Kinetik Holdings Inc (NYSE:KNTK) Q3 2023 Results Conference Call November 9, 2023 9:00 AM ET

Company Participants

Maddie Wagner - Head of Investor Relations

Jamie Welch - President and Chief Executive Officer

Trevor Howard - Chief Financial Officer

Conference Call Participants

Michael Blum - Wells Fargo

Tristan Richardson - Scotiabank

Neel Mitra - Bank of America

Operator

Good morning, everyone, and welcome to the Kinetic Third Quarter 2023 Results Call. My name is Carla, and I will be coordinating your call. [Operator Instructions].

I will now hand you over to your host, Maddie Wagner, Head of Investor Relations to begin. Maddie, please go ahead, when you are ready.

Maddie Wagner

Thank you. Good morning, and welcome to Kinetics third quarter 2023 earnings conference call. Here with me is our President and Chief Executive Officer, Jamie Welch, as well as Trevor Howard, our Chief Financial Officer; Matt Wall, our Chief Operating Officer; Steve Stellato, our Chief Accounting and Administrative Officer; Anne Psencik, our Chief Strategy Officer; Todd Carpenter, our General Counsel; Chris Kendrick, our SVP of Commercial; and Tyler Milam, our VP of Crude Water and New Energy Ventures.

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 have 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, and welcome back. Good morning, everyone, and thank you for joining our call today. Yesterday, we reported our third quarter 2023 results. We achieved average gas processing volumes of 1.49 billion cubic feet per day, representing approximately 23% growth year-over-year.

We continue to set new company records for process volumes with each successive quarter. Despite the operational difficulties our industry faced with hot weather over this past summer, and unfortunately, for this past quarter, some unscheduled disruptions to basin takeaway capacity.

Interestingly, we achieved average process volumes had exceeded 1.53 billion cubic feet per day in the month of September, and we are now consistently knocking on the door of 1.6 billion cubic feet per day, which is our exit rate guidance. We remain on-track to meet or exceed that target by year end.