Kinetik Holdings Inc

Good morning and thank you for attending the Kinetic third quarter 2025 results call. My name is Alyssa and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the call to your host, Alex Durkee, Investor Relations. Please go ahead.

Thank you. Good morning and welcome to Kinetic's third quarter 2025 earnings conference call. Our speakers today are Jamie Welch, President and Chief Executive Officer, and Trevor Howard, Senior Vice President and Chief Financial Officer. Other members of our senior management team are also in attendance for this morning's call. The press release we issued yesterday, the slide presentation, and access to the webcast for today's call are available at www.kinetic.com. Before we begin, I would like to remind all listeners that our remarks, including the question and answer section, will provide forward-looking statements, and actual results could differ from what is described in these statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. We may also provide certain performance measures that do not conform to U.S. GAAP. We've provided schedules that reconcile these non-GAAP measures as part of our earnings press release. After our prepared remarks, we'll open the call to Q&A. With that, I'll turn the call over to Jamie.

Thank you, Alex. Good morning, everyone. We appreciate you joining us today. Kinetic's third quarter results reflect a combination of strong execution across key strategic initiatives and the realities of a challenging commodity price environment, particularly in September. While we exited the quarter in line with our operational expectations, the path to get there was not without its complexities. Through it all, our team remained focused and disciplined, executing on what we can control and continuing to advance our long-term strategy. I'll begin with an update on our strategic initiatives and then I'll turn it over to Trevor to walk through our financial results and guidance updates in more detail. Starting with our strategic projects, I am incredibly proud of our team's work to bring King's Landing to full commercial in-service in September, adding organic processing capacity in New Mexico. The startup of King's Landing presented as we navigated taking over the project post-design engineering and procurement, but pre-construction. And our team worked tirelessly to keep the project on track. We now have a well-constructed plant at a site that will allow for processing capacity expansions with much fewer challenges to contend with. Kings Landing represents a significant step for our Delaware North customers. Even with Waha natural gas price-related shut-ins and a slower return of previously curtailed volumes, we are consistently flowing over 100 million cubic feet per day, which is in line with our original expectations. Over the remainder of the year, we will continue to perform gathering system modifications to segregate sweet gas and direct it to King's Landing while keeping the sour gas flowing to Dagger Draw and Maljamar. We look forward to return of shut-in PDP and bringing on the remaining curtailed volumes. We also look forward to enabling our customers to resume development of new wells after more than two years of curtailment and minimal activity. We also made quite a bit of construction progress on the ECCC pipeline that connects our Delaware North to our Delaware South system. We expect ECCC in service during the second quarter of 2026. Beyond the projects currently underway, we have reached FID on the acid gas injection project at King's Landing. We expect to receive the project's permit from New Mexico regulators before year-end 2025, and the project has an expected in-service of late 2026. This will enable Kinetic to take high levels of H2S and CO2 gas at all of our Delaware North processing complexes and meaningfully increase our total acid gas capacity. From conversations with many of our producer customers in New Mexico, we knew that we needed to build confidence in our service offering and capabilities. Bringing King's Landing online was a huge first step. The conversations have now shifted to centering on additional processing capacity and sour gas treating capabilities to support future development plans that optimize capital deployment and drilling efficiency for producers, allowing them to drill multiple benches at once, which also eliminates potential parent-child well challenges. We're meaningfully advancing those discussions, and we believe that the AGI project will strengthen our competitive position and enable us to soon announce a processing capacity expansion at King's Landing. Kinetic is well positioned to capitalize on the growing power generation opportunity in the Permian Basin and is actively pursuing innovative, scalable solutions to participate meaningfully in this evolving energy landscape. We're excited to announce a new opportunity that further demonstrates our ability to unlock value through strategic partnerships. Kinetic finalized an agreement with Competitive Power Ventures, or CPV, to connect our owned and operated residue gas pipeline network to the 1350 megawatt CPV Basin Ranch Energy Center in Ward County, Texas. That will be used as one of the primary sources of supply for the plant. This connection will be made at no capital cost to Kinetic. creating another highly efficient and accretive pipeline outlet for our residue gas. This arrangement also supports new large-scale in-basin power generation to meet growing electricity demand in the region. Importantly, this project serves as a blueprint for future collaborations. It showcases how we can leverage our infrastructure and relationships to create scalable capital light solutions that support a long-term value proposition. As part of our broader strategy to enhance market access and deliver value to our customers, we've made significant progress in continuing to support Permian residue gas takeaway. We executed a five-year European LNG pricing agreement with INEOS at Port Arthur LNG beginning in early 2027. Under this agreement, we will deliver residue gas at a designated interconnect on the Permian Highway Pipeline, representing the MMBTU equivalent of approximately half a million tons per annum. The gas will be priced monthly based on the European TTF Index, providing our customers with diversified exposure to international pricing. This agreement underscores our differentiated service offering and commitment to delivering innovative and value-added solutions in the Permian Basin. Additionally, we've expanded our takeaway capabilities by securing additional firm transport capacity to the U.S. Gulf Coast commencing in 2028. This incremental capacity will significantly enhance our customers' access to premium markets and reflects our continued efforts to address critical takeaway constraints at the Waha Hub. Together, these commercial arrangements strengthen our ability to support producer growth, improve premium pricing optionality, and reinforce our position as a reliable and best-in-class midstream partner. Before I turn over the call to Trevor, I'd like to touch on our financial performance versus expectations for the past four quarters. For almost three years, this management team has done a very good job of being able to execute our strategy, fill our residual cryoprocessing space with new dedications and commitments, and beat and outperform our financial expectations and guidance. Over the past four quarters, we have stumbled, and we recognize that we need to do better. We've had some challenges as we've integrated the Delaware North system into our business, such as the delays for King's Landing to reach in service. Meanwhile, we've endured challenging and turbulent macro commodity and inflationary headwinds this year. These are not excuses. These are just facts. The buck stops with us. And as the largest individual owner of this company who has never sold one share, we will absolutely do better. And I will not rest until we do. We are forensically analyzing and improving our forecasting assumptions, including evaluating the use of AI tools and machine learning to do so. We will challenge ourselves on direct and indirect risks and how to mitigate them. and we will aggressively reduce our controllable costs in all segments. Our reputations and credibility are in question, and we will respond with relentless grit, purpose, and resolve to address and rectify this situation. Looking ahead, we're executing on a robust multi-year organic investment strategy that positions Kinetic for long-term success. From advancing strategic infrastructure projects like King's Landing and the ECCC pipeline to developing scalable solutions in sour gas treating and gas supply for large-scale new market-based power generation in Texas, our focus remains on delivering differentiated services and unlocking value across our footprint. These efforts, combined with our commitment to discipline execution and enhanced forecasting, reinforce our long-term value proposition, and our role as a trusted partner in the Permian Basin. Now I'll turn the call over to Trevor to discuss the quarter results in more detail and our outlook for the remainder of the year. Thanks, Jamie.