Press release
Kinetik Reports Second Quarter 2024 Financial and Operating Results
Generated second quarter net income of $108.9 million, representing a 52% increase year-over-year, and Adjusted EBITDA1 of $234.4 million, a 13% increase in
About this update from Apa Corporation
[{"type":"text","content":"\n\nGenerated second quarter net income of $108.9 million, representing a 52% increase year-over-year, and Adjusted EBITDA1 of $234.4 million, a 13% increase in Adjusted EBITDA1 year-over-year\n\n\n\n\nRevised 2024 Adjusted EBITDA1 Guidance of $940 million to $980 million and 2024 Capital Expenditures2 Guidance of $260 million to $300 million (“2024 Guidance”)\n\n\n\n\nCompleted acquisition of Durango Permian, LLC (“Durango”) at the end of June and closed divestiture of 16% non-operated equity interest in Gulf Coast Express pipeline (“GCX”) at the beginning of June\n\n\n\n\nSanctioned pre-FID work scope and long-lead critical path items for Kings Landing II and advanced subsurface and permitting workstreams for an acid gas injection well, doubling the processing capacity and further enabling blending and treating at the Kings Landing Processing Complex\n\n\n\n\nExecuted amendment with Lea County, New Mexico producer to increase treating services and minimum volume commitment levels (“MVC”)\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 ended June 30, 2024.\n\n\nSecond Quarter 2024 Results and Commentary\n\n\nFor the three and six months ended June 30, 2024, Kinetik reported net income including noncontrolling interest of $108.9 million and $144.4 million, respectively.\n\n\nKinetik generated Adjusted EBITDA1 of $234.4 million and $468.0 million, Distributable Cash Flow1 of $162.9 million and $317.4 million, and Free Cash Flow1 of $105.4 million and $213.0 million for the three and six months ended June 30, 2024, respectively.\n\n\nFor the three months ended June 30, 2024, Kinetik processed natural gas volumes of 1.58 Bcf/d.\n\n\n“The second quarter was a major step towards our ultimate vision for Kinetik,” said Jamie Welch, Kinetik’s President & Chief Executive Officer. “In June, we closed our two largest transactions since the merger in 2022, expanding our system footprint into Northern Eddy and Lea Counties, New Mexico. This quickly followed the in-service of our organic gathering expansion into Lea County at the beginning of 2024, and most recently, Kinetik expanded gathering, treating, and processing services with one of our largest customers in Lea County, New Mexico. This new amendment increases the existi...