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Kinetik Holdings Inc. (KNTK) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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    10-Q Quarterly Report May 2022

Kinetik Holdings Inc.

CIK: 1692787 Ticker: KNTK

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Kinetik Reports Robust Second Quarter 2022 Financial and Operating Results and Increases 2022 Guidance
Revised upwards 2022 Guidance for Pro Forma Adjusted EBITDA1,2,3 to $820 million to $840 million, representing a 5% increase over the prior guidance midpoint
Completed $3.0 billion comprehensive, sustainability-linked refinancing, that retired all pre-existing debt facilities, together with a new, unsecured $1.25 billion 5-year revolving credit facility
Issued its 2021 ESG Report highlighting the achievements of its predecessor entities, Altus and BCP Raptor
Fully redeemed all Series A Preferred Units in July 2022, completing Kinetik’s overall capital structure simplification
Reached Permian Highway Pipeline (“PHP”) expansion investment decision with expected in-service by November 1, 2023
Working with Enterprise Products on the announced Shin Oak expansion of up to 275 Mbbl/d of incremental capacity, with an expected completion in 2024
HOUSTON and MIDLAND, Texas, August 9, 2022 – Kinetik Holdings Inc. (NASDAQ: KNTK) (“
Kinetik” or the “Company”) today reported financial results for the quarter ended June 30, 2022.
“Following a strong first quarter, we have continued to deliver robust results and execute on our capital allocation priorities,” said Jamie Welch, Kinetik’s Chief Executive Officer and President. “As such, we are revising our prior 2022 guidance upwards to reflect our recent achievements.”
“The first quarter was largely focused on our Midstream Logistics segment and capitalizing on our operating leverage, while this past second quarter has been a drive to execute on the highly accretive opportunities in our Pipeline Transportation segment. We completed our comprehensive refinancing, of which 100% is linked to sustainability performance targets. We also fully redeemed the outstanding balance of the Series A Preferred Units in early July. Both of these steps simplify our capital structure and demonstrate our commitment towards transparency and executing on our financial strategy.”
He went on to add, “Our initial credit ratings from the various credit rating agencies of Ba1 from Moody’s, BB+ from S&P, both with a Stable outlook, and BB+ with a Positive outlook from Fitch provide a clear line of sight to our stated financial target of achieving investment grade ratings in 2023.”
“Additionally, we announced with Kinder Morgan and Exxon that we have reached a final investment decision for the Permian Highway Pipeline expansion project. This expansion will help address the natural gas takeaway constraints facing the Permian Basin and, more importantly, will further support growth of American-sourced LNG supply.”
Kinetik has presented certain financial results herein on a “pro forma basis”1 as the Company believes it provides more meaningful information to its investors and helps to reconcile to its previously provided 2022 full year guidance.
For US GAAP purposes, Kinetik’s financial results reflect BCP from January 1, 2022 to February 22, 2022 and the combined Company, which includes Altus, from the closing date, February 22, 2022, onwards. The results for Altus are specifically excluded for the period from January 1, 2022 to February 22, 2022. See “Notes Regarding Presentation of Financial Information.”

For the three and six months ended June 30, 2022, Kinetik processed natural gas volumes of 1.16 Bcf/d and 1.14 Bcf/d, respectively, and reported net income including noncontrolling interest of $131.4 million and $152.8 million for the three and six months ended June 30, 2022, respectively. Net income including noncontrolling interests includes a non-cash gain on the change in the valuation of the embedded derivative of $91.4 million and $88.6 million for the three and six months ended June 30, 2022, respectively. Kinetik generated Pro Forma Adjusted EBITDA1,2,3 of $207.9 million and $398.7 million for the three and six months ended June 30, 2022, respectively, Pro Forma Distributable Cash Flow (“DCF”)1,2,3 of $170.1 million and $316.2 million
1

The following information was filed by Kinetik Holdings Inc. (KNTK) on Wednesday, August 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Kinetik Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Kinetik Holdings Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity And Noncontrolling Interests
Condensed Consolidated Statements Of Changes In Equity And Noncontrolling Interests (Parenthetical)
Condensed Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Details)
Business Combination - Allocation Of Acquisition Costs To Assets Acquired And Liabilities Assumed (Details)
Business Combination - Pro Forma (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Financing Costs
Debt And Financing Costs - (Tables)
Debt And Financing Costs - Additional Information (Details)
Debt And Financing Costs - Schedule Of Financing Costs, Net Of Capitalized Interest (Details)
Debt And Financing Costs - Schedule Of Long-Term Debt (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Details)
Description Of The Organization And Summary Of Significant Accounting Policies
Description Of The Organization And Summary Of Significant Accounting Policies (Policies)
Description Of The Organization And Summary Of Significant Accounting Policies - Additional Information (Details)
Description Of The Organization And Summary Of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details)
Description Of The Organization And Summary Of Significant Accounting Policies - The Transaction (Details)
Equity And Warrants
Equity And Warrants (Details)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Information Of Equity Method Investments (Details)
Equity Method Investments - Summarized Financial Information Of Equity Method Investments (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Intangible Asset (Details)
Goodwill And Intangible Assets, Net - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Income Tax Expense (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Liabilities (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Remaining Performance Obligations (Details)
Segments
Segments (Details)
Segments (Tables)
Series A Cumulative Redeemable Preferred Units
Series A Cumulative Redeemable Preferred Units (Tables)
Series A Cumulative Redeemable Preferred Units - Activity Related To Preferred Units (Details)
Series A Cumulative Redeemable Preferred Units - Additional Information (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: KNTK
CIK: 1692787
Form Type: 10-Q Quarterly Report
Accession Number: 0001692787-22-000016
Submitted to the SEC: Wed Nov 09 2022 5:02:50 PM EST
Accepted by the SEC: Wed Nov 09 2022
Period: Friday, September 30, 2022
Industry: Natural Gas Transmission

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