Kinetik is a pure-play Permian Basin midstream company focused on the Delaware Basin, spanning West Texas and southeastern New Mexico. Its core business is gathering, compressing, treating, and processing natural gas from upstream oil and gas producers. Kinetik takes raw gas off producer wells, moves it through its pipeline network, removes impurities including H2S and CO2 ("sour" gas treating), and extracts NGLs like ethane, propane, and butane, leaving pipeline-quality residue gas for market. Kinetik also provides crude oil gathering, stabilization, and storage, plus produced water gathering and disposal. Kinetik operates through two segments: Midstream Logistics, which covers the core gathering and processing business with over 4,200 miles of pipeline and 2.4 Bcf/d of cryogenic processing capacity; and Pipeline Transportation, which includes equity stakes in long-haul pipes — roughly 55.5% of Permian Highway Pipeline and 33% of Shin Oak NGL Pipeline — moving gas and NGLs to Gulf Coast markets. About 83% of gross profit comes from fixed-fee or take-or-pay contracts, with the remainder tied to commodity prices through equity NGL and residue gas volumes. Growth is anchored in expanding the Northern Delaware Basin footprint in New Mexico, including the new Kings Landing processing complex, an acid gas injection project to handle increasingly sour reservoir gas, and a connector pipeline linking New Mexico and Texas systems. Kinetik also secured LNG pricing access through a supply agreement tied to Port Arthur LNG starting in 2027, offering producers TTF-linked pricing as an alternative to volatile in-basin Waha Hub prices.