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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to _________
Commission File Number: 001-38048
KINETIK HOLDINGS INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 81-4675947 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
2700 Post Oak Blvd, Suite 300
Houston, Texas, 77056
(Address of principal executive offices)
(Zip Code)
(713) 621-7330
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A common stock, $0.0001 par value | | KNTK | | New York Stock Exchange |
Indicate 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 ☐
Indicate 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 ☐
Indicate 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. | | | | | | | | | | | | | | | | | |
Large accelerated filer | | ☐ | Accelerated filer | | ☒ |
Non-accelerated filer | | ☐ | Smaller reporting company | | ☐ |
| | | Emerging growth company | | ☐ |
If 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. ☐
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 April 26, 2024 | 59,715,285 | |
Number of shares of registrant’s Class C Common Stock, par value $0.0001 per share issued and outstanding as of April 26, 2024 | 93,942,788 | |
TABLE OF CONTENTS
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| PART I — FINANCIAL INFORMATION | |
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| PART II — OTHER INFORMATION | |
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GLOSSARY OF TERMS
The following are abbreviations and definitions of certain terms which may be used in this Quarterly Report on Form 10-Q and certain terms which are commonly used in the exploration, production and midstream sectors of the oil and natural gas industry:
•ASC. Accounting Standards Codification
•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 by one-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
•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
•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 Btus
•MMcf. One million cubic feet of natural gas
•MMcf/d. One MMcf per day
•MVC. Minimum volume commitments
•NGL or NGLs. Natural gas liquids. Hydrocarbons found in natural gas, which may be extracted as liquefied petroleum gas and natural gasoline
•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
•SEC. United States Securities and Exchange Commission
FORWARD-LOOKING STATEMENTS AND RISK
This 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. 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. Key factors that could cause actual results to differ materially from our expectations include, but are not limited to, assumptions about:
•the market prices of oil, natural gas, NGLs and other products or services;
•competition from other pipelines, terminals or other forms of transportation and competition from other service providers for gathering system capacity and availability;
•production rates, throughput volumes, reserve levels and development success of dedicated oil and gas fields;
•our future financial condition, results of operations, liquidity, compliance with debt covenants and competitive position;
•our future revenues, cash flows and expenses;
•our access to capital and our anticipated liquidity;
•our future business strategy and other plans and objectives for future operations;
•the amount, nature and timing of our future capital expenditures, including future development costs;
•the risks associated with potential acquisitions, divestitures, new joint ventures or other strategic opportunities;
•the recruitment and retention of our officers and personnel;
•the likelihood of success of and impact of litigation and other proceedings, including regulatory proceedings;
•our assessment of our counterparty risk and the ability of our counterparties to perform their future obligations;
•the impact of federal, state and local political, regulatory and environmental developments where we conduct our business operations;
•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;
•our ability to successfully implement, execute and achieve our sustainability goals and initiatives;
•the realizability and valuation allowance assessment of our net deferred tax asset position;
•general economic and political conditions, including the armed conflicts in Ukraine, Israel and the Gaza Strip and elsewhere in the Middle East, the impact of continued inflation, central bank policy actions and other factors; and 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, 2023, filed on March 5, 2024.
Other factors or events that could cause the Company’s actual results 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 on Form 10-Q. 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.
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
KINETIK HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | | | |
| | | | | | | | |
| | (In thousands, except per share data) |
Operating revenues: | | | | | | | | |
Service revenue | | $ | 102,195 | | | $ | 103,425 | | | | | |
Product revenue | | 236,567 | | | 173,824 | | | | | |
Other revenue | | 2,632 | | | 3,791 | | | | | |
Total operating revenues(1) | | 341,394 | | | 281,040 | | | | | |
Operating costs and expenses: | | | | | | | | |
Costs of sales (exclusive of depreciation and amortization)(2) (3) | | 153,687 | | | 115,877 | | | | | |
Operating expenses | | 43,406 | | | 35,973 | | | | | |
Ad valorem taxes | | 6,292 | | | 5,458 | | | | | |
General and administrative expenses | | 34,136 | | | 27,511 | | | | | |
Depreciation and amortization expenses | | 73,606 | | | 68,854 | | | | | |
Loss on disposal of assets | | 4,166 | | | 102 | | | | | |
| | | | | | | | |
Total operating costs and expenses | | 315,293 | | | 253,775 | | | | | |
Operating income | | 26,101 | | | 27,265 | | | | | |
Other income (expense): | | | | | | | | |
Interest and other income | | 91 | | | 294 | | | | | |
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Interest expense | | (47,467) | | | (69,308) | | | | | |
Equity in earnings of unconsolidated affiliates | | 60,469 | | | 46,464 | | | | | |
| | | | | | | | |
Total other income (expense), net | | 13,093 | | | (22,550) | | | | | |
Income before income taxes | | 39,194 | | | 4,715 | | | | | |
Income tax expense | | 3,787 | | | 416 | | | | | |
Net income including noncontrolling interest | | 35,407 | | | 4,299 | | | | | |
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Net income attributable to Common Unit limited partners | | 23,857 | | | 2,863 | | | | | |
Net income attributable to Class A Common Stock Shareholders | | $ | 11,550 | | | $ | 1,436 | | | | | |
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Net income attributable to Class A Common Shareholders, per share | | | | | | | | |
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Basic | | $ | 0.12 | | | $ | (0.06) | | | | | |
Diluted | | $ | 0.12 | | | $ | (0.06) | | | | | |
Weighted-average shares(4) | | | | | | | | |
Basic | | 57,869 | | | 47,612 | | | | | |
Diluted | | 58,392 | | | 47,825 | | | | | |
(1)Includes amounts associated with related parties of $17.2 million and $25.8 million for the three months ended March 31, 2024 and 2023, respectively.
(2)Includes amounts associated with related parties of $23.3 million and $19.7 million for the three months ended March 31, 2024 and 2023, respectively.
(3)Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $44.5 million and $30.5 million for the three months ended March 31, 2024 and 2023, respectively, for certain volumes where we act as principal.
(4)Weighted average Class A common shares have been retrospectively restated due to effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
KINETIK HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | | |
| | March 31, | | December 31, | |
| | 2024 | | 2023 | |
| | | | | |
| | (In thousands, except shares data) | |
ASSETS | | | | | |
CURRENT ASSETS: | | | | | |
Cash and cash equivalents | | $ | 9,756 | | | $ | 4,510 | | |
Accounts receivable, net of allowance for credit losses of $1,000 in 2024 and 2023(1) | | 209,878 | | | 215,721 | | |
Derivative assets | | 10,264 | | | 7,812 | | |
Prepaid and other current assets | | 27,391 | | | 29,256 | | |
| | 257,289 | | | 257,299 | | |
NONCURRENT ASSETS: | | | | | |
Property, plant and equipment, net | | 2,747,483 | | | 2,743,227 | | |
Intangible assets, net | | 562,837 | | | 591,670 | | |
Derivative asset, non-current | | 134 | | | 165 | | |
Deferred tax assets | | 238,258 | | | 235,627 | | |
Operating lease right-of-use assets | | 27,015 | | | 37,569 | | |
Deferred charges and other assets | | 83,213 | | | 85,250 | | |
Investments in unconsolidated affiliates | | 2,526,278 | | | 2,540,989 | | |
Goodwill | | 5,077 | | | 5,077 | | |
| | 6,190,295 | | | 6,239,574 | | |
Total assets | | $ | 6,447,584 | | | $ | 6,496,873 | | |
LIABILITIES, NONCONTROLLING INTEREST, AND EQUITY | | | | | |
CURRENT LIABILITIES: | | | | | |
Accounts payable | | $ | 16,467 | | | $ | 34,000 | | |
Accrued expenses | | 170,075 | | | 177,421 | | |
Derivative liabilities | | 14,811 | | | 1,734 | | |
Current portion of operating lease liabilities | | 24,987 | | | 29,203 | | |
| | | | | |
Other current liabilities | | 7,611 | | | 7,786 | | |
| | 233,951 | | | 250,144 | | |
NONCURRENT LIABILITIES | | | | | |
Long term debt, net | | 3,517,115 | | | 3,562,809 | | |
Contract liabilities | | 24,837 | | | 25,761 | | |
Operating lease liabilities | | 3,014 | | | 9,349 | | |
| | | | | |
Derivative liabilities | | 418 | | | 5,363 | | |
Other liabilities | | 3,230 | | | 3,219 | | |
| | | | | |
Deferred tax liabilities | | 13,785 | | | 13,244 | | |
| | 3,562,399 | | | 3,619,745 | | |
Total liabilities | | 3,796,350 | | | 3,869,889 | | |
COMMITMENTS AND CONTINGENCIES (Note 15) | | | | | |
Redeemable noncontrolling interest — Common Unit limited partners | | 3,624,670 | | | 3,157,807 | | |
EQUITY: | | | | | |
Class A Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 59,712,487 and 57,096,538 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | | 6 | | | 6 | | |
Class C Common Stock: $0.0001 par, 1,500,000,000 shares authorized, 93,942,788 and 94,089,038 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | | 9 | | | 9 | | |
Additional paid-in capital | | — | | | 192,678 | | |
Accumulated deficit | | (973,451) | | | (723,516) | | |
| | | | | |
Total equity | | (973,436) | | | (530,823) | | |
Total liabilities, noncontrolling interest, and equity | | $ | 6,447,584 | | | $ | 6,496,873 | | |
(1)Includes amounts of $11.4 million and $15.8 million associated with related parties as of March 31, 2024 and December 31, 2023, respectively.
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
KINETIK HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
Net income including noncontrolling interests | | $ | 35,407 | | | $ | 4,299 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization expense | | 73,606 | | | 68,854 | |
Amortization of deferred financing costs | | 1,699 | | | 1,521 | |
Amortization of contract costs | | 1,655 | | | 1,655 | |
| | | | |
Distributions from unconsolidated affiliates | | 77,213 | | | 67,764 | |
Derivatives settlement | | 3,754 | | | 974 | |
Derivative fair value adjustment | | 1,957 | | | 11,770 | |
Warrants fair value adjustment | | — | | | (44) | |
| | | | |
Loss on disposal of assets | | 4,166 | | | 102 | |
Equity in earnings from unconsolidated affiliates | | (60,469) | | | (46,464) | |
| | | | |
Share-based compensation | | 22,561 | | | 17,540 | |
Deferred income taxes | | 3,660 | | | 363 | |
| | | | |
Changes in operating assets and liabilities: | | | | |
Accounts receivable | | 5,843 | | | 5,008 | |
Other assets | | 1,865 | | | (2,206) | |
Accounts payable | | (20,982) | | | (3,175) | |
Accrued liabilities | | 1,756 | | | (10,679) | |
Other non-current liabilities | | 11 | | | 1,677 | |
Operating leases | | 3 | | | 632 | |
Net cash provided by operating activities | | 153,705 | | | 119,591 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
Property, plant and equipment expenditures | | (57,975) | | | (58,862) | |
Intangible assets expenditures | | (2,223) | | | (9,755) | |
Investments in unconsolidated affiliates | | (3,273) | | | (58,658) | |
Distributions from unconsolidated affiliate | | 1,240 | | | 5,793 | |
Cash proceeds from disposals | | 251 | | | 14 | |
Net cash paid for acquisitions | | — | | | (125,000) | |
Net cash used in investing activities | | (61,980) | | | (246,468) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
| | | | |
| | | | |
Payments on debt issuance cost | | (11) | | | — | |
Proceeds from revolver | | 44,000 | | | 267,000 | |
Payments on revolver | | (91,000) | | | (125,000) | |
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| | | | |
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Cash dividends paid to Class A Common Stock shareholders | | (38,747) | | | (16,927) | |
Distributions paid to Class C Common Unit limited partners | | (721) | | | (174) | |
| | | | |
Repurchase of Class A Common Stock | | — | | | (2,432) | |
Net cash (used in) provided by financing activities | | (86,479) | | | 122,467 | |
Net change in cash | | 5,246 | | | (4,410) | |
CASH, BEGINNING OF PERIOD | | 4,510 | | | 6,394 | |
CASH, END OF PERIOD | | $ | 9,756 | | | $ | 1,984 | |
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES | | | | |
Cash paid for interest, net of amounts capitalized | | $ | 57,095 | | | $ | 36,745 | |
Property and equipment and intangible accruals in accounts payable and accrued liabilities | | $ | 20,564 | | | $ | 32,715 | |
Class A Common Stock issued through dividend and distribution reinvestment plan | | $ | 74,247 | | | $ | 87,658 | |
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The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
KINETIK HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS
(Unaudited)
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| | Redeemable Noncontrolling Interest — Common Unit Limited Partners | | | Class A Common Stock | | Class C Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Treasury Stock | | Total Equity |
| | | | | Shares | | Amount | | Shares | | Amount | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | (In thousands) |
Balance at December 31, 2022 | | $ | 3,112,409 | | | | 45,679 | | | $ | 5 | | | 94,270 | | | $ | 9 | | | $ | 118,840 | | | $ | (958,629) | | | $ | — | | | $ | (839,775) | |
Redemption of Common Units | | (5,634) | | | | 181 | | | — | | | (181) | | | — | | | 5,634 | | | — | | | — | | | 5,634 | |
Issuance of common stock through dividend and distribution reinvestment plan | | — | | | | 3,071 | | | — | | | — | | | — | | | 87,658 | | | — | | | — | | | 87,658 | |
Repurchase of Class A Common Stock | | — | | | | (82) | | | — | | | — | | | — | | | — | | | — | | | (2,432) | | | (2,432) | |
Share-based compensation | | — | | | | | | — | | | — | | | — | | | 17,540 | | | — | | | — | | | 17,540 | |
Net income | | 2,863 | | | | 205 | | | — | | | — | | | — | | | — | | | 1,436 | | | — | | | 1,436 | |
Change in redemption value of noncontrolling interests | | (128,211) | | | | — | | | — | | | — | | | — | | | — | | | 128,211 | | | — | | | 128,211 | |
Distributions paid to Common Unit limited partners | | (70,566) | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Dividends on Class A Common Stock ($0.75 per share) | | — | | | | — | | | — | | | — | | | — | | | — | | | (34,470) | | | — | | | (34,470) | |
Balance at March 31, 2023 | | $ | 2,910,861 | | | | 49,054 | | | $ | 5 | | | 94,089 | | | $ | 9 | | | $ | 229,672 | | | $ | (863,452) | | | $ | (2,432) | | | $ | (636,198) | |
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Balance at December 31, 2023 | | $ | 3,157,807 | | | | 57,097 | | | $ | 6 | | | 94,089 | | | $ | 9 | | | $ | 192,678 | | | $ | (723,516) | | | $ | — | | | $ | (530,823) | |
Redemption of Common Units | | (5,060) | | | | 146 | | | — | | | (146) | | | — | | | 5,060 | | | — | | | — | | | 5,060 | |
Issuance of common stock through dividend and distribution reinvestment plan | | — | | | | 2,179 | | | — | | | — | | | — | | | 74,247 | | | — | | | — | | | 74,247 | |
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Share-based compensation | | — | | | | 290 | | | — | | | — | | | — | | | 22,561 | | | — | | | — | | | 22,561 | |
Net income | | 23,857 | | | | — | | | — | | | — | | | — | | | — | | | 11,550 | | | — | | | 11,550 | |
Change in redemption value of noncontrolling interests | | 518,581 | | | | — | | | — | | | — | | | — | | | (300,296) | | | (218,285) | | | — | | | (518,581) | |
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Recognition of deferred tax asset | | — | | | | — | | | — | | | — | | | — | | | 5,750 | | | — | | | — | | | 5,750 | |
Distribution paid to Common Unit limited partners | | (70,515) | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Dividends on Class A Common Stock ($0.75 per share) | | — | | | | — | | | — | | | — | | | — | | | — | | | (43,200) | | | — | | | (43,200) | |
Balance at March 31, 2024 | | $ | 3,624,670 | | | | 59,712 | | | $ | 6 | | | 93,943 | | | $ | 9 | | | $ | — | | | $ | (973,451) | | | $ | — | | | $ | (973,436) | |
The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.
KINETIK HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
These Condensed Consolidated Financial Statements have been prepared by Kinetik Holdings Inc. (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for interim periods, on a basis consistent with the annual audited financial statements, with the exception of recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with the Company’s audited financial statements and related notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2024.
1. DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The Company is a holding company, whose only significant assets are ownership of the non-economic general partner interest and an approximate 39% limited partner interest in Kinetik Holdings LP, a Delaware limited partnership (the “Partnership”). As the owner of the non-economic general partner interest in the Partnership, the Company is responsible for all operational, management and administrative decisions related to, and consolidates the results of, the Partnership and its subsidiaries.
The Company provides comprehensive gathering, produced water disposal, transportation, compression, processing and treating services necessary to bring natural gas, NGLs and crude oil to market. Additionally, the Company owns equity interests in four separate Permian Basin pipeline entities that have access to various markets along the U.S. Gulf Coast.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Certain reclassifications of prior year balances have been made to conform such amounts to the current year’s presentation. These reclassifications have no impact on net income. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year; accordingly, you should read these Condensed Consolidated Financial Statements in conjunction with our consolidated financial statements and related notes included in our 2023 Annual Report on Form 10-K. All intercompany balances and transactions have been eliminated in consolidation.
Significant Accounting Policies
The accounting policies that we follow are set forth in Note 2 – Summary of Significant Accounting Policies of the Notes to consolidated financial statements in our Annual Report on Form 10-K. There were no significant updates or revisions to our accounting policies during the three months ended March 31, 2024.
Transactions with related parties
The Company has revenue contracts and incurs cost of sales and operating expenses with Apache Midstream LLC (“Apache”), which owned more than 5% of the Company’s common stock prior to its secondary offerings completed in December 2023 and March 2024. Pursuant to FASB ASC 850, Related Party Transactions, Apache was no longer a related party after the completion of its secondary offering in December 2023 as its owned less than 10% of the Company’s common stock. Pursuant to Regulation S-K, Item 404(a), Apache ceased to be a related party as of March 18, 2024 as it no longer owned any of the Company’s common stock. In 2024, for the period ended March 18, 2024, revenue from Apache was $17.2 million, cost of sales was $9.4 million and operating expenses were $0.2 million. In 2023, for the three months ended March 31, 2023, revenue from Apache was $25.8 million, cost of sales was $17.8 million and operating expenses were $0.3 million.
In addition, the Company incurs cost of sales with two of its equity method investment (“EMI”) pipeline entities, Permian Highway Pipeline LLC (“PHP”) and Breviloba, LLC (“Breviloba”). The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on the Shin Oak NGL Pipeline (“Shin Oak”). For each of the three months ended March 31, 2024 and 2023, the Company recorded cost of sales of $13.9 million and $1.9 million, respectively, with these affiliates.
2. BUSINESS COMBINATIONS
As of March 31, 2024, our allocation of purchase price for acquisitions made during 2023 are detailed below:
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| | Acquisition Date | | Acquisition | | Considerations Transferred | | Current Assets | | Property Plant & Equipment | | Intangible Assets | | Other Long Term Assets | | Goodwill | | Liabilities | | Noncontrolling Interest |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | (In thousands) |
(1) | | Q1 2023 | | Midstream Infrastructure Assets and Incentive and Acceleration Agreement(a) | | $ | 125,000 | | | $ | 4,736 | | | $ | 61,850 | | | $ | 3,150 | | | $ | 55,264 | | | $ | — | | | $ | — | | | $ | — | |
(a)Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement.
Midstream Infrastructure Assets
In the first quarter of 2023, the Partnership closed on a purchase and sale agreement for certain midstream assets for $65.0 million together with a new 20-year midstream service agreement. Midstream assets acquired consisted of water gathering and disposal assets and intangible right-of-way assets. As the net book value of the acquired assets were approximate to their fair market value, consideration was allocated to property, plant and equipment and intangibles based on the ratio of historical long-lived assets and intangible assets acquired. In addition, the Partnership entered into an incentive and acceleration agreement related to near term supplemental development activities on acreage dedicated for midstream services to affiliates of the Partnership. Such development activities began in October 2023 and are subject to semi-annual performance milestones and subject to refund with consequential monetary penalty if not satisfied. Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition. These transactions were accounted for as a business combination in accordance with ASC 805, and the measurement period ended on December 31, 2023. Acquisition-related costs were immaterial for this transaction. Acquired net assets from this business combination were included in the Midstream Logistic segment.
3. REVENUE RECOGNITION
Disaggregation of Revenue
The following table presents a disaggregation of the Company’s revenue:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | | | |
| | | | | | | | |
| | (In thousands) |
Gathering and processing services | | $ | 102,195 | | | $ | 103,425 | | | | | |
Natural gas, NGLs and condensate sales | | 236,567 | | | 173,824 | | | | | |
Other revenue | | 2,632 | | | 3,791 | | | | | |
Total revenues | | $ | 341,394 | | | $ | 281,040 | | | | | |
There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2024. The Company recognized revenues from MVC deficiency payments of nil and $1.1 million for the three months ended March 31, 2024 and 2023, respectively.
Remaining Performance Obligations
The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of March 31, 2024:
| | | | | | | | |
| | Amount |
| | |
Fiscal Year | | (In thousands) |
Remaining of 2024 | | $ | 44,181 | |
2025 | | 69,099 | |
2026 | | 64,789 | |
2027 | | 64,105 | |
2028 | | 63,012 | |
Thereafter | | 203,692 | |
| | $ | 508,878 | |
| | |
Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs.
Contract Liabilities
The following table provides information about contract liabilities from contracts with customers as of March 31, 2024:
| | | | | | | | |
| | Amount |
| | |
| | (In thousands) |
Balance at December 31, 2023 | | $ | 32,238 | |
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied | | (1,614) | |
Cash received in advance and not recognized as revenue | | 514 | |
Balance at March 31, 2024 | | 31,138 | |
Less: Current portion | | 6,301 | |
Non-current portion | | $ | 24,837 | |
Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets.
Contract Cost Assets
The Company has capitalized certain costs incurred to obtain a contract or additional contract dedicated acreage or volumes that would not have been incurred if the contract or associated acreage and volumes had not been obtained. As of March 31, 2024 and December 31, 2023, the Company had contract acquisition cost assets of $69.5 million and $71.2 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts. The Company recognized cost of sales associated with these assets of $1.7 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively.
4. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at carrying value, is as follows:
| | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Gathering, processing, and transmission systems and facilities | | $ | 3,300,290 | | | $ | 3,253,539 | |
Vehicles | | 12,642 | | | 11,447 |
Computers and equipment | | 7,324 | | | 6,242 |
Less: accumulated depreciation | | (666,838) | | | (626,223) | |
Total depreciable assets, net | | 2,653,418 | | | 2,645,005 | |
Construction in progress | | 68,816 | | | 74,369 |
Land | | 25,249 | | | 23,853 | |
Total property, plant, and equipment, net | | $ | 2,747,483 | | | $ | 2,743,227 | |
The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded $42.9 million and $38.4 million of depreciation expense for the three months ended March 31, 2024 and 2023, respectively. There were no impairment triggering events for property, plant and equipment during the three months ended March 31, 2024 and 2023.
5. INTANGIBLE ASSETS, NET
Intangible assets, net, are comprised of the following:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Customer contracts | | $ | 1,139,633 | | | $ | 1,139,665 | |
Right of way assets | | 143,653 | | | 141,711 | |
Less accumulated amortization | | (720,449) | | | (689,706) | |
Total amortizable intangible assets, net | | $ | 562,837 | | | $ | 591,670 | |
The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which ranged from one to twenty years. Right-of-way assets relate primarily to underground pipeline easements which have a useful life of ten years and are amortized using the straight-line method. The right of way agreements are typically for an initial term of ten years with an option to renew for an additional ten years at agreed upon renewal rates based on certain indices or up to 130% of the original consideration paid.
On March 31, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 6.81 years and 6.45 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of March 31, 2024 was approximately 6.76 years.
The Company recorded $30.7 million and $30.5 million of amortization expense for the three months ended March 31, 2024 and 2023, respectively. There was no impairment recognized on intangible assets for the three months ended March 31, 2024 or 2023.
6. EQUITY METHOD INVESTMENTS
As of March 31, 2024, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline. The table below presents the ownership percentages and investment balances held by the Company for each entity:
| | | | | | | | | | | | | | | | | | | | |
| | | | March 31, | | December 31, |
| | Ownership(1) | | 2024 | | 2023 |
| | | | | | |
| | | | (In thousands) |
PHP | | 55.5% | | $ | 1,654,920 | | | $ | 1,666,254 | |
Breviloba | | 33.0% | | 440,869 | | | 443,684 | |
Gulf Coast Express Pipeline LLC (“GCX”) | | 16.0% | | 430,489 | | | 431,051 | |
| | | | $ | 2,526,278 | | | $ | 2,540,989 | |
(1)As of March 31, 2024 the Company also owned 15.0% of Epic Crude Holdings, LP (“EPIC”).
The unamortized basis differences included in the EMI pipeline balances were $345.9 million and $349.3 million as of March 31, 2024 and December 31, 2023, respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets, which ranged from 20 years to 32 years as determined at the Closing of the ALTM business combination. There was capitalized interest of $24.5 million and $24.7 million as of March 31, 2024 and December 31, 2023, respectively. Capitalized interest is amortized on a straight-line basis into equity income.
The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | | | Total |
| | |
| | | | | | | | | | |
| | (In thousands) |
Balance at December 31, 2023 | $ | 1,666,254 | | | $ | 443,684 | | | $ | 431,051 | | | | | $ | 2,540,989 | |
| | | | | | | | | |
Contributions | 3,273 | | | — | | | — | | | | | 3,273 | |
Distributions(1) | (58,375) | | | (10,485) | | | (9,593) | | | | | (78,453) | |
| | | | | | | | | |
Equity income, net(2) | 43,768 | | | 7,670 | | | 9,031 | | | | | 60,469 | |
Balance at March 31, 2024 | $ | 1,654,920 | | | $ | 440,869 | | | $ | 430,489 | | | | | $ | 2,526,278 | |
(1)Distributions consisted of distributions from returns on investment of $77.2 million, which was included in cash flows from operating activities and distributions from returns of investment of $1.2 million, which was included in cash flows from investing activities.
(2)For the three months ended March 31, 2024, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC and $1.6 million from GCX.
Summarized Financial Information
The following table represents selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC |
| | | | | | |
| | | | | | | | | | | | |
| | (In thousands) |
Revenues | | $ | 126,215 | | | $ | 50,958 | | | $ | 91,001 | | | $ | 92,840 | | | $ | 45,901 | | | $ | 89,748 | |
Operating income | | 80,567 | | | 25,420 | | | 66,580 | | | 56,805 | | | 21,949 | | | 65,216 | |
Net income | | 80,159 | | | 25,552 | | | 66,429 | | | 59,691 | | | 22,211 | | | 71,091 | |
7. DEBT AND FINANCING COSTS
The following table summarizes the Company’s debt obligations as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Unsecured term loan | | $ | 1,200,000 | | | $ | 1,200,000 | |
$1.00 billion 2030 senior unsecured notes | | 1,000,000 | | | 1,000,000 | |
$0.80 billion 2028 senior unsecured notes | | 800,000 | | | 800,000 | |
$1.25 billion revolving line of credit | | 547,000 | | | 594,000 | |
| | | | |
Total long-term debt | | 3,547,000 | | | 3,594,000 | |
Debt issuance costs, net(1) | | (30,241) | | | (31,510) | |
Unamortized debt premiums and discounts, net | | 356 | | | 319 | |
Total long-term debt, net | | $ | 3,517,115 | | | $ | 3,562,809 | |
| | | | |
| | | | |
(1)Excludes unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.0 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
The table below presents the components of the Company’s financing costs, net of capitalized interest:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | | | |
| | | | | | | | |
| | (In thousands) |
Capitalized interest | | $ | (944) | | | $ | (2,233) | | | | | |
Debt issuance costs | | 1,699 | | | 1,521 | | | | | |
Interest expense | | 46,712 | | | 70,020 | | | | | |
Total financing costs, net of capitalized interest | | $ | 47,467 | | | $ | 69,308 | | | | | |
As of March 31, 2024 and December 31, 2023, unamortized debt issuance costs associated with the 5.875% Sustainability-Linked Senior Notes due 2030 (the “2030 Notes”), the 6.625% Sustainability-Linked Senior Notes due 2028 (the “2028 Notes”) and the unsecured term loan were $30.2 million and $31.5 million, respectively, and unamortized debt premiums and discount, net, associated with the 2028 Notes and the unsecured term loan were $0.4 million and $0.3 million, respectively.
Compliance with our Covenants
Both the revolving credit agreement with Bank of America, N.A. as administrative agent, and the term loan credit agreement with PNC Bank as administrative agent (the “Term Loan Credit Facility”), contain customary covenants and restrictive provisions which may, among other things, limit the Partnership’s ability to create liens, incur additional indebtedness and make restricted payments and the Partnership’s ability to liquidate, dissolve, consolidate with or merge into or with any other person. The 2030 Notes and the 2028 Notes also contain covenants and restrictive provisions, which may, among other things, limit the Partnership’s and its subsidiaries’ ability to create liens to secure indebtedness.
As of March 31, 2024, the Partnership was in compliance with all customary and financial covenants.
Letters of Credit
Our $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) scheduled to mature on or before June 8, 2027 can be used for letters of credit. Our obligations with respect to related letters of credit totaled $12.6 million as of March 31, 2024 and December 31, 2023, respectively.
Fair Value of Financial Instruments
The fair value of the Company and its subsidiaries’ consolidated debt as of March 31, 2024 and December 31, 2023 was $3.53 billion and $3.57 billion, respectively. On March 31, 2024, the senior unsecured notes’ fair value was based on Level 1 inputs and the Term Loan and Revolving Credit Facility and revolving line of credit’s fair value was based on Level 3 inputs.
8. ACCRUED EXPENSES
The following table provides detail of the Company’s current accrued expenses on March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Accrued product purchases | | $ | 100,087 | | | $ | 109,172 | |
Accrued taxes | | 6,528 | | | 632 | |
Accrued salaries, vacation, and related benefits | | 3,848 | | | 1,872 | |
Accrued capital expenditures | | 8,371 | | | 18,534 | |
Accrued interest | | 35,746 | | | 33,760 | |
Accrued other expenses | | 15,495 | | | 13,451 | |
Total accrued expenses | | $ | 170,075 | | | $ | 177,421 | |
Accrued product purchases mainly accrue the liabilities related to producer payments and any additional business-related miscellaneous fees we owe to third parties, such as transport or capacity fees as of March 31, 2024.
9. EQUITY
Redeemable Noncontrolling Interest — Common Unit Limited Partners
The redemption option of the Common Unit is not legally detachable or separately exercisable from the instrument and is non-transferable; the Common Unit is redeemable at the option of the holder. Therefore, the Common Unit is accounted for as redeemable noncontrolling interest and classified as temporary equity on the Company’s Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024, 146,250 common units were redeemed on a one-for-one basis for shares of Class A Common Stock and a corresponding number of shares of Class C Common Stock were cancelled. There were 93.9 million Common Units and an equal number of Class C Common Stock issued and outstanding as of March 31, 2024. The Common Units fair value was approximately $3.62 billion as of March 31, 2024.
Common Stock
As of March 31, 2024, there were 59.7 million and 93.9 million shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”).
Share Repurchase Program
During the quarter ended March 31, 2024, the Company did not repurchase any of its Class A Common Stock under the Repurchase Program.
Dividend
On February 22, 2022, the Company entered into a Dividend and Distribution Reinvestment Agreement (the “Reinvestment Agreement”) with certain stockholders including BCP Raptor Aggregator, LP, BX Permian Pipeline Aggregator, LP, Buzzard Midstream LLC, APA Corporation, Apache, and certain individuals (each, a “Reinvestment Holder”). Under the Reinvestment Agreement, each Reinvestment Holder was obligated to reinvest a specified percent of distributions on Common Units or dividends on shares of Class A Common Stock in the Company’s Class A Common Stock. The Reinvestment Agreement terminated automatically on March 8, 2024. As described in these Condensed Consolidated Financial Statements, as the context requires, dividends paid to holders of Class A Common Stock and distributions paid to holders of Common Units may be referred to collectively as “dividends.”
On March 7, 2024, the Company made cash dividend payments of $39.5 million to holders of Class A Common Stock and Common Units and $74.2 million was reinvested in shares of Class A Common Stock by Reinvestment Holders.
10. FAIR VALUE MEASUREMENTS
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2024 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | |
| | (In thousands) |
Commodity swap | | $ | — | | | $ | 1,716 | | | $ | — | | | $ | 1,716 | |
Interest rate derivatives | | — | | | 8,682 | | | — | | | 8,682 | |
Total assets | | $ | — | | | $ | 10,398 | | | $ | — | | | $ | 10,398 | |
| | | | | | | | |
Commodity swaps | | $ | — | | | $ | 14,889 | | | $ | — | | | $ | 14,889 | |
Interest rate derivatives | | — | | | 340 | | | — | | | 340 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total liabilities | | $ | — | | | $ | 15,229 | | | $ | — | | | $ | 15,229 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | |
| | (In thousands) |
Commodity swap | | $ | — | | | $ | 3,663 | | | $ | — | | | $ | 3,663 | |
Interest rate derivatives | | — | | | 4,314 | | | — | | | 4,314 | |
Total assets | | $ | — | | | $ | 7,977 | | | $ | — | | | $ | 7,977 | |
| | | | | | | | |
Commodity swaps | | $ | — | | | $ | 1,749 | | | $ | — | | | $ | 1,749 | |
Interest rate derivatives | | — | | | 5,348 | | | — | | | 5,348 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total liabilities | | $ | — | | | $ | 7,097 | | | $ | — | | | $ | 7,097 | |
Our derivative contracts consist of interest rate swaps and commodity swaps or collars. Valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to commodity and interest rate derivatives. Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Financial Statements for further information. The carrying amounts reported on the Condensed Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the three months ended March 31, 2024 and 2023.
11. DERIVATIVES AND HEDGING ACTIVITIES
The Company is exposed to certain risks arising from both its business operations and economic conditions, and it enters into certain derivative contracts to manage exposure to these risks. To minimize counterparty credit risk in derivative instruments, the Company enters into transactions with high credit-rating counterparties. The Company did not elect to apply hedge accounting to these derivative contracts and recorded the fair value of the derivatives on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
Interest Rate Risk
The Company manages market risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and by using derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates.
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract.
As of March 31, 2024, the Company had two interest rate swap contracts with total notional amounts of $1.70 billion maturing on May 31, 2025 that pay a fixed rate ranging from 4.38% to 4.48% for the respective notional amounts. The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Derivatives assets - current | | $ | 8,682 | | | $ | 4,314 | |
| | | | |
Total derivative assets | | $ | 8,682 | | | $ | 4,314 | |
| | | | |
| | | | |
Derivatives liabilities - noncurrent | | $ | 340 | | | $ | 5,348 | |
Total derivative liabilities | | $ | 340 | | | $ | 5,348 | |
The Company recorded cash settlements and change in fair value of the interest rate swap contracts in “Interest expense” of the Condensed Consolidated Statements of Operations. The following table presents interest rate derivative activities for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Cash settlements | | $ | 3,952 | | | $ | — | |
Favorable (unfavorable) fair value adjustment | | $ | 13,329 | | | $ | (17,190) | |
| | | | |
Commodity Price Risk
The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs. A portion of the Company’s revenue is directly tied to local natural gas, natural gas liquids and condensate prices in the Permian Basin and the U.S. Gulf Coast. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. Management regularly reviews the Company’s potential exposure to commodity price risk and manages exposure of such risk through commodity hedge contracts.
During the past twelve months, the Company entered into multiple commodity swap and collar contracts based on the OPIS NGL Mont Belvieu prices for ethane, propane and butane, the Waha Basis index, the HSC index and the NYMEX West Texas Intermediate Control index. These contracts are on various notional quantities of NGLs, natural gas and crude. Similarly, the Company has entered into various natural gas and crude basis spread swaps. These contracts are effective over the next 1 to 26 months and are used to hedge against location price risk of the respective commodity resulting from supply and demand volatility and protect cash flows against price fluctuations.
The following table presents detailed information of commodity swaps outstanding as of March 31, 2024 (in thousands, except volumes):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | March 31, 2024 |
Commodity | | | | | | Unit | | Volume | | Net Fair Value |
Natural Gas | | | | | | MMBtus | | 6,225,000 | | | $ | (4,224) | |
NGL | | | | | | Gallons | | 191,058,000 | | | (2,078) | |
Crude | | | | | | Bbl | | 201,500 | | | (1,023) | |
Crude Collars | | | | | | Bbl | | 73,200 | | | (376) | |
Crude Basis Spread Swaps | | | | | | Bbl | | 95,600 | | | (36) | |
Natural Gas Basis Spread Swaps | | | | | | MMBtus | | 27,565,000 | | | (5,436) | |
| | | | | | | | | | $ | (13,173) | |
The fair value or settlement value of the swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. The following table presents the fair value of derivative assets and liabilities related to commodity swaps:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Derivatives assets - current | | $ | 1,582 | | | $ | 3,498 | |
Derivative assets - noncurrent | | 134 | | | 165 | |
Total derivative assets | | $ | 1,716 | | | $ | 3,663 | |
| | | | |
Derivative liabilities - current | | $ | 14,811 | | | $ | 1,734 | |
Derivatives liabilities - noncurrent | | 78 | | | 15 | |
Total derivative liabilities | | $ | 14,889 | | | $ | 1,749 | |
The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” of the Consolidated Statements of Operations. The following table presents commodity derivative activities for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Cash settlements | | $ | (198) | | | $ | 974 | |
(Unfavorable) favorable fair value adjustment | | $ | (15,286) | | | $ | 5,420 | |
12. SHARE-BASED COMPENSATION
The Company has granted various Class A and Class C Shares, restricted stock units (“RSUs”) and performance stock units (“PSUs”) to members of the Board of Directors ( the “Board”) and employees under the Kinetik Holdings Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”).
Class A Shares and Class C Shares
The Class A Shares and Class C Shares were granted at the Closing of the Altus Midstream Company (“ALTM”) business combination upon conversion of previously outstanding incentive units. These shares were held in escrow and will vest over three to four years. These units are recorded at grant-date fair value, which was determined to be fair value on the closing date of the business combination, and compensation expense is recognized on a straight‑line basis over the vesting period within “General and Administrative Expenses” of the Condensed Consolidated Statements of Operations in accordance with FASB ASC 718, Compensation - Stock Compensation. Forfeitures are recognized as they occur. In addition, upon the Closing of the ALTM business combination, 395,416 performance Class A awards were granted that will vest over a four year service period and upon certain shareholder’s selling of the Company’s Class A Common Stock at defined return levels. As the performance outcome is not estimable, no compensation expense is recorded for these performance awards for the three months ended March 31, 2024 and 2023.
The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2024:
| | | | | | | | | | | | | | |
| | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit |
Outstanding and unvested shares at December 31, 2023 | | 5,444,488 | | | $ | 28.91 | |
| | | | |
Vested | | 16,404 | | | 31.18 | |
Forfeited | | 796 | | | 31.18 | |
Outstanding and unvested shares at March 31, 2024 | | 5,427,288 | | | $ | 28.90 | |
Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Aggregate intrinsic value of vested Class A Shares | | $ | 654 | | | $ | — | |
Grant-date fair value of vested Class A Shares | | $ | 511 | | | $ | — | |
No vesting or forfeiture occurred for Class C Shares for the three months ended March 31, 2024. No vesting or forfeiture occurred for Class A or Class C Shares for the three months ended March 31, 2023. As of March 31, 2024, there were $61.6 million of unrecognized compensation costs related to unvested Class A Shares and Class C Shares. These costs are expected to be recognized over a weighted average period of 1.55 years.
Restricted Stock Units
Certain RSUs were granted in the first quarter of 2024 to certain executives and employees under the 2019 Plan. Granted RSUs are subject to various service vesting requirements and may be settled only for shares of Class A Common Stock on a one-for-one basis contingent upon continued employment. RSUs are recorded at grant-date fair value and compensation expense is recognized on a straight‑line or graded straight-line basis over the vesting period within “General and Administrative Expenses.”
The table below summarizes RSU activities for the three months ended March 31, 2024:
| | | | | | | | | | | | | | |
| | Number of Shares(1) | | Weighted Avg Grant-Date Fair Market Value Per Unit(1) |
Outstanding and unvested shares at December 31, 2023 | | 435,220 | | | $ | 31.15 | |
Granted | | 585,340 | | | 35.17 | |
Vested | | 290,708 | | | 34.24 | |
Forfeited | | 4,039 | | | 32.44 | |
Outstanding and unvested shares at March 31, 2024 | | 725,813 | | | $ | 33.30 | |
(1)Number of shares and weighted average fair market value per share here include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards.
Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2024 and 2023.
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Aggregate intrinsic value of vested RSUs | | $ | 10,148 | | | $ | 6,700 | |
Grant-date fair value of vested RSUs | | $ | 9,954 | | | $ | 6,188 | |
As of March 31, 2024, there were $18.5 million of unrecognized compensation costs related to the RSUs. These costs are expected to be recognized over a weighted average period of 2.03 years.
Performance Stock Units
The Company granted PSUs pursuant to the 2019 Plan to certain of its employees and executives in the first quarter of 2024. These PSUs vest and become earned upon the achievement of certain performance goals based on the Company’s annualized absolute total stockholder return and the Company’s relative total stockholder return as compared to the performance peer group during the performance period, if the PSUs holders also satisfy the continued employment requirement during the performance period. Depending on the results achieved during the three-year performance period, the actual number of Class A Common Stock that a holder of the PSUs earns at the end of the performance period may range from 0% to 200% of the target number of PSUs granted. The fair value of the PSUs is determined using a Monte Carlo simulation at the grant date. The Company recognized compensation expense for PSUs on a straight-line basis over the performance period. Any PSU not earned at the end of the performance period will be forfeited.
The table below summarizes PSU activities for the three months ended March 31, 2024:
| | | | | | | | | | | | | | |
| | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit |
| | | | |
Granted in 2024 | | 198,703 | | | $ | 36.76 | |
| | | | |
| | | | |
Outstanding and unvested shares at March 31, 2024 | | 198,703 | | | $ | 36.76 | |
No vesting or forfeiture occurred for PSUs for the three months ended March 31, 2024.
The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on grant date:
| | | | | | | | |
| | March 2024 |
Grant-date fair value per unit | | $36.76 |
Beginning average price | | $32.84 |
Risk-free interest rate | | 4.21% |
Volatility factor | | 37% |
Expected term | | 2.82 years |
As of March 31, 2024, there were $7.1 million of unrecognized compensation costs related to the PSUs. These costs are expected to be recognized over a weighted average period of 2.75 years.
With respect to above Class A Shares, Class C Shares, RSUs and PSUs, the Company recorded compensation expenses of $22.6 million and $17.5 million for the three months ended March 31, 2024 and 2023, respectively.
13. INCOME TAXES
The Company is subject to U.S. federal income tax and state taxes. Income tax expense included in the condensed consolidated financial statements in this Quarterly Report on Form 10-Q is as follows:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | | | |
| | | | | | | | |
| | (In thousands) |
Income before income taxes | | $ | 39,194 | | $ | 4,715 | | | | |
Income tax expense | | $ | 3,787 | | $ | 416 | | | | |
Effective tax rate | | 9.66 | % | | 8.82 | % | | | | |
The effective tax rate for the three months ended March 31, 2024 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Unit limited partners.
14. NET INCOME PER SHARE
The computation of basic and diluted net income per share for the periods presented in the condensed consolidated financial statements is shown in the tables below:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | | | |
| | | | | | | | |
| | (In thousands, except per share amounts) |
Net income attributable to Class A common shareholders | | $ | 11,550 | | | $ | 1,436 | | | | | |
Less: Net income available to participating unvested restricted Class A common shareholders(1) | | (4,394) | | | (4,156) | | | | | |
Total net income attributable to Class A common shareholders | | $ | 7,156 | | | $ | (2,720) | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Weighted average shares outstanding - basic(2) | | 57,869 | | | 47,612 | | | | | |
Dilutive effect of unvested Class A common shares(3) | | 523 | | | 213 | | | | | |
| | | | | | | | |
| | | | | | | | |
Weighted average shares outstanding - diluted(2)(4) | | 58,392 | | | 47,825 | | | | | |
| | | | | | | | |
Net income available per common share - basic | | $ | 0.12 | | | $ | (0.06) | | | | | |
Net income available per common share - diluted | | $ | 0.12 | | | $ | (0.06) | | | | | |
(1)Represents dividends paid to unvested Class A Shares.
(2)Weighted average Class A common shares have been retrospectively restated due to bonus effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding.
(3)Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares.
(4)The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.
15. COMMITMENTS AND CONTINGENCIES
Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. As of March 31, 2024 and December 31, 2023, there were no accruals for loss contingencies.
Litigation
The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with FASB ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. There were no litigation related accrued reserves as of March 31, 2024 and December 31, 2023.
The Company has entered into litigation with a third party to collect receivables totaling $11.6 million and is waiting on settlement of $8.0 million in receivables from another counterparty related to prior litigation the Company had previously entered into and subsequently dropped. These receivables remain outstanding from the Winter Storm Uri during February of 2021. Given the counterparties’ sufficient creditworthiness and the valid claims that we hold, no allowance has currently been established for these items as we have legally enforceable agreements with these parties.
Environmental Matters
The Company is subject to various local, state, and federal laws and regulations relating to various environmental matters during the ordinary course of business. Although we believe our operations are in substantial compliance with applicable environmental laws and relations, risks of additional costs and liabilities are inherent in our operations. Moreover, changes in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly requirements could require the Company to make significant expenditures to attain and maintain compliance or may otherwise have a material adverse effect on its operations, competitive position, or financial condition. The Company is not aware of any environmental claims existing as of March 31, 2024, that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity.
Contingent Liabilities
Permian Gas Acquisition
As part of the acquisition of Permian Gas on June 11, 2019, consideration included a contingent liability arrangement with PDC Permian, Inc. (“PDC”). The arrangement requires additional monies to be paid by the Company to PDC on a per Mcf basis if the actual annual Mcf volume amounts exceed forecasted annual Mcf volume amounts starting in 2020 and continuing through 2029. The total monies paid under this arrangement are capped at $60.5 million and are payable on an annual basis over the earn-out period. PDC’s actual annual Mcf volume did not exceed the incentive forecast volume during the past four years, and is not expected to over the next six years; therefore, the estimated fair value of the contingent consideration liability was nil as of March 31, 2024 and December 31, 2023.
16. SEGMENTS
Our two operating segments represent the Company’s segments for which discrete financial information is available and is utilized on a regular basis by our CODM to make key operating decisions, assess performance and allocate resources. These segments represent strategic business units with differing products and services. No operating segments have been aggregated to form the reportable segments. Therefore, our two operating segments represent our reportable segments. The activities of each of our reportable segments from which the Company earns revenues and incurs expenses are described below:
•Midstream Logistics: The Midstream Logistics segment operates under three streams, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal.
•Pipeline Transportation: The Pipeline Transportation segment consists of equity investment interests in four Permian Basin pipelines that access various points along the U.S. Gulf Coast, as well as Kinetik NGL and Delaware Link Pipelines. The current operating pipelines transport crude oil, natural gas and NGLs.
Our Chief Executive Officer, who is the CODM, uses Segment Adjusted EBITDA, a non-GAAP measure, to measure profitability and allocate resources among segments. Segment Adjusted EBITDA, a non-GAAP measure, is defined as segment net earnings adjusted to exclude interest expense, income tax expense, depreciation and amortization, the proportionate effect of these same items for our EMI pipelines and other non-recurring items. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments.
The Midstream Logistics segment accounts for more than 99% of the Company’s operating revenues, cost of sales (excluding depreciation and amortization), and operating expenses and more than 93% of the ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments, which contribute approximate 92% of the segment’s Adjusted EBITDA. Corporate and Other contains the Company’s executive and administrative functions, including 86% of the Company’s General and Administrative Expenses and all of the Company’s debt service costs.
The following tables present the reconciliation of the non-GAAP measure Segment Adjusted EBITDA to the GAAP measure segment income (loss) before income taxes as of and for the three months period ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated |
| | (In thousands) |
For the Three Months Ended March 31, 2024 | | | | | | | | |
Segment income (loss) before income taxes | | $ | 50,173 | | | $ | 65,298 | | | $ | (76,277) | | | $ | 39,194 | |
Add back: | | | | | | | | |
Interest expense | | 16 | | | — | | | 47,451 | | | 47,467 | |
| | | | | | | | |
Depreciation and amortization | | 71,310 | | | 2,290 | | | 6 | | | 73,606 | |
Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | |
Proportionate EMI EBITDA | | — | | | 88,402 | | | — | | | 88,402 | |
Share-based compensation | | — | | | — | | | 22,561 | | | 22,561 | |
Loss on disposal of assets | | 4,166 | | | — | | | — | | | 4,166 | |
Commodity hedging unrealized loss | | 15,088 | | | — | | | — | | | 15,088 | |
Integration costs | | 41 | | | — | | | — | | | 41 | |
| | | | | | | | |
Other one-time costs or amortization | | 536 | | | — | | | 1,889 | | | 2,425 | |
| | | | | | | | |
Deduct: | | | | | | | | |
| | | | | | | | |
Interest income | | — | | | — | | | 577 | | | 577 | |
| | | | | | | | |
Equity income from unconsolidated affiliates | | — | | | 60,469 | | | — | | | 60,469 | |
Segment Adjusted EBITDA(2) | | $ | 142,985 | | | $ | 95,521 | | | $ | (4,947) | | | $ | 233,559 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated |
| | | | | | | | |
| | (In thousands) |
For the Three Months Ended March 31, 2023 | | | | | | | | |
Segment income (loss) before income taxes | | $ | 51,012 | | | $ | 46,432 | | | $ | (92,729) | | | $ | 4,715 | |
Add back: | | | | | | | | |
Interest expense | | 9 | | | — | | | 69,299 | | | 69,308 | |
| | | | | | | | |
Depreciation and amortization | | 68,393 | | | 455 | | | 6 | | | 68,854 | |
Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | |
Commodity hedging unrealized gain | | (4,987) | | | — | | | — | | | (4,987) | |
Proportionate EMI EBITDA | | — | | | 71,867 | | | — | | | 71,867 | |
Share-based compensation | | — | | | — | | | 17,540 | | | 17,540 | |
Loss on disposal of assets | | 102 | | | — | | | — | | | 102 | |
Integration costs | | 7 | | | — | | | 918 | | | 925 | |
Acquisition transaction costs | | 33 | | | — | | | 235 | | | 268 | |
Other one-time costs or amortization | | 3,025 | | | — | | | 723 | | | 3,748 | |
Deduct: | | | | | | | | |
Warrant valuation adjustment | | — | | | — | | | 44 | | | 44 | |
Equity income from unconsolidated affiliates | | — | | | 46,464 | | | — | | | 46,464 | |
Segment Adjusted EBITDA(2) | | $ | 119,249 | | | $ | 72,290 | | | $ | (4,052) | | | $ | 187,487 | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain General and Administrative Expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss.
(2)Segment adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition of segment adjusted EBITDA. The following tables present the revenue for the individual operating segments for the three month periods ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Midstream Logistics | | Pipeline Transportation | | Elimination | | Consolidated |
| | | | | | | | |
| | (In thousands) |
For the Three Months Ended March 31, 2024 | | | | | | | | |
Revenue | | $ | 336,688 | | | $ | 2,074 | | | $ | — | | | $ | 338,762 | |
Other revenue | | 2,630 | | | 2 | | | — | | | 2,632 | |
Intersegment revenue(1) | | — | | | 6,215 | | | (6,215) | | | — | |
Total segment operating revenue | | $ | 339,318 | | | $ | 8,291 | | | $ | (6,215) | | | $ | 341,394 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Midstream Logistics | | Pipeline Transportation | | | | Consolidated |
| | | | | | | | |
| | (In thousands) |
For the Three Months Ended March 31, 2023 | | | | | | | | |
Revenue | | $ | 276,555 | | | $ | 694 | | | | | $ | 277,249 | |
Other revenue | | 3,789 | | | 2 | | | | | 3,791 | |
Total segment operating revenue | | $ | 280,344 | | | $ | 696 | | | | | $ | 281,040 | |
(1)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation.
The following table presents total assets for each operating segment as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Midstream Logistics | | $ | 3,734,578 | | | $ | 3,772,764 | |
Pipeline Transportation(1) | | 2,686,670 | | | 2,703,588 | |
Segment total assets | | 6,421,248 | | | 6,476,352 | |
Corporate and other | | 26,336 | | | 20,521 | |
Total assets | | $ | 6,447,584 | | | $ | 6,496,873 | |
(1)Includes investment in unconsolidated affiliates of $2.53 billion and $2.54 billion as of March 31, 2024 and December 31, 2023, respectively.
17. SUBSEQUENT EVENTS
On May 9, 2024, the Company entered into a Membership Interest Purchase Agreement (the “Durango MIPA”) with Durango Midstream LLC, an affiliate of Morgan Stanley Energy Partners (the “Durango Seller”), and the Partnership, pursuant to which the Partnership has agreed to purchase all of the membership interests of Durango Permian, LLC (“Durango”) from Durango Seller for an aggregate purchase price of approximately $765.0 million (the “Durango Acquisition”), consisting of $315.0 million of cash to be paid at closing, approximately 3.8 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued at closing and approximately 7.7 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued on July 1, 2025. Durango Seller is also entitled to a $75.0 million earn out in cash contingent upon the Kings Landing gas processing complex in Eddy County, New Mexico (the “Kings Landing Project”), which is currently under construction, being placed into service (the “Kings Landing Earnout”). The Kings Landing Earnout is subject to certain adjustments for capital costs associated with the Kings Landing Project. The Durango Acquisition is expected to close in the second quarter of 2024, subject to satisfaction of customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”).
Also on May 9, 2024, the Company entered into a Purchase and Sale Agreement (the “GCX Purchase Agreement”) with GCX Pipeline, LLC, an affiliate of ArcLight Capital Partners, LLC (the “GCX Buyer”), pursuant to which the Company has agreed to sell its 16% membership interest in GCX to the GCX Buyer for a total purchase price of $540.0 million, consisting of $510.0 million of cash (subject to customary adjustments) and an additional $30.0 million earn out in cash upon final investment decision on a capacity expansion project. The transactions pursuant to the GCX Purchase Agreement are expected to close in the second quarter of 2024, subject to customary closing conditions.
On April 18, 2024, the Board declared a cash dividend of $0.75 per share on the Company’s Class A Common Stock which will be payable to stockholders of record as of April 29, 2024 on May 9, 2024. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $0.75 per Common Unit from the Partnership to the holders of Common Units, which will be payable on May 9, 2024.
On April 2, 2024, Kinetik Receivables LLC (“Kinetik Receivables”), a bankruptcy remote special purpose entity formed as a direct subsidiary of the Partnership, which is a subsidiary of the Company, entered into an accounts receivable securitization facility with an initial facility limit of $150.0 million (“A/R Facility”) which has a scheduled termination date of April 1, 2025 with renewal options. Pursuant to the terms of the A/R Facility, Kinetik Receivables acquires certain receivables from the Partnership and other subsidiaries of the Company and makes further sales of such receivables to certain purchasers. The net proceeds of the A/R Facility were used, together with cash on hand, to repay a portion of the outstanding borrowings under the existing Term Loan Credit Facility, lowering the remaining balance to $1.00 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis addresses the results of our operations for the three month period ended March 31, 2024, as compared to our results of operations for the same period in 2023. Please read the following discussion of our financial condition and results of operations in conjunction with the financial statements and notes thereto included elsewhere in this report.
Overview
We are an integrated midstream energy company in the Permian Basin providing comprehensive gathering, transportation, compression, processing and treating services. Our core capabilities include a variety of service offerings including natural gas gathering, transportation, compression, treating and processing; NGLs stabilization and transportation; produced water gathering and disposal; and crude oil gathering, stabilization, storage and transportation. Our operations are strategically located in the heart of the Delaware Basin.
Our Operations and Segments
We have two reportable segments which are strategic business units with various products and services. The Midstream Logistics segment operates under three service offerings, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal. The Pipeline Transportation segment consists of four EMI pipelines originating in the Permian Basin with various access points to the U.S. Gulf Coast, as well as Kinetik NGL and Delaware Link Pipelines. The pipelines transport crude oil, natural gas and NGLs within the Permian Basin and to the U.S. Gulf Coast.
Midstream Logistics
Gas Gathering and Processing. The Midstream Logistics segment provides gas gathering and processing services with over 1,600 miles of low and high-pressure steel pipelines located throughout the Delaware Basin. Gas processing assets are centralized at five processing complexes with total cryogenic processing capacity of approximately 2.0 Bcf/d.
Crude Oil Gathering, Stabilization and Storage Services. Crude gathering assets are centralized at the Caprock Stampede Terminal and the Pinnacle Sierra Grande Terminal. The system includes approximately 220 miles of gathering pipeline and 90,000 barrels of crude storage.
Water Gathering and Disposal. The system includes over 360 miles of gathering pipeline and approximately 580,000 barrels per day of permitted disposal capacity.
Pipeline Transportation
EMI pipelines. The Company owns the following equity interests in four EMI pipelines in the Permian Basin with access to various points along the U.S. Gulf Coast: 1) an approximate 55.5% equity interest in Permian Highway Pipeline LLC (“PHP”), which is operated by Kinder Morgan; 2) 16% equity interest in Gulf Coast Express Pipeline LLC (“GCX”), which is also operated by Kinder Morgan; 3) 33% equity interest in Breviloba, LLC, the owner of Shin Oak, which is operated by Enterprise Products Operating LLC; and 4) 15% equity interest in Epic Crude Holdings, LP (“EPIC”), which is operated by EPIC Consolidated Operations, LLC.
Kinetik NGL Pipelines. The Kinetik NGL Pipelines consist of approximately 96 miles of NGL pipelines connecting our East Toyah and Pecos complexes to Waha, including our 20-inch Dewpoint pipeline that spans 40 miles, and our 30 mile, 16-inch Brandywine Pipeline connecting to our Diamond Cryogenic complex. The Kinetik NGL pipeline system has a capacity of approximately 580 MBbl/d.
Delaware Link Pipeline. The Delaware Link Pipeline consists of approximately 40 miles of 30-inch diameter pipeline with an initial capacity of approximately 1.0 Bcf/d that provides additional transportation capacity to Waha. The project reached commercial in-service in October 2023.
Recent Developments
A/R Facility
On April 2, 2024, Kinetik Receivables LLC (“Kinetik Receivables”), a bankruptcy remote special purpose entity formed as a direct subsidiary of Kinetik Holdings LP, a Delaware limited partnership (the “Partnership”), entered into an accounts receivable securitization facility with an initial facility limit of $150 million (“A/R Facility”) which has a scheduled termination date of April 1, 2025, with renewal options. Pursuant to the terms of the A/R Facility, Kinetik Receivables acquires certain receivables from the Partnership and other subsidiaries of the Company and makes further sales of such receivables to certain purchasers. The net proceeds of the A/R Facility were used, together with cash on hand, to repay a portion of the outstanding borrowings under the existing term loan credit facility (“Term Loan Credit Facility”), lowering the remaining balance to $1.00 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026.
Secondary Offering of Common Stock
On March 13, 2024, the Company and Apache (the “Selling Stockholder”) entered into an Underwriting Agreement with Goldman Sachs & Co. LLC, as representative of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Selling Stockholder agreed to sell to the Underwriters, and the Underwriters agreed to purchase from the Selling Stockholder, subject to and upon the terms and conditions set forth therein, 13,079,871 shares of Class A Common Stock. The Company did not receive any proceeds from the sale of shares of Common Stock in the offering.
Factors Affecting Our Business
Commodity Price Volatility
There has been, and we believe there will continue to be, volatility in commodity prices and in the relationships among NGLs, crude oil and natural gas prices. As a result of uncertainty around global commodity supply and demand, the current conflict in Israel and the Gaza Strip and elsewhere in the Middle East, as well as the ongoing armed conflict in Ukraine, global oil and natural gas commodity prices continue to remain volatile. The volatility and uncertainty of natural gas, crude oil and NGL prices impact drilling, completion and other investment decisions by producers and ultimately supply to our systems. Although ongoing armed conflicts might generate commodity price upward pressure, and our operations could benefit in an environment of higher natural gas, NGLs and condensate prices, the instability of the international political environment and human and economic hardship resulting from the conflicts would have a highly uncertain impact on the U.S. economy, which in turn, might affect our business and operations adversely. Our product sales revenue is exposed to commodity price fluctuations. Therefore, commodity price decline and sustained periods of low natural gas, condensate and NGL prices could have an adverse effect on our product revenue stream. The Company continues to monitor commodity prices closely and may enter into commodity price hedges from time to time as necessary to mitigate the volatility risk. In addition, the Company, when economically appropriate, enters into fee-based arrangements that insulate the Company from commodity price volatility.
Inflation and Interest Rates
The annual rate of inflation in the United States was 3.25% in March 2024 compared to 5.0% in March 2023, as measured by the Consumer Price Index. However, the Federal Open Market Committee (“FOMC”) maintains its long-term goals of maximum employment and inflation at the rate of 2.00%. In support of these goals, the FOMC maintained the target range for the federal funds rate to 5.25% - 5.50% during its meeting in March 2024. During the meeting, the FOMC noted the economic outlook is uncertain and the FOMC remains highly attentive to inflation risk. It does not expect to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2.00%. Elevated interest rates beyond the term of our hedges will increase our financing costs and could have a negative impact on the Company’s ability to meet its contractual debt obligations and to fund its operating expenses, capital expenditures, dividends and distributions.
Results of Operations
The following table presents the Company’s results of operations for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | % Change | | | | | | |
| | | | | | | | | | | | |
| | (In thousands, except percentages) |
Revenues: | | | | | | | | | | | | |
Service revenue | | $ | 102,195 | | | $ | 103,425 | | | (1 | %) | | | | | | |
Product revenue | | 236,567 | | | 173,824 | | | 36 | % | | | | | | |
Other revenue | | 2,632 | | | 3,791 | | | (31 | %) | | | | | | |
Total operating revenues | | 341,394 | | | 281,040 | | | 21 | % | | | | | | |
Operating costs and expenses: | | | | | | | | | | | | |
Cost of sales (exclusive of depreciation and amortization)(1) | | 153,687 | | | 115,877 | | | 33 | % | | | | | | |
Operating expenses | | 43,406 | | | 35,973 | | | 21 | % | | | | | | |
Ad valorem taxes | | 6,292 | | | 5,458 | | | 15 | % | | | | | | |
General and administrative expenses | | 34,136 | | | 27,511 | | | 24 | % | | | | | | |
Depreciation and amortization expenses | | 73,606 | | | 68,854 | | | 7 | % | | | | | | |
Loss on disposal of assets | | 4,166 | | | 102 | | | NM | | | | | | |
Total operating costs and expenses | | 315,293 | | | 253,775 | | | 24 | % | | | | | | |
Operating income | | 26,101 | | | 27,265 | | | (4 | %) | | | | | | |
Other income (expense): | | | | | | | | | | | | |
Interest and other income | | 91 | | | 294 | | | (69 | %) | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Interest expense | | (47,467) | | | (69,308) | | | (32 | %) | | | | | | |
Equity in earnings of unconsolidated affiliates | | 60,469 | | | 46,464 | | | 30 | % | | | | | | |
Total other income (expense), net | | 13,093 | | | (22,550) | | | 158 | % | | | | | | |
Income before income taxes | | 39,194 | | | 4,715 | | | NM | | | | | | |
Income tax expenses | | 3,787 | | | 416 | | | NM | | | | | | |
Net income including noncontrolling interest | | $ | 35,407 | | | $ | 4,299 | | | NM | | | | | | |
(1)Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $44.5 million and $30.5 million for the three months ended March 31, 2024 and 2023, respectively for certain volumes where we act as principal.
NM - Not meaningful
Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023
Revenues
For the three months ended March 31, 2024, revenue increased $60.4 million, or 21%, to $341.4 million, compared to $281.0 million for the same period in 2023. The increase was primarily driven by higher product revenue related to increased commodity prices and increased natural gas residue volumes sold.
Service revenue
Service revenue consists of service fees paid to us by our customers for providing comprehensive gathering, treating, processing and produced water disposal services necessary to bring natural gas, NGLs and crude oil to market. Service revenue for the three months ended March 31, 2024, decreased by $1.2 million, or 1%, to $102.2 million, compared to $103.4 million for the same period in 2023. This decrease was driven by lower period over period crude gathering fees of $1.1 million. Period-over-period gathered and processed gas volumes increased by 207.0 Mcf per day, or 13% and by 204.9 Mcf per day, or 15%, respectively. However, the total gathered and processed gas volumes where we function as the agent decreased period over period causing the change in net gas gathering fees presented as revenues to be flat. Over 99% of service revenues are included in the Midstream Logistics segment.
Product revenue
Product revenue consists of commodity sales (including condensate, natural gas residue and NGLs). Product revenue for the three months ended March 31, 2024, increased by $62.7 million, or 36%, to $236.6 million, compared to $173.8 million for the same period in 2023, primarily due to increased residue gas volumes sold and higher commodity prices. Period over period natural gas residue volumes sold increased 4.4 million MMBtu, or 45% and the period over period natural gas price realized increased by $0.62 per MMBtu, or 49%. Further contributing to the quarter over quarter increased product sales, composite NGL prices increased $8.59 per barrel, or 36%, and condensate prices increased $2.93 per barrel or 4%. Partially offsetting these increases, NGL and condensate volumes sold decreased 0.2 million barrels, or 3%. Product revenues are included entirely in the Midstream Logistics segment.
Operating Costs and Expenses
Costs of sales (exclusive of depreciation and amortization)
Cost of sales (exclusive of depreciation and amortization) primarily consists of purchases of NGLs and natural gas from our producers at contracted market prices to support product sales to other third parties. For the three months ended March 31, 2024, cost of sales increased $37.8 million, or 33%, to $153.7 million, compared to $115.9 million for the same period in 2023. The increase was primarily driven by aforementioned period over period increases in commodity prices and natural gas residue volumes sold. Cost of sales (exclusive of depreciation and amortization) is included entirely in the Midstream Logistics segment.
Operating expenses
Operating expenses increased by $7.4 million, or 21%, to $43.4 million for the three months ended March 31, 2024, compared to $36.0 million for the same period in 2023. Of the total increase, $1.8 million relates to increased water gathering operating expenses, primarily associated with the assets that were acquired during the first quarter of 2023. The remaining increase relates to higher electricity, internal labor, lubricants and chemicals, and leased compression associated with the increased period over period gathered and processed gas volumes.
General and administrative expenses
General and administrative expenses increased by $6.6 million, or 24% to $34.1 million for the three months ended March 31, 2024, compared to $27.5 million for the same period in 2023. The increase was mainly driven by an increase in share-based compensation of $5.0 million due to additional incentive units granted to employees during the first quarter of 2024.
Other Income (Expense)
Interest expense
Interest expense decreased by $21.8 million, or 32%, to $47.5 million for the three months ended March 31, 2024, compared to $69.3 million for the same period in 2023. The decrease was primarily driven by realized gains and favorable valuation marks on our interest rate swaps totaling $13.3 million for the first quarter of 2024 compared to unfavorable valuation marks of $17.2 million for the same period in 2023. Refer to Note—11 Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements regarding the Company’s strategy in managing interest rate risk. This decrease was partially offset by higher period over period interest expense of $7.2 million due primarily to higher realized interest rates . Equity in earnings of unconsolidated affiliates
Income from EMI pipelines increased by $14.0 million, or 30%, to $60.5 million for the three months ended March 31, 2024, compared to $46.5 million for the same period in 2023. The increase was driven by higher profitability from the Company’s investment in PHP due to its expanded capacity that was placed into service in December 2023.
Key Performance Metrics
Adjusted EBITDA
Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for interest, taxes, depreciation and amortization, warrant valuation, loss on disposal of assets, the proportionate EBITDA from our EMI pipelines, equity income from investments recorded using the equity method, share-based compensation expense, noncash increases and decreases related to trading and hedging activities, integration and transaction costs and extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance.
We believe that Adjusted EBITDA provides a meaningful understanding of certain aspects of earnings before the impact of investing and financing charges and income taxes. Adjusted EBITDA is useful to an investor in evaluating our performance because this measure:
•is widely used by analysts, investors and competitors to measure a company’s operating performance;
•is a financial measurement that is used by rating agencies and other parties to evaluate our credit worthiness; and
•is used by our management for various purposes, including as a basis for strategic planning and forecasting.
Adjusted EBITDA is not defined in GAAP
The GAAP measure used by the Company that is most directly comparable to Adjusted EBITDA is net income including noncontrolling interests. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including noncontrolling interests or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect net income including noncontrolling interests. Adjusted EBITDA should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies in the industry, thereby diminishing its utility.
Reconciliation of non-GAAP financial measure
Company management compensates for the limitations of Adjusted EBITDA as an analytical tool by reviewing the comparable GAAP measure, understanding the differences between Adjusted EBITDA as compared to net income including noncontrolling interest, and incorporating this knowledge into its decision-making processes. Management believes that investors benefit from having access to the same financial measure that the Company uses in evaluating operating results.
The following table presents a reconciliation of the GAAP financial measure of net income including noncontrolling interest to the non-GAAP financial measure of Adjusted EBITDA.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, | | |
| | 2024 | | 2023 | | % Change | | | | | | |
| | | | | | | | | | | | |
| | (In thousands, except percentages) |
Reconciliation of net income including noncontrolling interest to Adjusted EBITDA | | | | | | | | | | |
Net income including noncontrolling interest | | $ | 35,407 | | | $ | 4,299 | | | NM | | | | | | |
Add back: | | | | | | | | | | | | |
Interest expense | | 47,467 | | | 69,308 | | | (32 | %) | | | | | | |
Income tax expense | | 3,787 | | | 416 | | | NM | | | | | | |
Depreciation and amortization | | 73,606 | | | 68,854 | | | 7 | % | | | | | | |
Amortization of contract costs | | 1,655 | | | 1,655 | | | — | % | | | | | | |
Proportionate EMI EBITDA | | 88,402 | | | 71,867 | | | 23 | % | | | | | | |
Share-based compensation | | 22,561 | | | 17,540 | | | 29 | % | | | | | | |
Loss on disposal of assets | | 4,166 | | | 102 | | | NM | | | | | | |
| | | | | | | | | | | | |
Commodity hedging unrealized loss (gain) | | 15,088 | | | (4,987) | | | NM | | | | | | |
Integration costs | | 41 | | | 925 | | | (96 | %) | | | | | | |
Transaction costs | | — | | | 268 | | | (100 | %) | | | | | | |
Other one-time cost or amortization | | 2,425 | | | 3,748 | | | (35 | %) | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Deduct: | | | | | | | | | | | | |
Interest income | | 577 | | | — | | | 100 | % | | | | | | |
Warrant valuation adjustment | | — | | | 44 | | | (100 | %) | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Equity income from EMI's | | 60,469 | | | 46,464 | | | 30 | % | | | | | | |
Adjusted EBITDA | | $ | 233,559 | | | $ | 187,487 | | | 25 | % | | | | | | |
NM - not meaningful
Adjusted EBITDA increased by $46.1 million, or 25%, to $233.6 million for the three months ended March 31, 2024, compared to $187.5 million for the same period in 2023. As discussed in the Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” to this Quarterly Report on Form 10-Q, $7.7 million of the increase was due to increased total operating revenue of $60.4 million, partially offset by increased cost of sales (exclusive of depreciation and amortization) of $37.8 million and an increase in operating expenses, ad valorem taxes and General and Administrative Expenses totaling of $14.9 million. The increase was also driven by (i) higher proportionate EMI EBITDA of $16.5 million due to expanded capacity on PHP that was placed into service in December 2023 (ii) increases in the add backs related to unrealized loss (gain) on commodity hedging activities and share-based compensation. Segment Adjusted EBITDA
Segment Adjusted EBITDA is defined as segment net earnings adjusted to exclude interest expense, income tax expense, depreciation and amortization, the proportionate effect of these same items for our equity method investments and other non-recurring items. The following table presents Segment Adjusted EBITDA for the three months ended March 31, 2024 and 2023. Also refer to Note 16—Segments in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for a reconciliation of Segment Adjusted EBITDA to net income before income taxes.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2024 | | 2023 | | % Change | | | | | | |
| | | | | | | | | | | |
| (In thousands, except percentages) |
Midstream Logistics | $ | 142,985 | | | $ | 119,249 | | | 20 | % | | | | | | |
Pipeline Transportation | 95,521 | | | 72,290 | | | 32 | % | | | | | | |
Corporate and Other(1) | (4,947) | | | (4,052) | | | 22 | % | | | | | | |
Total Segment Adjusted EBITDA | $ | 233,559 | | | $ | 187,487 | | | 25 | % | | | | | | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items.
Midstream Logistics Segment Adjusted EBITDA increased by $23.7 million, or 20%, to $143.0 million for the three months ended March 31, 2024, compared to $119.2 million for the same period in 2023. The increase was primarily due to the increased total operating revenue of $52.8 million, partially offset by increases in cost of sales (exclusive of depreciation and amortization) of $37.8 million and operating expense of $7.2 million. The reasons for the fluctuations are discussed in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” to this Quarterly Report on Form 10-Q. The increase was also driven by an increase in add back related to unrealized loss (gain) on commodity hedging activities of $20.1 million. Pipeline Transportation Segment Adjusted EBITDA increased by $23.2 million, or 32%, to $95.5 million for the three months ended March 31, 2024, compared to $72.3 million for the same period in 2023. The increase was primarily driven by higher proportionate EMI EBITDA of $16.5 million due to the expanded capacity on PHP that was placed into service in December 2023 and an increase in segment revenues of $7.6 million from the Delaware Link Pipeline that was placed into service during October 2023.
Contractual Obligations
We have contractual obligations for principal and interest payments on our 2028 Notes, 2030 Notes and Term Loan Credit Facility. See Note 7—Debt and Financing Costs in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. Under certain clauses of our transportation services agreements with third party pipelines to transport natural gas and NGLs, if we fail to ship a minimum throughput volume, then we will pay certain deficiency payments for transportation based on the volume shortfall up to the MVC amount.
Capital Resources and Liquidity
The Company’s primary use of capital since inception has been for the initial construction of gathering and processing assets, as well as acquisitions, including the EMI pipelines and associated subsequent construction costs. For 2024, the Company’s primary capital spending requirements are expected to relate to the Durango Acquisition and budgeted capital expenditures for construction and maintenance of gathering and processing assets, , the Company’s contractual debt obligations and quarterly cash dividends. In addition, the Company may repurchase its Class A Common Stock pursuant to the Share Repurchase Program from time to time.
During the three months ended March 31, 2024, the Company’s primary sources of cash were distributions from the EMI pipelines, borrowings under the Revolving Credit Facility and cash generated from operations. Based on the Company’s current financial plan, the Company believes that cash from operations and distributions from the EMI pipelines, and remaining borrowing capacity on our credit facilities will generate cash flows in excess of capital expenditures and the amount required to fund the Company’s planned quarterly dividend over the next 12 months. The Company expects to fund the cash consideration required to close the Durango Acquisition (“Closing Cash Consideration”) with proceeds from the GCX Sale. However, if the Durango Acquisition closes prior to the GCX Sale, the Company expects to fund the Closing Cash Consideration with borrowings under its revolving credit facility.
A/R Facility
On April 2, 2024, Kinetik Receivables, a bankruptcy remote special purpose entity formed as a direct subsidiary of the Partnership, entered into an A/R Facility which has a scheduled termination date of April 1, 2025 with renewal options. Pursuant to the terms of the A/R Facility, Kinetik Receivables acquires certain receivables from the Partnership and other subsidiaries of the Company and makes further sales of such receivables to certain purchasers. The net proceeds of the A/R Facility were used, together with cash on hand, to repay a portion of the outstanding borrowings under the Term Loan Credit Facility, lowering the remaining balance to $1.0 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026.
Capital Requirements and Expenditures
Our operations can be capital intensive, requiring investments to expand, upgrade, maintain or enhance existing operations and to meet environmental and operational regulations. During the three months ended March 31, 2024 and 2023, capital spending for property, plant and equipment totaled $58.0 million and $58.9 million, respectively, intangible asset purchases totaled $2.2 million and $9.8 million, respectively, and contributions to EMI totaled $3.3 million and $58.7 million, respectively. The decrease in capital spending was mainly due to the completion of the Delaware Link Pipeline and PHP expansion projects in the second half of 2023. Management believes its existing gathering, processing and transmission infrastructure capacity is capable of fulfilling its midstream contracts to service its customers.
The Company anticipates its existing capital resources will be sufficient to fund the future capital expenditures for EMI pipelines and the Company’s existing infrastructure assets over the next 12 months. For further information on EMIs, refer to Note 6—Equity Method Investments in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. Cash Flow
The following tables present cash flows from operating, investing and financing activities during the periods presented:
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (In thousands) |
Cash provided by operating activities | $ | 153,705 | | | $ | 119,591 | |
Cash used in investing activities | $ | (61,980) | | | $ | (246,468) | |
Cash (used in) provided by financing activities | $ | (86,479) | | | $ | 122,467 | |
Operating activities. Net cash provided by operating activities increased by $34.1 million for the three months ended March 31, 2024 compared with the same period in 2023. The change in the operating cash flows reflected (i) an increase in net income including noncontrolling interests of $31.1 million; (ii) an increase in net income reconciliation adjustments of $5.8 million, which was mainly driven by increases in distributions from EMIs of $9.4 million, share-based compensation of $5.0 million, loss on disposal of assets $4.1 million and depreciation and amortization expense of $4.8 million, partially offset by a decrease in net derivative activity of $7.0 million and an increase in earnings from EMIs of $14.0 million and (iii) a decrease in working capital of $2.8 million.
Investing activities. Net cash used in investing activities decreased by $184.5 million for the three months ended March 31, 2024 compared with the same period in 2023. The decrease was primarily driven by decreases in cash outflows related to the business acquisition of $125.0 million for certain midstream assets made in the first quarter of 2023 and contributions made to unconsolidated affiliates of $55.4 million, as the PHP expansion project reached commercial in service during December 2023.
Financing activities. Net cash used in financing activities was $86.5 million for the three months ended March 31, 2024, which was primarily comprised of net payments on the Partnership’s Revolving Credit Facility of $47.0 million and cash dividends of $39.5 million paid to the holders of Class A Common Stock and Common Units, compared with net cash provided by financing activities of $122.5 million for the three months ended March 31, 2023, which was primarily comprised of net proceeds from the Partnership’s Revolving Credit Facility of $142.0 million and cash dividends of $17.1 million paid to the holders of Class A Common Stock and Common Units.
Dividend and Distribution Reinvestment Agreement
On February 22, 2022, the Company entered into a Dividend and Distribution Reinvestment Agreement (the “Reinvestment Agreement”) with certain stockholders including BCP Raptor Aggregator, LP, BX Permian Pipeline Aggregator LP, Buzzard Midstream LLC, APA Corporation, Apache Midstream LLC and certain individuals (each, a “Reinvestment Holder”). Under the Reinvestment Agreement, each Reinvestment Holder is obligated to reinvest a specified percent of all distributions on Common Units or dividends on shares of Class A Common Stock in the Company’s Class A Common Stock. The Reinvestment Agreement terminated automatically on March 8, 2024.
During the first three months ended March 31, 2024, the Company made cash dividend payments of $39.5 million to holders of Class A Common Stock and Common Units and $74.2 million was reinvested in shares of Class A Common Stock by the Reinvestment Holders.
Dividend
On April 18, 2024, the Board declared a cash dividend of $0.75 per share on the Company’s Class A Common Stock which will be payable to stockholders on May 9, 2024. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $0.75 per Common Unit from the Partnership to the holders of Common Units, which will be payable on May 9, 2024. As described in these Condensed Consolidated Financial Statements, as the context requires, dividends paid to holders of Class A Common Stock and distributions paid to holders of Common Units may be referred to collectively as “dividends.”
Share Repurchase Program
For the three months ended March 31, 2024, the Company did not repurchase any of its outstanding shares.
For more information regarding the 1% U.S. federal excise tax imposed on certain repurchases of stock by publicly traded U.S. corporations, please refer to Part I, Item 1A.—”Risk Factors— Risks Related to Ownership of our Common Stock” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 5, 2024.
Liquidity
The following table presents a summary of the Company’s key liquidity indicators at the dates presented:
| | | | | | | | | | | | | | |
| | March 31, | | December 31, |
| | 2024 | | 2023 |
| | (In thousands) |
Cash and cash equivalents | | $ | 9,756 | | | $ | 4,510 | |
Total debt, net of unamortized deferred financing cost | | $ | 3,517,115 | | | $ | 3,562,809 | |
Available committed borrowing capacity | | $ | 690,400 | | | $ | 643,400 | |
Total debt and available credit facilities
There is no assurance that the financial condition of banks with lending commitments to the Company and its subsidiaries will not deteriorate. The Company closely monitors the ratings of the banks in the Company’s bank group. Having a large bank group allows the Company to mitigate the potential impact of any bank’s failure to honor its lending commitment.
Off-Balance Sheet Arrangements
As of March 31, 2024, there were no off-balance sheet arrangements.
Critical Accounting Policies and Estimates
There have been no significant changes to our critical accounting policies and estimates from those disclosed on our Annual Report on Form 10-K for the year ended December 31, 2023. Please refer to information regarding our critical accounting policies and estimates included in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Commission on March 5, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Quantitative and Qualitative Disclosure About Market Risk
The Company is exposed to various market risks, including the effects of adverse changes in commodity prices and credit risk as described below. The Company continually monitors its market risk exposure, including the impact and developments related to the conflicts in Ukraine and Israel, increase in interest rate and inflation trend, which continued to have significant impact on volatility and uncertainties in the financial markets during the first quarter of 2024.
Commodity Price Risk
The results of the Company’s operations may be affected by the market prices of oil and natural gas. A portion of the Company’s revenue is directly tied to local crude, natural gas, NGLs and condensate prices in the Permian Basin. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. For example, commodity prices directly impact costs such as power and fuel, which are expenses that increase or decrease in line with changes in commodity prices. Commodity prices also affect industry activity and demand, thus indirectly impacting the cost of items such as labor and equipment rentals. Management regularly reviews the Company’s potential exposure to commodity price risk and may periodically enter into financial or physical arrangements intended to mitigate potential volatility. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional discussion regarding our hedging strategies and objectives. Interest Rate Risk
The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of March 31, 2024, the Company had interest bearing debt, net of deferred financing costs, with principal amount of $3.52 billion. The interest rates for the Revolving Credit Facility and the Term Loan Credit Facility are variable, which exposes the Company to the risk of increased interest expense in the event of increases to short-term interest rates. Accordingly, results of operations, cash flows, financial condition and the ability to make cash distributions could be adversely affected by significant increases in interest rates. The Company has locked in the floating base rate on 97% of our floating rate debt with interest rate swaps with a $1.70 billion notional that are effective through May 31, 2025 swapping floating SOFR for a fixed swap rate between 4.38% and 4.48%. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional discussion regarding our hedging strategies and objectives. In addition, the Company expects to realize 0.05% reductions to the effective interest rates of both the Revolving Credit Facility and the Term Loan Credit Facility during 2024 in relation to sustainability adjustment features embedded in these facilities. The rate reductions depend upon the Company meeting certain sustainability targets during 2023, which were subject to the completion of certain attestation procedures. Credit Risk
The Company is subject to credit risk resulting from nonpayment or nonperformance by, or the insolvency or liquidation of, third-party customers. Any increase in nonpayment and nonperformance by, or the insolvency or liquidation of, the Company’s customers could adversely affect the Company’s results of operations.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
As of March 31, 2024, pursuant to Rule 13a-15(b) of the Exchange Act, the Company conducted an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Accounting and Administrative Operating Officer, who serves as the principal accounting officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Accounting and Administrative Operating Officer concluded that the design and operation of the Company’s disclosure controls and procedures were effective as of March 31, 2024.
The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the applicable rules and forms of the SEC. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Accounting and Administrative Operating Officer, as appropriate, to allow timely decisions regarding required disclosure.
Change in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended March 31, 2024, that have materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
For further information regarding legal proceedings, refer to Note 15—Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
ITEM 1A. RISK FACTORS
Please refer to Part II, Item 1A — “Risk Factors” in the Company’s Annual Report Form 10-K for the year ended December 31, 2023 filed on March 5, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
There was no unregistered sale of equity securities or repurchase activities during the three months ended March 31, 2024.
ITEM 5. OTHER INFORMATION
Trading Arrangements
During the three months ended March 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a “Rule 10b5-1 trading arrangement” or non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K).
Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934
Pursuant to Section 13(r) of the Exchange Act, we may be required to disclose in our annual and quarterly reports to the SEC whether we or any of our “affiliates” knowingly engaged in certain activities, transactions or dealings relating to Iran or with certain individuals or entities targeted by US economic sanctions. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable law. Because the SEC defines the term “affiliate” broadly, it includes any entity under common “control” with us (and the term “control” is also construed broadly by the SEC).
The description of the activities below has been provided to us by Blackstone Inc. (“BX”), affiliates of which: (i) beneficially own more than 10% of our outstanding common stock and are members of our board of directors, and (ii) hold a minority non-controlling interest in Mundys S.p.A (formerly Atlantia S.p.A). Mundys S.p.A. may therefore be deemed to be under common “control” with us; however, this statement is not meant to be an admission that common control exists.
The disclosure below relates solely to activities conducted by Mundys S.p.A. The disclosure does not relate to any activities conducted by us or by BX and does not involve our or BX’s management. Neither we nor BX has had any involvement in or control over the disclosed activities, and neither we nor BX has independently verified or participated in the preparation of the disclosure. Neither we nor BX is representing as to the accuracy or completeness of the disclosure nor do we or BX undertake any obligation to correct or update it.
We understand that BX disclosed the following in their most recent quarterly report on Form 10-Q, and as of March 31, 2024, the Company is unaware of any changes to the relationship status between BX and Mundys S.p.A, therefore, the Company included BX’s disclosure of certain activities, transactions or dealings between BX and Iran.
Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934. Funds affiliated with Blackstone first invested in Mundys S.p.A. on November 18, 2022 in connection with the voluntary public tender offer by Schema Alfa S.p.A. for all of the shares of Mundys S.p.A., pursuant to which such funds obtained a minority noncontrolling interest in Mundys S.p.A. Mundys S.p.A. owns and controls Aeroporti di Roma S.p.A. (“ADR”), an operator of airports in Italy including Leonardo da Vinci-Fiumicino Airport. Iran Air has historically operated periodic flights to and from Leonardo da Vinci-Fiumicino Airport as authorized, from time to time, by an aviation-related bilateral agreement between Italy and Iran, scheduled in compliance with European Regulation 95/93, and approved by the Italian Civil Aviation Authority. ADR, as airport operator, is under a mandatory obligation to provide airport services to all air carriers (including Iran Air) authorized by the applicable Italian authority. The relevant turnover attributable to these activities (whose consideration is calculated on the basis of general tariffs determined by such independent Italian authority) in the quarter ended March 31, 2024 was less than €70,000. Mundys S.p.A. does not track profits specifically attributable to these activities.
ITEM 6. EXHIBITS
| | | | | | | | | |
EXHIBIT NO. | | DESCRIPTION | |
2.1*** | – | | |
3.1 | – | | |
3.2 | – | | |
3.3 | – | | |
4.1 | – | Amended and Restated Stockholders Agreement, dated October 21, 2021, by and among APA Corporation, Apache Midstream LLC, Altus Midstream Company, New BCP Raptor Holdco, LLC, Raptor Aggregator, LP, BX Permian Pipeline Aggregator, LP, Buzzard Midstream LLC, and BCP Raptor Holdco, LP. | |
4.2 | – | | |
4.3 | – | Indenture, dated June 8, 2022, by and among Kinetik Holdings Inc., as parent, Kinetik Holdings LP, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on June 14, 2022). | |
4.4 | – | | |
4.5 | – | | |
4.6 | – | | |
10.1 | – | | |
10.2† | – | | |
10.3† | – | | |
10.4† | – | | |
10.5† | – | | |
10.6† | – | | |
10.7† | – | | |
10.8† | – | | |
10.9*** | – | Receivables Purchase Agreement, dated April 2, 2024, by and among Kinetik Receivables LLC, as the seller, Kinetik Holdings LP, a subsidiary of Kinetik Holdings Inc., as the servicer, PNC Bank, National Association, as administrative agent, PNC Capital Markets LLC, as structuring agent, and the purchasers party thereto. | |
10.10*** | – | | |
| | | |
| | | |
31.1* | – | | |
31.2* | – | | |
32.1** | – | | |
32.2** | – | | |
101* | – | The following financial statements from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flows, (iv) Condensed Consolidated Statements of Changes in Equity and Noncontrolling Interests and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |
101.SCH* | – | Inline XBRL Taxonomy Schema Document. | |
101.CAL* | – | Inline XBRL Calculation Linkbase Document. | |
101.DEF* | – | Inline XBRL Definition Linkbase Document. | |
101.LAB* | – | Inline XBRL Label Linkbase Document. | |
101.PRE* | – | Inline XBRL Presentation Linkbase Document. | |
104* | – | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
| | |
* Filed herewith. |
** Furnished herewith. |
*** Schedules and exhibits to this Exhibit have been omitted pursuant to Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
† Management contracts or compensatory plans or arrangements. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| | | KINETIK HOLDINGS INC. |
| | |
Dated: | May 9, 2024 | | /s/ Jamie Welch |
| | | Jamie Welch |
| | | Chief Executive Officer, President and Director |
| | | (Principal Executive Officer) |
| | |
Dated: | May 9, 2024 | | /s/ Steven Stellato |
| | | Steven Stellato |
| | | Executive Vice President, Chief Accounting and Chief Administrative Officer |
| | | (Principal Financial Officer) |
EXHIBIT 31.1
CERTIFICATIONS
I, Jamie Welch, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Kinetik Holdings Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024
| | | | | |
/s/ Jamie Welch | |
Jamie Welch | |
Chief Executive Officer, President and Director | |
EXHIBIT 31.2
CERTIFICATIONS
I, Steven Stellato, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Kinetik Holdings Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024
| | | | | | | | |
/s/ Steven Stellato | | |
Steven Stellato | | |
Executive Vice President, Chief Accounting and Chief Administrative Officer | |
EXHIBIT 32.1
| | |
KINETIK HOLDINGS INC. |
|
Certification of Principal Executive Officer |
I, Jamie Welch, Chief Executive Officer, President and Director, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of Kinetik Holdings Inc. for the quarterly period ending March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §78m or §78o (d)) and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Kinetik Holdings Inc.
Date: May 9, 2024
| | | | | | | | | | | |
/s/ Jamie Welch | | | |
Jamie Welch | | | |
Chief Executive Officer, President and Director | | |
EXHIBIT 32.2
| | |
KINETIK HOLDINGS INC. |
|
Certification of Principal Financial Officer |
I, Steven Stellato, Executive Vice President, Chief Accounting and Chief Administrative Officer, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of Kinetik Holdings Inc. for the quarterly period ending March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §78m or §78o (d)) and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Kinetik Holdings Inc.
Date: May 9, 2024
| | | | | | | | |
/s/ Steven Stellato | | |
Steven Stellato |
| |
Executive Vice President, Chief Accounting and Chief Administrative Officer | |
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Operating revenues: |
|
|
|
Total operating revenues |
[1] |
$ 341,394
|
$ 281,040
|
Operating costs and expenses: |
|
|
|
Costs of sales (exclusive of depreciation and amortization) |
[2],[3] |
153,687
|
115,877
|
Operating expenses |
|
43,406
|
35,973
|
Ad valorem taxes |
|
6,292
|
5,458
|
General and administrative expenses |
|
34,136
|
27,511
|
Depreciation and amortization expenses |
|
73,606
|
68,854
|
Loss on disposal of assets |
|
4,166
|
102
|
Total operating costs and expenses |
|
315,293
|
253,775
|
Operating income |
|
26,101
|
27,265
|
Other income (expense): |
|
|
|
Interest and other income |
|
91
|
294
|
Interest expense |
|
(47,467)
|
(69,308)
|
Equity in earnings of unconsolidated affiliates |
|
60,469
|
46,464
|
Total other income (expense), net |
|
13,093
|
(22,550)
|
Income before income taxes |
|
39,194
|
4,715
|
Income tax expense |
|
3,787
|
416
|
Net income including noncontrolling interest |
|
35,407
|
4,299
|
Net income attributable to Common Unit limited partners |
|
23,857
|
2,863
|
Net income attributable to Class A Common Stock Shareholders |
|
$ 11,550
|
$ 1,436
|
Net income attributable to Class A Common Shareholders, per share |
|
|
|
Basic (in USD per share) |
|
$ 0.12
|
$ (0.06)
|
Diluted (in USD per share) |
|
$ 0.12
|
$ (0.06)
|
Weighted-average shares |
|
|
|
Basic (in shares) |
[4] |
57,869
|
47,612
|
Diluted (in shares) |
[4] |
58,392
|
47,825
|
Service revenue |
|
|
|
Operating revenues: |
|
|
|
Total operating revenues |
|
$ 102,195
|
$ 103,425
|
Product revenue |
|
|
|
Operating revenues: |
|
|
|
Total operating revenues |
|
236,567
|
173,824
|
Other revenue |
|
|
|
Operating revenues: |
|
|
|
Total operating revenues |
|
$ 2,632
|
$ 3,791
|
|
|
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Costs of sales (exclusive of depreciation and amortization) |
[1],[2] |
$ 153,687
|
$ 115,877
|
Gas Service Revenues |
|
|
|
Costs of sales (exclusive of depreciation and amortization) |
|
44,500
|
30,500
|
Related Party |
|
|
|
Revenue |
|
17,200
|
25,800
|
Costs of sales (exclusive of depreciation and amortization) |
|
$ 23,300
|
$ 19,700
|
|
|
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- DefinitionCost of product sold and service rendered, excluding depreciation, depletion, and amortization.
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
|
$ 9,756
|
$ 4,510
|
Accounts receivable, net of allowance for credit losses of $1,000 in 2024 and 2023 |
[1] |
209,878
|
215,721
|
Derivatives assets - current |
|
10,264
|
7,812
|
Prepaid and other current assets |
|
27,391
|
29,256
|
Current assets |
|
257,289
|
257,299
|
NONCURRENT ASSETS: |
|
|
|
Property, plant and equipment, net |
|
2,747,483
|
2,743,227
|
Intangible assets, net |
|
562,837
|
591,670
|
Derivative asset, non-current |
|
134
|
165
|
Deferred tax assets |
|
238,258
|
235,627
|
Operating lease right-of-use assets |
|
27,015
|
37,569
|
Deferred charges and other assets |
|
83,213
|
85,250
|
Investments in unconsolidated affiliates |
|
2,526,278
|
2,540,989
|
Goodwill |
|
5,077
|
5,077
|
Noncurrent assets |
|
6,190,295
|
6,239,574
|
Total assets |
|
6,447,584
|
6,496,873
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
|
16,467
|
34,000
|
Accrued expenses |
|
170,075
|
177,421
|
Derivative liabilities |
|
14,811
|
1,734
|
Current portion of operating lease liabilities |
|
24,987
|
29,203
|
Other current liabilities |
|
7,611
|
7,786
|
Current liabilities |
|
233,951
|
250,144
|
NONCURRENT LIABILITIES |
|
|
|
Long term debt, net |
|
3,517,115
|
3,562,809
|
Contract liabilities |
|
24,837
|
25,761
|
Operating lease liabilities |
|
3,014
|
9,349
|
Derivatives liabilities - noncurrent |
|
418
|
5,363
|
Other liabilities |
|
3,230
|
3,219
|
Deferred tax liabilities |
|
13,785
|
13,244
|
Noncurrent liabilities |
|
3,562,399
|
3,619,745
|
Total liabilities |
|
3,796,350
|
3,869,889
|
COMMITMENTS AND CONTINGENCIES (Note 15) |
|
|
|
Redeemable noncontrolling interest — Common Unit limited partners |
|
3,624,670
|
3,157,807
|
EQUITY: |
|
|
|
Additional paid-in capital |
|
0
|
192,678
|
Accumulated deficit |
|
(973,451)
|
(723,516)
|
Total equity |
|
(973,436)
|
(530,823)
|
Total liabilities, noncontrolling interest, and equity |
|
6,447,584
|
6,496,873
|
Class A Common Stock |
|
|
|
EQUITY: |
|
|
|
Common stock |
|
6
|
6
|
Class C Common Stock |
|
|
|
EQUITY: |
|
|
|
Common stock |
|
$ 9
|
$ 9
|
|
|
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounts receivable, allowance for credit losses |
$ 1,000
|
$ 1,000
|
Related Party |
|
|
Outstanding receivable |
$ 11,400
|
$ 15,800
|
Class A Common Stock |
|
|
Common stock, par value (in USD per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized (in shares) |
1,500,000,000
|
1,500,000,000
|
Common stock, shares issued (in shares) |
59,712,487
|
57,096,538
|
Common stock, shares outstanding (in shares) |
59,712,487
|
57,096,538
|
Class C Common Stock |
|
|
Common stock, par value (in USD per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized (in shares) |
1,500,000,000
|
1,500,000,000
|
Common stock, shares issued (in shares) |
93,942,788
|
94,089,038
|
Common stock, shares outstanding (in shares) |
93,942,788
|
94,089,038
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income including noncontrolling interests |
$ 35,407
|
$ 4,299
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization expense |
73,606
|
68,854
|
Amortization of deferred financing costs |
1,699
|
1,521
|
Amortization of contract costs |
1,655
|
1,655
|
Distributions from unconsolidated affiliates |
77,213
|
67,764
|
Derivatives settlement |
3,754
|
974
|
Derivative fair value adjustment |
1,957
|
11,770
|
Warrants fair value adjustment |
0
|
(44)
|
Loss on disposal of assets |
4,166
|
102
|
Equity in earnings from unconsolidated affiliates |
(60,469)
|
(46,464)
|
Share-based compensation |
22,561
|
17,540
|
Deferred income taxes |
3,660
|
363
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
5,843
|
5,008
|
Other assets |
1,865
|
(2,206)
|
Accounts payable |
(20,982)
|
(3,175)
|
Accrued liabilities |
1,756
|
(10,679)
|
Other non-current liabilities |
11
|
1,677
|
Operating leases |
3
|
632
|
Net cash provided by operating activities |
153,705
|
119,591
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Property, plant and equipment expenditures |
(57,975)
|
(58,862)
|
Intangible assets expenditures |
(2,223)
|
(9,755)
|
Investments in unconsolidated affiliates |
(3,273)
|
(58,658)
|
Distributions from unconsolidated affiliate |
1,240
|
5,793
|
Cash proceeds from disposals |
251
|
14
|
Net cash paid for acquisitions |
0
|
(125,000)
|
Net cash used in investing activities |
(61,980)
|
(246,468)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Payments on debt issuance cost |
(11)
|
0
|
Proceeds from revolver |
44,000
|
267,000
|
Payments on revolver |
(91,000)
|
(125,000)
|
Cash dividends paid to Class A Common Stock shareholders |
(38,747)
|
(16,927)
|
Distributions paid to Class C Common Unit limited partners |
(721)
|
(174)
|
Repurchase of Class A Common Stock |
0
|
(2,432)
|
Net cash (used in) provided by financing activities |
(86,479)
|
122,467
|
Net change in cash |
5,246
|
(4,410)
|
CASH, BEGINNING OF PERIOD |
4,510
|
6,394
|
CASH, END OF PERIOD |
9,756
|
1,984
|
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES |
|
|
Cash paid for interest, net of amounts capitalized |
57,095
|
36,745
|
Property and equipment and intangible accruals in accounts payable and accrued liabilities |
20,564
|
32,715
|
Class A Common Stock issued through dividend and distribution reinvestment plan |
$ 74,247
|
$ 87,658
|
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands |
Total |
Apache limited partner |
Class A Common Stock |
Class C Common Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class C Common Stock
|
Additional Paid-in Capital |
Accumulated Deficit |
Treasury Stock |
Beginning balance at Dec. 31, 2022 |
|
$ 3,112,409
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
Redemption of Common Units |
|
(5,634)
|
|
|
|
|
|
|
|
Net income |
|
2,863
|
|
|
|
|
|
|
|
Change in redemption value of noncontrolling interests |
|
(128,211)
|
|
|
|
|
|
|
|
Distribution paid to Common Unit limited partners |
|
(70,566)
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
|
2,910,861
|
|
|
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
45,679,000
|
94,270,000
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ (839,775)
|
|
|
|
$ 5
|
$ 9
|
$ 118,840
|
$ (958,629)
|
$ 0
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
Redemption of Common Units (in shares) |
|
|
|
|
181,000
|
|
|
|
|
Redemption of Common Units |
5,634
|
|
|
|
|
$ (181)
|
5,634
|
|
|
Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
3,071,000
|
|
|
|
|
Issuance of common stock through dividend and distribution reinvestment plan |
87,658
|
|
|
|
|
|
87,658
|
|
|
Repurchase of Class A Common Stock (in shares) |
|
|
|
|
(82,000)
|
|
|
|
|
Repurchase of Class A Common Stock |
(2,432)
|
|
|
|
|
|
|
|
(2,432)
|
Share-based compensation (in shares) |
|
|
|
|
|
|
|
|
|
Share-based compensation |
17,540
|
|
|
|
|
|
17,540
|
|
|
Net income (in shares) |
|
|
|
|
205,000
|
|
|
|
|
Net income |
1,436
|
|
|
|
|
|
|
1,436
|
|
Change in redemption value of noncontrolling interests |
128,211
|
|
|
|
|
|
|
128,211
|
|
Dividends, common stock, cash |
(34,470)
|
|
|
|
|
|
|
(34,470)
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
|
|
|
49,054,000
|
94,089,000
|
|
|
|
Ending balance at Mar. 31, 2023 |
(636,198)
|
|
|
|
$ 5
|
$ 9
|
229,672
|
(863,452)
|
(2,432)
|
Beginning balance at Dec. 31, 2023 |
|
3,157,807
|
|
|
|
|
|
|
|
Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
Redemption of Common Units |
|
(5,060)
|
|
|
|
|
|
|
|
Net income |
|
23,857
|
|
|
|
|
|
|
|
Change in redemption value of noncontrolling interests |
|
518,581
|
|
|
|
|
|
|
|
Distribution paid to Common Unit limited partners |
|
(70,515)
|
|
|
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
|
$ 3,624,670
|
|
|
|
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
|
57,096,538
|
94,089,038
|
57,097,000
|
94,089,000
|
|
|
|
Beginning balance at Dec. 31, 2023 |
(530,823)
|
|
|
|
$ 6
|
$ 9
|
192,678
|
(723,516)
|
0
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
Redemption of Common Units (in shares) |
|
|
|
|
146,000
|
146,250
|
|
|
|
Redemption of Common Units |
5,060
|
|
|
|
|
$ (146)
|
5,060
|
|
|
Issuance of common stock through dividend and distribution reinvestment plan (in shares) |
|
|
|
|
2,179,000
|
|
|
|
|
Issuance of common stock through dividend and distribution reinvestment plan |
74,247
|
|
|
|
|
|
74,247
|
|
|
Share-based compensation (in shares) |
|
|
|
|
290,000
|
|
|
|
|
Share-based compensation |
22,561
|
|
|
|
|
|
22,561
|
|
|
Net income |
11,550
|
|
|
|
|
|
|
11,550
|
|
Change in redemption value of noncontrolling interests |
(518,581)
|
|
|
|
|
|
(300,296)
|
(218,285)
|
|
Recognition of deferred tax asset |
5,750
|
|
|
|
|
|
5,750
|
|
|
Dividends, common stock, cash |
(43,200)
|
|
|
|
|
|
|
(43,200)
|
|
Ending balance (in shares) at Mar. 31, 2024 |
|
|
59,712,487
|
93,942,788
|
59,712,000
|
93,943,000
|
|
|
|
Ending balance at Mar. 31, 2024 |
$ (973,436)
|
|
|
|
$ 6
|
$ 9
|
$ 0
|
$ (973,451)
|
$ 0
|
X |
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v3.24.1.u1
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization The Company is a holding company, whose only significant assets are ownership of the non-economic general partner interest and an approximate 39% limited partner interest in Kinetik Holdings LP, a Delaware limited partnership (the “Partnership”). As the owner of the non-economic general partner interest in the Partnership, the Company is responsible for all operational, management and administrative decisions related to, and consolidates the results of, the Partnership and its subsidiaries. The Company provides comprehensive gathering, produced water disposal, transportation, compression, processing and treating services necessary to bring natural gas, NGLs and crude oil to market. Additionally, the Company owns equity interests in four separate Permian Basin pipeline entities that have access to various markets along the U.S. Gulf Coast. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Certain reclassifications of prior year balances have been made to conform such amounts to the current year’s presentation. These reclassifications have no impact on net income. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year; accordingly, you should read these Condensed Consolidated Financial Statements in conjunction with our consolidated financial statements and related notes included in our 2023 Annual Report on Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies The accounting policies that we follow are set forth in Note 2 – Summary of Significant Accounting Policies of the Notes to consolidated financial statements in our Annual Report on Form 10-K. There were no significant updates or revisions to our accounting policies during the three months ended March 31, 2024. Transactions with related parties The Company has revenue contracts and incurs cost of sales and operating expenses with Apache Midstream LLC (“Apache”), which owned more than 5% of the Company’s common stock prior to its secondary offerings completed in December 2023 and March 2024. Pursuant to FASB ASC 850, Related Party Transactions, Apache was no longer a related party after the completion of its secondary offering in December 2023 as its owned less than 10% of the Company’s common stock. Pursuant to Regulation S-K, Item 404(a), Apache ceased to be a related party as of March 18, 2024 as it no longer owned any of the Company’s common stock. In 2024, for the period ended March 18, 2024, revenue from Apache was $17.2 million, cost of sales was $9.4 million and operating expenses were $0.2 million. In 2023, for the three months ended March 31, 2023, revenue from Apache was $25.8 million, cost of sales was $17.8 million and operating expenses were $0.3 million. In addition, the Company incurs cost of sales with two of its equity method investment (“EMI”) pipeline entities, Permian Highway Pipeline LLC (“PHP”) and Breviloba, LLC (“Breviloba”). The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on the Shin Oak NGL Pipeline (“Shin Oak”). For each of the three months ended March 31, 2024 and 2023, the Company recorded cost of sales of $13.9 million and $1.9 million, respectively, with these affiliates.
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v3.24.1.u1
BUSINESS COMBINATIONS
|
3 Months Ended |
Mar. 31, 2024 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS COMBINATIONS |
BUSINESS COMBINATIONS As of March 31, 2024, our allocation of purchase price for acquisitions made during 2023 are detailed below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Acquisition Date | | Acquisition | | Considerations Transferred | | Current Assets | | Property Plant & Equipment | | Intangible Assets | | Other Long Term Assets | | Goodwill | | Liabilities | | Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | (1) | | Q1 2023 | | Midstream Infrastructure Assets and Incentive and Acceleration Agreement(a) | | $ | 125,000 | | | $ | 4,736 | | | $ | 61,850 | | | $ | 3,150 | | | $ | 55,264 | | | $ | — | | | $ | — | | | $ | — | |
(a)Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement. Midstream Infrastructure Assets In the first quarter of 2023, the Partnership closed on a purchase and sale agreement for certain midstream assets for $65.0 million together with a new 20-year midstream service agreement. Midstream assets acquired consisted of water gathering and disposal assets and intangible right-of-way assets. As the net book value of the acquired assets were approximate to their fair market value, consideration was allocated to property, plant and equipment and intangibles based on the ratio of historical long-lived assets and intangible assets acquired. In addition, the Partnership entered into an incentive and acceleration agreement related to near term supplemental development activities on acreage dedicated for midstream services to affiliates of the Partnership. Such development activities began in October 2023 and are subject to semi-annual performance milestones and subject to refund with consequential monetary penalty if not satisfied. Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition. These transactions were accounted for as a business combination in accordance with ASC 805, and the measurement period ended on December 31, 2023. Acquisition-related costs were immaterial for this transaction. Acquired net assets from this business combination were included in the Midstream Logistic segment.
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v3.24.1.u1
REVENUE RECOGNITION
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE RECOGNITION |
REVENUE RECOGNITION Disaggregation of Revenue The following table presents a disaggregation of the Company’s revenue: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Gathering and processing services | | $ | 102,195 | | | $ | 103,425 | | | | | | Natural gas, NGLs and condensate sales | | 236,567 | | | 173,824 | | | | | | Other revenue | | 2,632 | | | 3,791 | | | | | | Total revenues | | $ | 341,394 | | | $ | 281,040 | | | | | |
There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2024. The Company recognized revenues from MVC deficiency payments of nil and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of March 31, 2024: | | | | | | | | | | | Amount | | | | Fiscal Year | | (In thousands) | Remaining of 2024 | | $ | 44,181 | | 2025 | | 69,099 | | 2026 | | 64,789 | | 2027 | | 64,105 | | 2028 | | 63,012 | | Thereafter | | 203,692 | | | | $ | 508,878 | | | | |
Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs. Contract Liabilities The following table provides information about contract liabilities from contracts with customers as of March 31, 2024: | | | | | | | | | | | Amount | | | | | | (In thousands) | Balance at December 31, 2023 | | $ | 32,238 | | Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied | | (1,614) | | Cash received in advance and not recognized as revenue | | 514 | | Balance at March 31, 2024 | | 31,138 | | Less: Current portion | | 6,301 | | Non-current portion | | $ | 24,837 | |
Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets. Contract Cost Assets The Company has capitalized certain costs incurred to obtain a contract or additional contract dedicated acreage or volumes that would not have been incurred if the contract or associated acreage and volumes had not been obtained. As of March 31, 2024 and December 31, 2023, the Company had contract acquisition cost assets of $69.5 million and $71.2 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts. The Company recognized cost of sales associated with these assets of $1.7 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively.
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v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT |
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Gathering, processing, and transmission systems and facilities | | $ | 3,300,290 | | | $ | 3,253,539 | | Vehicles | | 12,642 | | | 11,447 | Computers and equipment | | 7,324 | | | 6,242 | Less: accumulated depreciation | | (666,838) | | | (626,223) | | Total depreciable assets, net | | 2,653,418 | | | 2,645,005 | | Construction in progress | | 68,816 | | | 74,369 | Land | | 25,249 | | | 23,853 | | Total property, plant, and equipment, net | | $ | 2,747,483 | | | $ | 2,743,227 | |
The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded $42.9 million and $38.4 million of depreciation expense for the three months ended March 31, 2024 and 2023, respectively. There were no impairment triggering events for property, plant and equipment during the three months ended March 31, 2024 and 2023.
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v3.24.1.u1
INTANGIBLE ASSETS, NET
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
INTANGIBLE ASSETS, NET Intangible assets, net, are comprised of the following: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Customer contracts | | $ | 1,139,633 | | | $ | 1,139,665 | | Right of way assets | | 143,653 | | | 141,711 | | Less accumulated amortization | | (720,449) | | | (689,706) | | Total amortizable intangible assets, net | | $ | 562,837 | | | $ | 591,670 | |
The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which ranged from one to twenty years. Right-of-way assets relate primarily to underground pipeline easements which have a useful life of ten years and are amortized using the straight-line method. The right of way agreements are typically for an initial term of ten years with an option to renew for an additional ten years at agreed upon renewal rates based on certain indices or up to 130% of the original consideration paid. On March 31, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 6.81 years and 6.45 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of March 31, 2024 was approximately 6.76 years. The Company recorded $30.7 million and $30.5 million of amortization expense for the three months ended March 31, 2024 and 2023, respectively. There was no impairment recognized on intangible assets for the three months ended March 31, 2024 or 2023.
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v3.24.1.u1
EQUITY METHOD INVESTMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY METHOD INVESTMENTS |
EQUITY METHOD INVESTMENTS As of March 31, 2024, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline. The table below presents the ownership percentages and investment balances held by the Company for each entity: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | Ownership(1) | | 2024 | | 2023 | | | | | | | | | | | | (In thousands) | PHP | | 55.5% | | $ | 1,654,920 | | | $ | 1,666,254 | | Breviloba | | 33.0% | | 440,869 | | | 443,684 | | Gulf Coast Express Pipeline LLC (“GCX”) | | 16.0% | | 430,489 | | | 431,051 | | | | | | $ | 2,526,278 | | | $ | 2,540,989 | |
(1)As of March 31, 2024 the Company also owned 15.0% of Epic Crude Holdings, LP (“EPIC”). The unamortized basis differences included in the EMI pipeline balances were $345.9 million and $349.3 million as of March 31, 2024 and December 31, 2023, respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets, which ranged from 20 years to 32 years as determined at the Closing of the ALTM business combination. There was capitalized interest of $24.5 million and $24.7 million as of March 31, 2024 and December 31, 2023, respectively. Capitalized interest is amortized on a straight-line basis into equity income. The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | | | Total | | | | | | | | | | | | | | | | | (In thousands) | Balance at December 31, 2023 | $ | 1,666,254 | | | $ | 443,684 | | | $ | 431,051 | | | | | $ | 2,540,989 | | | | | | | | | | | | Contributions | 3,273 | | | — | | | — | | | | | 3,273 | | Distributions(1) | (58,375) | | | (10,485) | | | (9,593) | | | | | (78,453) | | | | | | | | | | | | Equity income, net(2) | 43,768 | | | 7,670 | | | 9,031 | | | | | 60,469 | | Balance at March 31, 2024 | $ | 1,654,920 | | | $ | 440,869 | | | $ | 430,489 | | | | | $ | 2,526,278 | |
(1)Distributions consisted of distributions from returns on investment of $77.2 million, which was included in cash flows from operating activities and distributions from returns of investment of $1.2 million, which was included in cash flows from investing activities. (2)For the three months ended March 31, 2024, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC and $1.6 million from GCX. Summarized Financial Information The following table represents selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Revenues | | $ | 126,215 | | | $ | 50,958 | | | $ | 91,001 | | | $ | 92,840 | | | $ | 45,901 | | | $ | 89,748 | | Operating income | | 80,567 | | | 25,420 | | | 66,580 | | | 56,805 | | | 21,949 | | | 65,216 | | Net income | | 80,159 | | | 25,552 | | | 66,429 | | | 59,691 | | | 22,211 | | | 71,091 | |
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v3.24.1.u1
DEBT AND FINANCING COSTS
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
DEBT AND FINANCING COSTS |
DEBT AND FINANCING COSTS The following table summarizes the Company’s debt obligations as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Unsecured term loan | | $ | 1,200,000 | | | $ | 1,200,000 | | $1.00 billion 2030 senior unsecured notes | | 1,000,000 | | | 1,000,000 | | $0.80 billion 2028 senior unsecured notes | | 800,000 | | | 800,000 | | $1.25 billion revolving line of credit | | 547,000 | | | 594,000 | | | | | | | Total long-term debt | | 3,547,000 | | | 3,594,000 | | Debt issuance costs, net(1) | | (30,241) | | | (31,510) | | Unamortized debt premiums and discounts, net | | 356 | | | 319 | | Total long-term debt, net | | $ | 3,517,115 | | | $ | 3,562,809 | | | | | | | | | | | |
(1)Excludes unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.0 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets. The table below presents the components of the Company’s financing costs, net of capitalized interest: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Capitalized interest | | $ | (944) | | | $ | (2,233) | | | | | | Debt issuance costs | | 1,699 | | | 1,521 | | | | | | Interest expense | | 46,712 | | | 70,020 | | | | | | Total financing costs, net of capitalized interest | | $ | 47,467 | | | $ | 69,308 | | | | | |
As of March 31, 2024 and December 31, 2023, unamortized debt issuance costs associated with the 5.875% Sustainability-Linked Senior Notes due 2030 (the “2030 Notes”), the 6.625% Sustainability-Linked Senior Notes due 2028 (the “2028 Notes”) and the unsecured term loan were $30.2 million and $31.5 million, respectively, and unamortized debt premiums and discount, net, associated with the 2028 Notes and the unsecured term loan were $0.4 million and $0.3 million, respectively. Compliance with our Covenants Both the revolving credit agreement with Bank of America, N.A. as administrative agent, and the term loan credit agreement with PNC Bank as administrative agent (the “Term Loan Credit Facility”), contain customary covenants and restrictive provisions which may, among other things, limit the Partnership’s ability to create liens, incur additional indebtedness and make restricted payments and the Partnership’s ability to liquidate, dissolve, consolidate with or merge into or with any other person. The 2030 Notes and the 2028 Notes also contain covenants and restrictive provisions, which may, among other things, limit the Partnership’s and its subsidiaries’ ability to create liens to secure indebtedness. As of March 31, 2024, the Partnership was in compliance with all customary and financial covenants. Letters of Credit Our $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) scheduled to mature on or before June 8, 2027 can be used for letters of credit. Our obligations with respect to related letters of credit totaled $12.6 million as of March 31, 2024 and December 31, 2023, respectively. Fair Value of Financial Instruments The fair value of the Company and its subsidiaries’ consolidated debt as of March 31, 2024 and December 31, 2023 was $3.53 billion and $3.57 billion, respectively. On March 31, 2024, the senior unsecured notes’ fair value was based on Level 1 inputs and the Term Loan and Revolving Credit Facility and revolving line of credit’s fair value was based on Level 3 inputs.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.u1
ACCRUED EXPENSES
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
ACCRUED EXPENSES The following table provides detail of the Company’s current accrued expenses on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Accrued product purchases | | $ | 100,087 | | | $ | 109,172 | | Accrued taxes | | 6,528 | | | 632 | | Accrued salaries, vacation, and related benefits | | 3,848 | | | 1,872 | | Accrued capital expenditures | | 8,371 | | | 18,534 | | Accrued interest | | 35,746 | | | 33,760 | | Accrued other expenses | | 15,495 | | | 13,451 | | Total accrued expenses | | $ | 170,075 | | | $ | 177,421 | |
Accrued product purchases mainly accrue the liabilities related to producer payments and any additional business-related miscellaneous fees we owe to third parties, such as transport or capacity fees as of March 31, 2024.
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v3.24.1.u1
EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
EQUITY |
EQUITY Redeemable Noncontrolling Interest — Common Unit Limited Partners The redemption option of the Common Unit is not legally detachable or separately exercisable from the instrument and is non-transferable; the Common Unit is redeemable at the option of the holder. Therefore, the Common Unit is accounted for as redeemable noncontrolling interest and classified as temporary equity on the Company’s Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024, 146,250 common units were redeemed on a one-for-one basis for shares of Class A Common Stock and a corresponding number of shares of Class C Common Stock were cancelled. There were 93.9 million Common Units and an equal number of Class C Common Stock issued and outstanding as of March 31, 2024. The Common Units fair value was approximately $3.62 billion as of March 31, 2024. Common Stock As of March 31, 2024, there were 59.7 million and 93.9 million shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”). Share Repurchase Program During the quarter ended March 31, 2024, the Company did not repurchase any of its Class A Common Stock under the Repurchase Program. Dividend On February 22, 2022, the Company entered into a Dividend and Distribution Reinvestment Agreement (the “Reinvestment Agreement”) with certain stockholders including BCP Raptor Aggregator, LP, BX Permian Pipeline Aggregator, LP, Buzzard Midstream LLC, APA Corporation, Apache, and certain individuals (each, a “Reinvestment Holder”). Under the Reinvestment Agreement, each Reinvestment Holder was obligated to reinvest a specified percent of distributions on Common Units or dividends on shares of Class A Common Stock in the Company’s Class A Common Stock. The Reinvestment Agreement terminated automatically on March 8, 2024. As described in these Condensed Consolidated Financial Statements, as the context requires, dividends paid to holders of Class A Common Stock and distributions paid to holders of Common Units may be referred to collectively as “dividends.” On March 7, 2024, the Company made cash dividend payments of $39.5 million to holders of Class A Common Stock and Common Units and $74.2 million was reinvested in shares of Class A Common Stock by Reinvestment Holders.
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- DefinitionThe entire disclosure for equity.
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v3.24.1.u1
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | (In thousands) | Commodity swap | | $ | — | | | $ | 1,716 | | | $ | — | | | $ | 1,716 | | Interest rate derivatives | | — | | | 8,682 | | | — | | | 8,682 | | Total assets | | $ | — | | | $ | 10,398 | | | $ | — | | | $ | 10,398 | | | | | | | | | | | Commodity swaps | | $ | — | | | $ | 14,889 | | | $ | — | | | $ | 14,889 | | Interest rate derivatives | | — | | | 340 | | | — | | | 340 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | 15,229 | | | $ | — | | | $ | 15,229 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | (In thousands) | Commodity swap | | $ | — | | | $ | 3,663 | | | $ | — | | | $ | 3,663 | | Interest rate derivatives | | — | | | 4,314 | | | — | | | 4,314 | | Total assets | | $ | — | | | $ | 7,977 | | | $ | — | | | $ | 7,977 | | | | | | | | | | | Commodity swaps | | $ | — | | | $ | 1,749 | | | $ | — | | | $ | 1,749 | | Interest rate derivatives | | — | | | 5,348 | | | — | | | 5,348 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | 7,097 | | | $ | — | | | $ | 7,097 | |
Our derivative contracts consist of interest rate swaps and commodity swaps or collars. Valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to commodity and interest rate derivatives. Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Financial Statements for further information. The carrying amounts reported on the Condensed Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the three months ended March 31, 2024 and 2023.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.u1
DERIVATIVES AND HEDGING ACTIVITIES
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVES AND HEDGING ACTIVITIES |
DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions, and it enters into certain derivative contracts to manage exposure to these risks. To minimize counterparty credit risk in derivative instruments, the Company enters into transactions with high credit-rating counterparties. The Company did not elect to apply hedge accounting to these derivative contracts and recorded the fair value of the derivatives on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. Interest Rate Risk The Company manages market risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and by using derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. As of March 31, 2024, the Company had two interest rate swap contracts with total notional amounts of $1.70 billion maturing on May 31, 2025 that pay a fixed rate ranging from 4.38% to 4.48% for the respective notional amounts. The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Derivatives assets - current | | $ | 8,682 | | | $ | 4,314 | | | | | | | Total derivative assets | | $ | 8,682 | | | $ | 4,314 | | | | | | | | | | | | Derivatives liabilities - noncurrent | | $ | 340 | | | $ | 5,348 | | Total derivative liabilities | | $ | 340 | | | $ | 5,348 | |
The Company recorded cash settlements and change in fair value of the interest rate swap contracts in “Interest expense” of the Condensed Consolidated Statements of Operations. The following table presents interest rate derivative activities for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Cash settlements | | $ | 3,952 | | | $ | — | | Favorable (unfavorable) fair value adjustment | | $ | 13,329 | | | $ | (17,190) | | | | | | |
Commodity Price Risk The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs. A portion of the Company’s revenue is directly tied to local natural gas, natural gas liquids and condensate prices in the Permian Basin and the U.S. Gulf Coast. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. Management regularly reviews the Company’s potential exposure to commodity price risk and manages exposure of such risk through commodity hedge contracts. During the past twelve months, the Company entered into multiple commodity swap and collar contracts based on the OPIS NGL Mont Belvieu prices for ethane, propane and butane, the Waha Basis index, the HSC index and the NYMEX West Texas Intermediate Control index. These contracts are on various notional quantities of NGLs, natural gas and crude. Similarly, the Company has entered into various natural gas and crude basis spread swaps. These contracts are effective over the next 1 to 26 months and are used to hedge against location price risk of the respective commodity resulting from supply and demand volatility and protect cash flows against price fluctuations. The following table presents detailed information of commodity swaps outstanding as of March 31, 2024 (in thousands, except volumes): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | Commodity | | | | | | Unit | | Volume | | Net Fair Value | Natural Gas | | | | | | MMBtus | | 6,225,000 | | | $ | (4,224) | | NGL | | | | | | Gallons | | 191,058,000 | | | (2,078) | | Crude | | | | | | Bbl | | 201,500 | | | (1,023) | | Crude Collars | | | | | | Bbl | | 73,200 | | | (376) | | Crude Basis Spread Swaps | | | | | | Bbl | | 95,600 | | | (36) | | Natural Gas Basis Spread Swaps | | | | | | MMBtus | | 27,565,000 | | | (5,436) | | | | | | | | | | | | $ | (13,173) | |
The fair value or settlement value of the swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. The following table presents the fair value of derivative assets and liabilities related to commodity swaps: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Derivatives assets - current | | $ | 1,582 | | | $ | 3,498 | | Derivative assets - noncurrent | | 134 | | | 165 | | Total derivative assets | | $ | 1,716 | | | $ | 3,663 | | | | | | | Derivative liabilities - current | | $ | 14,811 | | | $ | 1,734 | | Derivatives liabilities - noncurrent | | 78 | | | 15 | | Total derivative liabilities | | $ | 14,889 | | | $ | 1,749 | |
The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” of the Consolidated Statements of Operations. The following table presents commodity derivative activities for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Cash settlements | | $ | (198) | | | $ | 974 | | (Unfavorable) favorable fair value adjustment | | $ | (15,286) | | | $ | 5,420 | |
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v3.24.1.u1
SHARE-BASED COMPENSATION
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION The Company has granted various Class A and Class C Shares, restricted stock units (“RSUs”) and performance stock units (“PSUs”) to members of the Board of Directors ( the “Board”) and employees under the Kinetik Holdings Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”). Class A Shares and Class C Shares The Class A Shares and Class C Shares were granted at the Closing of the Altus Midstream Company (“ALTM”) business combination upon conversion of previously outstanding incentive units. These shares were held in escrow and will vest over three to four years. These units are recorded at grant-date fair value, which was determined to be fair value on the closing date of the business combination, and compensation expense is recognized on a straight‑line basis over the vesting period within “General and Administrative Expenses” of the Condensed Consolidated Statements of Operations in accordance with FASB ASC 718, Compensation - Stock Compensation. Forfeitures are recognized as they occur. In addition, upon the Closing of the ALTM business combination, 395,416 performance Class A awards were granted that will vest over a four year service period and upon certain shareholder’s selling of the Company’s Class A Common Stock at defined return levels. As the performance outcome is not estimable, no compensation expense is recorded for these performance awards for the three months ended March 31, 2024 and 2023. The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit | Outstanding and unvested shares at December 31, 2023 | | 5,444,488 | | | $ | 28.91 | | | | | | | Vested | | 16,404 | | | 31.18 | | Forfeited | | 796 | | | 31.18 | | Outstanding and unvested shares at March 31, 2024 | | 5,427,288 | | | $ | 28.90 | |
Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Aggregate intrinsic value of vested Class A Shares | | $ | 654 | | | $ | — | | Grant-date fair value of vested Class A Shares | | $ | 511 | | | $ | — | |
No vesting or forfeiture occurred for Class C Shares for the three months ended March 31, 2024. No vesting or forfeiture occurred for Class A or Class C Shares for the three months ended March 31, 2023. As of March 31, 2024, there were $61.6 million of unrecognized compensation costs related to unvested Class A Shares and Class C Shares. These costs are expected to be recognized over a weighted average period of 1.55 years. Restricted Stock Units Certain RSUs were granted in the first quarter of 2024 to certain executives and employees under the 2019 Plan. Granted RSUs are subject to various service vesting requirements and may be settled only for shares of Class A Common Stock on a one-for-one basis contingent upon continued employment. RSUs are recorded at grant-date fair value and compensation expense is recognized on a straight‑line or graded straight-line basis over the vesting period within “General and Administrative Expenses.” The table below summarizes RSU activities for the three months ended March 31, 2024:
| | | | | | | | | | | | | | | | | Number of Shares(1) | | Weighted Avg Grant-Date Fair Market Value Per Unit(1) | Outstanding and unvested shares at December 31, 2023 | | 435,220 | | | $ | 31.15 | | Granted | | 585,340 | | | 35.17 | | Vested | | 290,708 | | | 34.24 | | Forfeited | | 4,039 | | | 32.44 | | Outstanding and unvested shares at March 31, 2024 | | 725,813 | | | $ | 33.30 | |
(1)Number of shares and weighted average fair market value per share here include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards. Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Aggregate intrinsic value of vested RSUs | | $ | 10,148 | | | $ | 6,700 | | Grant-date fair value of vested RSUs | | $ | 9,954 | | | $ | 6,188 | |
As of March 31, 2024, there were $18.5 million of unrecognized compensation costs related to the RSUs. These costs are expected to be recognized over a weighted average period of 2.03 years. Performance Stock Units The Company granted PSUs pursuant to the 2019 Plan to certain of its employees and executives in the first quarter of 2024. These PSUs vest and become earned upon the achievement of certain performance goals based on the Company’s annualized absolute total stockholder return and the Company’s relative total stockholder return as compared to the performance peer group during the performance period, if the PSUs holders also satisfy the continued employment requirement during the performance period. Depending on the results achieved during the three-year performance period, the actual number of Class A Common Stock that a holder of the PSUs earns at the end of the performance period may range from 0% to 200% of the target number of PSUs granted. The fair value of the PSUs is determined using a Monte Carlo simulation at the grant date. The Company recognized compensation expense for PSUs on a straight-line basis over the performance period. Any PSU not earned at the end of the performance period will be forfeited. The table below summarizes PSU activities for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit | | | | | | Granted in 2024 | | 198,703 | | | $ | 36.76 | | | | | | | | | | | | Outstanding and unvested shares at March 31, 2024 | | 198,703 | | | $ | 36.76 | |
No vesting or forfeiture occurred for PSUs for the three months ended March 31, 2024. The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on grant date: | | | | | | | | | | | March 2024 | Grant-date fair value per unit | | $36.76 | Beginning average price | | $32.84 | Risk-free interest rate | | 4.21% | Volatility factor | | 37% | Expected term | | 2.82 years |
As of March 31, 2024, there were $7.1 million of unrecognized compensation costs related to the PSUs. These costs are expected to be recognized over a weighted average period of 2.75 years. With respect to above Class A Shares, Class C Shares, RSUs and PSUs, the Company recorded compensation expenses of $22.6 million and $17.5 million for the three months ended March 31, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
INCOME TAXES
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES The Company is subject to U.S. federal income tax and state taxes. Income tax expense included in the condensed consolidated financial statements in this Quarterly Report on Form 10-Q is as follows: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Income before income taxes | | $ | 39,194 | | $ | 4,715 | | | | | Income tax expense | | $ | 3,787 | | $ | 416 | | | | | Effective tax rate | | 9.66 | % | | 8.82 | % | | | | |
The effective tax rate for the three months ended March 31, 2024 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Unit limited partners.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.u1
NET INCOME PER SHARE
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
NET INCOME PER SHARE |
NET INCOME PER SHARE The computation of basic and diluted net income per share for the periods presented in the condensed consolidated financial statements is shown in the tables below: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands, except per share amounts) | Net income attributable to Class A common shareholders | | $ | 11,550 | | | $ | 1,436 | | | | | | Less: Net income available to participating unvested restricted Class A common shareholders(1) | | (4,394) | | | (4,156) | | | | | | Total net income attributable to Class A common shareholders | | $ | 7,156 | | | $ | (2,720) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - basic(2) | | 57,869 | | | 47,612 | | | | | | Dilutive effect of unvested Class A common shares(3) | | 523 | | | 213 | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - diluted(2)(4) | | 58,392 | | | 47,825 | | | | | | | | | | | | | | | Net income available per common share - basic | | $ | 0.12 | | | $ | (0.06) | | | | | | Net income available per common share - diluted | | $ | 0.12 | | | $ | (0.06) | | | | | |
(1)Represents dividends paid to unvested Class A Shares. (2)Weighted average Class A common shares have been retrospectively restated due to bonus effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding. (3)Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (4)The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. As of March 31, 2024 and December 31, 2023, there were no accruals for loss contingencies. Litigation The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with FASB ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. There were no litigation related accrued reserves as of March 31, 2024 and December 31, 2023. The Company has entered into litigation with a third party to collect receivables totaling $11.6 million and is waiting on settlement of $8.0 million in receivables from another counterparty related to prior litigation the Company had previously entered into and subsequently dropped. These receivables remain outstanding from the Winter Storm Uri during February of 2021. Given the counterparties’ sufficient creditworthiness and the valid claims that we hold, no allowance has currently been established for these items as we have legally enforceable agreements with these parties. Environmental Matters The Company is subject to various local, state, and federal laws and regulations relating to various environmental matters during the ordinary course of business. Although we believe our operations are in substantial compliance with applicable environmental laws and relations, risks of additional costs and liabilities are inherent in our operations. Moreover, changes in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly requirements could require the Company to make significant expenditures to attain and maintain compliance or may otherwise have a material adverse effect on its operations, competitive position, or financial condition. The Company is not aware of any environmental claims existing as of March 31, 2024, that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity. Contingent Liabilities Permian Gas Acquisition As part of the acquisition of Permian Gas on June 11, 2019, consideration included a contingent liability arrangement with PDC Permian, Inc. (“PDC”). The arrangement requires additional monies to be paid by the Company to PDC on a per Mcf basis if the actual annual Mcf volume amounts exceed forecasted annual Mcf volume amounts starting in 2020 and continuing through 2029. The total monies paid under this arrangement are capped at $60.5 million and are payable on an annual basis over the earn-out period. PDC’s actual annual Mcf volume did not exceed the incentive forecast volume during the past four years, and is not expected to over the next six years; therefore, the estimated fair value of the contingent consideration liability was nil as of March 31, 2024 and December 31, 2023.
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v3.24.1.u1
SEGMENTS
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
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SEGMENTS |
SEGMENTS Our two operating segments represent the Company’s segments for which discrete financial information is available and is utilized on a regular basis by our CODM to make key operating decisions, assess performance and allocate resources. These segments represent strategic business units with differing products and services. No operating segments have been aggregated to form the reportable segments. Therefore, our two operating segments represent our reportable segments. The activities of each of our reportable segments from which the Company earns revenues and incurs expenses are described below: •Midstream Logistics: The Midstream Logistics segment operates under three streams, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal. •Pipeline Transportation: The Pipeline Transportation segment consists of equity investment interests in four Permian Basin pipelines that access various points along the U.S. Gulf Coast, as well as Kinetik NGL and Delaware Link Pipelines. The current operating pipelines transport crude oil, natural gas and NGLs. Our Chief Executive Officer, who is the CODM, uses Segment Adjusted EBITDA, a non-GAAP measure, to measure profitability and allocate resources among segments. Segment Adjusted EBITDA, a non-GAAP measure, is defined as segment net earnings adjusted to exclude interest expense, income tax expense, depreciation and amortization, the proportionate effect of these same items for our EMI pipelines and other non-recurring items. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The Midstream Logistics segment accounts for more than 99% of the Company’s operating revenues, cost of sales (excluding depreciation and amortization), and operating expenses and more than 93% of the ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments, which contribute approximate 92% of the segment’s Adjusted EBITDA. Corporate and Other contains the Company’s executive and administrative functions, including 86% of the Company’s General and Administrative Expenses and all of the Company’s debt service costs. The following tables present the reconciliation of the non-GAAP measure Segment Adjusted EBITDA to the GAAP measure segment income (loss) before income taxes as of and for the three months period ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated | | | (In thousands) | For the Three Months Ended March 31, 2024 | | | | | | | | | Segment income (loss) before income taxes | | $ | 50,173 | | | $ | 65,298 | | | $ | (76,277) | | | $ | 39,194 | | Add back: | | | | | | | | | Interest expense | | 16 | | | — | | | 47,451 | | | 47,467 | | | | | | | | | | | Depreciation and amortization | | 71,310 | | | 2,290 | | | 6 | | | 73,606 | | Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | | Proportionate EMI EBITDA | | — | | | 88,402 | | | — | | | 88,402 | | Share-based compensation | | — | | | — | | | 22,561 | | | 22,561 | | Loss on disposal of assets | | 4,166 | | | — | | | — | | | 4,166 | | Commodity hedging unrealized loss | | 15,088 | | | — | | | — | | | 15,088 | | Integration costs | | 41 | | | — | | | — | | | 41 | | | | | | | | | | | Other one-time costs or amortization | | 536 | | | — | | | 1,889 | | | 2,425 | | | | | | | | | | | Deduct: | | | | | | | | | | | | | | | | | | Interest income | | — | | | — | | | 577 | | | 577 | | | | | | | | | | | Equity income from unconsolidated affiliates | | — | | | 60,469 | | | — | | | 60,469 | | Segment Adjusted EBITDA(2) | | $ | 142,985 | | | $ | 95,521 | | | $ | (4,947) | | | $ | 233,559 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2023 | | | | | | | | | Segment income (loss) before income taxes | | $ | 51,012 | | | $ | 46,432 | | | $ | (92,729) | | | $ | 4,715 | | Add back: | | | | | | | | | Interest expense | | 9 | | | — | | | 69,299 | | | 69,308 | | | | | | | | | | | Depreciation and amortization | | 68,393 | | | 455 | | | 6 | | | 68,854 | | Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | | Commodity hedging unrealized gain | | (4,987) | | | — | | | — | | | (4,987) | | Proportionate EMI EBITDA | | — | | | 71,867 | | | — | | | 71,867 | | Share-based compensation | | — | | | — | | | 17,540 | | | 17,540 | | Loss on disposal of assets | | 102 | | | — | | | — | | | 102 | | Integration costs | | 7 | | | — | | | 918 | | | 925 | | Acquisition transaction costs | | 33 | | | — | | | 235 | | | 268 | | Other one-time costs or amortization | | 3,025 | | | — | | | 723 | | | 3,748 | | Deduct: | | | | | | | | | Warrant valuation adjustment | | — | | | — | | | 44 | | | 44 | | Equity income from unconsolidated affiliates | | — | | | 46,464 | | | — | | | 46,464 | | Segment Adjusted EBITDA(2) | | $ | 119,249 | | | $ | 72,290 | | | $ | (4,052) | | | $ | 187,487 | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain General and Administrative Expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss. (2)Segment adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition of segment adjusted EBITDA. The following tables present the revenue for the individual operating segments for the three month periods ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Elimination | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2024 | | | | | | | | | Revenue | | $ | 336,688 | | | $ | 2,074 | | | $ | — | | | $ | 338,762 | | Other revenue | | 2,630 | | | 2 | | | — | | | 2,632 | | Intersegment revenue(1) | | — | | | 6,215 | | | (6,215) | | | — | | Total segment operating revenue | | $ | 339,318 | | | $ | 8,291 | | | $ | (6,215) | | | $ | 341,394 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2023 | | | | | | | | | Revenue | | $ | 276,555 | | | $ | 694 | | | | | $ | 277,249 | | Other revenue | | 3,789 | | | 2 | | | | | 3,791 | | Total segment operating revenue | | $ | 280,344 | | | $ | 696 | | | | | $ | 281,040 | |
(1)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. The following table presents total assets for each operating segment as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Midstream Logistics | | $ | 3,734,578 | | | $ | 3,772,764 | | Pipeline Transportation(1) | | 2,686,670 | | | 2,703,588 | | Segment total assets | | 6,421,248 | | | 6,476,352 | | Corporate and other | | 26,336 | | | 20,521 | | Total assets | | $ | 6,447,584 | | | $ | 6,496,873 | |
(1)Includes investment in unconsolidated affiliates of $2.53 billion and $2.54 billion as of March 31, 2024 and December 31, 2023, respectively
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.1.u1
SUBSEQUENT EVENTS
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3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
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SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS On May 9, 2024, the Company entered into a Membership Interest Purchase Agreement (the “Durango MIPA”) with Durango Midstream LLC, an affiliate of Morgan Stanley Energy Partners (the “Durango Seller”), and the Partnership, pursuant to which the Partnership has agreed to purchase all of the membership interests of Durango Permian, LLC (“Durango”) from Durango Seller for an aggregate purchase price of approximately $765.0 million (the “Durango Acquisition”), consisting of $315.0 million of cash to be paid at closing, approximately 3.8 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued at closing and approximately 7.7 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued on July 1, 2025. Durango Seller is also entitled to a $75.0 million earn out in cash contingent upon the Kings Landing gas processing complex in Eddy County, New Mexico (the “Kings Landing Project”), which is currently under construction, being placed into service (the “Kings Landing Earnout”). The Kings Landing Earnout is subject to certain adjustments for capital costs associated with the Kings Landing Project. The Durango Acquisition is expected to close in the second quarter of 2024, subject to satisfaction of customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”). Also on May 9, 2024, the Company entered into a Purchase and Sale Agreement (the “GCX Purchase Agreement”) with GCX Pipeline, LLC, an affiliate of ArcLight Capital Partners, LLC (the “GCX Buyer”), pursuant to which the Company has agreed to sell its 16% membership interest in GCX to the GCX Buyer for a total purchase price of $540.0 million, consisting of $510.0 million of cash (subject to customary adjustments) and an additional $30.0 million earn out in cash upon final investment decision on a capacity expansion project. The transactions pursuant to the GCX Purchase Agreement are expected to close in the second quarter of 2024, subject to customary closing conditions. On April 18, 2024, the Board declared a cash dividend of $0.75 per share on the Company’s Class A Common Stock which will be payable to stockholders of record as of April 29, 2024 on May 9, 2024. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $0.75 per Common Unit from the Partnership to the holders of Common Units, which will be payable on May 9, 2024. On April 2, 2024, Kinetik Receivables LLC (“Kinetik Receivables”), a bankruptcy remote special purpose entity formed as a direct subsidiary of the Partnership, which is a subsidiary of the Company, entered into an accounts receivable securitization facility with an initial facility limit of $150.0 million (“A/R Facility”) which has a scheduled termination date of April 1, 2025 with renewal options. Pursuant to the terms of the A/R Facility, Kinetik Receivables acquires certain receivables from the Partnership and other subsidiaries of the Company and makes further sales of such receivables to certain purchasers. The net proceeds of the A/R Facility were used, together with cash on hand, to repay a portion of the outstanding borrowings under the existing Term Loan Credit Facility, lowering the remaining balance to $1.00 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.u1
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Certain reclassifications of prior year balances have been made to conform such amounts to the current year’s presentation. These reclassifications have no impact on net income. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year; accordingly, you should read these Condensed Consolidated Financial Statements in conjunction with our consolidated financial statements and related notes included in our 2023 Annual Report on Form 10-K. All intercompany balances and transactions have been eliminated in consolidation.
|
Transactions with related parties |
Transactions with related parties The Company has revenue contracts and incurs cost of sales and operating expenses with Apache Midstream LLC (“Apache”), which owned more than 5% of the Company’s common stock prior to its secondary offerings completed in December 2023 and March 2024. Pursuant to FASB ASC 850, Related Party Transactions, Apache was no longer a related party after the completion of its secondary offering in December 2023 as its owned less than 10% of the Company’s common stock. Pursuant to Regulation S-K, Item 404(a), Apache ceased to be a related party as of March 18, 2024 as it no longer owned any of the Company’s common stock.
|
Business Combination |
Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition.
|
Revenue Recognition |
Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts.
|
Property, Plant and Equipment |
The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated.
|
Commitments and Contingencies |
Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with FASB ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. There were no litigation related accrued reserves as of March 31, 2024 and December 31, 2023.
|
Equity and Warrants |
Therefore, the Common Unit is accounted for as redeemable noncontrolling interest and classified as temporary equity on the Company’s Condensed Consolidated Balance Sheets.
|
Debt and Financing Cost |
The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
|
Equity Method Interests |
Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets, which ranged from 20 years to 32 years as determined at the Closing of the ALTM business combination. Capitalized interest is amortized on a straight-line basis into equity income.
|
Fair Value Measurements |
As such derivative contracts are classified as Level 2 in the hierarchy.
|
Derivatives |
The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets.The Company recorded cash settlements and change in fair value of the interest rate swap contracts in “Interest expense” of the Condensed Consolidated Statements of Operations.The fair value or settlement value of the swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets.The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” of the Consolidated Statements of Operations.
|
Share-Based Payment Compensation |
These shares were held in escrow and will vest over three to four years. These units are recorded at grant-date fair value, which was determined to be fair value on the closing date of the business combination, and compensation expense is recognized on a straight‑line basis over the vesting period within “General and Administrative Expenses” of the Condensed Consolidated Statements of Operations in accordance with FASB ASC 718, Compensation - Stock Compensation. Forfeitures are recognized as they occur.The fair value of the PSUs is determined using a Monte Carlo simulation at the grant date. The Company recognized compensation expense for PSUs on a straight-line basis over the performance period. Any PSU not earned at the end of the performance period will be forfeited.
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v3.24.1.u1
Compensation Related Costs, Share Based Payments (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Payment Compensation |
These shares were held in escrow and will vest over three to four years. These units are recorded at grant-date fair value, which was determined to be fair value on the closing date of the business combination, and compensation expense is recognized on a straight‑line basis over the vesting period within “General and Administrative Expenses” of the Condensed Consolidated Statements of Operations in accordance with FASB ASC 718, Compensation - Stock Compensation. Forfeitures are recognized as they occur.The fair value of the PSUs is determined using a Monte Carlo simulation at the grant date. The Company recognized compensation expense for PSUs on a straight-line basis over the performance period. Any PSU not earned at the end of the performance period will be forfeited.
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v3.24.1.u1
BUSINESS COMBINATIONS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
As of March 31, 2024, our allocation of purchase price for acquisitions made during 2023 are detailed below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Acquisition Date | | Acquisition | | Considerations Transferred | | Current Assets | | Property Plant & Equipment | | Intangible Assets | | Other Long Term Assets | | Goodwill | | Liabilities | | Noncontrolling Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | (1) | | Q1 2023 | | Midstream Infrastructure Assets and Incentive and Acceleration Agreement(a) | | $ | 125,000 | | | $ | 4,736 | | | $ | 61,850 | | | $ | 3,150 | | | $ | 55,264 | | | $ | — | | | $ | — | | | $ | — | |
(a)Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement.
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v3.24.1.u1
REVENUE RECOGNITION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following table presents a disaggregation of the Company’s revenue: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Gathering and processing services | | $ | 102,195 | | | $ | 103,425 | | | | | | Natural gas, NGLs and condensate sales | | 236,567 | | | 173,824 | | | | | | Other revenue | | 2,632 | | | 3,791 | | | | | | Total revenues | | $ | 341,394 | | | $ | 281,040 | | | | | |
|
Schedule of Remaining Performance Obligation, Expected Timing of Satisfaction |
The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of March 31, 2024: | | | | | | | | | | | Amount | | | | Fiscal Year | | (In thousands) | Remaining of 2024 | | $ | 44,181 | | 2025 | | 69,099 | | 2026 | | 64,789 | | 2027 | | 64,105 | | 2028 | | 63,012 | | Thereafter | | 203,692 | | | | $ | 508,878 | | | | |
|
Schedule of Contract with Customer, Contract Liability |
The following table provides information about contract liabilities from contracts with customers as of March 31, 2024: | | | | | | | | | | | Amount | | | | | | (In thousands) | Balance at December 31, 2023 | | $ | 32,238 | | Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied | | (1,614) | | Cash received in advance and not recognized as revenue | | 514 | | Balance at March 31, 2024 | | 31,138 | | Less: Current portion | | 6,301 | | Non-current portion | | $ | 24,837 | |
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v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property, plant and equipment, at carrying value, is as follows: | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Gathering, processing, and transmission systems and facilities | | $ | 3,300,290 | | | $ | 3,253,539 | | Vehicles | | 12,642 | | | 11,447 | Computers and equipment | | 7,324 | | | 6,242 | Less: accumulated depreciation | | (666,838) | | | (626,223) | | Total depreciable assets, net | | 2,653,418 | | | 2,645,005 | | Construction in progress | | 68,816 | | | 74,369 | Land | | 25,249 | | | 23,853 | | Total property, plant, and equipment, net | | $ | 2,747,483 | | | $ | 2,743,227 | |
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v3.24.1.u1
INTANGIBLE ASSETS, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets, net, are comprised of the following: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Customer contracts | | $ | 1,139,633 | | | $ | 1,139,665 | | Right of way assets | | 143,653 | | | 141,711 | | Less accumulated amortization | | (720,449) | | | (689,706) | | Total amortizable intangible assets, net | | $ | 562,837 | | | $ | 591,670 | |
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v3.24.1.u1
EQUITY METHOD INVESTMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of Equity Method Investments |
As of March 31, 2024, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline. The table below presents the ownership percentages and investment balances held by the Company for each entity: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | Ownership(1) | | 2024 | | 2023 | | | | | | | | | | | | (In thousands) | PHP | | 55.5% | | $ | 1,654,920 | | | $ | 1,666,254 | | Breviloba | | 33.0% | | 440,869 | | | 443,684 | | Gulf Coast Express Pipeline LLC (“GCX”) | | 16.0% | | 430,489 | | | 431,051 | | | | | | $ | 2,526,278 | | | $ | 2,540,989 | |
(1)As of March 31, 2024 the Company also owned 15.0% of Epic Crude Holdings, LP (“EPIC”). The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | | | Total | | | | | | | | | | | | | | | | | (In thousands) | Balance at December 31, 2023 | $ | 1,666,254 | | | $ | 443,684 | | | $ | 431,051 | | | | | $ | 2,540,989 | | | | | | | | | | | | Contributions | 3,273 | | | — | | | — | | | | | 3,273 | | Distributions(1) | (58,375) | | | (10,485) | | | (9,593) | | | | | (78,453) | | | | | | | | | | | | Equity income, net(2) | 43,768 | | | 7,670 | | | 9,031 | | | | | 60,469 | | Balance at March 31, 2024 | $ | 1,654,920 | | | $ | 440,869 | | | $ | 430,489 | | | | | $ | 2,526,278 | |
(1)Distributions consisted of distributions from returns on investment of $77.2 million, which was included in cash flows from operating activities and distributions from returns of investment of $1.2 million, which was included in cash flows from investing activities. (2)For the three months ended March 31, 2024, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC and $1.6 million from GCX.
|
Schedule of Equity Method Investment, Summarized Financial Information |
The following table represents selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | Permian Highway Pipeline LLC | | Breviloba, LLC | | Gulf Coast Express Pipeline LLC | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Revenues | | $ | 126,215 | | | $ | 50,958 | | | $ | 91,001 | | | $ | 92,840 | | | $ | 45,901 | | | $ | 89,748 | | Operating income | | 80,567 | | | 25,420 | | | 66,580 | | | 56,805 | | | 21,949 | | | 65,216 | | Net income | | 80,159 | | | 25,552 | | | 66,429 | | | 59,691 | | | 22,211 | | | 71,091 | |
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v3.24.1.u1
DEBT AND FINANCING COSTS - (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt |
The following table summarizes the Company’s debt obligations as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Unsecured term loan | | $ | 1,200,000 | | | $ | 1,200,000 | | $1.00 billion 2030 senior unsecured notes | | 1,000,000 | | | 1,000,000 | | $0.80 billion 2028 senior unsecured notes | | 800,000 | | | 800,000 | | $1.25 billion revolving line of credit | | 547,000 | | | 594,000 | | | | | | | Total long-term debt | | 3,547,000 | | | 3,594,000 | | Debt issuance costs, net(1) | | (30,241) | | | (31,510) | | Unamortized debt premiums and discounts, net | | 356 | | | 319 | | Total long-term debt, net | | $ | 3,517,115 | | | $ | 3,562,809 | | | | | | | | | | | |
(1)Excludes unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.0 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
|
Schedule of Financing Costs, Net |
The table below presents the components of the Company’s financing costs, net of capitalized interest: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Capitalized interest | | $ | (944) | | | $ | (2,233) | | | | | | Debt issuance costs | | 1,699 | | | 1,521 | | | | | | Interest expense | | 46,712 | | | 70,020 | | | | | | Total financing costs, net of capitalized interest | | $ | 47,467 | | | $ | 69,308 | | | | | |
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v3.24.1.u1
ACCRUED EXPENSES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Components of Accrued Expenses |
The following table provides detail of the Company’s current accrued expenses on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Accrued product purchases | | $ | 100,087 | | | $ | 109,172 | | Accrued taxes | | 6,528 | | | 632 | | Accrued salaries, vacation, and related benefits | | 3,848 | | | 1,872 | | Accrued capital expenditures | | 8,371 | | | 18,534 | | Accrued interest | | 35,746 | | | 33,760 | | Accrued other expenses | | 15,495 | | | 13,451 | | Total accrued expenses | | $ | 170,075 | | | $ | 177,421 | |
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v3.24.1.u1
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | (In thousands) | Commodity swap | | $ | — | | | $ | 1,716 | | | $ | — | | | $ | 1,716 | | Interest rate derivatives | | — | | | 8,682 | | | — | | | 8,682 | | Total assets | | $ | — | | | $ | 10,398 | | | $ | — | | | $ | 10,398 | | | | | | | | | | | Commodity swaps | | $ | — | | | $ | 14,889 | | | $ | — | | | $ | 14,889 | | Interest rate derivatives | | — | | | 340 | | | — | | | 340 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | 15,229 | | | $ | — | | | $ | 15,229 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | (In thousands) | Commodity swap | | $ | — | | | $ | 3,663 | | | $ | — | | | $ | 3,663 | | Interest rate derivatives | | — | | | 4,314 | | | — | | | 4,314 | | Total assets | | $ | — | | | $ | 7,977 | | | $ | — | | | $ | 7,977 | | | | | | | | | | | Commodity swaps | | $ | — | | | $ | 1,749 | | | $ | — | | | $ | 1,749 | | Interest rate derivatives | | — | | | 5,348 | | | — | | | 5,348 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | 7,097 | | | $ | — | | | $ | 7,097 | |
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v3.24.1.u1
DERIVATIVES AND HEDGING ACTIVITIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Derivatives assets - current | | $ | 8,682 | | | $ | 4,314 | | | | | | | Total derivative assets | | $ | 8,682 | | | $ | 4,314 | | | | | | | | | | | | Derivatives liabilities - noncurrent | | $ | 340 | | | $ | 5,348 | | Total derivative liabilities | | $ | 340 | | | $ | 5,348 | |
The following table presents interest rate derivative activities for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Cash settlements | | $ | 3,952 | | | $ | — | | Favorable (unfavorable) fair value adjustment | | $ | 13,329 | | | $ | (17,190) | | | | | | |
The following table presents the fair value of derivative assets and liabilities related to commodity swaps: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Derivatives assets - current | | $ | 1,582 | | | $ | 3,498 | | Derivative assets - noncurrent | | 134 | | | 165 | | Total derivative assets | | $ | 1,716 | | | $ | 3,663 | | | | | | | Derivative liabilities - current | | $ | 14,811 | | | $ | 1,734 | | Derivatives liabilities - noncurrent | | 78 | | | 15 | | Total derivative liabilities | | $ | 14,889 | | | $ | 1,749 | |
The following table presents commodity derivative activities for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Cash settlements | | $ | (198) | | | $ | 974 | | (Unfavorable) favorable fair value adjustment | | $ | (15,286) | | | $ | 5,420 | |
|
Schedule of Detail Information of Commodity Swaps Outstanding |
The following table presents detailed information of commodity swaps outstanding as of March 31, 2024 (in thousands, except volumes): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | Commodity | | | | | | Unit | | Volume | | Net Fair Value | Natural Gas | | | | | | MMBtus | | 6,225,000 | | | $ | (4,224) | | NGL | | | | | | Gallons | | 191,058,000 | | | (2,078) | | Crude | | | | | | Bbl | | 201,500 | | | (1,023) | | Crude Collars | | | | | | Bbl | | 73,200 | | | (376) | | Crude Basis Spread Swaps | | | | | | Bbl | | 95,600 | | | (36) | | Natural Gas Basis Spread Swaps | | | | | | MMBtus | | 27,565,000 | | | (5,436) | | | | | | | | | | | | $ | (13,173) | |
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v3.24.1.u1
SHARE-BASED COMPENSATION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit | Outstanding and unvested shares at December 31, 2023 | | 5,444,488 | | | $ | 28.91 | | | | | | | Vested | | 16,404 | | | 31.18 | | Forfeited | | 796 | | | 31.18 | | Outstanding and unvested shares at March 31, 2024 | | 5,427,288 | | | $ | 28.90 | |
|
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options Than Options, Grants in Period, Grant Date Intrinsic Value |
Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Aggregate intrinsic value of vested Class A Shares | | $ | 654 | | | $ | — | | Grant-date fair value of vested Class A Shares | | $ | 511 | | | $ | — | |
|
Schedule of Nonvested Restricted Stock Shares Activity |
The table below summarizes RSU activities for the three months ended March 31, 2024:
| | | | | | | | | | | | | | | | | Number of Shares(1) | | Weighted Avg Grant-Date Fair Market Value Per Unit(1) | Outstanding and unvested shares at December 31, 2023 | | 435,220 | | | $ | 31.15 | | Granted | | 585,340 | | | 35.17 | | Vested | | 290,708 | | | 34.24 | | Forfeited | | 4,039 | | | 32.44 | | Outstanding and unvested shares at March 31, 2024 | | 725,813 | | | $ | 33.30 | |
(1)Number of shares and weighted average fair market value per share here include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards.
|
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Aggregate intrinsic value of vested RSUs | | $ | 10,148 | | | $ | 6,700 | | Grant-date fair value of vested RSUs | | $ | 9,954 | | | $ | 6,188 | |
|
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity |
The table below summarizes PSU activities for the three months ended March 31, 2024: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Avg Grant-Date Fair Market Value Per Unit | | | | | | Granted in 2024 | | 198,703 | | | $ | 36.76 | | | | | | | | | | | | Outstanding and unvested shares at March 31, 2024 | | 198,703 | | | $ | 36.76 | |
|
Schedule of Share-Based Payment Award, Other Than Options, Valuation Assumptions |
The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on grant date: | | | | | | | | | | | March 2024 | Grant-date fair value per unit | | $36.76 | Beginning average price | | $32.84 | Risk-free interest rate | | 4.21% | Volatility factor | | 37% | Expected term | | 2.82 years |
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v3.24.1.u1
INCOME TAXES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of Total Income Tax Provision (Benefit) |
The Company is subject to U.S. federal income tax and state taxes. Income tax expense included in the condensed consolidated financial statements in this Quarterly Report on Form 10-Q is as follows: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands) | Income before income taxes | | $ | 39,194 | | $ | 4,715 | | | | | Income tax expense | | $ | 3,787 | | $ | 416 | | | | | Effective tax rate | | 9.66 | % | | 8.82 | % | | | | |
|
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v3.24.1.u1
NET INCOME PER SHARE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Net Income Per Share |
The computation of basic and diluted net income per share for the periods presented in the condensed consolidated financial statements is shown in the tables below: | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | (In thousands, except per share amounts) | Net income attributable to Class A common shareholders | | $ | 11,550 | | | $ | 1,436 | | | | | | Less: Net income available to participating unvested restricted Class A common shareholders(1) | | (4,394) | | | (4,156) | | | | | | Total net income attributable to Class A common shareholders | | $ | 7,156 | | | $ | (2,720) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - basic(2) | | 57,869 | | | 47,612 | | | | | | Dilutive effect of unvested Class A common shares(3) | | 523 | | | 213 | | | | | | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding - diluted(2)(4) | | 58,392 | | | 47,825 | | | | | | | | | | | | | | | Net income available per common share - basic | | $ | 0.12 | | | $ | (0.06) | | | | | | Net income available per common share - diluted | | $ | 0.12 | | | $ | (0.06) | | | | | |
(1)Represents dividends paid to unvested Class A Shares. (2)Weighted average Class A common shares have been retrospectively restated due to bonus effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding. (3)Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (4)The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.
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v3.24.1.u1
SEGMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
The following tables present the reconciliation of the non-GAAP measure Segment Adjusted EBITDA to the GAAP measure segment income (loss) before income taxes as of and for the three months period ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated | | | (In thousands) | For the Three Months Ended March 31, 2024 | | | | | | | | | Segment income (loss) before income taxes | | $ | 50,173 | | | $ | 65,298 | | | $ | (76,277) | | | $ | 39,194 | | Add back: | | | | | | | | | Interest expense | | 16 | | | — | | | 47,451 | | | 47,467 | | | | | | | | | | | Depreciation and amortization | | 71,310 | | | 2,290 | | | 6 | | | 73,606 | | Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | | Proportionate EMI EBITDA | | — | | | 88,402 | | | — | | | 88,402 | | Share-based compensation | | — | | | — | | | 22,561 | | | 22,561 | | Loss on disposal of assets | | 4,166 | | | — | | | — | | | 4,166 | | Commodity hedging unrealized loss | | 15,088 | | | — | | | — | | | 15,088 | | Integration costs | | 41 | | | — | | | — | | | 41 | | | | | | | | | | | Other one-time costs or amortization | | 536 | | | — | | | 1,889 | | | 2,425 | | | | | | | | | | | Deduct: | | | | | | | | | | | | | | | | | | Interest income | | — | | | — | | | 577 | | | 577 | | | | | | | | | | | Equity income from unconsolidated affiliates | | — | | | 60,469 | | | — | | | 60,469 | | Segment Adjusted EBITDA(2) | | $ | 142,985 | | | $ | 95,521 | | | $ | (4,947) | | | $ | 233,559 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Corporate and Other(1) | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2023 | | | | | | | | | Segment income (loss) before income taxes | | $ | 51,012 | | | $ | 46,432 | | | $ | (92,729) | | | $ | 4,715 | | Add back: | | | | | | | | | Interest expense | | 9 | | | — | | | 69,299 | | | 69,308 | | | | | | | | | | | Depreciation and amortization | | 68,393 | | | 455 | | | 6 | | | 68,854 | | Contract assets amortization | | 1,655 | | | — | | | — | | | 1,655 | | Commodity hedging unrealized gain | | (4,987) | | | — | | | — | | | (4,987) | | Proportionate EMI EBITDA | | — | | | 71,867 | | | — | | | 71,867 | | Share-based compensation | | — | | | — | | | 17,540 | | | 17,540 | | Loss on disposal of assets | | 102 | | | — | | | — | | | 102 | | Integration costs | | 7 | | | — | | | 918 | | | 925 | | Acquisition transaction costs | | 33 | | | — | | | 235 | | | 268 | | Other one-time costs or amortization | | 3,025 | | | — | | | 723 | | | 3,748 | | Deduct: | | | | | | | | | Warrant valuation adjustment | | — | | | — | | | 44 | | | 44 | | Equity income from unconsolidated affiliates | | — | | | 46,464 | | | — | | | 46,464 | | Segment Adjusted EBITDA(2) | | $ | 119,249 | | | $ | 72,290 | | | $ | (4,052) | | | $ | 187,487 | |
(1)Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain General and Administrative Expense items. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss. (2)Segment adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q, for a definition of segment adjusted EBITDA. The following tables present the revenue for the individual operating segments for the three month periods ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | Elimination | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2024 | | | | | | | | | Revenue | | $ | 336,688 | | | $ | 2,074 | | | $ | — | | | $ | 338,762 | | Other revenue | | 2,630 | | | 2 | | | — | | | 2,632 | | Intersegment revenue(1) | | — | | | 6,215 | | | (6,215) | | | — | | Total segment operating revenue | | $ | 339,318 | | | $ | 8,291 | | | $ | (6,215) | | | $ | 341,394 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Midstream Logistics | | Pipeline Transportation | | | | Consolidated | | | | | | | | | | | | (In thousands) | For the Three Months Ended March 31, 2023 | | | | | | | | | Revenue | | $ | 276,555 | | | $ | 694 | | | | | $ | 277,249 | | Other revenue | | 3,789 | | | 2 | | | | | 3,791 | | Total segment operating revenue | | $ | 280,344 | | | $ | 696 | | | | | $ | 281,040 | |
(1)The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. The following table presents total assets for each operating segment as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | | | | | (In thousands) | Midstream Logistics | | $ | 3,734,578 | | | $ | 3,772,764 | | Pipeline Transportation(1) | | 2,686,670 | | | 2,703,588 | | Segment total assets | | 6,421,248 | | | 6,476,352 | | Corporate and other | | 26,336 | | | 20,521 | | Total assets | | $ | 6,447,584 | | | $ | 6,496,873 | |
(1)Includes investment in unconsolidated affiliates of $2.53 billion and $2.54 billion as of March 31, 2024 and December 31, 2023, respectively.
|
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v3.24.1.u1
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024
USD ($)
entity
|
Mar. 18, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Interest in pipeline entities | entity |
|
4
|
|
|
|
Costs of sales (exclusive of depreciation and amortization) |
[1],[2] |
$ 153,687
|
|
$ 115,877
|
|
Highway Pipeline LLC and Breviloba, LLC |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Costs of sales (exclusive of depreciation and amortization) |
|
13,900
|
|
1,900
|
|
Apache Midstream and Titus |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Operating expenses |
|
|
$ 200
|
300
|
|
Apache | Maximum |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Common stock, share outstanding, ownership percentage |
|
|
0.00%
|
|
10.00%
|
Related Party |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Revenue |
|
17,200
|
|
25,800
|
|
Costs of sales (exclusive of depreciation and amortization) |
|
$ 23,300
|
|
19,700
|
|
Related Party | Apache Midstream and Titus |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Revenue |
|
|
$ 17,200
|
25,800
|
|
Costs of sales (exclusive of depreciation and amortization) |
|
|
$ 9,400
|
$ 17,800
|
|
Common Stock | Related Party |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Ownership percentage |
|
5.00%
|
|
|
|
Kinetik Holdings LP |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Limited partners, ownership interest |
|
39.00%
|
|
|
|
|
|
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v3.24.1.u1
BUSINESS COMBINATIONS - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 13, 2023 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 5,077
|
$ 5,077
|
|
Midstream Infrastructure Assets and Incentive and Acceleration Agreement |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Considerations Transferred |
|
|
$ 125,000
|
Property Plant & Equipment |
|
|
61,850
|
Intangible Assets |
|
|
3,150
|
Goodwill |
|
|
0
|
Liabilities |
|
|
0
|
Noncontrolling Interest |
|
|
0
|
Assets acquired |
$ 65,000
|
|
|
Incentive and acceleration agreement |
|
|
60,000
|
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Current Assets |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Current Assets |
|
|
4,736
|
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Other Long Term Assets |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Other Long Term Assets |
|
|
$ 55,264
|
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v3.24.1.u1
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
Total operating revenues |
[1] |
$ 341,394
|
$ 281,040
|
Gathering and processing services |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Total operating revenues |
|
102,195
|
103,425
|
Natural gas, NGLs and condensate sales |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Total operating revenues |
|
236,567
|
173,824
|
Other revenue |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Total operating revenues |
|
$ 2,632
|
$ 3,791
|
|
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v3.24.1.u1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total operating revenues |
[1] |
$ 341,394,000
|
$ 281,040,000
|
|
Capitalized contract cost |
|
69,500,000
|
|
$ 71,200,000
|
Amortization of contract costs |
|
1,655,000
|
1,655,000
|
|
Minimum Volume Commitments |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total operating revenues |
|
$ 0
|
$ 1,100,000
|
|
|
|
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REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 508,878
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 44,181
|
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9 months
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 69,099
|
Expected timing of satisfaction, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 64,789
|
Expected timing of satisfaction, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 64,105
|
Expected timing of satisfaction, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 63,012
|
Expected timing of satisfaction, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 203,692
|
Expected timing of satisfaction, period |
|
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PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Less: accumulated depreciation |
$ (666,838,000)
|
|
$ (626,223,000)
|
Total depreciable assets, net |
2,653,418,000
|
|
2,645,005,000
|
Total property, plant, and equipment, net |
2,747,483,000
|
|
2,743,227,000
|
Depreciation expense |
42,900,000
|
$ 38,400,000
|
|
Impairment of long-lived assets |
0
|
$ 0
|
|
Gathering, processing, and transmission systems and facilities |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Total property, plant and equipment, gross |
3,300,290,000
|
|
3,253,539,000
|
Vehicles |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Total property, plant and equipment, gross |
12,642,000
|
|
11,447,000
|
Computers and equipment |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Total property, plant and equipment, gross |
7,324,000
|
|
6,242,000
|
Construction in progress |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Total property, plant and equipment, gross |
68,816,000
|
|
74,369,000
|
Land |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Total property, plant and equipment, gross |
$ 25,249,000
|
|
$ 23,853,000
|
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INTANGIBLE ASSETS, NET - Intangible Asset (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Less accumulated amortization |
$ (720,449)
|
$ (689,706)
|
Total amortizable intangible assets, net |
562,837
|
591,670
|
Customer contracts |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total amortizable intangible assets, gross |
1,139,633
|
1,139,665
|
Right of way assets |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total amortizable intangible assets, gross |
$ 143,653
|
$ 141,711
|
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v3.24.1.u1
EQUITY METHOD INVESTMENTS - Information of Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
Equity method interests |
$ 2,526,278
|
|
$ 2,540,989
|
Difference between carrying amount and underlying equity |
345,900
|
|
349,300
|
Capitalized interest |
24,500
|
|
24,700
|
Movement In Equity Method Interests [Roll Forward] |
|
|
|
Beginning balance |
2,540,989
|
|
|
Contributions |
3,273
|
|
|
Distributions |
(78,453)
|
|
|
Equity income, net |
60,469
|
$ 46,464
|
|
Ending balance |
2,526,278
|
|
|
Distributions from unconsolidated affiliates |
77,213
|
67,764
|
|
Distributions from unconsolidated affiliate |
$ 1,240
|
$ 5,793
|
|
Altus Midstream LP | Minimum | Underlying Pipeline |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Useful life |
20 years
|
|
|
Altus Midstream LP | Maximum | Underlying Pipeline |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Useful life |
32 years
|
|
|
PHP |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Ownership percentage |
55.50%
|
|
|
Equity method interests |
$ 1,654,920
|
|
1,666,254
|
Movement In Equity Method Interests [Roll Forward] |
|
|
|
Beginning balance |
1,666,254
|
|
|
Contributions |
3,273
|
|
|
Distributions |
(58,375)
|
|
|
Equity income, net |
43,768
|
|
|
Ending balance |
1,654,920
|
|
|
Amortization |
$ 2,000
|
|
|
Breviloba |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Ownership percentage |
33.00%
|
|
|
Equity method interests |
$ 440,869
|
|
443,684
|
Movement In Equity Method Interests [Roll Forward] |
|
|
|
Beginning balance |
443,684
|
|
|
Contributions |
0
|
|
|
Distributions |
(10,485)
|
|
|
Equity income, net |
7,670
|
|
|
Ending balance |
440,869
|
|
|
Amortization |
$ 200
|
|
|
Gulf Coast Express Pipeline LLC (“GCX”) |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Ownership percentage |
16.00%
|
|
|
Equity method interests |
$ 430,489
|
|
$ 431,051
|
Movement In Equity Method Interests [Roll Forward] |
|
|
|
Beginning balance |
431,051
|
|
|
Contributions |
0
|
|
|
Distributions |
(9,593)
|
|
|
Equity income, net |
9,031
|
|
|
Ending balance |
430,489
|
|
|
Amortization |
$ 1,600
|
|
|
Epic Crude Holdings, LP |
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
Ownership percentage |
15.00%
|
|
|
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v3.24.1.u1
EQUITY METHOD INVESTMENTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Schedule of Equity Method Investments [Line Items] |
|
|
Operating income |
$ 26,101
|
$ 27,265
|
Net income |
35,407
|
4,299
|
PHP |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Revenues |
126,215
|
92,840
|
Operating income |
80,567
|
56,805
|
Net income |
80,159
|
59,691
|
Breviloba, LLC |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Revenues |
50,958
|
45,901
|
Operating income |
25,420
|
21,949
|
Net income |
25,552
|
22,211
|
Gulf Coast Express Pipeline LLC (“GCX”) |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Revenues |
91,001
|
89,748
|
Operating income |
66,580
|
65,216
|
Net income |
$ 66,429
|
$ 71,091
|
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v3.24.1.u1
DEBT AND FINANCING COSTS - Schedule of Long-Term Debt (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Total long-term debt |
$ 3,547,000,000
|
$ 3,594,000,000
|
Debt issuance costs, net |
(30,241,000)
|
(31,510,000)
|
Unamortized debt premiums and discounts, net |
356,000
|
319,000
|
Total long-term debt, net |
3,517,115,000
|
3,562,809,000
|
Unamortized debt issuance cost |
30,200,000
|
31,500,000
|
$1.25 billion revolving line of credit | Revolving Credit Facility |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
547,000,000
|
594,000,000
|
Unamortized debt issuance cost |
5,000,000
|
5,400,000
|
Term Loan | Unsecured term loan |
|
|
Debt Instrument [Line Items] |
|
|
Total long-term debt |
1,200,000,000
|
1,200,000,000
|
Term Loan | $1.25 billion revolving line of credit |
|
|
Debt Instrument [Line Items] |
|
|
Face amount |
1,250,000,000
|
|
Unsecured Debt | $1.00 billion 2030 senior unsecured notes |
|
|
Debt Instrument [Line Items] |
|
|
Face amount |
1,000,000,000.00
|
|
Total long-term debt |
1,000,000,000
|
1,000,000,000
|
Unsecured Debt | $0.80 billion 2028 senior unsecured notes |
|
|
Debt Instrument [Line Items] |
|
|
Face amount |
800,000,000
|
|
Total long-term debt |
$ 800,000,000
|
$ 800,000,000
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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DEBT AND FINANCING COSTS - Schedule of Financing Costs, Net of Capitalized Interest (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Capitalized interest |
$ (944)
|
$ (2,233)
|
Debt issuance costs |
1,699
|
1,521
|
Interest expense |
46,712
|
70,020
|
Total financing costs, net of capitalized interest |
$ 47,467
|
$ 69,308
|
X |
- DefinitionAmount of amortization expense attributable to debt issuance costs.
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DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 08, 2022 |
Debt Instrument [Line Items] |
|
|
|
Unamortized debt issuance cost |
$ 30,200,000
|
$ 31,500,000
|
|
Unamortized debt premiums and discounts, net |
356,000
|
319,000
|
|
Debt, fair value |
$ 3,530,000,000
|
$ 3,570,000,000
|
|
Senior Notes | 5.825 % Senior Notes Due 2030 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Stated percentage |
5.875%
|
5.875%
|
|
Senior Notes | 6.625 % Senior Notes Due 2028 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Stated percentage |
6.625%
|
6.625%
|
|
Unsecured Debt | Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt maximum borrowing capacity |
|
|
$ 1,250,000,000
|
Letters of credit outstanding |
$ 12,600,000
|
$ 12,600,000
|
|
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ACCRUED EXPENSES (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued product purchases |
$ 100,087
|
$ 109,172
|
Accrued taxes |
6,528
|
632
|
Accrued salaries, vacation, and related benefits |
3,848
|
1,872
|
Accrued capital expenditures |
8,371
|
18,534
|
Accrued interest |
35,746
|
33,760
|
Accrued other expenses |
15,495
|
13,451
|
Total accrued expenses |
$ 170,075
|
$ 177,421
|
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EQUITY (Details) $ in Thousands |
|
3 Months Ended |
|
|
Mar. 07, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
shares
|
Mar. 31, 2023
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
shares
|
Class of Stock [Line Items] |
|
|
|
|
|
Redeemable noncontrolling interest — limited partner | $ |
|
$ 3,624,670
|
|
$ 3,157,807
|
|
Class C Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, shares issued (in shares) |
|
93,942,788
|
|
94,089,038
|
|
Common stock, shares outstanding (in shares) |
|
93,942,788
|
|
94,089,038
|
|
Class C Common Stock | Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Stock redeemed (in shares) |
|
146,250
|
|
|
|
Common stock, shares issued (in shares) |
|
93,900,000
|
|
|
|
Common stock, shares outstanding (in shares) |
|
93,943,000
|
94,089,000
|
94,089,000
|
94,270,000
|
Class A Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock, redemption ratio |
|
1
|
|
|
|
Common stock, shares issued (in shares) |
|
59,712,487
|
|
57,096,538
|
|
Common stock, shares outstanding (in shares) |
|
59,712,487
|
|
57,096,538
|
|
Class A Common Stock | Public warrants |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Class of warrant or right, purchase ratio for common stock |
|
0.1
|
|
|
|
Class A Common Stock | Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Stock redeemed (in shares) |
|
146,000
|
181,000
|
|
|
Common stock, shares issued (in shares) |
|
59,700,000
|
|
|
|
Common stock, shares outstanding (in shares) |
|
59,712,000
|
49,054,000
|
57,097,000
|
45,679,000
|
Class A Common Stock and Common Units | Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Dividends, cash | $ |
$ 39,500
|
|
|
|
|
Class A Common Stock By Reinvestment Holders | Common Stock |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Dividends, cash | $ |
$ 74,200
|
|
|
|
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v3.24.1.u1
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Liabilities |
|
|
Total liabilities |
$ 3,796,350
|
$ 3,869,889
|
Fair Value, Recurring |
|
|
Assets |
|
|
Total derivative assets |
10,398
|
7,977
|
Liabilities |
|
|
Total liabilities |
15,229
|
7,097
|
Fair Value, Recurring | Commodity swap |
|
|
Assets |
|
|
Total derivative assets |
1,716
|
3,663
|
Liabilities |
|
|
Total derivative liabilities |
14,889
|
1,749
|
Fair Value, Recurring | Interest rate derivatives |
|
|
Assets |
|
|
Total derivative assets |
8,682
|
4,314
|
Liabilities |
|
|
Total derivative liabilities |
340
|
5,348
|
Fair Value, Recurring | Level 1 |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
Total liabilities |
0
|
0
|
Fair Value, Recurring | Level 1 | Commodity swap |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
Total derivative liabilities |
0
|
0
|
Fair Value, Recurring | Level 1 | Interest rate derivatives |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
Total derivative liabilities |
0
|
0
|
Fair Value, Recurring | Level 2 |
|
|
Assets |
|
|
Total derivative assets |
10,398
|
7,977
|
Liabilities |
|
|
Total liabilities |
15,229
|
7,097
|
Fair Value, Recurring | Level 2 | Commodity swap |
|
|
Assets |
|
|
Total derivative assets |
1,716
|
3,663
|
Liabilities |
|
|
Total derivative liabilities |
14,889
|
1,749
|
Fair Value, Recurring | Level 2 | Interest rate derivatives |
|
|
Assets |
|
|
Total derivative assets |
8,682
|
4,314
|
Liabilities |
|
|
Total derivative liabilities |
340
|
5,348
|
Fair Value, Recurring | Level 3 |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
Total liabilities |
0
|
0
|
Fair Value, Recurring | Level 3 | Commodity swap |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
Total derivative liabilities |
0
|
0
|
Fair Value, Recurring | Level 3 | Interest rate derivatives |
|
|
Assets |
|
|
Total derivative assets |
0
|
0
|
Liabilities |
|
|
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$ 0
|
$ 0
|
X |
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v3.24.1.u1
DERIVATIVES AND HEDGING ACTIVITIES - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
Derivatives assets - current |
$ 10,264
|
$ 7,812
|
Derivative asset, non-current |
134
|
165
|
Derivative liabilities - current |
14,811
|
1,734
|
Derivatives liabilities - noncurrent |
418
|
5,363
|
Interest Rate Swap |
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
Derivatives assets - current |
8,682
|
4,314
|
Total derivative assets |
8,682
|
4,314
|
Derivatives liabilities - noncurrent |
340
|
5,348
|
Total derivative liabilities |
340
|
5,348
|
Commodity Swap |
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
Derivatives assets - current |
1,582
|
3,498
|
Derivative asset, non-current |
134
|
165
|
Total derivative assets |
1,716
|
3,663
|
Derivative liabilities - current |
14,811
|
1,734
|
Derivatives liabilities - noncurrent |
78
|
15
|
Total derivative liabilities |
$ 14,889
|
$ 1,749
|
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3 Months Ended |
Mar. 31, 2024
USD ($)
MMBTU
bbl
gal
|
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|
Net Fair Value |
$ (13,173)
|
Natural Gas |
|
Derivative [Line Items] |
|
Notional Quantity (Energy) | MMBTU |
6,225,000
|
Net Fair Value |
$ (4,224)
|
NGL |
|
Derivative [Line Items] |
|
Notional Quantity (Volume) | gal |
191,058,000
|
Net Fair Value |
$ (2,078)
|
Crude |
|
Derivative [Line Items] |
|
Notional Quantity (Volume) | bbl |
201,500
|
Net Fair Value |
$ (1,023)
|
Crude Collars |
|
Derivative [Line Items] |
|
Notional Quantity (Volume) | bbl |
73,200
|
Net Fair Value |
$ (376)
|
Crude Basis Spread Swaps |
|
Derivative [Line Items] |
|
Notional Quantity (Volume) | bbl |
95,600
|
Net Fair Value |
$ (36)
|
Natural Gas Basis Spread Swaps |
|
Derivative [Line Items] |
|
Notional Quantity (Volume) | bbl |
27,565,000
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$ (5,436)
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3 Months Ended |
Mar. 31, 2024
USD ($)
shares
|
Mar. 31, 2023
USD ($)
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Share-based compensation | $ |
$ 22,561
|
$ 17,540
|
Class A and Class C Shares |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Cost not yet recognized | $ |
$ 61,600
|
|
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1 year 6 months 18 days
|
|
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|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Award vesting period |
3 years
|
|
Class A and Class C Shares | Maximum |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Award vesting period |
4 years
|
|
Performance shares |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Granted (in shares) |
198,703
|
|
Cost not yet recognized | $ |
$ 7,100
|
|
Period for recognition for remaining compensation cost |
2 years 9 months
|
|
Performance period |
3 years
|
|
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0
|
|
Performance shares | ALTM |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
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4 years
|
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395,416
|
|
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|
|
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|
|
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0.00%
|
|
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|
|
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|
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200.00%
|
|
Restricted stock units awards |
|
|
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|
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585,340
|
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$ 18,500
|
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2 years 10 days
|
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1
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v3.24.1.u1
NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
|
|
Net income attributable to Class A common shareholders |
|
$ 11,550
|
$ 1,436
|
Less: Net income available to participating unvested restricted Class A common shareholders |
|
(4,394)
|
(4,156)
|
Total net income attributable to Class A common shareholders - basic |
|
$ 7,156
|
$ (2,720)
|
Weighted average shares outstanding - basic (in shares) |
[1] |
57,869
|
47,612
|
Dilutive effect of unvested Class A common shares (in shares) |
|
523
|
213
|
Weighted average shares outstanding - diluted (in shares) |
[1] |
58,392
|
47,825
|
Net income available per common share - basic (in USD per share) |
|
$ 0.12
|
$ (0.06)
|
Net income available per common share - diluted (in USD per share) |
|
$ 0.12
|
$ (0.06)
|
|
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
|
Jun. 11, 2019 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Feb. 28, 2021 |
Loss Contingencies [Line Items] |
|
|
|
|
Loss contingency accrual |
|
$ 0
|
$ 0
|
|
Permian Gas |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Maximum annual amount to be paid |
$ 60,500,000
|
|
|
|
Period of annual volume without exceeding incentive forecast volume |
4 years
|
|
|
|
Expected period of annual volume without exceeding incentive forecast volume |
6 years
|
|
|
|
Contingent liabilities |
|
$ 0
|
$ 0
|
|
Winter Storm Uri |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Receivable |
|
|
|
$ 11,600,000
|
Receivable, noncurrent |
|
|
|
8,000,000
|
Receivable allowance |
|
|
|
$ 0
|
X |
- DefinitionBusiness Combination, Contingent Consideration, Maximum Annual Amount to be Paid
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v3.24.1.u1
SEGMENTS (Details) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024
USD ($)
agreement
Segment
stream
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Segment Reporting [Abstract] |
|
|
|
Number of operating segments | Segment |
2
|
|
|
Number of reportable segments | Segment |
2
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Income before income taxes |
$ 39,194
|
$ 4,715
|
|
Add back: |
|
|
|
Interest expense |
47,467
|
69,308
|
|
Depreciation and amortization expenses |
73,606
|
68,854
|
|
Contract assets amortization |
1,655
|
1,655
|
|
Commodity hedging unrealized gain |
|
(4,987)
|
|
Proportionate EMI EBITDA |
88,402
|
71,867
|
|
Share-based compensation |
22,561
|
17,540
|
|
Loss on disposal of assets |
4,166
|
102
|
|
Commodity hedging unrealized loss |
15,088
|
|
|
Integration costs |
41
|
925
|
|
Acquisition transaction costs |
|
268
|
|
Other one-time costs or amortization |
2,425
|
3,748
|
|
Deduct: |
|
|
|
Interest income |
577
|
|
|
Warrants fair value adjustment |
0
|
44
|
|
Equity income from unconsolidated affiliates |
60,469
|
46,464
|
|
Segment adjusted EBITDA |
233,559
|
187,487
|
|
Total assets |
6,447,584
|
|
$ 6,496,873
|
Investments in unconsolidated affiliates |
2,526,278
|
|
2,540,989
|
Operating Segments |
|
|
|
Deduct: |
|
|
|
Total assets |
$ 6,421,248
|
|
6,476,352
|
Operating Segments | Midstream Logistics |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Number of streams in which a segment operates | stream |
3
|
|
|
Income before income taxes |
$ 50,173
|
51,012
|
|
Add back: |
|
|
|
Interest expense |
16
|
9
|
|
Depreciation and amortization expenses |
71,310
|
68,393
|
|
Contract assets amortization |
1,655
|
1,655
|
|
Commodity hedging unrealized gain |
|
(4,987)
|
|
Proportionate EMI EBITDA |
0
|
0
|
|
Share-based compensation |
0
|
0
|
|
Loss on disposal of assets |
4,166
|
102
|
|
Commodity hedging unrealized loss |
15,088
|
|
|
Integration costs |
41
|
7
|
|
Acquisition transaction costs |
|
33
|
|
Other one-time costs or amortization |
536
|
3,025
|
|
Deduct: |
|
|
|
Interest income |
0
|
|
|
Warrants fair value adjustment |
|
0
|
|
Equity income from unconsolidated affiliates |
0
|
0
|
|
Segment adjusted EBITDA |
142,985
|
119,249
|
|
Revenue |
339,318
|
280,344
|
|
Total assets |
3,734,578
|
|
3,772,764
|
Operating Segments | Midstream Logistics | Product and Service |
|
|
|
Deduct: |
|
|
|
Revenue |
336,688
|
276,555
|
|
Operating Segments | Midstream Logistics | Other revenue |
|
|
|
Deduct: |
|
|
|
Revenue |
$ 2,630
|
3,789
|
|
Operating Segments | Pipeline Transportation |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Number of pipelines with equity investment interest | agreement |
4
|
|
|
Income before income taxes |
$ 65,298
|
46,432
|
|
Add back: |
|
|
|
Interest expense |
0
|
0
|
|
Depreciation and amortization expenses |
2,290
|
455
|
|
Contract assets amortization |
0
|
0
|
|
Commodity hedging unrealized gain |
|
0
|
|
Proportionate EMI EBITDA |
88,402
|
71,867
|
|
Share-based compensation |
0
|
0
|
|
Loss on disposal of assets |
0
|
0
|
|
Commodity hedging unrealized loss |
0
|
|
|
Integration costs |
0
|
0
|
|
Acquisition transaction costs |
|
0
|
|
Other one-time costs or amortization |
0
|
0
|
|
Deduct: |
|
|
|
Interest income |
0
|
|
|
Warrants fair value adjustment |
|
0
|
|
Equity income from unconsolidated affiliates |
60,469
|
46,464
|
|
Segment adjusted EBITDA |
95,521
|
72,290
|
|
Revenue |
8,291
|
696
|
|
Total assets |
2,686,670
|
|
2,703,588
|
Operating Segments | Pipeline Transportation | Product and Service |
|
|
|
Deduct: |
|
|
|
Revenue |
2,074
|
694
|
|
Operating Segments | Pipeline Transportation | Other revenue |
|
|
|
Deduct: |
|
|
|
Revenue |
$ 2
|
2
|
|
Operating Segments | Operating Revenues, Cost of Sales, Operating Expenses and Ad Valorem Expenses | Segment Concentration Risk | Midstream Logistics |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Concentration risk, percentage |
99.00%
|
|
|
Operating Segments | Valorem Expenses | Segment Concentration Risk | Midstream Logistics |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Concentration risk, percentage |
93.00%
|
|
|
Operating Segments | EBITDA | Segment Concentration Risk | Pipeline Transportation |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Concentration risk, percentage |
92.00%
|
|
|
Corporate and Other |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Income before income taxes |
$ (76,277)
|
(92,729)
|
|
Add back: |
|
|
|
Interest expense |
47,451
|
69,299
|
|
Depreciation and amortization expenses |
6
|
6
|
|
Contract assets amortization |
0
|
0
|
|
Commodity hedging unrealized gain |
|
0
|
|
Proportionate EMI EBITDA |
0
|
0
|
|
Share-based compensation |
22,561
|
17,540
|
|
Loss on disposal of assets |
0
|
0
|
|
Commodity hedging unrealized loss |
0
|
|
|
Integration costs |
0
|
918
|
|
Acquisition transaction costs |
|
235
|
|
Other one-time costs or amortization |
1,889
|
723
|
|
Deduct: |
|
|
|
Interest income |
577
|
|
|
Warrants fair value adjustment |
|
44
|
|
Equity income from unconsolidated affiliates |
0
|
0
|
|
Segment adjusted EBITDA |
(4,947)
|
(4,052)
|
|
Total assets |
$ 26,336
|
|
$ 20,521
|
Corporate and Other | General and Administrative Expenses and Debt Service Costs | Segment Concentration Risk |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Concentration risk, percentage |
86.00%
|
|
|
Elimination |
|
|
|
Deduct: |
|
|
|
Revenue |
$ (6,215)
|
|
|
Elimination | Product and Service |
|
|
|
Deduct: |
|
|
|
Revenue |
0
|
|
|
Elimination | Other revenue |
|
|
|
Deduct: |
|
|
|
Revenue |
0
|
|
|
Elimination | Midstream Logistics |
|
|
|
Deduct: |
|
|
|
Revenue |
0
|
|
|
Elimination | Pipeline Transportation |
|
|
|
Deduct: |
|
|
|
Revenue |
6,215
|
|
|
Consolidated |
|
|
|
Deduct: |
|
|
|
Revenue |
341,394
|
281,040
|
|
Consolidated | Product and Service |
|
|
|
Deduct: |
|
|
|
Revenue |
338,762
|
277,249
|
|
Consolidated | Other revenue |
|
|
|
Deduct: |
|
|
|
Revenue |
$ 2,632
|
$ 3,791
|
|
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v3.24.1.u1
SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
May 09, 2024 |
Apr. 18, 2024 |
Apr. 02, 2024 |
Subsequent Event [Line Items] |
|
|
|
Accounts receivable from securitization |
|
|
$ 150.0
|
Line of credit facility, remaining borrowing capacity |
|
|
$ 1,000.0
|
Gulf Coast Express Pipeline LLC |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Ownership percentage sold |
16.00%
|
|
|
Proceeds from sale |
$ 540.0
|
|
|
Cash payment |
510.0
|
|
|
Additional earn out in cash |
30.0
|
|
|
Class A Common Stock |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Dividends declared (in USD per share) |
|
$ 0.75
|
|
The Partnership |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Distribution declared (in USD per share) |
|
$ 0.75
|
|
Durango Acquisition | The Partnership |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Consideration transferred |
765.0
|
|
|
Aggregate purchase price, cash paid |
315.0
|
|
|
Contingent liabilities |
$ 75.0
|
|
|
Durango Acquisition | The Partnership | Class C Common Stock | To Be Issued At Closing |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Equity interest issuable (in shares) |
3,800
|
|
|
Durango Acquisition | The Partnership | Class C Common Stock | To Be Issued on July 1, 2025 |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Equity interest issuable (in shares) |
7,700
|
|
|
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Kinetik (PK) (USOTC:ALTMW)
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