Kinetik (KNTK) Q2 2025 Earnings Call August 07, 2025 09:00 AM ET Company ParticipantsAlex Durkee - Director - IRJamie Welch - CEO, President & DirectorTrevor Howard - SVP & CFOSpiro Dounis - DirectorKris Kindrick - SVP - CommercialMichael Blum - Managing DirectorBrandon Bingham - Associate Director - US Equity ResearchKeith Stanley - DirectorSaumya Jain - Equity Research AssociateConference Call ParticipantsJeremy Tonet - MD & Research AnalystTheresa Chen - Senior Analyst - Midstream & Refining Equity Resea ...

Core Viewpoint - MPLX LP has announced a definitive agreement to acquire Northwind Delaware Holdings LLC for $2.375 billion in cash, which is expected to enhance its cash flow and growth opportunities in the midstream energy sector [1][5]. Group 1: Acquisition Details - The acquisition will be financed through debt and is projected to be immediately accretive to distributable cash flow, with a 7x multiple on forecast 2027 EBITDA [1]. - The transaction is anticipated to close in the third quarter of 2025, pending customary closing conditions [5]. Group 2: Northwind's Operations - Northwind provides sour gas gathering, treating, and processing services in Lea County, New Mexico, with over 200,000 dedicated acres and 200+ miles of gathering pipelines [2]. - The current sour gas treating capacity is 150 million cubic feet per day (MMcf/d), with plans to expand to 440 MMcf/d by the second half of 2026 [2]. Group 3: Strategic Implications - The integration of Northwind's assets will enhance MPLX's existing natural gas system in the Delaware Basin, increasing access to natural gas and NGL volumes [4][5]. - The acquisition is expected to provide access to up to 400 MMcf/d of incremental gas for processing and up to 70,000 barrels per day of new NGL volumes, accelerating growth opportunities for MPLX [4].