Kinetik Holdings Inc-A 2025年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 81-4675947 Delaware (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 2700 Post Oak Boulevard, Suite 300Houston, Texas 77056-4400(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code (713) 621-7330Securities registered pursuant to Section12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredClass A common stock, $0.0001 par valueKNTKNew York Stock ExchangeNYSE Texas Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 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 ExchangeAct. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smallerreportingcompany☐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 financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act):Yes☐No☒ Aggregate market value of the voting and non-voting common equity held by non-affiliates of registrant as of June30, 2025 (in billions)$1.97Number of shares of registrant’s Class A Common Stock, $0.0001 issued and outstanding as of February20, 202664,590,736Number of shares of registrant’s Class C Common Stock, $0.0001 issued and outstanding as of February20, 202697,557,604 Documents Incorporated By ReferencePortions of registrant’s proxy statement relating to registrant’s 2026 annual meeting of stockholders to be filed hereafter are incorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS ItemPageGLOSSARYiiINFORMATION REGARDING FORWARD-LOOKING STATEMENTS AND RISKSiiiPART I 1 and 2.BUSINESS AND PROPERTIES11A.RISK FACTORS131B.UNRESOLVED STAFF COMMENTS251C.CYBERSECURITY263.LEGAL PROCEEDINGS28PART II5.MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS,AND ISSUER PURCHASES OF EQUITY SECURITIES296.[RESERVED]307.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS317A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK448.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA449.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE449A.CONTROLS AND PROCEDURES459B.OTHER INFORMATION459C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS45PART III10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE4611.EXECUTIVE COMPENSATION4612.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS4613.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE4614.PRINCIPAL ACCOUNTING FEES AND SERVICES46PART IV15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES4716.FORM 10-K SUMMARY49SIGNATURES50 GLOSSARY OF TERMS The following are abbreviations and definitions of certain terms which may be used in this Annual Report on Form 10-K (“AnnualReport”) and certain terms which are commonly used in t