Kinetik (KNTK) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Entity Central Index Key	0001692787
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,754,273
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		97,783,034

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues:
Total revenues	[1]	$ 396,362	$ 330,301	$ 1,097,213	$ 907,544
Operating costs and expenses:
Costs of sales (exclusive of depreciation and amortization)	[2],[3]	144,586	147,756	444,786	374,100
Operating expenses		55,804	42,925	143,278	118,804
Ad valorem taxes		5,896	5,607	18,400	14,954
General and administrative expenses		29,619	22,751	94,846	73,131
Depreciation and amortization expenses		87,583	69,935	236,250	208,271
Loss on disposal of assets		0	2,927	4,090	15,166
Total operating costs and expenses		323,488	291,901	941,650	804,426
Operating income		72,874	38,400	155,563	103,118
Other income (expense):
Interest and other income		1,872	289	2,272	1,625
Loss on debt extinguishment		0	0	(525)	0
Gain on sale of equity method investment		29,953	0	89,837	0
Interest expense		(66,029)	(45,009)	(167,545)	(130,443)
Equity in earnings of unconsolidated affiliates		53,244	50,754	169,668	146,828
Total other income, net		19,040	6,034	93,707	18,010
Income before income taxes		91,914	44,434	249,270	121,128
Income tax expense		8,260	1,303	21,261	2,030
Net income including noncontrolling interest		83,654	43,131	228,009	119,098
Net income attributable to Common Unit limited partners		57,891	27,551	153,504	77,068
Net income attributable to Class A Common Stock Shareholders		$ 25,763	$ 15,580	$ 74,505	$ 42,030
Net income attributable to Class A Common Shareholders, per share
Basic (in USD per share)		$ 0.35	$ 0.21	$ 1.03	$ 0.58
Diluted (in USD per share)		$ 0.35	$ 0.21	$ 1.02	$ 0.57
Weighted-average shares
Basic (in shares)		59,811	53,340	59,116	50,464
Diluted (in shares)		60,424	53,463	59,852	50,719
Service revenue
Operating revenues:
Total revenues		$ 103,100	$ 104,349	$ 301,710	$ 310,325
Product revenue
Operating revenues:
Total revenues		290,423	221,280	787,092	586,534
Other revenue
Operating revenues:
Total revenues		$ 2,839	$ 4,672	$ 8,411	$ 10,685
[1] Includes amounts associated with related parties of nil and $20.0 million for the three months ended September 30, 2024 and 2023, respectively, and $17.2 million and $70.9 million for the nine months ended September 30, 2024 and 2023, respectively. Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $60.2 million and $38.6 million for the three months ended September 30, 2024 and 2023, respectively, and $159.4 million and $107.1 million for the nine months ended September 30, 2024 and 2023, respectively, for certain volumes where we act as principal. Includes amounts associated with related parties of $12.8 million and $15.5 million for the three months ended September 30, 2024 and 2023, respectively, and $48.7 million

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue		$ 396,362,000	$ 330,301,000	$ 1,097,213,000	$ 907,544,000
Costs of sales (exclusive of depreciation and amortization)	[1],[2]	144,586,000	147,756,000	444,786,000	374,100,000
Gas Service Revenues
Costs of sales (exclusive of depreciation and amortization)		60,200,000	38,600,000	159,400,000	107,100,000
Related Party
Revenue		0	20,000,000	17,200,000	70,900,000
Costs of sales (exclusive of depreciation and amortization)		$ 12,800,000	$ 15,500,000	$ 48,700,000	$ 50,600,000
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $60.2 million and $38.6 million for the three months ended September 30, 2024 and 2023, respectively, and $159.4 million and $107.1 million for the nine months ended September 30, 2024 and 2023, respectively, for certain volumes where we act as principal. Includes amounts associated with related parties of $12.8 million and $15.5 million for the three months ended September 30, 2024 and 2023, respectively, and $48.7 million

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents		$ 20,438	$ 4,510
Accounts receivable, net of allowance for credit losses of $1,000 in 2024 and 2023	[1]	65,615	215,721
Accounts receivable pledged		150,000	0
Derivative assets		6,276	7,812
Prepaid and other current assets		43,549	29,256
Current assets		285,878	257,299
NONCURRENT ASSETS:
Property, plant and equipment, net		3,226,884	2,743,227
Intangible assets, net		878,141	591,670
Derivative asset, non-current		1,593	165
Deferred tax assets		203,671	235,627
Operating lease right-of-use assets		38,101	37,569
Deferred charges and other assets		79,169	85,250
Investments in unconsolidated affiliates		2,141,947	2,540,989
Goodwill		5,077	5,077
Noncurrent assets		6,574,583	6,239,574
Total assets		6,860,461	6,496,873
CURRENT LIABILITIES:
Accounts payable		17,160	34,000
Accrued expenses		191,789	177,421
Derivative liabilities		6,743	1,734
Current portion of operating lease liabilities		25,483	29,203
Current debt obligations		150,000	0
Other current liabilities		7,505	7,786
Current liabilities		398,680	250,144
NONCURRENT LIABILITIES
Long term debt, net		3,279,689	3,562,809
Contract liabilities		21,858	25,761
Operating lease liabilities		13,147	9,349
Derivative liabilities		1,081	5,363
Other liabilities		67,517	3,219
Deferred tax liabilities		16,014	13,244
Noncurrent liabilities		3,399,306	3,619,745
Total liabilities		3,797,986	3,869,889
COMMITMENTS AND CONTINGENCIES (Note 15)
Redeemable noncontrolling interest — Common Unit limited partners		4,783,180	3,157,807
EQUITY:
Deferred consideration		1	0
Additional paid-in capital		0	192,678
Accumulated deficit		(1,720,721)	(723,516)
Total equity		(1,720,705)	(530,823)
Total liabilities, noncontrolling interest, and equity		6,860,461	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 $15.8 million associated with related parties as of December 31, 2023. No related party balance as of September 30, 2024. See Note 1—Description of the Organization and Summary of Significant Accounting Polices in the Notes to Condensed Consolidated Financial Statements for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 1,000	$ 1,000
Related Party
Outstanding receivable	$ 0	$ 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)	59,751,435	57,096,538
Common stock, shares outstanding (in shares)	59,751,435	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)	97,783,034	94,089,038
Common stock, shares outstanding (in shares)	97,783,034	94,089,038

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interest		$ 228,009	$ 119,098
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		236,250	208,271
Amortization of deferred financing costs		5,497	4,601
Amortization of contract costs		4,965	4,965
Contingent liabilities fair value adjustment		1,400	0
Distributions from unconsolidated affiliates		223,670	205,891
Derivatives settlement		(8,103)	15,111
Derivative fair value adjustment		8,938	(41,028)
Warrants fair value adjustment		0	(73)
Gain on sale of equity method investment		(89,837)	0
Loss on disposal of assets		4,090	15,166
Equity in earnings of unconsolidated affiliates		(169,668)	(146,828)
Loss on debt extinguishment		525	0
Share-based compensation		52,868	43,340
Deferred income taxes		19,733	1,675
Changes in operating assets and liabilities:
Accounts receivable and pledged receivable		29,492	(26,982)
Other assets		(3,729)	(7,033)
Accounts payable		(53,361)	(780)
Accrued liabilities		4,815	8,840
Other non-current liabilities		(1,744)	668
Operating leases		(454)	683
Net cash provided by operating activities		493,356	405,585
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment expenditures		(155,805)	(245,798)
Intangible assets expenditures		(7,744)	(15,079)
Investments in unconsolidated affiliates		(3,273)	(202,729)
Net cash paid for acquisition of interest in unconsolidated affiliate		(85,417)	0
Distributions from unconsolidated affiliate		2,789	5,793
Cash proceeds from sale of equity method investment		524,390	0
Cash proceeds from disposals of assets		334	213
Net cash paid for acquisition		(341,183)	(125,000)
Net cash used in investing activities		(65,909)	(582,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under A/R Facility		151,200	0
Payments on A/R Facility		(1,200)	0
Payments on Term Loan Credit Facility		(200,000)	0
Payments of debt issuance costs		(1,086)	0
Payment of debt discount		(500)	0
Proceeds from revolver		826,000	673,000
Payments of revolver		(913,000)	(438,000)
Cash dividends paid to Class A Common Stock shareholders		(128,428)	(58,030)
Distributions paid to Class C Common Unit limited partners		(144,505)	(524)
Repurchase of Class A Common Stock		0	(5,757)
Net cash (used in) provided by financing activities		(411,519)	170,689
Net change in cash		15,928	(6,326)
CASH, BEGINNING OF PERIOD		4,510	6,394
CASH, END OF PERIOD		20,438	68
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES
Cash paid for interest, net of amounts capitalized		166,769	165,877
Cash paid for income taxes, net		559	484
Property and equipment and intangible accruals in accounts payable and accrued liabilities		24,140	25,237
Right-of-use assets obtained in exchange for lease liabilities		42,974	5,189
Class A Common Stock issued through dividend and distribution reinvestment plan		75,243	263,771
Restructuring Cost and Reserve [Line Items]
Class C Common Units issued in exchange		1
Durango Permian LLC Acquisition
Restructuring Cost and Reserve [Line Items]
Fair value of Durango assets acquired	[1]	910,221	0
Cash consideration paid		357,968	0
Deferred consideration		275,000	0
Contingent consideration		64,000	0
Durango liabilities assumed		65,053	0
Durango Permian LLC Acquisition | Class C Common Stock
Restructuring Cost and Reserve [Line Items]
Class C Common Units issued in exchange		$ 148,200	$ 0
[1] See Note 2—Business Combinations

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Redeemable Common Stock	Class A Common Stock	Class C Common Stock	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Deferred Consideration 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		77,068
Change in redemption value of noncontrolling interests		236,358
Distribution paid to Common Unit limited partners		(211,700)
Ending balance at Sep. 30, 2023		3,208,501
Beginning balance (in shares) at Dec. 31, 2022					45,679,000	94,270,000	0	[1]
Beginning balance at Dec. 31, 2022	$ (839,775)				$ 5	$ 9	$ 0		$ 118,840	$ (958,629)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Common Units (in shares)					181,000	(181,000)
Redemption of Common Units	5,634								5,634
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					8,641,000
Issuance of common stock through dividend and distribution reinvestment plan	263,772				$ 1				263,771
Retirement of treasury stock	0									(5,757)	5,757
Repurchase of Class A Common Stock (in shares)					(194,000)
Repurchase of Class A Common Stock	(5,757)										(5,757)
Share-based compensation (in shares)					213,000
Share-based compensation	43,340								43,340
Net income	42,030									42,030
Change in redemption value of noncontrolling interests	(236,358)								(339,838)	103,480
Dividends on Class A Common Stock	(110,902)									(110,902)
Ending balance (in shares) at Sep. 30, 2023					54,520,000	94,089,000	0	[1]
Ending balance at Sep. 30, 2023	(838,016)				$ 6	$ 9	$ 0		91,747	(929,778)	0
Beginning balance at Jun. 30, 2023		3,242,619
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income		27,551
Change in redemption value of noncontrolling interests		8,899
Distribution paid to Common Unit limited partners		(70,568)
Ending balance at Sep. 30, 2023		3,208,501
Beginning balance (in shares) at Jun. 30, 2023					51,973,000	94,089,000	0	[1]
Beginning balance at Jun. 30, 2023	(905,757)				$ 5	$ 9	$ 0		0	(902,446)	(3,325)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					2,546,000
Issuance of common stock through dividend and distribution reinvestment plan	88,145				$ 1				88,144
Retirement of treasury stock	0									(3,325)	3,325
Share-based compensation (in shares)					1,000
Share-based compensation	12,502								12,502
Net income	15,580									15,580
Change in redemption value of noncontrolling interests	(8,899)								(8,899)
Dividends on Class A Common Stock	(39,587)									(39,587)
Ending balance (in shares) at Sep. 30, 2023					54,520,000	94,089,000	0	[1]
Ending balance at Sep. 30, 2023	(838,016)				$ 6	$ 9	$ 0		91,747	(929,778)	0
Beginning balance at Dec. 31, 2023		3,157,807
Increase (Decrease) in Temporary Equity [Roll Forward]
Durango Acquisition		423,200
Redemption of Common Units		(5,060)
Net income		153,504
Change in redemption value of noncontrolling interests		1,268,038
Distribution paid to Common Unit limited partners		(214,309)
Ending balance at Sep. 30, 2024		4,783,180
Beginning balance (in shares) at Dec. 31, 2023			57,096,538	94,089,038	57,097,000	94,089,000	0	[1]
Beginning balance at Dec. 31, 2023	(530,823)				$ 6	$ 9	$ 0		192,678	(723,516)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Durango Acquisition (in shares)						3,840,000	7,680,000	[1]
Durango Acquisition	1						$ 1
Redemption of Common Units (in shares)					146,250	(146,250)
Redemption of Common Units	5,060								5,060
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					2,205,000
Issuance of common stock through dividend and distribution reinvestment plan	75,243								75,243
Share-based compensation (in shares)					303,000
Share-based compensation	52,868								52,868
Net income	74,505									74,505
Change in redemption value of noncontrolling interests	(1,268,038)								(330,196)	(937,842)
Recognition of deferred tax asset	4,347								4,347
Dividends on Class A Common Stock	(133,868)									(133,868)
Ending balance (in shares) at Sep. 30, 2024			59,751,435	97,783,034	59,751,000	97,783,000	7,680,000	[1]
Ending balance at Sep. 30, 2024	(1,720,705)				$ 6	$ 9	$ 1		0	(1,720,721)	0
Beginning balance at Jun. 30, 2024		4,289,591
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income		57,891
Change in redemption value of noncontrolling interests		509,035
Distribution paid to Common Unit limited partners		(73,337)
Ending balance at Sep. 30, 2024		$ 4,783,180
Beginning balance (in shares) at Jun. 30, 2024					59,736,000	97,783,000	7,680,000	[1]
Beginning balance at Jun. 30, 2024	(1,206,893)				$ 6	$ 9	$ 1		0	(1,206,909)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock through dividend and distribution reinvestment plan (in shares)					11,000
Issuance of common stock through dividend and distribution reinvestment plan	444								444
Share-based compensation (in shares)					4,000
Share-based compensation	15,171								15,171
Net income	25,763									25,763
Change in redemption value of noncontrolling interests	(509,035)								(14,801)	(494,234)
Recognition of deferred tax asset	(814)								(814)
Dividends on Class A Common Stock	(45,341)									(45,341)
Ending balance (in shares) at Sep. 30, 2024			59,751,435	97,783,034	59,751,000	97,783,000	7,680,000	[1]
Ending balance at Sep. 30, 2024	$ (1,720,705)				$ 6	$ 9	$ 1		$ 0	$ (1,720,721)	$ 0
[1] Pursuant to the Durango MIPA (as defined herein), deferred consideration of 7.7 million shares of Class C Common Stock is to be issued on July 1, 2025. Fair value of the deferred consideration was included in the “Redeemable noncontrolling interest—Common Units limited partners” of the Condensed Consolidated Balance Sheets as of September 30, 2024.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Parenthetical) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class A Common Stock
Cash dividends (in USD per share)	$ 0.75	$ 0.75	$ 2.25	$ 2.25

DESCRIPTION OF THE ORGANIZATION

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 38% 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 three 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 nine months ended September 30, 2024, except as discussed herein. Accounts Receivable Securitization Facility Pursuant to ASC 860, Transfers and Servicing, accounts receivable that are sold or contributed by the Partnership to the special purpose vehicle are treated as collateral for borrowings under the third party A/R Facility (as defined below) and are included as “Accounts receivable pledged” within the Condensed Consolidated Balance Sheet. Proceeds from the transfer of the eligible accounts receivable under the third party A/R Facility are secured borrowings included as “Current debt obligations” within our Condensed Consolidated Balance Sheets. Proceeds and repayments under such facility are reflected as cash flows from financing activities in our Consolidated Statements of Cash Flows. See Note 7—Debt and Financing Costs in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q for further discussion. 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 ASC 850 , Related Party Transactions , Apache was no longer a related party after the completion of its secondary offering in December 2023 as it 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, revenue from Apache was $20.0 million and $70.9 million, cost of sales was $13.1 million and $44.2 million, and operating expenses were $0.1 million and $0.5 million for the three and nine months ended September 30, 2023, respectively. In addition, the Company incurs cost of sales with two of its equity method investment (“EMI”) pipeline entities, Permian Highway Pipeline LLC (“PHP”) and Breviloba, LLC (“Breviloba”). The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on the Shin Oak NGL Pipeline. For the three and nine months ended September 30, 2024, the Company recorded cost of sales of $12.8 million and $39.3 million, respectively, with these affiliates. For the three and nine months ended September 30, 2023, the Company recorded cost of sales of $2.4 million and $6.4 million, respectively, with these affiliates. Recently issued accounting pronouncements not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. Additionally, the amendments require annual disclosure of the title and position of the CODM and how that individual uses the reported measure(s) of segment profit or loss in assessing segment performance and how to allocate resources. These amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The disclosures required in the amendments apply retrospectively to all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our consolidated financial statements and expect to disclose the required information for fiscal years beginning in the Annual Report on Form 10-K for the year ended December 31, 2024 and for interim periods beginning in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The impact of the adoption will be limited to additional disclosure in the notes to the consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes. These amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are evaluating the effect of the amendments on our consolidated financial statements and expect to disclose the required information beginning in the Annual Report on Form 10-K for the year ended December 31, 2025.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS For acquired businesses, we recognize the identifiable assets acquired and the liabilities assumed at their estimated fair values on the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of these items requires management’s judgment and the utilization of an independent valuation specialist, if applicable, and involves the use of significant estimates and assumptions. Durango Permian LLC Acquisition On June 24, 2024 (the “Closing Date”), the Company consummated the previously announced transaction contemplated by the Membership Interest Purchase Agreement (the “Durango MIPA”), dated May 9, 2024, by and between the Company, the Partnership, and Durango Midstream LLC, an affiliate of Morgan Stanley Equity Partners (the “Durango Seller”), pursuant to which the Partnership purchased all of the membership interests of Durango Permian, LLC and its wholly owned subsidiaries (“Durango”) from Durango Seller for an adjusted purchase price of approximately $845.2 million (the “Durango Acquisition”), consisting of (i) $358.0 million of cash consideration paid at closing, (ii) approximately 3.8 million shares of Class C Common Stock, par value $0.0001 per share of the Company (“Class C Common Stock”) (and an equivalent number of common units in the Partnership (“OpCo Units”)), valued at $148.2 million, issued at closing and (iii) approximately 7.7 million shares of Class C Common Stock (and an equivalent number of OpCo Units), valued at $275.0 million, to be issued on July 1, 2025. Durango Seller is also entitled to an earn out of up to $75.0 million 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 reduction based on actual capital costs associated with the Kings Landing Project. The Durango Acquisition allows the Company to further expand its footprint into New Mexico and across the Northern Delaware Basin. The Durango Acquisition was accounted for as a business combination in accordance with ASC 805 Business Combination (“ASC 805”). Starting on the Closing Date, our Consolidated Financial Statements reflected Durango as a consolidated subsidiary. The accompanying Condensed Consolidated Financial Statements herein include (i) the combined net assets of the Company carried at historical costs and net assets of Durango carried at fair value as of the Closing Date and (ii) the combined results of operations of the Company with Durango’s results presented within the Condensed Consolidated Financial Statements from the Closing Date going forward. The preliminary purchase price allocation was based on Durango’s latest financial statements available as of May 31, 2024, and included preliminary adjustments for working capital and fair value of underlying assets acquired and liabilities assumed. Both observable and non-observable market data, thus Level 2 and Level 3 inputs, are used in the assessment of the fair value of the assets acquired and liabilities assumed listed in the below table. The fair value of the processing plants, gathering system and related facilities and equipment is based on market and cost approaches and will be depreciated over an estimated useful life ranging from five seven Note 15—Commitments and Contingencies in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q. Since the Closing Date, the Company has made necessary adjustments to the purchase price allocation as information about facts and circumstances that existed at the Closing Date have become available. This included certain working capital adjustments as a result of obtaining Durango’s closing balance sheet as of June 30, 2024. During the three months ended September 30, 2024, the Company identified working capital adjustments of $21.0 million resulting from the final closing balance sheet, and valuation adjustments related to the long-lived assets and intangible assets of $10.6 million, resulting in a decrease in goodwill of $10.4 million. The Company will continue to identify necessary adjustments to finalize the purchase price allocation during the 12-month period following the Closing Date as we obtain the remaining original cost data for our tangible asset valuation, as well as complete our evaluation of the potential liabilities assumed, including certain historical environmental exposures. The following table summarizes the estimated fair value of assets acquired and liabilities assumed in the Durango Acquisition as of June 24, 2024, in accordance with ASC 805: (In thousands) Amount Cash and cash equivalents $ 16,785 Accounts receivable 29,386 Prepaid and other current assets 10,000 Property, plant, and equipment, net 471,429 Intangible assets, net 379,000 Deferred charges and other assets 4 Operating lease ROU assets 3,617 Total assets acquired 910,221 Accounts payable 34,314 Accrued expenses 7,140 Contract liabilities 642 Operating lease liabilities 3,617 Deferred tax liabilities 19,340 Total liabilities assumed 65,053 Contingent consideration (1) 64,000 Consideration transferred $ 781,168 (1) Pursuant to ASC 805, the Company evaluated the earn-out consideration classification in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company determined the earn-out consideration to be classified as a liability based on the settlement provision. Therefore, the Company records the contingent consideration at fair value as of September 30, 2024. Additional discussion in Note 15—Commitments and Contingencies in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q. The Company incurred acquisition-related costs of $3.2 million for the nine months ended September 30, 2024, which were included in the “General and administrative expenses” of the Condensed Consolidated Statements of Operations. The Company’s Condensed Consolidated Statement of Operations included results of operations from Durango starting from the Closing Date through September 30, 2024, which included revenues of $35.8 million and $38.9 million, and net income including noncontrolling interest of $1.4 million and $1.6 million for the three and nine months ended September 30, 2024, respectively. Supplemental Pro Forma Information The unaudited supplemental pro forma financial data is for informational purposes only and is not indicative of future results. The results below for the three and nine months ended September 30, 2024 and 2023, respectively, combine the results of the Company and Durango, giving effect to the Durango Acquisition as if it had been completed on January 1, 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Revenues $ 396,362 $ 410,988 $ 1,210,257 $ 1,138,419 Net income including noncontrolling interest $ 83,602 $ 46,575 $ 228,652 $ 123,738 Given the assumed pro forma transaction date of January 1, 2023, we removed $3.5 million of acquisition-related expenses for the nine months ended September 30, 2024 and recognized $3.5 million of acquisition-related expenses for the nine months ended September 30, 2023. We also removed $24.0 million of interest expense on Durango’s debt for the nine months ended September 30, 2024, and $3.9 million and $11.1 million for the three and nine months ended September 30, 2023, respectively, as if the business combination had occurred and the debt had been paid off on January 1, 2023. Midstream Infrastructure Assets In the first half 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 of $61.9 million and intangible right-of-way assets of $3.1 million. 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. 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. Acquired net assets from this business combination were included in the Midstream Logistics segment. Goodwill The Company had goodwill of $5.1 million recorded in the Midstream Logistic segment related to a past business combination as of September 30, 2024. Goodwill is tested at least annually, or more frequently as events occur or circumstances change that would more-likely-than-not reduce fair value of a reporting unit below its carrying value. Company’s management assessed whether there have been events or circumstances that trigger the fair value of the reporting unit to be lower than its net carrying value since consummation of the respective business combination and concluded that goodwill was not impaired as of September 30, 2024.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Gathering and processing services $ 103,100 $ 104,349 $ 301,710 $ 310,325 Natural gas, NGLs and condensate sales 290,423 221,280 787,092 586,534 Other revenue 2,839 4,672 8,411 10,685 Total revenues $ 396,362 $ 330,301 $ 1,097,213 $ 907,544 There have been no significant changes to the Company’s contracts with customers during the three and nine months ended September 30, 2024 aside from the addition of certain gas gathering and processing agreements associated with the Durango acquisition. The Company did not recognize revenues from MVC deficiency payments for the three and nine months ended September 30, 2024 and recognized $0.4 million and $1.6 million of revenues from MVC deficiency payments for the three and nine months ended September 30, 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 September 30, 2024: Amount Fiscal Year (In thousands) Remaining of 2024 $ 7,049 2025 71,507 2026 75,387 2027 73,945 2028 72,873 Thereafter 230,750 $ 531,511 Our contractually committed revenue, for the purposes of the tabular presentation above, is limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations associated with MVCs. Contract Liabilities The following table provides information about contract liabilities from contracts with customers as of September 30, 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 (5,182) Cash received in advance and not recognized as revenue 997 Balance at September 30, 2024 28,053 Less: Current portion 6,195 Non-current portion $ 21,858 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, in 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 September 30, 2024 and December 31, 2023, the Company had contract acquisition cost assets of $66.2 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, in 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 for the three months ended September 30, 2024 and 2023, respectively, and $5.0 million for the nine months ended September 30, 2024 and 2023, respectively.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2024 2023 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,715,716 $ 3,253,539 Vehicles 14,714 11,447 Computers and equipment 7,830 6,242 Less: accumulated depreciation (759,280) (626,223) Total depreciable assets, net 2,978,980 2,645,005 Construction in progress 217,637 74,369 Land 30,267 23,853 Total property, plant, and equipment, net $ 3,226,884 $ 2,743,227

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET Intangible assets, net, are comprised of the following: September 30, December 31, 2024 2023 (In thousands) Customer contracts $ 1,460,287 $ 1,139,665 Right of way assets 199,129 141,711 Less accumulated amortization (781,275) (689,706) Total amortizable intangible assets, net $ 878,141 $ 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 terms of the customer contracts, which range from one On September 30, 2024, the remaining weighted average amortization periods for customer contracts and right of way assets were approximately 9.03 years and 6.67 years, respectively. The overall remaining weighted average amortization period for the intangible assets as of September 30, 2024 was approximately 8.69 years. The Company recorded $38.9 million and $30.6 million of amortization expense for the three months ended September 30, 2024 and 2023, respectively, and $100.9 million and $91.6 million for the nine months ended September 30, 2024 and 2023, respectively. There was no impairment recognized on intangible assets for the three and nine months ended September 30, 2024 and 2023.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS As of September 30, 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: September 30, December 31, Ownership (1) 2024 2023 (In thousands) PHP 55.5% $ 1,623,127 $ 1,666,254 Breviloba 33.0% 433,193 443,684 Epic Crude Holdings, LP (“EPIC”) (1) 27.5% 85,627 — Gulf Coast Express Pipeline LLC (“GCX”) (2) —% — 431,051 $ 2,141,947 $ 2,540,989 (1) Investment balance is primarily comprised of the additional 12.5% interest that was acquired during July 2024. (2) The Company owned 16% of GCX as of December 31, 2023 and divested entire ownership in June 2024. During the quarter, the Company entered into an Equity Sale and Purchase Agreement with third parties to purchase a 12.5% equity interest in EPIC, increasing our total equity interest in EPIC to 27.5%. As the increase in ownership did not result in a controlling interest, and did not represent the funding of prior losses, the Company resumed accounting for its investment in EPIC using the equity method of accounting upon the closing of the acquisition of the additional interests during July 2024. On June 4, 2024, the Company consummated the previously announced transaction contemplated by the Purchase and Sale Agreement dated as of May 9, 2024, to sell its 16% equity interest in GCX to GCX Pipeline, LLC (the "GCX Buyer") for an adjusted price of $524.4 million (the "GCX Sale"), including a $30.0 million earn out in cash upon the approval by the GCX Board of Directors of one or more capital projects that achieve certain capacity expansion criteria. The Company recognized a net gain of $89.8 million for the nine months ended September 30, 2024 in relation to this transaction. The unamortized basis differences included in the EMI pipeline balances were $365.7 million and $349.3 million as of September 30, 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 or accreted into equity income of unconsolidated affiliates over the useful lives of the underlying pipeline assets. There was capitalized interest of $24.1 million and $24.7 million as of September 30, 2024 and December 31, 2023, respectively. Capitalized interest is amortized on a straight-line basis into equity income of unconsolidated affiliates. The following table presents the activity in the Company’s EMIs for the nine months ended September 30, 2024: Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2023 $ 1,666,254 $ 443,684 $ — $ 431,051 $ 2,540,989 Contributions and acquisitions 3,273 — 85,417 — 88,690 Distributions (1) (177,172) (33,677) — (15,610) (226,459) Disposition — — — (430,941) (430,941) Equity income, net (2) 130,772 23,186 210 15,500 169,668 Balance at September 30, 2024 $ 1,623,127 $ 433,193 $ 85,627 $ — $ 2,141,947 (1) Distributions consisted of distributions from a return on investment of $223.7 million, which was included in cash flows from operating activities and distributions from a return of investment of $2.8 million, which was included in cash flows from investing activities. (2) For the nine months ended September 30, 2024, net of amortization and accretion of basis differences and capitalized interests, which represents undistributed earnings, the amortization was $5.9 million from PHP, $0.5 million from Breviloba, LLC, $2.7 million from GCX and accretion of $1.6 million from EPIC. Summarized Financial Information The following table represents selected data for the Company’s ongoing EMI pipelines (on a 100 percent basis) for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, 2024 2023 Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP (In thousands) Revenues $ 127,719 $ 53,929 $ 97,514 $ 99,923 $ 51,002 $ 93,138 Operating income 83,785 27,398 25,052 65,549 25,170 22,521 Net income (loss) 83,783 27,558 (5,159) 66,630 25,223 (11,330) Nine Months Ended September 30, 2024 2023 Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP (In thousands) Revenues $ 380,359 $ 156,326 $ 284,050 $ 291,859 $ 143,544 $ 259,250 Operating income 245,467 74,563 70,631 185,862 69,666 36,148 Net income (loss) 245,016 75,005 (29,889) 190,662 70,086 (62,312)

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS Accounts Receivable Securitization Facility 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”) with PNC Bank, as the administrative agent, and certain purchasers party thereto from time to time, which has a scheduled termination date of April 1, 2025. The aggregate fees and expenses paid directly to third parties in obtaining the A/R Facility totaled $1.1 million and were capitalized as debt issuance costs and included in the Condensed Consolidated Balance Sheets as a current asset within “Prepaid and other current assets”, amortized over the term of the A/R Facility to interest expense using the effective-interest method. There were unamortized debt issuance costs related to the A/R Facility of $0.6 million as of September 30, 2024. Pursuant to the A/R Facility, the Company and certain of its subsidiaries continuously transfer receivables to Kinetik Receivables and Kinetik Receivables transfers receivables that meet certain qualifying conditions to third-party purchasers in exchange for cash. These receivables are held by Kinetik Receivables and are pledged to secure the collectability of the sold receivables and are accounted for as secured borrowings. The amount available for borrowing at any one time under the A/R Facility is limited to an amount calculated based on the outstanding balance of eligible receivables sold to the purchasers, subject to certain reserves, concentration limits, and other limitations. Under the A/R Facility, the Company is subject to pay a yield to the purchasers equal to SOFR plus a spread adjustment of 0.10% and a drawn fee of 0.90%. The Company also pays a fee of 0.40% on the undrawn committed amount of the A/R Facility. Yield and fees payable by the Company under the AR Facility are due monthly. As of September 30, 2024, eligible accounts receivable of $150.0 million were pledged to the A/R Facility as collateral. The Partnership has continuing involvement with the receivables transferred by Kinetik Receivables to the third-party purchasers by providing collection services. The A/R Facility is linked to sustainability performance targets (“SPTs”) with respect to (a) female representation in corporate officer positions and (b) reduction in methane emissions intensity. A positive 0.02% and 0.05% fee and yield rate adjustments will be applied, respectively, if neither of the SPTs have been satisfied and a negative 0.02% and 0.05% fee and interest rate adjustments will be applied, respectively, if both of the SPTs have been satisfied. 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 (“Term Loan Credit Facility”), lowering the remaining balance to $1.0 billion. As a result, the maturity of the Term Loan Credit Facility extended to December 8, 2026. The Company recognized a loss on debt extinguishment of $0.5 million for the partial payment made on the Term Loan Credit Facility. The following table summarizes the Company’s debt obligations as of September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) A/R Facility $ 150,000 $ — Total current debt obligations $ 150,000 $ — Unsecured term loan $ 1,000,000 $ 1,200,000 5.875% senior unsecured notes due 2030 (“2030 Notes”) 1,000,000 1,000,000 6.625% senior unsecured notes due 2028 (“2028 Notes”) 800,000 800,000 $1.25 billion revolving line of credit 507,000 594,000 Total long-term debt 3,307,000 3,594,000 Debt issuance costs, net (1) (27,432) (31,510) Unamortized debt premiums and discounts, net 121 319 Total long-term debt, net $ 3,279,689 $ 3,562,809 (1) Excludes unamortized debt issuance costs related to the revolving line of credit. Unamortized debt issuance costs associated with the revolving line of credit were $4.2 million and $5.4 million as of September 30, 2024 and December 31, 2023, respectively. The unamortized debt issuance costs related to the revolving credit facilities were included in the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets. The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Capitalized interest $ (2,955) $ (6,731) $ (4,885) $ (13,775) Debt issuance costs 1,916 1,546 5,497 4,601 Interest expense 67,068 50,194 166,933 139,617 Total financing costs, net of capitalized interest $ 66,029 $ 45,009 $ 167,545 $ 130,443 As of September 30, 2024 and December 31, 2023, unamortized debt issuance costs associated with the 2030 Notes, the 2028 Notes and the Term Loan Credit Facility were $27.4 million and $31.5 million, respectively, and unamortized debt premiums and discount, net, associated with the 2028 Notes and the unsecured term loan were $0.1 million and $0.3 million, respectively. Compliance with our Covenants Each of the revolving credit agreements with Bank of America, N.A. as administrative agent and 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. The A/R Facility contains covenants and restrictive provisions with respect to the Partnership and Kinetik Receivables that are customary for accounts receivable securitization facilities. As of September 30, 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 September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the Revolving Credit Facility has a borrowing base of $730.4 million available. Fair Value of Financial Instruments The fair value of the Company and its subsidiaries’ consolidated debt as of September 30, 2024 and December 31, 2023 was $3.48 billion and $3.57 billion, respectively. On September 30, 2024, the senior unsecured notes’ fair value was based on Level 1 inputs, the Term Loan Credit Facility and Revolving Credit Facility’s fair value was based on Level 3 inputs and the A/R Facility’s fair value approximates its carrying value due to its short term nature.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES The following table provides detail of the Company’s current accrued expenses on September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) Accrued product purchases $ 97,635 $ 109,172 Accrued taxes 20,270 632 Accrued salaries, vacation, and related benefits 5,349 1,872 Accrued capital expenditures 13,911 18,534 Accrued interest 34,070 33,760 Accrued other expenses 20,554 13,451 Total accrued expenses $ 191,789 $ 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 September 30, 2024.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024, 146,250 Common Units were redeemed on a one-for-one basis for shares of Class A Common Stock, par value $0.0001 per share of the Company (“Class A Common Stock”) and a corresponding number of shares of Class C Common Stock were cancelled. In addition, as part of the Durango Acquisition purchase price consideration, approximately 3.8 million shares of Class C Common Stock and an equivalent number of Common Units were issued at closing. There were 97.8 million Common Units and an equal number of Class C Common Stock issued and outstanding as of September 30, 2024 and 7.7 million shares of Class C Common Stock and equivalent number of Common Units of deferred consideration for the Durango Acquisition that will be issued on July 1, 2025. The Common Units fair value was approximately $4.78 billion, including deferred consideration valued as of September 30, 2024. Common Stock As of September 30, 2024, there were 59.8 million and 97.8 million shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”). In addition, 7.7 million shares of Class C Common Stock will be issued as deferred consideration for the Durango Acquisition on July 1, 2025. Share Repurchase Program During the quarter ended September 30, 2024, the Company did not repurchase any of its Class A Common Stock under the Repurchase Program. Dividend On August 7, 2024, the Company made cash dividend payments of $118.2 million to holders of Class A Common Stock and Common Units and $0.4 million was reinvested in shares of Class A Common Stock. The significant decrease in the amount reinvested in shares of Class A Common Stock compared with prior quarters was due to the automatic termination of the Dividend and Distribution Reinvestment Agreement on March 8, 2024.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 7,785 $ — $ 7,785 Interest rate derivatives — 84 — 84 Total assets $ — $ 7,869 $ — $ 7,869 Commodity swaps $ — $ 3,936 $ — $ 3,936 Interest rate derivatives — 3,888 — 3,888 Contingent liability — — 65,400 65,400 Total liabilities $ — $ 7,824 $ 65,400 $ 73,224 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. The 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 swaps and interest rate derivatives. The Company recorded a contingent liability related to the Kings Landing Earnout using Level 3 inputs, including projected spending and completion probability of the project. Refer to Note 15—Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further discussion related to Kings Landing Earnout contingent liability. 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 nine months ended September 30, 2024 and 2023.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 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 September 30, 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 is 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 September 30, 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% and one interest rate swap contract with a notional amount of $0.08 billion maturing on December 31, 2025 that pays a fixed rate of 3.02%. 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: September 30, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 76 $ 4,314 Derivative assets - noncurrent 8 — Total derivative assets $ 84 $ 4,314 Derivative liabilities - current $ 3,888 $ — Derivatives liabilities - noncurrent — 5,348 Total derivative liabilities $ 3,888 $ 5,348 The Company recorded cash settlements and changes 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 swap derivatives activities for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Realized gain on interest rate swaps $ 3,994 $ 4,665 $ 11,899 $ 7,082 (Unfavorable) favorable fair value adjustment $ (8,342) $ 12,500 $ 9,129 $ 34,562 Commodity Price Risk The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs. A portion of the Company’s revenue is directly tied to local natural gas, natural gas liquids and condensate prices in the Permian Basin and the U.S. Gulf Coast. Fluctuations in commodity prices also impact operating cost elements both directly and indirectly. Management regularly reviews the Company’s potential exposure to commodity price risk and manages exposure of such risk through commodity hedge contracts. During the past twelve months, the Company entered into multiple commodity swap contracts based on the OPIS NGL Mont Belvieu prices for ethane, propane and butane, the Waha Basis index, the HSC index and the NYMEX West Texas Intermediate Control index. These contracts are for 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 20 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 September 30, 2024 (in thousands, except volumes): September 30, 2024 Commodity Unit Notional Volume Net Fair Value Natural Gas MMBtus 1,210,000 $ 569 NGL Gallons 312,215,400 917 Crude Bbl 613,000 2,563 Crude Collars Bbl 163,800 937 Crude Basis Spread Swaps Bbl 22,400 (9) Natural Gas Basis Spread Swaps MMBtus 7,300,000 (1,128) $ 3,849 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: September 30, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 6,200 $ 3,498 Derivative assets - noncurrent 1,585 165 Total derivative assets $ 7,785 $ 3,663 Derivative liabilities - current $ 2,855 $ 1,734 Derivatives liabilities - noncurrent 1,081 15 Total derivative liabilities $ 3,936 $ 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 swap derivatives activities for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Realized (loss) gain on commodity swaps $ (2,790) $ 176 $ (20,002) $ 8,029 Favorable (unfavorable) fair value adjustment $ 6,027 $ (8,083) $ (18,067) $ 6,466

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company 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. The Class A Shares and Class C Shares and RSUs are subject to service requirements for vesting and the PSUs have both service requirements and market condition performance requirements for vesting. These units 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” of the Condensed Consolidated Statements of Operations in accordance with FASB ASC 718 , C ompensation - Stock Compensation . Forfeitures are recognized as they occur. Class A Shares and Class C Shares The table below summarizes Class A Share and Class C Share activities for the nine months ended September 30, 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 43,166 31.18 Forfeited 1,592 31.18 Outstanding and unvested shares at September 30, 2024 5,399,730 $ 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 nine months ended September 30, 2024: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 (In thousands) Aggregate intrinsic value of vested Class A Shares $ 1,102 $ 1,756 Grant-date fair value of vested Class A Shares $ 834 $ 1,346 No vesting or forfeiture occurred for Class C Shares for the three and nine months ended September 30, 2024 and 2023. No vesting occurred for Class A Shares for the three and nine months ended September 30, 2023. As of September 30, 2024, there were $38.8 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 1.16 years. Restricted Stock Units RSUs were granted to certain executives and employees under the Kinetik Holdings Inc. Amended and Restated 2019 Omnibus Compensation Plan (the “2019 Plan”) with various service vesting requirements. Such RSUs may be settled only for shares of Class A Common Stock on a one-for-one basis, contingent upon continued employment. The table below summarizes RSUs activities for the nine months ended September 30, 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 610,333 35.41 Vested 323,158 34.79 Forfeited 12,565 33.06 Outstanding and unvested shares at September 30, 2024 709,830 $ 33.12 (1) The number of shares and weighted average fair market value per share 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 and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Aggregate intrinsic value of vested RSUs $ 387 $ 34 $ 11,469 $ 7,340 Grant-date fair value of vested RSUs $ 372 $ 35 $ 11,243 $ 6,827 As of September 30, 2024, there were $13.0 million of unrecognized compensation costs related to the RSUs. These costs are expected to be recognized over a weighted average period of 1.64 years. Performance Stock Units The Company granted PSUs pursuant to the 2019 Plan to certain of its employees and executives during 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 a three-year 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 nine months ended September 30, 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 September 30, 2024 198,703 $ 36.76 No vesting or forfeiture occurred for PSUs for the three and nine months ended September 30, 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 September 30, 2024, there were $5.8 million of unrecognized compensation costs related to the PSUs. These costs are expected to be recognized over a weighted average period of 2.25 years. With respect to above Class A Shares, Class C Shares, RSUs and PSUs, the Company recorded compensation expenses of $15.2 million and $12.5 million for the three months ended September 30, 2024 and 2023, respectively, and $52.9 million and $43.3 million for the nine months ended September 30, 2024 and 2023.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Income before income taxes $ 91,914 $ 44,434 $ 249,270 $ 121,128 Income tax expense $ 8,260 $ 1,303 $ 21,261 $ 2,030 Effective tax rate 8.99 % 2.93 % 8.53 % 1.68 % The effective tax rate for the three and nine months ended September 30, 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. The effective tax rate for the three and nine months ended September 30, 2023 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interests related to the Common Unit limited partners and a full valuation allowance on deferred tax assets as of September 30, 2023.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 25,763 $ 15,580 $ 74,505 $ 42,030 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,755) (4,414) (13,636) (12,996) Total net income attributable to Class A common shareholders $ 21,008 $ 11,166 $ 60,869 $ 29,034 Weighted average shares outstanding - basic 59,811 53,340 59,116 50,464 Dilutive effect of unvested Class A common shares (2) 613 123 736 255 Weighted average shares outstanding - diluted (2)(3) 60,424 53,463 59,852 50,719 Net income available per common share - basic $ 0.35 $ 0.21 $ 1.03 $ 0.58 Net income available per common share - diluted $ 0.35 $ 0.21 $ 1.02 $ 0.57 (1) Represents dividends paid to unvested Class A and Class C Shares, RSUs and PSUs. (2) Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (3) The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 outstanding vendor credits from another counterparty related to prior litigation the Company had previously entered into and subsequently dropped. These amounts 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 material environmental claims existing as of September 30, 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 Durango Acquisition On June 24, 2024, the Company consummated the previously announced Durango Acquisition. Pursuant to the Durango MIPA, Durango Seller is entitled to an earn out of up to $75.0 million in cash contingent upon the completion of the Kings Landing Project and placing it into service in Eddy County, New Mexico. This earn out is subject to reduction based on actual capital costs associated with the Kings Landing Project. Upon Closing, the Company evaluated the earn-out consideration classification in accordance with ASC 480. The Company determined the earn-out consideration to be classified as a liability based on the settlement provision. As of Closing, the Company recorded an initial contingent liability of $64.0 million based on the project’s completion probability and projected spend. Pursuant to ASC 805, the Company recorded a subsequent fair value adjustment of $1.4 million within “Costs of sales (exclusive of depreciation and amortization)” of the Condensed Consolidated Statement of Operations for the three months ended September 30, 2024. The contingent liability associated with the Kings Landing Project was $65.4 million as of September 30, 2024. Permian Gas Acquisition

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 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, processing and treating, 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 three 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 97% of the Company’s operating revenues, more than 99% of the cost of sales (excluding depreciation and amortization) and operating expenses and more than 94% of the ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments. Corporate and Other contains the Company’s executive and administrative functions, including 84% of the Company’s General and Administrative Expenses and all of the Company’s debt service costs. For the three months ended September 30, 2024, the Midstream Logistics segment and the Pipeline Transportation segment represent 65% and 36% of total consolidated adjusted EBITDA, respectively, which is consistent with the prior year contributions from each 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 and nine months period ended September 30, 2024 and 2023: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2024 Segment income (loss) before income taxes $ 88,581 $ 88,797 $ (85,464) $ 91,914 Add back: Interest expense 2,666 — 63,363 66,029 Depreciation and amortization expenses 85,273 2,305 5 87,583 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 88,229 — 88,229 Share-based compensation — — 15,171 15,171 Contingent liabilities fair value adjustment 1,400 — — 1,400 Integration costs 1,208 — 1,332 2,540 Acquisition transaction costs — — 31 31 Other one-time costs or amortization 1,657 — 2,060 3,717 Deduct: Interest income — — 572 572 Commodity hedging unrealized gain 8,817 — — 8,817 Gain on sale of equity method investment — 29,953 — 29,953 Equity income from unconsolidated affiliates — 53,244 — 53,244 Segment Adjusted EBITDA (2) $ 173,623 $ 96,134 $ (4,074) $ 265,683 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2023 Segment income (loss) before income taxes $ 56,584 $ 50,598 $ (62,748) $ 44,434 Add back: Interest expense 12 — 44,997 45,009 Depreciation and amortization expenses 69,456 473 6 69,935 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 78,585 — 78,585 Share-based compensation — — 12,502 12,502 Loss on disposal of assets 2,927 — — 2,927 Unrealized loss on derivatives 8,259 — — 8,259 Integration costs 21 — — 21 Acquisition transaction costs — — 378 378 Other one-time costs or amortization 1,529 — 1,133 2,662 Warrant valuation adjustment — — 4 4 Deduct: Interest income — — 293 293 Equity income from unconsolidated affiliates — 50,754 — 50,754 Segment Adjusted EBITDA (2) $ 140,443 $ 78,902 $ (4,021) $ 215,324 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2024 Segment income (loss) before income taxes $ 215,196 $ 275,246 $ (241,172) $ 249,270 Add back: Interest expense 5,273 — 162,272 167,545 Depreciation and amortization expenses 229,336 6,897 17 236,250 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 262,553 — 262,553 Share-based compensation — — 52,868 52,868 Loss on disposal of assets 4,090 — — 4,090 Loss on debt extinguishment — — 525 525 Contingent liabilities fair value adjustment 1,400 — — 1,400 Integration costs 1,792 — 3,299 5,091 Acquisition transaction costs — — 3,538 3,538 Other one-time costs or amortization 4,048 — 4,400 8,448 Deduct Other interest income — — 1,459 1,459 Commodity hedging unrealized gain 1,935 — — 1,935 Gain on sale of equity method investment — 89,837 — 89,837 Equity income from unconsolidated affiliates — 169,668 — 169,668 Segment Adjusted EBITDA (2) $ 464,165 $ 285,191 $ (15,712) $ 733,644 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Segment income (loss) before income taxes $ 163,794 $ 146,524 $ (189,190) $ 121,128 Add back: Interest expense 32 — 130,411 130,443 Depreciation and amortization expenses 206,855 1,398 18 208,271 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 224,933 — 224,933 Share-based compensation — — 43,340 43,340 Loss on disposal of assets 15,166 — — 15,166 Unrealized loss on derivatives 616 — — 616 Integration costs 29 — 956 985 Acquisition transaction costs 33 — 615 648 Other one-time costs or amortization 5,310 — 2,235 7,545 Deduct: Interest income — — 314 314 Warrant valuation adjustment — — 73 73 Equity income from unconsolidated affiliates — 146,828 — 146,828 Segment Adjusted EBITDA (2) $ 396,800 $ 226,027 $ (12,002) $ 610,825 (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 and reconciliation to the GAAP measure. The following tables present the revenue for the individual operating segments for the three and nine month period ended September 30, 2024 and 2023: Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended September 30, 2024 Revenue $ 391,331 $ 2,192 $ — $ 393,523 Other revenue 2,837 2 — 2,839 Intersegment revenue (1) — 6,748 (6,748) — Total segment operating revenue $ 394,168 $ 8,942 $ (6,748) $ 396,362 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended September 30, 2023 Revenue $ 324,863 $ 766 $ — $ 325,629 Other revenue 4,670 2 — 4,672 Total segment operating revenue $ 329,533 $ 768 $ — $ 330,301 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Nine Months Ended September 30, 2024 Revenue $ 1,082,236 $ 6,566 $ — $ 1,088,802 Other revenue 8,122 289 — 8,411 Intersegment revenue (1) — 19,288 (19,288) — Total segment operating revenue $ 1,090,358 $ 26,143 $ (19,288) $ 1,097,213 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Revenue $ 894,669 $ 2,190 $ — $ 896,859 Other revenue 10,679 6 — 10,685 Total segment operating revenue $ 905,348 $ 2,196 $ — $ 907,544 (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 September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) Midstream Logistics $ 4,323,444 $ 3,772,764 Pipeline Transportation (1) 2,297,544 2,703,588 Segment total assets 6,620,988 6,476,352 Corporate and other 239,473 20,521 Total assets $ 6,860,461 $ 6,496,873 (1)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn October 17, 2024, the Board declared a cash dividend of $0.78 per share on the Company’s Class A Common Stock which will be payable to stockholders of record as of October 28, 2024 on November 7, 2024. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $0.78 per Common Unit from the Partnership to the holders of Common Units, which will be payable on November 7, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Segment adjusted EBITDA	$ 265,683	$ 215,324	$ 733,644	$ 610,825

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Accounts Receivable Securitization Facility	Accounts Receivable Securitization Facility Pursuant to ASC 860, Transfers and Servicing, accounts receivable that are sold or contributed by the Partnership to the special purpose vehicle are treated as collateral for borrowings under the third party A/R Facility (as defined below) and are included as “Accounts receivable pledged” within the Condensed Consolidated Balance Sheet. Proceeds from the transfer of the eligible accounts receivable under the third party A/R Facility are secured borrowings included as “Current debt obligations” within our Condensed Consolidated Balance Sheets. Proceeds and repayments under such facility are reflected as cash flows from financing activities in our Consolidated Statements of Cash Flows. See Note 7—Debt and Financing Costs in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q for further discussion.
Transactions with related parties	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 ASC 850 , Related Party Transactions
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. Additionally, the amendments require annual disclosure of the title and position of the CODM and how that individual uses the reported measure(s) of segment profit or loss in assessing segment performance and how to allocate resources. These amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The disclosures required in the amendments apply retrospectively to all prior periods presented in the financial statements. We are evaluating the effect of the amendments on our consolidated financial statements and expect to disclose the required information for fiscal years beginning in the Annual Report on Form 10-K for the year ended December 31, 2024 and for interim periods beginning in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The impact of the adoption will be limited to additional disclosure in the notes to the consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require, among other items, that public entities disclose, on an annual and interim basis, (i) specific categories of income taxes in the rate reconciliation, and (ii) a disaggregation of income taxes paid by federal, state, and foreign taxes. These amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied prospectively with retrospective application permitted. We are evaluating the effect of the amendments on our consolidated financial statements and expect to disclose the required information beginning in the Annual Report on Form 10-K for the year ended December 31, 2025.
Business Combination	The Durango Acquisition was accounted for as a business combination in accordance with ASC 805 Business Combination (“ASC 805”). Starting on the Closing Date, our Consolidated Financial Statements reflected Durango as a consolidated subsidiary. The accompanying Condensed Consolidated Financial Statements herein include (i) the combined net assets of the Company carried at historical costs and net assets of Durango carried at fair value as of the Closing Date and (ii) the combined results of operations of the Company with Durango’s results presented within the Condensed Consolidated Financial Statements from the Closing Date going forward. five seven Pursuant to ASC 805, the Company evaluated the earn-out consideration classification in accordance with ASC 480, Distinguishing Liabilities from Equity
Revenue Recognition	Current and noncurrent contract liabilities are included in “Other Current Liabilities” and “Contract Liabilities,” respectively, in 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, in 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.
Equity Method Interests	Unamortized basis differences will be amortized or accreted into equity income of unconsolidated affiliates over the useful lives of the underlying pipeline assets.Capitalized interest is amortized on a straight-line basis into equity income of unconsolidated affiliates.
Debt and Financing Cost	The unamortized debt issuance costs related to the revolving credit facilities were included in the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
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.
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 changes 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 SheetsThe 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	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.
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 , 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 September 30, 2024 and December 31, 2023.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair value of assets acquired and liabilities assumed in the Durango Acquisition as of June 24, 2024, in accordance with ASC 805: (In thousands) Amount Cash and cash equivalents $ 16,785 Accounts receivable 29,386 Prepaid and other current assets 10,000 Property, plant, and equipment, net 471,429 Intangible assets, net 379,000 Deferred charges and other assets 4 Operating lease ROU assets 3,617 Total assets acquired 910,221 Accounts payable 34,314 Accrued expenses 7,140 Contract liabilities 642 Operating lease liabilities 3,617 Deferred tax liabilities 19,340 Total liabilities assumed 65,053 Contingent consideration (1) 64,000 Consideration transferred $ 781,168 (1) Pursuant to ASC 805, the Company evaluated the earn-out consideration classification in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company determined the earn-out consideration to be classified as a liability based on the settlement provision. Therefore, the Company records the contingent consideration at fair value as of September 30, 2024. Additional discussion in Note 15—Commitments and Contingencies in the Notes to our Condensed Consolidated Financial Statements set forth in this Form 10-Q.
Schedule of Pro Forma Information	The unaudited supplemental pro forma financial data is for informational purposes only and is not indicative of future results. The results below for the three and nine months ended September 30, 2024 and 2023, respectively, combine the results of the Company and Durango, giving effect to the Durango Acquisition as if it had been completed on January 1, 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Revenues $ 396,362 $ 410,988 $ 1,210,257 $ 1,138,419 Net income including noncontrolling interest $ 83,602 $ 46,575 $ 228,652 $ 123,738

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Gathering and processing services $ 103,100 $ 104,349 $ 301,710 $ 310,325 Natural gas, NGLs and condensate sales 290,423 221,280 787,092 586,534 Other revenue 2,839 4,672 8,411 10,685 Total revenues $ 396,362 $ 330,301 $ 1,097,213 $ 907,544
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 September 30, 2024: Amount Fiscal Year (In thousands) Remaining of 2024 $ 7,049 2025 71,507 2026 75,387 2027 73,945 2028 72,873 Thereafter 230,750 $ 531,511
Schedule of Contract with Customer, Contract Liability	The following table provides information about contract liabilities from contracts with customers as of September 30, 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 (5,182) Cash received in advance and not recognized as revenue 997 Balance at September 30, 2024 28,053 Less: Current portion 6,195 Non-current portion $ 21,858

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2024 2023 (In thousands) Gathering, processing, and transmission systems and facilities $ 3,715,716 $ 3,253,539 Vehicles 14,714 11,447 Computers and equipment 7,830 6,242 Less: accumulated depreciation (759,280) (626,223) Total depreciable assets, net 2,978,980 2,645,005 Construction in progress 217,637 74,369 Land 30,267 23,853 Total property, plant, and equipment, net $ 3,226,884 $ 2,743,227

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, are comprised of the following: September 30, December 31, 2024 2023 (In thousands) Customer contracts $ 1,460,287 $ 1,139,665 Right of way assets 199,129 141,711 Less accumulated amortization (781,275) (689,706) Total amortizable intangible assets, net $ 878,141 $ 591,670

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of September 30, 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: September 30, December 31, Ownership (1) 2024 2023 (In thousands) PHP 55.5% $ 1,623,127 $ 1,666,254 Breviloba 33.0% 433,193 443,684 Epic Crude Holdings, LP (“EPIC”) (1) 27.5% 85,627 — Gulf Coast Express Pipeline LLC (“GCX”) (2) —% — 431,051 $ 2,141,947 $ 2,540,989 (1) Investment balance is primarily comprised of the additional 12.5% interest that was acquired during July 2024. (2) The Company owned 16% of GCX as of December 31, 2023 and divested entire ownership in June 2024. The following table presents the activity in the Company’s EMIs for the nine months ended September 30, 2024: Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Gulf Coast Express Pipeline LLC Total (In thousands) Balance at December 31, 2023 $ 1,666,254 $ 443,684 $ — $ 431,051 $ 2,540,989 Contributions and acquisitions 3,273 — 85,417 — 88,690 Distributions (1) (177,172) (33,677) — (15,610) (226,459) Disposition — — — (430,941) (430,941) Equity income, net (2) 130,772 23,186 210 15,500 169,668 Balance at September 30, 2024 $ 1,623,127 $ 433,193 $ 85,627 $ — $ 2,141,947 (1) Distributions consisted of distributions from a return on investment of $223.7 million, which was included in cash flows from operating activities and distributions from a return of investment of $2.8 million, which was included in cash flows from investing activities. (2)
Schedule of Equity Method Investment, Summarized Financial Information	The following table represents selected data for the Company’s ongoing EMI pipelines (on a 100 percent basis) for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, 2024 2023 Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP (In thousands) Revenues $ 127,719 $ 53,929 $ 97,514 $ 99,923 $ 51,002 $ 93,138 Operating income 83,785 27,398 25,052 65,549 25,170 22,521 Net income (loss) 83,783 27,558 (5,159) 66,630 25,223 (11,330) Nine Months Ended September 30, 2024 2023 Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC EPIC Crude Holdings, LP (In thousands) Revenues $ 380,359 $ 156,326 $ 284,050 $ 291,859 $ 143,544 $ 259,250 Operating income 245,467 74,563 70,631 185,862 69,666 36,148 Net income (loss) 245,016 75,005 (29,889) 190,662 70,086 (62,312)

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table summarizes the Company’s debt obligations as of September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) A/R Facility $ 150,000 $ — Total current debt obligations $ 150,000 $ — Unsecured term loan $ 1,000,000 $ 1,200,000 5.875% senior unsecured notes due 2030 (“2030 Notes”) 1,000,000 1,000,000 6.625% senior unsecured notes due 2028 (“2028 Notes”) 800,000 800,000 $1.25 billion revolving line of credit 507,000 594,000 Total long-term debt 3,307,000 3,594,000 Debt issuance costs, net (1) (27,432) (31,510) Unamortized debt premiums and discounts, net 121 319 Total long-term debt, net $ 3,279,689 $ 3,562,809 (1) Excludes unamortized debt issuance costs related to the revolving line of credit. Unamortized debt issuance costs associated with the revolving line of credit were $4.2 million and $5.4 million as of September 30, 2024 and December 31, 2023, respectively. The unamortized debt issuance costs related to the revolving credit facilities were included in the “Deferred charges and other assets” of the Condensed Consolidated Balance Sheets.
Schedule of Financing Costs, Net	The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Capitalized interest $ (2,955) $ (6,731) $ (4,885) $ (13,775) Debt issuance costs 1,916 1,546 5,497 4,601 Interest expense 67,068 50,194 166,933 139,617 Total financing costs, net of capitalized interest $ 66,029 $ 45,009 $ 167,545 $ 130,443

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The following table provides detail of the Company’s current accrued expenses on September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) Accrued product purchases $ 97,635 $ 109,172 Accrued taxes 20,270 632 Accrued salaries, vacation, and related benefits 5,349 1,872 Accrued capital expenditures 13,911 18,534 Accrued interest 34,070 33,760 Accrued other expenses 20,554 13,451 Total accrued expenses $ 191,789 $ 177,421

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Commodity swap $ — $ 7,785 $ — $ 7,785 Interest rate derivatives — 84 — 84 Total assets $ — $ 7,869 $ — $ 7,869 Commodity swaps $ — $ 3,936 $ — $ 3,936 Interest rate derivatives — 3,888 — 3,888 Contingent liability — — 65,400 65,400 Total liabilities $ — $ 7,824 $ 65,400 $ 73,224 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)	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 76 $ 4,314 Derivative assets - noncurrent 8 — Total derivative assets $ 84 $ 4,314 Derivative liabilities - current $ 3,888 $ — Derivatives liabilities - noncurrent — 5,348 Total derivative liabilities $ 3,888 $ 5,348 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Realized gain on interest rate swaps $ 3,994 $ 4,665 $ 11,899 $ 7,082 (Unfavorable) favorable fair value adjustment $ (8,342) $ 12,500 $ 9,129 $ 34,562 September 30, December 31, 2024 2023 (In thousands) Derivatives assets - current $ 6,200 $ 3,498 Derivative assets - noncurrent 1,585 165 Total derivative assets $ 7,785 $ 3,663 Derivative liabilities - current $ 2,855 $ 1,734 Derivatives liabilities - noncurrent 1,081 15 Total derivative liabilities $ 3,936 $ 1,749 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Realized (loss) gain on commodity swaps $ (2,790) $ 176 $ (20,002) $ 8,029 Favorable (unfavorable) fair value adjustment $ 6,027 $ (8,083) $ (18,067) $ 6,466
Schedule of Detail Information of Commodity Swaps Outstanding	The following table presents detailed information of commodity swaps outstanding as of September 30, 2024 (in thousands, except volumes): September 30, 2024 Commodity Unit Notional Volume Net Fair Value Natural Gas MMBtus 1,210,000 $ 569 NGL Gallons 312,215,400 917 Crude Bbl 613,000 2,563 Crude Collars Bbl 163,800 937 Crude Basis Spread Swaps Bbl 22,400 (9) Natural Gas Basis Spread Swaps MMBtus 7,300,000 (1,128) $ 3,849

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 43,166 31.18 Forfeited 1,592 31.18 Outstanding and unvested shares at September 30, 2024 5,399,730 $ 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 nine months ended September 30, 2024: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 (In thousands) Aggregate intrinsic value of vested Class A Shares $ 1,102 $ 1,756 Grant-date fair value of vested Class A Shares $ 834 $ 1,346
Schedule of Nonvested Restricted Stock Shares Activity	The table below summarizes RSUs activities for the nine months ended September 30, 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 610,333 35.41 Vested 323,158 34.79 Forfeited 12,565 33.06 Outstanding and unvested shares at September 30, 2024 709,830 $ 33.12 (1) The number of shares and weighted average fair market value per share 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 and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Aggregate intrinsic value of vested RSUs $ 387 $ 34 $ 11,469 $ 7,340 Grant-date fair value of vested RSUs $ 372 $ 35 $ 11,243 $ 6,827
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity	The table below summarizes PSU activities for the nine months ended September 30, 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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Income before income taxes $ 91,914 $ 44,434 $ 249,270 $ 121,128 Income tax expense $ 8,260 $ 1,303 $ 21,261 $ 2,030 Effective tax rate 8.99 % 2.93 % 8.53 % 1.68 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 25,763 $ 15,580 $ 74,505 $ 42,030 Less: Net income available to participating unvested restricted Class A common shareholders (1) (4,755) (4,414) (13,636) (12,996) Total net income attributable to Class A common shareholders $ 21,008 $ 11,166 $ 60,869 $ 29,034 Weighted average shares outstanding - basic 59,811 53,340 59,116 50,464 Dilutive effect of unvested Class A common shares (2) 613 123 736 255 Weighted average shares outstanding - diluted (2)(3) 60,424 53,463 59,852 50,719 Net income available per common share - basic $ 0.35 $ 0.21 $ 1.03 $ 0.58 Net income available per common share - diluted $ 0.35 $ 0.21 $ 1.02 $ 0.57 (1) Represents dividends paid to unvested Class A and Class C Shares, RSUs and PSUs. (2) Includes dilutive effect from both RSUs and PSUs on unvested Class A common shares. (3) The effect of an assumed exchange of outstanding Common Units (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for all periods presented in which the Common Units were outstanding.

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 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 and nine months period ended September 30, 2024 and 2023: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2024 Segment income (loss) before income taxes $ 88,581 $ 88,797 $ (85,464) $ 91,914 Add back: Interest expense 2,666 — 63,363 66,029 Depreciation and amortization expenses 85,273 2,305 5 87,583 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 88,229 — 88,229 Share-based compensation — — 15,171 15,171 Contingent liabilities fair value adjustment 1,400 — — 1,400 Integration costs 1,208 — 1,332 2,540 Acquisition transaction costs — — 31 31 Other one-time costs or amortization 1,657 — 2,060 3,717 Deduct: Interest income — — 572 572 Commodity hedging unrealized gain 8,817 — — 8,817 Gain on sale of equity method investment — 29,953 — 29,953 Equity income from unconsolidated affiliates — 53,244 — 53,244 Segment Adjusted EBITDA (2) $ 173,623 $ 96,134 $ (4,074) $ 265,683 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Three Months Ended September 30, 2023 Segment income (loss) before income taxes $ 56,584 $ 50,598 $ (62,748) $ 44,434 Add back: Interest expense 12 — 44,997 45,009 Depreciation and amortization expenses 69,456 473 6 69,935 Contract assets amortization 1,655 — — 1,655 Proportionate EMI EBITDA — 78,585 — 78,585 Share-based compensation — — 12,502 12,502 Loss on disposal of assets 2,927 — — 2,927 Unrealized loss on derivatives 8,259 — — 8,259 Integration costs 21 — — 21 Acquisition transaction costs — — 378 378 Other one-time costs or amortization 1,529 — 1,133 2,662 Warrant valuation adjustment — — 4 4 Deduct: Interest income — — 293 293 Equity income from unconsolidated affiliates — 50,754 — 50,754 Segment Adjusted EBITDA (2) $ 140,443 $ 78,902 $ (4,021) $ 215,324 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2024 Segment income (loss) before income taxes $ 215,196 $ 275,246 $ (241,172) $ 249,270 Add back: Interest expense 5,273 — 162,272 167,545 Depreciation and amortization expenses 229,336 6,897 17 236,250 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 262,553 — 262,553 Share-based compensation — — 52,868 52,868 Loss on disposal of assets 4,090 — — 4,090 Loss on debt extinguishment — — 525 525 Contingent liabilities fair value adjustment 1,400 — — 1,400 Integration costs 1,792 — 3,299 5,091 Acquisition transaction costs — — 3,538 3,538 Other one-time costs or amortization 4,048 — 4,400 8,448 Deduct Other interest income — — 1,459 1,459 Commodity hedging unrealized gain 1,935 — — 1,935 Gain on sale of equity method investment — 89,837 — 89,837 Equity income from unconsolidated affiliates — 169,668 — 169,668 Segment Adjusted EBITDA (2) $ 464,165 $ 285,191 $ (15,712) $ 733,644 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Segment income (loss) before income taxes $ 163,794 $ 146,524 $ (189,190) $ 121,128 Add back: Interest expense 32 — 130,411 130,443 Depreciation and amortization expenses 206,855 1,398 18 208,271 Contract assets amortization 4,965 — — 4,965 Proportionate EMI EBITDA — 224,933 — 224,933 Share-based compensation — — 43,340 43,340 Loss on disposal of assets 15,166 — — 15,166 Unrealized loss on derivatives 616 — — 616 Integration costs 29 — 956 985 Acquisition transaction costs 33 — 615 648 Other one-time costs or amortization 5,310 — 2,235 7,545 Deduct: Interest income — — 314 314 Warrant valuation adjustment — — 73 73 Equity income from unconsolidated affiliates — 146,828 — 146,828 Segment Adjusted EBITDA (2) $ 396,800 $ 226,027 $ (12,002) $ 610,825 (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 and reconciliation to the GAAP measure. The following tables present the revenue for the individual operating segments for the three and nine month period ended September 30, 2024 and 2023: Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended September 30, 2024 Revenue $ 391,331 $ 2,192 $ — $ 393,523 Other revenue 2,837 2 — 2,839 Intersegment revenue (1) — 6,748 (6,748) — Total segment operating revenue $ 394,168 $ 8,942 $ (6,748) $ 396,362 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Three Months Ended September 30, 2023 Revenue $ 324,863 $ 766 $ — $ 325,629 Other revenue 4,670 2 — 4,672 Total segment operating revenue $ 329,533 $ 768 $ — $ 330,301 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Nine Months Ended September 30, 2024 Revenue $ 1,082,236 $ 6,566 $ — $ 1,088,802 Other revenue 8,122 289 — 8,411 Intersegment revenue (1) — 19,288 (19,288) — Total segment operating revenue $ 1,090,358 $ 26,143 $ (19,288) $ 1,097,213 Midstream Logistics Pipeline Transportation Elimination Consolidated (In thousands) For the Nine Months Ended September 30, 2023 Revenue $ 894,669 $ 2,190 $ — $ 896,859 Other revenue 10,679 6 — 10,685 Total segment operating revenue $ 905,348 $ 2,196 $ — $ 907,544 (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 September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In thousands) Midstream Logistics $ 4,323,444 $ 3,772,764 Pipeline Transportation (1) 2,297,544 2,703,588 Segment total assets 6,620,988 6,476,352 Corporate and other 239,473 20,521 Total assets $ 6,860,461 $ 6,496,873 (1) Includes investment in unconsolidated affiliates of $2.14 billion and $2.54 billion as of September 30, 2024 and December 31, 2023, respectively.

DESCRIPTION OF THE ORGANIZATI_3

DESCRIPTION OF THE ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended			9 Months Ended
		Sep. 30, 2024 USD ($) entity	Mar. 18, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) entity	Sep. 30, 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		3			3
Revenue		$ 396,362,000		$ 330,301,000	$ 1,097,213,000	$ 907,544,000
Costs of sales (exclusive of depreciation and amortization)	[1],[2]	144,586,000		147,756,000	444,786,000	374,100,000
Related Party
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue		0		20,000,000	17,200,000	70,900,000
Costs of sales (exclusive of depreciation and amortization)		12,800,000		15,500,000	48,700,000	50,600,000
Related Party | 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)		$ 12,800,000		2,400,000	$ 39,300,000	6,400,000
Related Party | Apache Midstream and Titus
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Revenue			$ 17,200,000	20,000,000		70,900,000
Costs of sales (exclusive of depreciation and amortization)			9,400,000	13,100,000		44,200,000
Operating expenses			$ 200,000	$ 100,000		$ 500,000
Related Party | Maximum | Apache
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 | Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		5%			5%
Kinetik Holdings LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Limited partners, ownership interest					38%
[1] Cost of sales (exclusive of depreciation and amortization) is net of gas service revenues totaling $60.2 million and $38.6 million for the three months ended September 30, 2024 and 2023, respectively, and $159.4 million and $107.1 million for the nine months ended September 30, 2024 and 2023, respectively, for certain volumes where we act as principal. Includes amounts associated with related parties of $12.8 million and $15.5 million for the three months ended September 30, 2024 and 2023, respectively, and $48.7 million

BUSINESS COMBINATIONS - Additio

BUSINESS COMBINATIONS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 24, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 13, 2023
Business Acquisition [Line Items]
Acquisition transaction costs		$ 31		$ 378
Goodwill		$ 5,077	$ 5,077			$ 5,077		$ 5,077
Right of way assets
Business Acquisition [Line Items]
Intangible asset useful life		10 years	10 years			10 years
Total amortizable intangible assets, gross		$ 199,129	$ 199,129			$ 199,129		$ 141,711
Class C Common Stock
Business Acquisition [Line Items]
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001			$ 0.0001		$ 0.0001
Durango Permian LLC Acquisition
Business Acquisition [Line Items]
Purchase price	$ 845,200
Cash consideration paid	358,000					$ 357,968	$ 0
Contingent consideration	64,000
Working capital adjustment		$ 21,000
Adjustment related to long-lived assets and intangible assets		(10,600)
Decrease in goodwill		10,400
Acquisition transaction costs							3,500
Revenues		35,800				38,900
Net income		1,400				1,600
Acquisition related expense adjustment						3,500
Interest expense removed				$ 3,900		24,000	$ 11,100
Assets acquired	$ 910,221
Durango Permian LLC Acquisition | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition transaction costs						3,200
Durango Permian LLC Acquisition | Minimum
Business Acquisition [Line Items]
Facilities and equipment useful life	5 years
Intangible asset useful life	7 years
Durango Permian LLC Acquisition | Maximum
Business Acquisition [Line Items]
Facilities and equipment useful life	30 years
Intangible asset useful life	12 years
Durango Permian LLC Acquisition | Kinetik LP
Business Acquisition [Line Items]
Contingent consideration	$ 75,000	$ 65,400	$ 65,400			$ 65,400
Durango Permian LLC Acquisition | Class C Common Stock
Business Acquisition [Line Items]
Equity interest issuable (in shares)	3.8
Equity interest issuable value	$ 148,200
Durango Permian LLC Acquisition | Class C Common Stock | To Be Issued On July 1, 2025
Business Acquisition [Line Items]
Equity interest issuable (in shares)	7.7		7.7
Equity interest issuable value	$ 275,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement
Business Acquisition [Line Items]
Assets acquired					$ 65,000
Agreement term					20 years
Incentive and acceleration agreement									$ 60,000
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Prepaid and other current assets									4,700
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Deferred Charges and Other Assets
Business Acquisition [Line Items]
Other noncurrent assets									$ 55,300
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Right of way assets
Business Acquisition [Line Items]
Total amortizable intangible assets, gross					$ 3,100
Midstream Infrastructure Assets and Incentive and Acceleration Agreement | Gathering And Disposal Assets
Business Acquisition [Line Items]
Assets acquired					$ 61,900

BUSINESS COMBINATIONS - Allocat

BUSINESS COMBINATIONS - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - Durango Permian LLC Acquisition $ in Thousands	Jun. 24, 2024 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 16,785
Accounts receivable	29,386
Prepaid and other current assets	10,000
Property, plant, and equipment, net	471,429
Intangible assets, net	379,000
Operating lease ROU assets	3,617
Total assets acquired	910,221
Accounts payable	34,314
Accrued expenses	7,140
Contract liabilities	642
Operating lease liabilities	3,617
Deferred tax liabilities	19,340
Total liabilities assumed	65,053
Contingent consideration	64,000
Consideration transferred	781,168
Deferred Charges and Other Assets
Business Acquisition [Line Items]
Deferred charges and other assets	$ 4

BUSINESS COMBINATIONS -Schedule

BUSINESS COMBINATIONS -Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 396,362	$ 410,988	$ 1,210,257	$ 1,138,419
Net income including noncontrolling interest	$ 83,602	$ 46,575	$ 228,652	$ 123,738

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	[1]	$ 396,362	$ 330,301	$ 1,097,213	$ 907,544
Gathering and processing services
Disaggregation of Revenue [Line Items]
Total revenues		103,100	104,349	301,710	310,325
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues		290,423	221,280	787,092	586,534
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues		$ 2,839	$ 4,672	$ 8,411	$ 10,685
[1] Includes amounts associated with related parties of nil and $20.0 million for the three months ended September 30, 2024 and 2023, respectively, and $17.2 million and $70.9 million for the nine months ended September 30, 2024 and 2023, respectively.

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	[1]	$ 396,362,000	$ 330,301,000	$ 1,097,213,000	$ 907,544,000
Capitalized contract cost		66,200,000		66,200,000		$ 71,200,000
Amortization of contract costs		1,655,000	1,655,000	4,965,000	4,965,000
Minimum Volume Commitments
Disaggregation of Revenue [Line Items]
Total revenues		$ 0	$ 400,000	$ 0	$ 1,600,000
[1] Includes amounts associated with related parties of nil and $20.0 million for the three months ended September 30, 2024 and 2023, respectively, and $17.2 million and $70.9 million for the nine months ended September 30, 2024 and 2023, respectively.

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 531,511
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 7,049
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	$ 71,507
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	$ 75,387
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	$ 73,945
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	$ 72,873
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	$ 230,750
Expected timing of satisfaction, period

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	(5,182)
Cash received in advance and not recognized as revenue	997
Ending balance	28,053
Less: Current portion	6,195
Non-current portion	$ 21,858	$ 25,761

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (759,280,000)		$ (759,280,000)		$ (626,223,000)
Total depreciable assets, net	2,978,980,000		2,978,980,000		2,645,005,000
Total property, plant, and equipment, net	3,226,884,000		3,226,884,000		2,743,227,000
Depreciation expense	48,700,000	$ 39,400,000	135,300,000	$ 116,600,000
Impairment of long-lived assets	0	$ 0	0	$ 0
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,715,716,000		3,715,716,000		3,253,539,000
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	14,714,000		14,714,000		11,447,000
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	7,830,000		7,830,000		6,242,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	217,637,000		217,637,000		74,369,000
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 30,267,000		$ 30,267,000		$ 23,853,000

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (781,275)	$ (689,706)
Total amortizable intangible assets, net	878,141	591,670
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	1,460,287	1,139,665
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Total amortizable intangible assets, gross	$ 199,129	$ 141,711

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Initial term			10 years
Option to renewal			10 years
Percent of original consideration paid	130%		130%
Remaining weighted average amortization period	8 years 8 months 8 days		8 years 8 months 8 days
Amortization of intangible assets	$ 38,900,000	$ 30,600,000	$ 100,900,000	$ 91,600,000
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Right of way assets
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years		10 years
Remaining weighted average amortization period	6 years 8 months 1 day		6 years 8 months 1 day
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period	9 years 10 days		9 years 10 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining term			1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining term			17 years

EQUITY METHOD INVESTMENTS - Inf

EQUITY METHOD INVESTMENTS - Information of Equity Method Investments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 04, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2024	Jul. 26, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method interests		$ 2,141,947		$ 2,141,947				$ 2,540,989
Difference between carrying amount and underlying equity		365,700		365,700				349,300
Capitalized interest		24,100		24,100				24,700
Movement In Equity Method Interests [Roll Forward]
Beginning balance				2,540,989
Contributions and acquisitions				88,690
Distributions				(226,459)
Disposition				(430,941)
Equity income, net		53,244	$ 50,754	169,668	$ 146,828
Ending balance		$ 2,141,947		2,141,947
Proceeds from equity method investment, distribution				223,700
Proceeds from equity method investment, distribution, return of capital				2,800
Disposed of by Sale | Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	16%
Consideration	$ 524,400
Recognized gain				$ 89,800
Disposed of by Sale | Gulf Coast Express Pipeline LLC | Earn Out On Cash Upon Certain Criteria
Schedule of Equity Method Investments [Line Items]
Consideration	$ 30,000
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		55.50%		55.50%
Equity method interests		$ 1,623,127		$ 1,623,127				1,666,254
Movement In Equity Method Interests [Roll Forward]
Beginning balance				1,666,254
Contributions and acquisitions				3,273
Distributions				(177,172)
Disposition				0
Equity income, net				130,772
Ending balance		$ 1,623,127		1,623,127
Amortization and accretion				$ 5,900
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		33%		33%
Equity method interests		$ 433,193		$ 433,193				443,684
Movement In Equity Method Interests [Roll Forward]
Beginning balance				443,684
Contributions and acquisitions				0
Distributions				(33,677)
Disposition				0
Equity income, net				23,186
Ending balance		$ 433,193		433,193
Amortization and accretion				$ 500
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage		27.50%		27.50%
Equity method interests		$ 85,627		$ 85,627				$ 0
Equity interest acquired percentage						12.50%	12.50%
Movement In Equity Method Interests [Roll Forward]
Beginning balance				0
Contributions and acquisitions				85,417
Distributions				0
Disposition				0
Equity income, net				210
Ending balance		$ 85,627		85,627
Amortization and accretion				$ 1,600
Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		0%		0%				16%
Equity method interests		$ 0		$ 0				$ 431,051
Movement In Equity Method Interests [Roll Forward]
Beginning balance				431,051
Contributions and acquisitions				0
Distributions				(15,610)
Disposition				(430,941)
Equity income, net				15,500
Ending balance		$ 0		0
Amortization and accretion				$ 2,700

EQUITY METHOD INVESTMENTS - Sum

EQUITY METHOD INVESTMENTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Operating income	$ 72,874	$ 38,400	$ 155,563	$ 103,118
Net income (loss)	83,654	43,131	228,009	119,098
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues	127,719	99,923	380,359	291,859
Operating income	83,785	65,549	245,467	185,862
Net income (loss)	83,783	66,630	245,016	190,662
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	53,929	51,002	156,326	143,544
Operating income	27,398	25,170	74,563	69,666
Net income (loss)	27,558	25,223	75,005	70,086
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Revenues	97,514	93,138	284,050	259,250
Operating income	25,052	22,521	70,631	36,148
Net income (loss)	$ (5,159)	$ (11,330)	$ (29,889)	$ (62,312)

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 02, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 08, 2022
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 27,400,000		$ 27,400,000	$ 27,400,000		$ 31,500,000
Total long-term debt		3,307,000,000		3,307,000,000	3,307,000,000		3,594,000,000
Loss on debt extinguishment		0	$ 0		525,000	$ 0
Unamortized debt premiums and discounts, net		121,000		121,000	121,000		319,000
Debt, fair value		3,480,000,000		3,480,000,000	3,480,000,000		3,570,000,000
Term Loan
Debt Instrument [Line Items]
Unamortized debt premiums and discounts, net		100,000		100,000	100,000		300,000
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	12,600,000		12,600,000
Unused borrowing capacity		730,400,000		730,400,000	730,400,000
If Targets Have Not Been Satisfied | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	(0.02%)
If Targets Have Not Been Satisfied | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	(0.05%)
If Targets Have Been Satisfied | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	0.02%
If Targets Have Been Satisfied | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)	0.05%
A/R Facility
Debt Instrument [Line Items]
Accounts receivable from securitization	$ 150,000,000	150,000,000		150,000,000	150,000,000
Fee, expense, and original issue discounts	1,100,000
Unamortized debt issuance cost		$ 600,000		$ 600,000	$ 600,000
Debt instrument, basis spread on variable rate				0.10%
Debt facility fee percentage					0.90%
Line of credit facility, unused capacity, commitment fee percentage					0.40%
Unsecured term loan | Term Loan
Debt Instrument [Line Items]
Total long-term debt	1,000,000,000						$ 1,200,000,000
Loss on debt extinguishment	$ 500,000

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2024	Apr. 02, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total current debt obligations	$ 150,000,000		$ 0
Total long-term debt	3,307,000,000		3,594,000,000
Debt issuance costs, net	(27,432,000)		(31,510,000)
Unamortized debt premiums and discounts, net	121,000		319,000
Total long-term debt, net	3,279,689,000		3,562,809,000
Unamortized debt issuance cost	27,400,000		31,500,000
Term Loan
Debt Instrument [Line Items]
Unamortized debt premiums and discounts, net	100,000		300,000
A/R Facility
Debt Instrument [Line Items]
A/R Facility	150,000,000		0
Unamortized debt issuance cost	$ 600,000
Unsecured term loan | Term Loan
Debt Instrument [Line Items]
Total long-term debt		$ 1,000,000,000	1,200,000,000
5.875% senior unsecured notes due 2030 (“2030 Notes”) | Unsecured Debt
Debt Instrument [Line Items]
Stated percentage	5.875%
Total long-term debt	$ 1,000,000,000		1,000,000,000
6.625% senior unsecured notes due 2028 (“2028 Notes”) | Unsecured Debt
Debt Instrument [Line Items]
Stated percentage	6.625%
Total long-term debt	$ 800,000,000		800,000,000
$1.25 billion revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt	507,000,000		594,000,000
Unamortized debt issuance cost	4,200,000		$ 5,400,000
$1.25 billion revolving line of credit | Term Loan
Debt Instrument [Line Items]
Face amount	$ 1,250,000,000

DEBT AND FINANCING COSTS - Sc_2

DEBT AND FINANCING COSTS - Schedule of Financing Costs, Net of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Capitalized interest	$ (2,955)	$ (6,731)	$ (4,885)	$ (13,775)
Debt issuance costs	1,916	1,546	5,497	4,601
Interest expense	67,068	50,194	166,933	139,617
Total financing costs, net of capitalized interest	$ 66,029	$ 45,009	$ 167,545	$ 130,443

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued product purchases	$ 97,635	$ 109,172
Accrued taxes	20,270	632
Accrued salaries, vacation, and related benefits	5,349	1,872
Accrued capital expenditures	13,911	18,534
Accrued interest	34,070	33,760
Accrued other expenses	20,554	13,451
Total accrued expenses	$ 191,789	$ 177,421

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Aug. 07, 2024 USD ($)	Jun. 24, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 shares	Jun. 30, 2024 shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Redeemable noncontrolling interest — Common Unit limited partners | $			$ 4,783,180	$ 4,783,180			$ 3,157,807
Dividends, cash | $	$ 118,200
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in USD per share) | $ / shares			$ 0.0001	$ 0.0001			$ 0.0001
Common stock, shares issued (in shares)			97,783,034	97,783,034			94,089,038
Common stock, shares outstanding (in shares)			97,783,034	97,783,034			94,089,038
Class C Common Stock | Durango Permian LLC Acquisition
Class of Stock [Line Items]
Equity interest issuable (in shares)		3,800,000
Class C Common Stock | Durango Permian LLC Acquisition | To Be Issued On July 1, 2025
Class of Stock [Line Items]
Equity interest issuable (in shares)		7,700,000	7,700,000
Class C Common Stock | Common Stock
Class of Stock [Line Items]
Stock redeemed (in shares)				(146,250)	(181,000)
Common stock, par value (in USD per share) | $ / shares			$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)			97,800,000	97,800,000
Common stock, shares outstanding (in shares)			97,783,000	97,783,000	94,089,000	97,783,000	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, par value (in USD per share) | $ / shares			$ 0.0001	$ 0.0001			$ 0.0001
Common stock, shares issued (in shares)			59,751,435	59,751,435			57,096,538
Common stock, shares outstanding (in shares)			59,751,435	59,751,435			57,096,538
Amount of dividends reinvested | $	$ 400
Class A Common Stock | Public Warrants
Class of Stock [Line Items]
Class of warrant or right, purchase ratio for common stock			0.1	0.1
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Stock redeemed (in shares)				146,250	181,000
Common stock, par value (in USD per share) | $ / shares			$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)			59,800,000	59,800,000
Common stock, shares outstanding (in shares)			59,751,000	59,751,000	54,520,000	59,736,000	57,097,000	51,973,000	45,679,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities
Total liabilities	$ 3,797,986	$ 3,869,889
Fair Value, Recurring
Assets
Total assets	7,869	7,977
Liabilities
Total liabilities	73,224	7,097
Fair Value, Recurring | Commodity swap
Assets
Total assets	7,785	3,663
Liabilities
Total derivative liabilities	3,936	1,749
Fair Value, Recurring | Interest rate derivatives
Assets
Total assets	84	4,314
Liabilities
Total derivative liabilities	3,888	5,348
Fair Value, Recurring | Contingent liability
Liabilities
Contingent liability	65,400
Fair Value, Recurring | Level 1
Assets
Total assets	0	0
Liabilities
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Commodity swap
Assets
Total assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives
Assets
Total assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Contingent liability
Liabilities
Contingent liability	0
Fair Value, Recurring | Level 2
Assets
Total assets	7,869	7,977
Liabilities
Total liabilities	7,824	7,097
Fair Value, Recurring | Level 2 | Commodity swap
Assets
Total assets	7,785	3,663
Liabilities
Total derivative liabilities	3,936	1,749
Fair Value, Recurring | Level 2 | Interest rate derivatives
Assets
Total assets	84	4,314
Liabilities
Total derivative liabilities	3,888	5,348
Fair Value, Recurring | Level 2 | Contingent liability
Liabilities
Contingent liability	0
Fair Value, Recurring | Level 3
Assets
Total assets	0	0
Liabilities
Total liabilities	65,400	0
Fair Value, Recurring | Level 3 | Commodity swap
Assets
Total assets	0	0
Liabilities
Total derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives
Assets
Total assets	0	0
Liabilities
Total derivative liabilities	0	$ 0
Fair Value, Recurring | Level 3 | Contingent liability
Liabilities
Contingent liability	$ 65,400

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) agreement
Interest Rate Swap | Maturing May 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments held | agreement	2
Derivative notional amount | $	$ 1,700
Interest Rate Swap | Maturing May 31, 2025 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.38%
Interest Rate Swap | Maturing May 31, 2025 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	4.48%
Interest Rate Swap | Maturing December 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments held | agreement	1
Derivative notional amount | $	$ 80
Derivative, fixed interest rate	3.02%
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	20 months

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	$ 6,276	$ 7,812
Derivative asset, non-current	1,593	165
Derivative liabilities - current	6,743	1,734
Derivatives liabilities - noncurrent	1,081	5,363
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	76	4,314
Derivative asset, non-current	8	0
Total derivative assets	84	4,314
Derivative liabilities - current	3,888	0
Derivatives liabilities - noncurrent	0	5,348
Total derivative liabilities	3,888	5,348
Commodity Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives assets - current	6,200	3,498
Derivative asset, non-current	1,585	165
Total derivative assets	7,785	3,663
Derivative liabilities - current	2,855	1,734
Derivatives liabilities - noncurrent	1,081	15
Total derivative liabilities	$ 3,936	$ 1,749

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Derivatives activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized (loss) gain on commodity swaps			$ (8,938)	$ 41,028
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized (loss) gain on commodity swaps	$ 3,994	$ 4,665	11,899	7,082
Favorable (unfavorable) fair value adjustment	(8,342)	12,500	9,129	34,562
Commodity Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized (loss) gain on commodity swaps	(2,790)	176	(20,002)	8,029
Favorable (unfavorable) fair value adjustment	$ 6,027	$ (8,083)	$ (18,067)	$ 6,466

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Detail Information of Commodity Swaps Outstanding (Details) - Commodity Swap $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) MMBTU bbl gal
Derivative [Line Items]
Net Fair Value	$ 3,849
Natural Gas
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	1,210,000
Net Fair Value	$ 569
NGL
Derivative [Line Items]
Notional Quantity (Volume) | gal	312,215,400
Net Fair Value	$ 917
Crude
Derivative [Line Items]
Notional Quantity (Volume) | bbl	613,000
Net Fair Value	$ 2,563
Crude Collars
Derivative [Line Items]
Notional Quantity (Volume) | bbl	163,800
Net Fair Value	$ 937
Crude Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Volume) | bbl	22,400
Net Fair Value	$ (9)
Natural Gas Basis Spread Swaps
Derivative [Line Items]
Notional Quantity (Energy) | MMBTU	7,300,000
Net Fair Value	$ (1,128)

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Class A and Class C Shares Activities (Details) - Common Stock	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Outstanding at the beginning of period (in shares) | shares	5,444,488
Vested (in shares) | shares	43,166
Forfeited (in shares) | shares	1,592
Outstanding at the end of period (in shares) | shares	5,399,730
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) - Cash consideration paid - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of vested Class A Shares	$ 1,102	$ 1,756
Grant-date fair value of vested Class A Shares	$ 834	$ 1,346

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $	$ 15,171	$ 12,502	$ 52,868	$ 43,340
Class A and Class C Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized | $	38,800		$ 38,800
Period for recognition for remaining compensation cost			1 year 1 month 28 days
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized | $	13,000		$ 13,000
Period for recognition for remaining compensation cost			1 year 7 months 20 days
Settlement basis (in shares)			1
Vested (in shares) | shares			323,158
Forfeited (in shares) | shares			12,565
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized | $	$ 5,800		$ 5,800
Period for recognition for remaining compensation cost			2 years 3 months
Performance period			3 years
Vested (in shares) | shares	0		0
Forfeited (in shares) | shares	0		0
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%

SHARE-BASED COMPENSATION - Sc_3

SHARE-BASED COMPENSATION - Schedule of RSUs Activities (Details) - Restricted stock units awards	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Outstanding at the beginning of period (in shares) | shares	435,220
Granted (in shares) | shares	610,333
Vested (in shares) | shares	323,158
Forfeited (in shares) | shares	12,565
Outstanding at the end of period (in shares) | shares	709,830
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	35.41
Vested (in dollars per share) | $ / shares	34.79
Forfeited (in dollars per share) | $ / shares	33.06
Outstanding at the end of period (in dollars per share) | $ / shares	$ 33.12

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of vested RSUs	$ 387	$ 34	$ 11,469	$ 7,340
Grant-date fair value of vested RSUs	$ 372	$ 35	$ 11,243	$ 6,827

SHARE-BASED COMPENSATION - Sc_5

SHARE-BASED COMPENSATION - Schedule of PSUs Activities (Details) - Performance shares	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Granted (in shares) | shares	198,703
Outstanding and unvested (in shares) | shares	198,703
Weighted Avg Grant-Date Fair Market Value Per Unit
Granted (in dollars per share) | $ / shares	$ 36.76
Outstanding and unvested (in dollars per share) | $ / shares	$ 36.76

SHARE-BASED COMPENSATION - Gran

SHARE-BASED COMPENSATION - Grant Fair Value Assumptions (Details) - Performance shares	1 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 91,914	$ 44,434	$ 249,270	$ 121,128
Income tax expense	$ 8,260	$ 1,303	$ 21,261	$ 2,030
Effective tax rate	8.99%	2.93%	8.53%	1.68%

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Class A common shareholders	$ 25,763	$ 15,580	$ 74,505	$ 42,030
Less: Net income available to participating unvested restricted Class A common shareholders	(4,755)	(4,414)	(13,636)	(12,996)
Total net income attributable to Class A common shareholders - basic	$ 21,008	$ 11,166	$ 60,869	$ 29,034
Weighted average shares outstanding - basic (in shares)	59,811	53,340	59,116	50,464
Dilutive effect of unvested Class A common shares (in shares)	613	123	736	255
Weighted average shares outstanding - diluted (in shares)	60,424	53,463	59,852	50,719
Net income available per common share - basic (in USD per share)	$ 0.35	$ 0.21	$ 1.03	$ 0.58
Net income available per common share - diluted (in USD per share)	$ 0.35	$ 0.21	$ 1.02	$ 0.57

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 11, 2019	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 24, 2024	Dec. 31, 2023	Feb. 28, 2021
Loss Contingencies [Line Items]
Loss contingency accrual		$ 0	$ 0			$ 0
Contingent liabilities fair value adjustment		(1,400,000)	1,400,000	$ 0
Permian Gas
Loss Contingencies [Line Items]
Contingent consideration		0	0			$ 0
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	5 years
Durango Permian LLC Acquisition
Loss Contingencies [Line Items]
Contingent consideration					$ 64,000,000
Durango Permian LLC Acquisition | Kinetik LP
Loss Contingencies [Line Items]
Contingent consideration		65,400,000	$ 65,400,000		75,000,000
Contingent liabilities fair value adjustment		$ 1,400,000
Durango Permian LLC Acquisition | Kinetik LP | Initial Contingent Liabilities
Loss Contingencies [Line Items]
Contingent consideration					$ 64,000,000
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		9 Months Ended
	Sep. 30, 2024 USD ($) stream agreement	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) stream Segment agreement	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | Segment			2
Number of reportable segments | Segment			2
Segment Reporting Information [Line Items]
Segment income (loss) before income taxes	$ 91,914	$ 44,434	$ 249,270	$ 121,128
Add back:
Interest expense	66,029	45,009	167,545	130,443
Depreciation and amortization expenses	87,583	69,935	236,250	208,271
Contract assets amortization	1,655	1,655	4,965	4,965
Proportionate EMI EBITDA	88,229	78,585	262,553	224,933
Share-based compensation	15,171	12,502	52,868	43,340
Contingent liabilities fair value adjustment			1,400
Loss on disposal of assets	0	(2,927)	(4,090)	(15,166)
Loss on debt extinguishment	0	0	525	0
Unrealized loss on derivatives	(8,817)		(1,935)
Contingent liabilities fair value adjustment	1,400		(1,400)	0
Integration costs	2,540	21	5,091	985
Acquisition transaction costs	31	378
Other one-time costs or amortization	3,717	2,662	8,448	7,545
Change in fair value of warrants		4	0	(73)
Deduct:
Interest income	572	293		314
Commodity hedging unrealized gain	8,817		1,935
Other interest income			1,459
Gain on sale of equity method investment	29,953	0	89,837	0
Equity income from unconsolidated affiliates	53,244	50,754	169,668	146,828
Segment adjusted EBITDA	265,683	215,324	733,644	610,825
Revenue	396,362	330,301	1,097,213	907,544
Total assets	6,860,461		6,860,461		$ 6,496,873
Investments in unconsolidated affiliates	2,141,947		2,141,947		2,540,989
Product and Service
Deduct:
Revenue	393,523	325,629	1,088,802	896,859
Other revenue
Deduct:
Revenue	2,839		8,411	10,685
Midstream Logistics
Deduct:
Revenue	0
Midstream Logistics | Other revenue
Deduct:
Revenue		4,672
Operating Segments
Deduct:
Total assets	$ 6,620,988		$ 6,620,988		6,476,352
Operating Segments | Midstream Logistics
Segment Reporting Information [Line Items]
Number of streams in which a segment operates | stream	3		3
Segment income (loss) before income taxes	$ 88,581	56,584	$ 215,196	163,794
Add back:
Interest expense	2,666	12	5,273	32
Depreciation and amortization expenses	85,273	69,456	229,336	206,855
Contract assets amortization	1,655	1,655	4,965	4,965
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	0	0	0	0
Contingent liabilities fair value adjustment			1,400
Loss on disposal of assets		(2,927)	(4,090)	(15,166)
Loss on debt extinguishment			0
Unrealized loss on derivatives	(8,817)	8,259	(1,935)	616
Contingent liabilities fair value adjustment	1,400
Integration costs	1,208	21	1,792	29
Acquisition transaction costs	0	0	0	33
Other one-time costs or amortization	1,657	1,529	4,048	5,310
Change in fair value of warrants		0		0
Deduct:
Interest income	0	0		0
Commodity hedging unrealized gain	8,817	(8,259)	1,935	(616)
Other interest income			0
Gain on sale of equity method investment	0		0
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	173,623	140,443	464,165	396,800
Revenue	394,168	329,533	1,090,358	905,348
Total assets	4,323,444		4,323,444		3,772,764
Operating Segments | Midstream Logistics | Product and Service
Deduct:
Revenue	391,331	324,863	1,082,236	894,669
Operating Segments | Midstream Logistics | Other revenue
Deduct:
Revenue	$ 2,837		$ 8,122
Operating Segments | Midstream Logistics | Revenue Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			97%
Operating Segments | Midstream Logistics | Operating Revenues, Cost of Sales, Operating Expenses and Ad Valorem Expenses | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			99%
Operating Segments | Midstream Logistics | Valorem Expenses | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			94%
Operating Segments | Midstream Logistics | EBITDA | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	65%
Operating Segments | Pipeline Transportation
Segment Reporting Information [Line Items]
Number of pipelines with equity investment interest | agreement	3		3
Segment income (loss) before income taxes	$ 88,797	50,598	$ 275,246	146,524
Add back:
Interest expense	0	0	0	0
Depreciation and amortization expenses	2,305	473	6,897	1,398
Contract assets amortization	0	0	0	0
Proportionate EMI EBITDA	88,229	78,585	262,553	224,933
Share-based compensation	0	0	0	0
Contingent liabilities fair value adjustment			0
Loss on disposal of assets		0	0	0
Loss on debt extinguishment			0
Unrealized loss on derivatives	0	0	0	0
Contingent liabilities fair value adjustment	0
Integration costs	0	0	0	0
Acquisition transaction costs	0	0	0	0
Other one-time costs or amortization	0	0	0	0
Change in fair value of warrants		0		0
Deduct:
Interest income	0	0		0
Commodity hedging unrealized gain	0	0	0	0
Other interest income			0
Gain on sale of equity method investment	29,953		89,837
Equity income from unconsolidated affiliates	53,244	50,754	169,668	146,828
Segment adjusted EBITDA	96,134	78,902	285,191	226,027
Revenue	8,942	768	26,143	2,196
Total assets	2,297,544		2,297,544		2,703,588
Operating Segments | Pipeline Transportation | Product and Service
Deduct:
Revenue	2,192	766	6,566	2,190
Operating Segments | Pipeline Transportation | Other revenue
Deduct:
Revenue	$ 2		289
Operating Segments | Pipeline Transportation | EBITDA | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	36%
Corporate and Other
Segment Reporting Information [Line Items]
Segment income (loss) before income taxes	$ (85,464)	(62,748)	(241,172)	(189,190)
Add back:
Interest expense	63,363	44,997	162,272	130,411
Depreciation and amortization expenses	5	6	17	18
Contract assets amortization	0	0	0	0
Proportionate EMI EBITDA	0	0	0	0
Share-based compensation	15,171	12,502	52,868	43,340
Contingent liabilities fair value adjustment			0
Loss on disposal of assets		0	0	0
Loss on debt extinguishment			525
Unrealized loss on derivatives	0	0	0	0
Contingent liabilities fair value adjustment	0
Integration costs	1,332	0	3,299	956
Acquisition transaction costs	31	378	3,538	615
Other one-time costs or amortization	2,060	1,133	4,400	2,235
Change in fair value of warrants		4		(73)
Deduct:
Interest income	572	293		314
Commodity hedging unrealized gain	0	0	0	0
Other interest income			1,459
Gain on sale of equity method investment	0		0
Equity income from unconsolidated affiliates	0	0	0	0
Segment adjusted EBITDA	(4,074)	(4,021)	(15,712)	(12,002)
Total assets	239,473		$ 239,473		$ 20,521
Corporate and Other | General and Administrative Expenses and Debt Service Costs | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage			84%
Elimination
Deduct:
Revenue	(6,748)	0	$ (19,288)	0
Elimination | Product and Service
Deduct:
Revenue	0	0	0	0
Elimination | Other revenue
Deduct:
Revenue	0		0	0
Elimination | Midstream Logistics
Deduct:
Revenue	0		0
Elimination | Midstream Logistics | Other revenue
Deduct:
Revenue		4,670		10,679
Elimination | Pipeline Transportation
Deduct:
Revenue	$ 6,748		19,288
Elimination | Pipeline Transportation | Other revenue
Deduct:
Revenue		2		6
Consolidated
Add back:
Unrealized loss on derivatives		8,259		616
Acquisition transaction costs			$ 3,538	648
Deduct:
Commodity hedging unrealized gain		$ (8,259)		$ (616)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Oct. 17, 2024 $ / shares
Kinetik LP
Subsequent Event [Line Items]
Dividends declared (in USD per share)	$ 0.78
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in USD per share)	$ 0.78