Kinetik Holdings Inc-2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025OR 81-4675947(I.R.S. Employer Identification No.) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Number of shares of registrant’s Class A Common Stock, par value $0.0001 per share issued and outstanding as of April30, 202560,922,483Number of shares of registrant’s Class C Common Stock, par value $0.0001 per share issued and outstanding as of April30, 202597,039,202 TABLE OF CONTENTS Item PART I — FINANCIAL INFORMATION 1.FINANCIAL STATEMENTS(UNAUDITED)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - THREE MONTHS ENDED MARCH31, 2025 AND 2024CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF MARCH 31, 2025 AND DECEMBER 31,2024CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE MONTHS ENDED MARCH31, 2025 AND 2024CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLINGINTERESTS - THREE MONTHS ENDED MARCH 31, 2025 AND 2024 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES2.BUSINESS COMBINATIONS3.REVENUE RECOGNITION4.PROPERTY, PLANT AND EQUIPMENT5.INTANGIBLE ASSETS, NET6.EQUITY METHOD INVESTMENTS7.DEBT AND FINANCING COSTS8.ACCRUED EXPENSES9.EQUITY10.FAIR VALUE MEASUREMENTS11.DERIVATIVES AND HEDGING ACTIVITIES12.SHARE-BASED COMPENSATION13.INCOME TAXES14.NET INCOME PER SHARE15.COMMITMENTS AND CONTINGENCIES16.SEGMENTS17.SUBSEQUENT EVENTS 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 4.CONTROLS AND PROCEDURESPART II — OTHER INFORMATION 1.LEGAL PROCEEDINGS 1A.RISK FACTORS 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 5.OTHER INFORMATION GLOSSARY OF TERMS The following are abbreviations and definitions of certain terms which may be used in this Quarterly Report on Form 10-Q andcertain terms which are commonly used in the exploration, production and midstream sectors of the oil and natural gas industry: •A/R Facility.Accounts Receivable Securitization Facility•ASC. Accounting Standards Codification•ASU.Accounting Standards Updates•Bbl.One stock tank barrel of 42 United States (“U.S.”) gallons liquid volume used herein in reference to crude oil,condensate or natural gas liquids •Bcf.One billion cubic feet •Bcf/d.One Bcf per day •Btu.One British thermal unit, which is the quantity of heat required to raise the temperature of a one-pound mass of water byone-degree Fahrenheit •CODM. Chief Operating Decision Maker•Delaware Basin. Located on the western section of the Permian Basin. The Delaware Basin covers a 6.4 million acre area•EBITDA.Earnings before interest, taxes, depreciation, and amortization •Field.An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individualgeological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both •FASB.Financial Accounting Standards Board •GAAP. United States Generally Accepted Accounting Principles •MBbl.One thousand barrels of crude oil, condensate or NGLs •MBbl/d.One MBbl per day •Mcf.One thousand cubic feet of natural gas •Mcf/d.One Mcf per day •MMBtu.One million British thermal units •MMcf.One million cubic feet of natural gas •MVC. Minimum volume commitments •Throughput.The volume of crude oil, natural gas, NGLs, water and refined petroleum products transported or passingthrough a pipeline, plant, terminal or other facility during a particular period •SEC. United