and Free Cash Flow1 of $32.5 million and $410.1 million for the three and twelve months ended December 31, 2024, respectively. For the three and twelve months ended December 31, 2024, Kinetik processed natural gas volumes of 1.74 Bcf/d and 1.64 Bcf/d, respectively.\n\n\n“2024 was another transformational year for Kinetik,” said Jamie Welch, President & Chief Executive Officer.\n\n\n“We substantially expanded our footprint and capabilities across the Delaware Basin and enhanced our growth profile through highly strategic and accretive transactions and commercial agreements. This included our acquisition of Durango Permian, LLC (“Durango Permian”), a 15-year gas gathering and processing agreement in Eddy County, and the strategic connector pipeline (“ECCC pipeline”) between Kinetik’s Delaware North and Delaware South positions which all support significant future growth in New Mexico. We also acquired the compelling bolt-on Barilla Draw assets from Permian Resources and increased our equity interest in EPIC C...