Kinetik Publishes 2023 Sustainability Report

Rhea-AI Summary

Kinetik Holdings Inc. (NYSE: KNTK) has published its 2023 Sustainability Report, highlighting significant progress in environmental, safety, and sustainability initiatives. Key achievements include:

• 83% reduction in Total Recordable Incident Rate and zero lost time incidents
• 32% reduction in methane emissions intensity since 2021
• 14% reduction in greenhouse gas emissions intensity since 2021
• Formation of New Energy Ventures group to explore clean energy opportunities
• Partnership with Infinium for ultra low-carbon e-Fuels production

These accomplishments were achieved despite a 25% increase in natural gas volumes since 2021. The company implemented various technologies and programs to reduce emissions, including upgrading pneumatics, electrifying compression, and enhancing leak detection. Kinetik remains committed to fostering a culture of safety, environmental responsibility, and community engagement.

HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)-- Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) published its 2023 Sustainability Report (the “Report”), highlighting its sustainability initiatives, advancements and achievements throughout 2023. The Report provides a transparent and comprehensive review of Kinetik’s progress towards a safer, cleaner, and more reliable energy future and its continued commitment to sustainability and responsible corporate practices.

"2023 marks another year of milestones towards our environmental, safety and sustainability priorities,” said Jamie Welch, President and CEO. “Our commitment has enabled us to advance our initiatives including greenhouse gas emissions reductions, employee safety and well-being, community outreach, and additional clean energy business opportunities. Last year, we formed our New Energy Ventures group with a focus on evaluating projects to facilitate Kinetik’s role in the energy transition and have since announced our partnership with Infinium, an industry leader in the production of ultra low-carbon e-Fuels. We are excited about the road ahead to further decarbonize our footprint and mitigate environmental impacts. The ongoing support and guidance from our Board of Directors has also been integral to the success of our sustainability program. I want to thank our employees for upholding the highest standards of safety and asset integrity and fostering a culture of responsibility and reliability. Together, we can and will drive energy for change.”

Matt Wall, COO, added, “At Kinetik, we are results driven and strive to improve our performance year-over-year. We embrace new technologies and evaluate past performance to strengthen our safety and environmental programs. In 2023, we achieved an 83% reduction in Total Recordable Incident Rate over the prior year and had zero lost time incidents. Additionally, we made meaningful advances towards our long-term emissions goals. Amid a nearly 25% increase in natural gas volumes on our system since 2021, we have reduced our methane and greenhouse gas emissions intensities by 32% and 14%, respectively, over that same period. This was largely accomplished by upgrading natural gas pneumatics and pumps to instrument air, electrification of compression, a robust leak detection and repair program, aerial emissions monitoring, and advanced emissions detection technology. Our efforts and actions reinforce our commitment to our people, safety, the environment, and our communities.”

The 2023 Sustainability Report is now available and can be accessed directly at the link below and on Kinetik’s website.

2023 Sustainability Report https://www.kinetik.com/kinetik-2023-sustainability-report/

Kinetik’s 2023 Sustainability Report was prepared in reference to the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards Board (SASB) and the Energy Infrastructure Council (EIC) / GPA Midstream Association Reporting Framework.

About Kinetik Holdings Inc.

Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.

Forward-Looking Statements

This news release may include certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Kinetik’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and other reports. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Kinetik assumes no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240812384203/en/

Kinetik Investors:

(713) 487-4832 Maddie Wagner

(713) 574-4743 Alex Durkee

Website: www.kinetik.com

Source: Kinetik Holdings Inc.

FAQ

What were Kinetik's (KNTK) key sustainability achievements in 2023?

Kinetik (KNTK) achieved an 83% reduction in Total Recordable Incident Rate, zero lost time incidents, 32% reduction in methane emissions intensity, and 14% reduction in greenhouse gas emissions intensity since 2021.

How did Kinetik (KNTK) reduce its emissions in 2023?

Kinetik (KNTK) reduced emissions by upgrading natural gas pneumatics to instrument air, electrifying compression, implementing a robust leak detection and repair program, using aerial emissions monitoring, and adopting advanced emissions detection technology.

What new initiatives did Kinetik (KNTK) launch in 2023 for clean energy?

In 2023, Kinetik (KNTK) formed the New Energy Ventures group to evaluate projects facilitating energy transition and announced a partnership with Infinium for the production of ultra low-carbon e-Fuels.

How much did Kinetik's (KNTK) natural gas volumes increase since 2021?

Kinetik (KNTK) reported a nearly 25% increase in natural gas volumes on its system since 2021, while still managing to reduce emissions intensities.