Kinetik Holdings Inc. (NYSE:KNTK) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET

Company Participants

Alex Durkee – Investor Relations
Jamie Welch – President and Chief Executive Officer
Trevor Howard – Chief Financial Officer
Kris Kindrick – Senior Vice President, Commercial

Conference Call Participants

Neel Mitra – Bank of America
Michael Blum – Wells Fargo
Jackie Koletas – Goldman Sachs
Burke Sansiviero – Wolfe Research
Eli Jossen – JP Morgan

Operator

Good morning. Thank you for attending today's Kinetik Third Quarter 2024 Results Conference Call. My name is Makaya and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for your questions and answers at the end.

I would now like to pass the conference over to your host, Alex Durkee. Alex, you may proceed.

Alex Durkee

Thank you. Good morning and welcome to Kinetik’s third quarter 2024 earnings conference call. Our speakers today are Jamie Welch, President and Chief Executive Officer; and Trevor Howard, Chief Financial Officer. Other members of our senior management team are also in attendance for this morning's call. The press release we issued yesterday, the slide presentation and access to the webcast for today's call are available 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 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, Alex. Good morning, everyone. Thank you for joining our call today. We have a lot to get through so let's get started. Yesterday, we reported our third quarter results. We logged Kinetik’s single best quarter as a public company in terms of adjusted EBITDA which was an increase of 23% year-over-year.

We also processed gas volumes of 1.71 billion cubic feet per day representing 15% growth year-over-year. As many of you are aware, negative gas prices persisted at the Waha Hub with the gas daily price averaging negative $1 per Mcf for the quarter. So the outperformance that we achieved is even more impressive when you take into account the nearly 170 million cubic feet per day of wellhead gas volume curtailed on our system due to pricing.