Kinetik Holdings Inc. — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Kinetik reported Q3 2026 net income of $50.9M and Adjusted EBITDA of $278.1M (9-month: $168.9M, $810.1M). Processed gas volumes reached record 1.94 Bcf/d. Company raised full-year 2026 Adjusted EBITDA guidance to high end of $1.04–$1.1B range (implying ~$1.09B). Upsized Kings Landing II to 380 MMcf/d (+25%, $260M capex unchanged); reached FID on ECCC Pipeline Phase 1 expansion (+50% to 225 MMcf/d, mid-2027 in-service); ordered long-lead equipment for next processing plant beyond KLII. Executed >30,000 acres of new/amended gathering and processing agreements in NM and TX; expects first flow Q2–Q3 2027. Dividend: $0.81/share quarterly; dividend coverage 1.61x (Q3). Net debt $3.94B; leverage 3.70x; liquidity $1.07B.
Why this rating
Strong operational beat and upside revision to EBITDA guidance; material capacity expansions and multi-year volume foundation; leverage remains elevated but coverage sufficient; growth capital committed but margins offsetting cost inflation.
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