Kinetik (KNTK) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38048
Entity Registrant Name	KINETIK HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4675947
Entity Address, Address Line One	2700 Post Oak Blvd
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	621-7330
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	KNTK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001692787
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,522,697
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		94,089,038

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	[2]
Operating revenues:
Total operating revenues	[1]	$ 330,301	$ 325,176	$ 907,544	$ 917,997
Operating costs and expenses:
Costs of sales (exclusive of depreciation and amortization)	[3],[4]	147,756	145,208	374,100	418,197
Operating expenses		42,925	35,845	118,804	100,996
Ad valorem taxes		5,607	5,903	14,954	15,936
General and administrative expenses		22,751	23,468	73,131	72,180
Depreciation and amortization expenses		69,935	65,005	208,271	192,609
Loss on disposal of assets		2,927	3,946	15,166	12,602
Total operating costs and expenses		291,901	279,375	804,426	812,520
Operating income		38,400	45,801	103,118	105,477
Other income (expense):
Interest and other income		289	0	1,625	250
Gain on redemption of mandatorily redeemable Preferred Units		0	0	0	9,580
Loss on debt extinguishment		0	0	0	(27,975)
Gain on embedded derivative		0	488	0	89,050
Interest expense		(45,009)	(40,464)	(130,443)	(92,585)
Equity in earnings of unconsolidated affiliates		50,754	45,003	146,828	120,706
Total other income, net		6,034	5,027	18,010	99,026
Income before income taxes		44,434	50,828	121,128	204,503
Income tax expense		1,303	1,406	2,030	2,244
Net income including noncontrolling interest		43,131	49,422	119,098	202,259
Net income attributable to Preferred Unit limited partners		0	708	0	115,203
Net income attributable to common shareholders		43,131	48,714	119,098	87,056
Net income attributable to Common Unit limited partners		27,551	33,778	77,068	61,817
Net income attributable to Class A Common Stock Shareholders		$ 15,580	$ 14,936	$ 42,030	$ 25,239
Net income attributable to Class A Common Shareholders per share
Basic (in USD per share)		$ 0.21	$ 1.04	$ 0.58	$ 1.24
Diluted (in USD per share)		$ 0.21	$ 1.04	$ 0.57	$ 1.24
Weighted-average shares
Basic (in shares)	[5]	53,340	41,816	50,464	40,042
Diluted (in shares)	[5]	53,463	41,855	50,719	40,075
Service
Operating revenues:
Total operating revenues		$ 104,349	$ 107,597	$ 310,325	$ 290,122
Product
Operating revenues:
Total operating revenues		221,280	213,803	586,534	618,382
Other revenue
Operating revenues:
Total operating revenues		$ 4,672	$ 3,776	$ 10,685	$ 9,493
[1]Includes amounts associated with related parties of $13.3 million and $19.9 million for the three months ended September 30, 2023 and 2022, respectively, and $34.5 million and $59.4 million for the nine months ended September 30, 2023 and 2022, respectively.[2] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information. Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $38.6 million and $17.1 million for the three months ended September 30, 2023 and 2022, respectively, and $107.1 million and $51.1 million for the nine months ended September 30, 2023 and 2022, respectively, for certain volumes where we act as principal .

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue		$ 330,301	$ 325,176	$ 907,544	$ 917,997
Costs of sales (exclusive of depreciation and amortization)	[1],[2]	147,756	145,208	374,100	418,197	[3]
Gas Service Revenues
Costs of sales (exclusive of depreciation and amortization)		38,600	17,100	107,100	51,100
Related Party
Revenue		13,300	19,900	34,500	59,400
Costs of sales (exclusive of depreciation and amortization)		$ 8,700	$ 3,100	$ 14,200	$ 16,300
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $38.6 million and $17.1 million for the three months ended September 30, 2023 and 2022, respectively, and $107.1 million and $51.1 million for the nine months ended September 30, 2023 and 2022, respectively, for certain volumes where we act as principal . The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents		$ 68	$ 6,394
Accounts receivable, net of allowance for credit losses of $1,000 in 2023 and 2022	[1]	230,572	204,036
Derivative assets		21,635	6,963
Prepaid and other current assets		36,193	24,474
Total assets, current		288,468	241,867
NONCURRENT ASSETS:
Property, plant and equipment, net		2,720,447	2,535,212
Intangible assets, net		620,790	695,389
Derivative asset, non-current		2,444	0
Operating lease right-of-use assets		48,102	28,551
Deferred charges and other assets		81,475	32,275
Investments in unconsolidated affiliates		2,519,213	2,381,340
Goodwill		5,077	5,077
Total assets, noncurrent		5,997,548	5,677,844
Total assets		6,286,016	5,919,711
CURRENT LIABILITIES:
Accounts payable		17,624	17,899
Accrued expenses		188,062	173,914
Derivative liabilities		4,863	5,718
Current portion of operating lease liabilities		33,434	22,810
Other current liabilities		7,106	7,487
Current liabilities		251,089	227,828
NONCURRENT LIABILITIES
Long term debt, net		3,606,962	3,368,510
Contract liabilities		25,500	22,693
Operating lease liabilities		15,633	6,023
Derivative liabilities		382	8,328
Other liabilities		3,272	2,677
Deferred tax liabilities		12,693	11,018
Noncurrent liabilities		3,664,442	3,419,249
Total liabilities		3,915,531	3,647,077
COMMITMENTS AND CONTINGENCIES (Note 16)
Redeemable noncontrolling interest — Common Unit limited partners		3,208,501	3,112,409
EQUITY:
Additional paid-in capital		91,747	118,840
Accumulated deficit		(929,778)	(958,629)
Total equity		(838,016)	(839,775)
Total liabilities, noncontrolling interest, and equity		6,286,016	5,919,711
Class A Common Stock
EQUITY:
Common stock	[2]	6	5
Class C Common Stock
EQUITY:
Common stock	[2]	$ 9	$ 9
[1]Includes amounts of $15.0 million and $17.6 million associated with related parties as of September 30, 2023 and December 31, 2022, respectively.[2]Share amounts have been retrospectively restated to reflect the Company’s stock split, which was effected June 8, 2022.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 1,000	$ 1,000
Related Party
Outstanding receivable	$ 15,000	$ 17,600
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	54,519,658	45,679,447
Common stock, shares outstanding (in shares)	54,519,658	45,679,447
Class C Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	94,089,038	94,270,000
Common stock, shares outstanding (in shares)	94,089,038	94,270,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 119,098	$ 202,259	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	208,271	192,609	[1]
Amortization of deferred financing costs	4,601	8,053
Amortization of contract costs	4,965	1,344
Contingent liabilities remeasurement	0	(839)
Distributions from unconsolidated affiliates	205,891	185,786
Derivatives settlement	15,111	11,115
Derivative fair value adjustment	(41,028)	(103,032)
Warrants fair value adjustment	(73)	0
Gain on redemption of mandatorily redeemable Preferred Units	0	(9,580)
Loss on disposal of assets	15,166	12,602	[1]
Equity in earnings from unconsolidated affiliates	(146,828)	(120,706)	[1]
Loss on debt extinguishment	0	27,975	[1]
Share-based compensation	43,340	30,966
Deferred income taxes	1,675	1,882
Changes in operating assets and liabilities:
Accounts receivable	(26,982)	(73,927)
Other assets	(7,033)	(9,583)
Accounts payable	(780)	926
Accrued liabilities	8,840	95,675
Other non-current liabilities	668	0
Operating leases	683	(281)
Net cash provided by operating activities	405,585	453,244
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment expenditures	(245,798)	(160,478)
Intangible assets expenditures	(15,079)	(13,332)
Investments in unconsolidated affiliates	(202,729)	(56,199)
Distributions from unconsolidated affiliate	5,793	0
Cash proceeds from disposals	213	190
Net cash (paid for) acquired in acquisitions	(125,000)	13,401
Net cash used in investing activities	(582,600)	(216,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	0	3,000,000
Principal payments on long-term debt	0	(2,294,130)
Payments on debt issuance cost	0	(36,873)
Proceeds from revolver	673,000	537,000
Payments on revolver	(438,000)	(771,000)
Redemption of mandatorily redeemable Preferred Units	0	(183,297)
Redemption of redeemable noncontrolling interest Preferred Units	0	(461,460)
Distributions paid to mandatorily redeemable Preferred Unit holders	0	(1,850)
Distributions paid to redeemable noncontrolling interest Preferred Unit limited partners	0	(6,937)
Cash dividends paid to Class A Common Stock shareholders	(58,030)	(24,351)
Distributions paid to Class C Common Unit limited partners	(524)	(929)
Repurchase of Class A Common Stock	(5,757)	0
Net cash provided by (used in) financing activities	170,689	(243,827)
Net change in cash	(6,326)	(7,001)
CASH, BEGINNING OF PERIOD	6,394	18,729
CASH, END OF PERIOD	68	11,728
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES
Cash paid for interest, net of amounts capitalized	165,877	76,592
Property and equipment and intangible accruals in accounts payable and accrued liabilities	25,237	17,717
Class A Common Stock issued through dividend and distribution reinvestment plan	263,771	175,453
Restructuring Cost and Reserve [Line Items]
Class A Common Stock issued in exchange		1,013,745
Altus Midstream LP
Restructuring Cost and Reserve [Line Items]
Fair value of ALTM assets acquired	0	2,446,430
Class A Common Stock issued in exchange	0	1,013,745
ALTM liabilities and mezzanine equity assumed	$ 0	$ 1,432,685
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands		Total		Preferred Unit limited partners		Apache limited partner	Class A Common Stock	Class C Common Stock	Common Stock Class A Common Stock		Common Stock Class C Common Stock		Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance at Dec. 31, 2021				$ 0	[1]	$ 1,006,838
Increase (Decrease) in Temporary Equity [Roll Forward]
ALTM acquisition	[1]			462,717
Distributions paid to Preferred Unit limited partners	[1]			(6,937)
Redemption of Units				461,460	[1]	(179,323)
Excess of carrying amount over redemption price				109,523	[1]	(76,623)
Net income				115,203	[1]	61,817
Change in redemption value of noncontrolling interests						2,237,635
Distribution paid to Common Unit limited partners						(141,729)
Ending balance at Sep. 30, 2022				0	[1]	3,061,861
Beginning balance, shares (in shares) at Dec. 31, 2021	[2]								0		100,000,000
Beginning balance at Dec. 31, 2021		$ 10							$ 0		$ 10		$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ALTM acquisition (in shares)	[2]								32,493,000
ALTM acquisition		1,013,745							$ 3				1,013,742
Redemption of Units (in shares)	[2]								(5,730,000)		(5,730,000)
Redemption of Units		179,323							$ 1		$ (1)		179,323
Excess of carrying amount over Preferred Units redemption price		32,900												32,900
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								4,855,000
Issuance of common stock through dividend and distribution reinvestment plan		175,453											175,453
Share-based compensation (in shares)	[2]								4,000
Share-based compensation		30,966											30,966
Remeasurement of contingent consideration		4,451											4,451
Net income (loss)		25,239	[3]											25,239
Change in redemption value of noncontrolling interests		(2,237,635)											(1,296,753)	(940,882)
Dividends, common stock, cash		(59,004)												(59,004)
Ending balance, shares (in shares) at Sep. 30, 2022	[2]								43,082,000		94,270,000
Ending balance at Sep. 30, 2022		(834,552)							$ 4		$ 9		107,182	(941,747)	0
Beginning balance at Jun. 30, 2022				563,338	[1]	3,251,290
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of Units				461,460	[1]	(6,765)
Excess of carrying amount over redemption price				102,586	[1]	(76,623)
Net income				708	[1]	33,778
Change in redemption value of noncontrolling interests						(222,227)
Distribution paid to Common Unit limited partners						(70,838)
Ending balance at Sep. 30, 2022				0	[1]	3,061,861
Beginning balance, shares (in shares) at Jun. 30, 2022	[2]								40,551,000		94,450,000
Beginning balance at Jun. 30, 2022		(1,181,330)							$ 4		$ 9		0	(1,181,343)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Units (in shares)	[2]								180,000
Redemption of Units		6,765									$ (180)	[2]	6,765
Excess of carrying amount over Preferred Units redemption price		32,900												32,900
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								2,351,000
Issuance of common stock through dividend and distribution reinvestment plan		87,756											87,756
Share-based compensation (in shares)	[2]								0
Share-based compensation		12,661											12,661
Net income (loss)		14,936												14,936
Change in redemption value of noncontrolling interests		222,227											0	222,227
Dividends, common stock, cash		(30,467)												(30,467)
Ending balance, shares (in shares) at Sep. 30, 2022	[2]								43,082,000		94,270,000
Ending balance at Sep. 30, 2022		(834,552)							$ 4		$ 9		107,182	(941,747)	0
Beginning balance at Dec. 31, 2022				0	[1]	3,112,409
Ending balance at Jun. 30, 2023				0	[1]	3,242,619
Beginning balance, shares (in shares) at Dec. 31, 2022							45,679,447	94,270,000	45,679,000	[2]	94,270,000	[2]
Beginning balance at Dec. 31, 2022		(839,775)							$ 5		$ 9		118,840	(958,629)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchased during period (in shares)							(194,174)
Repurchase of Class A Common Stock							$ (5,800)
Ending balance, shares (in shares) at Jun. 30, 2023	[2]								51,973,000		94,089,000
Ending balance at Jun. 30, 2023		(905,757)							$ 5		$ 9		0	(902,446)	(3,325)
Beginning balance at Dec. 31, 2022				0	[1]	3,112,409
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of Units						(5,634)
Net income						77,068
Change in redemption value of noncontrolling interests						236,358
Distribution paid to Common Unit limited partners						(211,700)
Ending balance at Sep. 30, 2023				0	[1]	3,208,501
Beginning balance, shares (in shares) at Dec. 31, 2022							45,679,447	94,270,000	45,679,000	[2]	94,270,000	[2]
Beginning balance at Dec. 31, 2022		(839,775)							$ 5		$ 9		118,840	(958,629)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Units (in shares)	[2]								(181,000)
Redemption of Units		5,634									$ (181)	[2]	5,634
Excess of carrying amount over Preferred Units redemption price		0
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								8,641,000
Issuance of common stock through dividend and distribution reinvestment plan		263,772							$ 1				263,771
Share-based compensation (in shares)	[2]								213,000
Share-based compensation		43,340											43,340
Retirement of treasury stock		0												(5,757)	5,757
Stock repurchased during period (in shares)	[2]								(194,000)
Repurchase of Class A Common Stock		(5,757)													(5,757)
Net income (loss)		42,030												42,030
Change in redemption value of noncontrolling interests		(236,358)											(339,838)	103,480
Dividends, common stock, cash		(110,902)												(110,902)
Ending balance, shares (in shares) at Sep. 30, 2023							54,519,658	94,089,038	54,520,000	[2]	94,089,000	[2]
Ending balance at Sep. 30, 2023		(838,016)							$ 6		$ 9		91,747	(929,778)	0
Beginning balance at Jun. 30, 2023				0	[1]	3,242,619
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income						27,551
Change in redemption value of noncontrolling interests						8,899
Distribution paid to Common Unit limited partners						(70,568)
Ending balance at Sep. 30, 2023				$ 0	[1]	3,208,501
Beginning balance, shares (in shares) at Jun. 30, 2023	[2]								51,973,000		94,089,000
Beginning balance at Jun. 30, 2023		(905,757)							$ 5		$ 9		0	(902,446)	(3,325)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Excess of carrying amount over Preferred Units redemption price		0
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								2,546,000
Issuance of common stock through dividend and distribution reinvestment plan		88,145							$ 1				88,144
Share-based compensation (in shares)	[2]								1,000
Share-based compensation		12,502											12,502
Retirement of treasury stock		0												(3,325)	3,325
Net income (loss)		15,580												15,580
Change in redemption value of noncontrolling interests		(8,899)											(8,899)	0
Dividends, common stock, cash		(39,587)				$ 0								(39,587)
Ending balance, shares (in shares) at Sep. 30, 2023							54,519,658	94,089,038	54,520,000	[2]	94,089,000	[2]
Ending balance at Sep. 30, 2023		$ (838,016)							$ 6		$ 9		$ 91,747	$ (929,778)	$ 0
[1] Certain redemption features embedded within the Preferred Units require bifurcation and measurement at fair value. For further detail, refer to Note 12—Series A Cumulative Redeemable Preferred Units in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Commission on March 7, 2023. All outstanding Preferred Units were redeemed in 2022. Share amounts have been retrospectively restated to reflect the Company’s Stock Split, which was effected on June 8, 2022. Refer to Note 10—Equity and Warrants in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information. The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class A Common Stock
Cash dividends (in USD per share)	$ 0.75	$ 0.75	$ 2.25	$ 1.50

DESCRIPTION OF THE ORGANIZATION

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization BCP Raptor Holdco, LP (“ BCP”), the Company’s predecessor for accounting purposes, was formed on April 25, 2017 as a Delaware limited partnership to acquire and develop midstream oil and gas assets. BCP’s primary operating subsidiaries are EagleClaw Midstream Ventures, LLC and CR Permian Holdings, LLC. Both subsidiaries were formed to design, engineer, install, own and operate facilities and provide services for produced natural gas gathering, compression, processing, treating and dehydration, and condensate separation, stabilization, and storage, crude oil gathering and storage and produced water gathering and disposal assets. Altus Midstream Company (“ALTM”) was originally incorporated on December 12, 2016 in Delaware under the name Kayne Anderson Acquisition Corp. (“KAAC”) for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. KAAC completed its initial public offering in the second quarter of 2017. On August 3, 2018, Altus Midstream LP was formed in Delaware as a limited partnership and wholly-owned subsidiary of KAAC and entered into a contribution agreement with certain affiliates of Apache Corporation (“Apache” and such affiliates the “Altus Midstream Entities”), formed by Apache between May 2016 and January 2017, for the purpose of acquiring, developing and operating midstream oil and gas assets in the Alpine High resource play and surrounding areas. On November 9, 2018, KAAC acquired all equity interests of the Altus Midstream Entities and changed its name to Altus Midstream Company. On February 22, 2022 (the “Closing Date”), Kinetik Holdings Inc., a Delaware corporation (formerly known as Altus Midstream Company), consummated the business combination transactions contemplated by that certain Contribution Agreement, dated as of October 21, 2021 (the “Contribution Agreement”), by and among the Company, Altus Midstream LP (now known as Kinetik Holdings LP), a Delaware limited partnership and subsidiary of Altus Midstream Company (the “Partnership”), New BCP Raptor Holdco, LLC, a Delaware limited liability company (“Contributor”) and BCP. The transactions contemplated by the Contribution Agreement are referred to herein as the “Transaction.” In connection with the closing of the Transaction (the “Closing”), the Company changed its name from “Altus Midstream Company” to “Kinetik Holdings Inc.” Unless the context otherwise requires, “ALTM” refers to the registrant prior to the Closing and “we,” “us,” “our” and the “Company” refer to Kinetik Holdings Inc., the registrant and its subsidiaries following the Closing. Through its consolidated subsidiaries, the Company provides comprehensive gathering, produced water disposal, transportation, compression, processing and treating services necessary to bring natural gas, NGLs and crude oil to market. Additionally, the Company owns equity interests in four separate Permian Basin pipeline entities that have access to various markets along the Texas Gulf Coast. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Certain reclassifications of prior year balances have been made to conform such amounts to current year presentation. These reclassifications have no impact on net income. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year; accordingly, you should read these Condensed Consolidated Financial Statements in conjunction with our consolidated financial statements and related notes included in our 2022 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. Prior to the Closing, the Company’s financial statements that were filed with the SEC were derived from ALTM’s accounting records. As the Transaction was determined to be a reverse merger, BCP was considered the accounting acquirer and ALTM was the legal acquirer. The accompanying Condensed Consolidated Financial Statements herein include (1) BCP’s net assets carried at historical value, (2) BCP’s historical results of operations prior to the Transaction, (3) the ALTM’s net assets carried at fair value as of the Closing Date and (4) the combined results of operations with the Company’s results presented within the Condensed Consolidated Financial Statements from February 22, 2022 going forward. Therefore, the results of the legacy ALTM business were not included in the Company’s consolidated financials prior to February 22, 2022. Refer to Note 2—Business Combination to our Condensed Consolidated Financial Statements herein for additional discussion. The Company completed a two-for-one Stock Split on June 8, 2022. All corresponding per-share and share amounts for periods prior to June 8, 2022 have been retrospectively restated in this Form 10-Q to reflect the two-for-one Stock Split, except for the number of Common Units and shares of Class C Common Stock described above and herein in relation to the Transaction, which are presented at pre-Stock-Split amounts. This presentation is consistent with our previous public filings and the terms of the Contribution Agreement. Significant Accounting Policies The accounting policies that we follow are set forth in Note 2 – Summary of Significant Accounting Policies of the Notes to consolidated financial statements in our Annual Report. There were no significant updates or revisions to our accounting policies during the nine months ended September 30, 2023. Inventory Other current assets include condensate, residue gas and NGLs inventories that are valued at the lower cost or net realizable value. Inventory was valued at $9.1 million and $4.8 million as of September 30, 2023 and December 31, 2022, respectively. Transactions with Affiliates The Company has revenue contracts and incurs cost of sales and operating expenses with Apache, which is considered the Company’s affiliate as it owns more than 10% of the Company’s common stock. Accounts receivable from this affiliate was $15.0 million and $17.6 million as of September 30, 2023 and December 31, 2022, respectively. Revenue from Apache was $13.3 million and $19.9 million for the three months ended September 30, 2023 and 2022, respectively, and $34.5 million and $59.4 million for the nine months ended September 30, 2023 and 2022, respectively. Accounts payable and accrued expense due to this affiliate was immaterial as of September 30, 2023 and December 31, 2022. The Company incurred immaterial operating expenses with Apache for the three and nine months ended September 30, 2023. In addition, the Company incurs cost of sales with two of its equity method investment (“EMI”) pipeline entities, Permian Highway Pipeline LLC (“PHP”) and Breviloba, LLC (“Breviloba”). The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on the Shin Oak NGL Pipeline. For the three months ended September 30, 2023 and 2022, the Company recorded cost of sales of $2.4 million and $3.7 million, respectively, and $6.4 million and $10.8 million, for the nine months ended September 30, 2023 and 2022, respectively, with these affiliates.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS As of September 30, 2023, our allocation of purchase price for acquisitions made during 2023 and 2022 are detailed below: Acquisition Date Acquisition Considerations Transferred Current Assets Property Plant & Equipment Intangible Assets Other Long Term Assets Goodwill Liabilities Noncontrolling Interest (In thousands) (1) Q1 2023 Midstream Infrastructure Assets and Incentive and Acceleration Agreement (a) $ 125,000 $ 4,736 $ 61,850 $ 3,150 $ 55,264 $ — $ — $ — (2) Q1 2022 Altus Midstream Company (“ALTM”) $ 1,013,745 $ 38,750 $ 634,923 $ 13,200 $ 1,752,500 $ 5,077 $ (967,988) $ (462,717) (a) Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement. Midstream Infrastructure Assets In the first quarter of 2023, the Partnership closed on a purchase and sale agreement for certain midstream assets for $65.0 million together with a new 20-year midstream service agreement. Midstream assets acquired consisted of water gathering and disposal assets and intangible right-of-way assets. As the net book value of the acquired assets were approximate to their fair market value, consideration was allocated to property, plant and equipment and intangibles based on the ratio of historical long-lived assets and intangible assets acquired. In addition, the Partnership entered into an incentive and acceleration agreement related to near term supplemental development activities on acreage dedicated for midstream services to affiliates of the Partnership. Such development activities began in October 2023 and are subject to semi-annual performance milestones and subject to refund with consequential monetary penalty if not satisfied. Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition. These transactions were accounted for as a business combination in accordance with ASC 805. Acquisition-related costs were immaterial for this transaction. Acquired net assets from this business combination were included in the Midstream Logistic segment. Altus Midstream Company On February 22, 2022, the Company consummated the Transaction. Pursuant to the Contribution Agreement, in connection with the Closing, (i) Contributor contributed all of the equity interests of BCP and BCP Raptor Holdco GP, LLC, a Delaware limited liability company and the general partner of BCP (the “Contributed Entities”) to the Partnership; and (ii) in exchange for such contribution, the Partnership transferred to Contributor 50,000,000 common units representing limited partner interests in the Partnership and 50,000,000 shares of the Company’s Class C Common Stock, par value $0.0001 per share. The Transaction was accounted as a reverse merger in accordance with ASC 805, which, among other things, requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. During the 12-month measurement period following the acquisition date, the Company made necessary adjustments as information became available to the purchase price allocation, including, but not limited to, working capital and valuation of the underlying assets of the equity method investments. The Company recorded goodwill of $5.1 million as of December 31, 2022 related to operational synergies. Goodwill was included in the Midstream Logistics segment. The Company incurred acquisition-related costs of nil and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and nil and $6.4 million for the nine months ended September 30, 2023 and 2022, respectively, related to the Transaction.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of Revenue The following table presents a disaggregation of the Company’s revenue: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Gathering and processing services $ 104,349 $ 107,597 $ 310,325 $ 290,122 Natural gas, NGLs and condensate sales 221,280 213,803 586,534 618,382 Other revenue 4,672 3,776 10,685 9,493 Total revenues and other $ 330,301 $ 325,176 $ 907,544 $ 917,997 There have been no significant changes to the Company’s contracts with customers during the three and nine months ended September 30, 2023. The Company recognized revenues from minimum volume commitment (“MVC”) deficiency payments of $0.4 million and $0.7 million for the three months ended September 30, 2023 and 2022, respectively, and $1.6 million and $1.0 million for the nine months ended September 30, 2023 and 2022, respectively. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenues as of September 30, 2023: Amount Fiscal Year (In thousands) Remaining of 2023 $ 4,990 2024 56,346 2025 74,384 2026 60,220 2027 57,558 Thereafter 249,826 $ 503,324 Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs. Contract Liabilities The following table provides information about contract liabilities from contracts with customers as of September 30, 2023: Amount (In thousands) Balance at December 31, 2022 $ 29,300 Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied (5,819) Cash received in advance and not recognized as revenue 7,826 Balance at September 30, 2023 31,307 Less: Current portion 5,807 Non-current portion $ 25,500 Contract liabilities relate to payments received in advance of satisfying performance obligations under a contract, which result from contribution in aid of construction payments. Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets. Contract Cost Assets The Company has capitalized certain costs incurred to obtain a contract that would not have been incurred otherwise. These costs are recovered through the net cash flows of the associated contract. As of September 30, 2023 and December 31, 2022, the Company had contract acquisition cost assets of $72.8 million and $17.8 million, respectively. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts. The Company recognized cost of sales associated with these assets of $1.7 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively, and $5.0 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2023 2022 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,187,438 $ 2,904,084 Vehicles 11,486 9,290 Computers and equipment 6,031 4,289 Less: accumulated depreciation (586,290) (474,258) Total depreciable assets, net 2,618,665 2,443,405 Construction in progress 78,133 70,325 Land 23,649 21,482 Total property, plant, and equipment, net $ 2,720,447 $ 2,535,212 The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded $39.4 million and $34.9 million of depreciation expense for the three months ended September 30, 2023 and 2022, respectively, and $116.6 million

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET Goodwill Goodwill is tested at least annually as of November 30 of each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Company’s management assesses whether there have been events or circumstances that trigger the fair value of the reporting unit to be lower than its net carrying value since consummation of the Transaction and concluded that goodwill was not impaired as of September 30, 2023. Intangible Assets Intangible assets, net, are comprised of the following: September 30, December 31, 2023 2022 (In thousands) Customer contracts $ 1,142,278 $ 1,137,831 Right of way assets 140,130 127,539 Less accumulated amortization (661,618) (569,981) Total amortizable intangible assets, net $ 620,790 $ 695,389 The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which range from one On September 30, 2023, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 7.08 years and 6.86 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of September 30, 2023 was approximately 7.05 years. The Company recorded $30.6 million and $30.1 million of amortization expense for the three months ended September 30, 2023 and 2022, respectively, and $91.6 million and $90.2 million of amortization expense for the nine months ended September 30, 2023 and 2022, respectively. There was no impairment recognized on intangible assets for the three and nine months ended September 30, 2023 and 2022.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS As of September 30, 2023, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline. The table below presents the ownership percentages and investment balances held by the Company for each entity: September 30, December 31, Ownership 2023 2022 (In thousands) PHP 53.3% $ 1,638,319 $ 1,474,800 Breviloba 33.0% 446,314 455,057 GCX 16.0% 434,580 451,483 $ 2,519,213 $ 2,381,340 Additionally, as of September 30, 2023, the Company owned 15.0% of Epic Crude Holdings, LP (“EPIC”). However, no dollar value was assigned through the Transaction’s purchase price allocation as an adjustment was made to eliminate equity in losses of EPIC. No additional contribution was made to EPIC and no distribution or equity income was received from EPIC during the three and nine months ended September 30, 2023. The unamortized basis differences included in the EMI pipeline balances were $352.8 million and $363.2 million as of September 30, 2023 and December 31, 2022, respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets. There was capitalized interest of $21.6 million and $13.4 million as of September 30, 2023 and December 31, 2022, respectively. Capitalized interest is amortized on a straight-line basis into equity income. The following table presents the activity in the Company’s EMIs for the nine months ended September 30, 2023: Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2022 $ 1,474,800 $ 455,057 $ 451,483 $ 2,381,340 Contributions 194,124 — — 194,124 Distributions (1) (134,095) (32,515) (45,074) (211,684) Capitalized interest 8,605 — — 8,605 Equity income, net (2) 94,885 23,772 28,171 146,828 Balance at September 30, 2023 $ 1,638,319 $ 446,314 $ 434,580 $ 2,519,213 (1) Distributions consisted of distributions from a return on investment of $205.9 million, which was included in cash flow from operating activities and distribution from a return of investment of $5.8 million, which was included in cash flow from investing activities. (2) For the nine months ended September 30, 2023, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $5.6 million from PHP, $0.5 million from Breviloba, LLC and $4.7 million from GCX. Summarized Financial Information The following tables represent selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, 2023 2022 Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC (In thousands) Revenues $ 99,923 $ 51,002 $ 91,901 $ 100,114 $ 53,120 $ 91,800 Operating income 65,549 25,170 68,531 69,851 22,205 70,870 Net income 66,630 25,223 68,327 69,926 22,060 70,742 Nine Months Ended September 30, 2023 2022 Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC (In thousands) Revenues $ 291,859 $ 143,544 $ 272,509 $ 296,779 $ 151,732 $ 272,542 Operating income 185,862 69,666 200,004 190,620 73,877 199,130 Net income 190,662 70,086 205,818 190,446 73,711 198,732

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS The following table summarizes the Company’s debt obligations as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) $2.0 billion unsecured term loan $ 2,000,000 $ 2,000,000 $1.0 billion 2030 senior unsecured notes 1,000,000 1,000,000 $1.25 billion revolving line of credit 630,000 395,000 Total long-term debt 3,630,000 3,395,000 Less: Debt issuance costs, net (1) (23,038) (26,490) Total long-term debt, net $ 3,606,962 $ 3,368,510 (1) Excluded unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.7 million and $6.9 million as of September 30, 2023 and December 31, 2022, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets. The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Capitalized interest $ (6,731) $ (961) $ (13,775) $ (1,262) Debt issuance costs 1,546 1,515 4,601 8,053 Interest expense 50,194 39,910 139,617 85,794 Total financing costs, net of capitalized interest $ 45,009 $ 40,464 $ 130,443 $ 92,585 As of September 30, 2023 and December 31, 2022, unamortized debt issuance costs associated with the senior unsecured notes and the term loan were $23.0 million and $26.5 million, respectively. Compliance with our Covenants Both the revolving credit agreement with Bank of America, N.A. as administrative agent, and the term loan credit agreement with PNC Bank as administrative agent, contain customary covenants and restrictive provisions which may, among other things, limit the Partnership’s ability to create liens, incur additional indebtedness, make restricted payments, or liquidate, dissolve, consolidate with or merge into or with any other person. The 5.875% Senior Notes due 2030 also contain covenants and restrictive provisions, which may, among other things, limit the Partnership’s and its subsidiaries’ ability to create liens to secure indebtedness and the Partnership’s ability to consolidate or combine with or merge into any other person. As of September 30, 2023, the Partnership was in compliance with all customary and financial covenants. Fair Value of Financial Instruments The fair value of the Company and its subsidiaries’ consolidated debt as of September 30, 2023 and December 31, 2022 was $3.54 billion and $3.34 billion, respectively. On September 30, 2023, the senior unsecured notes’ fair value was based on Level 1 inputs and the term loan and revolving line of credit’s fair value was based on Level 3 inputs.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES The following table provides detail of the Company’s current accrued expenses on September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) Accrued product purchases $ 129,237 $ 115,773 Accrued taxes 14,577 19,509 Accrued salaries, vacation, and related benefits 3,807 3,934 Accrued capital expenditures 12,209 3,892 Accrued interest 19,425 24,815 Accrued other expenses 8,807 5,991 Total current accrued expenses $ 188,062 $ 173,914 Accrued product purchases mainly accrue the liabilities related to producer payments and any additional business-related miscellaneous fees we owe to third parties, such as transport or capacity fees as of September 30, 2023.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASES	LEASES Components of lease costs are included in the Condensed Consolidated Statements of Operations as general and administrative expense for real-estate leases and operating expense for non-real estate leases. Total operating lease costs were $11.7 million and $9.9 million for the three months ended September 30, 2023 and 2022, respectively, and $34.3 million and $28.2 million for the nine months ended September 30, 2023 and 2022, respectively. Short-term lease costs were $1.0 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $2.0 million and $5.1 million for the nine months ended September 30, 2023 and 2022, respectively. Variable lease cost was immaterial for the three and nine months ended September 30, 2023 and 2022. The following table presents other supplemental lease information: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,721 $ 9,510 $ 34,092 $ 27,797 Right-of-use assets obtained in exchange for new operating lease liabilities $ 211 $ — $ 5,189 $ 21,386 Weighted-average remaining lease term — operating leases (in years) 1.62 1.73 1.62 1.73 Weighted-average discount rate — operating leases 8.81 % 7.01 % 8.81 % 7.01 %

EQUITY AND WARRANTS

EQUITY AND WARRANTS	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
EQUITY AND WARRANTS	EQUITY AND WARRANTS Redeemable Noncontrolling Interest — Common Unit Limited Partners On February 22, 2022, the Company consummated a business combination with Altus pursuant to the Contribution Agreement. In connection with the closing, (i) Contributor contributed all the equity interests of the Contributed Entities to the Partnership; and (ii) in exchange for such contribution, the Partnership transferred to Contributor 50,000,000 common units representing limited partner interests in the Partnership and 50,000,000 shares of the Company’s Class C Common Stock, par value $0.0001 per share. Please refer to the “Transaction” above. The redemption option of the Common Unit is not legally detachable or separately exercisable from the instrument and is non-transferable, and the Common Unit is redeemable at the option of the holder. Therefore, the Common Unit is accounted for as redeemable noncontrolling interest and classified as temporary equity on the Company’s Condensed Consolidated Balance Sheets. During the first nine months of 2023, 180,962 common units were redeemed on a one-for-one basis for shares of Class A Common Stock and a corresponding number of shares of Class C Common Stock were cancelled. There were 94,089,038 Common Units and an equal number of Class C Common Stock issued and outstanding as of September 30, 2023. The Common Units fair value was approximately $3.21 billion as of September 30, 2023. Common Stock As of September 30, 2023, there were 54,519,658 and 94,089,038 shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”). Public Warrants As of September 30, 2023, there were 12,577,350 Public Warrants (as defined below) outstanding. Each whole public warrant entitles the holder to purchase one tenth of a share of Class A Common Stock at a price of $115.00 per share (the “Public Warrants”). The Public Warrants expire on November 9, 2023 or upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the reported last sale price of the Class A Common Stock equals or exceeds $180.00 per share for any 20-trading days within a 30-trading day period ending three business days prior to sending the notice of redemption to the Public Warrant holders. Private Placement Warrants As of September 30, 2023, there were 6,364,281 Private Placement Warrants (as defined below) outstanding, of which Apache holds 3,182,140. The private placement warrants expire on November 9, 2023 and are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the initial holders or their respective permitted transferees and (ii) they may be exercised by the holders on a cashless basis (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”). The Company recorded a fair value of $9 thousand for the Public Warrants and a fair value of $6 thousand for the Private Warrants as of September 30, 2023 on the Condensed Consolidated Balance Sheets in “Other Current Liabilities”. Refer to Note 11—Fair Value Measurement in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for additional discussion regarding valuation of the Warrants. Share Repurchase Program In February 2023, the Board of Directors (the “Board”) approved a share repurchase program (“Repurchase Program”), authorizing discretionary purchases of the Company’s Class A Common Stock up to $100.0 million in the aggregate. Repurchases may be made at management’s discretion from time to time, in accordance with applicable securities laws, on the open market or through privately negotiated transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. Privately negotiated repurchases from affiliates are also authorized under the Repurchase Program, subject to such affiliates’ interest and other limitations. The repurchases will depend on market conditions and may be discontinued at any time without prior notice. During the quarter ended September 30, 2023, the Company did not repurchase any of its Class A Common Stock under the Repurchase Program. During the first half of 2023, the Company repurchased 194,174 of its Class A Common Stock at a total cost of $5.8 million. The Company retired all treasury stock as of September 30, 2023. For more information regarding the 1% U.S. federal excise tax imposed on certain repurchases of stock by publicly traded U.S. corporations, please refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity—Share Repurchase Program,” included in this Quarterly Report on Form 10-Q. Dividend

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company’s Condensed Consolidated Balance Sheets reflect a mixture of measurement methods for financial assets and liabilities. Public and private warrants, contingent liabilities and derivative financial instruments are reported at fair value. Other financial instruments are reported at historical cost or amortized cost on our Condensed Consolidated Balance Sheets. Long-term debt is primarily the other financial instrument for which carrying value could vary significantly from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information. Topic 820 establishes a framework for measuring fair value in U.S. GAAP, clarifies the definition of fair value within that framework and requires disclosures about the use of fair value measurements. Topic 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Topic 820 provides a framework for measuring fair value, establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterparty’s creditworthiness when valuing certain assets. Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 inputs). The three levels of the fair value hierarchy under Topic 820 are described below: Level 1 inputs : Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for a financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs : Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 inputs : Prices or valuations that require unobservable inputs which are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or inventory parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 2,252 $ — $ 2,252 Interest rate derivatives — 21,827 — 21,827 Total assets $ — $ 24,079 $ — $ 24,079 Commodity swaps $ — $ 5,245 $ — $ 5,245 Public warrants 9 — — 9 Private warrants — — 6 6 Total liabilities $ 9 $ 5,245 $ 6 $ 5,260 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 4,288 $ — $ 4,288 Interest rate derivatives — 2,675 — 2,675 Total assets $ — $ 6,963 $ — $ 6,963 Commodity swaps $ — $ 5,718 $ — $ 5,718 Interest rate derivatives — 8,328 — 8,328 Public warrants 50 — — 50 Private warrants — — 38 38 Total liabilities $ 50 $ 14,046 $ 38 $ 14,134 Our derivative contracts consist of interest rate swaps and commodity swaps. Valuation of these derivative contracts involves both observable publicly quoted prices and certain inputs to the credit valuation that may not be readily observable in the marketplace. As such our derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 12—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further discussion related to commodity swaps and interest rate derivatives. The carrying value of the Company’s Public Warrants are recorded at fair value based on quoted market prices, a Level 1 fair value measurement. The carrying value of the Company’s Private Placement Warrants are recorded at fair value determined using an option pricing model, a Level 3 fair value measurement, which is calculated based on key assumptions related to expected volatility of the Company’s common stock, an expected dividend yield, the remaining term of the warrants outstanding and the risk-free rate based on the U.S. Treasury yield curve in effect at the time of the valuation. These assumptions are estimated utilizing historical trends of the Company’s common stock, Public Warrants and other factors. Change in fair value of the warrants since closing of the Transaction through reporting date was recorded in “Interest and other income” of the Condensed Consolidated Statements of Operations. The carrying amounts reported on the Condensed Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities are of approximate fair value due to their short-term nature. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the nine months ended September 30, 2023 and 2022.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions, and it enters into certain derivative contracts to manage exposure to these risks. To minimize counterparty credit risk in derivative instruments, the Company enters into transactions with high credit-rating counterparties. The Company did not elect to apply hedge accounting to these derivative contracts and recorded the fair value of the derivatives on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022. Interest Rate Risk The Company manages market risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and by using derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. In November 2022 and March 2023, the Company entered into three interest rate swaps with total notional amounts of $2.25 billion that are effective on May 1, 2023 and mature on May 31, 2025. Under these swaps, the Company pays a fixed rate ranging from 4.38% to 4.49% for the respective notional amounts. The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. Interest rate swap derivative assets were $21.8 million and $2.7 million as of September 30, 2023 and December 31, 2022, respectively. Interest rate swap derivative liabilities were nil and $8.3 million as of September 30, 2023 and December 31, 2022, respectively. The Company recorded cash settlements on interest rate swap derivatives of $4.7 million and nil for the three months ended September 30, 2023 and 2022, respectively, and $7.1 million and $11.3 million for the nine months ended September 30, 2023 and 2022, respectively, in “Interest expense” of the Condensed Consolidated Statements of Operations. In addition, the Company recorded fair value adjustments of $12.5 million and nil for the change in fair value of the interest rate swap derivatives for the three months ended September 30, 2023 and 2022, respectively, and $34.6 million and $14.0 million for the nine months ended September 30, 2023 and 2022, respectively, in “Interest expense” of the Condensed Consolidated Statements of Operations. Commodity Price Risk The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs. A portion of the Company’s revenue is directly tied to local natural gas, natural gas liquids and condensate prices in the Permian Basin and the U.S. Gulf Coast. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. Management regularly reviews the Company’s potential exposure to commodity price risk and manages exposure of such risk through commodity hedge contracts. During the past twelve months, the Company entered into multiple commodity swap contracts based on the OPIS NGL Mont Belvieu prices for ethane, propane and butane, the Waha Basis index and the NYMEX WTI index. These contracts are on various notional quantities of NGLs, natural gas and crude. Similarly, the Company has entered into various natural gas and crude basis spread swaps. These index swaps are effective over the next 1 to 17 months and are used to hedge against location price risk of the respective commodity resulting from supply and demand volatility and protect cash flows against price fluctuations. The table below presents detailed information of commodity swaps outstanding as of September 30, 2023 (in thousands, except volumes): September 30, 2023 Commodity Instruments Unit Volume Net Fair Value Natural Gas Commodity Swap MMBtus 3,010,000 $ 89 NGL Commodity Swap Gallons 124,179,300 (1,358) Crude Commodity Swap Bbl 171,900 (1,341) Crude Collar Commodity Swap Bbl 109,600 (537) Natural Gas Basis Spread Swaps Commodity Swap MMBtus 203,200 138 Crude Gas Basis Spread Swaps Commodity Swap Bbl 24,395,000 16 $ (2,993)

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Prior to the Closing, the Company issued incentive units, which included performance and service conditions, to certain employees and Board members. The units consisted of Class A-1, Class A-2 and Class A-3 units. These units derived value from the Company’s certain wholly owned subsidiaries. Class A-1 and A-2 units would have vested upon either (i) the date of consummation of a change in control or (ii) the date that is 1-year following the consummation of the initial public offering of the Company (or its successor). Class A-3 units would have vested upon a change in control, if the participants were employed at the time of the event, or upon termination of the participant by the Company. Immediately upon Closing, all outstanding Class A-1 and Class A-2 units were cancelled and exchanged for 5,300,000 shares (the “Class A Shares”), post-Stock Split, of the Company’s Class A Common Stock. These Class A Shares are issued and outstanding as they were distributed pro rata to all holders of Class A-1 and Class A-2 units by the Common Unit limited partners from the 50,000,000 common units, pre-Stock-Split, that such limited partners received upon the Closing. The Common Unit limited partners redeemed Common Units needed for the Class A Shares distribution upon the Closing. The Class A Shares are held in escrow and will vest over three During the first quarter of 2023, pursuant to the Company’s 2019 Omnibus Compensation Plan, as amended from time to time , the Company granted approximately 370,000 restricted stock units (“RSUs”) to its employees with cliff vesting on January 1, 2026 and approximately 181,000 RSUs to employees that were vested immediately. The 181,000 RSUs that vested immediately were granted to employees who received their bonus in Company stock in lieu of cash bonus awards. During the second quarter of 2023, the Company granted approximately 16,000 RSUs to certain members of the Board and vested immediately on grant date.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to U.S. federal income tax and the Texas margin tax. Income tax expense included in the condensed consolidated financial statements in this Form 10-Q is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Income before income taxes $ 44,434 $ 50,828 $ 121,128 $ 204,503 Income tax expense $ 1,303 $ 1,406 $ 2,030 $ 2,244 Effective tax rate 2.93 % 2.77 % 1.68 % 1.10 % The effective tax rate for the three and nine months ended September 30, 2023 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Unit limited partners and valuation allowance.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE The computation of basic and diluted net income per share for the periods presented in the condensed consolidated financial statements is shown in the tables below. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 15,580 $ 14,936 $ 42,030 $ 25,239 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,414) (4,174) (12,996) (8,358) Excess preferred carrying amount over consideration paid (2) — 32,900 — 32,900 Total net income attributable to Class A common shareholders $ 11,166 $ 43,662 $ 29,034 $ 49,781 Weighted average shares outstanding - basic (3) 53,340 41,816 50,464 40,042 Dilutive effect of unvested Class A common shares (4)(5) 123 39 255 33 Weighted average shares outstanding - diluted 53,463 41,855 50,719 40,075 Net income available per common share - basic $ 0.21 $ 1.04 $ 0.58 $ 1.24 Net income available per common share - diluted $ 0.21 $ 1.04 $ 0.57 $ 1.24 (1) Represents dividends paid to unvested restricted Class A common shareholders. (2) Represented excess of carrying value of redeemable noncontrolling interest Preferred Units over redemption price at redemption. For further detail, refer to Note 12—Series A Cumulative Redeemable Preferred Units in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. (3) Share and per share amounts have been retrospectively restated to reflect the Company’s reverse stock split, which was effected June 8, 2022. (4) The effect of an assumed exchange of the outstanding public and private warrants for shares of Class A Common Stock would have been anti-dilutive for all periods presented in which the public and private warrants were outstanding. (5) The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. As of September 30, 2023 and December 31, 2022, there were no accruals for loss contingencies. Litigation The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with ASC 450, Contingencies , the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be different than the amounts accrued. The Company has entered into litigation with two third parties to collect receivables totaling $19.6 million that remain outstanding from the Winter Storm Uri during February of 2021. Given the counterparties’ sufficient creditworthiness and the valid claims that we hold, no allowance has currently been established for these items as we have legally enforceable agreements with these parties. Environmental Matters As an owner of infrastructure assets with rights to surface lands, the Company is subject to various local, state and federal laws and regulations relating to discharge of materials into and protection of the environment. These laws and regulations may, among other things, impose liability on the Company for the cost of pollution clean-up resulting from operations and subject the Company to liability for pollution damages. The Company is not aware of any environmental claims existing as of September 30, 2023, that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity. Contingent Liabilities Permian Gas Acquisition As part of the acquisition of Permian Gas on June 11, 2019, consideration included a contingent liability arrangement with PDC Permian, Inc. (“PDC”). The arrangement requires additional monies to be paid by the Company to PDC on a per Mcf basis if the actual annual Mcf volume amounts exceed forecasted annual Mcf volume amounts starting in 2020 and continuing through 2029. The total monies paid under this arrangement are capped at $60.5 million. Amounts are payable on an annual basis over the earn-out period. Based on current forecasts and discussions with PDC, management revalues this contingent liability with updated assumptions at each reporting period. PDC’s actual annual Mcf volume did not exceed the incentive rate during the past three years, and the Company did not expect PDC’s actual annual Mcf volume amounts to exceed forecasted amounts as of September 30, 2023; therefore, the estimated fair value of the contingent consideration liability was nil as of September 30, 2023 and December 31, 2022. Original Altus Transaction As part of the Transaction, the Company assumed contingent liabilities of $4.5 million related to earn-out consideration of up to 2,500,000 shares of Class A Common Stock, which was part of the original Altus transaction, as follows: • 1,250,000 shares if the per share closing price of the Class A Common Stock as reported by the New York Stock Exchange (“NYSE”) during any 30-trading-day period ending prior to November 9, 2023 is equal to or greater than $140.00 for any 20 trading days within such 30-trading-day period. • 1,250,000 shares if the per share closing price of the Class A Common Stock as reported by the NYSE during any 30-trading-day period ending prior to November 9, 2023 is equal to or greater than $160.00 for any 20 trading days within such 30-trading-day period. Pursuant to ASC 805, this earn-out consideration was a pre-existing contingency and accounted for as an assumed liability to the acquirer on the acquisition date. Immediately subsequent to the Closing, the Company evaluated the earn-out consideration classification in accordance with ASC 480, Distinguishing Liabilities from Equity ( “ASC 480” ) and ASC 815, Derivatives and Hedging ( “ASC 815” ). The Company determined the earn-out consideration to be classified as equity based on the settlement provision. Letters of Credit Our $1.25 billion senior unsecured Revolving Credit Facility maturing on June 8, 2027 can be used for letters of credit. Our obligations with respect to related letters of credit totaled $12.6 million and nil as of September 30, 2023 and December 31, 2022, respectively.

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Our two operating segments represent the Company’s segments for which discrete financial information is available and is utilized on a regular basis by our chief operating decision maker (“CODM”) to make key operating decisions, assess performance and allocate resources. Our Chief Executive Officer is the CODM. These segments are strategic business units with differing products and services. No operating segments have been aggregated to form the reportable segments. Therefore, our two operating segments represent our reportable segments. The activities of each of our reportable segments from which the Company earns revenues and incurs expenses are described below: • Midstream Logistics: The Midstream Logistics segment operates under three streams, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal. • Pipeline Transportation: The Pipeline Transportation segment consists of equity investment interests in four Permian Basin pipelines that access various points along the Texas Gulf Coast, Kinetik NGL Pipeline and Delaware Link Pipeline. The current operating pipelines transport crude oil, natural gas and NGLs. The Midstream Logistics segment accounts for more than 99% of the Company’s operating revenues, cost of sales (excluding depreciation and amortization), operating expenses and ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments, which contribute more than 99% of the segment’s EBITDA. Corporate and Other contains the Company’s executive and administrative functions, including 81% of the Company’s general and administrative expenses and all of the Company’s debt service costs. The following tables present the reconciliation of the segment profit measure as of and for the three and nine months periods ended September 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2023 Segment net income (loss) including noncontrolling interests $ 56,583 $ 50,598 $ (64,050) $ 43,131 Add back: Interest expense 12 — 44,997 45,009 Income tax expense 1 — 1,302 1,303 Depreciation and amortization 69,456 473 6 69,935 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 78,585 — 78,585 Share-based compensation — — 12,502 12,502 Loss on disposal of assets 2,927 — — 2,927 Unrealized loss on derivatives 8,259 — — 8,259 Integration costs 21 — — 21 Acquisition transaction costs — — 378 378 Other one-time costs or amortization 1,529 — 1,133 2,662 Warrant valuation adjustment — — 4 4 Deduct: Interest income — — 293 293 Equity income from unconsolidated affiliates — 50,754 — 50,754 Segment adjusted EBITDA (3) $ 140,443 $ 78,902 $ (4,021) $ 215,324 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2022 Segment net income (loss) including noncontrolling interests $ 65,525 $ 44,750 $ (60,853) $ 49,422 Add back: Interest expense 7 — 40,457 40,464 Income tax expense — — 1,406 1,406 Depreciation and amortization 64,655 345 5 65,005 Contract assets amortization 448 — — 448 Proportionate EMI EBITDA — 78,357 — 78,357 Share-based compensation — — 12,661 12,661 Loss on disposal of assets 3,946 — — 3,946 Integration costs 14 81 2,243 2,338 Acquisition transaction costs 5 — 57 62 Other one-time costs or amortization 2,945 162 645 3,752 Deduct: Gain on embedded derivative — — 488 488 Equity income from unconsolidated affiliates — 45,003 — 45,003 Segment adjusted EBITDA (3) $ 137,545 $ 78,692 $ (3,867) $ 212,370 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Segment net income (loss) including noncontrolling interests $ 163,794 $ 146,524 $ (191,220) $ 119,098 Add back: — Interest expense 32 — 130,411 130,443 Income tax expense — — 2,030 2,030 Depreciation and amortization 206,855 1,398 18 208,271 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 224,933 — 224,933 Share-based compensation — — 43,340 43,340 Loss on disposal of assets 15,166 — — 15,166 Unrealized loss on derivatives 616 — — 616 Integration costs 29 — 956 985 Acquisition transaction costs 33 — 615 648 Other one-time costs or amortization 5,310 — 2,235 7,545 Deduct: Interest income — — 314 314 Warrant valuation adjustment — — 73 73 Equity income from unconsolidated affiliates — 146,828 — 146,828 Segment adjusted EBITDA (3) $ 396,800 $ 226,027 $ (12,002) $ 610,825 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (2) (In thousands) For the Nine Months Ended September 30, 2022 Segment net income (loss) including noncontrolling interests $ 89,274 $ 120,162 $ (7,177) $ 202,259 Add back: Interest expense (income) 47,411 (664) 45,838 92,585 Income tax expense (benefit) 457 (39) 1,826 2,244 Depreciation and amortization 192,007 597 5 192,609 Contract assets amortization 1,344 — — 1,344 Proportionate EMI EBITDA — 190,438 — 190,438 Share-based compensation — — 30,966 30,966 Loss (gain) on disposal of assets 12,636 — (34) 12,602 Loss (gain) on debt extinguishment 27,983 (8) — 27,975 Integration costs 933 81 8,998 10,012 Acquisition transaction costs 9 — 6,403 6,412 Other one-time costs or amortization 8,865 162 1,942 10,969 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 9,580 9,580 Gain on embedded derivative — — 89,050 89,050 Equity income from unconsolidated affiliates — 120,706 — 120,706 Segment adjusted EBITDA (3) $ 380,919 $ 190,023 $ (9,863) $ 561,079 (1) Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. (2) Results do not include legacy ALTM prior to February 22, 2022. Refer to Note 1 —Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q, for further information on the Company’s basis of presentation. (3) Adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q, for a definition and reconciliation to the most directly comparable GAAP measure. The following tables present the revenue for the individual operating segments for the three and nine month periods ended September 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended September 30, 2023 Revenue $ 324,863 $ 766 $ 325,629 Other revenue 4,670 2 4,672 Total segment operating revenue $ 329,533 $ 768 $ 330,301 Midstream Logistics Pipeline Transportation Consolidated (In thousands) Three Months Ended September 30, 2022 Revenue $ 320,667 $ 733 $ 321,400 Other revenue 3,774 2 3,776 Total segment operating revenue $ 324,441 $ 735 $ 325,176 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Revenue $ 894,669 $ 2,190 $ 896,859 Other revenue 10,679 6 10,685 Total segment operating revenue $ 905,348 $ 2,196 $ 907,544 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Nine Months Ended September 30, 2022 Revenue $ 907,771 $ 733 $ 908,504 Other revenue 9,487 6 9,493 Total segment operating revenue $ 917,258 $ 739 $ 917,997 The following table presents total assets for each operating segment as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) Midstream Logistics $ 3,610,231 $ 3,486,948 Pipeline Transportation (1) 2,641,792 2,414,829 Segment total assets 6,252,023 5,901,777 Corporate and other 33,993 17,934 Total assets $ 6,286,016 $ 5,919,711

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On November 1, 2023, the Board declared a cash dividend of $0.75 per share on the Company’s Class A Common Stock which will be payable to stockholders of record as of November 13, 2023 on November 22, 2023. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $0.75 per Common Unit from the Partnership to the holders of Common Units, which will be payable on November 22, 2023. Core Shareholders will reinvest 100% of dividends received on Class C Common Units based on the Dividend and Distribution Reinvestment Agreement (the “Reinvestment Agreement”). On November 9, 2023, all of the Company’s 12,577,350 Public Warrants and 6,364,281 Private Placement Warrants expired. No warrant was exercised prior to expiration.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Segment adjusted EBITDA	$ 215,324	$ 212,370	$ 610,825	$ 561,079

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF THE ORGANIZATI_2

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. Certain reclassifications of prior year balances have been made to conform such amounts to current year presentation. These reclassifications have no impact on net income. All adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of results of operations for a full year; accordingly, you should read these Condensed Consolidated Financial Statements in conjunction with our consolidated financial statements and related notes included in our 2022 Form 10-K. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	Prior to the Closing, the Company’s financial statements that were filed with the SEC were derived from ALTM’s accounting records. As the Transaction was determined to be a reverse merger, BCP was considered the accounting acquirer and ALTM was the legal acquirer. The accompanying Condensed Consolidated Financial Statements herein include (1) BCP’s net assets carried at historical value, (2) BCP’s historical results of operations prior to the Transaction, (3) the ALTM’s net assets carried at fair value as of the Closing Date and (4) the combined results of operations with the Company’s results presented within the Condensed Consolidated Financial Statements from February 22, 2022 going forward. Therefore, the results of the legacy ALTM business were not included in the Company’s consolidated financials prior to February 22, 2022. Refer to Note 2—Business Combination to our Condensed Consolidated Financial Statements herein for additional discussion. The Company completed a two-for-one Stock Split on June 8, 2022. All corresponding per-share and share amounts for periods prior to June 8, 2022 have been retrospectively restated in this Form 10-Q to reflect the two-for-one Stock Split, except for the number of Common Units and shares of Class C Common Stock described above and herein in relation to the Transaction, which are presented at pre-Stock-Split amounts. This presentation is consistent with our previous public filings and the terms of the Contribution Agreement.
Inventory	InventoryOther current assets include condensate, residue gas and NGLs inventories that are valued at the lower cost or net realizable value.
Transactions with Affiliates	Transactions with AffiliatesThe Company has revenue contracts and incurs cost of sales and operating expenses with Apache, which is considered the Company’s affiliate as it owns more than 10% of the Company’s common stock.
Business Combination	Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition.The Transaction was accounted as a reverse merger in accordance with ASC 805, which, among other things, requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. During the 12-month measurement period following the acquisition date, the Company made necessary adjustments as information became available to the purchase price allocation, including, but not limited to, working capital and valuation of the underlying assets of the equity method investments. The Company recorded goodwill of $5.1 million as of December 31, 2022 related to operational synergies. Goodwill was included in the Midstream Logistics segment.
Revenue Recognition	Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets. The Company has capitalized certain costs incurred to obtain a contract that would not have been incurred otherwise. These costs are recovered through the net cash flows of the associated contract. Current and noncurrent contract cost assets are included in “Prepaid and Other Current Assets” and “Deferred Charges and Other Assets,” respectively, of the Condensed Consolidated Balance Sheets. The Company amortizes these assets as cost of sales on a straight-line basis over the life of the associated long-term customer contracts.
Property, Plant and Equipment	The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated.
Goodwill	Goodwill is tested at least annually as of November 30 of each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which range from one
Lease	Components of lease costs are included in the Condensed Consolidated Statements of Operations as general and administrative expense for real-estate leases and operating expense for non-real estate leases.
Commitments and Contingencies	Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with ASC 450, Contingencies , the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be different than the amounts accrued.
Equity and Warrants	Therefore, the Common Unit is accounted for as redeemable noncontrolling interest and classified as temporary equity on the Company’s Condensed Consolidated Balance Sheets.The Company recorded a fair value of $9 thousand for the Public Warrants and a fair value of $6 thousand for the Private Warrants as of September 30, 2023 on the Condensed Consolidated Balance Sheets in “Other Current Liabilities”.
Share-Based Compensation	The Class A Shares, Class C Shares and Replacement Awards were valued based on the Company’s publicly quoted stock price on the measurement date, which was the Closing Date of the Transaction. During the first quarter of 2023, pursuant to the Company’s 2019 Omnibus Compensation Plan, as amended from time to time , the Company granted approximately 370,000 restricted stock units (“RSUs”) to its employees with cliff vesting on January 1, 2026 and approximately 181,000 RSUs to employees that were vested immediately. The 181,000 RSUs that vested immediately were granted to employees who received their bonus in Company stock in lieu of cash bonus awards. During the second quarter of 2023, the Company granted approximately 16,000 RSUs to certain members of the Board and vested immediately on grant date.
Fair Value Measurements	Topic 820 establishes a framework for measuring fair value in U.S. GAAP, clarifies the definition of fair value within that framework and requires disclosures about the use of fair value measurements. Topic 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Topic 820 provides a framework for measuring fair value, establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterparty’s creditworthiness when valuing certain assets. Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 inputs). The three levels of the fair value hierarchy under Topic 820 are described below: Level 1 inputs : Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for a financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs : Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 inputs : Prices or valuations that require unobservable inputs which are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or inventory parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity.
Equity Method Interests	Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets. Capitalized interest is amortized on a straight-line basis into equity income.
Derivatives	The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets.The Company recorded cash settlements on interest rate swap derivatives of $4.7 million and nil for the three months ended September 30, 2023 and 2022, respectively, and $7.1 million and $11.3 million for the nine months ended September 30, 2023 and 2022, respectively, in “Interest expense” of the Condensed Consolidated Statements of Operations. In addition, the Company recorded fair value adjustments of $12.5 million and nil for the change in fair value of the interest rate swap derivatives for the three months ended September 30, 2023 and 2022, respectively, and $34.6 million and $14.0 million for the nine months ended September 30, 2023 and 2022, respectively, in “Interest expense” of the Condensed Consolidated Statements of Operations.

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other (Policies)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill is tested at least annually as of November 30 of each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.The fair value of acquired customer contracts was capitalized as a result of acquiring favorable customer contracts as of the closing dates of certain past acquisitions and is being amortized using a straight-line method over the remaining term of the customer contracts, which range from one

Investments, Equity Method and

Investments, Equity Method and Joint Ventures (Policies)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Interests	Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets. Capitalized interest is amortized on a straight-line basis into equity income.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Topic 820 establishes a framework for measuring fair value in U.S. GAAP, clarifies the definition of fair value within that framework and requires disclosures about the use of fair value measurements. Topic 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Topic 820 provides a framework for measuring fair value, establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and requires consideration of the counterparty’s creditworthiness when valuing certain assets. Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 inputs). The three levels of the fair value hierarchy under Topic 820 are described below: Level 1 inputs : Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for a financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs : Inputs, other than quoted prices in active markets, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 inputs : Prices or valuations that require unobservable inputs which are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or inventory parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	As of September 30, 2023, our allocation of purchase price for acquisitions made during 2023 and 2022 are detailed below: Acquisition Date Acquisition Considerations Transferred Current Assets Property Plant & Equipment Intangible Assets Other Long Term Assets Goodwill Liabilities Noncontrolling Interest (In thousands) (1) Q1 2023 Midstream Infrastructure Assets and Incentive and Acceleration Agreement (a) $ 125,000 $ 4,736 $ 61,850 $ 3,150 $ 55,264 $ — $ — $ — (2) Q1 2022 Altus Midstream Company (“ALTM”) $ 1,013,745 $ 38,750 $ 634,923 $ 13,200 $ 1,752,500 $ 5,077 $ (967,988) $ (462,717) (a) Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents a disaggregation of the Company’s revenue: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Gathering and processing services $ 104,349 $ 107,597 $ 310,325 $ 290,122 Natural gas, NGLs and condensate sales 221,280 213,803 586,534 618,382 Other revenue 4,672 3,776 10,685 9,493 Total revenues and other $ 330,301 $ 325,176 $ 907,544 $ 917,997
Schedule of Remaining Performance Obligation, Expected Timing of Satisfaction	The following table presents our estimated revenue from contracts with customers for remaining performance obligations that has not yet been recognized, representing our contractually committed revenues as of September 30, 2023: Amount Fiscal Year (In thousands) Remaining of 2023 $ 4,990 2024 56,346 2025 74,384 2026 60,220 2027 57,558 Thereafter 249,826 $ 503,324
Schedule of Contract with Customer, Contract Liability	The following table provides information about contract liabilities from contracts with customers as of September 30, 2023: Amount (In thousands) Balance at December 31, 2022 $ 29,300 Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied (5,819) Cash received in advance and not recognized as revenue 7,826 Balance at September 30, 2023 31,307 Less: Current portion 5,807 Non-current portion $ 25,500

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2023 2022 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,187,438 $ 2,904,084 Vehicles 11,486 9,290 Computers and equipment 6,031 4,289 Less: accumulated depreciation (586,290) (474,258) Total depreciable assets, net 2,618,665 2,443,405 Construction in progress 78,133 70,325 Land 23,649 21,482 Total property, plant, and equipment, net $ 2,720,447 $ 2,535,212

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, are comprised of the following: September 30, December 31, 2023 2022 (In thousands) Customer contracts $ 1,142,278 $ 1,137,831 Right of way assets 140,130 127,539 Less accumulated amortization (661,618) (569,981) Total amortizable intangible assets, net $ 620,790 $ 695,389

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of September 30, 2023, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline. The table below presents the ownership percentages and investment balances held by the Company for each entity: September 30, December 31, Ownership 2023 2022 (In thousands) PHP 53.3% $ 1,638,319 $ 1,474,800 Breviloba 33.0% 446,314 455,057 GCX 16.0% 434,580 451,483 $ 2,519,213 $ 2,381,340 The following table presents the activity in the Company’s EMIs for the nine months ended September 30, 2023: Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2022 $ 1,474,800 $ 455,057 $ 451,483 $ 2,381,340 Contributions 194,124 — — 194,124 Distributions (1) (134,095) (32,515) (45,074) (211,684) Capitalized interest 8,605 — — 8,605 Equity income, net (2) 94,885 23,772 28,171 146,828 Balance at September 30, 2023 $ 1,638,319 $ 446,314 $ 434,580 $ 2,519,213 (1) Distributions consisted of distributions from a return on investment of $205.9 million, which was included in cash flow from operating activities and distribution from a return of investment of $5.8 million, which was included in cash flow from investing activities. (2) For the nine months ended September 30, 2023, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $5.6 million from PHP, $0.5 million from Breviloba, LLC and $4.7 million from GCX.
Schedule of Equity Method Investment, Summarized Financial Information	The following tables represent selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, 2023 2022 Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC (In thousands) Revenues $ 99,923 $ 51,002 $ 91,901 $ 100,114 $ 53,120 $ 91,800 Operating income 65,549 25,170 68,531 69,851 22,205 70,870 Net income 66,630 25,223 68,327 69,926 22,060 70,742 Nine Months Ended September 30, 2023 2022 Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC (In thousands) Revenues $ 291,859 $ 143,544 $ 272,509 $ 296,779 $ 151,732 $ 272,542 Operating income 185,862 69,666 200,004 190,620 73,877 199,130 Net income 190,662 70,086 205,818 190,446 73,711 198,732

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes the Company’s debt obligations as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) $2.0 billion unsecured term loan $ 2,000,000 $ 2,000,000 $1.0 billion 2030 senior unsecured notes 1,000,000 1,000,000 $1.25 billion revolving line of credit 630,000 395,000 Total long-term debt 3,630,000 3,395,000 Less: Debt issuance costs, net (1) (23,038) (26,490) Total long-term debt, net $ 3,606,962 $ 3,368,510 (1) Excluded unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.7 million and $6.9 million as of September 30, 2023 and December 31, 2022, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
Schedule of Financing Costs, Net	The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Capitalized interest $ (6,731) $ (961) $ (13,775) $ (1,262) Debt issuance costs 1,546 1,515 4,601 8,053 Interest expense 50,194 39,910 139,617 85,794 Total financing costs, net of capitalized interest $ 45,009 $ 40,464 $ 130,443 $ 92,585

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Components of Accrued Expenses	The following table provides detail of the Company’s current accrued expenses on September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) Accrued product purchases $ 129,237 $ 115,773 Accrued taxes 14,577 19,509 Accrued salaries, vacation, and related benefits 3,807 3,934 Accrued capital expenditures 12,209 3,892 Accrued interest 19,425 24,815 Accrued other expenses 8,807 5,991 Total current accrued expenses $ 188,062 $ 173,914

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Other Supplemental Lease Information	The following table presents other supplemental lease information: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,721 $ 9,510 $ 34,092 $ 27,797 Right-of-use assets obtained in exchange for new operating lease liabilities $ 211 $ — $ 5,189 $ 21,386 Weighted-average remaining lease term — operating leases (in years) 1.62 1.73 1.62 1.73 Weighted-average discount rate — operating leases 8.81 % 7.01 % 8.81 % 7.01 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 2,252 $ — $ 2,252 Interest rate derivatives — 21,827 — 21,827 Total assets $ — $ 24,079 $ — $ 24,079 Commodity swaps $ — $ 5,245 $ — $ 5,245 Public warrants 9 — — 9 Private warrants — — 6 6 Total liabilities $ 9 $ 5,245 $ 6 $ 5,260 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 4,288 $ — $ 4,288 Interest rate derivatives — 2,675 — 2,675 Total assets $ — $ 6,963 $ — $ 6,963 Commodity swaps $ — $ 5,718 $ — $ 5,718 Interest rate derivatives — 8,328 — 8,328 Public warrants 50 — — 50 Private warrants — — 38 38 Total liabilities $ 50 $ 14,046 $ 38 $ 14,134

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Detail Information of Commodity Swaps Outstanding	The table below presents detailed information of commodity swaps outstanding as of September 30, 2023 (in thousands, except volumes): September 30, 2023 Commodity Instruments Unit Volume Net Fair Value Natural Gas Commodity Swap MMBtus 3,010,000 $ 89 NGL Commodity Swap Gallons 124,179,300 (1,358) Crude Commodity Swap Bbl 171,900 (1,341) Crude Collar Commodity Swap Bbl 109,600 (537) Natural Gas Basis Spread Swaps Commodity Swap MMBtus 203,200 138 Crude Gas Basis Spread Swaps Commodity Swap Bbl 24,395,000 16 $ (2,993)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Total Income Tax Provision (Benefit)	The Company is subject to U.S. federal income tax and the Texas margin tax. Income tax expense included in the condensed consolidated financial statements in this Form 10-Q is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Income before income taxes $ 44,434 $ 50,828 $ 121,128 $ 204,503 Income tax expense $ 1,303 $ 1,406 $ 2,030 $ 2,244 Effective tax rate 2.93 % 2.77 % 1.68 % 1.10 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net (Loss) Per Share	The computation of basic and diluted net income per share for the periods presented in the condensed consolidated financial statements is shown in the tables below. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 15,580 $ 14,936 $ 42,030 $ 25,239 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,414) (4,174) (12,996) (8,358) Excess preferred carrying amount over consideration paid (2) — 32,900 — 32,900 Total net income attributable to Class A common shareholders $ 11,166 $ 43,662 $ 29,034 $ 49,781 Weighted average shares outstanding - basic (3) 53,340 41,816 50,464 40,042 Dilutive effect of unvested Class A common shares (4)(5) 123 39 255 33 Weighted average shares outstanding - diluted 53,463 41,855 50,719 40,075 Net income available per common share - basic $ 0.21 $ 1.04 $ 0.58 $ 1.24 Net income available per common share - diluted $ 0.21 $ 1.04 $ 0.57 $ 1.24 (1) Represents dividends paid to unvested restricted Class A common shareholders. (2) Represented excess of carrying value of redeemable noncontrolling interest Preferred Units over redemption price at redemption. For further detail, refer to Note 12—Series A Cumulative Redeemable Preferred Units in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. (3) Share and per share amounts have been retrospectively restated to reflect the Company’s reverse stock split, which was effected June 8, 2022. (4) The effect of an assumed exchange of the outstanding public and private warrants for shares of Class A Common Stock would have been anti-dilutive for all periods presented in which the public and private warrants were outstanding. (5) The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present the reconciliation of the segment profit measure as of and for the three and nine months periods ended September 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2023 Segment net income (loss) including noncontrolling interests $ 56,583 $ 50,598 $ (64,050) $ 43,131 Add back: Interest expense 12 — 44,997 45,009 Income tax expense 1 — 1,302 1,303 Depreciation and amortization 69,456 473 6 69,935 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 78,585 — 78,585 Share-based compensation — — 12,502 12,502 Loss on disposal of assets 2,927 — — 2,927 Unrealized loss on derivatives 8,259 — — 8,259 Integration costs 21 — — 21 Acquisition transaction costs — — 378 378 Other one-time costs or amortization 1,529 — 1,133 2,662 Warrant valuation adjustment — — 4 4 Deduct: Interest income — — 293 293 Equity income from unconsolidated affiliates — 50,754 — 50,754 Segment adjusted EBITDA (3) $ 140,443 $ 78,902 $ (4,021) $ 215,324 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2022 Segment net income (loss) including noncontrolling interests $ 65,525 $ 44,750 $ (60,853) $ 49,422 Add back: Interest expense 7 — 40,457 40,464 Income tax expense — — 1,406 1,406 Depreciation and amortization 64,655 345 5 65,005 Contract assets amortization 448 — — 448 Proportionate EMI EBITDA — 78,357 — 78,357 Share-based compensation — — 12,661 12,661 Loss on disposal of assets 3,946 — — 3,946 Integration costs 14 81 2,243 2,338 Acquisition transaction costs 5 — 57 62 Other one-time costs or amortization 2,945 162 645 3,752 Deduct: Gain on embedded derivative — — 488 488 Equity income from unconsolidated affiliates — 45,003 — 45,003 Segment adjusted EBITDA (3) $ 137,545 $ 78,692 $ (3,867) $ 212,370 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Segment net income (loss) including noncontrolling interests $ 163,794 $ 146,524 $ (191,220) $ 119,098 Add back: — Interest expense 32 — 130,411 130,443 Income tax expense — — 2,030 2,030 Depreciation and amortization 206,855 1,398 18 208,271 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 224,933 — 224,933 Share-based compensation — — 43,340 43,340 Loss on disposal of assets 15,166 — — 15,166 Unrealized loss on derivatives 616 — — 616 Integration costs 29 — 956 985 Acquisition transaction costs 33 — 615 648 Other one-time costs or amortization 5,310 — 2,235 7,545 Deduct: Interest income — — 314 314 Warrant valuation adjustment — — 73 73 Equity income from unconsolidated affiliates — 146,828 — 146,828 Segment adjusted EBITDA (3) $ 396,800 $ 226,027 $ (12,002) $ 610,825 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (2) (In thousands) For the Nine Months Ended September 30, 2022 Segment net income (loss) including noncontrolling interests $ 89,274 $ 120,162 $ (7,177) $ 202,259 Add back: Interest expense (income) 47,411 (664) 45,838 92,585 Income tax expense (benefit) 457 (39) 1,826 2,244 Depreciation and amortization 192,007 597 5 192,609 Contract assets amortization 1,344 — — 1,344 Proportionate EMI EBITDA — 190,438 — 190,438 Share-based compensation — — 30,966 30,966 Loss (gain) on disposal of assets 12,636 — (34) 12,602 Loss (gain) on debt extinguishment 27,983 (8) — 27,975 Integration costs 933 81 8,998 10,012 Acquisition transaction costs 9 — 6,403 6,412 Other one-time costs or amortization 8,865 162 1,942 10,969 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 9,580 9,580 Gain on embedded derivative — — 89,050 89,050 Equity income from unconsolidated affiliates — 120,706 — 120,706 Segment adjusted EBITDA (3) $ 380,919 $ 190,023 $ (9,863) $ 561,079 (1) Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable or (iii) have not been allocated to a reportable segment for the purpose of evaluating their performance, including certain general and administrative expense items. (2) Results do not include legacy ALTM prior to February 22, 2022. Refer to Note 1 —Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q, for further information on the Company’s basis of presentation. (3) Adjusted EBITDA is a non-GAAP measure; please see Key Performance Metrics in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q, for a definition and reconciliation to the most directly comparable GAAP measure. The following tables present the revenue for the individual operating segments for the three and nine month periods ended September 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended September 30, 2023 Revenue $ 324,863 $ 766 $ 325,629 Other revenue 4,670 2 4,672 Total segment operating revenue $ 329,533 $ 768 $ 330,301 Midstream Logistics Pipeline Transportation Consolidated (In thousands) Three Months Ended September 30, 2022 Revenue $ 320,667 $ 733 $ 321,400 Other revenue 3,774 2 3,776 Total segment operating revenue $ 324,441 $ 735 $ 325,176 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Revenue $ 894,669 $ 2,190 $ 896,859 Other revenue 10,679 6 10,685 Total segment operating revenue $ 905,348 $ 2,196 $ 907,544 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Nine Months Ended September 30, 2022 Revenue $ 907,771 $ 733 $ 908,504 Other revenue 9,487 6 9,493 Total segment operating revenue $ 917,258 $ 739 $ 917,997 The following table presents total assets for each operating segment as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In thousands) Midstream Logistics $ 3,610,231 $ 3,486,948 Pipeline Transportation (1) 2,641,792 2,414,829 Segment total assets 6,252,023 5,901,777 Corporate and other 33,993 17,934 Total assets $ 6,286,016 $ 5,919,711 (1) Includes investment in unconsolidated affiliates of $2.52 billion and $2.38 billion as of September 30, 2023 and December 31, 2022, respectively.

DESCRIPTION OF THE ORGANIZATI_3

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)			3 Months Ended		9 Months Ended
		Jun. 08, 2022	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)		Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Interest in pipeline entities | entity			4		4
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Inventory			$ 9,100,000		$ 9,100,000			$ 4,800,000
Revenue			330,301,000	$ 325,176,000	907,544,000	$ 917,997,000
Operating expenses			0		0
Recorded cost of sales	[1],[2]		147,756,000	145,208,000	374,100,000	418,197,000	[3]
Costs of sales (exclusive of depreciation and amortization)	[1],[2]		147,756,000	145,208,000	374,100,000	418,197,000	[3]
Highway Pipeline LLC and Breviloba, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Recorded cost of sales			2,400,000	3,700,000	6,400,000	10,800,000
Costs of sales (exclusive of depreciation and amortization)			2,400,000	3,700,000	6,400,000	10,800,000
Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Outstanding receivable			15,000,000		15,000,000			17,600,000
Revenue			13,300,000	19,900,000	34,500,000	59,400,000
Accounts payable and accrued liabilities			0		0			$ 0
Recorded cost of sales			8,700,000	3,100,000	14,200,000	16,300,000
Costs of sales (exclusive of depreciation and amortization)			$ 8,700,000	$ 3,100,000	$ 14,200,000	$ 16,300,000
Common Stock | Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage			10%		10%
Common Stock | Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock split, conversion ratio		2
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $38.6 million and $17.1 million for the three months ended September 30, 2023 and 2022, respectively, and $107.1 million and $51.1 million for the nine months ended September 30, 2023 and 2022, respectively, for certain volumes where we act as principal . The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

BUSINESS COMBINATIONS - Allocat

BUSINESS COMBINATIONS - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 13, 2023	Dec. 31, 2022	Feb. 22, 2022
Business Acquisition [Line Items]
Goodwill	$ 5,077		$ 5,077
Midstream Infrastructure Assets and Incentive and Acceleration Agreement
Business Acquisition [Line Items]
Considerations Transferred		$ 125,000
Property Plant & Equipment		61,850
Intangible Assets		3,150
Goodwill		0
Liabilities		0
Noncontrolling Interest		0
Assets acquired	65,000
Incentive and acceleration agreement	$ 60,000	60,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Current Assets		4,736
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Deferred Charges and Other Assets
Business Acquisition [Line Items]
Other Long Term Assets		$ 55,264
Altus Midstream Company (“ALTM”)
Business Acquisition [Line Items]
Considerations Transferred				$ 1,013,745
Current Assets				38,750
Property Plant & Equipment				634,923
Intangible Assets				13,200
Other Long Term Assets				1,752,500
Goodwill			$ 5,100	5,077
Liabilities				(967,988)
Noncontrolling Interest				$ (462,717)

BUSINESS COMBINATIONS - Additio

BUSINESS COMBINATIONS - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 13, 2023	Dec. 31, 2022	Feb. 22, 2022
Business Acquisition [Line Items]
Goodwill	$ 5,077,000			$ 5,077,000			$ 5,077,000
Transaction costs	$ 378,000		$ 62,000	$ 648,000	$ 6,412,000
Class C Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares)	94,089,038			94,089,038			94,270,000	50,000,000
Common stock, par value (in USD per share)	$ 0.0001			$ 0.0001			$ 0.0001	$ 0.0001
Altus Midstream LP
Business Acquisition [Line Items]
Common stock, shares issued (in shares)								50,000,000
BCP and BCP GP
Business Acquisition [Line Items]
Transaction costs	$ 0		$ 100,000	$ 0	$ 6,400,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement
Business Acquisition [Line Items]
Assets acquired	65,000,000			65,000,000
Agreement term		20 years
Incentive and acceleration agreement	$ 60,000,000			$ 60,000,000		$ 60,000,000
Goodwill						0
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Current Assets						4,736,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Deferred Charges and Other Assets
Business Acquisition [Line Items]
Other long term assets						$ 55,264,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Plan
Business Acquisition [Line Items]
Assets acquired		$ 65,000,000

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	[1]	$ 330,301	$ 325,176	$ 907,544	$ 917,997	[2]
Gathering and processing services
Disaggregation of Revenue [Line Items]
Total operating revenues		104,349	107,597	310,325	290,122
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total operating revenues		221,280	213,803	586,534	618,382
Other revenue
Disaggregation of Revenue [Line Items]
Total operating revenues		$ 4,672	$ 3,776	$ 10,685	$ 9,493	[2]
[1]Includes amounts associated with related parties of $13.3 million and $19.9 million for the three months ended September 30, 2023 and 2022, respectively, and $34.5 million and $59.4 million for the nine months ended September 30, 2023 and 2022, respectively.[2] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	[1]	$ 330,301	$ 325,176	$ 907,544	$ 917,997	[2]
Capitalized contract cost		72,800		72,800			$ 17,800
Amortization of contract costs		1,655	448	4,965	1,344
Minimum Volume Commitments
Disaggregation of Revenue [Line Items]
Total operating revenues		$ 400	$ 700	$ 1,600	$ 1,000
[1]Includes amounts associated with related parties of $13.3 million and $19.9 million for the three months ended September 30, 2023 and 2022, respectively, and $34.5 million and $59.4 million for the nine months ended September 30, 2023 and 2022, respectively.[2] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 503,324
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,990
Expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 56,346
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 74,384
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 60,220
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 57,558
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 249,826
Expected timing of satisfaction, period

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 29,300
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied	(5,819)
Cash received in advance and not recognized as revenue	7,826
Ending balance	31,307
Less: Current portion	5,807
Non-current portion	$ 25,500	$ 22,693

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (586,290,000)		$ (586,290,000)		$ (474,258,000)
Total depreciable assets, net	2,618,665,000		2,618,665,000		2,443,405,000
Total property, plant, and equipment, net	2,720,447,000		2,720,447,000		2,535,212,000
Depreciation expense	39,400,000	$ 34,900,000	116,600,000	$ 102,400,000
Impairment of long-lived assets	0	$ 0	0	$ 0
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,187,438,000		3,187,438,000		2,904,084,000
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	11,486,000		11,486,000		9,290,000
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	6,031,000		6,031,000		4,289,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	78,133,000		78,133,000		70,325,000
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 23,649,000		$ 23,649,000		$ 21,482,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (661,618)	$ (569,981)
Total amortizable intangible assets, net	620,790	695,389
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	1,142,278	1,137,831
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	$ 140,130	$ 127,539

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Initial term			10 years
Option to renewal			10 years
Percent of original consideration paid	130%		130%
Remaining weighted average amortization period	7 years 18 days		7 years 18 days
Amortization of intangible assets	$ 30,600,000	$ 30,100,000	$ 91,600,000	$ 90,200,000
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years		10 years
Remaining weighted average amortization period	6 years 10 months 9 days		6 years 10 months 9 days
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period	7 years 29 days		7 years 29 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining term			1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining term			20 years

EQUITY METHOD INVESTMENTS - Inf

EQUITY METHOD INVESTMENTS - Information of Equity Method Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method interests	$ 2,519,213,000		$ 2,519,213,000			$ 2,381,340,000
Contributions			202,729,000	$ 56,199,000
Equity in earnings of unconsolidated affiliates	50,754,000	$ 45,003,000	146,828,000	120,706,000	[1]
Difference between carrying amount and underlying equity	352,800,000		352,800,000			363,200,000
Capitalized interest	21,600,000		21,600,000			13,400,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			2,381,340,000
Contributions			194,124,000
Distributions			211,684,000
Capitalized interest			8,605,000
Equity income, net	50,754,000	$ 45,003,000	146,828,000	120,706,000	[1]
Ending balance	$ 2,519,213,000		2,519,213,000
Distributions from unconsolidated affiliates			205,891,000	185,786,000
Distributions from unconsolidated affiliate			$ 5,793,000	$ 0
PHP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	53.30%		53.30%
Equity method interests	$ 1,638,319,000		$ 1,638,319,000			1,474,800,000
Equity in earnings of unconsolidated affiliates			94,885,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			1,474,800,000
Contributions			194,124,000
Distributions			134,095,000
Capitalized interest			8,605,000
Equity income, net			94,885,000
Ending balance	$ 1,638,319,000		1,638,319,000
Amortization			$ (5,600,000)
Breviloba
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33%		33%
Equity method interests	$ 446,314,000		$ 446,314,000			455,057,000
Equity in earnings of unconsolidated affiliates			23,772,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			455,057,000
Contributions			0
Distributions			32,515,000
Capitalized interest			0
Equity income, net			23,772,000
Ending balance	$ 446,314,000		446,314,000
Amortization			$ (500,000)
GCX
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16%		16%
Equity method interests	$ 434,580,000		$ 434,580,000			$ 451,483,000
Equity in earnings of unconsolidated affiliates			28,171,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			451,483,000
Contributions			0
Distributions			45,074,000
Capitalized interest			0
Equity income, net			28,171,000
Ending balance	$ 434,580,000		434,580,000
Amortization			$ (4,700,000)
Epic Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	15%		15%
Contributions			$ 0
Equity in earnings of unconsolidated affiliates			0
Movement In Equity Method Interests [Roll Forward]
Equity income, net			$ 0
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

EQUITY METHOD INVESTMENTS - Sum

EQUITY METHOD INVESTMENTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Operating income	$ 38,400	$ 45,801	$ 103,118	$ 105,477	[1]
Net income	43,131	49,422	119,098	202,259	[1]
PHP
Schedule of Equity Method Investments [Line Items]
Revenues	99,923	100,114	291,859	296,779
Operating income	65,549	69,851	185,862	190,620
Net income	66,630	69,926	190,662	190,446
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	51,002	53,120	143,544	151,732
Operating income	25,170	22,205	69,666	73,877
Net income	25,223	22,060	70,086	73,711
GCX
Schedule of Equity Method Investments [Line Items]
Revenues	91,901	91,800	272,509	272,542
Operating income	68,531	70,870	200,004	199,130
Net income	$ 68,327	$ 70,742	$ 205,818	$ 198,732
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 3,630,000,000	$ 3,395,000,000
Less: Debt issuance costs, net	(23,038,000)	(26,490,000)
Total long-term debt, net	3,606,962,000	3,368,510,000
Unamortized debt issuance cost	23,000,000	26,500,000
$1.25 billion revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance cost	5,700,000	6,900,000
Term Loan | $2.0 billion unsecured term loan
Debt Instrument [Line Items]
Face amount	2,000,000,000
Total long-term debt	2,000,000,000	2,000,000,000
Term Loan | $1.25 billion revolving line of credit
Debt Instrument [Line Items]
Face amount	1,250,000,000
Total long-term debt	630,000,000	395,000,000
Unsecured Debt | $1.0 billion 2030 senior unsecured notes
Debt Instrument [Line Items]
Face amount	1,000,000,000
Total long-term debt	$ 1,000,000,000	$ 1,000,000,000

DEBT AND FINANCING COSTS - Sc_2

DEBT AND FINANCING COSTS - Schedule of Financing Costs, Net of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Capitalized interest	$ (6,731)	$ (961)	$ (13,775)	$ (1,262)
Debt issuance costs	1,546	1,515	4,601	8,053
Interest expense	50,194	39,910	139,617	85,794
Total financing costs, net of capitalized interest	$ 45,009	$ 40,464	$ 130,443	$ 92,585

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Unamortized debt issuance cost	$ 23	$ 26.5
Debt, fair value	$ 3,540	$ 3,340
Senior Notes | 5.875% Senior Notes Due 2030
Debt Instrument [Line Items]
Stated percentage	5.875%

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued product purchases	$ 129,237	$ 115,773
Accrued taxes	14,577	19,509
Accrued salaries, vacation, and related benefits	3,807	3,934
Accrued capital expenditures	12,209	3,892
Accrued interest	19,425	24,815
Accrued other expenses	8,807	5,991
Total current accrued expenses	$ 188,062	$ 173,914

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 11.7	$ 9.9	$ 34.3	$ 28.2
Short-term lease cost	$ 1	$ 1	$ 2	$ 5.1

LEASES - Schedule of Other Supp

LEASES - Schedule of Other Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 11,721	$ 9,510	$ 34,092	$ 27,797
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 211	$ 0	$ 5,189	$ 21,386
Weighted-average remaining lease term — operating leases (in years)	1 year 7 months 13 days	1 year 8 months 23 days	1 year 7 months 13 days	1 year 8 months 23 days
Weighted-average discount rate — operating leases	8.81%	7.01%	8.81%	7.01%

EQUITY AND WARRANTS (Details)

EQUITY AND WARRANTS (Details)			3 Months Ended	6 Months Ended	9 Months Ended
		Aug. 16, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Nov. 09, 2023 shares	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares	Feb. 22, 2022 $ / shares shares	Dec. 31, 2021 shares
Class of Stock [Line Items]
Redeemable noncontrolling interest — Common Unit limited partners | $			$ 3,208,501,000		$ 3,208,501,000				$ 3,112,409,000
Notice period to redeem warrants					30 days
Threshold trading days					20 days
Trading period					30 days
Warrants fair value adjustment | $			$ 4,000		$ (73,000)	$ 0
Value of shares repurchased | $					5,757,000
Class A Common Stock issued through dividend and distribution reinvestment plan | $					$ 263,771,000	$ 175,453,000
Public warrants
Class of Stock [Line Items]
Redemption price of warrants (in USD per share) | $ / shares			$ 0.01		$ 0.01
Number of warrant outstanding (in shares)			12,577,350		12,577,350
Warrants fair value adjustment | $					$ 9,000
Public warrants | Subsequent Event
Class of Stock [Line Items]
Class of warrant or right, warrants expired (in shares)							12,577,350
Private warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)			6,364,281		6,364,281
Warrants fair value adjustment | $					$ 6,000
Private warrants | Subsequent Event
Class of Stock [Line Items]
Class of warrant or right, warrants expired (in shares)							6,364,281
Common Stock
Class of Stock [Line Items]
Stock price trigger (in USD per share) | $ / shares			$ 180		$ 180
Dividends, cash | $		$ 22,000,000			$ 58,600,000
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)			94,089,038		94,089,038				94,270,000		50,000,000
Common stock, par value (in USD per share) | $ / shares			$ 0.0001		$ 0.0001				$ 0.0001		$ 0.0001
Common stock, shares outstanding (in shares)			94,089,038		94,089,038				94,270,000
Class C Common Stock | Common Stock
Class of Stock [Line Items]
Issued (in shares)					180,962
Common stock, shares outstanding (in shares)	[1]		94,089,000	94,089,000	94,089,000	94,270,000			94,270,000	94,450,000		100,000,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)			54,519,658		54,519,658				45,679,447
Common stock, par value (in USD per share) | $ / shares			$ 0.0001		$ 0.0001				$ 0.0001
Common stock, redemption ratio					1
Common stock, shares outstanding (in shares)			54,519,658		54,519,658				45,679,447
Warrant exercise price (in USD per share) | $ / shares			$ 115		$ 115
Stock repurchased during period (in shares)				194,174
Value of shares repurchased | $				$ 5,800,000
Class A Common Stock issued through dividend and distribution reinvestment plan | $		$ 88,100,000
Class A Common Stock | Maximum
Class of Stock [Line Items]
Authorized amount | $								$ 100,000,000
Class A Common Stock | Public warrants
Class of Stock [Line Items]
Class of warrant or right, purchase ratio for common stock			0.1		0.1
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	[1]		54,520,000	51,973,000	54,520,000	43,082,000			45,679,000	40,551,000		0
Stock repurchased during period (in shares)	[1]				194,000
Altus Midstream LP
Class of Stock [Line Items]
Common stock, shares issued (in shares)											50,000,000
Apache | Private warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)			3,182,140		3,182,140
[1] Share amounts have been retrospectively restated to reflect the Company’s Stock Split, which was effected on June 8, 2022. Refer to Note 10—Equity and Warrants in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities
Total liabilities	$ 3,915,531	$ 3,647,077
Fair Value, Recurring
Assets
Derivative asset	24,079	6,963
Liabilities
Total liabilities	5,260	14,134
Fair Value, Recurring | Public warrants
Liabilities
Warrants outstanding, fair value	9	50
Fair Value, Recurring | Private warrants
Liabilities
Warrants outstanding, fair value	6	38
Fair Value, Recurring | Commodity swap
Assets
Derivative asset	2,252	4,288
Liabilities
Derivative liability	5,245	5,718
Fair Value, Recurring | Interest rate derivatives
Assets
Derivative asset	21,827	2,675
Liabilities
Derivative liability		8,328
Fair Value, Recurring | Level 1
Assets
Derivative asset	0	0
Liabilities
Total liabilities	9	50
Fair Value, Recurring | Level 1 | Public warrants
Liabilities
Warrants outstanding, fair value	9	50
Fair Value, Recurring | Level 1 | Private warrants
Liabilities
Warrants outstanding, fair value	0	0
Fair Value, Recurring | Level 1 | Commodity swap
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives
Assets
Derivative asset	0	0
Liabilities
Derivative liability		0
Fair Value, Recurring | Level 2
Assets
Derivative asset	24,079	6,963
Liabilities
Total liabilities	5,245	14,046
Fair Value, Recurring | Level 2 | Public warrants
Liabilities
Warrants outstanding, fair value	0	0
Fair Value, Recurring | Level 2 | Private warrants
Liabilities
Warrants outstanding, fair value	0	0
Fair Value, Recurring | Level 2 | Commodity swap
Assets
Derivative asset	2,252	4,288
Liabilities
Derivative liability	5,245	5,718
Fair Value, Recurring | Level 2 | Interest rate derivatives
Assets
Derivative asset	21,827	2,675
Liabilities
Derivative liability		8,328
Fair Value, Recurring | Level 3
Assets
Derivative asset	0	0
Liabilities
Total liabilities	6	38
Fair Value, Recurring | Level 3 | Public warrants
Liabilities
Warrants outstanding, fair value	0	0
Fair Value, Recurring | Level 3 | Private warrants
Liabilities
Warrants outstanding, fair value	6	38
Fair Value, Recurring | Level 3 | Commodity swap
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives
Assets
Derivative asset	$ 0	0
Liabilities
Derivative liability		$ 0

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments held | agreement					3
Derivative cash settlement			$ (15,111,000)	$ (11,115,000)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount					$ 2,250,000,000
Derivative asset	$ 21,800,000		21,800,000			$ 2,700,000
Derivative liability	0		0			(8,300,000)
Derivative cash settlement	(4,700,000)	$ 0	(7,100,000)	11,300,000
Unrealized losses, fair value adjustments	$ 12,500,000	0	$ 34,600,000	(14,000,000)
Interest Rate Swap | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.38%		4.38%
Interest Rate Swap | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.49%		4.49%
Commodity Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset	$ 2,300,000		$ 2,300,000			4,300,000
Derivative liability	(5,200,000)		(5,200,000)			$ (5,700,000)
Derivative cash settlement	200,000	0	8,000,000	(200,000)
Unrealized losses, fair value adjustments	$ 8,100,000	$ 0	$ 6,500,000	$ 0
Commodity Swap | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Term of contract			1 month
Commodity Swap | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Term of contract			17 months

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Detail Information of Commodity Swaps Outstanding (Details) - Commodity Swap $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) MMBTU bbl gal
Derivative [Line Items]
Net Fair Value	$ (2,993)
Natural Gas
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	3,010,000
Net Fair Value	$ 89
NGL
Derivative [Line Items]
Notional Quantity (Volume) | gal	124,179,300
Net Fair Value	$ (1,358)
Crude
Derivative [Line Items]
Notional Quantity (Volume) | bbl	171,900
Net Fair Value	$ (1,341)
Crude Collar
Derivative [Line Items]
Notional Quantity (Volume) | bbl	109,600
Net Fair Value	$ (537)
Natural Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	203,200
Net Fair Value	$ 138
Crude Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Volume) | bbl	24,395,000
Net Fair Value	$ 16

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
	Feb. 22, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 12,502			$ 12,661	$ 43,340	$ 30,966
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			16,000	370,000
Restricted stock units awards | Immediate Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				181,000
Restricted stock units awards | No Vesting Terms
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)				181,000
New Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)						76,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)		54,519,658				54,519,658		45,679,447
Class A Common Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						3 years
Class A Common Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Class C Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)	50,000,000	94,089,038				94,089,038		94,270,000
Award vesting period						4 years
Altus Midstream LP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)	50,000,000
Class A-1 and Class A-2 Units | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for exchange (in shares)	5,300,000
Class A-3 Units | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for exchange (in shares)	326,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 44,434	$ 50,828	$ 121,128	$ 204,503	[1]
Income tax expense	$ 1,303	$ 1,406	$ 2,030	$ 2,244	[1]
Effective tax rate	2.93%	2.77%	1.68%	1.10%
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
		Jun. 08, 2022	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net income attributable to Class A common shareholders			$ 15,580	$ 14,936	$ 42,030	$ 25,239	[1]
Less: Net income available to participating unvested restricted Class A common shareholders			(4,414)	(4,174)	(12,996)	(8,358)
Excess preferred carrying amount over consideration paid			0	32,900	0	32,900
Net income attributable to vested Class A common shareholders			$ 11,166	$ 43,662	$ 29,034	$ 49,781
Weighted average shares outstanding - basic (in shares) | shares	[2]		53,340	41,816	50,464	40,042	[1]
Dilutive effect of unvested Class A common shares (in shares) | shares			123	39	255	33
Weighted average shares outstanding - diluted (in shares) | shares	[2]		53,463	41,855	50,719	40,075	[1]
Net income available per common share - basic (in USD per share) | $ / shares			$ 0.21	$ 1.04	$ 0.58	$ 1.24	[1]
Net income available per common share - diluted (in USD per share) | $ / shares			$ 0.21	$ 1.04	$ 0.57	$ 1.24	[1]
Class A Common Stock | Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock split, conversion ratio		2
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Feb. 22, 2022 USD ($) $ / shares shares	Feb. 28, 2021 USD ($) defendant	Jun. 11, 2019 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 08, 2022 USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual				$ 0	$ 0
Revolving Credit Facility | Unsecured Debt
Loss Contingencies [Line Items]
Debt maximum borrowing capacity						$ 1,250,000,000
Letters of credit outstanding				12,600,000	0
Permian Gas
Loss Contingencies [Line Items]
Maximum annual amount to be paid			$ 60,500,000
Contingent liabilities				$ 0	$ 0
Altus Midstream LP | Class A Common Stock
Loss Contingencies [Line Items]
Contingent liabilities	$ 4,500,000
Equity interest issuable (in shares) | shares	2,500,000
Altus Midstream LP | Class A Common Stock | Price Option One
Loss Contingencies [Line Items]
Equity interest issuable (in shares) | shares	1,250,000
Trading period	30 days
Stock price trigger (in USD per share) | $ / shares	$ 140
Threshold trading days	20 days
Altus Midstream LP | Class A Common Stock | Price Option Two
Loss Contingencies [Line Items]
Equity interest issuable (in shares) | shares	1,250,000
Trading period	30 days
Stock price trigger (in USD per share) | $ / shares	$ 160
Threshold trading days	20 days
Winter Storm Uri
Loss Contingencies [Line Items]
Number of defendants | defendant		2
Outstanding receivable		$ 19,600,000
Allowance for credit loss		$ 0

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) stream pipeline	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) stream Segment pipeline	Sep. 30, 2022 USD ($)		Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment			2
Segment Reporting Information [Line Items]
Segment net income (loss) including noncontrolling interests	$ 43,131	$ 49,422	$ 119,098	$ 202,259	[1]
Add back:
Interest expense (income)	45,009	40,464	130,443	92,585
Income tax expense	1,303	1,406	2,030	2,244	[1]
Depreciation and amortization expenses	69,935	65,005	208,271	192,609	[1]
Amortization of contract costs	1,655	448	4,965	1,344
Proportionate EMI EBITDA	78,585	78,357	224,933	190,438
Share-based compensation	12,502	12,661	43,340	30,966
Loss on disposal of assets	2,927	3,946	15,166	12,602	[1]
Loss on debt extinguishment	0	0	0	27,975	[1]
Unrealized loss on derivatives	8,259		616
Integration costs	21	2,338	985	10,012
Acquisition transaction costs	378	62	648	6,412
Other one-time costs or amortization	2,662	3,752	7,545	10,969
Warrant valuation adjustment	(4)		73	0
Deduct:
Interest income	293		314
Gain on redemption of mandatorily redeemable Preferred units				9,580
Gain on embedded derivative	0	488	0	89,050	[1]
Equity income from unconsolidated affiliates	50,754	45,003	146,828	120,706	[1]
Segment adjusted EBITDA	215,324	212,370	610,825	561,079
Revenue	330,301	325,176	907,544	917,997
Total assets	6,286,016		6,286,016			$ 5,919,711
Investments in unconsolidated affiliates	2,519,213		2,519,213			2,381,340
Product and Service
Deduct:
Revenue	325,629	321,400	896,859	908,504
Other revenue
Deduct:
Revenue	4,672	3,776	10,685	9,493
Operating Segments
Deduct:
Total assets	$ 6,252,023		$ 6,252,023			5,901,777
Operating Segments | Midstream Logistics
Segment Reporting Information [Line Items]
Number of streams in which a segment operates | stream	3		3
Segment net income (loss) including noncontrolling interests	$ 56,583	65,525	$ 163,794	89,274
Add back:
Interest expense (income)	12	7	32	47,411
Income tax expense	1	0	0	457
Depreciation and amortization expenses	69,456	64,655	206,855	192,007
Amortization of contract costs	1,655	448	4,965	1,344
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	0	0	0	0
Loss on disposal of assets	2,927	3,946	15,166	12,636
Loss on debt extinguishment				27,983
Unrealized loss on derivatives	8,259		616
Integration costs	21	14	29	933
Acquisition transaction costs	0	5	33	9
Other one-time costs or amortization	1,529	2,945	5,310	8,865
Warrant valuation adjustment	0		0
Deduct:
Interest income	0		0
Gain on redemption of mandatorily redeemable Preferred units				0
Gain on embedded derivative		0		0
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	140,443	137,545	396,800	380,919
Revenue	329,533	324,441	905,348	917,258
Total assets	3,610,231		3,610,231			3,486,948
Operating Segments | Midstream Logistics | Product and Service
Deduct:
Revenue	324,863	320,667	894,669	907,771
Operating Segments | Midstream Logistics | Other revenue
Deduct:
Revenue	$ 4,670	3,774	$ 10,679	9,487
Operating Segments | Pipeline Transportation
Segment Reporting Information [Line Items]
Number of pipelines with equity investment interest | pipeline	4		4
Segment net income (loss) including noncontrolling interests	$ 50,598	44,750	$ 146,524	120,162
Add back:
Interest expense (income)	0	0	0	(664)
Income tax expense	0	0	0	(39)
Depreciation and amortization expenses	473	345	1,398	597
Amortization of contract costs	0	0	0	0
Proportionate EMI EBITDA	78,585	78,357	224,933	190,438
Share-based compensation	0	0	0	0
Loss on disposal of assets	0	0	0	0
Loss on debt extinguishment				(8)
Unrealized loss on derivatives	0		0
Integration costs	0	81	0	81
Acquisition transaction costs	0	0	0	0
Other one-time costs or amortization	0	162	0	162
Warrant valuation adjustment	0		0
Deduct:
Interest income	0		0
Gain on redemption of mandatorily redeemable Preferred units				0
Gain on embedded derivative		0		0
Equity income from unconsolidated affiliates	50,754	45,003	146,828	120,706
Segment adjusted EBITDA	78,902	78,692	226,027	190,023
Revenue	768	735	2,196	739
Total assets	2,641,792		2,641,792			2,414,829
Operating Segments | Pipeline Transportation | Product and Service
Deduct:
Revenue	766	733	2,190	733
Operating Segments | Pipeline Transportation | Other revenue
Deduct:
Revenue	2	2	$ 6	6
Operating Segments | Operating Revenues, Cost of Sales, Operating Expenses and Ad Valorem Expenses | Segment Concentration Risk | Midstream Logistics
Segment Reporting Information [Line Items]
Concentration risk, percentage			99%
Corporate and Other
Segment Reporting Information [Line Items]
Segment net income (loss) including noncontrolling interests	(64,050)	(60,853)	$ (191,220)	(7,177)
Add back:
Interest expense (income)	44,997	40,457	130,411	45,838
Income tax expense	1,302	1,406	2,030	1,826
Depreciation and amortization expenses	6	5	18	5
Amortization of contract costs	0	0	0	0
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	12,502	12,661	43,340	30,966
Loss on disposal of assets	0	0	0	(34)
Loss on debt extinguishment				0
Unrealized loss on derivatives	0		0
Integration costs	0	2,243	956	8,998
Acquisition transaction costs	378	57	615	6,403
Other one-time costs or amortization	1,133	645	2,235	1,942
Warrant valuation adjustment	(4)		73
Deduct:
Interest income	293		314
Gain on redemption of mandatorily redeemable Preferred units				9,580
Gain on embedded derivative		488		89,050
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	(4,021)	$ (3,867)	(12,002)	$ (9,863)
Total assets	$ 33,993		$ 33,993			$ 17,934
Corporate and Other | General and Administrative Expenses and Debt Service Costs | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			81%
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - $ / shares	Nov. 01, 2023	Nov. 09, 2023
Public warrants
Subsequent Event [Line Items]
Class of warrant or right, warrants expired (in shares)		12,577,350
Class of warrant or right, warrants exercised (in shares)		0
Private warrants
Subsequent Event [Line Items]
Class of warrant or right, warrants expired (in shares)		6,364,281
Class of warrant or right, warrants exercised (in shares)		0
The Partnership
Subsequent Event [Line Items]
Distribution declared (in USD per share)	$ 0.75
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in USD per share)	$ 0.75