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Here are 1-2 brief analogies for Kinetik (KNTK):

• Kinder Morgan for the Texas Delaware Basin.
• Energy Transfer for natural gas and oil in the Texas Delaware Basin.

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• Gathering Services: Collecting natural gas, natural gas liquids, crude oil, and water from various production points.
• Transportation Services: Moving natural gas, natural gas liquids, crude oil, and water through pipelines to market or processing facilities.
• Compression Services: Increasing the pressure of natural gas to facilitate its efficient movement through pipelines.
• Processing Services: Separating raw natural gas into its marketable components, such as methane, ethane, propane, and butane.
• Treating Services: Removing impurities from natural gas and other commodities to meet quality specifications for transport or sale.

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Kinetik Holdings Inc. (KNTK) provides midstream services primarily to other companies that produce natural gas, natural gas liquids, crude oil, and water. Based on recent financial disclosures, Kinetik's major customers include:

• Apache Corporation (NYSE: APA)
• Occidental Petroleum Corporation (NYSE: OXY)
• Exxon Mobil Corporation (NYSE: XOM)
• Chevron Corporation (NYSE: CVX)

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Jamie Welch, President & Chief Executive Officer

Mr. Welch has served as the Chief Executive Officer, President, and a member of the Board of Directors of Kinetik since February 2022. Prior to Kinetik, he served as President, Chief Executive Officer, and Chief Financial Officer of BCP Raptor Holdco GP, LLC, the general partner of BCP, from May 2021, and as President and CEO from April 2019. He served as a director of BCP Raptor Holdco GP, LLC since June 2017. Mr. Welch has been a Senior Advisor to Blackstone Energy Partners since July 2016. From June 2013 to February 2016, he was the Group Chief Financial Officer and Head of Business Development for the Energy Transfer Equity, L.P. family, and also served on the Board of Directors of Energy Transfer Equity, L.P., Energy Transfer Partners, and Sunoco Logistics. Before joining Energy Transfer Equity, L.P., Mr. Welch was Head of the EMEA Investment Banking Department and Head of the Global Energy Group at Credit Suisse. He joined Credit Suisse First Boston in 1997 from Lehman Brothers Inc., where he was a Senior Vice President in the global utilities and project finance group.

Trevor Howard, Senior Vice President & Chief Financial Officer

Mr. Howard was promoted to Senior Vice President and Chief Financial Officer of Kinetik in August 2023. He joined Kinetik in March 2020 as Vice President of Finance, where he was responsible for corporate forecasting and the company's financing activities. In his current role, he oversees corporate financial planning and analysis, financing execution, and corporate development. Prior to joining Kinetik, Mr. Howard worked as an Investment Banker.

Matthew Wall, Executive Vice President & Chief Operating Officer

Mr. Wall has served as Kinetik's Chief Operating Officer since the closing of the merger between EagleClaw Midstream and Altus Midstream in February 2022. He joined BCP GP in July 2017 as Vice President, Operations, and was appointed Chief Operating Officer in May 2019. His industry experience is focused on midstream gas gathering/processing design and commissioning, as well as operational support engineering. Previous roles include Manager of Engineering at Aka Energy Group LLC from April 2014 to June 2017, Senior Process Engineer at BCCK Engineering, and Project Engineer at Southern Union Gas Services. He began his career as a Well Services Engineer at Schlumberger.

Steven Stellato, Executive Vice President, Chief Administrative Officer & Chief Accounting Officer

Mr. Stellato has served as Executive Vice President, Chief Administrative Officer and Chief Accounting Officer of Kinetik since the closing of the merger between EagleClaw Midstream and Altus Midstream. Before the merger, he held the same roles at BCP GP. He is responsible for overseeing the company's Accounting, Tax, and Insurance/Risk Management functions. He possesses significant experience leading teams in accounting, finance, treasury, tax, and mergers and acquisitions, and also serves as the Principal Financial Officer and Principal Accounting Officer for the company.

Lindsay Ellis, General Counsel, Chief Compliance Officer & Corporate Secretary

Ms. Ellis has served as Kinetik's General Counsel, Chief Compliance Officer, and Corporate Secretary since February 2025. She previously served as Deputy General Counsel and Corporate Secretary from 2022 until February 2025, and as Associate General Counsel at BCP Raptor Holdco GP, LLC from 2019 until 2021. From 2021 to 2022, Ms. Ellis served as the General Counsel and Secretary of Archaea Energy Inc.

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The key risks to Kinetik Holdings Inc.'s business include:

1. Commodity Price Volatility and Production Shut-ins: Kinetik Holdings Inc. faces significant risk from persistent commodity headwinds, particularly crude oil price volatility and natural gas price fluctuations at the Waha hub. Depressed Waha gas prices have historically forced producers to shut in wells, making production uneconomical and leading to significant production declines for Kinetik in the fourth quarter of 2025. This issue is expected to persist through at least the first half of 2026 and is unlikely to be fully resolved until new pipeline capacity comes online to alleviate bottlenecks at the Waha hub, potentially by 2027. Such volatility leads to unpredictable cash flows and can negatively impact revenue and profit margins.
2. Financial Health and High Leverage: The company's balance sheet indicates significant financial challenges, including a high debt-to-equity ratio of -2.38 and liquidity constraints with both current and quick ratios at 0.62. An Altman Z-Score of 0.35 places Kinetik Holdings Inc. in a "distress zone," suggesting a potential risk of bankruptcy within the next two years. Furthermore, a low interest coverage ratio of 0.65 indicates that current earnings may be insufficient to cover interest expenses, highlighting a precarious financial position. Macroeconomic headwinds have already impacted the company's profitability, leading to a significant profitability miss in Q3 2025.
3. Project Execution and Operational Delays: Kinetik Holdings Inc. is exposed to heightened execution risks on large capital projects and potential cost inflation. Delays in the startup of crucial infrastructure, such as the Kings Landing processing plant, have previously contributed to earnings misses and impacted growth targets. While some past delays are resolved, the company's ability to successfully execute its "rebuilding" plan for 2026, which involves managing significant capital spending and new project rollouts, remains a key risk factor. Any future operational disruptions or project delays could impact Kinetik's ability to deliver on anticipated growth and improve its financial performance.

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• Natural Gas Gathering, Transportation, Compression, Processing, and Treating: The natural gas processing capacity in the Delaware Basin by various operators indicates a significant market. For example, Cardinal Midstream is expanding its natural gas processing capacity to 360 million cubic feet per day (MMcf/d) by early 2026. Lucid Energy Group's Red Hills Natural Gas Processing Complex has a capacity of 310 MMcf/d, with its South Carlsbad Gas Gathering and Processing System totaling 345 MMcf/d. Brazos Midstream operates a processing complex with 460 MMcf/d capacity. ONEOK is increasing its processing capacity in the Delaware Basin to 1.1 billion cubic feet per day (Bcf/d) from approximately 700 MMcf/d by mid-2027. Kinetik itself has approximately 2.2 Bcf per day of natural gas processing capacity. The industrial sector is tracking nearly $2.5 billion in natural gas processing project activity in the Delaware Basin. This market is centered in the Texas and New Mexico Delaware Basin.
• Crude Oil Gathering, Stabilization, Storage, and Transportation: The crude oil gathering and transportation market in the Delaware Basin is substantial. For instance, Howard Energy Partners completed crude oil gathering pipelines with 100,000 barrels per day (bpd) of capacity. The Oryx Trans Permian pipeline system had an initial capacity of 160,000 bpd, with the capability to expand to 220,000 bpd based on demand. ETP Crude LLC's Delaware Basin Crude Gathering Pipeline had a capacity to accept 120,000 bpd. Kinetik operates over 200 miles of crude oil pipelines and 90,000 barrels of crude storage. This market is for the Texas and New Mexico Delaware Basin.
• Produced Water Gathering and Disposal: The Delaware Basin is a major producer of water, generating more than 13 million barrels (545 million gallons) of "produced water" per day. The broader U.S. oilfield water management market was estimated at around $37 billion in 2019, with the Permian Basin (which includes the Delaware Basin) accounting for an estimated $13.3 billion of that spending. Produced water generation in the Permian Basin has grown from an estimated 7 million barrels per day (MMb/d) in 2017 to 21 MMb/d currently, with projections to increase by about 1 MMb/d annually until 2030. A significant portion of produced water, about 3 MMb/d from New Mexico, is transported to Texas for disposal. Key players like WaterBridge have over 3.8 MMb/d of water-handling capacity, and Aris Water Solutions has 1.8 MMb/d of produced water handling capacity. This market is for the Texas and New Mexico Delaware Basin.

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Share Repurchases

• Kinetik announced a $100 million share repurchase program in February 2023.
• In May 2025, Kinetik announced a $500 million share repurchase program.
• The company repurchased $176.0 million of Class A common stock in 2025.

Share Issuance

• Core Shareholders reinvested 100% of their 2023 dividends in Kinetik Class A Common Stock under the Dividend Reinvestment Plan.
• Effective March 7, 2024, Kinetik completed its core shareholder dividend reinvestment obligation, making all shareholders eligible to receive 100% cash dividends going forward.
• An officer of Kinetik received 8,030 fully vested Class A common shares as part of his 2025 annual incentive award.

Inbound Investments

• Kinetik received a $30 million deferred cash payment in the third quarter of 2024 from an affiliate of ArcLight Capital Partners LLC related to the Gulf Coast Express Pipeline capacity expansion project.
• In February 2026, Kinetik Holdings Inc. was reportedly approached by Western Midstream Partners regarding a potential sale, though discussions were in preliminary stages.

Outbound Investments

• Kinetik acquired an additional equity interest in EPIC Crude Holdings, LP, increasing its ownership to 27.5% as of November 2024.
• The company announced and closed the bolt-on acquisition of natural gas and crude oil gathering systems in Reeves County, Texas (Barilla Draw) in January 2025.
• Kinetik divested its equity interest in Gulf Coast Express (GCX) in the second quarter of 2024 and its 27.5% non-operated equity interest in EPIC Crude Holdings, LP in the third quarter of 2025.

Capital Expenditures

• Capital expenditures for the full year 2022 were $284.0 million.
• Kinetik reported $531.2 million in capital expenditures for the full year 2023, which was within its guidance range.
• For the full year 2024, capital expenditures were $264.5 million, coming in below the low end of the guidance range.
• Full year 2025 capital expenditures were $497.1 million, in line with revised guidance.
• Planned capital expenditures for 2026 are guided between $450 million and $510 million, primarily focused on New Mexico projects, the ECCC Pipeline, Kings Landing sour gas facilities, and a 40 MW power project at Diamond Cryo.