Kinetik Holdings Inc. - 2026年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 KINETIK HOLDINGS INC. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling 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 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch 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, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer Accelerated filerSmallerreportingcompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Number of shares of registrant’s Class A Common Stock, par value $0.0001 per share issued and outstanding as of April30, 2026Number of shares of registrant’s Class C Common Stock, par value $0.0001 per share issued and outstanding as of April30, 2026 73,602,33488,757,604 TABLE OF CONTENTS Item PART I — FINANCIAL INFORMATION 1.FINANCIAL STATEMENTS(UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - THREE MONTHS ENDED MARCH31, 2026 AND 2025CONDENSED CONSOLIDATED BALANCE SHEETS - AS OF MARCH 31, 2026 AND DECEMBER 31,2025CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE MONTHS ENDED MARCH31, 2026 AND 2025CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLINGINTERESTS - THREE MONTHS ENDED MARCH 31, 2026 AND 2025 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2.BUSINESS COMBINATIONS3.REVENUE RECOGNITION4.PROPERTY, PLANT AND EQUIPMENT, NET5.INTANGIBLE ASSETS, NET6.EQUITY METHOD INVESTMENTS7.DEBT AND FINANCING COSTS8.ACCRUED EXPENSES9.LEASE10.EQUITY11.FAIR VALUE MEASUREMENTS12.DERIVATIVES AND HEDGING ACTIVITIES13.SHARE-BASED COMPENSATION14.INCOME TAXES15.NET INCOME PER SHARE16.COMMITMENTS AND CONTINGENCIES17.SEGMENTS18.SUBSEQUENT EVENTS 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 4.CONTROLS AND PROCEDURESPART II — OTHER INFORMATION 1.LEGAL PROCEEDINGS 1A.RISK FACTORS 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 5.OTHER INFORMATION 6.EXHIBITSSIGNATURES GLOSSARY OF TERMS The following are abbreviations and definitions of certain terms which may be used in this Quarterly Report on Form 10-Q(“Quarterly Report”) and certain terms which are commonly used in the exploration, production and midstream sectors of the oil andnatural gas industry: •ASC. Accounting Standards Codification•ASU.Accounting Standards Updates•Barilla Draw.Barilla Draw Gathering, LLC, a Delaware limited liability company •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•Breviloba.Breviloba, LLC, a Texas limited liability company•Btu.One British thermal unit, which is the quantity of heat required to raise the temperature of a one-pound mass of water byone-degree Fahrenheit •CODM. Chief Operating Decision Maker•Delaware Basin. Located on the western section of the Permian Basin. The Delaware Basin covers a 6.4 million acre area•Durango.Durango Permian LLC and its wholly owned subsidiaries•Durango Seller.Durango Midstream LLC, an affiliate of Morgan Stanley Equity Partners •EBITDA.Earnings before interest, taxes, depreciation, and amortization •EMI or EMIs.Equity Method Investment(s)•EPIC.Epic Crude Holdings, LP, a Delaware limited partnership •FASB.Financial Accounting Standards Board •FOMC.Federal Open Market Committee•Field.An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individualgeological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both •GAAP