In This Story
Kinetik Holdings Inc. (KNTK-2.81%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total operating revenues of $396.4 million, an increase from $330.3 million in the same quarter of the previous year. The increase is attributed to higher product revenue related to increased natural gas residue volumes sold.
Service revenue decreased slightly to $103.1 million from $104.3 million, driven by lower gas gathering fees despite increased gas volumes.
Product revenue rose to $290.4 million from $221.3 million, primarily due to increased residue gas volumes sold and higher commodity prices.
Operating expenses increased to $55.8 million from $42.9 million, with the rise attributed to the integration of Durango's operations acquired in June 2024.
General and administrative expenses increased to $29.6 million from $22.8 million, mainly due to higher share-based compensation and integration costs.
Depreciation and amortization expenses increased to $87.6 million from $69.9 million, driven by assets placed in service, including those from the Durango Acquisition.
Interest expense increased to $66.0 million from $45.0 million, primarily due to an unrealized loss on interest rate swaps.
The company reported a net income of $83.7 million, up from $43.1 million in the previous year, reflecting a 94% increase.
Adjusted EBITDA for the quarter was $265.7 million, up from $215.3 million, driven by increased operating revenues and higher proportionate EMI EBITDA.
Kinetik Holdings continues to focus on expanding its operations, including the integration of assets acquired through the Durango Acquisition and additional investments in EPIC Crude Holdings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kinetik Holdings Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.