Kinetik (KNTK) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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	Q2
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		51,973,472
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		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	[1]
Operating revenues:
Total operating revenues		$ 296,203	$ 335,572	$ 577,243	$ 592,821
Operating costs and expenses:
Costs of sales (exclusive of depreciation and amortization)		110,467	152,714	226,344	272,989
Operating expenses		39,906	35,280	75,879	65,151
Ad valorem taxes		3,889	5,880	9,347	10,033
General and administrative expenses		22,869	25,960	50,380	48,712
Depreciation and amortization expenses		69,482	66,581	138,336	127,604
Loss on disposal of assets		12,137	8,546	12,239	8,656
Total operating costs and expenses		258,750	294,961	512,525	533,145
Operating income		37,453	40,611	64,718	59,676
Other income (expense):
Interest and other income		1,042	0	1,336	250
Gain on redemption of mandatorily redeemable Preferred Units		0	5,087	0	9,580
Loss on debt extinguishment		0	(27,975)	0	(27,975)
Gain on embedded derivative		0	91,448	0	88,562
Interest expense		(16,126)	(25,347)	(85,434)	(52,121)
Equity in earnings of unconsolidated affiliates		49,610	47,786	96,074	75,703
Total other income, net		34,526	90,999	11,976	93,999
Income before income taxes		71,979	131,610	76,694	153,675
Income tax expense		311	162	727	838
Net income including noncontrolling interest		71,668	131,448	75,967	152,837
Net income attributable to Preferred Unit limited partners		0	109,502	0	114,495
Net income attributable to common shareholders		71,668	21,946	75,967	38,342
Net income attributable to Common Unit limited partners		46,654	15,508	49,517	28,039
Net income attributable to Class A Common Stock Shareholders		$ 25,014	$ 6,438	$ 26,450	$ 10,303
Net income attributable to Class A Common Shareholders per share
Basic (in USD per share)		$ 0.41	$ 0.06	$ 0.36	$ 0.16
Diluted (in USD per share)		$ 0.41	$ 0.06	$ 0.36	$ 0.16
Weighted-average shares
Basic (in shares)	[2]	50,553	39,297	48,980	38,766
Diluted (in shares)	[2]	50,625	39,329	49,220	38,796
Service
Operating revenues:
Total operating revenues		$ 102,551	$ 102,080	$ 205,976	$ 182,525
Product
Operating revenues:
Total operating revenues		191,430	229,651	365,254	404,579
Other revenue
Operating revenues:
Total operating revenues		$ 2,222	$ 3,841	$ 6,013	$ 5,717
[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. (3) Includes amounts associated with related parties of $24.8 million and $30.5 million for the three months ended June 30, 2023 and 2022, respectively, and $50.1 million and $46.2 million for the six months ended June 30, 2023 and 2022, respectively. (4) Includes amounts associated with related parties of $10.8 million and $3.4 million for the three months ended June 30, 2023 and 2022, respectively, and $25.4 million and $7.1 million for the six months ended June 30, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 296,203	$ 335,572	$ 577,243	$ 592,821
Costs of sales (exclusive of depreciation and amortization)	110,467	152,714	226,344	272,989	[1]
Related Party
Revenue	24,800	30,500	50,100	46,200
Costs of sales (exclusive of depreciation and amortization)	$ 10,800	$ 3,400	$ 25,400	$ 7,100
[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 BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents		$ 2,237	$ 6,394
Accounts receivable, net of allowance for credit losses of $1,000 in 2023 and 2022		181,536	204,036
Derivative assets		27,604	6,963
Prepaid and other current assets		36,458	24,474
Total assets, current		247,835	241,867
NONCURRENT ASSETS:
Property, plant and equipment, net		2,691,906	2,535,212
Intangible assets, net		649,897	695,389
Operating lease right-of-use assets		58,581	28,551
Deferred charges and other assets		83,513	32,275
Investments in unconsolidated affiliates		2,490,112	2,381,340
Goodwill		5,077	5,077
Total assets, noncurrent		5,979,086	5,677,844
Total assets		6,226,921	5,919,711
CURRENT LIABILITIES:
Accounts payable		36,248	17,899
Accrued expenses		112,086	173,914
Derivative liabilities		4,585	5,718
Current portion of operating lease liabilities		37,826	22,810
Other current liabilities		8,605	7,487
Current liabilities		199,350	227,828
NONCURRENT LIABILITIES
Long term debt, net		3,625,799	3,368,510
Contract liabilities		24,535	22,693
Operating lease liabilities		21,715	6,023
Derivative liabilities		3,761	8,328
Other liabilities		3,278	2,677
Deferred tax liabilities		11,621	11,018
Noncurrent liabilities		3,690,709	3,419,249
Total liabilities		3,890,059	3,647,077
COMMITMENTS AND CONTINGENCIES (Note 16)
Redeemable noncontrolling interest — Common Unit limited partners		3,242,619	3,112,409
EQUITY:
Additional paid-in capital		0	118,840
Accumulated deficit		(902,446)	(958,629)
Treasury stock, at cost (112,312 and nil shares as of June 30, 2023 and December 31, 2022, respectively)		(3,325)	0
Total equity		(905,757)	(839,775)
Total liabilities, noncontrolling interest, and equity		6,226,921	5,919,711
Class A Common Stock
EQUITY:
Common stock	[1]	5	5
Class C Common Stock
EQUITY:
Common stock	[1]	$ 9	$ 9
[1]Share amounts have been retrospectively restated to reflect the Company’s stock split, which was effected June 8, 2022. (2) Includes amounts of $16.9 million and $17.6 million associated with related parties as of June 30, 2023 and December 31, 2022, respectively.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 1,000	$ 1,000
Treasury stock, shares outstanding (in shares)	112,312	0
Related Party
Outstanding receivable	$ 16,900	$ 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)	52,085,784	45,679,447
Common stock, shares outstanding (in shares)	51,973,472	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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 75,967	$ 152,837	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	138,336	127,604	[1]
Amortization of deferred financing costs	3,055	6,538
Amortization of contract costs	3,310	896
Contingent liabilities remeasurement	0	(839)
Distributions from unconsolidated affiliates	136,230	117,544
Derivatives settlement	10,270	11,115
Derivative fair value adjustment	(36,611)	(102,544)
Warrants fair value adjustment	(77)	0
Gain on redemption of mandatorily redeemable Preferred Units	0	(9,580)
Loss on disposal of assets	12,239	8,656	[1]
Equity in earnings from unconsolidated affiliates	(96,074)	(75,703)	[1]
Loss on debt extinguishment	0	27,975	[1]
Share-based compensation	30,839	18,304
Deferred income taxes	603	613
Changes in operating assets and liabilities:
Accounts receivable	22,055	(100,511)
Other assets	(7,298)	(11,892)
Accounts payable	2,909	(3,844)
Accrued liabilities	(66,062)	102,094
Other non-current liabilities	678	0
Operating leases	678	(345)
Net cash provided by operating activities	231,047	268,918
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment expenditures	(160,167)	(71,429)
Intangible assets expenditures	(13,957)	(8,516)
Investments in unconsolidated affiliates	(154,721)	(2,675)
Distributions from unconsolidated affiliate	5,793	0
Cash proceeds from disposals	149	160
Net cash (paid for) acquired in acquisitions	(125,000)	13,401
Net cash used in investing activities	(447,903)	(69,059)
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	(37,042)
Proceeds from revolver	563,000	7,000
Payments on revolver	(308,000)	(716,000)
Redemption of mandatorily redeemable Preferred Units	0	(152,580)
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	(36,196)	(11,239)
Distribution paid to Class C Common Unit limited partners	(348)	(491)
Repurchase of Class A Common Stock	(5,757)	0
Net cash provided by (used in) financing activities	212,699	(213,269)
Net change in cash	(4,157)	(13,410)
CASH, BEGINNING OF PERIOD	6,394	18,729
CASH, END OF PERIOD	2,237	5,319
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES
Cash paid for interest, net of amounts capitalized	125,411	52,982
Property and equipment and intangible accruals in accounts payable and accrued liabilities	39,631	20,344
Class A Common Stock issued through dividend and distribution reinvestment plan	175,626	87,697
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				(6,937)
Distributions payable to Preferred Unit limited partners	[1]			(6,937)
Redemption of Common Units						(172,559)
Net income				114,495	[1]	28,039
Change in redemption value of noncontrolling interests						2,459,863
Distribution paid to Common Units limited partners						(70,891)
Ending balance at Jun. 30, 2022				563,338	[1]	3,251,290
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 Common Units (in shares)	[2]								(5,550,000)		(5,550,000)
Redemption of Common Units		172,559							$ 1		$ (1)		172,559
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								2,504,000
Issuance of common stock through dividend and distribution reinvestment plan		87,697											87,697
Share-based compensation (in shares)	[2]								4,000
Share-based compensation		18,304											18,304
Remeasurement of contingent consideration		4,451											4,451
Net income (loss)		10,303	[3]											10,303
Change in redemption value of noncontrolling interests		(2,459,863)											(1,296,753)	(1,163,110)
Dividends, common stock, cash		(28,536)												(28,536)
Ending balance, shares (in shares) at Jun. 30, 2022	[2]								40,551,000		94,450,000
Ending balance at Jun. 30, 2022		(1,181,330)							$ 4		$ 9		0	(1,181,343)	0
Beginning balance at Mar. 31, 2022				460,773	[1]	3,185,431
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions paid to Preferred Unit limited partners	[1]			(6,937)
Redemption of Common Units						(2,499)
Net income				109,502	[1]	15,508
Change in redemption value of noncontrolling interests						123,741
Distribution paid to Common Units limited partners						(70,891)
Ending balance at Jun. 30, 2022				563,338	[1]	3,251,290
Beginning balance, shares (in shares) at Mar. 31, 2022	[2]								37,973,000		94,520,000
Beginning balance at Mar. 31, 2022		(1,137,860)							$ 4		$ 9		0	(1,137,873)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Common Units (in shares)	[2]								70,000
Redemption of Common Units		2,499									$ (70)	[2]	2,499
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								2,504,000
Issuance of common stock through dividend and distribution reinvestment plan		87,697											87,697
Share-based compensation (in shares)	[2]								4,000
Share-based compensation		12,173											12,173
Net income (loss)		6,438												6,438
Change in redemption value of noncontrolling interests		(123,741)											(102,369)	(21,372)
Dividends, common stock, cash		(28,536)												(28,536)
Ending balance, shares (in shares) at Jun. 30, 2022	[2]								40,551,000		94,450,000
Ending balance at Jun. 30, 2022		(1,181,330)							$ 4		$ 9		0	(1,181,343)	0
Beginning balance at Dec. 31, 2022				0	[1]	3,112,409
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of Common Units						(5,634)
Net income						49,517
Change in redemption value of noncontrolling interests						227,459
Distribution paid to Common Units limited partners						(141,132)
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]
Redemption of Common Units (in shares)	[2]								(181,000)
Redemption of Common Units		5,634									$ (181)	[2]	5,634
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								6,095,000
Issuance of common stock through dividend and distribution reinvestment plan		175,626											175,626
Retirement of treasury stock		0												(2,432)	2,432
Stock repurchased during period (in shares)							(194,174)		(194,000)	[2]
Repurchase of Class A Common Stock		(5,757)					$ (5,800)								(5,757)
Remeasurement of contingent consideration (in shares)	[2]								212,000
Remeasurement of contingent consideration		30,839											30,839
Net income (loss)		26,450												26,450
Change in redemption value of noncontrolling interests		(227,459)											(330,939)	103,480
Dividends, common stock, cash		(71,315)												(71,315)
Ending balance, shares (in shares) at Jun. 30, 2023							51,973,472	94,089,038	51,973,000	[2]	94,089,000	[2]
Ending balance at Jun. 30, 2023		(905,757)							$ 5		$ 9		0	(902,446)	(3,325)
Beginning balance at Mar. 31, 2023				0	[1]	2,910,861
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income						46,654
Change in redemption value of noncontrolling interests						355,670
Distribution paid to Common Units limited partners						(70,392)
Ending balance at Jun. 30, 2023				$ 0	[1]	3,242,619
Beginning balance, shares (in shares) at Mar. 31, 2023	[2]								49,054,000		94,089,000
Beginning balance at Mar. 31, 2023		(636,198)							$ 5		$ 9		229,672	(863,452)	(2,432)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through dividend and distribution reinvestment plan (in shares)	[2]								3,024,000
Issuance of common stock through dividend and distribution reinvestment plan		87,968											87,968
Retirement of treasury stock		0												(2,432)	2,432
Stock repurchased during period (in shares)							(112,312)		(112,000)	[2]
Repurchase of Class A Common Stock		(3,325)					$ (3,300)								(3,325)
Remeasurement of contingent consideration (in shares)	[2]								7,000
Remeasurement of contingent consideration		13,299											13,299
Net income (loss)		25,014												25,014
Change in redemption value of noncontrolling interests		(355,670)											(330,939)	(24,731)
Dividends, common stock, cash		(36,845)				$ (174)								(36,845)
Ending balance, shares (in shares) at Jun. 30, 2023							51,973,472	94,089,038	51,973,000	[2]	94,089,000	[2]
Ending balance at Jun. 30, 2023		$ (905,757)							$ 5		$ 9		$ 0	$ (902,446)	$ (3,325)
[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. 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A Common Stock
Cash dividends (in USD per share)	$ 0.75	$ 0.75	$ 0.75	$ 0.75

DESCRIPTION OF THE ORGANIZATION

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 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 previously announced business combination transactions contemplated by the 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 are 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 in this Form 10-Q 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 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 six months ended June 30, 2023. Inventory Other current assets include condensate, residue gas and NGLs inventories that are valued at the lower of cost or market. Inventory was valued at $7.3 million and $4.8 million as of June 30, 2023 and December 31, 2022, respectively. Transactions with Affiliates The accounts receivable from or payable to affiliates represent the net result of the Company’s monthly revenue, capital and operating expenditures, and other miscellaneous transactions to be settled with Apache and its subsidiaries, who controlled the Company prior to the Transaction. Accounts receivable from affiliates was $16.9 million and $17.6 million as of June 30, 2023 and December 31, 2022, respectively. Revenue from affiliates was $24.8 million and $30.5 million for the three months ended June 30, 2023 and 2022, respectively, and $50.1 million and $46.2 million for the six months ended June 30, 2023 and 2022, respectively. Accrued expense due to affiliates was immaterial as of June 30, 2023 and December 31, 2022. The Company incurred operating expenses with affiliates of $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and $0.4 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS As of June 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. 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 will begin in 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. Certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, the completion of the valuation of the underlying assets and liabilities assumed. The Company is continuing its review of these matters during the measurement period. Acquisition-related costs were immaterial for this transaction. 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. The Company incurred acquisition-related costs of nil and $0.7 million for the three months ended June 30, 2023 and 2022, respectively, and nil and $6.4 million for the six months ended June 30, 2023 and 2022, respectively, related to the Transaction.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gathering and processing services $ 102,551 $ 102,080 $ 205,976 $ 182,525 Natural gas, NGLs and condensate sales 191,430 229,651 365,254 404,579 Other revenue 2,222 3,841 6,013 5,717 Total revenues and other $ 296,203 $ 335,572 $ 577,243 $ 592,821 There have been no significant changes to the Company’s contracts with customers during the three and six months ended June 30, 2023. The Company recognized revenues from minimum volume commitment (“MVC”) deficiency payments of $0.1 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively, and $1.2 million and $0.3 million for the six months ended June 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 June 30, 2023: Amount Fiscal Year (In thousands) Remaining of 2023 $ 18,586 2024 53,639 2025 74,147 2026 56,166 2027 56,940 Thereafter 243,352 $ 502,830 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, generally including contracts with payment obligations associated with MVCs. Contract Liabilities The following table provides information about contract liabilities from contracts with customers as of June 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 (4,331) Cash received in advance and not recognized as revenue 6,872 Balance at June 30, 2023 31,841 Less: Current portion 7,306 Non-current portion $ 24,535 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 June 30, 2023 and December 31, 2022, the Company had contract acquisition cost assets of $74.5 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 June 30, 2023 and 2022, respectively, and $3.3 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 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: June 30, December 31, 2023 2022 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,017,501 $ 2,904,084 Vehicles 11,674 9,290 Computers and equipment 6,048 4,289 Less: accumulated depreciation (547,712) (474,258) Total depreciable assets, net 2,487,511 2,443,405 Construction in progress 182,348 70,325 Land 22,047 21,482 Total property, plant, and equipment, net $ 2,691,906 $ 2,535,212

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET Goodwill Goodwill totaled $5.1 million as of June 30, 2023 and December 31, 2022. The goodwill of $5.1 million is within the Midstream Logistics segment, and pertains to excess of the purchase price over net assets acquired in connection with the Transaction. 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 June 30, 2023. Intangible Assets Intangible assets, net, are comprised of the following: June 30, December 31, 2023 2022 (In thousands) Customer contracts $ 1,142,278 $ 1,137,831 Right of way assets 138,660 127,539 Less accumulated amortization (631,041) (569,981) Total amortizable intangible assets, net $ 649,897 $ 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 June 30, 2023, remaining weighted average amortization periods for customer contracts and right of way assets were approximately 7.20 years and 6.90 years, respectively. Overall remaining weighted average amortization period for the intangible assets as of June 30, 2023 was approximately 7.16 years. The Company recorded $30.6 million and $30.0 million of amortization expense for the three months ended June 30, 2023 and 2022, respectively, and $61.1 million and $60.1 million of amortization expense for the six months ended June 30, 2023 and 2022, respectively. There was no impairment recognized on intangible assets for the three and six months ended June 30, 2023 and 2022.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS As of June 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: June 30, December 31, Ownership 2023 2022 (In thousands) Permian Highway Pipeline LLC ("PHP") 53.3% $ 1,603,140 $ 1,474,800 Breviloba, LLC ("Breviloba") 33.0% 448,816 455,057 Gulf Coast Express Pipeline LLC ("GCX") 16.0% 438,156 451,483 $ 2,490,112 $ 2,381,340 Additionally, as of June 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 six months ended June 30, 2023. The unamortized basis differences included in the EMI pipeline balances were $356.1 million and $363.2 million as of June 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 $17.5 million and $13.4 million as of June 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 six months ended June 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 Acquisitions — — — Contributions 150,331 — — 150,331 Distributions (88,395) (21,467) (32,161) (142,023) Capitalized interest 4,390 — — 4,390 Equity income, net (1) 62,014 15,226 18,834 96,074 Balance at June 30, 2023 $ 1,603,140 $ 448,816 $ 438,156 $ 2,490,112 (1) For the six months ended June 30, 2023, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $3.7 million from PHP, $0.3 million from Breviloba, LLC and $3.1 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 six months ended June 30, 2023 and 2022. Three Months Ended June 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 $ 99,095 $ 46,641 $ 90,860 $ 98,808 $ 50,091 $ 90,769 Operating income 63,507 22,547 66,256 61,294 25,359 64,816 Net income 64,342 22,651 66,400 61,307 25,284 64,461 Six Months Ended June 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 $ 191,935 $ 92,542 $ 180,608 $ 196,664 $ 98,612 $ 180,742 Operating income 120,312 44,496 131,472 120,770 51,672 128,259 Net income 124,032 44,863 137,491 120,520 51,651 127,990

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS The following table summarizes the Company’s debt obligations as of June 30, 2023 and December 31, 2022: June 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 650,000 395,000 Total long-term debt 3,650,000 3,395,000 Less: Debt issuance costs, net (1) (24,201) (26,490) Total long-term debt, net $ 3,625,799 $ 3,368,510 Less: Current portion, net — — Long-term portion of debt, net $ 3,625,799 $ 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 $6.1 million and $6.9 million as of June 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 Six Months Ended 2023 2022 2023 2022 (In thousands) Capitalized interest $ (4,811) $ (197) $ (7,044) $ (301) Debt issuance costs 1,534 3,149 3,055 6,538 Interest expense 19,403 22,395 89,423 45,884 Total financing costs, net of capitalized interest $ 16,126 $ 25,347 $ 85,434 $ 52,121 As of June 30, 2023 and December 31, 2022, unamortized debt issuance costs associated with the senior unsecured notes and the term loan were $24.2 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 June 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 June 30, 2023 and December 31, 2022 was $3.63 billion and $3.34 billion, respectively. On June 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	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES The following table provides detail of the Company’s current accrued expenses on June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (In thousands) Accrued product purchases $ 77,943 $ 115,773 Accrued taxes 9,370 19,509 Accrued salaries, vacation, and related benefits 2,540 3,934 Accrued capital expenditures 11,625 3,892 Accrued interest 3,942 24,815 Accrued other expenses 6,666 5,991 Total current accrued expenses $ 112,086 $ 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 June 30, 2023.

LEASE

LEASE	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASE	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. Total operating lease costs were $11.8 million and $9.1 million for the three months ended June 30, 2023 and 2022, respectively, and $22.6 million and $18.3 million for the six months ended June 30, 2023 and 2022, respectively. Short-term lease costs were $1.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.0 million and $4.0 million for the six months ended June 30, 2023 and 2022, respectively. Variable lease cost was immaterial for the three and six months ended June 30, 2023 and 2022. The following table presents other supplemental lease information: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,739 $ 9,133 $ 22,371 $ 18,287 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,915 $ 16,123 $ 4,978 $ 21,386 Weighted-average remaining lease term — operating leases (in years) 1.77 1.73 1.77 1.73 Weighted-average discount rate — operating leases 8.82 % 7.46 % 8.82 % 7.46 %

EQUITY AND WARRANTS

EQUITY AND WARRANTS	6 Months Ended
	Jun. 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 of 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 three and six 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 June 30, 2023. The Common Units fair value was approximately $3.24 billion as of June 30, 2023. Common Stock As of June 30, 2023, there were 51,973,472 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 June 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 will 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 June 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 will 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 $6 thousand for the Public Warrants and a fair value of $4 thousand for the Private Warrants as of June 30, 2023 on the Condensed Consolidated Balance Sheets in other non-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. For the three and six months ended June 30, 2023, the Company repurchased 112,312 shares at a total cost of $3.3 million and 194,174 shares at a total cost of $5.8 million, respectively. During the three and six months ended June 30, 2023, the Company retired 81,861 shares of treasury stock. 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	6 Months Ended
	Jun. 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 the 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 June 30, 2023 and December 31, 2022: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 9,850 $ — $ 9,850 Interest rate derivatives — 17,754 — 17,754 Total assets $ — $ 27,604 $ — $ 27,604 Commodity swaps $ — $ 4,585 $ — $ 4,585 Interest rate derivatives — 3,761 — 3,761 Public warrants 6 — — 6 Private warrants — — 4 4 Total liabilities $ 6 $ 8,346 $ 4 $ 8,356 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 involved 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 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 six months ended June 30, 2023 and 2022.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 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 June 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. During 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 $17.8 million and $2.7 million as of June 30, 2023 and December 31, 2022, respectively. Interest rate swap derivative liabilities were $3.8 million and $8.3 million as of June 30, 2023 and December 31, 2022, respectively. The Company recorded cash settlements on interest rate swap derivatives of $2.4 million and $12.0 million for the three months ended June 30, 2023 and 2022, respectively, and $2.4 million and $11.3 million for the six months ended June 30, 2023 and 2022, respectively. In addition, the Company recorded fair value adjustments of $39.3 million and $2.4 million for the change in fair value of the interest rate swap derivatives for the three months ended June 30, 2023 and 2022, respectively, and $22.1 million and $14.0 million for the six months ended June 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 two quarters, the Company has entered into numerous 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 12 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 June 30, 2023 (in thousands, except volumes): June 30, 2023 Commodity Instruments Unit Volume Net Fair Value Natural Gas Commodity Swap MMBtus 2,130,000 $ (470) NGL Commodity Swap Gallons 98,101,500 2,669 Crude Commodity Swap Bbl 110,400 683 Natural Gas Basis Spread Swaps Commodity Swap MMBtus 33,510,000 2,155 Crude Gas Basis Spread Swaps Commodity Swap Bbl 314,000 228 $ 5,265

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATIONPrior 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 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 Six Months Ended 2023 2022 2023 2022 (In thousands) Income before income taxes $ 71,979 $ 131,610 $ 76,694 $ 153,675 Income tax expense $ 311 $ 162 $ 727 $ 838 Effective tax rate 0.43 % 0.12 % 0.95 % 0.55 % The effective tax rate for the three and six months ended June 30, 2023 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Units limited partners and valuation allowance.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jun. 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 Six Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 25,014 $ 6,438 $ 26,450 $ 10,303 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,426) (4,184) (8,582) (4,184) Total net income attributable to Class A common shareholders $ 20,588 $ 2,254 $ 17,868 $ 6,119 Weighted average shares outstanding - basic (2) 50,553 39,297 48,980 38,766 Dilutive effect of unvested Class A common shares (3)(4) 72 32 240 30 Weighted average shares outstanding - diluted 50,625 39,329 49,220 38,796 Net income (loss) available per common share - basic $ 0.41 $ 0.06 $ 0.36 $ 0.16 Net income (loss) available per common share - diluted $ 0.41 $ 0.06 $ 0.36 $ 0.16 (1) Represents dividends paid to unvested restricted Class A common shareholders. (2) Share and per share amounts have been retrospectively restated to reflect the Company’s reverse stock split, which was effected June 8, 2022. (3) 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. (4) 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	6 Months Ended
	Jun. 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 June 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 businesses. 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 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 June 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 June 30, 2023; therefore, the estimated fair value of the contingent consideration liability was nil as of June 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 June 30, 2023 and December 31, 2022, respectively.

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 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 that is under construction. 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 85% 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 six months periods ended June 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended June 30, 2023 Segment net income (loss) including noncontrolling interests $ 55,680 $ 49,493 $ (33,505) $ 71,668 Add back: Interest expense 11 — 16,115 16,126 Income tax expense — — 311 311 Depreciation and amortization 69,005 471 6 69,482 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 74,481 — 74,481 Share-based compensation — — 13,299 13,299 Loss on disposal of assets 12,137 — — 12,137 Acquisition transaction costs 2 — — 2 Integration costs 15 — 26 41 Other one-time costs or amortization 743 — 361 1,104 Deduct: Warrant valuation adjustment — — 33 33 Gain on redemption of mandatorily redeemable Preferred units — — — — Unrealized gain on derivatives 2,678 — — 2,678 Equity income from unconsolidated affiliates — 49,610 — 49,610 Segment adjusted EBITDA (3) $ 136,570 $ 74,835 $ (3,420) $ 207,985 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended June 30, 2022 Segment net income including noncontrolling interests $ 14,563 $ 46,277 $ 70,608 $ 131,448 Add back: Interest expense 20,641 942 3,764 25,347 Income tax expense 162 — — 162 Depreciation and amortization 66,459 122 — 66,581 Contract assets amortization 448 — — 448 Proportionate EMI EBITDA — 71,340 — 71,340 Share-based compensation — — 12,173 12,173 Loss on disposal of assets 8,580 — (34) 8,546 Loss on debt extinguishment 27,983 (8) — 27,975 Integration costs 579 — 4,707 5,286 Acquisition transaction costs — — 674 674 Other one-time costs or amortization 1,239 — 1,020 2,259 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 5,087 5,087 Gain on embedded derivative — — 91,448 91,448 Equity income from unconsolidated affiliates — 47,786 — 47,786 Segment adjusted EBITDA (3) $ 140,654 $ 70,887 $ (3,623) $ 207,918 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Six Months Ended June 30, 2023 Segment net income (loss) including noncontrolling interests $ 107,211 $ 95,927 $ (127,171) $ 75,967 Add back: Interest expense 21 — 85,413 85,434 Income tax expense — — 727 727 Depreciation and amortization 137,398 926 12 138,336 Contract assets amortization 3,310 — — 3,310 Proportionate EMI EBITDA — 146,348 — 146,348 Share-based compensation — — 30,839 30,839 Loss on disposal of assets 12,239 — — 12,239 Loss (gain) on debt extinguishment — — — — Integration costs — — 953 953 Acquisition transaction costs 33 — 237 270 Other one-time costs or amortization 3,793 — 1,071 4,864 Deduct: Warrant valuation adjustment — — 77 77 Unrealized gain on derivatives 7,643 — — 7,643 Gain on embedded derivative — — — — Equity income from unconsolidated affiliates — 96,074 — 96,074 Segment adjusted EBITDA (3) $ 256,362 $ 147,127 $ (7,996) $ 395,493 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (2) (In thousands) For the Six Months Ended June 30, 2022 Segment net income including noncontrolling interests $ 23,749 $ 75,412 $ 53,676 $ 152,837 Add back: Interest expense (income) 47,412 (672) 5,381 52,121 Income tax expense (benefit) 457 (39) 420 838 Depreciation and amortization 127,352 252 — 127,604 Contract assets amortization 896 — — 896 Proportionate EMI EBITDA — 112,081 — 112,081 Share-based compensation — — 18,304 18,304 Loss (gain) on disposal of assets 8,690 — (34) 8,656 Loss (gain) on debt extinguishment 27,983 (8) — 27,975 Integration costs 4,683 — 6,755 11,438 Acquisition transaction costs 4 — 6,346 6,350 Other one-time costs or amortization 2,157 — 1,297 3,454 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 9,580 9,580 Gain on embedded derivative — — 88,562 88,562 Equity income from unconsolidated affiliates — 75,703 — 75,703 Segment adjusted EBITDA (3) $ 243,383 $ 111,323 $ (5,997) $ 348,709 (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 individual operating segment for the three and six month periods ended June 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended June 30, 2023 Revenue $ 293,251 $ 730 $ 293,981 Other revenue 2,220 2 2,222 Total segment operating revenue $ 295,471 $ 732 $ 296,203 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended June 30, 2022 Revenue $ 331,731 $ — $ 331,731 Other revenue 3,839 2 3,841 Total segment operating revenue $ 335,570 $ 2 $ 335,572 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Six Months Ended June 30, 2023 Revenue $ 569,806 $ 1,424 $ 571,230 Other revenue 6,009 4 6,013 Total segment operating revenue $ 575,815 $ 1,428 $ 577,243 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Six Months Ended June 30, 2022 Revenue $ 587,104 $ — $ 587,104 Other revenue 5,713 4 5,717 Total segment operating revenue $ 592,817 $ 4 $ 592,821 The following table presents total assets for each operating segment as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (In thousands) Midstream Logistics $ 3,582,410 $ 3,486,948 Pipeline Transportation (1) 2,602,385 2,414,829 Segment total assets 6,184,795 5,901,777 Corporate and other 42,126 17,934 Total assets $ 6,226,921 $ 5,919,711

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn July 20, 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 August 4, 2023 on August 16, 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 August 16, 2023..

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Segment adjusted EBITDA	$ 207,985	$ 207,918	$ 395,493	$ 348,709

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 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)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	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
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 are 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 in this Form 10-Q 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 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 of cost or market.
Transactions with Affiliates	Transactions with AffiliatesThe accounts receivable from or payable to affiliates represent the net result of the Company’s monthly revenue, capital and operating expenditures, and other miscellaneous transactions to be settled with Apache and its subsidiaries, who controlled the Company prior to the Transaction.
Business Combination	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.
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.
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 businesses. 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.
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.
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 the 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.
Equity Method Interests	Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	As of June 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)	6 Months Ended
	Jun. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gathering and processing services $ 102,551 $ 102,080 $ 205,976 $ 182,525 Natural gas, NGLs and condensate sales 191,430 229,651 365,254 404,579 Other revenue 2,222 3,841 6,013 5,717 Total revenues and other $ 296,203 $ 335,572 $ 577,243 $ 592,821
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 June 30, 2023: Amount Fiscal Year (In thousands) Remaining of 2023 $ 18,586 2024 53,639 2025 74,147 2026 56,166 2027 56,940 Thereafter 243,352 $ 502,830
Schedule of Contract with Customer, Contract Liability	The following table provides information about contract liabilities from contracts with customers as of June 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 (4,331) Cash received in advance and not recognized as revenue 6,872 Balance at June 30, 2023 31,841 Less: Current portion 7,306 Non-current portion $ 24,535

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, at carrying value, is as follows: June 30, December 31, 2023 2022 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,017,501 $ 2,904,084 Vehicles 11,674 9,290 Computers and equipment 6,048 4,289 Less: accumulated depreciation (547,712) (474,258) Total depreciable assets, net 2,487,511 2,443,405 Construction in progress 182,348 70,325 Land 22,047 21,482 Total property, plant, and equipment, net $ 2,691,906 $ 2,535,212

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, are comprised of the following: June 30, December 31, 2023 2022 (In thousands) Customer contracts $ 1,142,278 $ 1,137,831 Right of way assets 138,660 127,539 Less accumulated amortization (631,041) (569,981) Total amortizable intangible assets, net $ 649,897 $ 695,389

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of June 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: June 30, December 31, Ownership 2023 2022 (In thousands) Permian Highway Pipeline LLC ("PHP") 53.3% $ 1,603,140 $ 1,474,800 Breviloba, LLC ("Breviloba") 33.0% 448,816 455,057 Gulf Coast Express Pipeline LLC ("GCX") 16.0% 438,156 451,483 $ 2,490,112 $ 2,381,340 The following table presents the activity in the Company’s EMIs for the six months ended June 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 Acquisitions — — — Contributions 150,331 — — 150,331 Distributions (88,395) (21,467) (32,161) (142,023) Capitalized interest 4,390 — — 4,390 Equity income, net (1) 62,014 15,226 18,834 96,074 Balance at June 30, 2023 $ 1,603,140 $ 448,816 $ 438,156 $ 2,490,112 (1) For the six months ended June 30, 2023, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $3.7 million from PHP, $0.3 million from Breviloba, LLC and $3.1 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 six months ended June 30, 2023 and 2022. Three Months Ended June 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 $ 99,095 $ 46,641 $ 90,860 $ 98,808 $ 50,091 $ 90,769 Operating income 63,507 22,547 66,256 61,294 25,359 64,816 Net income 64,342 22,651 66,400 61,307 25,284 64,461 Six Months Ended June 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 $ 191,935 $ 92,542 $ 180,608 $ 196,664 $ 98,612 $ 180,742 Operating income 120,312 44,496 131,472 120,770 51,672 128,259 Net income 124,032 44,863 137,491 120,520 51,651 127,990

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes the Company’s debt obligations as of June 30, 2023 and December 31, 2022: June 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 650,000 395,000 Total long-term debt 3,650,000 3,395,000 Less: Debt issuance costs, net (1) (24,201) (26,490) Total long-term debt, net $ 3,625,799 $ 3,368,510 Less: Current portion, net — — Long-term portion of debt, net $ 3,625,799 $ 3,368,510
Schedule of Financing Costs, Net	The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Capitalized interest $ (4,811) $ (197) $ (7,044) $ (301) Debt issuance costs 1,534 3,149 3,055 6,538 Interest expense 19,403 22,395 89,423 45,884 Total financing costs, net of capitalized interest $ 16,126 $ 25,347 $ 85,434 $ 52,121

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Components of Accrued Expenses	The following table provides detail of the Company’s current accrued expenses on June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (In thousands) Accrued product purchases $ 77,943 $ 115,773 Accrued taxes 9,370 19,509 Accrued salaries, vacation, and related benefits 2,540 3,934 Accrued capital expenditures 11,625 3,892 Accrued interest 3,942 24,815 Accrued other expenses 6,666 5,991 Total current accrued expenses $ 112,086 $ 173,914

LEASE (Tables)

LEASE (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Other Supplemental Lease Information	The following table presents other supplemental lease information: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,739 $ 9,133 $ 22,371 $ 18,287 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,915 $ 16,123 $ 4,978 $ 21,386 Weighted-average remaining lease term — operating leases (in years) 1.77 1.73 1.77 1.73 Weighted-average discount rate — operating leases 8.82 % 7.46 % 8.82 % 7.46 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 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 June 30, 2023 and December 31, 2022: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 9,850 $ — $ 9,850 Interest rate derivatives — 17,754 — 17,754 Total assets $ — $ 27,604 $ — $ 27,604 Commodity swaps $ — $ 4,585 $ — $ 4,585 Interest rate derivatives — 3,761 — 3,761 Public warrants 6 — — 6 Private warrants — — 4 4 Total liabilities $ 6 $ 8,346 $ 4 $ 8,356 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)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Detail Information of Commodity Swaps Outstanding	table below presents detailed information of commodity swaps outstanding as of June 30, 2023 (in thousands, except volumes): June 30, 2023 Commodity Instruments Unit Volume Net Fair Value Natural Gas Commodity Swap MMBtus 2,130,000 $ (470) NGL Commodity Swap Gallons 98,101,500 2,669 Crude Commodity Swap Bbl 110,400 683 Natural Gas Basis Spread Swaps Commodity Swap MMBtus 33,510,000 2,155 Crude Gas Basis Spread Swaps Commodity Swap Bbl 314,000 228 $ 5,265

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 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 Six Months Ended 2023 2022 2023 2022 (In thousands) Income before income taxes $ 71,979 $ 131,610 $ 76,694 $ 153,675 Income tax expense $ 311 $ 162 $ 727 $ 838 Effective tax rate 0.43 % 0.12 % 0.95 % 0.55 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 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 Six Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 25,014 $ 6,438 $ 26,450 $ 10,303 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,426) (4,184) (8,582) (4,184) Total net income attributable to Class A common shareholders $ 20,588 $ 2,254 $ 17,868 $ 6,119 Weighted average shares outstanding - basic (2) 50,553 39,297 48,980 38,766 Dilutive effect of unvested Class A common shares (3)(4) 72 32 240 30 Weighted average shares outstanding - diluted 50,625 39,329 49,220 38,796 Net income (loss) available per common share - basic $ 0.41 $ 0.06 $ 0.36 $ 0.16 Net income (loss) available per common share - diluted $ 0.41 $ 0.06 $ 0.36 $ 0.16 (1) Represents dividends paid to unvested restricted Class A common shareholders. (2) Share and per share amounts have been retrospectively restated to reflect the Company’s reverse stock split, which was effected June 8, 2022. (3) 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. (4) 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)	6 Months Ended
	Jun. 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 six months periods ended June 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended June 30, 2023 Segment net income (loss) including noncontrolling interests $ 55,680 $ 49,493 $ (33,505) $ 71,668 Add back: Interest expense 11 — 16,115 16,126 Income tax expense — — 311 311 Depreciation and amortization 69,005 471 6 69,482 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 74,481 — 74,481 Share-based compensation — — 13,299 13,299 Loss on disposal of assets 12,137 — — 12,137 Acquisition transaction costs 2 — — 2 Integration costs 15 — 26 41 Other one-time costs or amortization 743 — 361 1,104 Deduct: Warrant valuation adjustment — — 33 33 Gain on redemption of mandatorily redeemable Preferred units — — — — Unrealized gain on derivatives 2,678 — — 2,678 Equity income from unconsolidated affiliates — 49,610 — 49,610 Segment adjusted EBITDA (3) $ 136,570 $ 74,835 $ (3,420) $ 207,985 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended June 30, 2022 Segment net income including noncontrolling interests $ 14,563 $ 46,277 $ 70,608 $ 131,448 Add back: Interest expense 20,641 942 3,764 25,347 Income tax expense 162 — — 162 Depreciation and amortization 66,459 122 — 66,581 Contract assets amortization 448 — — 448 Proportionate EMI EBITDA — 71,340 — 71,340 Share-based compensation — — 12,173 12,173 Loss on disposal of assets 8,580 — (34) 8,546 Loss on debt extinguishment 27,983 (8) — 27,975 Integration costs 579 — 4,707 5,286 Acquisition transaction costs — — 674 674 Other one-time costs or amortization 1,239 — 1,020 2,259 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 5,087 5,087 Gain on embedded derivative — — 91,448 91,448 Equity income from unconsolidated affiliates — 47,786 — 47,786 Segment adjusted EBITDA (3) $ 140,654 $ 70,887 $ (3,623) $ 207,918 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Six Months Ended June 30, 2023 Segment net income (loss) including noncontrolling interests $ 107,211 $ 95,927 $ (127,171) $ 75,967 Add back: Interest expense 21 — 85,413 85,434 Income tax expense — — 727 727 Depreciation and amortization 137,398 926 12 138,336 Contract assets amortization 3,310 — — 3,310 Proportionate EMI EBITDA — 146,348 — 146,348 Share-based compensation — — 30,839 30,839 Loss on disposal of assets 12,239 — — 12,239 Loss (gain) on debt extinguishment — — — — Integration costs — — 953 953 Acquisition transaction costs 33 — 237 270 Other one-time costs or amortization 3,793 — 1,071 4,864 Deduct: Warrant valuation adjustment — — 77 77 Unrealized gain on derivatives 7,643 — — 7,643 Gain on embedded derivative — — — — Equity income from unconsolidated affiliates — 96,074 — 96,074 Segment adjusted EBITDA (3) $ 256,362 $ 147,127 $ (7,996) $ 395,493 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (2) (In thousands) For the Six Months Ended June 30, 2022 Segment net income including noncontrolling interests $ 23,749 $ 75,412 $ 53,676 $ 152,837 Add back: Interest expense (income) 47,412 (672) 5,381 52,121 Income tax expense (benefit) 457 (39) 420 838 Depreciation and amortization 127,352 252 — 127,604 Contract assets amortization 896 — — 896 Proportionate EMI EBITDA — 112,081 — 112,081 Share-based compensation — — 18,304 18,304 Loss (gain) on disposal of assets 8,690 — (34) 8,656 Loss (gain) on debt extinguishment 27,983 (8) — 27,975 Integration costs 4,683 — 6,755 11,438 Acquisition transaction costs 4 — 6,346 6,350 Other one-time costs or amortization 2,157 — 1,297 3,454 Deduct: Gain on redemption of mandatorily redeemable Preferred units — — 9,580 9,580 Gain on embedded derivative — — 88,562 88,562 Equity income from unconsolidated affiliates — 75,703 — 75,703 Segment adjusted EBITDA (3) $ 243,383 $ 111,323 $ (5,997) $ 348,709 (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 individual operating segment for the three and six month periods ended June 30, 2023 and 2022: Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended June 30, 2023 Revenue $ 293,251 $ 730 $ 293,981 Other revenue 2,220 2 2,222 Total segment operating revenue $ 295,471 $ 732 $ 296,203 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended June 30, 2022 Revenue $ 331,731 $ — $ 331,731 Other revenue 3,839 2 3,841 Total segment operating revenue $ 335,570 $ 2 $ 335,572 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Six Months Ended June 30, 2023 Revenue $ 569,806 $ 1,424 $ 571,230 Other revenue 6,009 4 6,013 Total segment operating revenue $ 575,815 $ 1,428 $ 577,243 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Six Months Ended June 30, 2022 Revenue $ 587,104 $ — $ 587,104 Other revenue 5,713 4 5,717 Total segment operating revenue $ 592,817 $ 4 $ 592,821 The following table presents total assets for each operating segment as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (In thousands) Midstream Logistics $ 3,582,410 $ 3,486,948 Pipeline Transportation (1) 2,602,385 2,414,829 Segment total assets 6,184,795 5,901,777 Corporate and other 42,126 17,934 Total assets $ 6,226,921 $ 5,919,711 (1) Includes investment in unconsolidated affiliates of $2.49 billion and $2.38 billion as of June 30, 2023 and December 31, 2022, respectively.

DESCRIPTION OF THE ORGANIZATI_3

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 08, 2022	Jun. 30, 2023 USD ($) entity	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) entity	Jun. 30, 2022 USD ($)		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		$ 7,300		$ 7,300			$ 4,800
Revenue		296,203	$ 335,572	577,243	$ 592,821
Operating expenses		200	100	400	200
Recorded cost of sales		110,467	152,714	226,344	272,989	[1]
Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Outstanding receivable		16,900		16,900			$ 17,600
Revenue		24,800	30,500	50,100	46,200
Recorded cost of sales		$ 10,800	$ 3,400	$ 25,400	$ 7,100
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] 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	Jun. 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
Current Assets		4,736
Property Plant & Equipment		61,850
Intangible Assets		3,150
Other Long Term Assets		55,264
Goodwill		0
Liabilities		0
Noncontrolling Interest		0
Assets acquired	65,000
Incentive and acceleration agreement	$ 60,000	$ 60,000
Altus Midstream Company
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			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 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	$ (2,000)		$ 674,000	$ 270,000	$ 6,350,000
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		$ 700,000	$ 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
Other long term assets						55,264,000
Goodwill						$ 0
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Incentive and acceleration agreement	4,700,000			4,700,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Deferred Charges and Other Assets
Business Acquisition [Line Items]
Incentive and acceleration agreement	$ 55,300,000			$ 55,300,000
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 296,203	$ 335,572	$ 577,243	$ 592,821	[1]
Gathering and processing services
Disaggregation of Revenue [Line Items]
Total operating revenues	102,551	102,080	205,976	182,525
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total operating revenues	191,430	229,651	365,254	404,579
Other revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 2,222	$ 3,841	$ 6,013	$ 5,717	[1]
[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.

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022		Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 296,203	$ 335,572	$ 577,243	$ 592,821	[1]
Capitalized contract cost	74,500		74,500			$ 17,800
Amortization of contract costs	1,655	448	3,310	896
Minimum Volume Commitments
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 100	$ 300	$ 1,200	$ 300
[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.

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 502,830
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 18,586
Expected timing of satisfaction, period	6 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	$ 53,639
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	$ 74,147
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	$ 56,166
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	$ 56,940
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	$ 243,352
Expected timing of satisfaction, period

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 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	(4,331)
Cash received in advance and not recognized as revenue	6,872
Ending balance	31,841
Less: Current portion	7,306
Non-current portion	$ 24,535	$ 22,693

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (547,712,000)		$ (547,712,000)		$ (474,258,000)
Total depreciable assets, net	2,487,511,000		2,487,511,000		2,443,405,000
Total property, plant, and equipment, net	2,691,906,000		2,691,906,000		2,535,212,000
Depreciation expense	38,900,000	$ 36,600,000	77,300,000	$ 67,500,000
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	3,017,501,000		3,017,501,000		2,904,084,000
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	11,674,000		11,674,000		9,290,000
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	6,048,000		6,048,000		4,289,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	182,348,000		182,348,000		70,325,000
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 22,047,000		$ 22,047,000		$ 21,482,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Goodwill	$ 5,077,000		$ 5,077,000		$ 5,077,000
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 1 month 28 days		7 years 1 month 28 days
Amortization of intangible assets	$ 30,600,000	$ 30,000,000	$ 61,100,000	$ 60,100,000
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period	7 years 2 months 12 days		7 years 2 months 12 days
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 24 days		6 years 10 months 24 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining term			1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining term			20 years
Operating Segments | Midstream Logistics
Segment Reporting Information [Line Items]
Goodwill	$ 5,100,000		$ 5,100,000		$ 5,100,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (631,041)	$ (569,981)
Total amortizable intangible assets, net	649,897	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	$ 138,660	$ 127,539

EQUITY METHOD INVESTMENTS - Inf

EQUITY METHOD INVESTMENTS - Information of Equity Method Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022		Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method interests	$ 2,490,112,000		$ 2,490,112,000			$ 2,381,340,000
Contributions			154,721,000	$ 2,675,000
Equity in earnings of unconsolidated affiliates	49,610,000	$ 47,786,000	96,074,000	75,703,000	[1]
Difference between carrying amount and underlying equity	356,100,000		356,100,000			363,200,000
Capitalized interest	17,500,000		17,500,000			13,400,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			2,381,340,000
Acquisitions			0
Contributions			150,331,000
Distributions			142,023,000
Capitalized interest			4,390,000
Equity income, net	49,610,000	$ 47,786,000	96,074,000	$ 75,703,000	[1]
Ending balance	$ 2,490,112,000		$ 2,490,112,000
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	53.30%		53.30%
Equity method interests	$ 1,603,140,000		$ 1,603,140,000			1,474,800,000
Equity in earnings of unconsolidated affiliates			62,014,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			1,474,800,000
Acquisitions			0
Contributions			150,331,000
Distributions			88,395,000
Capitalized interest			4,390,000
Equity income, net			62,014,000
Ending balance	$ 1,603,140,000		1,603,140,000
Amortization			$ (3,700,000)
Breviloba, LLC ("Breviloba")
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33%		33%
Equity method interests	$ 448,816,000		$ 448,816,000			455,057,000
Equity in earnings of unconsolidated affiliates			15,226,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			455,057,000
Acquisitions			0
Contributions			0
Distributions			21,467,000
Capitalized interest			0
Equity income, net			15,226,000
Ending balance	$ 448,816,000		448,816,000
Amortization			$ (300,000)
Gulf Coast Express Pipeline LLC ("GCX")
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16%		16%
Equity method interests	$ 438,156,000		$ 438,156,000			$ 451,483,000
Equity in earnings of unconsolidated affiliates			18,834,000
Movement In Equity Method Interests [Roll Forward]
Beginning balance			451,483,000
Acquisitions
Contributions			0
Distributions			32,161,000
Capitalized interest			0
Equity income, net			18,834,000
Ending balance	$ 438,156,000		438,156,000
Amortization			$ (3,100,000)
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Operating income	$ 37,453	$ 40,611	$ 64,718	$ 59,676	[1]
Net income	71,668	131,448	75,967	152,837	[1]
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues	99,095	98,808	191,935	196,664
Operating income	63,507	61,294	120,312	120,770
Net income	64,342	61,307	124,032	120,520
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	46,641	50,091	92,542	98,612
Operating income	22,547	25,359	44,496	51,672
Net income	22,651	25,284	44,863	51,651
Gulf Coast Express Pipeline LLC ("GCX")
Schedule of Equity Method Investments [Line Items]
Revenues	90,860	90,769	180,608	180,742
Operating income	66,256	64,816	131,472	128,259
Net income	$ 66,400	$ 64,461	$ 137,491	$ 127,990
[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 ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 3,650,000,000	$ 3,395,000,000
Less: Debt issuance costs, net	(24,201,000)	(26,490,000)
Total long-term debt, net	3,625,799,000	3,368,510,000
Less: Current portion, net	0	0
Long term debt, net	3,625,799,000	3,368,510,000
Unamortized debt issuance cost	24,200,000	26,500,000
$1.25 billion revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance cost	6,100,000	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	650,000,000	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Capitalized interest	$ (4,811)	$ (197)	$ (7,044)	$ (301)
Debt issuance costs	1,534	3,149	3,055	6,538
Interest expense	19,403	22,395	89,423	45,884
Total financing costs, net of capitalized interest	$ 16,126	$ 25,347	$ 85,434	$ 52,121

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Unamortized debt issuance cost	$ 24,200		$ 24,200		$ 26,500
Amortization of deferred financing costs	1,534	$ 3,149	3,055	$ 6,538
Debt, fair value	$ 3,630,000		$ 3,630,000		$ 3,340,000
Senior Notes | 5.875% Senior Notes Due 2030
Debt Instrument [Line Items]
Stated percentage	5.875%		5.875%

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued product purchases	$ 77,943	$ 115,773
Accrued taxes	9,370	19,509
Accrued salaries, vacation, and related benefits	2,540	3,934
Accrued capital expenditures	11,625	3,892
Accrued interest	3,942	24,815
Accrued other expenses	6,666	5,991
Total current accrued expenses	$ 112,086	$ 173,914

LEASE - Additional Information

LEASE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 11.8	$ 9.1	$ 22.6	$ 18.3
Short-term lease cost	$ 1	$ 1.5	$ 1	$ 4

LEASES - Schedule of Other Supp

LEASES - Schedule of Other Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 11,739	$ 9,133	$ 22,371	$ 18,287
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,915	$ 16,123	$ 4,978	$ 21,386
Weighted-average remaining lease term — operating leases (in years)	1 year 9 months 7 days	1 year 8 months 23 days	1 year 9 months 7 days	1 year 8 months 23 days
Weighted-average discount rate — operating leases	8.82%	7.46%	8.82%	7.46%

EQUITY AND WARRANTS (Details)

EQUITY AND WARRANTS (Details)				3 Months Ended	6 Months Ended
		May 17, 2023 USD ($)	Jun. 08, 2022	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2023 USD ($) shares	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Feb. 22, 2022 $ / shares shares	Dec. 31, 2021 USD ($) shares
Class of Stock [Line Items]
Redeemable noncontrolling interest — Common Unit limited partners | $				$ 3,242,619,000	$ 3,242,619,000				$ 3,112,409,000
Notice period to redeem warrants					30 days
Threshold trading days					20 days
Trading period					30 days
Warrants fair value adjustment | $				33,000	$ (77,000)	$ 0
Value of shares repurchased | $				$ 3,325,000	$ 5,757,000
Treasury stock, retired (in shares)				81,861,000	81,861,000
Class A Common Stock issued through dividend and distribution reinvestment plan | $					$ 175,626,000	87,697,000
Public warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)				12,577,350	12,577,350
Redemption price of warrants (in USD per share) | $ / shares				$ 0.01	$ 0.01
Warrants fair value adjustment | $					$ 6,000
Private warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)				6,364,281	6,364,281
Warrants fair value adjustment | $					$ 4,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)				52,085,784	52,085,784				45,679,447
Common stock, par value (in USD per share) | $ / shares				$ 0.0001	$ 0.0001				$ 0.0001
Common stock, redemption ratio				1	1
Common stock, shares outstanding (in shares)				51,973,472	51,973,472				45,679,447
Warrant exercise price (in USD per share) | $ / shares				$ 115	$ 115
Stock repurchased during period (in shares)				112,312	194,174
Value of shares repurchased | $				$ 3,300,000	$ 5,800,000
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 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
Common Units limited partners
Class of Stock [Line Items]
Equity, carrying amount | $				$ 3,242,619,000	$ 3,242,619,000	$ 3,251,290,000	$ 2,910,861,000		$ 3,112,409,000	$ 3,185,431,000		$ 1,006,838,000
Common Stock
Class of Stock [Line Items]
Stock price trigger (in USD per share) | $ / shares				$ 180	$ 180
Common Stock | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	[1]			51,973,000	51,973,000	40,551,000	49,054,000		45,679,000	37,973,000		0
Stock repurchased during period (in shares)	[1]			112,000	194,000
Dividends, cash | $		$ 19,400,000			$ 36,500,000
Class A Common Stock issued through dividend and distribution reinvestment plan | $		$ 88,000,000
Stock split, conversion ratio			2
Common Stock | Class C Common Stock
Class of Stock [Line Items]
Issued (in shares)				180,962	180,962
Common stock, shares outstanding (in shares)	[1]			94,089,000	94,089,000	94,450,000	94,089,000		94,270,000	94,520,000		100,000,000
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	Jun. 30, 2023	Dec. 31, 2022
Liabilities
Total liabilities	$ 3,890,059	$ 3,647,077
Fair Value, Recurring
Assets
Derivative asset	27,604	6,963
Liabilities
Total liabilities	8,356	14,134
Fair Value, Recurring | Public warrants
Liabilities
Warrants outstanding, fair value	6	50
Fair Value, Recurring | Private warrants
Liabilities
Warrants outstanding, fair value	4	38
Fair Value, Recurring | Commodity swap
Assets
Derivative asset	9,850	4,288
Liabilities
Derivative liability	4,585	5,718
Fair Value, Recurring | Interest rate derivatives
Assets
Derivative asset	17,754	2,675
Liabilities
Derivative liability	3,761	8,328
Fair Value, Recurring | Level 1
Assets
Derivative asset	0	0
Liabilities
Total liabilities	6	50
Fair Value, Recurring | Level 1 | Public warrants
Liabilities
Warrants outstanding, fair value	6	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	0
Fair Value, Recurring | Level 2
Assets
Derivative asset	27,604	6,963
Liabilities
Total liabilities	8,346	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	9,850	4,288
Liabilities
Derivative liability	4,585	5,718
Fair Value, Recurring | Level 2 | Interest rate derivatives
Assets
Derivative asset	17,754	2,675
Liabilities
Derivative liability	3,761	8,328
Fair Value, Recurring | Level 3
Assets
Derivative asset	0	0
Liabilities
Total liabilities	4	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	4	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	$ 0

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on embedded derivative	$ 2,678	$ 7,643
Change in fair value of warrants	$ 33	$ (77)	$ 0

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments held | agreement	3		3
Derivative cash settlement			$ (10,270,000)	$ (11,115,000)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 2,250,000,000		2,250,000,000
Derivative asset	17,800,000		17,800,000		$ 2,700,000
Total liabilities	(3,800,000)		(3,800,000)		(8,300,000)
Derivative cash settlement	(2,400,000)	$ 12,000,000	(2,400,000)	11,300,000
Unrealized losses	$ 39,300,000	2,400,000	$ 22,100,000	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	$ 9,900,000		$ 9,900,000		4,300,000
Total liabilities	(4,600,000)		(4,600,000)		$ (5,700,000)
Derivative cash settlement	(6,900,000)	0	(7,900,000)	200,000
Unrealized losses	$ 9,100,000	$ 0	$ 14,500,000	$ 0

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Detail Information of Commodity Swaps Outstanding (Details) - Commodity Swap $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) MMBTU bbl gal
Derivative [Line Items]
Net Fair Value	$ 5,265
Natural Gas and Natural Gas Liquids
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	2,130,000
Net Fair Value	$ (470)
Crude Oil and Natural Gas Liquids (NGL)
Derivative [Line Items]
Notional Quantity (Volume) | gal	98,101,500
Net Fair Value	$ 2,669
Crude Oil
Derivative [Line Items]
Notional Quantity (Volume) | bbl	110,400
Net Fair Value	$ 683
Natural Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	33,510,000
Net Fair Value	$ 2,155
Crude Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Volume) | bbl	314,000
Net Fair Value	$ 228

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 22, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 13,299	$ 12,173	$ 30,839	$ 18,304
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				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)		52,085,784		52,085,784		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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 71,979	$ 131,610	$ 76,694	$ 153,675	[1]
Income tax expense	$ 311	$ 162	$ 727	$ 838	[1]
Effective tax rate	0.43%	0.12%	0.95%	0.55%
[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		6 Months Ended
		Jun. 08, 2022	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net income attributable to Class A common shareholders | $			$ 25,014	$ 6,438	$ 26,450	$ 10,303	[1]
Less: Net income available to participating unvested restricted Class A common shareholders | $			(4,426)	(4,184)	(8,582)	(4,184)
Net income attributable to vested Class A common shareholders | $			$ 20,588	$ 2,254	$ 17,868	$ 6,119
Weighted average shares outstanding - basic (in shares) | shares	[2]		50,553	39,297	48,980	38,766	[1]
Dilutive effect of unvested Class A common shares (in shares) | shares			72	32	240	30
Weighted average shares outstanding - diluted (in shares) | shares	[2]		50,625	39,329	49,220	38,796	[1]
Net income (loss) available per common share - basic (in USD per share) | $ / shares			$ 0.41	$ 0.06	$ 0.36	$ 0.16	[1]
Net income (loss) available per common share - diluted (in USD per share) | $ / shares			$ 0.41	$ 0.06	$ 0.36	$ 0.16	[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. (3) Includes amounts associated with related parties of $24.8 million and $30.5 million for the three months ended June 30, 2023 and 2022, respectively, and $50.1 million and $46.2 million for the six months ended June 30, 2023 and 2022, respectively. (4) Includes amounts associated with related parties of $10.8 million and $3.4 million for the three months ended June 30, 2023 and 2022, respectively, and $25.4 million and $7.1 million for the six months ended June 30, 2023 and 2022, respectively.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Feb. 22, 2022 USD ($) $ / shares shares	Feb. 28, 2021 USD ($) defendant	Jun. 11, 2019 USD ($)	Jun. 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		6 Months Ended
	Jun. 30, 2023 USD ($) pipeline stream	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment pipeline stream	Jun. 30, 2022 USD ($)		Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment			2
Segment Reporting Information [Line Items]
Net income including noncontrolling interests	$ 71,668	$ 131,448	$ 75,967	$ 152,837	[1]
Add back:
Interest expense (income)	16,126	25,347	85,434	52,121
Income tax expense	311	162	727	838	[1]
Depreciation and amortization expenses	69,482	66,581	138,336	127,604	[1]
Amortization of contract costs	1,655	448	3,310	896
Proportionate EMI EBITDA	74,481	71,340	146,348	112,081
Share-based compensation	13,299	12,173	30,839	18,304
Loss on disposal of assets	12,137	8,546	12,239	8,656	[1]
Loss (gain) on debt extinguishment	0	27,975	0	27,975	[1]
Acquisition transaction costs	(2)	674	270	6,350
Integration costs	41	5,286	953	11,438
Other one-time costs or amortization	1,104	2,259	4,864	3,454
Deduct:
Warrant valuation adjustment	(33)		77	0
Gain on redemption of mandatorily redeemable Preferred units	0	5,087		9,580
Unrealized gain on derivatives	2,678		7,643
Gain on embedded derivative	0	91,448	0	88,562	[1]
Equity income from unconsolidated affiliates	49,610	47,786	96,074	75,703	[1]
Segment adjusted EBITDA	207,985	207,918	395,493	348,709
Product sales	296,203	335,572	577,243	592,821
Assets	6,226,921		6,226,921			$ 5,919,711
Investments in unconsolidated affiliates	2,490,112		2,490,112			2,381,340
Product and Service
Deduct:
Product sales	293,981	331,731	571,230	587,104
Other revenue
Deduct:
Product sales	2,222	3,841	6,013	5,717
Operating Segments
Deduct:
Assets	$ 6,184,795		$ 6,184,795			5,901,777
Operating Segments | Midstream Logistics
Segment Reporting Information [Line Items]
Number of streams in which a segment operates | stream	3		3
Net income including noncontrolling interests	$ 55,680	14,563	$ 107,211	23,749
Add back:
Interest expense (income)	11	20,641	21	47,412
Income tax expense	0	162	0	457
Depreciation and amortization expenses	69,005	66,459	137,398	127,352
Amortization of contract costs	1,655	448	3,310	896
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	0	0	0	0
Loss on disposal of assets	12,137	8,580	12,239	8,690
Loss (gain) on debt extinguishment		27,983	0	27,983
Acquisition transaction costs	(2)	0	33	4
Integration costs	15	579	0	4,683
Other one-time costs or amortization	743	1,239	3,793	2,157
Deduct:
Warrant valuation adjustment	0		0
Gain on redemption of mandatorily redeemable Preferred units	0	0		0
Unrealized gain on derivatives	2,678		7,643
Gain on embedded derivative		0	0	0
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	136,570	140,654	256,362	243,383
Product sales	295,471	335,570	575,815	592,817
Assets	3,582,410		$ 3,582,410			3,486,948
Operating Segments | Midstream Logistics | Operating Revenues, Cost of Sales, Operating Expenses and Ad Valorem Expenses | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			99%
Operating Segments | Midstream Logistics | Product and Service
Deduct:
Product sales	293,251	331,731	$ 569,806	587,104
Operating Segments | Midstream Logistics | Other revenue
Deduct:
Product sales	$ 2,220	3,839	$ 6,009	5,713
Operating Segments | Pipeline Transportation
Segment Reporting Information [Line Items]
Number of pipelines with equity investment interest | pipeline	4		4
Net income including noncontrolling interests	$ 49,493	46,277	$ 95,927	75,412
Add back:
Interest expense (income)	0	942	0	(672)
Income tax expense	0	0	0	(39)
Depreciation and amortization expenses	471	122	926	252
Amortization of contract costs	0	0	0	0
Proportionate EMI EBITDA	74,481	71,340	146,348	112,081
Share-based compensation	0	0	0	0
Loss on disposal of assets	0	0	0	0
Loss (gain) on debt extinguishment		(8)	0	(8)
Acquisition transaction costs	0	0	0	0
Integration costs	0	0	0	0
Other one-time costs or amortization	0	0	0	0
Deduct:
Warrant valuation adjustment	0		0
Gain on redemption of mandatorily redeemable Preferred units	0	0		0
Unrealized gain on derivatives	0		0
Gain on embedded derivative		0	0	0
Equity income from unconsolidated affiliates	49,610	47,786	96,074	75,703
Segment adjusted EBITDA	74,835	70,887	147,127	111,323
Product sales	732	2	1,428	4
Assets	2,602,385		$ 2,602,385			2,414,829
Operating Segments | Pipeline Transportation | EBITDA | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			99%
Operating Segments | Pipeline Transportation | Product and Service
Deduct:
Product sales	730	0	$ 1,424	0
Operating Segments | Pipeline Transportation | Other revenue
Deduct:
Product sales	2	2	4	4
Corporate and Other
Segment Reporting Information [Line Items]
Net income including noncontrolling interests	(33,505)	70,608	(127,171)	53,676
Add back:
Interest expense (income)	16,115	3,764	85,413	5,381
Income tax expense	311	0	727	420
Depreciation and amortization expenses	6	0	12	0
Amortization of contract costs	0	0	0	0
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	13,299	12,173	30,839	18,304
Loss on disposal of assets	0	(34)	0	(34)
Loss (gain) on debt extinguishment		0	0	0
Acquisition transaction costs	0	674	237	6,346
Integration costs	26	4,707	953	6,755
Other one-time costs or amortization	361	1,020	1,071	1,297
Deduct:
Warrant valuation adjustment	(33)		77
Gain on redemption of mandatorily redeemable Preferred units	0	5,087		9,580
Unrealized gain on derivatives	0		0
Gain on embedded derivative		91,448	0	88,562
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	(3,420)	$ (3,623)	(7,996)	$ (5,997)
Assets	$ 42,126		$ 42,126			$ 17,934
Corporate and Other | General and Administrative Expenses and Debt Service Costs | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			85%
[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	Jul. 20, 2023 $ / shares
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