Kinetik reported Q4 2025 net income including noncontrolling interest of USD 416.7 million, with Adjusted EBITDA of USD 252.1 million, Distributable Cash Flow of USD 151.7 million and Free Cash Flow of USD -12.0 million. For FY 2025, net income including noncontrolling interest was USD 525.9 million, Adjusted EBITDA reached USD 987.7 million, Distributable Cash Flow totaled USD 620.5 million and Free Cash Flow was USD 167.2 million. Q4 2025 capital expenditures were USD 138.9 million and FY 2025 capital expenditures were USD 497.1 million; net debt stood at USD 3.8 billion at December 31, 2025, with a leverage ratio of 3.8x and net debt to Adjusted EBITDA of 3.9x. In Q4, the Midstream Logistics segment posted Adjusted EBITDA of USD 173.1 million (+15%) and processed natural gas volumes of 1.79 Bcf/d (+3%), benefiting from Gulf Coast marketing gains and partially offset by Waha price-related production shut-ins. Pipeline Transportation segment Adjusted EBITDA was USD 84.0 million (-9%), reflecting the divestiture of Kinetik’s equity interest in EPIC Crude on October 31, 2025. Kinetik said Q4 Distributable Cash Flow and Free Cash Flow were affected by a USD 31.3 million decline in distributions received from Permian Highway Pipeline due to a timing change that shifted the Q4 distribution payment to early January 2026. Kinetik issued FY 2026 guidance for Adjusted EBITDA of USD 950 million to USD 1.05 billion and capital expenditures of USD 450 million to USD 510 million, and said it amended gas gathering and processing agreements with two large legacy Durango Midstream customers in New Mexico, extending terms into the mid-2030s and increasing Adjusted EBITDA beginning in 2026. The company also reached FID on a behind-the-meter, gas-fired 40 MW power project at its Diamond Cryo facility (less than USD 25 million of total capital, targeted for late 2026), reiterated ECCC Pipeline in-service expectations for Q2 2026, and expects the Kings Landing acid gas injection and sour conversion project to be in-service by year-end 2026. Kinetik repurchased USD 176.0 million of Class A common stock in FY 2025.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Kinetik Holdings Inc. published the original content used to generate this news brief on February 25, 2026, and is solely responsible for the information contained therein.