Kinetik Holdings Inc. · NYSE:KNTK
Kinetik — Q4 2025 Earnings Presentation
19 slides from Kinetik's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter 2025 Results & 2026 Guidance
Fourth Quarter 2025 Results & 2026 Guidance February 25, 2026
Slide 2: Forward looking statements
Forward looking statements This presentation includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, outlooks, guidance or ot
Slide 3: FY 2025 performance
FY 2025 performance Strategic initiatives drove YoY growth despite a challenging operating environment 2021 - 2025 Adjusted EBITDA(1) 2025 Highlights $971mm $988mm $822mm $839mm Closed the bolt-on acquisition of Barilla Draw gathering assets $737mm ~8% Adjusted EBITDA CAGR(1) Achieved commercial in-
Slide 4: Recent highlights
Recent highlights Solid operational, commercial, and financial execution in the fourth quarter Operational and Commercial Q4 Financial Results Commenced construction on the AGI and sour conversion project at Kings Landing following notice to proceed from BLM, in-service expected by year-end 2026 $25
Slide 5: 4Q25 segment performance
4Q25 segment performance Quarterly results benefited from modest outperformance at Midstream Logistics segment Midstream Logistics Adjusted EBITDA(1) ($mm) Pipeline Transportation Adjusted EBITDA(1) ($mm) $174 $173 $96 $96 $97 $95 $94 $94 $92 $159 $150 $151 $151 $148 $84 $143 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 6: Levered to improving natural gas fundamentals in the Permian
Levered to improving natural gas fundamentals in the Permian Structural tailwinds from gassier production, increased takeaway capacity, and emerging power demand Gas-to-Oil Ratios (GOR)(1) Takeaway Capacity Constraints Alleviated(2) Data Center Driven Power Generation Demand(3) Delaware Permian Tran
Slide 7: Scalable sour gas handling platform in Delaware North
Scalable sour gas handling platform in Delaware North Existing sour gas infrastructure and planned expansion support meaningful upside Avalon + 1st Bone Spring Net Pay(1) Delaware North Total Acid Gas Capacity 31.5 Mmcfpd Permitted 24 Mmcfpd New Delineation Operational North and West 11.5 Mmcfpd Per
Slide 8: Delaware Basin scale drives meaningful earnings growth
Delaware Basin scale drives meaningful earnings growth Highly accretive projects expected to drive value creation and reinforce Kinetik’s unique and attractive footprint Kings Landing Complex • Commercial in-service in late September 2025; currently running ~65-70% utilized • Construction activities
Slide 9: 2026 Guidance and assumptions
2026 Guidance and assumptions Key expectations reflected in full year guidance 2026 Financial Guidance(1,2) 2026 Commodity Price Assumptions(5) $950 - $1,050mm $988mm Commodity Price Input $933mm(3) $450 - $510mm WTI ($/Bbl) $61.58 $497mm HSC Natural Gas ($/Mmbtu) $3.34 Waha Natural Gas ($/Mmbtu) $0
Slide 10: 2026E Capital Expenditures Guidance
2026E Capital Expenditures Guidance(1,2) Current capital projects drive meaningful volume and earnings growth over next several years Allocation of 2026E Capital Expenditures(3) Key Drivers Delaware North Facilities Completion of the ECCC Pipeline ~70% ~34% Trunklines ~18% Kings Landing sour gas con
Slide 11: Refreshed Capital Allocation framework
Refreshed Capital Allocation framework Reflects structurally higher reinvestment opportunity and growth-first mentality Foundation Capital Returns Levers Objectives Organic growth: Near-term elevated growth capital focused on compelling infrastructure returns that Targeted Leverage Maximize share pr
Slide 12: IK
IK
Slide 13: Glossary of terms
Glossary of terms • Adjusted EBITDA (EBITDA) is defined as net income including non-controlling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from unconsolidated affiliates, equity in earnings from unconsolidated
Slide 14: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended For The Year Ended December 31, December 31, 2025 2024 2025 2024 (In thousands) Net Income Including Noncontrolling Interests to Adjusted EBITDA Net income including noncontrolling interest (GAAP) $ 416,701 $ 16,224 $ 525,928 $ 244,233 Add back: In
Slide 15: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation For The Year Ended December 31, 2025 2024 (In thousands) Reconciliation of net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 604,120 $ 637,346 Net changes in operating assets and liabilities 23,026 43,401 Interes
Slide 16: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended For The Year Ended December 31, December 31, 2025 2024 2025 2024 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 252,095 $ 237,474 $ 987,704 $ 971,118 Proportionate EBITDA from unconsolidated affiliates (76,103) (84,113) (339
Slide 17: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation December 31, September 30, June 30, March 31, 2025 2025 2025 2025 (In thousands) Net Debt(1) Short-term debt $ 165,200 $ 178,600 $ 189,300 $ 148,800 Long-term debt, net 3,627,720 3,956,330 3,736,972 3,568,457 Plus: Debt issuance costs, net 25,280 26,670 28,028 26,543
Slide 18: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Midstream Pipeline Corporate and Elimination Consolidated Logistics Transportation Other(1) (In thousands) For the Quarter Ended December 31, 2025 Revenue $ 424,712 $ 2,391 $ — $ — $ 427,103 Other revenue 3,314 2 — 3,316 Intersegment revenue(2) — 6,941 — (6,941) — To
Slide 19: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Midstream Pipeline Corporate and Elimination Consolidated Logistics Transportation Other(1) (In thousands) For the Quarter Ended December 31, 2024 Revenue $ 379,662 $ 2,522 $ — $ — $ 382,184 Other revenue 3,530 2 — 3,532 Intersegment revenue(2) — 6,811 — (6,811) — To