FALSE000169278700016927872024-11-062024-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

November 6, 2024
Date of Report (date of earliest event reported)
___________________________________
Kinetik Logo.jpg
Kinetik Holdings Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-38048
(Commission File Number)
81-4675947
(I.R.S. Employer Identification Number)
2700 Post Oak Blvd. Suite 300
Houston, Texas 77056
(Address of principal executive offices and zip code)
(713) 621-7330
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareKNTKNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition

On November 6, 2024, Kinetik Holdings Inc. issued a press release announcing financial and operating results for the fiscal quarter ended September 30, 2024. The full text of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, and shall not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are being filed herewith.

Exhibit No.Description of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
    
 Kinetik Holdings Inc.
Dated:November 6, 2024 /s/ Steven Stellato
 Steven Stellato
 Executive Vice President, Chief Accounting and Chief Administrative Officer


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Kinetik Reports Record Third Quarter 2024 Financial and Operating Results and Again Increases Full-Year 2024 Adjusted EBITDA Guidance
•Generated third quarter net income of $83.7 million, representing a 94% increase year-over-year, and Adjusted EBITDA1 of $265.7 million, a 23% increase in Adjusted EBITDA1 year-over-year
•Raising the Company’s 2024 Adjusted EBITDA1 Guidance range to $970 million to $1 billion and tightening Capital Expenditures2 Guidance range to $270 million to $290 million
•Increased quarterly cash dividend to $0.78 per share for the third quarter ended September 30, 2024, up 4% versus the prior quarterly dividend
•Acquired an additional equity interest in EPIC Crude Holdings, LP (“EPIC Crude”), bringing the Company’s ownership interest to 27.5%, in a series of transactions with Diamondback Energy that position EPIC Crude for long-term success
•Announcing a new large diameter, high-pressure pipeline to connect the Company’s Delaware North and Delaware South systems, providing a highly capital efficient solution to flow more than 150 Mmcf/d of rich gas south and optimize system processing capacity
HOUSTON and MIDLAND, Texas, November 6, 2024 – Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Results and Commentary

For the three and nine months ended September 30, 2024, Kinetik reported net income including noncontrolling interest of $83.7 million and $228.0 million, respectively.

Kinetik generated Adjusted EBITDA1 of $265.7 million and $733.6 million, Distributable Cash Flow1 of $184.2 million and $501.6 million, and Free Cash Flow1 of $164.7 million and $377.7 million for the three and nine months ended September 30, 2024, respectively.

For the three months ended September 30, 2024, Kinetik processed natural gas volumes of 1.71 Bcf/d, a 15% increase year-over-year.

“Kinetik reported a record breaking third quarter that exceeded all expectations,” said Jamie Welch, Kinetik’s President & Chief Executive Officer. “Adjusted EBITDA1 increased 23% year-over-year. Our Midstream Logistics segment benefited from a full quarter from our New Mexico assets with the system operating at full capacity as well as strong run times and performance at our Texas assets. The outperformance demonstrated is even more significant given nearly 170 Mmcf/d of wellhead gas volume curtailments on our system in response to low Waha Hub prices. Strength at our Pipeline Transportation segment reflected contributions from the Permian Highway Pipeline Expansion and Delaware Link, as well as our now increased ownership of EPIC Crude.”

“In September, we announced a series of transactions with Diamondback Energy and EPIC Midstream to strengthen the financial profile of EPIC Crude. Immediately following the transactions, EPIC Crude launched and completed a Term Loan B refinancing, which was a key component to the overall transformation. We are pleased with the outcome of the refinancing as it significantly reduces interest expense and positions the business to start distributions to partners in 2025. Also in September, Kinetik received approval from the US Environmental Protection Agency (“EPA”) for the Monitoring, Reporting and Verification (“MRV”) Plan for three Class II Acid Gas Injection (“AGI”) wells at our Maljamar and Dagger Draw processing facilities. This is only the fourth MRV Plan approved in the state of New Mexico and eighth in the Permian Basin. The MRV Plan enables Kinetik to economically benefit from sequestered carbon dioxide (“CO2”) through 45Q tax credits.”

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“The Operations and Commercial teams have been progressing project construction in Lea and Eddy Counties, New Mexico and commercializing the build out and expansion of our Kings Landing Processing Complex. Our Operations team remains highly focused on the construction of Kings Landing Cryo I. Its in-service is critical for our customers in the region, and we expect it to commence operations in the second quarter of 2025. We have also continued our track record of cost discipline, which gives us confidence to tighten our 2024 Capital Expenditures2 Guidance range to $270 million to $290 million. Following our decision to purchase long-lead critical path components required for an expansion of the Kings Landing Processing Complex, the Commercial team has been very active with current and prospective customers, and we plan to make a final investment decision as soon as possible given the processing capacity needed to facilitate producer development plans in the Northern Delaware.”

Welch continued, “As we look to close out a strong year, we are increasing our Adjusted EBITDA1 Guidance range to $970 million to $1 billion with an internal focus to achieve the top end of that range. Employees are aligned on this objective, and I am incredibly proud of our team’s dedication and focus on execution as we strive together to reach this goal. Our outperformance year-to-date coupled with the large Lea County customer MVC step-up and treating services commencing and the return of curtailed volumes during the fourth quarter puts what was once a medium-term goal now within immediate reach.”

“The increased confidence in Kinetik’s outlook and the achievement of our 3.5x leverage target underscored the Board of Directors’ decision to raise the quarterly cash dividend. We remain committed to a balanced capital allocation approach that maximizes shareholder value and provides both flexibility for opportunistic organic and inorganic capital deployment, as well as continued acceleration of returns to shareholders through annual ratable dividend growth.”
Financial
a.Achieved quarterly net income of $83.7 million and Adjusted EBITDA1 of $265.7 million.
b.Revised the Company’s 2024 Adjusted EBITDA1 Guidance increasing the range to $970 million to $1 billion, implying nearly 20% growth at the revised midpoint year-over-year.
c.Tightened the Company’s 2024 Capital Expenditures2 Guidance range to $270 million to $290 million.
d.Exited the quarter with a Leverage Ratio1,3 per the Company’s Credit Agreement of 3.2x and a Net Debt to Adjusted EBITDA1,4 Ratio of 3.6x.
e.Received $30 million deferred cash payment in the quarter from an affiliate of ArcLight Capital Partners LLC following final investment decision on the Gulf Coast Express Pipeline capacity expansion project.
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Selected Key Metrics
Three Months Ended September 30,Nine Months Ended September 30,
20242024
(In thousands, except ratios)
Net income including noncontrolling interest5
$83,654 $228,009 
Adjusted EBITDA1
$265,683 $733,644 
Distributable Cash Flow1
$184,158 $501,575 
Dividend Coverage Ratio1,6
1.5x1.4x
Capital Expenditures2
$58,532 $157,350 
Free Cash Flow1
$164,697 $377,656 
Leverage Ratio1,3
3.2x
Net Debt to Adjusted EBITDA Ratio1,4
3.6x
Common stock issued and outstanding7
157,534

September 30, 2024June 30, 2024March 31, 2024
(In thousands)
Net Debt1,8
$3,436,562 $3,423,251 $3,537,244 
Operational
a.Increased equity interest in EPIC Crude to 27.5% and finalizing a new transportation arrangement with EPIC Crude.
b.Construction on the 200 Mmcf/d Kings Landing Cryo I in Eddy County, New Mexico continues and is expected to be operational in the second quarter of 2025.
c.Progressing construction on the low- and high-pressure gas gathering and processing project in Eddy County, New Mexico, which is expected to begin in December 2024.
d.MVC step-up and treating services commenced in November 2024 with an amended agreement with one of Kinetik’s largest customers in Lea County, New Mexico.
e.Announcing a new intrabasin large diameter, high-pressure rich gas pipeline connecting the west side of the Company’s system in Eddy County, New Mexico to Culberson County, Texas, with expected in-service in the first quarter of 2026. The new pipeline will provide flexibility to transport sweet gas volumes sourced from the Northern Delaware to Kinetik’s Delaware South system, freeing up processing capacity at its Delaware North system for additional sour gas treating and processing. This project is a creative modification of scope for our recently announced Eddy County project without introducing incremental capital spend.
New Energy Ventures and Sustainability
a.Received approval from the EPA for the MRV Plan for the Maljamar and Dagger Draw Gas Plants to inject Treated Acid Gas into three AGI wells which will enable Kinetik to begin collecting 45Q tax credits on sequestered CO2, supporting Kinetik’s broader decarbonization efforts.
b.Published 2023 Sustainability Report highlighting the Company’s sustainability commitment, initiatives, progress, and achievements throughout 2023.
c.Kinetik reduced its Scope 1 and Scope 2 methane emissions intensity in 2023 by 32% relative to its 2021 baseline year. As a result, the Company achieved its Sustainability Linked Financing Framework target and maintained its interest rate reduction in July 2024.
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Upcoming Tour Dates
Kinetik plans to participate at the following upcoming conferences and events:
a.Bank of America Global Energy Conference in Houston on November 13th
b.Mizuho Power, Energy & Infrastructure Conference in New York on December 9th - 10th
c.Wells Fargo Midstream, Energy & Utilities Symposium in New York on December 10th - 11th
d.Goldman Sachs Energy, CleanTech & Utilities Conference in Miami on January 7th - 8th
e.UBS Global Energy & Utilities Winter Conference in Deer Valley on January 14th - 15th
Investor Presentation
An updated investor presentation will be available under Events and Presentations in the Investors section of the Company’s website at www.ir.kinetik.com.
Conference Call and Webcast
Kinetik will host its third quarter 2024 results conference call on Thursday, November 7, 2024 at 8:00 am Central Standard Time (9:00 am Eastern Standard Time) to discuss third quarter results. To access a live webcast of the conference call, please visit the Investors section of Kinetik’s website at www.ir.kinetik.com. A replay of the conference call also will be available on the website following the call.
About Kinetik Holdings Inc.
Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Midland, Texas and has a significant presence in Houston, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.
Contacts
Kinetik Investors: (713) 574-4743    Alex Durkee
Website:         www.kinetik.com
Forward-looking statements
This news release 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 characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company’s future business strategy and plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, sustainability goals and initiatives, portfolio monetization opportunities, expansion projects and future operations, and financial guidance; growth opportunities; the amount and timing of future shareholder returns; the Company’s projected dividend amounts and the timing thereof; and the Company’s leverage and financial profile. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us in this news release speaks only as of the date on which it is
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made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future development, or otherwise, except as may be required by law.
Additional information
Additional information follows, including a reconciliation of Adjusted EBITDA, Distributable Cash Flow, Free Cash Flow, and Net Debt (non-GAAP financial measures) to the GAAP measures.
Non-GAAP financial measures
Kinetik’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow, Free Cash Flow, Dividend Coverage Ratio, Net Debt and Leverage Ratio are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. See “Reconciliation of GAAP to Non-GAAP Measures” elsewhere in this news release.

1. A non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Measures” for further details.
2. Net of contributions in aid of construction and returns of invested capital from unconsolidated affiliates.
3. Leverage Ratio is total debt less cash and cash equivalents divided by last twelve months Adjusted EBITDA, calculated in the Company’s credit agreement. The calculation includes EBITDA Adjustments for Qualified Projects, Acquisitions and Divestitures.
4. Net Debt to Adjusted EBITDA Ratio is defined as Net Debt divided by last twelve months Adjusted EBITDA.
5. Net income including noncontrolling interest for the three and nine months ended September 30, 2023 was $43.1 million and $119.1 million, respectively.
6. Dividend Coverage Ratio is Distributable Cash Flow divided by total declared dividends.
7. Issued and outstanding shares of 157,534,469 is the sum of 59,751,435 shares of Class A common stock and 97,783,034 shares of Class C common stock. Excludes 7,680,492 million shares of Class C common stock to be issued on July 1, 2025 in connection with the Durango Permian acquisition.
8. Net Debt is defined as total current and long-term debt, excluding deferred financing costs, less cash and cash equivalents.


5

KINETIK HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
(In thousands, except per share data)
Operating revenues:
Service revenue$103,100 $104,349 $301,710 $310,325 
Product revenue290,423 221,280 787,092 586,534 
Other revenue2,839 4,672 8,411 10,685 
Total operating revenues396,362 330,301 1,097,213 907,544 
Operating costs and expenses:
Costs of sales (exclusive of depreciation and amortization shown separately below) (1)
144,586 147,756 444,786 374,100 
Operating expenses55,804 42,925 143,278 118,804 
Ad valorem taxes5,896 5,607 18,400 14,954 
General and administrative expenses29,619 22,751 94,846 73,131 
Depreciation and amortization expenses87,583 69,935 236,250 208,271 
Loss on disposal of assets— 2,927 4,090 15,166 
Total operating costs and expenses323,488 291,901 941,650 804,426 
Operating income72,874 38,400 155,563 103,118 
Other income (expense):
Interest and other income1,872 289 2,272 1,625 
Loss on debt extinguishment— — (525)— 
Gain on sale of equity method investment29,953 — 89,837 — 
Interest expense(66,029)(45,009)(167,545)(130,443)
Equity in earnings of unconsolidated affiliates53,244 50,754 169,668 146,828 
Total other income, net19,040 6,034 93,707 18,010 
Income before income taxes91,914 44,434 249,270 121,128 
Income tax expense8,260 1,303 21,261 2,030 
Net income including noncontrolling interest83,654 43,131 228,009 119,098 
Net income attributable to Common Unit limited partners57,891 27,551 153,504 77,068 
Net income attributable to Class A Common Stock Shareholders$25,763 $15,580 $74,505 $42,030 
Net income attributable to Class A Common Shareholders, per share
Basic$0.35 $0.21 $1.03 $0.58 
Diluted$0.35 $0.21 $1.02 $0.57 
Weighted-average shares
Basic59,811 53,340 59,116 50,464 
Diluted60,424 53,463 59,852 50,719 

(1) Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $60.2 million and $38.6 million for the three months ended September 30, 2024 and 2023, respectively, and $159.4 million and $107.1 million for the nine months ended September 30, 2024 and 2023, respectively, for certain volumes, where we act as principal.

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KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In thousands)
Net Income Including Noncontrolling Interests to Adjusted EBITDA
Net income including noncontrolling interest (GAAP)
$83,654 $43,131 $228,009 $119,098 
Add back:
Interest expense66,029 45,009 167,545 130,443 
Income tax expense8,260 1,303 21,261 2,030 
Depreciation and amortization expenses87,583 69,935 236,250 208,271 
Amortization of contract costs1,655 1,655 4,965 4,965 
Proportionate EBITDA from unconsolidated affiliates88,229 78,585 262,553 224,933 
Share-based compensation15,171 12,502 52,868 43,340 
Loss on disposal of assets— 2,927 4,090 15,166 
Loss on debt extinguishment— — 525 — 
Commodity hedging unrealized (gain) loss (8,817)8,259 (1,935)616 
Contingent liability fair value adjustment
1,400 — 1,400 — 
Integration costs2,540 21 5,091 985 
Acquisition transaction costs31 378 3,538 648 
Other one-time costs or amortization3,717 2,662 8,448 7,545 
Deduct:
Interest income
572 293 1,459 314 
Warrant valuation adjustment— (4)— 73 
Gain on sale of equity method investment29,953 — 89,837 — 
Equity income from unconsolidated affiliates53,244 50,754 169,668 146,828 
Adjusted EBITDA(1) (non-GAAP)
$265,683 $215,324 $733,644 $610,825 
Distributable Cash Flow(2)
Adjusted EBITDA (non-GAAP)$265,683 $215,324 $733,644 $610,825 
Proportionate EBITDA from unconsolidated affiliates(88,229)(78,585)(262,553)(224,933)
Returns on invested capital from unconsolidated affiliates71,028 69,661 223,670 205,891 
Interest expense(66,029)(45,009)(167,545)(130,443)
Unrealized loss (gain) on interest rate derivatives12,336 (7,835)2,770 (27,481)
Maintenance capital expenditures(10,631)(5,503)(28,411)(15,065)
Distributable cash flow (non-GAAP)
$184,158 $148,053 $501,575 $418,794 
Free Cash Flow(3)
Distributable cash flow (non-GAAP)$184,158 $148,053 $501,575 $418,794 
Cash interest adjustment27,401 12,378 (1,994)(7,953)
Realized gain on interest rate swaps
3,994 4,665 11,899 7,082 
Growth capital expenditures(49,840)(78,732)(130,253)(240,640)
Capitalized interest(2,955)(6,731)(4,885)(13,776)
Investments in unconsolidated affiliates— (43,795)(3,273)(194,125)
Returns of invested capital from unconsolidated affiliates1,549 — 2,789 5,793 
Contributions in aid of construction390 967 1,798 7,839 
Free cash flow (non-GAAP)
$164,697 $36,805 $377,656 $(16,986)
7

KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
Nine Months Ended September 30,
20242023
(In thousands)
Reconciliation of net cash provided by operating activities to Adjusted EBITDA
Net cash provided by operating activities$493,356 $405,585 
Net changes in operating assets and liabilities24,981 24,604 
Interest expense167,545 130,443 
Amortization of deferred financing costs(5,497)(4,601)
Current income tax expense1,528 355 
Returns on invested capital from unconsolidated affiliates(223,670)(205,891)
Proportionate EBITDA from unconsolidated affiliates262,553 224,933 
Derivative fair value adjustment and settlement(835)25,917 
Commodity hedging unrealized (gain) loss (1,935)616 
Interest income
(1,459)(314)
Integration costs5,091 985 
Acquisition transaction costs3,538 648 
Other one-time cost or amortization8,448 7,545 
Adjusted EBITDA(1) (non-GAAP)
$733,644 $610,825 
Distributable Cash Flow(2)
Adjusted EBITDA (non-GAAP)$733,644 $610,825 
Proportionate EBITDA from unconsolidated affiliates(262,553)(224,933)
Returns on invested capital from unconsolidated affiliates223,670 205,891 
Interest expense(167,545)(130,443)
Unrealized loss (gain) on interest rate derivatives2,770 (27,481)
Maintenance capital expenditures(28,411)(15,065)
Distributable cash flow (non-GAAP)
$501,575 $418,794 
Free Cash Flow(3)
Distributable cash flow (non-GAAP)$501,575 $418,794 
Cash interest adjustment(1,994)(7,953)
Realized gain on interest rate swaps
11,899 7,082 
Growth capital expenditures(130,253)(240,640)
Capitalized interest(4,885)(13,776)
Investments in unconsolidated affiliates(3,273)(194,125)
Returns of invested capital from unconsolidated affiliates2,789 5,793 
Contributions in aid of construction1,798 7,839 
Free cash flow (non-GAAP)
$377,656 $(16,986)








8



KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
September 30,June 30,March 31,
202420242024
(In thousands)
Net Debt(4)
Short-term debt$150,000 $148,800 $— 
Long-term debt, net3,279,689 3,258,403 3,517,115 
Plus: Debt issuance costs, net27,311 28,597 29,885 
Total debt3,457,000 3,435,800 3,547,000 
Less: Cash and cash equivalents20,438 12,549 9,756 
Net debt (non-GAAP)
$3,436,562 $3,423,251 $3,537,244 

(1) Adjusted 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 affiliates, share-based compensation expense, non-cash increases and decreases related to trading and hedging agreements, extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including non-controlling interest or any other measure of financial performance presented in accordance with GAAP.
(2) Distributable Cash Flow is defined as Adjusted EBITDA, adjusted for the proportionate EBITDA from unconsolidated affiliates, returns on invested capital from unconsolidated affiliates, interest expense, net of amounts capitalized, unrealized gains or losses on interest rate derivatives and maintenance capital expenditures. Distributable Cash Flow should not be considered as an alternative to the GAAP measure of net income including non-controlling interest or any other measure of financial performance presented in accordance with GAAP. We believe that Distributable Cash Flow is a useful measure to compare cash generation performance from period to period and to compare the cash generation performance for specific periods to the amount of cash dividends we distribute.
(3) Free Cash Flow is defined as Distributable Cash Flow adjusted for growth capital expenditures, investments in unconsolidated affiliates, returns of invested capital from unconsolidated affiliates, cash interest, capitalized interest, realized gains or losses on interest rate derivatives and contributions in aid of construction. Free Cash flow should not be considered as an alternative to the GAAP measure of net income including non-controlling interest or any other measure of financial performance presented in accordance with GAAP. We believe that Free Cash Flow is a useful performance measure to compare cash generation performance from period to period and to compare the cash generation performance for specific periods to the amount of cash dividends that we distribute.
(4) Net Debt is defined as total current and long-term debt, excluding deferred financing costs, premiums and discounts, less cash and cash equivalents. Net Debt illustrates our total debt position less cash on hand that could be utilized to pay down debt at the balance sheet date. Net Debt should not be considered as an alternative to the GAAP measure of total long-term debt, or any other measure of financial performance presented in accordance with GAAP.
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v3.24.3
Cover Page
Nov. 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 06, 2024
Entity Registrant Name Kinetik Holdings Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38048
Entity Tax Identification Number 81-4675947
Entity Address, Address Line One 2700 Post Oak Blvd.
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77056
City Area Code 713
Local Phone Number 621-7330
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol KNTK
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001692787
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