Kinetik outlines $950M-$1.05B 2026 adjusted EBITDA range as Waha curtailments rise to ~220 MMcf/d
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Kinetik (KNTK) reported record earnings in Q1 2026, with adjusted EBITDA of $251 million. CEO Jamie Welch highlighted a significant contract amendment in New Mexico and strong commercial momentum for processing capacity expansion. CFO Trevor Howard reaffirmed the 2026 adjusted EBITDA guidance of $950M-$1.05B, factoring in average curtailments of 220 MMcf/d. The Midstream Logistics segment led performance with $179 million in adjusted EBITDA, while Pipeline Transportation saw a decline due to lower throughput. Kinetik ended the quarter with a leverage ratio of 3.9x and expects capital expenditures of $450M-$510M for 2026.
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