Kinetik Holdings Inc. reported net income including noncontrolling interest of $15.5 million for the third quarter of 2025 and $109.2 million for the nine months ended September 30, 2025. Adjusted EBITDA was $242.6 million for the quarter and $735.6 million year-to-date. Distributable cash flow reached $158.5 million for the quarter and $468.8 million for the nine-month period. Free cash flow totaled $50.9 million for the quarter and $179.2 million year-to-date. Capital expenditures were $153.9 million for the quarter and $358.2 million for the nine-month period. The company reported a dividend coverage ratio of 1.3x. Net debt was $4.2 billion with a leverage ratio of 3.9x and a net debt to adjusted EBITDA ratio of 4.3x. Key business developments included the completion of the divestiture of a 27.5% non-operated equity interest in EPIC Crude Holdings and the achievement of full commercial in-service at the Kings Landing Complex in late September 2025. The Midstream Logistics segment saw an 8% year-over-year increase in processed natural gas volumes to 1.84 Bcf/d, though segment adjusted EBITDA decreased by 13% year-over-year. The company revised its full-year 2025 adjusted EBITDA guidance to $965 million to $1.0 billion, citing delays in Kings Landing ramp-up, producer development delays, production curtailments, and lower commodity prices.