KNTK - Earnings call 1 2023 | Kinetik Holdings Inc.

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Operator

Hello, everyone, and welcome to the Kinetik First Quarter 2023 Earnings Call. My name is Chach, and I'll be the coordinator for this conference. After the presentation, there will be a Q&A session [Operator Instructions] And now I will hand over to Maddie Wagner, Director of Investor Relations, to begin. Please go ahead.

Maddie Wagner

Thank you. to Quarter welcome Call. Earnings and morning, Kinetik's XXXX First Conference Good

at Operating our with and Tod as as Chief President is Carpenter, Matt Steve Executive our Here Trevor our Welch, our access Kendrick call our release the yesterday, Chief we Chris General me Howard, Mylan, to webcast Administrative VP Accounting Chief today's and www.kinetik.com. and for the VP available and of Finance; Officer, of Counsel; Jamie our are Wall, issued Officer; slide Tyler Officer; and Commercial. press presentation Stellato, well The

part These I assumptions. to differ are schedules release. that, will We've including could certain call forward-looking We future With these I non-GAAP may of U.S. Before and would we Jamie. to also involve to over not the open that our will will as to and that statements, all from remarks, GAAP. our conform what provide begin, do number remarks, call guarantees that question-and-answer provide statements Q&A. we reconcile our section of and like risks not prepared statements. performance of remind is performance earnings results listeners provided a described the measures turn actual the measures these in After press

Jamie Welch

morning, Thank for joining thank Good and you, us Maddie. you everyone, today.

our to As our the degree of quarterly interest story increases, approach to shift in have decided the we Kinetik calls.

to with more avoid We press repetition our and commentary unnecessary presentation. will be accompanying selective prepared with release our earnings

leadership we leads interactive Q&A an your and this session. Our more emphasize is of which and more change of hope broader forum the goal open time a informative to respectful be to with with team,

and a million, our continues reported our during get of ramp-up started. activity after in XXXX through across volumes line and saw in Yesterday, internal system. with quarter To So quarter. Yuri in late winter year occurs storm of third quarter March, EBITDA in first things most certainly we perspective, Beginning let any first put activity me we turn-in-line our adjusted into budget. and $XXX.X the

wells in are the Today, average In from equivalent system We XXXX XX% feet all-time processed to processed volumes per April, increase gas record March cubic of during XX% our new we X-month the expect highs. of X.XX quarter occur over connected window natural through at August. gathered volumes. the to representing and fourth XXXX day, billion a an

We to wells momentum and year, recent throughout expect sustained from by base the the an connected customer supported performance active system. our

certainly gassier. that are our getting We seeing the indicating GORs rising basin system, is across

March, In EBITDA customers. system Xx a Reeves XX%. on frame XX-year succinctly the feet closed supported cubic guidance a in by largest represents small $XX of we XXXX our April County, represents volumes X.X a per our processed out at we agreement over gate. situation, rate day acquisition This in of less new right of one currently day billion new rate cubic of of exceeded a of XXXX exit volume. with To to acquisition increase our exit multiple of than late feet expect billion midstream million and exit The infrastructure year-on-year processed X.X a per

effectively gas from a this accelerating win-win and Xx multiple. in a uplift drilling results program revenue start produced less customer, on executed agreement XXXX material with processing The additional acreage dedicated the in than services. near-term incentive activity also water for incentive We will setup and

expansion. remarked last progress Kinder the As on making are Morgan we week, PHP

materials, certain the for However, date components been to and supply chain expected constraints delayed has in-service December XXXX. to due

commodity have exposure. During the our first XXXX and XXXX second quarters, hedged actively we and

even of from our high remaining guidance delay anticipate $XXX $XXX and end of XXXX in profit achieving gross March PHP of expansion. fixed million, XXXX contracts is our the of the now EBITDA service the As fee hedges. with million of XX% to XX, We

exit step XXXX from EBITDA EBITDA and rate $XXX our over of well annualized to is XXXX remains XXXX now intact. change million for Our

the Our range, XXXX activity capital to guidance to producer these additional requiring expenditures are compression volumes. support trending towards accelerated end higher of the principally upper due our

DRIP, capital pull particularly GCX continuing impact an of have of in forward to us portfolio which and capital to are Gulf the accelerate to A a immediate priorities. our return X.Xx of pipeline achievement point allocation would the We allow evaluate to to shareholders. monetization as monetization Express accelerate the target our opportunities, stake means achievement Coast our leverage at the we potential

with and volumes the and down. inflation, assurance reliability an ensuring and XXXX exceptional operating budget In continued for Cryo operations team are was while in from we job Diamond placed expectations front, done service. in The operating remaining internal in April, line customers February. labor project on expansion and time. budget right materials has our our flow expenses on keeping costs On our both higher-than-expected Despite cost the

exceeds day. capacity processing feet per cubic billion Now X our installed

XXXX, New of Lea expansion as ahead The contract project schedule X. Our and of expected on in be April gathering County, in date is into the service Mexico system January well is should proceeding on budget planned. and start

currently with potential several about commercial Mexico excited New discussions in producers the are near-term opportunities. are We and

Delaware related budget occur. as is our pipeline gas We and will our more continue they on residue updates New schedule. activities provide to on commercial Link, to Waha XX-inch and to operational Mexico

our date the October. an Finance. hand are over And Howard, Trevor in call We with I'd that, in-service VP to of to targeting like

Trevor Howard

the pro EBITDA forma adjusted We first Jamie. of Thanks, in of quarter XXXX. million $XXX reported

the Looking our Logistics million EBITDA at adjusted results, an segment our segment Midstream in generated $XXX of quarter.

commodity Pipeline volumes saw seen our benefit our guidance. Throughout we program, which April, expansion reduced year will we driven in the by XXXX segment within growth quarter, commodity our have margin a GCX. X%, in as we well was we at and linked gross segment, XXXX from full second adjusted initiated of and of X% down mentioned, our quarter as receipt settlement results. Shin XX% volume when year-over-year. the strengthened Shifting Transportation and at and remaining to de-risked our an Oak up crude profit to Through March, sheet. ramp-up Jamie $XX meaningful As and we beginning hedging Epic Growth the million, we tariff generated a balance in EBITDA

from were a million is our within standpoint, at Pipeline $XX $XXX million, investment Next, expenditures expected the was $XX capital Transportation for logistics XX% which and expenditures segment capital the XXXX. segment. quarter of approximately million was total capital in midstream

For $XXX the quarter, flow and of adjusted million. free distributable we of cash an flow $XX million cash generated

in exited our June, comprehensive for XXXX we our to fixed of swaps executed rate we Turning the $X.XX total, refinancing Kinetik Furthermore, the to billion quarter May period. a sheet. floating March. In significant have since a May last XXXX swapped through portion rate leverage exposure fixed ratio. balance X.Xx the with of interest

exposed swap total X% average debt is X.X% current attractive cost debt Currently, of rate facilities floating and Our notes. declared of our across May an senior our average interest our only share the XX. of implies quarter. to bank represents April XX, quarterly This per approximately On coverage rates. X.Xx a a be ratio for paid we $X.XX on dividend dividend to full XXXX

the $XXX the $X.X approximately shares for repurchase quarter, announced million XX,XXX During we repurchased program. previously million under first opportunistically

shares partially offset the Kinetik share will repurchase DRIP. under The issuances

by significant our initiatives. sustainability and made year-over-year our progress. X% Turning X compared Scope reduced by X XXXX. reduced to achieved X X and have We LiDAR our intensity our XXXX This that in new Scope XXXX. through I blowdown as in am share we we Scope methane XX% program, best Similarly, equipment emissions installations. emissions compressor was practices part Scope greenhouse to and to pleased intensity gas

financing result framework a like July XXXX. As open intensity which the efforts direct for initiatives, of will targets reduction our performance XXXX, I for to lines diversity and And Q&A. that, interest result beginning in achieved our corporate sustainability-linked with savings emissions we would in

Operator

question you. from Citi. first [Operator Dounis Spiro today Thank from Instructions] The comes

Spiro Dounis

a if a formal It you're until consider little there's as year could with about operator. growth Thanks, closer you you'd to talk Coast the lastly, anything you even little like can less see as And now could Express. sales Gulf then if dividend maybe around If we start sounds bit the Team, you? maybe bit maybe more to process. that? we there else XXXX? recommencing timing soon core this a maybe and moving And

Jamie Welch

far evidenced part of as as start that sale ready we of interest release. are formally the in to as press by concerned, is the as fact think writing I it Spiro, obviously, our that particular exploring GCS put we

I take think should you that process typically inside months. X

see So in the feel conviction outcome earnings I beginning look, successful was be in second degree with I announcement obviously would expectations or of of an a to think around we, August, if us would a which ideal. for which quarter eventuate, high think, that

balance credit our for and down significant dilution is have realizing standpoint. from a both a a your holders. inroads That question It's first the profile of dividend, on year. way up we laid sale the saying, allocation set to this very need accelerating that as of And program I moderate the I think multiple GCX you the priorities attractive for to far potential for significant that at capital reduces make targets XX. knock think capital a would and achievement the out long we equity significant the obviously identified obviously to sheet As we've a DRIP. balance proceeds a from Obviously for of thing still

first think the I that's step.

return doing and something that to capital dividend on I shareholders. the of first otherwise one conservatively think the time XX% or is incremental probably reasonably consider could

Spiro Dounis

Got it. That's helpful.

CapEx. less use last number question, still dramatically for sort good just see have I XXXX $XXX evidenced pressure the through this we thinking quarter, increase It a than remember higher? your picked million sounds or here. last update, Second activity talked Is of about you as CapEx since up to here of XXXX. guidance levels that like by

Jamie Welch

number good I think to a still that's use. very

investor been have to processing trend online far a what of a surprised probably has now in is next and at thing see end I the when X, we it's what we the we or wells been should is curves. And think data talk. the we've Spiro, that we brought that on almost of one at have we out you And Slide is with specific this presentation for areas -- look of picture, exceeded handful investors type line, are us not basin you are look particularly particular is to we that this you dedicated year general you context years. discussions, be our in a should and have into because think we The so, consistent I that outperformance next discussing whether at expectations. that the that new type producer. We And have curve continues investors if well if will what this ramp year, only put that have XX just in in lot walk very FID the is, facility. that in

think nuances results Caterra we back the we it's on But us, whether see interesting resolute their -- with acreage. The it surprising. what's So with that just actually Cowen, the really recently to we understand it's quite PR, rock. It's were surprising. positively whether of with Diamondback, most

that So tells the what gassier. much just basin much, us is getting is gassier,

Page to a growth is it will And be not down within and on $XXX continue, so of of X, this remaining unreasonable space you of extrapolation will balance that space of very that short time. ramp expect million open knocking

Operator

question the Scotia line Richardson Bank. is from next The from on Tristan

Tristan Richardson

in some volume Maybe of Just new some are of in this strength? in projects that particularly the added you step-ups June concentration the is maybe on year, the ramp where the mean, you're those just about, curious DXL I contract. of of talking seeing MVCs, last April.

on of volume kind where maybe the strength seeing the you're Just some of side. curious

Jamie Welch

Tristan. morning, your changed you name, okay. that's I think Good Sure. didn't And but

up are certainly the and we the is, long the of it end always think side of sort our also we're Levine short we County. on the context. County top northern on seeing various it in it very, into in and more is gassy. the migrate We've end particular end pockets the very Reeves in into known western western seeing as But system I of

I in February, is of post What driver Erie. talked our of have activity. I some producers little MVCs -- particularly least little real of inconsequential as context as driver March of pretty announced storm catch-up relative see I a think customers. before is volumes it here and say, on to for we a the would much handful level bit the at versus here. the much we in about our the about saw not think generally, is because And of a of a Winter MVCs the have And we customers. But the is That cadence I their our that August. of of and is, for softness one talked back bit we is more I is case through the you real activity that so it you

changed People that wells on one It are I storm a producer producers. had and so. bring and monetary rightfully to I mean event Winter everybody, in Erie including very think for behavior. reticent tragic significant that catastrophic. obviously February was was consequences

their I September, starting October. sort depends they've end I why part people March you And the ramping forward at particularly better of against potluck going said, of think part, really the time of -- guidance. of because think, think of That's in December bit ALLY learned it large November, on be and turn think a And for through frame don't about little look, and are forecast we about. public how can on the tracking, beginning the live our the into is

being we've outsized at looked generally, spectacular. We're just solid, always as not some think I performance. Central now Reeves seeing Southern So really

some and job some I Matt's of their is. that that what and And ventures, real in balance sizing where today. benefits are are Lane, to we -- And I'll the and all as does GORs does we So activity. system overall and importantly, it as to make more is have get right these call are for it right? seeing and who this really getting job how places, of footprint of of of the the different within compression compression We runs the sort concerned of challenging needle different the far is It seeing -- a benches. think the move

commercial have overall is performance there are that by underpinned an engaged by to of for largest April, in able our new which activity for and yet us, very guys that changes in very up right, contract we execution. game happy customers starts is again because New NBC. area that entirely are The with in and And think Mexico, comfortable imported are that on the it's actively catchment one us. customers our and become that significant large capitalize there I with that

Tristan Richardson

maybe on in And just Reeves the it, Jamie. then tuck-in Appreciate County.

do contributions is from between ahead appreciate sort Just maybe time? seeing in Or the then system today? thinking commentary volumes Reeves? schedule end coming thinking of what of the grow about on just versus base maybe multiple, that you're guide, I Xx into high that about EBITDA, infrastructure of the And the over we in splitting thinking also that -- the the

Trevor Howard

out at the acquisition we did, asset. as $XX gathering out it's the the So a our water produced the It's It box, friends very we Xx far of -- said is and midstream Permian smallish than million, as is less of acquisition a gate. small a multiple. right with disposal That's it Resources.

people. people a with creative very and respect have for I we growing doing of guys. done business doing nothing these We tremendous Will of If think amount else, love love business James have and and And we that people phenomenal with -- a job creative creative.

we sits our this actual a a so From standpoint, went, us that's the to on at looked dedicated And already is that both for of from win-win we system us. then standpoint. gas it acreage and

tip point, entire thought, very So is of said, with consistent that's their From we overall run actually well, they think the our as they've just they iceberg. -- a impressed them and been know What as footprint. happy times I for important and performance. we overall vantage the

their alignment that plan. equivalent from that the them incentive on bit. goes activity allocate Silverback accelerate accelerate with some almost into for and drilling It's them a construction. base contribution drill point, they that is real them create to is legacy the it just aid and gassier acreage on this acreage The which is do the us have, was an to the vantage of above a over where of interesting and on thing. capital And one to our sizzle economic more to they in decision ingredient the really give so, of unique allowed And to their us Centennial

was XXXX, or basis. look when in plan their Tristan your of you'll And -- It's upside very and amount see over a is got certain being that was actually account. They've at on particular million. $XX which on you meant foot. to we at a lateral held peers, it number predicated base and plan, them what money you by They measured a gets are the is done your pretty gave to much high-frequency area, execute XXXX numbers, a above your So look already. This into basically the -- upside.

So if at Xx. XX, than you look we said the less it's

of we going you'll tenured is more million of just it's our So that got what said, on EBITDA I $XX side, gas than about we've -- say, see. be incremental it's contracts. on it as more -- to the or like seasoned one And

we are we've So to residue, control control to the get good. NGLs. got rates -- We get

was with up gas So the the value chain us coming arrangement. to of that critical creative component

water you at I question sort context piece, the contribution. adjustments because already much So as that's just last -- balance Obviously, had it, say Apache. is which outperformance. your far We was is the outperformance. puts that, the the is how and with would when said Offsetting in your of of overall increase we of in look as last made PHP. teens business The takes.

this those contributions sort and meaning gives got were the the were, the acquisition. takes of we've outperformance So positive and

don't that at So I all feel range we And things as end we EBITDA year. go $XXX this this with according our as plan far quite proud for that point volatility in time, that, of at are looking have. the of the to team of really high look, obviously,

Operator

question of Mitra is Indraneel from next Bank The America. from

Indraneel Mitra

the to billion $X scale look possible. you and But mix. the on sale, side status as to know want wanted I agencies to getting as the I investment-grade earnings of to as at EBITDA I rating well as also get other GCX Jamie, fast take know

So GMP more more the investment sale in which those of coming risk. up, the $XX of has say, take-or-pay you'd you issues moving be giving the side, consider roughly you sale high-quality volumetric with do the and let's million weigh just grade towards and contracts when How GCX?

Jamie Welch

months, it's and a right, what interesting we times. have business, it it we XX million Indraneel, counterparties what's of same And And, we've MVCs, with large-scale from numerous our on it of way backed shippers question look $XX slash announcements yes, high-quality are other is commitments at signing MVCs. And good debate very I the the this, have all we the that the logistics we midstream -- flows. by think In last the and been actioned investment-grade is cash in on one have counterparties. take GCX. underpinned words, strong biggest quality been as MVCs debated

is we at money, difference? look And to an ship pay the and obligation take to one what's say, obligation pay obligation MVC so the a An well, an pipeline an money, on is and that It's same. to or and if deficient. pay

but listen, that all have most X with the obviously you So that Obviously, yes, looked the hope, would do think up. the we've more offsetting October, down that in increase contributions, expansion and in for I I the means agree New at million. the MVC pipeline $XX it of Mexico, that, said, MVCs. coming with you, got we've And by with go transportation recently started PHP it

to has of of existed footprint can more I Permian. me, an within think flow offset sort question de-risked GMP to that we're I cash moving moving the business the on the risk. typically think a by MVC, that, to And

Trevor Howard

Trevor. to I'm in. this going is jump Indraneel, just

with of right is other our that's at I it's cost double-digit point. discussion point trading a important think stock a capital one now yield, with this

cost an the our or point. the less GCX we're sale proceeds, really frankly, share at to subsidizing you're and using looking basis, XX% it the that to asset third to you're with you you about the look be from pay avoiding per how is And debt. point, that to Which unique capital, offsetter is turn amount quarter selling when dripping able dilution it's metrics. which an fourth dividends. that so on of our off a of to financial numbers, actually at take than otherwise think unlevered bit and significantly little a this of reduce could that on really, instead DRIP, down it a we're would And XXXX is place And accretive compared extent at fair vantage when in

Indraneel Mitra

the fair, with some be there associated business, that to business. to right, is extra intensity capital get But G&P

what So how with look you that EBITDA you have do look adding the at incremental you at versus when already GMP from GCX?

Jamie Welch

that's and -- that's look, fair comment. And a

We Mexico, think the in brings, I Xx MVC less in, incremental -- into obviously deals the look and it, it pretty the overall on able of recovery is to without over build X the build capacity than October, incremental we're to store as announced at the think that -- down and has about capital overall was in And once bring the way significant with was put obligation probably capital above -- multiple virtually straw the we return capital with the -- we that that -- was and -- but a and for when manageable. and obviously New it additional very your the we the obviously, capital. nothing component source get contracts other. the to without

you versus hear do I look, -- $XX million. I So

in, remaining life. on just get that putting capital money You the it's more to and don't have for that's you sunk contract --

the as in think don't foot grade. driver X.Xx take front -- agencies, on as dynamic. able as mentioned, us Trevor it's fact, obviously, being quarter the is now the DRIP it's the actually It's and see incremental overall Trevor to the it -- equity would to getting the a actually balance say investment not control expensive the and and significant we and rating it shares, of because for every to I given that DRIP 'XX, we've that managed I really creates to, just out, be and relates magnitude, way which, through the correct our is change as pointed we that much

Indraneel Mitra

multiple one comment pipe sneak you understand initial that I if the in contracts New the to to build more volumes multiple are build And on down going could then for is over from what Mexico is to there. Texas. compress Okay. Mexico build as into pipe. into time more New flow the I able And Could Understood. that

the the we you're you can building flow, So volume into? look when is across it And it? that what multiple maximum state is what at And I that to guess, you drive expect that pipe into the build now? do XX-inch eventually what

Jamie Welch

So multiple Xx. on today, the MVC the build can the just is we is that than can XX-inch less It move based pipeline. move about XXX XXX, that across

And can so out. would at half? incremental that you sell you of very volume, you multiple you think do too if add like I compelling. bring don't that all that it's mean X.X it a sort down many I deals by if multiple I know

good be a pretty that proposition. So should

Indraneel Mitra

I why That's ask...

Jamie Welch

kind just in questions Neil, together. more one those Yes, last of combining conclusion, thing X just

thinking earmarked incremental are with deleveraging. I us cash business, which subsidize is harvesting today growth sale free think extent think mid-single-digit in shareholders. flow accretive capital another to an thing is the the accretive can being to our sale into allows back projects that a value we in way that how multiples, towards from about recycle And to is double-digit multiple we're business the we GCX

Operator

from The is Research. Wolfe ahead. next Stanley Keith question go from Please

Keith Stanley

general type your related commentary on acquisitions potential the in your So with agreement for see your still first, many any other customers own areas? just did assets like of just today? how you you tuck-in if any midstream water customers And existing with curious system

Jamie Welch

even -- that I of think and X or may X size. probably smaller There's an they be

creative to things. think we've to always So looking it. that them we as you are customers ideas worth doing right -- win-win the bunch yourself for on great know, we're both a on obviously think some sides. got what it's alignment some got Keith, creates ask We're I But you try think opportunities to that whether create I and give

would there's not an potentially XX, opportunity X it's there's like could that not -- set. expect abundance. it's I So that that say X fit or Don't

Keith Stanley

Got it.

the one but beat one here, dead horse to sorry on the potential clarifying just sale. GCX And

could to target made and year? So target DRIP. leverage debt you use that alternative as into you to to Do priorities EBITDA just growth turn see the guess repay achieving to leverage see the one I you off table? it is of Or the as more you get actually next the clear one proceeds do function the do a option on sooner.

Jamie Welch

Do you to take want that?

Trevor Howard

I used allocation we're mean, really, being that the now Thanks get that very the deleveraging. And our towards is will the DRIP successful right Yes, sure. to us No, question. capital extent sale with for to priorities. close the GCX, of achieving

our so that that are we're results, also trying to on as point, the we to to like. to But an could ready actually present we DRIP the And to that provide when get look what and update is get as going the X.Xx and we're soon intent possible.

-- need intact. order leverage X.Xx that you both in But -- to And to so achieve think don't you definitely to in necessarily near us you need still -- I don't term. that that intermediate I guess, that is message the from do

Operator

Securities. from Instructions] Robert from Mizuho is [Operator question Please Mosca The next go ahead.

Robert Mosca

only the incentive tied the return on to agreement. like a any or arrangement Just that within penalties requirements Are activity. specific follow-up there

think lateral metric. the mentioned foot you I

of reference you're understand whether a Xx that trying or with Just familiarity sticky kind going amount is in multiple to how activities that I certain are to comfort beyond of guess the return XX a that undertaking? thresholds with those rocks go these

Jamie Welch

Yes.

overall answer see And foot. now, go component. each Short incentive the I and context Rob, the that if insight that The the actually -- arrangement. so on and was questions, prepared you question on understood in the that had question. are dollar how let's into per remarks, confident mentioned my comfortable I lateral -- one the ingredients are So down I knock I of how much the think

these a of one through contracts. particular In on activity First, are of words, this have -- most of this -- tenured positions. these other lived lot is our we acreage X drilling

has we contracts a rock are the very what it. is know the lower we got years fee. One So well. slightly GOR, And percentage of One higher is right? know themselves We've data, more different. so and is GOR, what overall in fixed POP years

it I change of we it when look we the look deal at it as March, within year. the at was current starts end -- -- at the because of of and say, hard this drilling And the obviously, we've year end towards year sort activity it's -- -- to of closed

-- And going happened, be is to listen, do so The quarter it drilling. XXXX acreage, we time adjust I a frequency every to regular months. on basically fourth you've we is footage guys includes you said, have either There you -- the upon a we're would cost is as it's if I capital. measured refund say, a PR far benefits by start drill in It's which then which depending will of we're is benefits. our on And before lateral penalty, this about the what the that area starting certain a therefore, a excess -- think to on a there you drill, said, don't basis. X see to and when of a got. And

'XX. our bit see how works, contrast significant Xx, but is confidence through of that XX is all activity a it 'XX quite and there's solid level detail through the So into in should of we

at as that So nice you think arrangement on remaining I -- will it's very lot the it. think on it's folks inventory got a win-win still accelerated it's said, PR. with a I of a runway And nice acreage see that's I a

Robert Mosca

the your seems with are changing all? Permian now. plants increase And might your comfortable wondering if the like of and more think lot peers you system. trust the building And guess Jamie. offloads I you've a at on capacity noted rising in color, it the be GORs. still conversations And of spare just gears. I'm volume helpful I around some That's switching exit have maybe Great. rate, even

filter volumes offloads? So with be the going capacity are dedicated your that expectation to than rather

Jamie Welch

So I core aren't thing, think is part the few business. Rob, first very offloads offloads. get a of We our

never something X. part of offloads it we us, days, of plant about something be a it's it down that's really For maybe and for of never our the it's when couple an who but might Or never a part knows. to be They we X It are you, may narrative. think days. not outage, are about offloads be may be we forecast, are that we may talk for how -- It business. unexpected for maintenance. Yes, got And it. not

about just we gravy, that we may saw would didn't describe to more The way Target look, the capacity. it. from way I basin, capacity, with evidenced that an think maybe a announcement better right? this We overall expect, we saw Western these That by So about think get context, thought pricing Manna Something morning. we've lead the we'll never us need heaven, they in make be long uploads. times just all to more as

in All of you things, strong. I those remains that is the direction think, gassier, point the getting activity yes, basin

us on a as making gas to it has up purely decision impact for opportunity capitalize not to a back obviously, it's open Obviously, And would But February in fact, us different up volume on. Utica, we it dry almost then it start to months gas thus into prices getting very since the what's significant will certainly where our has XX, able we Haynesville, drilling such point, -- the in activity. is on basin, narrative Mexico than lived expectations. interesting be vantage we by that a the X now still Marcellus, announced to from far, we believe New --

into against the this I expectation making time. that that of about into allow year and point going you thinking late at that X.X us of about think just a and end capacity the of opportunities and we've the year front balance additional prospect see -- in at $XXX think sell out the also see an on announcement next the all excited of adding got build not by we -- that obviously, in incredibly this but us, our are would will the

Operator

We further have no questions.

So I'll hand to to back Jamie conclude.

Jamie Welch

you now everyone's announcements Thank given right the -- it's everybody. much from very your on time. just I know for slammed earnings

we next at of look forward to you So in seeing Thank the you. couple EIC weeks.

Operator

call. concludes today's This

you. your of day. now You the Thank lines, may your enjoy rest disconnect and

Kinetik (KNTK) 4 May 232023 Q1 Earnings call transcript