Kinetik

What Kinetik does

Kinetik Holdings Inc. is a pure-play, integrated Permian-to-Gulf Coast midstream C-corporation that provides gathering, compression, processing, treating, and transportation services for natural gas, natural gas liquids (NGLs), crude oil, and produced water exclusively in the Delaware Basin. The company operates approximately 4,600 miles of pipeline and eight interconnected cryogenic processing plants totaling 2.2 Bcf per day of capacity, plus 200+ miles of crude oil gathering pipelines, 90,000 barrels of crude storage, and 360+ miles of produced water gathering pipelines with approximately 760,000 barrels per day of permitted injection capacity. Kinetik serves approximately 90 producer customers under long-term acreage dedications, with major anchors including Apache Corporation (DXL dedication), Diamondback Energy, and Permian Resources. The company also holds equity interests in three strategic long-haul pipelines connecting Permian supply to Gulf Coast demand: Permian Highway Pipeline, Gulf Coast Express (16% interest), and Shin Oak NGL Pipeline.

Kinetik generates revenue predominantly through fixed-fee, take-or-pay contracts under multi-year acreage dedications, with 81-84% of gross profit insulated from commodity price volatility as of Q4 2025 and Q1 2026. The go-to-market is direct enterprise contracting with E&P operators, supplemented by joint venture participation in long-haul export pipelines and emerging partnerships in international gas supply (INEOS Energy to Europe) and energy transition products (Infinium eFuels CO2 offtake). The company's New Energy Ventures division pursues carbon capture, utilization, and storage (CCUS), eFuels, and behind-the-meter power generation opportunities. The Tachyus Aurion platform supports greenhouse gas emissions modeling and reporting tied to the company's sustainability-linked financing framework.

The company was formed in February 2022 through the all-stock combination of Altus Midstream Company and BCP Raptor Holdco LP (parent of EagleClaw Midstream), backed by Blackstone and I Squared Capital. It began trading on Nasdaq under ticker KNTK in February 2022 and is headquartered in Midland, Texas, with a corporate office in Houston. FY2025 Adjusted EBITDA reached a record $987.7 million, with Q1 2026 Adjusted EBITDA of $251.2 million setting a new quarterly record. The company pays a $0.81 quarterly dividend ($3.24 annualized, approximately 6.4% yield) and is exploring strategic alternatives following an approach from Western Midstream Partners in early 2026.

Name

Kinetik

Legal name

Kinetik Holdings Inc.

Website

https://kinetik.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

251–500 employees

Short description

Kinetik is a pure-play integrated midstream company that provides natural gas gathering, processing, transportation, crude oil, and water management services to approximately 90 Delaware Basin E&P producers, operating 4,600+ miles of pipeline and 2.2 Bcf/day of processing capacity.

Ownership category

akta.pro rank

Product category

Midstream Energy Services

NAICS

Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Crude Oil (4861), All Other Pipeline Transportation (48699), Petroleum Bulk Stations and Terminals (424710)

SIC

Natural Gas Transmission (4922), Wholesale-Petroleum Bulk Stations & Terminals (5171), Pipe Lines (No Natural Gas) (4610)

akta.pro primary industry

Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK)

akta.pro secondary industries

Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations) (EUAEAGAF), Gas Metering, Measurement & Custody Transfer (EUAAACAJ), Tank Leasing & Third-Party Storage Operators (EUALAEAF)

Keywords

• Natural gas gathering
• Midstream pipeline services
• Crude oil gathering
• Produced water disposal
• Gas processing plants

Headquarters

HQ city

Midland

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gas Gathering and Processing: Fee-based gathering and processing services for natural gas, NGLs, and crude oil produced by Delaware Basin operators. The vast majority of gross profit (84% in Q4 2025, 81% in Q1 2026) is derived from fixed-fee arrangements, insulating cash flows from commodity price volatility. Includes take-or-pay contract structures.
2. Pipeline Transportation (Equity Interests): Revenue from equity interests in long-haul Permian-to-Gulf Coast pipelines including Permian Highway Pipeline and Gulf Coast Express Pipeline. Approximately 35% of total EBITDA from pipeline transportation segment, with over 85% of that generated from take-or-pay agreements.
3. Crude Oil Gathering and Stabilization: Crude oil gathering, stabilization, and storage services across the Delaware Basin. Operates over 200 miles of in-service crude oil gathering pipelines and 90,000 barrels of crude storage with multiple redelivery interconnections.
4. Produced Water Gathering and Disposal: Water management services including produced water gathering and disposal with over 360 miles of produced water gathering pipelines and approximately 760,000 barrels per day permitted injection capacity.
5. ECCC Pipeline: Pipeline project under construction to expand natural gas takeaway capacity from the Delaware Basin, expected to reach commercial in-service in 2026.
6. Natural Gas Marketing and Trading: Marketing of natural gas volumes, including the Waha-to-USGC (US Gulf Coast) marketing arbitrage opportunity. Near-term curtailments at Waha are offset by USGC marketing strength, with contract changes mitigating downside risk.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Kinetik provides integrated midstream services for oil and gas producers in the Delaware Basin, including natural gas gathering, compression, processing, treating, and transportation, alongside crude oil gathering and stabilization, produced water gathering and disposal, and pipeline transportation via joint venture interests. The company operates approximately 2.2 Bcf per day of processing capacity across eight cryogenic plants and over 4,600 miles of pipeline serving roughly 90 producer customers under long-term, fixed-fee acreage dedications.

Product overview

Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream company operating in the Delaware Basin. The company provides a comprehensive suite of midstream services including natural gas gathering, compression, processing, transportation, and treating services through eight cryogenic processing facilities totaling approximately 2.2 Bcf per day of processing capacity. Kinetik also offers crude oil gathering, stabilization and storage services (200+ miles of pipelines, 90,000 barrels storage), produced water gathering and disposal (360+ miles of pipelines, 760,000 barrels/day injection capacity), and pipeline transportation through joint venture interests in the Permian Highway Pipeline and Shin Oak NGL Pipeline. The company operates more than 4,600 miles of pipe across eight counties in Texas and New Mexico, serving approximately 90 producer customers. The New Energy Ventures division focuses on emerging opportunities in CCUS, e-fuels, and clean energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Gathering and Processing

Quantifiable outcome

• Methane emissions reduced by 50%, achieving ESG targets 6 years ahead of schedule.
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core, major, strategic and minor.

• Apache Corporation (APA Corp.)coreStrategic or Co-development Partner · 19 May 2026Apache is a key anchor customer with a 10-year gas gathering and processing dedication agreement (DXL) for central Reeves County acreage and resumed drilling at Alpine High in 2022. Apache holds approximately 20% ownership in Kinetik following the 2022 merger. Apache is a subsidiary of APA Corp.
• INEOS EnergymajorStrategic or Co-development Partner · 7 November 2025INEOS Energy signed a long-term natural gas supply agreement with Kinetik starting in 2027, delivering up to 0.5 million tonnes per annum (MMtpa) of natural gas to Europe via Title Transfer Facility (TTF) Netback pricing. The agreement strengthens Europe's energy resilience by linking U.S. Permian Basin natural gas supply to European markets, providing enough gas to heat over 500,000 homes annually. This broadens pricing options for Kinetik's producer customers.
• Permian ResourcesmajorStrategic or Co-development Partner · 8 December 2024Kinetik acquired gas and crude gathering systems in the Texas Delaware Basin from Permian Resources for $180 million in a bolt-on acquisition. The transaction expanded Kinetik's integrated midstream footprint in the Delaware Basin, adding infrastructure that strengthens the company's service offering to producers in the region.
• Diamondback EnergymajorStrategic or Co-development Partner · 24 September 2024Diamondback Energy and Kinetik executed transformative transactions for EPIC Crude, increasing their equity interests and securing new volume commitments. The transactions enhanced EPIC Crude's financial profile and operational capacity, with long-term volume commitments expected to commence in 2025.
• EPIC MidstreamcoreStrategic or Co-development Partner · 24 September 2024EPIC Midstream executed transformative transactions with Diamondback and Kinetik for EPIC Crude pipeline. Kinetik sold its 27.5% stake in EPIC Crude to Plains All American Pipeline for approximately $500M (plus $96M contingent) in September 2025.
• InfiniumstrategicStrategic or Co-development Partner · 16 April 2024Kinetik subsidiary agreed to sell captured CO2 from its amine gas processing facility in West Texas to Infinium for use as feedstock in eFuels production at Project Roadrunner in Reeves County, Texas. The project will produce ultra-low carbon electrofuels including sustainable aviation fuel (eSAF), with American Airlines as an offtake partner. Breakthrough Energy Catalyst committed $75 million equity to the project.
• Permian Strategic Partnership (PSP)coreStrategic or Co-development Partner · 15 September 2022Kinetik joined the Permian Strategic Partnership, a coalition of leading energy companies working in partnership with local communities to address education, workforce development, healthcare, and road safety in the Permian Basin. PSP has transformed $106 million in member contributions into $950 million in community-led investments. Member companies include Apache, BPX, Chevron, ConocoPhillips, and others.
• Tachyus CorporationcoreTechnology or Integration · 24 May 2022Kinetik signed an agreement to deploy Tachyus' Aurion platform for estimating, modeling, forecasting, and reporting greenhouse gas emissions across its operations. The platform supports Kinetik's net-zero GHG emissions by 2050 goal and emissions-related targets in its Sustainability-Linked Financing Framework.
• Gulf Coast Express Pipeline (GCX)coreStrategic or Co-development Partner · 16 May 2022Kinetik holds a 16% ownership interest in the Gulf Coast Express Pipeline (GCX), a pipeline transporting natural gas from the Permian Basin to South Texas markets. GCX is operated by Kinder Morgan Texas Pipeline and co-owned by Kinder Morgan (34%), DCP Midstream (25%), ArcLight Capital (25%), and Kinetik (16%). GCX expansion project targets an additional ~570 MMcf/d capacity.
• Kinder Morgan (Permian Highway Pipeline)coreStrategic or Co-development PartnerKinetik holds an ownership interest in the Permian Highway Pipeline (PHP), a 430-mile, 42-inch pipeline delivering up to 2.1 Bcf/d of natural gas from Waha, Texas to Katy and the U.S. Gulf Coast and Mexico markets. PHP is operated by Kinder Morgan Texas Pipeline. Kinetik is one of several co-owners alongside EagleClaw, Altus, and an affiliate of an anchor shipper.
• Enterprise Products (Shin Oak NGL Pipeline)minorStrategic or Co-development PartnerKinetik is a joint venture partner in the Shin Oak NGL Pipeline, which transports natural gas liquids from the Permian Basin to Mont Belvieu, Texas. The pipeline is operated by Enterprise Products Partners.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Western Midstream Partners: Occidental Petroleum-backed Permian-focused natural gas, NGL, and crude midstream operator. Most directly comparable to Kinetik given its Delaware Basin concentration, fee-based contract structure, and ongoing merger discussions with Kinetik in 2026.
• Targa Resources: Major Permian-focused midstream operator with overlapping gas processing, NGL takeaway, and fractionation infrastructure. Competes with Kinetik for Delaware Basin producer dedications and downstream NGL market share.
• MPLX: Permian-focused midstream subsidiary of Marathon Petroleum with gathering, processing, and transportation assets. Competes for Delaware Basin dedications and shares a fee-based contract orientation with Kinetik.
• Plains All American Pipeline: Acquired Kinetik's 27.5% EPIC Crude stake for $500M in September 2025, deepening the commercial relationship. Operates extensive crude gathering and long-haul pipelines in the Permian comparable to Kinetik's crude segment.
• DCP Midstream: Co-owner (25%) of the Gulf Coast Express Pipeline alongside Kinetik. Operates Permian-focused gas processing and NGL infrastructure that directly competes with Kinetik's Delaware Basin gathering and processing footprint.

Broad incumbents

• Enterprise Products Partners: One of the largest diversified midstream operators in the U.S., operating the Shin Oak NGL Pipeline in which Kinetik holds a JV interest. Comparable through its integrated Permian-to-Gulf Coast value chain and scale advantages.
• Kinder Morgan: Operates both the Permian Highway Pipeline and Gulf Coast Express Pipeline in which Kinetik holds equity interests. Comparable as a major pipeline operator connecting Permian gas to Gulf Coast demand and LNG export markets.
• Energy Transfer: Major diversified midstream operator with overlapping Permian and Gulf Coast assets. Was involved in a high-profile legal dispute with Kinetik's CEO that was dismissed in 2025, indicating industry overlap and competition for producer relationships.
• ONEOK: Large-cap midstream operator with strong NGL and natural gas processing exposure. Comparable to Kinetik through its integrated gathering-processing-transportation model and fee-based revenue structure.
• Williams Companies: Major natural gas infrastructure operator with gathering, processing, and long-haul transportation assets. Comparable to Kinetik as a large-scale, fee-based midstream platform with energy-transition exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/KinetikHoldings
• LinkedInlinkedin.com/company/KinetikHldgs

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kinetik