Kinetik Holdings Inc. · NYSE:KNTK
Kinetik — Q2 2025 Earnings Presentation
17 slides from Kinetik's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results August 6, 2025
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 or other characterization
Slide 3: Key highlights
Key highlights Progressed strategic projects in the quarter and executed upon finance-related objectives Q2 Financial Results Operational and Construction Commissioning at Kings Landing with full commercial in-service in late September 2025 $243mm Construction began on ECCC Pipeline with expected in
Slide 4: 2Q25 Segment performance
2Q25 Segment performance Stable and growing earnings profile in a turbulent macro environment Midstream Logistics Adjusted EBITDA(1) ($mm) Pipeline Transportation Adjusted EBITDA(1) ($mm) $174 $96 $96 $97 $94 $94 $92 $159 $150 $151 $85 $146 $148 $140 $143 $79 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 5: Updating 2025 Guidance and assumptions
Updating 2025 Guidance and assumptions Key expectations and sensitivities reflected in full year guidance 2025 Financial Guidance 2025 Commodity Price Sensitivities(3) Range Guidance Prev. Guidance % Change in Potential ($mm) Price Input Strip Pricing Guidance Impact to Commodity (Aug. 2025) (Feb. 2
Slide 6: Adjusted EBITDA Guidance
Adjusted EBITDA Guidance(1) Earnings growth profile weighted to the second half of 2025 2025E Adjusted EBITDA(1) Maintaining ~$1.2bn annualized 4Q25E Adjusted EBITDA(1) $1.09bn – 1.15bn $1.03bn – 1.09bn Key Drivers to 2025E Adjusted EBITDA(1) Guidance Update • Kings Landing completion timing delayed
Slide 7: 2025E Capital Guidance
2025E Capital Guidance(1) Current projects drive meaningful Adjusted EBITDA(2) growth over next several years $460mm – $530mm Maintenance 7% Delaware North 71% $495mm(3) Delaware South 22% $265mm Key Drivers • Construction of Kings Landing Complex and pre-FID work of Kings Landing Cryo II • Permitti
Slide 8: Strategic capital investments drive growth in 2025 and beyond
Strategic capital investments drive growth in 2025 and beyond Highly accretive projects drive value creation and reinforce Kinetik’s unique and attractive footprint Kings Landing Complex • Adds ~220 Mmcfpd of processing capacity, doubling Delaware North capacity • Commissioning commenced in June 202
Slide 9: Our finance-related objectives
Our finance-related objectives Maximize shareholder value while providing flexibility for opportunistic capital deployment ~10% compound annual Adjusted EBITDA growth for the next 5 years(1,2) Current project backlog and contractual benefits provide strong visibility to material growth without signi
Slide 10: Kinetik at a glance
Kinetik at a glance ONE OF THE LARGEST PURE-PLAY MIDSTREAM COMPANIES SOLELY IN THE PERMIAN BASIN Offices in Midland and Houston, TX OPERATES 8 MAJOR COMPLEXES EQUITY INTERESTS INTERESTS IN & OVER 4,800 MILES OF PIPELINE IN LONG-HAUL 550 Mbpd ACROSS 8 COUNTIES IN TX & NM PIPELINES OF NGL TAKEAWAY CAP
Slide 11: For more information:
For more information: Board of Viewpoint with Leadership Sustainability Directors Dennis Quaid
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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net Income Including Noncontrolling Interests to Adjusted EBITDA (In thousands) Net income including noncontrolling interest (GAAP) $ 74,416 $ 108,948 $ 93,678 $ 144,355 Add back: Interest expe
Slide 15: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Six Months Ended June 30, 2025 2024 Reconciliation of net cash provided by operating activities to Adjusted EBITDA (In thousands) Net cash provided by operating activities $ 305,907 $ 279,222 Net changes in operating assets and liabilities 11,559 49,046 Interest expe
Slide 16: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 242,933 $ 234,403 $ 492,950 $ 467,962 Proportionate EBITDA from unconsolidated affiliates (88,100) (85,922) (175,630) (174
Slide 17: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation June 30, March 31, 2025 2025 (In thousands) Net Debt(1) Short-term debt $ 189,300 $ 148,800 Long-term debt, net 3,736,972 3,568,457 Plus: Debt issuance costs, net 28,028 26,543 Total debt 3,954,300 3,743,800 Less: Cash and cash equivalents 10,733 8,845 Net debt (non-