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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n For the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _________ to _________\n\nCommission File Number: 001-38048\n\nKINETIK HOLDINGS INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware81-4675947\n\n(State or other jurisdiction of incorporation or organization)\n(I.R.S. Employer Identification No.)\n\n2700 Post Oak Blvd, Suite 300\n\nHouston, Texas, 77056\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(713) 621-7330\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A common stock, $0.0001 par valueKNTKNew York Stock Exchange\n\nNYSE Texas\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 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 such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☒Accelerated filer ☐\n\nNon-accelerated filer☐Smaller reporting company ☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nNumber of shares of registrant’s Class A Common Stock, par value $0.0001 per share issued and outstanding as of April 30, 2026\n73,602,334 \n\nNumber of shares of registrant’s Class C Common Stock, par value $0.0001 per share issued and outstanding as of April 30, 2026\n88,757,604 \n\n[Table of Contents](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_7)\n\nTABLE OF CONTENTS\n\n \n\nItem Page\n\nPART I — FINANCIAL INFORMATION\n\n1.\n[FINANCIAL STATEMENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_16)(UNAUDITED)\n\n[1](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_16)\n\n[CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 2026 AND](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_19)[2025](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_19)\n\n[1](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_19)\n\n[CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF MARCH 31, 2026 AND DECEMBER 31, 2025](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_22)\n\n[2](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_22)\n\n[CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_25)\n\n[3](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_25)\n\n[CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_28)\n\n[5](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_28)\n\n[NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_31)\n\n[6](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_31)\n\n1.[THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_34)\n\n[6](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_34)\n\n2.[BUSINESS COMBINATIONS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_37)\n\n[7](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_37)\n\n3.[REVENUE RECOGNITION](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_40)\n\n[7](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_40)\n\n4.[PROPERTY, PLANT AND EQUIPMENT, NET](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_46)\n\n[9](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_46)\n\n5.[INTANGIBLE ASSETS, NET](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_49)\n\n[9](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_49)\n\n6.[EQUITY METHOD INVESTMENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_52)\n\n[10](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_52)\n\n7.[DEBT AND FINANCING COSTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_55)\n\n[11](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_55)\n\n8.[ACCRUED EXPENSES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_61)\n\n[13](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_61)\n\n9.[LEASE](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_64)\n\n[13](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_64)\n\n10.[EQUITY](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_67)\n\n[14](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_67)\n\n11.[FAIR VALUE MEASUREMENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_70)\n\n[14](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_70)\n\n12.[DERIVATIVES AND HEDGING ACTIVITIES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_73)\n\n[15](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_73)\n\n13.[SHARE-BASED COMPENSATION](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_76)\n\n[17](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_76)\n\n14.[INCOME TAXES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_79)\n\n[19](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_79)\n\n15.[NET INCOME PER SHARE](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_82)\n\n[20](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_82)\n\n16.[COMMITMENTS AND CONTINGENCIES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_85)\n\n[20](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_85)\n\n17.[SEGMENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_88)\n\n[21](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_88)\n\n18.[SUBSEQUENT EVENTS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_91)\n\n[24](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_91)\n\n2.\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_94)\n\n[25](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_94)\n\n3.\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_124)\n\n[35](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_124)\n\n4.\n[CONTROLS AND PROCEDURES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_127)\n\n[36](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_127)\n\nPART II — OTHER INFORMATION\n\n1.\n[LEGAL PROCEEDINGS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_133)\n\n[37](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_133)\n\n1A.\n[RISK FACTORS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_136)\n\n[37](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_136)\n\n2.\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_139)\n\n[37](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_139)\n\n5.\n[OTHER INFORMATION](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_142)\n\n[37](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_142)\n\n6.\n[EXHIBITS](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_145)\n\n[38](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_145)\n\n[SIGNATURES](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_148)\n\n[39](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_148)\n\ni\n\n[Table of Contents](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_7)\n\nGLOSSARY OF TERMS\n\nThe following are abbreviations and definitions of certain terms which may be used in this Quarterly Report on Form 10-Q (“Quarterly Report”) and certain terms which are commonly used in the exploration, production and midstream sectors of the oil and natural gas industry:\n\n•ASC. Accounting Standards Codification\n\n•ASU. Accounting Standards Updates\n\n•Barilla Draw. Barilla Draw Gathering, LLC, a Delaware limited liability company\n\n•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\n\n•Bcf. One billion cubic feet\n\n•Bcf/d. One Bcf per day\n\n•Breviloba. Breviloba, LLC, a Texas limited liability company\n\n•Btu. One British thermal unit, which is the quantity of heat required to raise the temperature of a one-pound mass of water by one-degree Fahrenheit\n\n•CODM. Chief Operating Decision Maker\n\n•Delaware Basin. Located on the western section of the Permian Basin. The Delaware Basin covers a 6.4 million acre area\n\n•Durango. Durango Permian LLC and its wholly owned subsidiaries\n\n•Durango Seller. Durango Midstream LLC, an affiliate of Morgan Stanley Equity Partners\n\n•EBITDA. Earnings before interest, taxes, depreciation, and amortization\n\n•EMI or EMIs. Equity Method Investment(s)\n\n•EPIC. Epic Crude Holdings, LP, a Delaware limited partnership\n\n•FASB. Financial Accounting Standards Board\n\n•FOMC. Federal Open Market Committee\n\n•Field. An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations\n\n•GAAP. United States Generally Accepted Accounting Principles\n\n•MBbl. One thousand barrels of crude oil, condensate or NGLs\n\n•MBbl/d. One MBbl per day\n\n•Mcf. One thousand cubic feet of natural gas\n\n•Mcf/d. One Mcf per day\n\n•MMBtu. One million British thermal units\n\n•MMcf. One million cubic feet of natural gas\n\n•MMcf/d. One MMcf per day\n\n•MVC. Minimum volume commitments\n\n•NGL or NGLs. Natural gas liquids. Hydrocarbons found in natural gas, which may be extracted as liquefied petroleum gas and natural gasoline\n\n•Permian Gathering. RC Permian Gathering, LLC, a Delaware limited liability company\n\n•PHP. Permian Highway Pipeline, LLC, a Delaware limited liability company\n\n•Throughput. The volume of crude oil, natural gas, NGLs, water and refined petroleum products transported or passing through a pipeline, plant, terminal or other facility during a particular period\n\n•SEC. United States Securities and Exchange Commission\n\n•Shin Oak. Shin Oak NGL Pipeline\n\n•SOFR. Secured Overnight Financing Rate\n\nii\n\n[Table of Contents](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_7)\n\nFORWARD-LOOKING STATEMENTS AND RISKS\n\nThis Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included or incorporated by reference in this Quarterly Report on Form 10-Q, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, projected costs and plans, and objectives of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “expect,” “intend,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “continue,” “seek,” “guidance,” “might,” “outlook,” “possibly,” “potential,” “prospect,” “should,” “would,” or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. Although we believe that the expectations reflected in such forward-looking statements are reasonable under the circumstances, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, assumptions about:\n\n•our ability to integrate operations or realize any anticipated benefits, savings or growth of business combinations. See [Note 2 — Business Combinations](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_37) in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q;\n\n•the market prices of oil, natural gas, NGLs, and other products or services;\n\n•competition from other pipelines, terminals or other forms of transportation and competition from other service providers for gathering system capacity and availability;\n\n•production rates, throughput volumes, reserve levels and development success of dedicated oil and gas fields;\n\n•our future financial condition, results of operations, liquidity, compliance with debt covenants and competitive position;\n\n•our future revenues, cash flows and expenses;\n\n•our access to capital and our anticipated liquidity;\n\n•our future business strategy and other plans and objectives for future operations;\n\n•the amount, nature and timing of our future capital expenditures, including future development costs;\n\n•the risks associated with potential acquisitions, divestitures, new joint ventures or other strategic opportunities;\n\n•the risks associated with the construction of midstream infrastructure, including delays and cost overruns;\n\n•the recruitment and retention of our officers and personnel;\n\n•the likelihood of success and impact of litigation and other proceedings, including regulatory proceedings;\n\n•our assessment of our counterparty risk and the ability of our counterparties to perform their future obligations;\n\n•the impact of federal, state and local political, regulatory and environmental developments where we conduct our business operations;\n\n•the changes in the U.S. and foreign trade policy and the impact of tariffs on our business and results of operations;\n\n•the occurrence of an extreme weather event, terrorist attack or other event that materially impacts project construction and our operations, including cyber or other operational electronic systems;\n\n•our ability to successfully implement, execute and achieve our sustainability goals and initiatives;\n\n•the realizability and valuation allowance assessment of our net deferred tax asset position;\n\n•general economic and political conditions, including interest rates, inflation, global geopolitical conflicts, foreign and domestic trade policies under the Trump Administration and other factors; and\n\n•other factors disclosed in “Part I, Item 1A. — Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 26, 2026.\n\niii\n\n[Table of Contents](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_7)\n\nOther factors or events that could cause the actual results of Kinetik Holdings, Inc. (the “Company” or “Kinetik”) to differ materially from the Company’s expectations may emerge from time to time, and it is not possible for the Company to predict all such factors or events. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements. All forward-looking statements speak only as of the date of this Quarterly Report. Except as required by law, the Company disclaims any obligation to update or revise its forward-looking statements, whether based on changes in internal estimates or expectations, new information, future developments or otherwise.\n\niv\n\n[Table of Contents](#ib1bcf676fb6140c9aa9d8fa1b1acfba9_7)\n\nPART I — FINANCIAL INFORMATION"}