Kinetik reported adjusted EBITDA of $243 million in Q2 2025, with distributable cash flow of $153 million and free cash flow of $8 million.
Leverage ratio stood at 3.6x at the end of Q2, following a refinancing of bank debt and $173 million in share repurchases.
Midstream Logistics segment EBITDA increased 3% year-over-year to $151 million, driven by higher processed gas volumes from Northern Delaware assets.
Pipeline Transportation segment EBITDA rose 3% year-over-year to $97 million, benefiting from increased ownership in EPIC and outperformance at PHP, partially offset by the sale of Gulf Coast Express stake.
Total capital expenditures for Q2 were $126 million, with full-year 2025 CapEx guidance tightened to $460 million to $530 million.
Electric utility earnings decreased to $10.4 million from $15.5 million due to higher payroll and outage costs, partially offset by increased commercial sales and rate relief.
MDU maintains a strong balance sheet with no equity needs in 2025 but plans to reestablish an ATM program to support a $3.1 billion capital investment over five years.
MDU Resources reported Q2 2025 income from continuing operations of $14.1 million or $0.07 per diluted share, down from $20.2 million or $0.10 per share in Q2 2024.
Natural gas utility posted a seasonal loss of $7.4 million, worsened by warmer weather and higher operating expenses, partially offset by rate relief and higher transportation revenue.
Pipeline segment earnings were $15.4 million, down from a record $17.3 million in 2024, impacted by higher operating expenses but supported by expansion projects and strong transportation demand.
Second quarter earnings were $13.7 million or $0.07 per share compared to $60.4 million or $0.30 per share in the prior year, impacted by the separation of Everus in October 2024.
Dafinchi