Kinetik (KNTK) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
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		59,715,285
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		93,942,788

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating revenues:
Total operating revenues	[1]	$ 341,394	$ 281,040
Operating costs and expenses:
Costs of sales (exclusive of depreciation and amortization)	[2],[3]	153,687	115,877
Operating expenses		43,406	35,973
Ad valorem taxes		6,292	5,458
General and administrative expenses		34,136	27,511
Depreciation and amortization expenses		73,606	68,854
Loss on disposal of assets		4,166	102
Total operating costs and expenses		315,293	253,775
Operating income		26,101	27,265
Other income (expense):
Interest and other income		91	294
Interest expense		(47,467)	(69,308)
Equity in earnings of unconsolidated affiliates		60,469	46,464
Total other income (expense), net		13,093	(22,550)
Income before income taxes		39,194	4,715
Income tax expense		3,787	416
Net income including noncontrolling interest		35,407	4,299
Net income attributable to Common Unit limited partners		23,857	2,863
Net income attributable to Class A Common Stock Shareholders		$ 11,550	$ 1,436
Net income attributable to Class A Common Shareholders, per share
Basic (in USD per share)		$ 0.12	$ (0.06)
Diluted (in USD per share)		$ 0.12	$ (0.06)
Weighted-average shares
Basic (in shares)	[4]	57,869	47,612
Diluted (in shares)	[4]	58,392	47,825
Service revenue
Operating revenues:
Total operating revenues		$ 102,195	$ 103,425
Product revenue
Operating revenues:
Total operating revenues		236,567	173,824
Other revenue
Operating revenues:
Total operating revenues		$ 2,632	$ 3,791
[1] Includes amounts associated with related parties of $17.2 million and $25.8 million for the three months ended March 31, 2024 and 2023, respectively. Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $44.5 million and $30.5 million for the three months ended March 31, 2024 and 2023, respectively, for certain volumes where we act as principal. Weighted average Class A common shares have been retrospectively restated due to effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Costs of sales (exclusive of depreciation and amortization)	[1],[2]	$ 153,687	$ 115,877
Gas Service Revenues
Costs of sales (exclusive of depreciation and amortization)		44,500	30,500
Related Party
Revenue		17,200	25,800
Costs of sales (exclusive of depreciation and amortization)		$ 23,300	$ 19,700
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $44.5 million and $30.5 million for the three months ended March 31, 2024 and 2023, respectively, for certain volumes where we act as principal.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents		$ 9,756	$ 4,510
Accounts receivable, net of allowance for credit losses of $1,000 in 2024 and 2023	[1]	209,878	215,721
Derivatives assets - current		10,264	7,812
Prepaid and other current assets		27,391	29,256
Current assets		257,289	257,299
NONCURRENT ASSETS:
Property, plant and equipment, net		2,747,483	2,743,227
Intangible assets, net		562,837	591,670
Derivative asset, non-current		134	165
Deferred tax assets		238,258	235,627
Operating lease right-of-use assets		27,015	37,569
Deferred charges and other assets		83,213	85,250
Investments in unconsolidated affiliates		2,526,278	2,540,989
Goodwill		5,077	5,077
Noncurrent assets		6,190,295	6,239,574
Total assets		6,447,584	6,496,873
CURRENT LIABILITIES:
Accounts payable		16,467	34,000
Accrued expenses		170,075	177,421
Derivative liabilities		14,811	1,734
Current portion of operating lease liabilities		24,987	29,203
Other current liabilities		7,611	7,786
Current liabilities		233,951	250,144
NONCURRENT LIABILITIES
Long term debt, net		3,517,115	3,562,809
Contract liabilities		24,837	25,761
Operating lease liabilities		3,014	9,349
Derivatives liabilities - noncurrent		418	5,363
Other liabilities		3,230	3,219
Deferred tax liabilities		13,785	13,244
Noncurrent liabilities		3,562,399	3,619,745
Total liabilities		3,796,350	3,869,889
COMMITMENTS AND CONTINGENCIES (Note 15)
Redeemable noncontrolling interest — Common Unit limited partners		3,624,670	3,157,807
EQUITY:
Additional paid-in capital		0	192,678
Accumulated deficit		(973,451)	(723,516)
Total equity		(973,436)	(530,823)
Total liabilities, noncontrolling interest, and equity		6,447,584	6,496,873
Class A Common Stock
EQUITY:
Common stock		6	6
Class C Common Stock
EQUITY:
Common stock		$ 9	$ 9
[1] Includes amounts of $11.4 million and $15.8 million associated with related parties as of March 31, 2024 and December 31, 2023, respectively.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 1,000	$ 1,000
Related Party
Outstanding receivable	$ 11,400	$ 15,800
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)	59,712,487	57,096,538
Common stock, shares outstanding (in shares)	59,712,487	57,096,538
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)	93,942,788	94,089,038
Common stock, shares outstanding (in shares)	93,942,788	94,089,038

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 35,407	$ 4,299
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	73,606	68,854
Amortization of deferred financing costs	1,699	1,521
Amortization of contract costs	1,655	1,655
Distributions from unconsolidated affiliates	77,213	67,764
Derivatives settlement	3,754	974
Derivative fair value adjustment	1,957	11,770
Warrants fair value adjustment	0	(44)
Loss on disposal of assets	4,166	102
Equity in earnings from unconsolidated affiliates	(60,469)	(46,464)
Share-based compensation	22,561	17,540
Deferred income taxes	3,660	363
Changes in operating assets and liabilities:
Accounts receivable	5,843	5,008
Other assets	1,865	(2,206)
Accounts payable	(20,982)	(3,175)
Accrued liabilities	1,756	(10,679)
Other non-current liabilities	11	1,677
Operating leases	3	632
Net cash provided by operating activities	153,705	119,591
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment expenditures	(57,975)	(58,862)
Intangible assets expenditures	(2,223)	(9,755)
Investments in unconsolidated affiliates	(3,273)	(58,658)
Distributions from unconsolidated affiliate	1,240	5,793
Cash proceeds from disposals	251	14
Net cash paid for acquisitions	0	(125,000)
Net cash used in investing activities	(61,980)	(246,468)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt issuance cost	(11)	0
Proceeds from revolver	44,000	267,000
Payments on revolver	(91,000)	(125,000)
Cash dividends paid to Class A Common Stock shareholders	(38,747)	(16,927)
Distributions paid to Class C Common Unit limited partners	(721)	(174)
Repurchase of Class A Common Stock	0	(2,432)
Net cash (used in) provided by financing activities	(86,479)	122,467
Net change in cash	5,246	(4,410)
CASH, BEGINNING OF PERIOD	4,510	6,394
CASH, END OF PERIOD	9,756	1,984
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES
Cash paid for interest, net of amounts capitalized	57,095	36,745
Property and equipment and intangible accruals in accounts payable and accrued liabilities	20,564	32,715
Class A Common Stock issued through dividend and distribution reinvestment plan	$ 74,247	$ 87,658

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	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, 2022		$ 3,112,409
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of Common Units		(5,634)
Net income		2,863
Change in redemption value of noncontrolling interests		(128,211)
Distribution paid to Common Unit limited partners		(70,566)
Ending balance at Mar. 31, 2023		2,910,861
Beginning balance (in shares) at Dec. 31, 2022					45,679,000	94,270,000
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)					181,000
Redemption of Common Units	5,634					$ (181)	5,634
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					3,071,000
Issuance of common stock through dividend and distribution reinvestment plan	87,658						87,658
Repurchase of Class A Common Stock (in shares)					(82,000)
Repurchase of Class A Common Stock	(2,432)								(2,432)
Share-based compensation (in shares)
Share-based compensation	17,540						17,540
Net income (in shares)					205,000
Net income	1,436							1,436
Change in redemption value of noncontrolling interests	128,211							128,211
Dividends, common stock, cash	(34,470)							(34,470)
Ending balance (in shares) at Mar. 31, 2023					49,054,000	94,089,000
Ending balance at Mar. 31, 2023	(636,198)				$ 5	$ 9	229,672	(863,452)	(2,432)
Beginning balance at Dec. 31, 2023		3,157,807
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of Common Units		(5,060)
Net income		23,857
Change in redemption value of noncontrolling interests		518,581
Distribution paid to Common Unit limited partners		(70,515)
Ending balance at Mar. 31, 2024		$ 3,624,670
Beginning balance (in shares) at Dec. 31, 2023			57,096,538	94,089,038	57,097,000	94,089,000
Beginning balance at Dec. 31, 2023	(530,823)				$ 6	$ 9	192,678	(723,516)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Common Units (in shares)					146,000	146,250
Redemption of Common Units	5,060					$ (146)	5,060
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					2,179,000
Issuance of common stock through dividend and distribution reinvestment plan	74,247						74,247
Share-based compensation (in shares)					290,000
Share-based compensation	22,561						22,561
Net income	11,550							11,550
Change in redemption value of noncontrolling interests	(518,581)						(300,296)	(218,285)
Recognition of deferred tax asset	5,750						5,750
Dividends, common stock, cash	(43,200)							(43,200)
Ending balance (in shares) at Mar. 31, 2024			59,712,487	93,942,788	59,712,000	93,943,000
Ending balance at Mar. 31, 2024	$ (973,436)				$ 6	$ 9	$ 0	$ (973,451)	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A Common Stock
Cash dividends (in USD per share)	$ 0.75	$ 0.75

DESCRIPTION OF THE ORGANIZATION

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization The Company is a holding company, whose only significant assets are ownership of the non-economic general partner interest and an approximate 39% limited partner interest in Kinetik Holdings LP, a Delaware limited partnership (the “Partnership”). As the owner of the non-economic general partner interest in the Partnership, the Company is responsible for all operational, management and administrative decisions related to, and consolidates the results of, the Partnership and its 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 U.S. 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 the current year’s 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 2023 Annual Report on Form 10-K. All intercompany balances and transactions have been eliminated in consolidation. 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 on Form 10-K. There were no significant updates or revisions to our accounting policies during the three months ended March 31, 2024. Transactions with related parties The Company has revenue contracts and incurs cost of sales and operating expenses with Apache Midstream LLC (“Apache”), which owned more than 5% of the Company’s common stock prior to its secondary offerings completed in December 2023 and March 2024. Pursuant to FASB ASC 850, Related Party Transactions, Apache was no longer a related party after the completion of its secondary offering in December 2023 as its owned less than 10% of the Company’s common stock. Pursuant to Regulation S-K, Item 404(a), Apache ceased to be a related party as of March 18, 2024 as it no longer owned any of the Company’s common stock. In 2024, for the period ended March 18, 2024, revenue from Apache was $17.2 million, cost of sales was $9.4 million and operating expenses were $0.2 million. In 2023, for the three months ended March 31, 2023, revenue from Apache was $25.8 million, cost of sales was $17.8 million and operating expenses were $0.3 million. In addition, the Company incurs cost of sales with two of its equity method investment (“EMI”) pipeline entities, Permian Highway Pipeline LLC (“PHP”) and Breviloba, LLC (“Breviloba”). The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on the Shin Oak NGL Pipeline (“Shin Oak”). For each of the three months ended March 31, 2024 and 2023, the Company recorded cost of sales of $13.9 million and $1.9 million, respectively, with these affiliates.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS As of March 31, 2024, our allocation of purchase price for acquisitions made during 2023 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 $ — $ — $ — (a) Consideration includes $65 million paid for certain midstream assets and the $60 million paid related to the incentive and acceleration agreement. Midstream Infrastructure Assets In the first quarter of 2023, the Partnership closed on a purchase and sale agreement for certain midstream assets for $65.0 million together with a new 20-year midstream service agreement. Midstream assets acquired consisted of water gathering and disposal assets and intangible right-of-way assets. As the net book value of the acquired assets were approximate to their fair market value, consideration was allocated to property, plant and equipment and intangibles based on the ratio of historical long-lived assets and intangible assets acquired. In addition, the Partnership entered into an incentive and acceleration agreement related to near term supplemental development activities on acreage dedicated for midstream services to affiliates of the Partnership. Such development activities began in October 2023 and are subject to semi-annual performance milestones and subject to refund with consequential monetary penalty if not satisfied. Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition. These transactions were accounted for as a business combination in accordance with ASC 805, and the measurement period ended on December 31, 2023. Acquisition-related costs were immaterial for this transaction. Acquired net assets from this business combination were included in the Midstream Logistic segment.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (In thousands) Gathering and processing services $ 102,195 $ 103,425 Natural gas, NGLs and condensate sales 236,567 173,824 Other revenue 2,632 3,791 Total revenues $ 341,394 $ 281,040 There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2024. The Company recognized revenues from MVC deficiency payments of nil and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. Remaining Performance Obligations The following table presents our estimated revenue from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenues as of March 31, 2024: Amount Fiscal Year (In thousands) Remaining of 2024 $ 44,181 2025 69,099 2026 64,789 2027 64,105 2028 63,012 Thereafter 203,692 $ 508,878 Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs. Contract Liabilities The following table provides information about contract liabilities from contracts with customers as of March 31, 2024: Amount (In thousands) Balance at December 31, 2023 $ 32,238 Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied (1,614) Cash received in advance and not recognized as revenue 514 Balance at March 31, 2024 31,138 Less: Current portion 6,301 Non-current portion $ 24,837 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 or additional contract dedicated acreage or volumes that would not have been incurred if the contract or associated acreage and volumes had not been obtained. As of March 31, 2024 and December 31, 2023, the Company had contract acquisition cost assets of $69.5 million and $71.2 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 $1.7 million for the three months ended March 31, 2024 and 2023, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: March 31, December 31, 2024 2023 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,300,290 $ 3,253,539 Vehicles 12,642 11,447 Computers and equipment 7,324 6,242 Less: accumulated depreciation (666,838) (626,223) Total depreciable assets, net 2,653,418 2,645,005 Construction in progress 68,816 74,369 Land 25,249 23,853 Total property, plant, and equipment, net $ 2,747,483 $ 2,743,227

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET Intangible assets, net, are comprised of the following: March 31, December 31, 2024 2023 (In thousands) Customer contracts $ 1,139,633 $ 1,139,665 Right of way assets 143,653 141,711 Less accumulated amortization (720,449) (689,706) Total amortizable intangible assets, net $ 562,837 $ 591,670 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 ranged from one On March 31, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 6.81 years and 6.45 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of March 31, 2024 was approximately 6.76 years. The Company recorded $30.7 million and $30.5 million of amortization expense for the three months ended March 31, 2024 and 2023, respectively. There was no impairment recognized on intangible assets for the three months ended March 31, 2024 or 2023.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS As of March 31, 2024, 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: March 31, December 31, Ownership (1) 2024 2023 (In thousands) PHP 55.5% $ 1,654,920 $ 1,666,254 Breviloba 33.0% 440,869 443,684 Gulf Coast Express Pipeline LLC (“GCX”) 16.0% 430,489 431,051 $ 2,526,278 $ 2,540,989 (1) As of March 31, 2024 the Company also owned 15.0% of Epic Crude Holdings, LP (“EPIC”). The unamortized basis differences included in the EMI pipeline balances were $345.9 million and $349.3 million as of March 31, 2024 and December 31, 2023, 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, which ranged from 20 years to 32 years as determined at the Closing of the ALTM business combination. There was capitalized interest of $24.5 million and $24.7 million as of March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024: Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2023 $ 1,666,254 $ 443,684 $ 431,051 $ 2,540,989 Contributions 3,273 — — 3,273 Distributions (1) (58,375) (10,485) (9,593) (78,453) Equity income, net (2) 43,768 7,670 9,031 60,469 Balance at March 31, 2024 $ 1,654,920 $ 440,869 $ 430,489 $ 2,526,278 (1) Distributions consisted of distributions from returns on investment of $77.2 million, which was included in cash flows from operating activities and distributions from returns of investment of $1.2 million, which was included in cash flows from investing activities. (2) For the three months ended March 31, 2024, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC and $1.6 million from GCX. Summarized Financial Information The following table represents selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 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 $ 126,215 $ 50,958 $ 91,001 $ 92,840 $ 45,901 $ 89,748 Operating income 80,567 25,420 66,580 56,805 21,949 65,216 Net income 80,159 25,552 66,429 59,691 22,211 71,091

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS The following table summarizes the Company’s debt obligations as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Unsecured term loan $ 1,200,000 $ 1,200,000 $1.00 billion 2030 senior unsecured notes 1,000,000 1,000,000 $0.80 billion 2028 senior unsecured notes 800,000 800,000 $1.25 billion revolving line of credit 547,000 594,000 Total long-term debt 3,547,000 3,594,000 Debt issuance costs, net (1) (30,241) (31,510) Unamortized debt premiums and discounts, net 356 319 Total long-term debt, net $ 3,517,115 $ 3,562,809 (1) Excludes unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.0 million and $5.4 million as of March 31, 2024 and December 31, 2023, 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 2024 2023 (In thousands) Capitalized interest $ (944) $ (2,233) Debt issuance costs 1,699 1,521 Interest expense 46,712 70,020 Total financing costs, net of capitalized interest $ 47,467 $ 69,308 As of March 31, 2024 and December 31, 2023, unamortized debt issuance costs associated with the 5.875% Sustainability-Linked Senior Notes due 2030 (the “2030 Notes”), the 6.625% Sustainability-Linked Senior Notes due 2028 (the “2028 Notes”) and the unsecured term loan were $30.2 million and $31.5 million, respectively, and unamortized debt premiums and discount, net, associated with the 2028 Notes and the unsecured term loan were $0.4 million and $0.3 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 (the “Term Loan Credit Facility”), contain customary covenants and restrictive provisions which may, among other things, limit the Partnership’s ability to create liens, incur additional indebtedness and make restricted payments and the Partnership’s ability to liquidate, dissolve, consolidate with or merge into or with any other person. The 2030 Notes and the 2028 Notes 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. As of March 31, 2024, the Partnership was in compliance with all customary and financial covenants. Letters of Credit Our $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) scheduled to mature on or before June 8, 2027 can be used for letters of credit. Our obligations with respect to related letters of credit totaled $12.6 million as of March 31, 2024 and December 31, 2023, respectively. Fair Value of Financial Instruments The fair value of the Company and its subsidiaries’ consolidated debt as of March 31, 2024 and December 31, 2023 was $3.53 billion and $3.57 billion, respectively. On March 31, 2024, the senior unsecured notes’ fair value was based on Level 1 inputs and the Term Loan and Revolving Credit Facility and revolving line of credit’s fair value was based on Level 3 inputs.

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES The following table provides detail of the Company’s current accrued expenses on March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Accrued product purchases $ 100,087 $ 109,172 Accrued taxes 6,528 632 Accrued salaries, vacation, and related benefits 3,848 1,872 Accrued capital expenditures 8,371 18,534 Accrued interest 35,746 33,760 Accrued other expenses 15,495 13,451 Total accrued expenses $ 170,075 $ 177,421 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 March 31, 2024.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Redeemable Noncontrolling Interest — Common Unit Limited Partners The redemption option of the Common Unit is not legally detachable or separately exercisable from the instrument and is non-transferable; 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 three months ended March 31, 2024, 146,250 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 93.9 million Common Units and an equal number of Class C Common Stock issued and outstanding as of March 31, 2024. The Common Units fair value was approximately $3.62 billion as of March 31, 2024. Common Stock As of March 31, 2024, there were 59.7 million and 93.9 million shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”). Share Repurchase Program During the quarter ended March 31, 2024, the Company did not repurchase any of its Class A Common Stock under the Repurchase Program. Dividend On February 22, 2022, the Company entered into a Dividend and Distribution Reinvestment Agreement (the “Reinvestment Agreement”) with certain stockholders including BCP Raptor Aggregator, LP, BX Permian Pipeline Aggregator, LP, Buzzard Midstream LLC, APA Corporation, Apache, and certain individuals (each, a “Reinvestment Holder”). Under the Reinvestment Agreement, each Reinvestment Holder was obligated to reinvest a specified percent of distributions on Common Units or dividends on shares of Class A Common Stock in the Company’s Class A Common Stock. The Reinvestment Agreement terminated automatically on March 8, 2024. As described in these Condensed Consolidated Financial Statements, as the context requires, dividends paid to holders of Class A Common Stock and distributions paid to holders of Common Units may be referred to collectively as “dividends.”

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 1,716 $ — $ 1,716 Interest rate derivatives — 8,682 — 8,682 Total assets $ — $ 10,398 $ — $ 10,398 Commodity swaps $ — $ 14,889 $ — $ 14,889 Interest rate derivatives — 340 — 340 Total liabilities $ — $ 15,229 $ — $ 15,229 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 3,663 $ — $ 3,663 Interest rate derivatives — 4,314 — 4,314 Total assets $ — $ 7,977 $ — $ 7,977 Commodity swaps $ — $ 1,749 $ — $ 1,749 Interest rate derivatives — 5,348 — 5,348 Total liabilities $ — $ 7,097 $ — $ 7,097 Our derivative contracts consist of interest rate swaps and commodity swaps or collars. Valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 11—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to commodity and interest rate derivatives. Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Financial Statements for further information. 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 three months ended March 31, 2024 and 2023.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. 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. As of March 31, 2024, the Company had two interest rate swap contracts with total notional amounts of $1.70 billion maturing on May 31, 2025 that pay a fixed rate ranging from 4.38% to 4.48% 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. The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts: March 31, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 8,682 $ 4,314 Total derivative assets $ 8,682 $ 4,314 Derivatives liabilities - noncurrent $ 340 $ 5,348 Total derivative liabilities $ 340 $ 5,348 The Company recorded cash settlements and change in fair value of the interest rate swap contracts in “Interest expense” of the Condensed Consolidated Statements of Operations. The following table presents interest rate derivative activities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Cash settlements $ 3,952 $ — Favorable (unfavorable) fair value adjustment $ 13,329 $ (17,190) Commodity Price Risk The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs. A portion of the Company’s revenue is directly tied to local natural gas, natural gas liquids and condensate prices in the Permian Basin and the U.S. Gulf Coast. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. Management regularly reviews the Company’s potential exposure to commodity price risk and manages exposure of such risk through commodity hedge contracts. During the past twelve months, the Company entered into multiple commodity swap and collar contracts based on the OPIS NGL Mont Belvieu prices for ethane, propane and butane, the Waha Basis index, the HSC index and the NYMEX West Texas Intermediate Control 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 contracts are effective over the next 1 to 26 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 following table presents detailed information of commodity swaps outstanding as of March 31, 2024 (in thousands, except volumes): March 31, 2024 Commodity Unit Volume Net Fair Value Natural Gas MMBtus 6,225,000 $ (4,224) NGL Gallons 191,058,000 (2,078) Crude Bbl 201,500 (1,023) Crude Collars Bbl 73,200 (376) Crude Basis Spread Swaps Bbl 95,600 (36) Natural Gas Basis Spread Swaps MMBtus 27,565,000 (5,436) $ (13,173) The fair value or settlement value of the swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets. The following table presents the fair value of derivative assets and liabilities related to commodity swaps: March 31, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 1,582 $ 3,498 Derivative assets - noncurrent 134 165 Total derivative assets $ 1,716 $ 3,663 Derivative liabilities - current $ 14,811 $ 1,734 Derivatives liabilities - noncurrent 78 15 Total derivative liabilities $ 14,889 $ 1,749 The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” of the Consolidated Statements of Operations. The following table presents commodity derivative activities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Cash settlements $ (198) $ 974 (Unfavorable) favorable fair value adjustment $ (15,286) $ 5,420

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company has granted various Class A and Class C Shares, restricted stock units (“RSUs”) and performance stock units (“PSUs”) to members of the Board of Directors ( the “Board”) and employees under the Kinetik Holdings Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”). Class A Shares and Class C Shares The Class A Shares and Class C Shares were granted at the Closing of the Altus Midstream Company (“ALTM”) business combination upon conversion of previously outstanding incentive units. These shares were held in escrow and will vest over three , C ompensation - Stock Compensation . Forfeitures are recognized as they occur. In addition, upon the Closing of the ALTM business combination, 395,416 performance Class A awards were granted that will vest over a four year service period and upon certain shareholder’s selling of the Company’s Class A Common Stock at defined return levels. As the performance outcome is not estimable, no compensation expense is recorded for these performance awards for the three months ended March 31, 2024 and 2023. The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2024: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Outstanding and unvested shares at December 31, 2023 5,444,488 $ 28.91 Vested 16,404 31.18 Forfeited 796 31.18 Outstanding and unvested shares at March 31, 2024 5,427,288 $ 28.90 Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Aggregate intrinsic value of vested Class A Shares $ 654 $ — Grant-date fair value of vested Class A Shares $ 511 $ — No vesting or forfeiture occurred for Class C Shares for the three months ended March 31, 2024. No vesting or forfeiture occurred for Class A or Class C Shares for the three months ended March 31, 2023. As of March 31, 2024, there were $61.6 million of unrecognized compensation costs related to unvested Class A Shares and Class C Shares. These costs are expected to be recognized over a weighted average period of 1.55 years. Restricted Stock Units Certain RSUs were granted in the first quarter of 2024 to certain executives and employees under the 2019 Plan. Granted RSUs are subject to various service vesting requirements and may be settled only for shares of Class A Common Stock on a one-for-one basis contingent upon continued employment. RSUs are recorded at grant-date fair value and compensation expense is recognized on a straight‑line or graded straight-line basis over the vesting period within “General and Administrative Expenses.” The table below summarizes RSU activities for the three months ended March 31, 2024: Number of Shares (1) Weighted Avg Grant-Date Fair Market Value Per Unit (1) Outstanding and unvested shares at December 31, 2023 435,220 $ 31.15 Granted 585,340 35.17 Vested 290,708 34.24 Forfeited 4,039 32.44 Outstanding and unvested shares at March 31, 2024 725,813 $ 33.30 (1) Number of shares and weighted average fair market value per share here include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards. Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Aggregate intrinsic value of vested RSUs $ 10,148 $ 6,700 Grant-date fair value of vested RSUs $ 9,954 $ 6,188 As of March 31, 2024, there were $18.5 million of unrecognized compensation costs related to the RSUs. These costs are expected to be recognized over a weighted average period of 2.03 years. Performance Stock Units The Company granted PSUs pursuant to the 2019 Plan to certain of its employees and executives in the first quarter of 2024. These PSUs vest and become earned upon the achievement of certain performance goals based on the Company’s annualized absolute total stockholder return and the Company’s relative total stockholder return as compared to the performance peer group during the performance period, if the PSUs holders also satisfy the continued employment requirement during the performance period. Depending on the results achieved during the three-year performance period, the actual number of Class A Common Stock that a holder of the PSUs earns at the end of the performance period may range from 0% to 200% of the target number of PSUs granted. The fair value of the PSUs is determined using a Monte Carlo simulation at the grant date. The Company recognized compensation expense for PSUs on a straight-line basis over the performance period. Any PSU not earned at the end of the performance period will be forfeited. The table below summarizes PSU activities for the three months ended March 31, 2024: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Granted in 2024 198,703 $ 36.76 Outstanding and unvested shares at March 31, 2024 198,703 $ 36.76 No vesting or forfeiture occurred for PSUs for the three months ended March 31, 2024. The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on grant date: March 2024 Grant-date fair value per unit $36.76 Beginning average price $32.84 Risk-free interest rate 4.21% Volatility factor 37% Expected term 2.82 years As of March 31, 2024, there were $7.1 million of unrecognized compensation costs related to the PSUs. These costs are expected to be recognized over a weighted average period of 2.75 years. With respect to above Class A Shares, Class C Shares, RSUs and PSUs, the Company recorded compensation expenses of $22.6 million and $17.5 million for the three months ended March 31, 2024 and 2023, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to U.S. federal income tax and state taxes. Income tax expense included in the condensed consolidated financial statements in this Quarterly Report on Form 10-Q is as follows: Three Months Ended 2024 2023 (In thousands) Income before income taxes $ 39,194 $ 4,715 Income tax expense $ 3,787 $ 416 Effective tax rate 9.66 % 8.82 % The effective tax rate for the three months ended March 31, 2024 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Unit limited partners.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 11,550 $ 1,436 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,394) (4,156) Total net income attributable to Class A common shareholders $ 7,156 $ (2,720) Weighted average shares outstanding - basic (2) 57,869 47,612 Dilutive effect of unvested Class A common shares (3) 523 213 Weighted average shares outstanding - diluted (2)(4) 58,392 47,825 Net income available per common share - basic $ 0.12 $ (0.06) Net income available per common share - diluted $ 0.12 $ (0.06) (1) Represents dividends paid to unvested Class A Shares. (2) Weighted average Class A common shares have been retrospectively restated due to bonus effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding. (3) Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, there were no accruals for loss contingencies. Litigation The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with FASB 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. There were no litigation related accrued reserves as of March 31, 2024 and December 31, 2023. The Company has entered into litigation with a third party to collect receivables totaling $11.6 million and is waiting on settlement of $8.0 million in receivables from another counterparty related to prior litigation the Company had previously entered into and subsequently dropped. These receivables 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 The Company is subject to various local, state, and federal laws and regulations relating to various environmental matters during the ordinary course of business. Although we believe our operations are in substantial compliance with applicable environmental laws and relations, risks of additional costs and liabilities are inherent in our operations. Moreover, changes in environmental laws and regulations occur frequently, and any changes that result in more stringent or costly requirements could require the Company to make significant expenditures to attain and maintain compliance or may otherwise have a material adverse effect on its operations, competitive position, or financial condition. The Company is not aware of any environmental claims existing as of March 31, 2024, 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

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2024
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 CODM to make key operating decisions, assess performance and allocate resources. These segments represent 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 U.S. Gulf Coast, as well as Kinetik NGL and Delaware Link Pipelines. The current operating pipelines transport crude oil, natural gas and NGLs. Our Chief Executive Officer, who is the CODM, uses Segment Adjusted EBITDA, a non-GAAP measure, to measure profitability and allocate resources among segments. Segment Adjusted EBITDA, a non-GAAP measure, is defined as segment net earnings adjusted to exclude interest expense, income tax expense, depreciation and amortization, the proportionate effect of these same items for our EMI pipelines and other non-recurring items. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The Midstream Logistics segment accounts for more than 99% of the Company’s operating revenues, cost of sales (excluding depreciation and amortization), and operating expenses and more than 93% of the ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments, which contribute approximate 92% of the segment’s Adjusted EBITDA. Corporate and Other contains the Company’s executive and administrative functions, including 86% 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 non-GAAP measure Segment Adjusted EBITDA to the GAAP measure segment income (loss) before income taxes as of and for the three months period ended March 31, 2024 and 2023: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended March 31, 2024 Segment income (loss) before income taxes $ 50,173 $ 65,298 $ (76,277) $ 39,194 Add back: Interest expense 16 — 47,451 47,467 Depreciation and amortization 71,310 2,290 6 73,606 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 88,402 — 88,402 Share-based compensation — — 22,561 22,561 Loss on disposal of assets 4,166 — — 4,166 Commodity hedging unrealized loss 15,088 — — 15,088 Integration costs 41 — — 41 Other one-time costs or amortization 536 — 1,889 2,425 Deduct: Interest income — — 577 577 Equity income from unconsolidated affiliates — 60,469 — 60,469 Segment Adjusted EBITDA (2) $ 142,985 $ 95,521 $ (4,947) $ 233,559 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended March 31, 2023 Segment income (loss) before income taxes $ 51,012 $ 46,432 $ (92,729) $ 4,715 Add back: Interest expense 9 — 69,299 69,308 Depreciation and amortization 68,393 455 6 68,854 Contract assets amortization 1,655 — — 1,655 Commodity hedging unrealized gain (4,987) — — (4,987) Proportionate EMI EBITDA — 71,867 — 71,867 Share-based compensation — — 17,540 17,540 Loss on disposal of assets 102 — — 102 Integration costs 7 — 918 925 Acquisition transaction costs 33 — 235 268 Other one-time costs or amortization 3,025 — 723 3,748 Deduct: Warrant valuation adjustment — — 44 44 Equity income from unconsolidated affiliates — 46,464 — 46,464 Segment Adjusted EBITDA (2) $ 119,249 $ 72,290 $ (4,052) $ 187,487 (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. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss. (2) Segment 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” in this Quarterly Report on Form 10-Q, for a definition of segment adjusted EBITDA. The following tables present the revenue for the individual operating segments for the three month periods ended March 31, 2024 and 2023: Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended March 31, 2024 Revenue $ 336,688 $ 2,074 $ — $ 338,762 Other revenue 2,630 2 — 2,632 Intersegment revenue (1) — 6,215 (6,215) — Total segment operating revenue $ 339,318 $ 8,291 $ (6,215) $ 341,394 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended March 31, 2023 Revenue $ 276,555 $ 694 $ 277,249 Other revenue 3,789 2 3,791 Total segment operating revenue $ 280,344 $ 696 $ 281,040 (1) The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. The following table presents total assets for each operating segment as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Midstream Logistics $ 3,734,578 $ 3,772,764 Pipeline Transportation (1) 2,686,670 2,703,588 Segment total assets 6,421,248 6,476,352 Corporate and other 26,336 20,521 Total assets $ 6,447,584 $ 6,496,873 (1)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 9, 2024, the Company entered into a Membership Interest Purchase Agreement (the “Durango MIPA”) with Durango Midstream LLC, an affiliate of Morgan Stanley Energy Partners (the “Durango Seller”), and the Partnership, pursuant to which the Partnership has agreed to purchase all of the membership interests of Durango Permian, LLC (“Durango”) from Durango Seller for an aggregate purchase price of approximately $765.0 million (the “Durango Acquisition”), consisting of $315.0 million of cash to be paid at closing, approximately 3.8 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued at closing and approximately 7.7 million common units in the Partnership and an equivalent number of shares of Class C Common Stock to be issued on July 1, 2025. Durango Seller is also entitled to a $75.0 million earn out in cash contingent upon the Kings Landing gas processing complex in Eddy County, New Mexico (the “Kings Landing Project”), which is currently under construction, being placed into service (the “Kings Landing Earnout”). The Kings Landing Earnout is subject to certain adjustments for capital costs associated with the Kings Landing Project. The Durango Acquisition is expected to close in the second quarter of 2024, subject to satisfaction of customary closing conditions, including regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”). Also on May 9, 2024, the Company entered into a Purchase and Sale Agreement (the “GCX Purchase Agreement”) with GCX Pipeline, LLC, an affiliate of ArcLight Capital Partners, LLC (the “GCX Buyer”), pursuant to which the Company has agreed to sell its 16% membership interest in GCX to the GCX Buyer for a total purchase price of $540.0 million, consisting of $510.0 million of cash (subject to customary adjustments) and an additional $30.0 million earn out in cash upon final investment decision on a capacity expansion project. The transactions pursuant to the GCX Purchase Agreement are expected to close in the second quarter of 2024, subject to customary closing conditions. On April 18, 2024, 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 April 29, 2024 on May 9, 2024. 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 May 9, 2024. On April 2, 2024, Kinetik Receivables LLC (“Kinetik Receivables”), a bankruptcy remote special purpose entity formed as a direct subsidiary of the Partnership, which is a subsidiary of the Company, entered into an accounts receivable securitization facility with an initial facility limit of $150.0 million (“A/R Facility”) which has a scheduled termination date of April 1, 2025 with renewal options. Pursuant to the terms of the A/R Facility, Kinetik Receivables acquires certain receivables from the Partnership and other subsidiaries of the Company and makes further sales of such receivables to certain purchasers. The net proceeds of the A/R Facility were used, together with cash on hand, to repay a portion of the outstanding borrowings under the existing Term Loan Credit Facility, lowering the remaining balance to $1.00 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Segment adjusted EBITDA	$ 233,559	$ 187,487

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Transactions with related parties	Transactions with related parties
Business Combination	Consideration for the incentive and acceleration agreement of $60.0 million was capitalized as a contract asset in accordance with ASC 606, of which $4.7 million was included in “Prepaid and Other Current Assets” and $55.3 million was included in “Deferred Charges and Other Assets” in the Condensed Consolidated Balance Sheet as of the date of acquisition.
Revenue Recognition	Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, of the Condensed Consolidated Balance Sheets. 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.
Commitments and Contingencies	Accruals for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with FASB ASC 450, Contingencies
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.
Debt and Financing Cost	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.
Equity Method Interests	Unamortized basis differences will be amortized into equity income over the useful lives of the underlying pipeline assets, which ranged from 20 years to 32 years as determined at the Closing of the ALTM business combination. Capitalized interest is amortized on a straight-line basis into equity income.
Fair Value Measurements	As such derivative contracts are classified as Level 2 in the hierarchy.
Derivatives	The fair value or settlement value of the consolidated interest rate swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets.The Company recorded cash settlements and change in fair value of the interest rate swap contracts in “Interest expense” of the Condensed Consolidated Statements of Operations.The fair value or settlement value of the swaps outstanding are presented on a gross basis on the Condensed Consolidated Balance Sheets.The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” of the Consolidated Statements of Operations.
Share-Based Payment Compensation	These shares were held in escrow and will vest over three , C ompensation - Stock Compensation

Compensation Related Costs, Sha

Compensation Related Costs, Share Based Payments (Policies)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Compensation	These shares were held in escrow and will vest over three , C ompensation - Stock Compensation

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	As of March 31, 2024, our allocation of purchase price for acquisitions made during 2023 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 $ — $ — $ — (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)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents a disaggregation of the Company’s revenue: Three Months Ended March 31, 2024 2023 (In thousands) Gathering and processing services $ 102,195 $ 103,425 Natural gas, NGLs and condensate sales 236,567 173,824 Other revenue 2,632 3,791 Total revenues $ 341,394 $ 281,040
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 have not yet been recognized, representing our contractually committed revenues as of March 31, 2024: Amount Fiscal Year (In thousands) Remaining of 2024 $ 44,181 2025 69,099 2026 64,789 2027 64,105 2028 63,012 Thereafter 203,692 $ 508,878
Schedule of Contract with Customer, Contract Liability	The following table provides information about contract liabilities from contracts with customers as of March 31, 2024: Amount (In thousands) Balance at December 31, 2023 $ 32,238 Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied (1,614) Cash received in advance and not recognized as revenue 514 Balance at March 31, 2024 31,138 Less: Current portion 6,301 Non-current portion $ 24,837

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, at carrying value, is as follows: March 31, December 31, 2024 2023 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,300,290 $ 3,253,539 Vehicles 12,642 11,447 Computers and equipment 7,324 6,242 Less: accumulated depreciation (666,838) (626,223) Total depreciable assets, net 2,653,418 2,645,005 Construction in progress 68,816 74,369 Land 25,249 23,853 Total property, plant, and equipment, net $ 2,747,483 $ 2,743,227

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, are comprised of the following: March 31, December 31, 2024 2023 (In thousands) Customer contracts $ 1,139,633 $ 1,139,665 Right of way assets 143,653 141,711 Less accumulated amortization (720,449) (689,706) Total amortizable intangible assets, net $ 562,837 $ 591,670

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of March 31, 2024, 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: March 31, December 31, Ownership (1) 2024 2023 (In thousands) PHP 55.5% $ 1,654,920 $ 1,666,254 Breviloba 33.0% 440,869 443,684 Gulf Coast Express Pipeline LLC (“GCX”) 16.0% 430,489 431,051 $ 2,526,278 $ 2,540,989 (1) As of March 31, 2024 the Company also owned 15.0% of Epic Crude Holdings, LP (“EPIC”). The following table presents the activity in the Company’s EMIs for the three months ended March 31, 2024: Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2023 $ 1,666,254 $ 443,684 $ 431,051 $ 2,540,989 Contributions 3,273 — — 3,273 Distributions (1) (58,375) (10,485) (9,593) (78,453) Equity income, net (2) 43,768 7,670 9,031 60,469 Balance at March 31, 2024 $ 1,654,920 $ 440,869 $ 430,489 $ 2,526,278 (1) Distributions consisted of distributions from returns on investment of $77.2 million, which was included in cash flows from operating activities and distributions from returns of investment of $1.2 million, which was included in cash flows from investing activities. (2) For the three months ended March 31, 2024, net of amortization of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $2.0 million from PHP, $0.2 million from Breviloba, LLC and $1.6 million from GCX.
Schedule of Equity Method Investment, Summarized Financial Information	The following table represents selected data for the Company’s EMI pipelines (on a 100 percent basis) for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 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 $ 126,215 $ 50,958 $ 91,001 $ 92,840 $ 45,901 $ 89,748 Operating income 80,567 25,420 66,580 56,805 21,949 65,216 Net income 80,159 25,552 66,429 59,691 22,211 71,091

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes the Company’s debt obligations as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Unsecured term loan $ 1,200,000 $ 1,200,000 $1.00 billion 2030 senior unsecured notes 1,000,000 1,000,000 $0.80 billion 2028 senior unsecured notes 800,000 800,000 $1.25 billion revolving line of credit 547,000 594,000 Total long-term debt 3,547,000 3,594,000 Debt issuance costs, net (1) (30,241) (31,510) Unamortized debt premiums and discounts, net 356 319 Total long-term debt, net $ 3,517,115 $ 3,562,809 (1) Excludes unamortized debt issuance cost related to the revolving line of credit. Unamortized debt issuance cost associated with the revolving line of credit was $5.0 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively. The current and non-current portion of the unamortized debt issuance costs related to the revolving credit facilities were included in the “Prepaid and other current assets” and the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
Schedule of Financing Costs, Net	The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended 2024 2023 (In thousands) Capitalized interest $ (944) $ (2,233) Debt issuance costs 1,699 1,521 Interest expense 46,712 70,020 Total financing costs, net of capitalized interest $ 47,467 $ 69,308

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Components of Accrued Expenses	The following table provides detail of the Company’s current accrued expenses on March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Accrued product purchases $ 100,087 $ 109,172 Accrued taxes 6,528 632 Accrued salaries, vacation, and related benefits 3,848 1,872 Accrued capital expenditures 8,371 18,534 Accrued interest 35,746 33,760 Accrued other expenses 15,495 13,451 Total accrued expenses $ 170,075 $ 177,421

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 1,716 $ — $ 1,716 Interest rate derivatives — 8,682 — 8,682 Total assets $ — $ 10,398 $ — $ 10,398 Commodity swaps $ — $ 14,889 $ — $ 14,889 Interest rate derivatives — 340 — 340 Total liabilities $ — $ 15,229 $ — $ 15,229 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 3,663 $ — $ 3,663 Interest rate derivatives — 4,314 — 4,314 Total assets $ — $ 7,977 $ — $ 7,977 Commodity swaps $ — $ 1,749 $ — $ 1,749 Interest rate derivatives — 5,348 — 5,348 Total liabilities $ — $ 7,097 $ — $ 7,097

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts: March 31, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 8,682 $ 4,314 Total derivative assets $ 8,682 $ 4,314 Derivatives liabilities - noncurrent $ 340 $ 5,348 Total derivative liabilities $ 340 $ 5,348 Three Months Ended March 31, 2024 2023 (In thousands) Cash settlements $ 3,952 $ — Favorable (unfavorable) fair value adjustment $ 13,329 $ (17,190) March 31, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 1,582 $ 3,498 Derivative assets - noncurrent 134 165 Total derivative assets $ 1,716 $ 3,663 Derivative liabilities - current $ 14,811 $ 1,734 Derivatives liabilities - noncurrent 78 15 Total derivative liabilities $ 14,889 $ 1,749 Three Months Ended March 31, 2024 2023 (In thousands) Cash settlements $ (198) $ 974 (Unfavorable) favorable fair value adjustment $ (15,286) $ 5,420
Schedule of Detail Information of Commodity Swaps Outstanding	The following table presents detailed information of commodity swaps outstanding as of March 31, 2024 (in thousands, except volumes): March 31, 2024 Commodity Unit Volume Net Fair Value Natural Gas MMBtus 6,225,000 $ (4,224) NGL Gallons 191,058,000 (2,078) Crude Bbl 201,500 (1,023) Crude Collars Bbl 73,200 (376) Crude Basis Spread Swaps Bbl 95,600 (36) Natural Gas Basis Spread Swaps MMBtus 27,565,000 (5,436) $ (13,173)

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2024: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Outstanding and unvested shares at December 31, 2023 5,444,488 $ 28.91 Vested 16,404 31.18 Forfeited 796 31.18 Outstanding and unvested shares at March 31, 2024 5,427,288 $ 28.90
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options Than Options, Grants in Period, Grant Date Intrinsic Value	Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Aggregate intrinsic value of vested Class A Shares $ 654 $ — Grant-date fair value of vested Class A Shares $ 511 $ —
Schedule of Nonvested Restricted Stock Shares Activity	The table below summarizes RSU activities for the three months ended March 31, 2024: Number of Shares (1) Weighted Avg Grant-Date Fair Market Value Per Unit (1) Outstanding and unvested shares at December 31, 2023 435,220 $ 31.15 Granted 585,340 35.17 Vested 290,708 34.24 Forfeited 4,039 32.44 Outstanding and unvested shares at March 31, 2024 725,813 $ 33.30 (1) Number of shares and weighted average fair market value per share here include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards.
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	Table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (In thousands) Aggregate intrinsic value of vested RSUs $ 10,148 $ 6,700 Grant-date fair value of vested RSUs $ 9,954 $ 6,188
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity	The table below summarizes PSU activities for the three months ended March 31, 2024: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Granted in 2024 198,703 $ 36.76 Outstanding and unvested shares at March 31, 2024 198,703 $ 36.76
Schedule of Share-Based Payment Award, Other Than Options, Valuation Assumptions	The table below presents a summary of the grant-date fair value assumptions used to value the PSUs on grant date: March 2024 Grant-date fair value per unit $36.76 Beginning average price $32.84 Risk-free interest rate 4.21% Volatility factor 37% Expected term 2.82 years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Total Income Tax Provision (Benefit)	The Company is subject to U.S. federal income tax and state taxes. Income tax expense included in the condensed consolidated financial statements in this Quarterly Report on Form 10-Q is as follows: Three Months Ended 2024 2023 (In thousands) Income before income taxes $ 39,194 $ 4,715 Income tax expense $ 3,787 $ 416 Effective tax rate 9.66 % 8.82 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of 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 2024 2023 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 11,550 $ 1,436 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,394) (4,156) Total net income attributable to Class A common shareholders $ 7,156 $ (2,720) Weighted average shares outstanding - basic (2) 57,869 47,612 Dilutive effect of unvested Class A common shares (3) 523 213 Weighted average shares outstanding - diluted (2)(4) 58,392 47,825 Net income available per common share - basic $ 0.12 $ (0.06) Net income available per common share - diluted $ 0.12 $ (0.06) (1) Represents dividends paid to unvested Class A Shares. (2) Weighted average Class A common shares have been retrospectively restated due to bonus effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding. (3) Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (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)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present the reconciliation of the non-GAAP measure Segment Adjusted EBITDA to the GAAP measure segment income (loss) before income taxes as of and for the three months period ended March 31, 2024 and 2023: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended March 31, 2024 Segment income (loss) before income taxes $ 50,173 $ 65,298 $ (76,277) $ 39,194 Add back: Interest expense 16 — 47,451 47,467 Depreciation and amortization 71,310 2,290 6 73,606 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 88,402 — 88,402 Share-based compensation — — 22,561 22,561 Loss on disposal of assets 4,166 — — 4,166 Commodity hedging unrealized loss 15,088 — — 15,088 Integration costs 41 — — 41 Other one-time costs or amortization 536 — 1,889 2,425 Deduct: Interest income — — 577 577 Equity income from unconsolidated affiliates — 60,469 — 60,469 Segment Adjusted EBITDA (2) $ 142,985 $ 95,521 $ (4,947) $ 233,559 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended March 31, 2023 Segment income (loss) before income taxes $ 51,012 $ 46,432 $ (92,729) $ 4,715 Add back: Interest expense 9 — 69,299 69,308 Depreciation and amortization 68,393 455 6 68,854 Contract assets amortization 1,655 — — 1,655 Commodity hedging unrealized gain (4,987) — — (4,987) Proportionate EMI EBITDA — 71,867 — 71,867 Share-based compensation — — 17,540 17,540 Loss on disposal of assets 102 — — 102 Integration costs 7 — 918 925 Acquisition transaction costs 33 — 235 268 Other one-time costs or amortization 3,025 — 723 3,748 Deduct: Warrant valuation adjustment — — 44 44 Equity income from unconsolidated affiliates — 46,464 — 46,464 Segment Adjusted EBITDA (2) $ 119,249 $ 72,290 $ (4,052) $ 187,487 (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. Items included here to reconcile operating segments profit and loss with the Company’s consolidated profit and loss. (2) Segment 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” in this Quarterly Report on Form 10-Q, for a definition of segment adjusted EBITDA. The following tables present the revenue for the individual operating segments for the three month periods ended March 31, 2024 and 2023: Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended March 31, 2024 Revenue $ 336,688 $ 2,074 $ — $ 338,762 Other revenue 2,630 2 — 2,632 Intersegment revenue (1) — 6,215 (6,215) — Total segment operating revenue $ 339,318 $ 8,291 $ (6,215) $ 341,394 Midstream Logistics Pipeline Transportation Consolidated (In thousands) For the Three Months Ended March 31, 2023 Revenue $ 276,555 $ 694 $ 277,249 Other revenue 3,789 2 3,791 Total segment operating revenue $ 280,344 $ 696 $ 281,040 (1) The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. The following table presents total assets for each operating segment as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In thousands) Midstream Logistics $ 3,734,578 $ 3,772,764 Pipeline Transportation (1) 2,686,670 2,703,588 Segment total assets 6,421,248 6,476,352 Corporate and other 26,336 20,521 Total assets $ 6,447,584 $ 6,496,873 (1) Includes investment in unconsolidated affiliates of $2.53 billion and $2.54 billion as of March 31, 2024 and December 31, 2023, respectively.

DESCRIPTION OF THE ORGANIZATI_3

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) entity	Mar. 18, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest in pipeline entities | entity		4
Costs of sales (exclusive of depreciation and amortization)	[1],[2]	$ 153,687		$ 115,877
Highway Pipeline LLC and Breviloba, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Costs of sales (exclusive of depreciation and amortization)		13,900		1,900
Apache Midstream and Titus
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Operating expenses			$ 200	300
Apache | Maximum
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, share outstanding, ownership percentage			0%		10%
Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue		17,200		25,800
Costs of sales (exclusive of depreciation and amortization)		$ 23,300		19,700
Related Party | Apache Midstream and Titus
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue			$ 17,200	25,800
Costs of sales (exclusive of depreciation and amortization)			$ 9,400	$ 17,800
Common Stock | Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		5%
Kinetik Holdings LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partners, ownership interest		39%
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $44.5 million and $30.5 million for the three months ended March 31, 2024 and 2023, respectively, for certain volumes where we act as principal.

BUSINESS COMBINATIONS - Allocat

BUSINESS COMBINATIONS - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 13, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,077	$ 5,077
Midstream Infrastructure Assets and Incentive and Acceleration Agreement
Business Acquisition [Line Items]
Considerations Transferred			$ 125,000
Property Plant & Equipment			61,850
Intangible Assets			3,150
Goodwill			0
Liabilities			0
Noncontrolling Interest			0
Assets acquired	$ 65,000
Incentive and acceleration agreement			60,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Current Assets
Business Acquisition [Line Items]
Current Assets			4,736
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Other Long Term Assets
Business Acquisition [Line Items]
Other Long Term Assets			$ 55,264

BUSINESS COMBINATIONS - Additio

BUSINESS COMBINATIONS - Additional Information (Details) - Midstream Infrastructure Assets and Incentive and Acceleration Agreement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Mar. 13, 2023
Business Acquisition [Line Items]
Assets acquired		$ 65,000
Agreement term	20 years
Incentive and acceleration agreement			$ 60,000
Current Assets
Business Acquisition [Line Items]
Current Assets			4,736
Other Long Term Assets
Business Acquisition [Line Items]
Other long term assets			$ 55,264
Plan
Business Acquisition [Line Items]
Assets acquired	$ 65,000

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	[1]	$ 341,394	$ 281,040
Gathering and processing services
Disaggregation of Revenue [Line Items]
Total operating revenues		102,195	103,425
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total operating revenues		236,567	173,824
Other revenue
Disaggregation of Revenue [Line Items]
Total operating revenues		$ 2,632	$ 3,791
[1] Includes amounts associated with related parties of $17.2 million and $25.8 million for the three months ended March 31, 2024 and 2023, respectively.

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	[1]	$ 341,394,000	$ 281,040,000
Capitalized contract cost		69,500,000		$ 71,200,000
Amortization of contract costs		1,655,000	1,655,000
Minimum Volume Commitments
Disaggregation of Revenue [Line Items]
Total operating revenues		$ 0	$ 1,100,000
[1] Includes amounts associated with related parties of $17.2 million and $25.8 million for the three months ended March 31, 2024 and 2023, respectively.

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 508,878
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 44,181
Expected timing of satisfaction, period	9 months
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	$ 69,099
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	$ 64,789
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	$ 64,105
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	$ 63,012
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 203,692
Expected timing of satisfaction, period

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 32,238
Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied	(1,614)
Cash received in advance and not recognized as revenue	514
Ending balance	31,138
Less: Current portion	6,301
Non-current portion	$ 24,837	$ 25,761

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (666,838,000)		$ (626,223,000)
Total depreciable assets, net	2,653,418,000		2,645,005,000
Total property, plant, and equipment, net	2,747,483,000		2,743,227,000
Depreciation expense	42,900,000	$ 38,400,000
Impairment of long-lived assets	0	$ 0
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,300,290,000		3,253,539,000
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	12,642,000		11,447,000
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	7,324,000		6,242,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	68,816,000		74,369,000
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 25,249,000		$ 23,853,000

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Asset (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (720,449)	$ (689,706)
Total amortizable intangible assets, net	562,837	591,670
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	1,139,633	1,139,665
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	$ 143,653	$ 141,711

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Initial term	10 years
Option to renewal	10 years
Percent of original consideration paid	130%
Remaining weighted average amortization period	6 years 9 months 3 days
Amortization of intangible assets	$ 30,700,000	$ 30,500,000
Impairment of intangible assets	$ 0	$ 0
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years
Remaining weighted average amortization period	6 years 5 months 12 days
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period	6 years 9 months 21 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining term	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining term	20 years

EQUITY METHOD INVESTMENTS - Inf

EQUITY METHOD INVESTMENTS - Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method interests	$ 2,526,278		$ 2,540,989
Difference between carrying amount and underlying equity	345,900		349,300
Capitalized interest	24,500		24,700
Movement In Equity Method Interests [Roll Forward]
Beginning balance	2,540,989
Contributions	3,273
Distributions	(78,453)
Equity income, net	60,469	$ 46,464
Ending balance	2,526,278
Distributions from unconsolidated affiliates	77,213	67,764
Distributions from unconsolidated affiliate	$ 1,240	$ 5,793
Altus Midstream LP | Minimum | Underlying Pipeline
Schedule of Equity Method Investments [Line Items]
Useful life	20 years
Altus Midstream LP | Maximum | Underlying Pipeline
Schedule of Equity Method Investments [Line Items]
Useful life	32 years
PHP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	55.50%
Equity method interests	$ 1,654,920		1,666,254
Movement In Equity Method Interests [Roll Forward]
Beginning balance	1,666,254
Contributions	3,273
Distributions	(58,375)
Equity income, net	43,768
Ending balance	1,654,920
Amortization	$ 2,000
Breviloba
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33%
Equity method interests	$ 440,869		443,684
Movement In Equity Method Interests [Roll Forward]
Beginning balance	443,684
Contributions	0
Distributions	(10,485)
Equity income, net	7,670
Ending balance	440,869
Amortization	$ 200
Gulf Coast Express Pipeline LLC (“GCX”)
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16%
Equity method interests	$ 430,489		$ 431,051
Movement In Equity Method Interests [Roll Forward]
Beginning balance	431,051
Contributions	0
Distributions	(9,593)
Equity income, net	9,031
Ending balance	430,489
Amortization	$ 1,600
Epic Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	15%

EQUITY METHOD INVESTMENTS - Sum

EQUITY METHOD INVESTMENTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Operating income	$ 26,101	$ 27,265
Net income	35,407	4,299
PHP
Schedule of Equity Method Investments [Line Items]
Revenues	126,215	92,840
Operating income	80,567	56,805
Net income	80,159	59,691
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	50,958	45,901
Operating income	25,420	21,949
Net income	25,552	22,211
Gulf Coast Express Pipeline LLC (“GCX”)
Schedule of Equity Method Investments [Line Items]
Revenues	91,001	89,748
Operating income	66,580	65,216
Net income	$ 66,429	$ 71,091

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 3,547,000,000	$ 3,594,000,000
Debt issuance costs, net	(30,241,000)	(31,510,000)
Unamortized debt premiums and discounts, net	356,000	319,000
Total long-term debt, net	3,517,115,000	3,562,809,000
Unamortized debt issuance cost	30,200,000	31,500,000
$1.25 billion revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt	547,000,000	594,000,000
Unamortized debt issuance cost	5,000,000	5,400,000
Term Loan | Unsecured term loan
Debt Instrument [Line Items]
Total long-term debt	1,200,000,000	1,200,000,000
Term Loan | $1.25 billion revolving line of credit
Debt Instrument [Line Items]
Face amount	1,250,000,000
Unsecured Debt | $1.00 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
Unsecured Debt | $0.80 billion 2028 senior unsecured notes
Debt Instrument [Line Items]
Face amount	800,000,000
Total long-term debt	$ 800,000,000	$ 800,000,000

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
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Capitalized interest	$ (944)	$ (2,233)
Debt issuance costs	1,699	1,521
Interest expense	46,712	70,020
Total financing costs, net of capitalized interest	$ 47,467	$ 69,308

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jun. 08, 2022
Debt Instrument [Line Items]
Unamortized debt issuance cost	$ 30,200,000	$ 31,500,000
Unamortized debt premiums and discounts, net	356,000	319,000
Debt, fair value	$ 3,530,000,000	$ 3,570,000,000
Senior Notes | 5.825 % Senior Notes Due 2030
Debt Instrument [Line Items]
Stated percentage	5.875%	5.875%
Senior Notes | 6.625 % Senior Notes Due 2028
Debt Instrument [Line Items]
Stated percentage	6.625%	6.625%
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Debt maximum borrowing capacity			$ 1,250,000,000
Letters of credit outstanding	$ 12,600,000	$ 12,600,000

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued product purchases	$ 100,087	$ 109,172
Accrued taxes	6,528	632
Accrued salaries, vacation, and related benefits	3,848	1,872
Accrued capital expenditures	8,371	18,534
Accrued interest	35,746	33,760
Accrued other expenses	15,495	13,451
Total accrued expenses	$ 170,075	$ 177,421

EQUITY (Details)

EQUITY (Details) $ in Thousands		3 Months Ended
	Mar. 07, 2024 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Redeemable noncontrolling interest — limited partner | $		$ 3,624,670		$ 3,157,807
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)		93,942,788		94,089,038
Common stock, shares outstanding (in shares)		93,942,788		94,089,038
Class C Common Stock | Common Stock
Class of Stock [Line Items]
Stock redeemed (in shares)		146,250
Common stock, shares issued (in shares)		93,900,000
Common stock, shares outstanding (in shares)		93,943,000	94,089,000	94,089,000	94,270,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, redemption ratio		1
Common stock, shares issued (in shares)		59,712,487		57,096,538
Common stock, shares outstanding (in shares)		59,712,487		57,096,538
Class A Common Stock | Public warrants
Class of Stock [Line Items]
Class of warrant or right, purchase ratio for common stock		0.1
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Stock redeemed (in shares)		146,000	181,000
Common stock, shares issued (in shares)		59,700,000
Common stock, shares outstanding (in shares)		59,712,000	49,054,000	57,097,000	45,679,000
Class A Common Stock and Common Units | Common Stock
Class of Stock [Line Items]
Dividends, cash | $	$ 39,500
Class A Common Stock By Reinvestment Holders | Common Stock
Class of Stock [Line Items]
Dividends, cash | $	$ 74,200

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities
Total liabilities	$ 3,796,350	$ 3,869,889
Fair Value, Recurring
Assets
Total derivative assets	10,398	7,977
Liabilities
Total liabilities	15,229	7,097
Fair Value, Recurring | Commodity swap
Assets
Total derivative assets	1,716	3,663
Liabilities
Total derivative liabilities	14,889	1,749
Fair Value, Recurring | Interest rate derivatives
Assets
Total derivative assets	8,682	4,314
Liabilities
Total derivative liabilities	340	5,348
Fair Value, Recurring | Level 1
Assets
Total derivative assets	0	0
Liabilities
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Commodity swap
Assets
Total derivative assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives
Assets
Total derivative assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 2
Assets
Total derivative assets	10,398	7,977
Liabilities
Total liabilities	15,229	7,097
Fair Value, Recurring | Level 2 | Commodity swap
Assets
Total derivative assets	1,716	3,663
Liabilities
Total derivative liabilities	14,889	1,749
Fair Value, Recurring | Level 2 | Interest rate derivatives
Assets
Total derivative assets	8,682	4,314
Liabilities
Total derivative liabilities	340	5,348
Fair Value, Recurring | Level 3
Assets
Total derivative assets	0	0
Liabilities
Total liabilities	0	0
Fair Value, Recurring | Level 3 | Commodity swap
Assets
Total derivative assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives
Assets
Total derivative assets	0	0
Liabilities
Total derivative liabilities	$ 0	$ 0

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) agreement
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments held | agreement	2
Derivative notional amount | $	$ 1,700
Interest Rate Swap | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.38%
Interest Rate Swap | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.48%
Commodity Swap | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Term of contract	1 month
Commodity Swap | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Term of contract	26 months

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	$ 10,264	$ 7,812
Derivative asset, non-current	134	165
Derivative liabilities - current	14,811	1,734
Derivatives liabilities - noncurrent	418	5,363
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	8,682	4,314
Total derivative assets	8,682	4,314
Derivatives liabilities - noncurrent	340	5,348
Total derivative liabilities	340	5,348
Commodity Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	1,582	3,498
Derivative asset, non-current	134	165
Total derivative assets	1,716	3,663
Derivative liabilities - current	14,811	1,734
Derivatives liabilities - noncurrent	78	15
Total derivative liabilities	$ 14,889	$ 1,749

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Derivatives activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash settlements	$ (3,754)	$ (974)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash settlements	3,952	0
(Unfavorable) favorable fair value adjustment	13,329	(17,190)
Commodity Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash settlements	(198)	974
(Unfavorable) favorable fair value adjustment	$ (15,286)	$ 5,420

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Detail Information of Commodity Swaps Outstanding (Details) - Commodity Swap $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) MMBTU bbl gal
Derivative [Line Items]
Net Fair Value	$ (13,173)
Natural Gas
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	6,225,000
Net Fair Value	$ (4,224)
NGL
Derivative [Line Items]
Notional Quantity (Volume) | gal	191,058,000
Net Fair Value	$ (2,078)
Crude
Derivative [Line Items]
Notional Quantity (Volume) | bbl	201,500
Net Fair Value	$ (1,023)
Crude Collars
Derivative [Line Items]
Notional Quantity (Volume) | bbl	73,200
Net Fair Value	$ (376)
Crude Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Volume) | bbl	95,600
Net Fair Value	$ (36)
Natural Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Volume) | bbl	27,565,000
Net Fair Value	$ (5,436)

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $	$ 22,561	$ 17,540
Class A and Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized | $	$ 61,600
Period for recognition for remaining compensation cost	1 year 6 months 18 days
Class A and Class C Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Class A and Class C Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	198,703
Cost not yet recognized | $	$ 7,100
Period for recognition for remaining compensation cost	2 years 9 months
Performance period	3 years
Vested (in shares)	0
Performance shares | ALTM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Granted (in shares)	395,416
Performance shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares	0%
Performance shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares	200%
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	585,340
Cost not yet recognized | $	$ 18,500
Period for recognition for remaining compensation cost	2 years 10 days
Settlement basis (in shares)	1
Vested (in shares)	290,708

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Class A and Class C Shares Activities (Details) - Common Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding at the beginning of period (in shares) | shares	5,444,488
Vested (in shares) | shares	16,404
Forfeited (in shares) | shares	796
Outstanding at the end of period (in shares) | shares	5,427,288
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding at the beginning of period (in dollars per share) | $ / shares	$ 28.91
Vested (in dollars per share) | $ / shares	31.18
Forfeited (in dollars per share) | $ / shares	31.18
Outstanding at the end of period (in dollars per share) | $ / shares	$ 28.90

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of Aggregate Intrinsic Value (Market Value At Vesting Date) (Details) - Class A Common Stock - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of vested Class A Shares	$ 654	$ 0
Grant-date fair value of vested Class A Shares	$ 511	$ 0

SHARE-BASED COMPENSATION - Sc_3

SHARE-BASED COMPENSATION - Schedule of RSUs Activities (Details) - Restricted stock units awards	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding at the beginning of period (in shares) | shares	435,220
Granted (in shares) | shares	585,340
Vested (in shares) | shares	290,708
Forfeited (in shares) | shares	4,039
Outstanding at the end of period (in shares) | shares	725,813
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding at the beginning of period (in dollars per share) | $ / shares	$ 31.15
Granted (in dollars per share) | $ / shares	35.17
Vested (in dollars per share) | $ / shares	34.24
Forfeited (in dollars per share) | $ / shares	32.44
Outstanding at the end of period (in dollars per share) | $ / shares	$ 33.30

SHARE-BASED COMPENSATION - Sc_4

SHARE-BASED COMPENSATION - Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted stock units awards - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of vested RSUs	$ 10,148	$ 6,700
Grant-date fair value of vested RSUs	$ 9,954	$ 6,188

SHARE-BASED COMPENSATION - Sc_5

SHARE-BASED COMPENSATION - Schedule of PSUs Activities (Details) - Performance shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Granted (in shares)	198,703
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding at the end of period (in shares)	198,703
Weighted Avg Grant-Date Fair Market Value Per Unit
Granted (in dollars per share) | $ / shares	$ 36.76
Outstanding at the end of period (in dollars per share) | $ / shares	$ 36.76

SHARE-BASED COMPENSATION - Gran

SHARE-BASED COMPENSATION - Grant Fair Value Assumptions (Details) - Performance shares	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value per unit	$ 36.76
Beginning average price	$ 32.84
Risk-free interest rate	4.21%
Volatility factor	37%
Expected term	2 years 9 months 25 days

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 39,194	$ 4,715
Income tax expense	$ 3,787	$ 416
Effective tax rate	9.66%	8.82%

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to Class A common shareholders		$ 11,550	$ 1,436
Less: Net income available to participating unvested restricted Class A common shareholders		(4,394)	(4,156)
Total net income attributable to Class A common shareholders - basic		$ 7,156	$ (2,720)
Weighted average shares outstanding - basic (in shares)	[1]	57,869	47,612
Dilutive effect of unvested Class A common shares (in shares)		523	213
Weighted average shares outstanding - diluted (in shares)	[1]	58,392	47,825
Net income available per common share - basic (in USD per share)		$ 0.12	$ (0.06)
Net income available per common share - diluted (in USD per share)		$ 0.12	$ (0.06)
[1] Weighted average Class A common shares have been retrospectively restated due to effect of Class A common shares issued under the Reinvestment Agreement for all periods presented in which the Class A common shares were outstanding.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 11, 2019	Mar. 31, 2024	Dec. 31, 2023	Feb. 28, 2021
Loss Contingencies [Line Items]
Loss contingency accrual		$ 0	$ 0
Permian Gas
Loss Contingencies [Line Items]
Maximum annual amount to be paid	$ 60,500,000
Period of annual volume without exceeding incentive forecast volume	4 years
Expected period of annual volume without exceeding incentive forecast volume	6 years
Contingent liabilities		$ 0	$ 0
Winter Storm Uri
Loss Contingencies [Line Items]
Receivable				$ 11,600,000
Receivable, noncurrent				8,000,000
Receivable allowance				$ 0

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) agreement Segment stream	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment	2
Number of reportable segments | Segment	2
Segment Reporting Information [Line Items]
Income before income taxes	$ 39,194	$ 4,715
Add back:
Interest expense	47,467	69,308
Depreciation and amortization expenses	73,606	68,854
Contract assets amortization	1,655	1,655
Commodity hedging unrealized gain		(4,987)
Proportionate EMI EBITDA	88,402	71,867
Share-based compensation	22,561	17,540
Loss on disposal of assets	4,166	102
Commodity hedging unrealized loss	15,088
Integration costs	41	925
Acquisition transaction costs		268
Other one-time costs or amortization	2,425	3,748
Deduct:
Interest income	577
Warrants fair value adjustment	0	44
Equity income from unconsolidated affiliates	60,469	46,464
Segment adjusted EBITDA	233,559	187,487
Total assets	6,447,584		$ 6,496,873
Investments in unconsolidated affiliates	2,526,278		2,540,989
Operating Segments
Deduct:
Total assets	$ 6,421,248		6,476,352
Operating Segments | Midstream Logistics
Segment Reporting Information [Line Items]
Number of streams in which a segment operates | stream	3
Income before income taxes	$ 50,173	51,012
Add back:
Interest expense	16	9
Depreciation and amortization expenses	71,310	68,393
Contract assets amortization	1,655	1,655
Commodity hedging unrealized gain		(4,987)
Proportionate EMI EBITDA	0	0
Share-based compensation	0	0
Loss on disposal of assets	4,166	102
Commodity hedging unrealized loss	15,088
Integration costs	41	7
Acquisition transaction costs		33
Other one-time costs or amortization	536	3,025
Deduct:
Interest income	0
Warrants fair value adjustment		0
Equity income from unconsolidated affiliates	0	0
Segment adjusted EBITDA	142,985	119,249
Revenue	339,318	280,344
Total assets	3,734,578		3,772,764
Operating Segments | Midstream Logistics | Product and Service
Deduct:
Revenue	336,688	276,555
Operating Segments | Midstream Logistics | Other revenue
Deduct:
Revenue	$ 2,630	3,789
Operating Segments | Pipeline Transportation
Segment Reporting Information [Line Items]
Number of pipelines with equity investment interest | agreement	4
Income before income taxes	$ 65,298	46,432
Add back:
Interest expense	0	0
Depreciation and amortization expenses	2,290	455
Contract assets amortization	0	0
Commodity hedging unrealized gain		0
Proportionate EMI EBITDA	88,402	71,867
Share-based compensation	0	0
Loss on disposal of assets	0	0
Commodity hedging unrealized loss	0
Integration costs	0	0
Acquisition transaction costs		0
Other one-time costs or amortization	0	0
Deduct:
Interest income	0
Warrants fair value adjustment		0
Equity income from unconsolidated affiliates	60,469	46,464
Segment adjusted EBITDA	95,521	72,290
Revenue	8,291	696
Total assets	2,686,670		2,703,588
Operating Segments | Pipeline Transportation | Product and Service
Deduct:
Revenue	2,074	694
Operating Segments | Pipeline Transportation | Other revenue
Deduct:
Revenue	$ 2	2
Operating Segments | Operating Revenues, Cost of Sales, Operating Expenses and Ad Valorem Expenses | Segment Concentration Risk | Midstream Logistics
Segment Reporting Information [Line Items]
Concentration risk, percentage	99%
Operating Segments | Valorem Expenses | Segment Concentration Risk | Midstream Logistics
Segment Reporting Information [Line Items]
Concentration risk, percentage	93%
Operating Segments | EBITDA | Segment Concentration Risk | Pipeline Transportation
Segment Reporting Information [Line Items]
Concentration risk, percentage	92%
Corporate and Other
Segment Reporting Information [Line Items]
Income before income taxes	$ (76,277)	(92,729)
Add back:
Interest expense	47,451	69,299
Depreciation and amortization expenses	6	6
Contract assets amortization	0	0
Commodity hedging unrealized gain		0
Proportionate EMI EBITDA	0	0
Share-based compensation	22,561	17,540
Loss on disposal of assets	0	0
Commodity hedging unrealized loss	0
Integration costs	0	918
Acquisition transaction costs		235
Other one-time costs or amortization	1,889	723
Deduct:
Interest income	577
Warrants fair value adjustment		44
Equity income from unconsolidated affiliates	0	0
Segment adjusted EBITDA	(4,947)	(4,052)
Total assets	$ 26,336		$ 20,521
Corporate and Other | General and Administrative Expenses and Debt Service Costs | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	86%
Elimination
Deduct:
Revenue	$ (6,215)
Elimination | Product and Service
Deduct:
Revenue	0
Elimination | Other revenue
Deduct:
Revenue	0
Elimination | Midstream Logistics
Deduct:
Revenue	0
Elimination | Pipeline Transportation
Deduct:
Revenue	6,215
Consolidated
Deduct:
Revenue	341,394	281,040
Consolidated | Product and Service
Deduct:
Revenue	338,762	277,249
Consolidated | Other revenue
Deduct:
Revenue	$ 2,632	$ 3,791

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	May 09, 2024	Apr. 18, 2024	Apr. 02, 2024
Subsequent Event [Line Items]
Accounts receivable from securitization			$ 150
Line of credit facility, remaining borrowing capacity			$ 1,000
Gulf Coast Express Pipeline LLC
Subsequent Event [Line Items]
Ownership percentage sold	16%
Proceeds from sale	$ 540
Cash payment	510
Additional earn out in cash	30
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in USD per share)		$ 0.75
The Partnership
Subsequent Event [Line Items]
Distribution declared (in USD per share)		$ 0.75
Durango Acquisition | The Partnership
Subsequent Event [Line Items]
Consideration transferred	765
Aggregate purchase price, cash paid	315
Contingent liabilities	$ 75
Durango Acquisition | The Partnership | Class C Common Stock | To Be Issued At Closing
Subsequent Event [Line Items]
Equity interest issuable (in shares)	3,800
Durango Acquisition | The Partnership | Class C Common Stock | To Be Issued on July 1, 2025
Subsequent Event [Line Items]
Equity interest issuable (in shares)	7,700