Q3 2024 Kinetik Holdings Inc Earnings Call Transcript
Key Points
- Kinetik Holdings Inc (KNTK) reported its best quarter as a public company in terms of adjusted EBITDA, with a 23% year-over-year increase.
- The company processed gas volumes of 1.71 billion cubic feet per day, marking a 15% growth year-over-year.
- Kinetik Holdings Inc (KNTK) acquired an additional equity interest in EPIC Crude, increasing its ownership to 27.5%, which led to a credit rating upgrade for EPIC Crude.
- The company received MRV plan approval from the EPA for its acid gas injection wells, enabling economic benefits from CO2 sequestration through 45Q credits.
- Kinetik Holdings Inc (KNTK) raised its quarterly cash dividend to $3.12 on an annualized basis, reflecting strong performance and confidence in future growth.
- Negative gas prices persisted at the Waha Hub, with the gas daily price averaging negative $1 per Mcf for the quarter.
- There were 170 million cubic feet per day of wellhead gas volume curtailed on Kinetik's system due to pricing issues.
- The company faces challenges with connecting its North and South systems, which is a strategic objective yet to be fully realized.
- Kinetik Holdings Inc (KNTK) anticipates a higher capital expenditure in 2025, which may impact dividend growth.
- The company operates in a competitive environment with ongoing industry consolidation, which could affect its strategic positioning.
Good morning. Thank you for attending today's Kinetik third-quarter 2024 results conference call. My name is Makayia, and I'll be the moderator for today's call. (Operator Instructions)
I would now like to pass the conference over to your host, Alex Durkee. Alex, you may proceed.
Thank you. Good morning, and welcome to Kinetik's third-quarter 2024 earnings conference call. Our speakers today are Jamie Welch, President and Chief Executive Officer, and Trevor Howard, Chief Financial Officer. Other members of our senior management team are also in attendance for this morning's call. The press release we issued yesterday, the slide presentation, and access to the webcast for today's call are available at www.kinetik.com.
Before we begin, I would like to remind all listeners that our remarks, including the question-and-answer section, will provide forward-looking statements, and actual results could differ from what is
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