Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that gathers, processes, and transports natural gas, NGLs, and crude oil in the Delaware Basin. Revenue comes from fee-based midstream services, with customers paying for gas gathering and processing, crude oil gathering and stabilization, and pipeline transportation capacity. The company operates two segments: Midstream Logistics and Pipeline Transportation. The Midstream Logistics segment includes over 4,200 miles of steel pipeline, more than 825,000 horsepower of compression, and eight cryogenic processing complexes with total capacity exceeding 2.4 Bcf/d as of December 31, 2025. The Pipeline Transportation segment holds interests in Permian Highway Pipeline (55.5%, 435 miles, 2.65 Bcf/d capacity), Breviloba (33.0%, 668 miles, 600 MBbl/d), and several wholly owned NGL and residue gas pipelines. As of February 20, 2026, Kinetik Holdings LP held an approximate 40% limited partner interest, with the company serving as its general partner.

Revenue model

Fee-based midstream services: charges for gas gathering, cryogenic processing, NGL transportation, crude oil gathering and stabilization, and pipeline transportation capacity. Minimum volume commitments (MVCs) with customers provide a degree of revenue floor. The company also held equity interests in interstate pipelines such as EPIC (27.5% interest sold October 31, 2025 for approximately $504.2 million upfront cash consideration).

Products and services

Gas gathering and processing (eight cryogenic complexes: Diamond 720 MMcf/d, Pecos Bend 540 MMcf/d, East Toyah 460 MMcf/d, Pecos 260 MMcf/d, Kings Landing 200 MMcf/d, Maljamar 150 MMcf/d, Dagger Draw 75 MMcf/d, Sierra Grande 60 MMcf/d); crude oil gathering, stabilization, and storage; NGL pipeline transportation (Kinetik NGL Pipeline System ~96 miles, ~580 MBbl/d capacity; Brandywine Pipeline 28 miles); residue gas transportation (Delaware Link Pipeline 40 miles, 1.0 Bcf/d); amine treating and acid gas injection; equity interests in Permian Highway Pipeline and Breviloba pipeline.

Customers and end markets

Upstream oil and gas producers operating in the Delaware Basin. End markets include natural gas consumers reached via El Paso Natural Gas Pipeline, Energy Transfer Comanche Trail Pipeline, Transwestern Pipeline, ONEOK Roadrunner Pipeline, and Whitewater Aqua Blanca Pipeline. NGL volumes flow to Energy Transfer Lone Star, Targa Grand Prix, Chevron Phillips Chemical MexTex, ONEOK West Texas NGL, and Enterprise Shin Oak pipelines.

Value-chain role

Midstream operator: gathers raw natural gas, NGLs, and crude oil from wellhead producers in the Delaware Basin, processes and treats gas at centralized complexes, and transports residue gas and NGLs to downstream interstate pipelines and fractionators. Sits between upstream producers and downstream interstate pipeline and processing infrastructure.

Geographic exposure

Delaware Basin, Permian Basin (Texas and New Mexico). All operating assets located within this region as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-26

Industry: Natural Gas Transmission Peers: Antero Midstream Corp Crestwood Equity Partners LP DCP Midstream, LP DT Midstream Inc EnLink Midstream, LLC Enterprise Products Partners L.P Midstream Co LLC Hess Midstream LP Plains All American Pipeline LP Shell Midstream Partners, L.P.