Kinetik Holdings Inc. (NYSE:KNTK) Q2 2022 Earnings Conference Call August 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

Gabe Moreen - Mizuho

Neel Mitra - Bank of America

Operator

Hello, everyone. And thank you for joining the Kinetik Second Quarter 2022 Results Call. My name is Darius, and I'll be moderating the call today [Operator Instructions].

I now have the pleasure of handing over to Maddie Wagner, your host. Please go ahead, Maddie.

Maddie Wagner

Thank you. Good morning, everyone. And welcome to Kinetik's Second Quarter 2022 Earnings Conference Call. Here with me is our 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 GC; 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'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. Thank you for joining us. In my prepared remarks this morning, I'll reference from time to time various pages of the presentation. So just for those of you following along or have not had the opportunity to do so, just go on to www.kinetik.com. Following a strong first quarter, we've continued to deliver solid results, outperforming our original guidance. We've achieved a number of our operational and financial goals thus far and have executed upon various strategic value added growth opportunities. We reported our second quarter 2022 results yesterday and look forward to sharing them with you this morning, in addition to providing a few more recent business highlights that occurred following the second quarter close. Following our robust second quarter results and updated business outlook, we have revised our 2022 guidance higher for both EBITDA and capital expenditures to reflect additional producer development, new commercial agreements and new capital projects, such as the PHP expansion. Similar to our first quarter earnings results, many of the figures today will be reported on a pro forma basis, assuming the business combination between our predecessors, BCP and Altus, closed on January 1st of this year. We believe it is more reflective of our actual results and provides our investors with more meaningful information and helps to reconcile our 2022 full year guidance.