Kinetik Holdings Inc. operates midstream energy assets primarily in the Delaware Basin of the Permian Basin, offering a full suite of gathering, processing, and transportation services. The company reported 19% revenue growth in 2025, driven by higher volumes and commodity prices, yet operating income declined by 8% due to increased operating expenses and depreciation. Capital expenditures nearly doubled as Kinetik invested heavily in pipeline expansions and processing capacity, notably the Kings Landing Processing Complex. The company’s future hinges on sustaining throughput amid natural production declines and managing risks tied to heavy Permian concentration and regulatory factors. Liquidity remains solid with ample borrowing capacity and active share repurchases, but returns show strain given elevated net liabilities.