Key Highlights

  • Kinetik Holdings (NYSE:KNTK) handled a record 1.94 Bcf/d of gas in the third quarter and is aiming for the upper end of its USD 1.04 billion to USD 1.1 billion adjusted EBITDA range.
  • Western Midstream Partners (NYSE:WES) earned USD 0.78 per diluted unit, versus USD 0.87 last year, even though revenues and other income advanced to USD 1,194.2 million.
  • Excelerate Energy (NYSE:EE) increased Net Income to USD 60.0 million, though Revenue shrank by roughly 24.0% by calculation to USD 297.2 million, with only USD 14.2 million attributable to shareholders.
  • WaterBridge Infrastructure (NYSE:WBI) processed a record 2.8 million barrels of produced water per day and nudged up the midpoints of its 2026 Volume and adjusted EBITDA guidance by 2% and 4%.

Western Midstream Partners (NYSE:WES): Extra Units Dilute Per-Unit Earnings

Western Midstream Partners (NYSE:WES) lodged its quarterly filing for the period ended September 30, 2026, on November 4, 2026. Revenues and other income climbed to USD 1,194.2 million, roughly 25% more than the USD 952.5 million of a year earlier, by calculation. Operating Income of USD 461.5 million inched above USD 441.6 million, since interest costs grew to USD 116.6 million from USD 92.4 million and Depreciation and amortization rose to USD 223.8 million from USD 170.3 million. Profit attributable to the Partnership edged down to USD 331.9 million from USD 339.6 million. The diluted weighted average unit count jumped to 415.1 million from 382.8 million, which accounts for lower per-unit income despite higher total revenue. Units were issued partly to finance the Brazos Delaware purchase, completed on June 11, 2026, at a cost near USD 1.67 billion. Adjusted EBITDA was USD 708.3 million, down from USD 736.5 million in the second quarter. Cash fell to USD 44.5 million from USD 819.5 million at year-end, long-term Debt grew to USD 8.88 billion, and the filing highlights concentration risk tied to Occidental. The per-unit payout held at USD 0.930, to be paid November 13, 2026. Nine-month Operating Cash Flow totaled USD 1,572.1 million versus USD 1,665.0 million, while capital expenditures increased to USD 808.4 million.

Kinetik Holdings (NYSE:KNTK): Record Gas Volumes Lift the EBITDA Outlook

Kinetik Holdings (NYSE:KNTK) reported its third-quarter numbers on November 4, 2026. The Business is a midstream operator with a Delaware Basin focus, moving gas, NGLs, crude and water from the Permian Basin toward the Gulf Coast through gathering, compression, processing and treating. Processed gas set a record of 1.94 Bcf/d, although an estimated 25 MMcf/d of Waha-price-linked volume was curtailed. Midstream Logistics adjusted EBITDA went up 34% to USD 203.6 million, whereas Pipeline Transportation dropped 18% to USD 78.5 million following the sale of EPIC Crude Holdings. Overall adjusted EBITDA hit USD 278.1 million in the quarter, and Leadership now anticipates 2026 finishing near the top of its range thanks to better well performance and firmer Commodity prices. Capex is projected about 5% under August's USD 560 million guidance. Net debt totaled USD 3,943.0 million, which is 3.71 times adjusted EBITDA, while Liquidity was USD 1,069.4 million. Planned Kings Landing II capacity rose more than 25% to 380 MMcf/d. The fourth-quarter processed volume goal is roughly 2.2 Bcf/d, and the Dividend stands at USD 0.81 per share. The release contained no EPS figure, no share price reaction and no consensus comparison.

Excelerate Energy (NYSE:EE): Terminal Services Offset a Sharp LNG Sales Decline

Excelerate Energy (NYSE:EE) announced third-quarter results on November 4, 2026. The firm operates floating regasification terminals that convert liquefied Natural Gas for buyers, including nations seeking energy security. Total revenue slid to USD 297.2 million from USD 391.0 million because LNG, gas and power sales declined to USD 131.6 million from USD 245.2 million. Terminal service income increased to USD 165.7 million from USD 145.9 million, aided by a fresh Jordan charter, and LNG, gas and power costs decreased to USD 91.2 million from USD 201.9 million. Net income increased to USD 60.0 million from USD 55.0 million, but non-controlling holders took USD 45.8 million, so shareholders kept USD 14.2 million. Adjusted EBITDA reached USD 133.5 million, and the 2026 guidance band was tightened to USD 495 million to USD 515 million, though the prior band is not disclosed. Unrestricted cash came in at USD 356.7 million, and the board approved a USD 0.09 quarterly dividend. Listed risks include project delays, cost increases and customer performance. Nine-month cash generated from operations reached USD 254.5 million, down from USD 356.8 million.

WaterBridge Infrastructure (NYSE:WBI): Speedway Pipeline Backs Higher Guidance

WaterBridge Infrastructure (NYSE:WBI) posted third-quarter 2026 results on November 4, 2026. Produced water handling reached a record 2.8 million barrels a day, 9% above a year before, thanks to robust Delaware Basin drilling. Revenue climbed 17% to USD 240.2 million, and net income was USD 13.3 million, a bit below the USD 14.6 million reported in the second quarter. Year-earlier figures are pro forma, as though the combination and IPO had taken place on January 1, 2024. Adjusted EBITDA was USD 124.2 million, representing a 52% margin. The new guidance covers volumes of 2.65 to 2.75 million barrels a day and adjusted EBITDA of USD 465 million to USD 485 million. Management reported that the initial phase of the Speedway pipeline has delivered volumes exceeding expectations. Capital spending guidance was tightened to USD 530 million to USD 560 million, as part of the outlay moves into 2027. Borrowings increased to USD 1.837 billion from USD 1.636 billion on June 30, 2026, and liquidity was USD 539.7 million. Reliance on a small group of customers and on one geographic region is cited as a risk.

Where Things Stand

Kinetik's volume record came from stronger well results and system performance, while the other three split for their own reasons. Kinetik Holdings (NYSE:KNTK) paired the 1.94 Bcf/d record with a raised EBITDA view and a fourth-quarter target of about 2.2 Bcf/d. Western Midstream Partners (NYSE:WES) saw per-unit Earnings slip because the unit count expanded faster than profit. Excelerate Energy (NYSE:EE) grew net income through terminal services even as revenue fell. WaterBridge Infrastructure (NYSE:WBI) lifted guidance while borrowings rose to USD 1.837 billion. No release disclosed a price reaction, so the market's view cannot be read from them. Next checkpoints are the November 5 calls, the closings of the Western Midstream water purchase and Wyoming sale, and how much of the shifted WaterBridge spending lands in 2027.