Kinetik Holdings Inc. · NYSE:KNTK
Kinetik — Q2 2026 Earnings Presentation
17 slides from Kinetik's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 5, 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 A record quarter with accelerating momentum into 2H26 Operational and Commercial Q2 Financial Results Reached FID on KLII in May 2026, expanding processing capacity by 300 MMcf/d $281MM ECCC Pipeline placed into service and starting right-of-way procurement for anticipated 2027 exp
Slide 4: 2Q26 segment performance
2Q26 segment performance Margin capture and strong operational execution drive record Midstream Logistics Adjusted EBITDA(1) Midstream Logistics Adjusted EBITDA(1) ($MM) Pipeline Transportation Adjusted EBITDA(1) ($MM) $96 $97 $95 $205 $94 $92 $179 $84 $174 $173 $83 $160 $78 $150 $151 $151 3Q24 4Q24
Slide 5: Updating 2026 guidance and assumptions
Updating 2026 guidance and assumptions Key expectations reflected in full year guidance Revised 2026 Financial Guidance 2026 Commodity Price Assumptions(5) $1.04B - $1.1B Revised Guidance Price Inputs Previous Guidance (Jul. 2026) (Feb. 2026) $988MM ~$560MM Commodity 2H26 FY FY $497MM WTI ($/Bbl) $7
Slide 6: Increasing Adjusted EBITDA guidance and FY volume outlook
Increasing Adjusted EBITDA guidance and FY volume outlook Strong execution and improved commodity price outlook drive accelerated earnings and volume growth in 2H26 Key Drivers of Adjusted EBITDA(1) Guidance Update Processed Gas Volumes (Bcf/d) $1.04B – 1.1B ~2.2 Bcf/d $950MM – 1.05B 1.79 1.81 1.74
Slide 7: Revised 2026E Capital Expenditures guidance
Revised 2026E Capital Expenditures guidance Current capital projects drive meaningful opportunity and earnings growth over next several years Key Drivers of Capital Expenditures(1) Guidance Update Allocation of 2026E Capital Expenditures(1) ~$560MM Delaware North Delaware South $450MM – 64% 36% $510
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 • Construction and drilling operations underway on the AGI and sour conversion project, in-service expected
Slide 9: Capital Allocation framework
Capital Allocation framework Compounding long-term value through high-return reinvestment and disciplined capital returns Foundation Capital Returns Levers Objectives Organic growth: Reinvesting ~50% of 2026 Adjusted EBITDA(1) into attractive, high-return organic growth Target Leverage Ratio(1) Maxi
Slide 10: IK
IK
Slide 11: Glossary of terms
Glossary of terms • Adjusted EBITDA (EBITDA) is defined as net income including noncontrolling interest adjusted for interest, taxes, depreciation and amortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, share-based compensation e
Slide 12: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Net Income Including Noncontrolling Interests to Adjusted EBITDA Net income including noncontrolling interest (GAAP) $ 123,113 $ 74,416 $ 117,988 $ 93,678 Add back: Interest expe
Slide 13: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Six Months Ended June 30, 2026 2025 (In thousands) Reconciliation of net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 341,520 $ 305,907 Net changes in operating assets and liabilities 46,082 11,559 Interest expe
Slide 14: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 280,784 $ 242,933 $ 531,984 $ 492,950 Proportionate EBITDA from unconsolidated affiliates (74,878) (88,100) (144,907) (175
Slide 15: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation June 30, March 31, December 31, 2026 2026 2025 (In thousands) Net Debt(1) Short-term debt $ 225,000 $ 187,100 $ 165,200 Long-term debt, net 3,700,562 3,644,128 3,627,720 Plus: Debt issuance costs, net 22,438 23,872 25,280 Total debt 3,948,000 3,855,100 3,818,200 Less
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 June 30, 2026 (In thousands) Revenue $ 575,599 $ 2,092 $ — $ — $ 577,691 Other Revenue 3,737 12 — — 3,749 Intersegment revenue(2) — 6,556 — (6,556)
Slide 17: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation Midstream Pipeline Corporate and Elimination Consolidated Logistics Transportation Other(1) For the Three Months Ended June 30, 2025 (In thousands) Revenue $ 421,813 $ 2,431 $ — $ — $ 424,244 Other Revenue 2,492 2 — — 2,494 Intersegment revenue(2) — 7,674 — (7,674) —