Permian Basin pure-play Kinetik Holdings Inc., whose midstream operations transport natural gas to Gulf Coast markets and beyond, set a processing record in the second quarter, even as high temperatures stalled some exploration and production (E&P) customer operations.

The Midland, TX-based operator was created last year in an all-stock transaction between EagleClaw Midstream and Altus Midstream. The combination created the third largest gas processor in the Permian and the largest in the Delaware sub-basin, with 2 Bcf/d processing capacity, more than 470,000 hp of compression capacity and 90,000 bbl of crude storage.

“Following record processed gas volumes in April, we continued to experience volume strength during the quarter, processing...