NYSE: KNTK Kinetik Holdings Inc. 8-K

Kinetik reports record Q1 Adjusted EBITDA, extends major contracts to 2039

Filed May 7, 2026 · Period ending May 6, 2026 · ~1 min read

Key Changes

high

Extended contracts covering 75% of legacy Durango volumes to mid-to-late 2030s (through 2039 for major customer), adding 12,000 gross acres (25% increase) and sour gas services, materially de-risking revenue base.

Exhibit 99.1 view on EDGAR →
high

Delivered record Q1 Adjusted EBITDA of $251.2M (up from $250.0M prior year) and Free Cash Flow of $101.4M despite $5.1M net loss driven by $101.8M depreciation and $53.4M interest expense.

Exhibit 99.1 view on EDGAR →
high

Affirmed 2026 Adjusted EBITDA guidance of $950M-$1,050M despite doubling Waha curtailment estimate to 220 Mmcf/d; wider Permian-to-Gulf Coast differentials and Gulf Coast positioning offset volume headwinds.

Exhibit 99.1 view on EDGAR →
high

Secured Gulf Coast natural gas pricing through 2030 at attractive rates, reducing Waha Hub exposure and providing margin stability as new Permian egress capacity comes online.

Exhibit 99.1 view on EDGAR →
medium

Received all federal and state permits for Kings Landing acid gas injection project (20 Mmcf/d capacity), on track for year-end 2026 completion to handle elevated H₂S and CO₂ levels.

Exhibit 99.1 view on EDGAR →

Summary

Kinetik delivered a strong first quarter anchored by record Adjusted EBITDA of $251.2 million and extended critical customer contracts through 2039, materially de-risking its revenue profile.

The company amended agreements covering roughly 75% of legacy Durango processing volumes over the past four months, adding 12,000 gross acres of dedicated acreage (a 25% increase in Eddy County), securing downstream product control, and expanding sour gas services.

These contract extensions push terms into the mid-to-late 2030s and are expected to lift annual Adjusted EBITDA starting in 2026, providing multi-year earnings visibility. Despite doubling its Waha price-related curtailment estimate to 220 Mmcf/d (from an original 100 Mmcf/d assumption), Kinetik affirmed full-year 2026 Adjusted EBITDA guidance of $950 million to $1,050 million. Wider Permian-to-Gulf Coast price differentials and the company's Gulf Coast transportation position more than offset the volume headwinds. Management locked in additional Gulf Coast pricing through 2030 at attractive rates, reducing exposure to volatile Waha Hub pricing and providing downside protection as new Permian egress capacity comes online. The company also secured all required permits for its Kings Landing acid gas project, on track for year-end 2026 completion. For holders, the contract extensions and Gulf Coast pricing strategy provide meaningful earnings stability and reduce execution risk through the end of the decade.

Section-by-Section Diff

Event · Item 2.02 — Results of Operations and Financial Condition

~100 words

Kinetik announced Q1 2026 financial and operating results via press release.

1 Added

Added Q1 2026 earnings announcement high

Added in current filing · verify on EDGAR →

On May 6, 2026, Kinetik Holdings Inc. issued a press release announcing financial and operating results for the fiscal quarter ended March 31, 2026.

Kinetik disclosed its first quarter 2026 financial and operating results through a press release. The 8-K itself does not contain the actual results; those are in the attached press release exhibit. This is a standard earnings announcement filing.

Event · Exhibit 99.1

~5,600 words View exhibit on EDGAR ↗

4 Added

Added Q1 2026 earnings high

Added in current filing · view on EDGAR →

For the three months ended March 31, 2026, Kinetik reported net loss including noncontrolling interest of $5.1 million, Adjusted EBITDA1 of $251.2 million, Distributable Cash Flow1 of $180.8 million, and Free Cash Flow1 of $101.4 million.

Kinetik reported a net loss of $5.1 million for Q1 2026, but delivered record Adjusted EBITDA of $251.2 million (up from $250.0 million in Q1 2025), Distributable Cash Flow of $180.8 million (up from $157.0 million), and Free Cash Flow of $101.4 million (up from $91.4 million). The net loss reflects non-cash charges including $101.8 million in depreciation and amortization and $53.4 million in interest expense, while the strong Adjusted EBITDA reflects operational execution and wider Permian-to-Gulf Coast price differentials that offset Waha gas price-related volume curtailments.

Added 2026 guidance affirmed high

Added in current filing · view on EDGAR →

Kinetik affirms full year 2026 Adjusted EBITDA1 guidance to be between $950 million and $1,050 million. Year-over-year processed gas volume is now estimated to grow low- to mid-single-digit percentage points. Original processed gas volume assumptions contemplated approximately 100 Mmcf/d of Waha price-related production shut-ins on average for the full year. The Company now estimates approximately 220 Mmcf/d of curtailments and additional 2026 timing adjustments to certain producer developments.

Kinetik is also maintaining its 2026 Capital Expenditures2 guidance (including maintenance) of $450 million to $510 million for the full year.

Kinetik reaffirmed full-year 2026 Adjusted EBITDA guidance of $950 million to $1,050 million and capital expenditure guidance of $450 million to $510 million, despite revising processed gas volume growth downward to low- to mid-single-digit percentage points. The company now expects approximately 220 Mmcf/d of Waha price-related curtailments (up from an original assumption of 100 Mmcf/d), but wider Permian-to-Gulf Coast price differentials and its Gulf Coast transportation position more than offset the volume impact, allowing guidance to remain intact.

Added Kings Landing acid gas project approvals medium

Added in current filing · view on EDGAR →

Kinetik received all approvals from the Bureau of Land Management to proceed with acid gas compression at the surface facilities and drilling of the acid gas injection well at Kings Landing, as well as the underground injection control permit from the New Mexico Oil Conservation Division for the full 20 Mmcf/d of requested total acid gas capacity. The project will enable Kings Landing to handle elevated levels of H₂S and CO₂ and remains on schedule for in-service by year-end 2026.

Kinetik secured all required federal and state permits for its Kings Landing acid gas injection project, including approval for the full 20 Mmcf/d of requested capacity. The project will enable the facility to process gas with elevated hydrogen sulfide and carbon dioxide levels and is on track for completion by year-end 2026, expanding the company's ability to serve sour gas production in New Mexico.

Added Gulf Coast pricing secured through 2030 high

Added in current filing · view on EDGAR →

Kinetik secured additional Gulf Coast natural gas pricing exposure at attractive rates for the 2028 through 2030 period, building upon its downstream residue position and the continued successful execution of its commercial G&P strategy.

Kinetik locked in additional Gulf Coast natural gas pricing for 2028 through 2030 at attractive rates, further reducing exposure to volatile Waha Hub pricing. This commercial strategy capitalizes on wider Permian-to-Gulf Coast price differentials and provides downside protection as new Permian egress capacity comes online, enhancing earnings visibility and margin stability through the end of the decade.