Kinetik Q2 Adjusted EBITDA rises, lifts 2026 outlook
KNTK•Outlook
- Kinetik raises full-year 2026 Adjusted EBITDA guidance to $1.04 bln-$1.1 bln
- Company lifts 2026 capital expenditures guidance to about $560 mln
- Kinetik expects momentum to continue into 2027 as curtailments ease and customer activity rises
Overview
- U.S. midstream operator's Q2 Adjusted EBITDA rose 16% yr/yr to record high
- Company raised full-year 2026 Adjusted EBITDA guidance to $1.04 bln-$1.1 bln
- Midstream Logistics segment Adjusted EBITDA up 35% yr/yr; Pipeline Transportation down 14%
Result drivers and analyst coverage
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System performance - Co cited strong operational execution and robust system performance as supporting record Q2 results
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Midstream Logistics growth - Midstream Logistics segment benefited from improved NGL recoveries, condensate yields, optimization, and favorable commodity prices and spreads
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Pipeline Transportation decline - Pipeline Transportation segment Adjusted EBITDA fell due to divestiture of EPIC Crude Holdings, partly offset by improved margins and throughput on remaining assets
