Kinetik's third quarter 2026 record volumes drove EBITDA beat and high-end FY2026 guidance

Kinetik Holdings reported a strong third quarter of 2026, highlighted by record processing volumes and an upward revision to its full-year outlook. The company achieved record processed gas volumes of 1.94 Bcf/d, driving Adjusted EBITDA to $278.1 million, which surpassed analyst expectations. Consequently, management now expects full-year 2026 Adjusted EBITDA to hit the upper end of its $1.04 billion to $1.1 billion guidance range while simultaneously reducing capital expenditure forecasts.

Key Highlights

• Record processed gas volumes reached 1.94 Bcf/d, supporting a 34% year-over-year increase in Midstream Logistics Adjusted EBITDA to $203.6 million.
• Adjusted EBITDA of $278.1 million beat the consensus estimate of $274 million, driven by robust system performance and favorable commodity margins.
• Full-year 2026 capital expenditure guidance was lowered by approximately 5% to roughly $532 million from the prior $560 million target.
• Strategic capacity at Kings Landing II was upsized by over 25% to 380 MMcf/d with no change to the $260 million expected capital cost.