Kinetik Holdings Inc. (NYSE:KNTK) Q3 2022 Earnings Conference Call November 10, 2022 9:00 AM ET

Company Participants

Maddie Wagner - IR

Jamie Welch - President and CEO

Matt Wall - COO

Anne Psencik - Chief Strategy Officer

Steve Stellato - CAO

Todd Carpenter - GC

Trevor Howard - VP of Finance

Kris Kindrick - VP of Commercial

Tyler Milam - VP of Commercial

Conference Call Participants

Jeremy Tonet - JPMorgan

Gabe Moreen - Mizuho

Neel Mitra - Bank of America

Michael Cusimano - Pickering Energy Partners

Jeremy Tonet - JPMorgan

Operator

Good morning and thank you for attending the Kinetik Third Quarter 2022 Results Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator instructions]

I'll now like to pass the conference over to your host, Maddie Wagner, with Kinetik. Thank you. You may proceed.

Maddie Wagner

Thank you. Good morning and welcome to Kinetik's third quarter 2022 earnings conference call. Here with me is our President and CEO, President and CEO, Jamie Welch; as well as Matt Wall, our COO; Anne Psencik, our Chief Strategy Officer; Steve Stellato, our CAO; Todd Carpenter, our General Counsel; Trevor Howard, our VP of Finance; and Kris Kindrick and Tyler Milam, our VPs of Commercial. The press release we issued yesterday, the slide presentation and access to the webcast for today's call, are available on our Web site at www.kinetik.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 US GAAP. We provided schedules to 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, Mattie. Good morning everyone, and thank you for joining us today. We reported our third quarter 2022 results yesterday afternoon, and I'm pleased to share with you this morning that we reported a record quarter with respect to both process gas volumes and adjusted EBITDA.

In this first year post merger, we have continued to improve quarter-over-quarter across all facets of our business as we realize integration synergies, optimize our system and grow customer relationships. Having grown 1.5 billion cubic feet per day through the end of September, the Permian Basin remains on track to grow natural gas volumes by two billion cubic feet per day exit to exit in 2022, with consultants expecting another two cubic feet per day of growth in 2023. Drawing down further, we estimate that the Delaware basin accounts for well over half of total Permian supply growth.