Kinetik Holdings Inc. (NYSE: KNTK)

Kinetik Holdings Inc. is a midstream energy company that focuses on gathering, processing, transmission, and storage of natural gas, natural gas liquids, and condensate. The company operates primarily in the Permian Basin, providing essential infrastructure that links producers to downstream markets.

The company generates revenue through two main streams: service revenue and product revenue. Service revenue includes fees earned from gas gathering, processing, and transportation activities provided to producers and third party midstream operators. Product revenue comes from the sale of natural gas liquids, condensate, and natural gas residue purchased from producers and sold to third party customers.

The company operates through the following segments: Midstream Logistics, Pipeline Transportation, and Corporate and Other.

• Midstream Logistics encompasses the company’s gathering, processing, and transmission assets, delivering services such as gas gathering, processing, and NGL fractionation, and generating product sales of natural gas liquids, condensate, and natural gas residue to third parties.

• Pipeline Transportation consists of the company’s equity method investments in pipeline entities that provide transportation services for natural gas and natural gas liquids, contributing proportionate EBITDA from these investments.

• Corporate and Other includes general and administrative expenses, interest expense, and other corporate functions that are not allocated to the reportable segments.

Kinetik Holdings Inc. holds a competitive position in the Permian Basin midstream sector, facing rivals such as Enterprise Products Partners, Plains All American Pipeline, and Targa Resources. The company’s advantages stem from its integrated gathering and processing network, long term contracts with producers, and its stake in pipeline equity method investments that provide stable cash flows.

The company serves oil and natural gas producers in the Permian Basin as well as third party midstream customers that purchase natural gas liquids, condensate, and natural gas residue. Specific customer names are not disclosed in the filing.