- Generated second quarter net income of $108.9 million,
representing a 52% increase year-over-year, and Adjusted EBITDA1 of
$234.4 million, a 13% increase in Adjusted EBITDA1
year-over-year
- Revised 2024 Adjusted EBITDA1 Guidance of $940 million to $980
million and 2024 Capital Expenditures2 Guidance of $260 million to
$300 million (“2024 Guidance”)
- Completed acquisition of Durango Permian, LLC
(“Durango”) at the end of June and closed divestiture of 16%
non-operated equity interest in Gulf Coast Express pipeline
(“GCX”) at the beginning of June
- Sanctioned pre-FID work scope and long-lead critical path items
for Kings Landing II and advanced subsurface and permitting
workstreams for an acid gas injection well, doubling the processing
capacity and further enabling blending and treating at the Kings
Landing Processing Complex
- Executed amendment with Lea County, New Mexico producer to
increase treating services and minimum volume commitment levels
(“MVC”)
Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the
“Company”) today reported financial results for the quarter
ended June 30, 2024.
Second Quarter 2024 Results and
Commentary
For the three and six months ended June 30, 2024, Kinetik
reported net income including noncontrolling interest of $108.9
million and $144.4 million, respectively.
Kinetik generated Adjusted EBITDA1 of $234.4 million and $468.0
million, Distributable Cash Flow1 of $162.9 million and $317.4
million, and Free Cash Flow1 of $105.4 million and $213.0 million
for the three and six months ended June 30, 2024, respectively.
For the three months ended June 30, 2024, Kinetik processed
natural gas volumes of 1.58 Bcf/d.
“The second quarter was a major step towards our ultimate vision
for Kinetik,” said Jamie Welch, Kinetik’s President & Chief
Executive Officer. “In June, we closed our two largest transactions
since the merger in 2022, expanding our system footprint into
Northern Eddy and Lea Counties, New Mexico. This quickly followed
the in-service of our organic gathering expansion into Lea County
at the beginning of 2024, and most recently, Kinetik expanded
gathering, treating, and processing services with one of our
largest customers in Lea County, New Mexico. This new amendment
increases the existing MVC while also expanding overall margin. A
year ago, we had zero operations in the New Mexico Delaware Basin,
and today, nearly 20% of our volumes are sourced from New
Mexico.”
“The Durango acquisition, a Lea County gas gathering and
processing amendment, and the previously announced long-term gas
gathering and processing agreement in Eddy County represent
approximately $1 billion of strategic investment at a mid-single
digit Adjusted EBITDA1 multiple and significantly enhance our
position across the entire Delaware Basin.”
“We are in the middle of our 100-day plan to integrate Durango’s
assets, processes, and personnel, all while expanding Durango’s
geographic scope and system scale. We are pleased with the overall
performance of the business, and we have already identified a
number of process and system improvements that will create
immediate economic value. The Operations team’s project plan
includes preventative maintenance, facility upgrades and capacity
expansions to existing infrastructure at the Dagger Draw and
Maljamar processing complexes. Back-office integration and the
implementation of Kinetik’s Environmental, Health and Safety
program are now complete. Additionally, we have welcomed over 70
talented employees to the Kinetik team.”
He went on to add, “The Commercial team has been very active
with current and prospective customers in New Mexico. We remain
highly focused on completing construction of Kings Landing I on
time with expected in-service in April 2025, and we have now
sanctioned the pre-FID work scope and long-lead critical path items
for a second train at the Kings Landing Processing Complex. Growing
producer demand in the region and attractive opportunities to
connect our Texas System with the Durango system in the Northern
Delaware Basin has accelerated the sanctioning of Kings Landing
II.”
“Our base business continues to perform well versus our internal
expectations outlined in February. Processed natural gas volumes in
the quarter were 1.58 Bcf/d, representing a 7% increase
year-over-year, despite continued wellhead volume curtailments in
response to Waha Hub pricing, which were approximately 140
Mmcf/d.”
Welch continued, “Adjusted EBITDA1 increased 13% year-over-year,
reflecting new volumes from the MVC-backed Lea County agreements
and improved commodity margins, as well as contributions from the
Permian Highway Pipeline Expansion and Delaware Link, which were
partially offset by price-related gas volume curtailments and only
two months of contributions from GCX. If we closed Durango
contemporaneously with the sale of GCX, Kinetik’s second quarter
Adjusted EBITDA1 would have increased to nearly $238 million. With
the successful completion of the Durango and GCX transactions, we
are revising upwards our 2024 Guidance.”
“I am incredibly proud of our team’s execution, focus and
dedication to closing two transactions in the month of June and the
completion of the integration process. These actions represent a
significant step on our corporate journey and achievement of our
financial targets.”
Revised 2024 Guidance and
Outlook
On February 28, 2024, Kinetik provided 2024 Guidance, including
full year Adjusted EBITDA1 of $905 million to $960 million and
Capital Expenditures2 of $125 million to $165 million.
Following (i) earnings outperformance to budget in the first
half of 2024, (ii) the successful completion of the Durango
acquisition, and (iii) the divestiture of the Company’s equity
interest in GCX, Kinetik is revising its 2024 Guidance upwards.
Kinetik now estimates full year 2024 Adjusted EBITDA1 between
$940 million and $980 million, a 3% increase at the midpoint versus
the previous guidance range and implies over 14% Adjusted EBITDA1
growth year-over-year.
Adjusted EBITDA1 Guidance assumptions include:
- Approximately six months of Durango’s existing business;
- High-teens growth of gas processed volumes across Kinetik
system;
- Divestiture of the 16% non-operated GCX equity interest at the
start of June 2024;
- Updated commodity prices of approximately $77 per barrel for
WTI, $2 per MMBtu for Houston Ship Channel natural gas, and $0.60
per gallon for natural gas liquids for the remainder of the year;
and
- Unhedged commodity exposure is approximately 7% of expected
remaining gross profit.
For Capital Expenditures2 including maintenance capital, Kinetik
now estimates guidance to be $260 million to $300 million. This
increase reflects capital for (i) the construction of Kings Landing
I and pre-FID spend for Kings Landing II, (ii) the new and amended
long-term gathering and processing agreements in Eddy and Lea
Counties, New Mexico, and (iii) capital for integration, growth and
maintenance costs associated with the existing Durango
business.
As previously stated, the acquisition and capital projects carry
an attractive mid-single digit build-cost multiple and are expected
to be over 10% accretive to free cash flow per share starting the
second half of 2025.
Capital Allocation
Priorities
The Company remains focused on its disciplined capital
allocation priorities that maximize shareholder value. The
achievement of its leverage target of 3.5x represents one of its
core financial priorities and now provides Kinetik with broader
capital allocation flexibility going forward.
Financial
- Achieved quarterly net income of $108.9 million and Adjusted
EBITDA1 of $234.4 million.
- Declared a dividend of $0.75 per share for the quarter ended
June 30, 2024, or $3.00 per share on an annualized basis.
- Exited the quarter with a Leverage Ratio1,3 per the Company’s
Credit Agreement of 3.4x and a Net Debt to Adjusted EBITDA1,4 Ratio
of 3.8x.
Selected Key Metrics:
Three Months Ended June
30,
Six Months Ended June
30,
2024
2024
(In thousands, except
ratios)
Net income including noncontrolling
interest5
$
108,948
$
144,355
Adjusted EBITDA1
$
234,403
$
467,962
Distributable Cash Flow1
$
162,892
$
317,418
Dividend Coverage Ratio1,6
1.4x
1.4x
Capital Expenditures2
$
38,046
$
98,818
Free Cash Flow1
$
105,449
$
212,960
Leverage Ratio1,3
3.4x
Net Debt to Adjusted EBITDA Ratio1,4
3.8x
Common stock issued and outstanding7
157,519
June 30, 2024
March 31, 2024
(In thousands)
Net Debt1,8
$
3,423,251
$
3,537,244
Operational
- Construction continues on the 200 Mmcf/d Kings Landing I in
Eddy County, New Mexico. The project is on schedule with an
expected in-service in April 2025.
- Commenced construction on low- and high-pressure gas gathering
and processing project for the New Eddy County Agreement. The
contract begins at year-end with gathering services, extending to
processing in the second quarter 2025.
- Executed new amendment to existing gas gathering, treating, and
processing agreement with one of Kinetik’s largest customers in Lea
County, New Mexico, increasing the MVC and expanding margins
beginning in November 2024.
- Sanctioned pre-FID work scope and procurement of long-lead
critical path items for Kings Landing II in response to growing
producer demand and attractive commercial opportunities.
- Advanced subsurface and permitting workstreams for an acid gas
injection well at Kings Landing that enables a valuable treating
solution for natural gas containing high levels of H2S and
CO2.
Governance and
Sustainability
- Received 2023 Safety Award from GPA Midstream Association for
outstanding safety performance.
- Publishing its 2023 Sustainability Report in August 2024.
Upcoming Tour Dates
Kinetik plans to participate at the following upcoming
conferences and events:
- Raymond James Virtual Industrial & Energy Showcase on
August 9th
- Citi One-on-One Midstream & New Energy Infrastructure
Conference in Las Vegas on August 13th - 14th
- Barclays CEO Energy-Power Conference in New York on September
4th - 5th
- Wolfe Utilities, Midstream & Clean Energy Conference in New
York on October 1st - 2nd
- Citadel Securities Energy Investor Day in New York on October
3rd
Investor Presentation
An updated investor presentation will be available under Events
and Presentations in the Investors section of the Company’s website
at ir.kinetik.com.
Conference Call and
Webcast
Kinetik will host its second quarter 2024 results conference
call on Thursday, August 8, 2024 at 8:00 am Central Daylight Time
(9:00 am Eastern Daylight Time) to discuss second quarter results.
To access a live webcast of the conference call, please visit the
Investors section of Kinetik’s website at 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.
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; 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 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 six months ended June 30, 2023 was $71.7 million and $76.0
million, respectively.
6. Dividend Coverage Ratio is Distributable Cash Flow divided by
total declared dividends.
7. Issued and outstanding shares of 157,518,898 is the sum of
59,735,864 shares of Class A common stock and 97,783,034 shares of
Class C common stock. Excludes 7,680,492 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.
KINETIK HOLDINGS INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In thousands, except per
share data)
Operating revenues:
Service revenue
$
96,415
$
102,551
$
198,610
$
205,976
Product revenue
260,102
191,430
496,669
365,254
Other revenue
2,940
2,222
5,572
6,013
Total operating revenues
359,457
296,203
700,851
577,243
Operating costs and expenses:
Costs of sales (exclusive of depreciation
and amortization shown separately below) (1)
146,513
110,467
300,200
226,344
Operating expenses
44,068
39,906
87,474
75,879
Ad valorem taxes
6,212
3,889
12,504
9,347
General and administrative expenses
31,091
22,869
65,227
50,380
Depreciation and amortization expenses
75,061
69,482
148,667
138,336
(Gain) loss on disposal of assets
(76
)
12,137
4,090
12,239
Total operating costs and expenses
302,869
258,750
618,162
512,525
Operating income
56,588
37,453
82,689
64,718
Other income (expense):
Interest and other income
309
1,042
400
1,336
Loss on debt extinguishment
(525
)
—
(525
)
—
Gain on sale of equity method
investment
59,884
—
59,884
—
Interest expense
(54,049
)
(16,126
)
(101,516
)
(85,434
)
Equity in earnings of unconsolidated
affiliates
55,955
49,610
116,424
96,074
Total other income, net
61,574
34,526
74,667
11,976
Income before income taxes
118,162
71,979
157,356
76,694
Income tax expense
9,214
311
13,001
727
Net income including noncontrolling
interest
108,948
71,668
144,355
75,967
Net income attributable to Common Unit
limited partners
71,756
46,654
95,613
49,517
Net income attributable to Class A Common
Stock Shareholders
$
37,192
$
25,014
$
48,742
$
26,450
Net income attributable to Class A Common
Shareholders, per share
Basic
$
0.54
$
0.41
$
0.68
$
0.36
Diluted
$
0.54
$
0.41
$
0.67
$
0.36
Weighted-average shares
Basic
59,792
50,553
58,840
48,980
Diluted
60,279
50,625
59,503
49,220
(1) Cost of sales (exclusive of depreciation and amortization)
is net of gas service revenues totaling $54.7 million and $38.1
million for the three months ended June 30, 2024 and 2023,
respectively, and $99.2 million and $68.5 million for the six
months ended June 30, 2024 and 2023, respectively, for certain
volumes, where we act as principal.
KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023(1)
(In thousands)
Net Income Including Noncontrolling
Interests to Adjusted EBITDA
Net income including noncontrolling
interests (GAAP)
$
108,948
$
71,668
$
144,355
$
75,967
Add back:
Interest expense
54,049
16,126
101,516
85,434
Income tax expense
9,214
311
13,001
727
Depreciation and amortization
75,061
69,482
148,667
138,336
Amortization of contract costs
1,655
1,655
3,310
3,310
Proportionate EBITDA from unconsolidated
affiliates
85,922
74,481
174,324
146,348
Share-based compensation
15,136
13,299
37,697
30,839
(Gain) loss on disposal of assets
(76
)
12,137
4,090
12,239
Loss on debt extinguishment
525
—
525
—
Unrealized hedging loss
—
—
6,883
—
Integration costs
2,510
41
2,551
953
Acquisition transaction costs
3,232
2
3,232
270
Other one-time costs or amortization
2,581
1,104
5,006
4,864
Deduct:
Interest income
310
—
887
—
Warrant valuation adjustment
—
33
—
77
Gain on sale of equity method
investment
59,884
—
59,884
—
Unrealized hedging gain
8,205
2,678
—
7,643
Equity income from unconsolidated
affiliates
55,955
49,610
116,424
96,074
Adjusted EBITDA(1) (non-GAAP)
$
234,403
$
207,985
$
467,962
$
395,493
Distributable Cash Flow(2)
Adjusted EBITDA (non-GAAP)
$
234,403
$
207,985
$
467,962
$
395,493
Proportionate EBITDA from unconsolidated
affiliates
(85,922
)
(74,481
)
(174,324
)
(146,348
)
Returns on invested capital from
unconsolidated affiliates
75,429
68,466
152,642
136,230
Interest expense
(54,049
)
(16,126
)
(101,516
)
(85,434
)
Unrealized gain on interest rate
derivatives
(189
)
(36,835
)
(9,566
)
(19,646
)
Maintenance capital expenditures
(6,780
)
(5,002
)
(17,780
)
(9,562
)
Distributable cash flow
(non-GAAP)
$
162,892
$
144,007
$
317,418
$
270,733
Free Cash Flow(3)
Distributable cash flow (non-GAAP)
$
162,892
$
144,007
$
317,418
$
270,733
Cash interest adjustment
(29,144
)
(35,705
)
(29,395
)
(20,331
)
Realized gain on interest rate swaps
3,953
2,417
7,905
2,417
Growth capital expenditures
(32,160
)
(98,644
)
(80,413
)
(161,908
)
Capitalized interest
(986
)
(4,811
)
(1,930
)
(7,044
)
Investments in unconsolidated
affiliates
—
(93,112
)
(3,273
)
(150,331
)
Returns of invested capital from
unconsolidated affiliates
—
—
1,240
5,793
Contributions in aid of construction
894
6,203
1,408
6,872
Free cash flow (non-GAAP)
$
105,449
$
(79,645
)
$
212,960
$
(53,799
)
KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES (CONTINUED)
Six Months Ended June
30,
2024
2023
(In thousands)
Reconciliation of net cash provided by
operating activities to Adjusted EBITDA
Net cash provided by operating
activities
$
279,222
$
231,047
Net changes in operating assets and
liabilities
49,046
47,040
Interest expense
101,516
85,434
Amortization of deferred financing
costs
(3,582
)
(3,055
)
Current income tax expense
610
124
Returns on invested capital from
unconsolidated affiliates
(152,642
)
(136,230
)
Proportionate EBITDA from unconsolidated
affiliates
174,324
146,348
Derivative fair value adjustment and
settlement
2,683
26,341
Unrealized hedging loss (gain)
6,883
(7,643
)
Interest income
(887
)
—
Integration costs
2,551
953
Transaction costs
3,232
270
Other one-time cost or amortization
5,006
4,864
Adjusted EBITDA(1) (non-GAAP)
$
467,962
$
395,493
Distributable Cash Flow(2)
Adjusted EBITDA (non-GAAP)
$
467,962
$
395,493
Proportionate EBITDA from unconsolidated
affiliates
(174,324
)
(146,348
)
Returns on invested capital from
unconsolidated affiliates
152,642
136,230
Interest expense
(101,516
)
(85,434
)
Unrealized gain on interest rate
derivatives
(9,566
)
(19,646
)
Maintenance capital expenditures
(17,780
)
(9,562
)
Distributable cash flow
(non-GAAP)
$
317,418
$
270,733
Free Cash Flow(3)
Distributable cash flow (non-GAAP)
$
317,418
$
270,733
Cash interest adjustment
(29,395
)
(20,331
)
Realized gain on interest rate swaps
7,905
2,417
Growth capital expenditures
(80,413
)
(161,908
)
Capitalized interest
(1,930
)
(7,044
)
Investments in unconsolidated
affiliates
(3,273
)
(150,331
)
Returns of invested capital from
unconsolidated affiliates
1,240
5,793
Contributions in aid of construction
1,408
6,872
Free cash flow (non-GAAP)
$
212,960
$
(53,799
)
KINETIK HOLDINGS INC.
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES (CONTINUED)
June 30,
March 31,
2024
2024
(In thousands)
Net Debt(4)
Short-term debt
$
148,800
$
—
Long-term debt, net
3,258,403
3,517,115
Plus: Debt issuance costs, net
28,597
29,885
Total debt
3,435,800
3,547,000
Less: Cash and cash equivalents
12,549
9,756
Net debt (non-GAAP)
$
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 interests 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 interests 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 make.
(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 interests 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 make.
(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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version on businesswire.com: https://www.businesswire.com/news/home/20240807347254/en/
Kinetik Investors: (713) 487-4832 Maddie Wagner (713) 574-4743
Alex Durkee Website: www.kinetik.com
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