Kinetik Holdings Inc. · NYSE:KNTK
Kinetik — Q1 2026 Earnings Presentation
16 slides from Kinetik's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 6, 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: Recent highlights
Recent highlights Strong operational, commercial, and financial execution to start the year Operational and Commercial Q1 Financial Results Construction underway on the AGI and sour conversion project at Kings Landing with all permitting approvals received, on track for year-end 2026 in-service $251
Slide 4: 1Q26 segment performance
1Q26 segment performance Record performance at Midstream Logistics segment Midstream Logistics Adjusted EBITDA(1) ($mm) Pipeline Transportation Adjusted EBITDA(1) ($mm) $96 $97 $95 $179 $94 $94 $174 $92 $173 $160 $84 $150 $151 $151 $148 $78 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q24 3Q24 4Q24 1Q25
Slide 5: 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 6: 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 Completion of the ECCC Pipeline Delaware Facilities Kings Landing sour gas conversion North ~70% ~34% Trunklin
Slide 7: Key opportunities across our Delaware Basin system
Key opportunities across our Delaware Basin system Highly accretive projects expected to drive value creation and reinforce Kinetik’s unique and attractive footprint Kings Landing Complex • Received all permitting approvals and construction underway on the AGI and sour conversion project, in-service
Slide 8: Capital Allocation framework
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 price build
Slide 9: IK
IK
Slide 10: 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 11: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended March 31, 2026 2025 (In thousands) Net Income Including Noncontrolling Interests to Adjusted EBITDA Net (loss) income including noncontrolling interest (GAAP) $ (5,125) $ 19,262 Add back: Interest expense 53,420 55,714 Income tax (benefit) expense
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended March 31, 2026 2025 (In thousands) Reconciliation of net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 185,143 $ 176,830 Net changes in operating assets and liabilities (3,894) (14,878) Interes
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended March 31, 2026 2025 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 251,200 $ 250,017 Proportionate EBITDA from unconsolidated affiliates (70,029) (87,530) Returns on invested capital from unconsolidated affiliates 68,309 63,
Slide 14: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation March 31, December 31, 2026 2025 (In thousands) Net Debt(1) Short-term debt $ 187,100 $ 165,200 Long-term debt, net 3,644,128 3,627,720 Plus: Debt issuance costs, net 23,872 25,280 Total debt 3,855,100 3,818,200 Less: Cash and cash equivalents 720 3,951 Net debt (non
Slide 15: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Midstream Pipeline Corporate and Elimination Consolidated Logistics Transportation Other(1) For the three months ended March 31, 2026 (In thousands) Revenue $ 403,720 $ 2,285 $ — $ — $ 406,005 Other revenue 3,962 9 — — 3,971 Intersegment revenue(2) — 6,824 — (6,824)
Slide 16: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Midstream Pipeline Corporate and Elimination Consolidated Logistics Transportation Other(1) For the three months ended March 31, 2025 (In thousands) Revenue $ 438,025 $ 2,406 $ — $ — $ 440,431 Other Revenue 2,830 2 — — 2,832 Intersegment revenue(2) — 4,804 — (4,804)