Kinetik Holdings, Inc. (NYSE:KNTK) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET
Company Participants
Maddie Wagner - Director, IR
Jamie Welch - CEO, CFO, President & Director
Trevor Howard - VP, Finance
Tyler Milam - VP, Commercial
Chris Kendrick - VP, Commercial
Conference Call Participants
Spiro Dounis - Citigroup
Indraneel Mitra - Bank of America Merrill Lynch
Robert Mosca - Mizuho Securities
Tristan Richardson - Scotiabank
Jeremy Tonet - JPMorgan Chase & Co.
Keith Stanley - Wolfe Research
Operator
Good morning, everyone, and welcome to the Kinetic Second Quarter 2023 Results. My name is Chach, and I'll be coordinating your call today. [Operator Instructions].
I'd like to hand you over to Maddie Wagner to begin. Maddie, please go ahead.
Maddie Wagner
Thank you. Good morning, and welcome to Kinetics Second Quarter 2023 Earnings Conference Call. Here with me is our President and Chief Executive Officer, Jamie Welch, as well as Matt Wall, our Chief Operating Officer; Steve Stellato, our Chief Accounting and Administrative Officer; Anne Psencik, our Chief Strategy Officer; Trevor Howard, our VP of Finance; and Chris Kendrick and Tyler Milam, our VP of Commercial.
The press release we issued yesterday, the slide presentation and access to the webcast for today's call are available at www.kinetics.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 described in these statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. We may also provide certain performance measures that do not conform to U.S. GAAP. We've provided schedules that reconcile these non-GAAP measures as part of our earnings press release. After our prepared remarks, we will open the call to Q&A.
With that, I will turn the call over to Jamie.
Jamie Welch
Thank you, Maddie. Good morning, everyone, and thank you for joining our call today. Yesterday, we reported our second quarter 2023 results, in line with our internal budget and slightly better than consensus estimates. The results further build off the momentum of our first quarter.
Following record processed gas volumes in April, we continue to experience volume strength during the quarter, processing an average of 1.48 billion cubic feet per day and setting a new company record for quarterly process gas volumes. This represents approximately 10% growth quarter-over-quarter and is attributed to the elevated development activity that typically occurs throughout the second and third quarters combined with encouraging producer well results.