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# Kinetik Processes Record 1.94 Bcf/d Of Gas, Expects 2026 Adjusted EBITDA At High End Of Guidance
- URL: https://www.bullished.co/kinetik-processes-record-1-94-bcf-d-of-gas-expects-2026-adjusted-ebitda-at-high-end-of-7603bcfc/
- Published: 2026-11-04T23:41:32.000Z
- Updated: 2026-11-04T23:41:32.000Z
- Description: The Permian midstream company also expects 2026 capital spending about 5% below its $560 million guidance.
- Author: Matteo Parrino
- Tags: SEC Filings, KNTK, Industry: Utilities

Kinetik, which gathers, processes and transports natural gas and other products in the Permian Basin, said in an [8-K filed Wednesday](https://www.sec.gov/Archives/edgar/data/0001692787/000169278726000142/apa-20261104.htm?ref=bullished.co) that third-quarter processed gas volumes hit a [record 1.94 Bcf/d](https://www.businesswire.com/news/home/20261104064606/en/Kinetik-Reports-Third-Quarter-2026-Results?ref=bullished.co), and it now expects full-year 2026 Adjusted EBITDA at the high end of its $1.04 billion to $1.1 billion range.

## Earnings up on higher volumes

Net income including noncontrolling interest was [$50.9 million](https://www.sec.gov/Archives/edgar/data/0001692787/000169278726000142/kntkex991pressreleaseq32026.htm?ref=bullished.co), up from $15.5 million a year earlier, on total operating revenues of $569.4 million versus $464.0 million. Adjusted EBITDA, the company's adjusted earnings measure, reached $278.1 million, compared with $242.6 million in the third quarter of 2025.

Free cash flow rose to [$87.5 million](https://www.businesswire.com/news/home/20261104064606/en/Kinetik-Reports-Third-Quarter-2026-Results?ref=bullished.co) from $13.9 million. Net debt stood at $3.94 billion at September 30, a ratio of 3.71x Adjusted EBITDA, and the quarterly dividend is $0.81 a share.

Midstream Logistics Adjusted EBITDA rose 34% to $203.6 million. Pipeline Transportation fell 18% to $78.5 million, mainly because of the EPIC Crude Holdings divestiture, with higher fuel costs at Permian Highway Pipeline and lower throughput at Shin Oak also weighing.

## Guidance nudged up, spending down

Kinetik attributed the stronger profit outlook to better-than-expected well results, stronger equity volumes and commodity prices running ahead of its August assumptions. It expects 2026 capital spending about 5% below that $560 million guidance, which it ties to disciplined execution of growth projects and timing of spend.

CEO Jamie Welch said processed volumes are "tracking toward our [approximately 2.2 Bcf/d](https://www.businesswire.com/news/home/20261104064606/en/Kinetik-Reports-Third-Quarter-2026-Results?ref=bullished.co) fourth quarter 2026 target."

## Bigger plants, more acreage

In September, Kinetik lifted planned capacity at its Kings Landing II plant by more than 25% to 380 MMcf/d, with cost unchanged at about $260 million and service targeted for mid-2028\. It also reached a final investment decision on phase 1 of the ECCC Pipeline expansion, which should raise throughput roughly 50% to about 225 MMcf/d, with service anticipated mid-2027.

New and amended agreements in New Mexico and Texas dedicated more than 30,000 gross acres since the start of August, some prospective for the Woodford formation. One agreement carries a firm minimum volume commitment. The company has ordered long-lead equipment for a next processing expansion with a 400 MMcf/d cryogenic unit; its location, Texas or New Mexico, is not final.

The first of the Lone Star NGL contracts in Texas expired October 31, and the other ends at year-end. Kinetik now forecasts more meaningful margin contributions from system optimization in 2027 than it previously expected.

Kinetik hosts its third-quarter call Thursday at 9:00 a.m. Eastern.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Kinetik Holdings Inc. (KNTK)](https://www.sec.gov/Archives/edgar/data/0001692787/000169278726000142/apa-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit kntkex991pressreleaseq32026.htm — Kinetik Holdings Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001692787/000169278726000142/kntkex991pressreleaseq32026.htm?ref=bullished.co) — SEC EDGAR
- [Kinetik Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261104064606/en/Kinetik-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com