Kinetik Holdings (KNTK)

Its core operations are centered in the Delaware Basin, where producers rely on third-party midstream operators to collect natural gas, crude oil and natural gas liquids from the wellhead and prepare those volumes for sale or further transport. Kinetik’s services include natural gas gathering and processing, NGL stabilization and movement, crude oil gathering and storage, and produced water gathering and disposal. These activities make the company part of the logistical backbone that allows drilling activity to translate into marketable energy products.

Kinetik reports its business through Midstream Logistics and Pipeline Transportation. Midstream Logistics covers the field-level services needed by producers, including gas processing, crude handling and water management. Pipeline Transportation includes interests in pipelines that originate in the Permian Basin and provide access to demand centers and export-oriented infrastructure along the US Gulf Coast. The company’s asset base gives it exposure to production trends in West Texas and New Mexico, while its fee-based midstream model is designed to generate revenue from volumes handled rather than direct commodity ownership.