Kinetik Holdings Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands, except per share data) Operating revenues: Service revenue $ 86,891 $ 112,654 $ 180,663 $ 240,580 Product revenue 490,800 311,590 803,033 624,095 Other revenue 3,749 2,494 7,720 5,326 Total operating revenues 581,440 426,738 991,416 870,001 Operating costs and expenses: Costs of sales (excluding depreciation and amortization) (1) (2) 237,592 156,697 426,316 380,061 Operating expenses 71,922 68,045 142,223 131,648 Ad valorem taxes 8,393 6,559 17,168 13,350 General and administrative expenses 26,261 24,244 70,461 61,836 Depreciation and amortization expenses 103,331 93,763 205,164 186,436 Gain on disposal of assets, net ( 36 ) ( 25 ) ( 55 ) ( 65 ) Total operating costs and expenses 447,463 349,283 861,277 773,266 Operating income 133,977 77,455 130,139 96,735 Other income (expense): Interest and other income 297 2,732 464 3,517 Loss on debt extinguishment — ( 635 ) — ( 635 ) Interest expense ( 54,121 ) ( 56,514 ) ( 107,541 ) ( 112,228 ) Equity in earnings of unconsolidated affiliates 57,383 58,705 108,571 116,183 Total other income, net 3,559 4,288 1,494 6,837 Income before income taxes 137,536 81,743 131,633 103,572 Income tax expense 14,423 7,327 13,645 9,894 Net income including noncontrolling interest 123,113 74,416 117,988 93,678 Net income attributable to Common Unit limited partners 73,574 50,771 70,116 63,903 Net income attributable to holders of Class A Common Stock $ 49,539 $ 23,645 $ 47,872 $ 29,775 Net income attributable to holders of Class A Common Stock, per share Basic $ 0.65 $ 0.33 $ 0.62 $ 0.38 Diluted $ 0.64 $ 0.33 $ 0.61 $ 0.38 Weighted-average shares Basic 75,138 61,721 70,550 60,946 Diluted 75,812 62,228 71,449 61,693 (1) Costs of sales (excluding depreciation and amortization) is net of gas service revenues totaling $ 110.6 million and $ 73.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 212.8 million and $ 135.8 million for the six months ended June 30, 2026 and 2025, respectively, for certain volumes where we function as principal. (2) Includes amounts associated with related parties of $ 8.2 million and $ 7.0 million for the three months ended June 30, 2026 and 2025, respectively, and $ 15.4 million and $ 11.7 million for the six months ended June 30, 2026 and 2025, respectively. The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 1 Table of Contents KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, 2026 2025 (In thousands, except shares data) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,830 $ 3,951 Accounts receivable, net of allowance for credit losses of $ 1,000 in 2026 and 2025 60,933 85,276 Accounts receivable pledged 225,000 165,200 Derivative assets 19,792 13,906 Prepaid and other current assets 36,134 33,703 349,689 302,036 NONCURRENT ASSETS: Property, plant and equipment, net 3,943,428 3,866,236 Intangible assets, net 493,561 553,230 Derivative asset, non-current 4,043 1,467 Operating lease right-of-use assets 50,110 71,147 Deferred tax assets 281,570 197,702 Deferred charges and other assets 87,918 89,991 Investments in unconsolidated affiliates 1,987,074 2,008,725 Goodwill 5,077 5,077 6,852,781 6,793,575 Total assets $ 7,202,470 $ 7,095,611 LIABILITIES, NONCONTROLLING INTEREST AND EQUITY CURRENT LIABILITIES: Accounts payable $ 48,643 $ 42,067 Accrued expenses 173,055 172,050 Derivative liabilities 5,110 5,506 Current portion of operating lease liabilities 35,502 43,614 Current debt obligations 225,000 165,200 Other current liabilities 25,086 12,064 512,396 440,501 NONCURRENT LIABILITIES Long term debt, net 3,700,562 3,627,720 Contract liabilities 37,823 30,959 Operating lease liabilities 16,022 29,033 Derivative liabilities 425 — Other liabilities 385 14,717 Deferred tax liabilities 22,815 22,299 3,778,032 3,724,728 Total liabilities 4,290,428 4,165,229 COMMITMENTS AND CONTINGENCIES (Note 16) Redeemable noncontrolling interest — Common Unit limited partners 4,097,184 3,495,762 EQUITY: Class A Common Stock: $ 0.0001 par, 1,500,000,000 shares authorized, 78,938,346 and 64,080,915 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 8 6 Class C Common Stock: $ 0.0001 par, 1,500,000,000 shares authorized, 83,436,866 and 97,557,604 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 8 10 Additional paid-in capital 494,989 240,725 Accumulated deficit ( 1,680,147 ) ( 806,121 ) Total equity ( 1,185,142 ) ( 565,380 ) Total liabilities, noncontrolling interest and equity $ 7,202,470 $ 7,095,611 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 2 Table of Contents KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income including noncontrolling interest $ 117,988 $ 93,678 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 205,164 186,436 Amortization of deferred financing costs 3,913 3,984 Amortization of contract costs 4,004 3,310 Distributions from unconsolidated affiliates 130,222 126,941 Derivative settlement ( 27,262 ) ( 5,657 ) Derivative fair value adjustment 18,829 ( 15,370 ) Gain on disposal of assets, net ( 55 ) ( 65 ) Equity in earnings of unconsolidated affiliates ( 108,571 ) ( 116,183 ) Loss on debt extinguishment — 635 Share-based compensation 29,727 30,348 Deferred income taxes 13,643 9,409 Changes in operating assets and liabilities: Accounts and pledged receivable ( 35,457 ) ( 73 ) Other assets ( 5,281 ) ( 5,525 ) Accounts payable ( 8,316 ) ( 9,846 ) Accrued liabilities 17,390 ( 19,142 ) Other non-current liabilities ( 14,332 ) 22,436 Operating leases ( 86 ) 591 Net cash provided by operating activities 341,520 305,907 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment expenditures ( 192,263 ) ( 201,840 ) Intangible asset expenditures ( 12,096 ) ( 15,567 ) Investments in unconsolidated affiliates — ( 985 ) Distributions from unconsolidated affiliates — 2,853 Cash proceeds from disposal of assets 120 98 Net cash paid for acquisition — ( 176,163 ) Net cash used in investing activities ( 204,239 ) ( 391,604 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowing under A/R Facility 83,900 73,300 Payments on A/R Facility ( 24,100 ) ( 24,200 ) Proceeds from borrowings on long-term debt — 1,400,000 Payments on long-term debt — ( 1,000,000 ) Payments of debt issuance costs, net ( 152 ) ( 10,689 ) Payments of debt discount, net — ( 1,200 ) Proceeds from revolving line of credit 302,000 1,126,000 Payments on revolving line of credit ( 232,000 ) ( 1,151,000 ) Cash dividends paid to Class A Common Stock shareholders ( 112,146 ) ( 94,950 ) Distributions paid to Class C Common Unit limited partners ( 150,904 ) ( 151,883 ) Repurchase of Class A Common Stock — ( 72,554 ) Net cash (used in) provided by financing activities ( 133,402 ) 92,824 Net change in cash 3,879 7,127 CASH, BEGINNING OF PERIOD 3,951 3,606 CASH, END OF PERIOD $ 7,830 $ 10,733 3 Table of Contents KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (In thousands) SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES Cash paid for interest, net of amounts capitalized $ 104,725 $ 103,441 Cash paid for income taxes, net $ — $ 2,410 Property and equipment and intangible accruals in accounts payable and accrued liabilities $ 50,327 $ 67,212 Right-of-use assets obtained in exchange for lease liabilities $ — $ 17,732 Class A Common Stock issued through dividend and distribution reinvestment plan $ 1,087 $ 724 Fair value of assets acquired in business combinations $ — $ 191,815 Cash consideration paid — 176,163 Liabilities assumed $ — $ 15,652 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 4 Table of Contents KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (UNAUDITED) Redeemable Noncontrolling Interest — Common Unit Limited Partners Class A Common Stock Class C Common Stock Additional Paid-in Capital Accumulated Deficit Treasury Stock Total Equity Deferred Consideration Shares Amount Shares Amount Shares Amount (In thousands) For the Three Months Ended June 30, 2025 Balance at March 31, 2025 $ 5,450,555 60,922 $ 6 97,039 $ 9 7,680 $ 1 $ 66,966 $ ( 2,616,635 ) $ — $ ( 2,549,653 ) Redemption of Common Units ( 189,660 ) 4,262 — ( 4,262 ) — — — 189,660 — — $ 189,660 Issuance of common stock through dividend and distribution reinvestment plan — 7 — — — — — 334 — — 334 Repurchase of Class A Common Stock — ( 1,653 ) — — — — — — — ( 72,554 ) ( 72,554 ) Share-based compensation — 7 — — — — — 9,695 — — 9,695 Net income 50,771 — — — — — — — 23,645 — 23,645 Change in redemption value of noncontrolling interests ( 859,871 ) — — — — — — — 859,871 — 859,871 Recognition of deferred tax asset — — — — — — — 21,640 — — 21,640 Distributions paid to Common Unit limited partners ( 75,691 ) — — — — — — — — — — Dividends on Class A Common Stock ($ 0.78 per share) — — — — — — — — ( 48,296 ) — ( 48,296 ) Balance at June 30, 2025 $ 4,376,104 63,545 $ 6 92,777 $ 9 7,680 $ 1 $ 288,295 $ ( 1,781,415 ) $ ( 72,554 ) $ ( 1,565,658 ) For the Three Months Ended June 30, 2026 Balance at March 31, 2026 $ 4,511,385 68,802 $ 7 93,558 $ 9 — $ — $ — $ ( 1,669,250 ) $ — $ ( 1,669,234 ) Redemption of Common Units ( 482,877 ) 10,121 1 ( 10,121 ) ( 1 ) — — 482,877 — — 482,877 Issuance of common stock through dividend and distribution reinvestment plan — 11 — — — — — 589 — — 589 Share-based compensation — 4 — — — — — 9,064 — — 9,064 Net income 73,574 — — — — — — — 49,539 — 49,539 Change in redemption value of noncontrolling interest 66,995 — — — — — — ( 66,995 ) — — ( 66,995 ) Recognition of deferred tax asset — — — — — — — 69,454 — — 69,454 Distributions paid to Common Unit limited partners ( 71,893 ) — — — — — — — — — — Dividends on Class A Common Stock ($ 0.81 per share) — — — — — — — — ( 60,436 ) — ( 60,436 ) Balance at June 30, 2026 $ 4,097,184 78,938 $ 8 83,437 $ 8 — $ — $ 494,989 $ ( 1,680,147 ) $ — $ ( 1,185,142 ) 5 Table of Contents KINETIK HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (UNAUDITED) Redeemable Noncontrolling Interest — Common Unit Limited Partners Class A Common Stock Class C Common Stock Additional Paid-in Capital Accumulated Deficit Treasury Stock Total Equity Deferred Consideration Shares Amount Shares Amount Shares Amount (In thousands) For the Six Months Ended June 30, 2025 Balance at December 31, 2024 $ 5,955,662 59,930 $ 6 97,783 $ 9 7,680 $ 1 $ — $ ( 2,976,612 ) $ — $ ( 2,976,596 ) Redemption of Common Units ( 230,481 ) 5,006 — ( 5,006 ) — — — 230,481 — — $ 230,481 Issuance of common stock through dividend and distribution reinvestment plan — 13 — — — — — 724 — — 724 Repurchase of Class A Common Stock — ( 1,653 ) — — — — — — — ( 72,554 ) ( 72,554 ) Share-based compensation — 249 — — — — — 30,348 — — 30,348 Net income 63,903 — — — — — — — 29,775 — 29,775 Change in redemption value of noncontrolling interest ( 1,261,085 ) — — — — — — — 1,261,085 — 1,261,085 Recognition of deferred tax asset — — — — — — — 26,742 — — 26,742 Distributions paid to Common Unit limited partners ( 151,895 ) — — — — — — — — — — Dividends on Class A Common Stock ($ 1.56 per share) — — — — — — — — ( 95,663 ) — ( 95,663 ) Balance at June 30, 2025 $ 4,376,104 63,545 $ 6 92,777 $ 9 7,680 $ 1 $ 288,295 $ ( 1,781,415 ) $ ( 72,554 ) $ ( 1,565,658 ) For the Six Months Ended June 30, 2026 Balance at December 31, 2025 $ 3,495,762 64,081 $ 6 97,558 $ 10 — $ — $ 240,725 $ ( 806,121 ) $ — $ ( 565,380 ) Redemption of Common Units ( 665,295 ) 14,121 2 ( 14,121 ) ( 2 ) — — 665,295 — — 665,295 Issuance of common stock through dividend and distribution reinvestment plan — 22 — — — — — 1,087 — — 1,087 Share-based compensation — 714 — — — — — 29,727 — — 29,727 Net income 70,116 — — — — — — — 47,872 — 47,872 Change in redemption value of noncontrolling interest 1,347,517 — — — — — — ( 538,840 ) ( 808,677 ) — ( 1,347,517 ) Recognition of deferred tax asset — — — — — — — 96,995 — — 96,995 Distributions paid to Common Unit limited partners ( 150,916 ) — — — — — — — — — — Dividends on Class A Common Stock ($ 1.62 per share) — — — — — — — — ( 113,221 ) — ( 113,221 ) Balance at June 30, 2026 $ 4,097,184 78,938 $ 8 83,437 $ 8 — $ — $ 494,989 $ ( 1,680,147 ) $ — $ ( 1,185,142 ) 6 Table of Contents KINETIK HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) These Condensed Consolidated Financial Statements have been prepared by Kinetik Holdings Inc. (the “Company”), without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for interim periods, on a basis consistent with the annual audited financial statements, with the exception of recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with the Company’s audited financial statements and related notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2026. 1. 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 49 % 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 two separate Permian Basin pipeline entities that have access to various markets along the U.S. Gulf Coast and Mexico. 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 2025 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 for the year ended December 31, 2025. There were no significant updates or revisions to our accounting policies during the six months ended June 30, 2026. Transactions with related parties The Company incurs cost of sales with two of its EMI pipeline entities, PHP and Breviloba. The Company pays a demand fee to PHP and pays a capacity fee to Breviloba for certain volumes moving on Shin Oak. For the three and six months ended June 30, 2026, the Company recorded cost of sales of $ 8.2 million and $ 15.4 million, respectively, with these affiliates. For the three and six months ended June 30, 2025, the Company recorded cost of sales of $ 7.0 million and $ 11.7 million, respectively, with these affiliates. Recently issued accounting pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses, (“ASU 2024-03”). In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 and ASU 2025-01 require a public business entity 7 Table of Contents to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. All public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2024-03 and 2025-01 will have on the disclosures within its Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025‑11”), which clarifies and reorganizes the guidance in Topic 270 to improve navigability of the guidance and ensure consistent application of interim reporting requirements. ASU 2025‑11 is effective for public business entities for interim periods within annual periods beginning after December 15, 2027. Entities may apply the amendments prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the effect that ASU 2025‑11 will have on future interim reporting disclosures. In December 2025, the FASB issued ASU 2025‑12, Codification Improvements , as part of its ongoing project to address technical corrections, clarify guidance, and improve the usability of the ASC. ASU 2025‑12 is effective for all entities for annual periods beginning after December 15, 2026, including interim periods within those annual periods, with adoption applied prospectively. The Company is currently evaluating the effect of ASU 2025-12 on the Consolidated Financial Statements and expects to adopt the amendments when they become effective. 2. 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. Barilla Draw Acquisition In the first quarter of 2025, the Company completed a bolt-on acquisition with Permian Resources Corporation to acquire all issued and outstanding membership interests of its wholly owned subsidiaries, Permian Gathering and Barilla Draw, (the “Barilla Draw Acquisition”) for $ 175.5 million of cash consideration. Assets acquired consisted of natural gas and crude gathering pipelines and compression equipment of $ 165.0 million, intangible right-of-way assets of $ 10.5 million and operating lease right of use assets of $ 15.7 million. The acquired net assets were included in the Midstream Logistics segment. This transaction was accounted for as a business combination in accordance with ASC 805 Business Combinations . 3. REVENUE RECOGNITION Disaggregation of Revenue The following table presents a disaggregation of the Company’s revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Gathering and processing services $ 86,891 $ 112,654 $ 180,663 $ 240,580 Natural gas, NGLs and condensate sales 490,800 311,590 803,033 624,095 Other revenue 3,749 2,494 7,720 5,326 Total revenues $ 581,440 $ 426,738 $ 991,416 $ 870,001 There have been no significant changes to the Company’s contracts with customers during the three and six months ended June 30, 2026. The Company recognized $ 2.3 million and $ 4.3 million in revenues from MVC deficiency payments for the three and six months ended June 30, 2026, respectively, and $ 0.4 million and $ 0.7 million for the three and six months ended June 30, 2025, respectively. 8 Table of Contents 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 June 30, 2026: Amount Fiscal Year (In thousands) Remaining 2026 $ 7,615 2027 68,648 2028 74,899 2029 74,736 2030 90,133 Thereafter 88,208 $ 404,239 Our contractually committed revenue, for the purposes of the table 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 June 30, 2026: Amount (In thousands) Balance at December 31, 2025 $ 36,632 Reclassification of beginning contract liabilities to revenue as a result of performance obligations being satisfied ( 3,207 ) Cash received in advance and not recognized as revenue 9,644 Balance at June 30, 2026 43,069 Less: Current portion 5,246 Non-current portion $ 37,823 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 June 30, 2026 and December 31, 2025, the Company had contract acquisition cost assets of $ 66.5 million and $ 61.6 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 contract. The Company recognized costs of sales associated with these assets of $ 2.1 million and $ 1.7 million for the three months ended June 30, 2026 and 2025, respectively, and $ 4.0 million and $ 3.3 million for the six months ended June 30, 2026 and 2025, respectively. 9 Table of Contents 4. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, at carrying value, is as follows: June 30, December 31, 2026 2025 (In thousands) Gathering, processing, and transmission systems and facilities $ 4,796,165 $ 4,741,741 Vehicles 22,795 19,802 Computers and equipment 15,407 12,509 Less: accumulated depreciation ( 1,180,507 ) ( 1,048,589 ) Total depreciable assets, net 3,653,860 3,725,463 Construction in progress 250,539 105,219 Land 39,029 35,554 Total property, plant, and equipment, net $ 3,943,428 $ 3,866,236 The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded $ 66.7 million and $ 57.0 million of depreciation expense for the three months ended June 30, 2026 and 2025, respectively, and $ 132.1 million and $ 119.1 million for the six months ended June 30, 2026 and 2025, respectively. There were no impairment triggering events for property, plant and equipment during the three and six months ended June 30, 2026 and 2025. 5. INTANGIBLE ASSETS, NET Intangible assets, net, are comprised of the following: June 30, 2026 December 31, 2025 (In thousands) Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Customer contracts $ 1,241,980 $ ( 886,922 ) $ 355,058 $ 1,276,009 $ ( 862,508 ) $ 413,501 Right of way assets 250,706 ( 112,203 ) $ 138,503 238,876 ( 99,147 ) 139,729 Total $ 1,492,686 $ ( 999,125 ) $ 493,561 $ 1,514,885 $ ( 961,655 ) $ 553,230 As of June 30, 2026, the remaining customer contract amortization terms range from five months to fifteen years with weighted average amortization periods of approximately seven years and the right-of-way assets remaining amortization terms range from one month to fifteen years with weighted average amortization periods of approximately seven years . The overall remaining weighted average amortization period for the intangible assets as of June 30, 2026 was approximately seven years . The Company recorded $ 36.6 million and $ 36.7 million of amortization expenses for the three months ended June 30, 2026 and 2025, respectively, and $ 73.1 million and $ 67.3 million for the six months ended June 30, 2026 and 2025, respectively. There was no impairment recognized on intangible assets for the three and six months ended June 30, 2026 and 2025. 6. EQUITY METHOD INVESTMENTS As of June 30, 2026, 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. 10 Table of Contents The table below presents the ownership percentages and investment balances held by the Company for each entity: June 30, December 31, Ownership 2026 2025 (In thousands) PHP 55.5 % $ 1,578,873 $ 1,591,384 Breviloba 33.0 % 408,201 417,341 $ 1,987,074 $ 2,008,725 The unamortized basis differences included in the EMI pipeline balances were $ 189.7 million and $ 193.6 million as of June 30, 2026 and December 31, 2025, 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 are amortized on a straight-line basis into equity income of unconsolidated affiliates over the useful lives of the underlying pipeline assets. In addition, there was capitalized interest of $ 22.6 million and $ 23.0 million as of June 30, 2026 and December 31, 2025, 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 six months ended June 30, 2026: Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2025 $ 1,591,384 $ 417,341 $ 2,008,725 Distributions (1) ( 108,839 ) ( 21,383 ) ( 130,222 ) Equity income, net (2) 96,328 12,243 108,571 Balance at June 30, 2026 $ 1,578,873 $ 408,201 $ 1,987,074 (1) Distributions consisted of a return on investment of $ 130.2 million, which was included in cash flows from operating activities. (2) For the six months ended June 30, 2026, equity income was net of amortization of basis differences and capitalized interest, which represents undistributed earnings, of $ 3.9 million from PHP and $ 0.3 million from Breviloba. Summarized Financial Information The following table represents selected financial information for the Company’s ongoing EMI pipelines (on a 100 percent basis) for the three and six months ended June 30, 2026 and 2025. Three Months Ended June 30, 2026 2025 Permian Highway Pipeline LLC Breviloba, LLC Permian Highway Pipeline LLC Breviloba, LLC (In thousands) Revenues $ 138,437 $ 41,203 $ 128,762 $ 55,413 Operating income 92,831 19,517 83,247 27,121 Net income 92,743 19,571 83,070 27,294 Six Months Ended June 30, 2026 2025 Permian Highway Pipeline LLC Breviloba, LLC Permian Highway Pipeline LLC Breviloba, LLC (In thousands) Revenues $ 267,123 $ 80,973 $ 257,068 $ 114,905 Operating income 177,714 39,487 165,818 59,097 Net income 177,484 39,427 165,719 59,284 11 Table of Contents 7. DEBT AND FINANCING COSTS Accounts Receivable Securitization Facility On March 31, 2026, the Partnership executed Amendment No. 2 to its accounts receivable securitization facility, originally dated April 2, 2024 (the “A/R Facility” and, as amended, the “Amended A/R Facility”), with PNC Bank, National Association (“PNC Bank”). Pursuant to this amendment, the facility limit was reduced to $ 225.0 million, and the scheduled termination date was extended to March 30, 2027, with a Final Maturity Date of the earlier of (a) 60 days following the Scheduled Termination Date, and (b) the Termination Date unless such Termination Date occurs solely as a result of the Scheduled Termination Date’s occurrence. Furthermore, Amendment No. 2 introduced an option permitting Kinetik Receivables LLC to request an increase in commitments of up to $ 50.0 million in aggregate, subject to PNC Bank’s approval. In addition, Amendment No. 2 removed all sustainability-linked pricing provisions from the A/R Facility, including the sustainability rate adjustment, sustainability fee adjustment and related reporting obligations that were previously applicable to the yield rate and fees under the facility. The aggregate fees and expenses paid directly to third parties for the amendment were immaterial. Under the Amended A/R Facility, the Company is subject to pay a yield to the purchasers equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.50 %, (ii) the Prime Rate, and (iii) Daily Simple SOFR, plus 1.00 %, and a drawn fee of 0.85 %. The Company also pays a fee of 0.40 % on the undrawn committed amount of the Amended A/R Facility. Yield and fees payable by the Company under the Amended A/R Facility are due monthly. As of June 30, 2026, the full amount available under the Amended A/R Facility had been drawn and eligible accounts receivable of $ 225.0 million were pledged to the Amended A/R Facility as collateral. Term Loan Credit Agreement On May 30, 2025, the Partnership entered into a term loan credit agreement (the “Term Loan Credit Agreement”) among Toronto Dominion (Texas) LLC, as administrative agent and the banks and other financial institutions party thereto, as lenders. The Term Loan Credit Agreement provides for a senior unsecured credit facility of $ 1.15 billion and matures on May 30, 2028. The obligations under the Term Loan Credit Agreement are guaranteed by the Company. Revolving Credit Agreement On May 30, 2025, the Partnership entered into a new revolving credit agreement (the “Revolving Credit Agreement”) among PNC Bank, National Association, as administrative agent (“PNC Bank”), and the banks and other financial institutions party thereto, as lenders. The Revolving Credit Agreement provides for a $ 1.60 billion senior unsecured revolving credit facility, which includes a $ 200.0 million sublimit for the issuance of letters of credit, and a $ 300.0 million sublimit for swingline loans, and matures on May 30, 2030. The obligations under the Revolving Credit Agreement are guaranteed by the Company. The aggregate fees and expenses paid directly to lenders and third parties in connection with the Revolving Credit Agreement were capitalized as debt issuance costs, included in “Prepaid and other current assets” and “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets, and were amortized over the term of the revolving credit facility to interest expense using the straight-line method. As of June 30, 2026, there were unamortized debt issuance costs of $ 7.5 million. As of June 30, 2026, we had outstanding borrowings of $ 523.0 million and letters of credit obligations of $ 12.6 million, and remaining borrowing capacity of $ 1.06 billion. December 2028 Sustainability-Linked Senior Notes On March 14, 2025, the Company completed an additional private placement of $ 250.0 million aggregate principal amount of 6.625 % Sustainability-Linked Senior Notes due 2028 (the “New 2028 Notes”) at 101.25 % of par. The New 2028 Notes were issued as additional notes under the Indenture dated as of December 6, 2023 (the “Existing Notes”). The New 2028 Notes and the Existing Notes (together, as “2028 Notes”), totaling $ 1.05 billion, are treated as a single series of securities under the indenture and vote together as a single class. Interest on the 2028 Notes is payable semi-annually in arrears on June 15 and December 15 of each year. The 2028 Notes will mature on December 15, 2028. June 2030 Sustainability-Linked Senior Notes On June 8, 2022, the Partnership completed a private placement of $ 1.00 billion aggregate principal amount of its 5.875 % Senior Notes due 2030 (the “2030 Notes”), which are fully and unconditionally guaranteed by the Company. The 2030 Notes were issued at 99.59 % of their face amount and will mature on June 15, 2030. Interest is payable semi-annually in arrears on June 15 and December 15 of each year. 12 Table of Contents The following table summarizes the Company’s debt obligations as of June 30, 2026 and December 31, 2025: June 30, December 31, 2026 2025 (In thousands) A/R Facility (1) $ 225,000 $ 165,200 Total current debt obligations $ 225,000 $ 165,200 Unsecured term loan (2) $ 1,150,000 $ 1,150,000 5.875 % senior unsecured notes due 2030 (“2030 Notes”) 1,000,000 1,000,000 6.625 % senior unsecured notes due 2028 (“2028 Notes”) 1,050,000 1,050,000 Revolving line of credit (3) 523,000 453,000 Total long-term debt 3,723,000 3,653,000 Unamortized debt issuance costs, net (4) ( 21,543 ) ( 24,374 ) Unamortized debt premiums and discounts, net (5) ( 895 ) ( 906 ) Total long-term debt, net $ 3,700,562 $ 3,627,720 (1) The effective interest rate was 4.50 % and 4.65 % as of June 30, 2026 and December 31, 2025, respectively. (2) The effective interest rate of the Term Loan Credit Agreement was 5.37 % and 5.44 % as of June 30, 2026 and December 31, 2025, respectively. (3) The weighted average effective interest rate of the Revolving Credit Agreement was 5.37 % and 5.44 % as of June 30, 2026 and December 31, 2025, respectively. (4) Fees paid directly to third parties were capitalized as debt issuance costs, included in the Condensed Consolidated Balance Sheets as direct deductions from respective loans, and are amortized using the effective interest method. As of June 30, 2026, unamortized debt issuance costs consisted of $ 1.8 million for the unsecured term loan, $ 7.8 million for the 2028 Notes and $ 12.0 million for the 2030 Notes. (5) The original debt premium, net of debt discount were included in the Condensed Consolidated Balance Sheets as adjustments to respective loans and amortized over the life of the loans using the effective interest method. As of June 30, 2026, there were unamortized debt discount of $ 2.1 million for the unsecured term loan and debt premium, net, of $ 1.2 million for the 2028 Notes . The table below presents the components of the Company’s financing costs, net of capitalized interest: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Capitalized interest $ ( 2,969 ) $ ( 4,555 ) $ ( 4,743 ) $ ( 7,859 ) Debt issuance costs 1,949 2,012 3,913 3,984 Interest expense 55,141 59,057 108,371 116,103 Total financing costs, net of capitalized interest $ 54,121 $ 56,514 $ 107,541 $ 112,228 Compliance with our Covenants The Term Loan Credit Agreement and the Revolving Credit Agreement 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 Amended A/R Facility contains covenants and restrictive provisions with respect to the Partnership and Kinetik Receivables LLC that are customary for accounts receivable securitization facilities. As of June 30, 2026, the Partnership was in compliance with all customary and financial covenants. 13 Table of Contents Fair Value of Financial Instruments The fair value of the Company and its subsidiaries’ consolidated debt as of June 30, 2026 and December 31, 2025 was $ 3.99 billion and $ 3.88 billion, respectively. On June 30, 2026, the senior unsecured notes’ fair value was based on Level 1 inputs, the Term Loan Credit Agreement and Revolving Credit Agreement’s fair value was based on Level 3 inputs and the Amended A/R Facility’s fair value approximates its carrying value due to its short-term nature. 8. ACCRUED EXPENSES The following table provides the Company’s current accrued expenses on June 30, 2026 and December 31, 2025: June 30, December 31, 2026 2025 (In thousands) Accrued product purchases $ 116,899 $ 118,240 Accrued taxes 16,625 5,106 Accrued salaries, vacation, and related benefits 4,428 3,540 Accrued capital expenditures 19,361 15,309 Accrued interest 7,455 6,681 Accrued other expenses 8,287 23,174 Total accrued expenses $ 173,055 $ 172,050 Accrued product purchases primarily include the liabilities related to producer payments and any additional business-related miscellaneous fees we owe to third parties, such as transport or capacity fees as of June 30, 2026 and December 31, 2025. 9. LEASES Components of lease costs are included in the Condensed Consolidated Statements of Operations as “general and administrative expense” for real-estate leases and “operating expenses” for non-real estate leases. Total operating lease costs were $ 11.2 million and $ 12.8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 23.5 million and $ 25.1 million for the six months ended June 30, 2026 and 2025, respectively. Short-term lease costs were $ 1.1 million and $ 0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $ 2.9 million and $ 1.4 million for the six months ended June 30, 2026 and 2025. Variable lease costs were immaterial for the three and six months ended June 30, 2026 and 2025. The following table presents other supplemental lease information: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Operating cash flows from operating leases $ 11,464 $ 12,483 $ 23,527 $ 24,715 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 1,964 $ — $ 17,732 Weighted-average remaining lease term — operating leases (in years) 1.82 2.00 1.82 2.00 Weighted-average discount rate — operating leases 5.73 % 6.46 % 5.73 % 6.46 % 14 Table of Contents 10. 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 six months ended June 30, 2026, 14.1 million common units representing limited partner interests in the Partnership (“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, par value $ 0.0001 per share of the Company (“Class C Common Stock”) were cancelled. There were 83.4 million Common Units and an equal number of Class C Common Stock issued and outstanding as of June 30, 2026. The Common Units fair value was approximately $ 4.10 billion as of June 30, 2026. Common Stock As of June 30, 2026, there were 78.9 million and 83.4 million shares, respectively, of Class A Common Stock and Class C Common Stock issued and outstanding (collectively, “Common Stock”). Share Repurchase Program In February 2023, the Board of Directors (the “Board”) approved a share repurchase program (“Repurchase Program”), authorizing discretionary purchases of the Company’s Class A Common Stock up to $ 100.0 million in aggregate. In May 2025, the Board approved a $ 400.0 million increase to the previously announced Repurchase Program, pursuant to which we are authorized to repurchase the Company’s Class A Common Stock for an aggregate purchase price of up to $ 500.0 million. Repurchases may be made at management’s discretion from time to time, in accordance with applicable securities laws, on the open market or through privately negotiated transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. Privately negotiated repurchases from affiliates are also authorized under the Repurchase Program, subject to such affiliates’ interest and other limitations. The repurchases will depend on market conditions and may be discontinued at any time without prior notice. During the three and six months ended June 30, 2026, the Company did no t repurchase any of its Class A Common Stock under the Repurchase Program. Dividend On May 1, 2026, the Company made cash dividend payments of $ 131.7 million to holders of Class A Common Stock and Common Units and $ 0.6 million were reinvested in shares of Class A Common Stock by Class A Common Stock and Common Units holders. For the six months ended June 30, 2026, the Company made cash dividend payments of $ 263.1 million to holders of Class A Common Stock and Common Units and $ 1.1 million were reinvested in shares of Class A Common Stock. 11. FAIR VALUE MEASUREMENTS The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025: June 30, 2026 Level 1 Level 2 Level 3 Total (In thousands) Commodity swaps $ — $ 18,144 $ — $ 18,144 Interest rate derivatives — 5,691 — 5,691 Total assets $ — $ 23,835 $ — $ 23,835 Commodity swaps $ — $ 5,535 $ — $ 5,535 Total liabilities $ — $ 5,535 $ — $ 5,535 15 Table of Contents December 31, 2025 Level 1 Level 2 Level 3 Total (In thousands) Commodity swaps $ — $ 15,369 $ — $ 15,369 Interest rate derivatives — 4 — 4 Total assets $ — $ 15,373 $ — $ 15,373 Commodity swaps $ — $ 5,371 $ — $ 5,371 Interest rate derivatives — 135 — 135 Total liabilities $ — $ 5,506 $ — $ 5,506 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 12—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further discussion related to commodity swaps and interest rate derivatives. Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Consolidated 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 Levels 1, 2 or 3 of the fair value hierarchy during the three and six months ended June 30, 2026 and 2025. 12. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions, and it enters into certain derivative contracts to manage exposure to these risks. To minimize counterparty credit risk in derivative instruments, the Company enters into transactions with high credit-rating counterparties. The Company did not elect to apply hedge accounting to these derivative contracts and recorded the fair value of the derivatives on the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. 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 involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract. As of June 30, 2026, the Company had seven interest rate swap contracts with a notional amount of $ 1.00 billion that pay a fixed rate ranging from 3.06 % to 3.42 %. Of the seven interest rate swap contracts, two will reach maturity on December 31, 2026 and the remaining five will reach maturity on December 31, 2027. 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. 16 Table of Contents The following table presents the fair value of derivative assets and liabilities related to the interest rate swap contracts: June 30, December 31, 2026 2025 (In thousands) Derivative assets - current $ 3,448 $ 4 Derivative assets - noncurrent 2,243 — Total derivative assets $ 5,691 $ 4 Derivative liabilities - current $ — $ 135 Total derivative liabilities $ — $ 135 The Company recorded cash settlements and changes in fair value of the interest rate swap contracts in “Interest expense” in the Condensed Consolidated Statements of Operations. The following table presents interest rate swap derivative activities for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Realized gain (loss) on interest rate swaps $ 294 $ ( 2 ) $ 636 $ ( 344 ) Favorable fair value adjustment $ 2,770 $ 740 $ 6,458 $ 1,067 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 to 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 Crude index. These contracts are for various notional quantities of NGLs, natural gas and crude. Similarly, the Company has entered into various natural gas basis spread swaps. These contracts are effective over the next 1 to 30 months and are used to hedge against location price risk of the respective commodities resulting from supply and demand volatility and protect cash flows against price fluctuations. The following table presents detailed information on commodity swaps outstanding as of June 30, 2026 (in thousands, except volumes): June 30, 2026 Commodity Unit Notional Volume Net Fair Value Natural Gas MMBtus 6,515,000 $ 5,226 NGL Gallons 143,131,800 3,731 Crude Bbl 632,550 ( 2,298 ) Natural Gas Basis Spread Swaps MMBtus 17,000,000 5,950 $ 12,609 The fair value or settlement value of the outstanding swaps 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: 17 Table of Contents June 30, December 31, 2026 2025 (In thousands) Derivative assets - current $ 16,344 $ 13,902 Derivative assets - noncurrent 1,800 1,467 Total derivative assets $ 18,144 $ 15,369 Derivative liabilities - current $ 5,110 $ 5,371 Derivative liabilities - noncurrent 425 — Total derivative liabilities $ 5,535 $ 5,371 The Company recorded cash settlements and fair value adjustments on commodity swap derivatives in “Product revenue” in the Condensed Consolidated Statements of Operations. The following table presents commodity swap derivatives activities for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Realized loss on commodity swaps $ ( 27,414 ) $ ( 942 ) $ ( 27,898 ) $ ( 5,313 ) Favorable (unfavorable) fair value adjustment $ 22,184 $ 36,801 $ ( 25,287 ) $ 14,303 13. 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 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 six months ended June 30, 2026: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Outstanding and unvested shares at December 31, 2025 3,040,628 $ 28.58 Vested (1) 2,860,801 31.18 Outstanding and unvested shares at June 30, 2026 (2) 179,827 $ — (1) Represented vesting of 2,535,235 shares of Class A Shares and 325,566 shares of Class C Shares. All the vested shares were issued and outstanding and held in escrow upon the closing of the Altus Merger in 2022. (2) Represented Class A shares that were issued in connection with the closing of the Altus Merger in 2022, which had zero grant date fair value as the vesting of such shares was contingent upon the sale of the Company’s Class A Common Stock by a certain third party. The likelihood and timing of this event could not be reasonably estimated as of June 30, 2026. If there is no additional sale of the Company’s Class A Common Stock made by the certain third party, all outstanding unvested shares will vest on February 25, 2028. 18 Table of Contents The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares and Class C Shares for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Aggregate intrinsic value of vested Class A Shares and Class C Shares $ 766 $ — $ 134,500 $ 134,139 Grant-date fair value of vested Class A Shares and Class C Shares $ 480 $ — $ 89,185 $ 73,545 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 RSU activities for the six months ended June 30, 2026: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Outstanding and unvested shares at December 31, 2025 931,507 $ 40.98 Granted 786,317 44.81 Vested 727,675 38.87 Forfeited 15,228 45.17 Outstanding and unvested shares at June 30, 2026 974,921 $ 44.13 The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Aggregate intrinsic value of vested RSUs $ 1,097 $ 790 $ 29,047 $ 14,108 Grant-date fair value of vested RSUs $ 1,068 $ 788 $ 28,283 $ 12,597 As of June 30, 2026, there were $ 25.6 million of unrecognized compensation costs related to the RSUs. These costs are expected to be recognized over a weighted average period of 1.74 years. Performance Stock Units The Company granted PSUs pursuant to the 2019 Plan to certain of its employees and executives. 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 recognizes 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. 19 Table of Contents The table below summarizes PSU activities for the six months ended June 30, 2026: Number of Shares Weighted Avg Grant-Date Fair Market Value Per Unit Outstanding and unvested shares at December 31, 2025 347,497 $ 41.41 Granted 171,756 56.27 Outstanding and unvested shares at June 30, 2026 519,253 $ 46.32 No vesting or forfeiture occurred for PSUs for the three and six months ended June 30, 2026 and 2025. The table below presents a summary of the grant-date fair value assumptions used to value the PSUs granted during 2026: February 2026 Grant-date fair value per unit $ 45.56 Beginning average price $ 35.34 Risk-free interest rate 3.44 % Volatility factor 34 % Expected term 2.86 years As of June 30, 2026, there were $ 13.5 million of unrecognized compensation costs related to the PSUs. These costs are expected to be recognized over a weighted average period of 2.00 years. With respect to the above Class A Shares, Class C Shares, RSUs and PSUs, the Company recorded compensation expenses of $ 9.1 million and $ 9.7 million for the three months ended June 30, 2026 and 2025, respectively, and $ 29.7 million and $ 30.3 million for the six months ended June 30, 2026 and 2025, respectively. 14. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Income before income taxes $ 137,536 $ 81,743 $ 131,633 $ 103,572 Income tax expense $ 14,423 $ 7,327 $ 13,645 $ 9,894 Effective tax rate 10.49 % 8.96 % 10.37 % 9.55 % The effective tax rate for the three and six months ended June 30, 2026 and 2025 was lower than the statutory rate mainly due to the impact of tax attributable to noncontrolling interest related to the Common Unit limited partners. 20 Table of Contents 15. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands, except per share amounts) Net income attributable to Class A common shareholders $ 49,539 $ 23,645 $ 47,872 $ 29,775 Less: Net income available to participating unvested restricted Class A common shareholders (1) ( 946 ) ( 3,406 ) ( 4,127 ) ( 6,433 ) Total net income attributable to Class A common shareholders $ 48,593 $ 20,239 $ 43,745 $ 23,342 Weighted average shares outstanding - basic 75,138 61,721 70,550 60,946 Dilutive effect of unvested Class A common shares (2) 674 507 899 747 Weighted average shares outstanding - diluted (3) 75,812 62,228 71,449 61,693 Net income available per common share - basic $ 0.65 $ 0.33 $ 0.62 $ 0.38 Net income available per common share - diluted $ 0.64 $ 0.33 $ 0.61 $ 0.38 (1) Represents dividends paid to unvested Class A Shares and RSUs. (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. 16. COMMITMENTS AND CONTINGENCIES Accruals for loss contingencies arising from claims, assessments, litigation, environmental matters 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. 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 expenses legal costs as incurred and estimates the amount of loss contingencies using currently available information from legal proceedings, advice from legal counsel and other relevant external experts. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of any legal proceedings, any amounts estimated or accrued may not represent the ultimate loss to the Company from the legal proceedings in question. The Company and certain of its affiliates are currently defending against two lawsuits brought by Energy Transfer GC NGL Product Services, LLC (formerly Lone Star NGL Product Services, LLC) individually and on behalf of certain of its affiliates, which allege breach of contract and related tort claims arising from two long-term NGL purchase agreements, and which seek remedies in the form of monetary damages, declaratory relief, and specific performance. The first lawsuit was filed in 2021, and the second was filed in 2025 to assert similar claims against additional subsidiaries of the Company. The lawsuits have been consolidated in the Texas Business Court. A bench trial was held in late March and April 2026, and the matter is currently pending before the court. An additional bench trial is scheduled for October 2026 on a related claim for declaratory relief, which was severed from the initial trial, and which concerns the expiration date of one of the NGL purchase agreements at issue. The Company intends to vigorously defend against these claims. As of June 30, 2026 and December 31, 2025, the Company has accrued immaterial reserves; however, we cannot predict with certainty how these matters may ultimately be resolved. 21 Table of Contents In addition, the Company is involved in a litigation matter arising from Winter Storm Uri in February 2021 to recover approximately $ 11.6 million in receivables from a third party. The ultimate outcome remains uncertain given the current stage of the proceedings. The Company will continue to monitor developments in this matter and update its evaluation as warranted. 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 regulations, 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. Upon closing of the Durango Acquisition, the Company has become potentially liable for civil penalties related to excess emission violations of certain gas plants and compressor stations acquired. The estimated environmental matter-related liability was $ 14.0 million as of June 30, 2026 and December 31, 2025. The estimated environmental matter-related liability was classified as a current liability and included in “Other current liabilities” in the Condensed Consolidated Balance Sheets as of June 30, 2026 as the Company expects the matter to be settled within the next 12 months. Contingent Liabilities Durango Acquisition On June 24, 2024, the Company consummated the previously announced Durango Acquisition. Pursuant to the Durango MIPA, Durango Seller was 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. The earn-out was subject to reduction based on actual capital costs associated with the Kings Landing Project. The Company determined the earn-out consideration to be classified as a liability based on the settlement provision. In the fourth quarter 2025, the Company paid $ 9.9 million to settle the contingent liability, which amount, in accordance with the MIPA, is subject to review by the Durango Seller, and may be subject to adjustment. No adjustment related to the settlement amount was made during the three and six months ended June 30, 2026. Permian Gas Acquisition As part of the acquisition of Permian Gas on June 11, 2019, consideration included a contingent liability arrangement with PDC Permian, Inc. (“PDC”). The arrangement requires additional monies to be paid by the Company to PDC on a per Mcf basis if the actual annual Mcf volume amounts exceed forecasted annual Mcf volume amounts starting in 2020 and continuing through 2029. PDC’s actual annual Mcf volume did not exceed the incentive forecast volume during the past six years and is not expected to over the next four years ; so, no contingent consideration liability is accrued as of June 30, 2026 and December 31, 2025. 17. SEGMENTS Midstream Logistics and Pipeline Transportation are our operating segments for which discrete financial information is available and regularly reviewed by our Chief Executive Officer, who is 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 revenue streams, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal. • Pipeline Transportation: The Pipeline Transportation segment consists of equity investment interests in two Permian Basin pipelines that access various points along the U.S. Gulf Coast and Mexican markets, Kinetik NGL Pipelines, Brandywine Pipeline and Delaware Link Pipeline. The current operating pipelines transport natural gas and NGLs. 22 Table of Contents Our CODM, uses segment net income or loss including noncontrolling interest adjusted for interest, taxes, depreciation and amortization, gain or loss on disposal of assets, the proportionate EBITDA from our EMI pipelines, equity income recorded using the equity method, share-based compensation expense, noncash increases and decreases related to commodity hedging activities, integration and transaction costs and extraordinary losses and unusual or nonrecurring charges (“Segment Adjusted EBITDA”) to assess performance of each operating segment. For both segments, the CODM uses Segment Adjusted EBITDA to allocate resources. The CODM considers budget-to-actual and forecast-to-actual variances on a monthly basis for both measures when making decisions about allocating capital and personnel to the segments. The Midstream Logistics segment accounts for more than 99 % of the Company’s operating revenues, cost of sales (excluding depreciation and amortization), operating expenses and ad valorem expenses. The Pipeline Transportation segment contains all of the Company’s equity method investments, which contribute more than 90 % of the segment’s adjusted EBITDA. Corporate and Other activities contain the Company’s executive and administrative functions, including more than 85 % of the Company’s general and administrative expenses and all of the Company’s debt service costs. The Company regularly provides management reports to the CODM that include cost of sales, operating, general and administrative expenses related to the segments, which are all considered to be significant. The following tables present the Segment Adjusted EBITDA of the Company’s reportable segments and reconciliations of the segment profits to consolidated income before income tax expenses for the three months ended June 30, 2026 and 2025: Midstream Logistics Pipeline Transportation Corporate and Other (1) Elimination Consolidated For the three months ended June 30, 2026 (In thousands) Revenue $ 575,599 $ 2,092 $ — $ — $ 577,691 Other revenue 3,737 12 — — 3,749 Intersegment revenue (2) — 6,556 — ( 6,556 ) — Total segment operating revenue 579,336 8,660 — ( 6,556 ) 581,440 Costs of sales (excluding depreciation and amortization) ( 238,087 ) 495 — — ( 237,592 ) Intersegment costs of sales ( 6,556 ) — — 6,556 — Operating expenses (3) ( 79,512 ) ( 803 ) — — ( 80,315 ) General and administrative expenses ( 4,509 ) ( 229 ) ( 21,523 ) — ( 26,261 ) Proportionate EMI EBITDA — 74,878 — — 74,878 Other segment items (4) ( 45,906 ) — 14,540 — ( 31,366 ) Segment Adjusted EBITDA (5) $ 204,766 $ 83,001 $ ( 6,983 ) $ — $ 280,784 Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes Segment Adjusted EBITDA (5) $ 204,766 $ 83,001 $ ( 6,983 ) $ — $ 280,784 Add back: Other interest income — — 297 — 297 Gain on disposal of assets, net 36 — — — 36 Commodity hedging unrealized gain 49,598 — — — 49,598 Equity in earnings of unconsolidated affiliates — 57,383 — — 57,383 Deduct: Interest expense 55 — 54,066 — 54,121 Depreciation and amortization expenses 100,994 2,331 6 — 103,331 Contract assets amortization 2,054 — — — 2,054 Proportionate EMI EBITDA — 74,878 — — 74,878 Share-based compensation — — 9,064 — 9,064 Litigation costs — — 5,375 — 5,375 Other one-time costs or amortization 1,638 — 101 — 1,739 Income (loss) before income taxes $ 149,659 $ 63,175 $ ( 75,298 ) $ — $ 137,536 23 Table of Contents Midstream Logistics Pipeline Transportation Corporate and Other (1) Elimination Consolidated For the three months ended June 30, 2025 (In thousands) Revenue $ 421,813 $ 2,431 $ — $ — $ 424,244 Other revenue 2,492 2 — — 2,494 Intersegment revenue (2) — 7,674 — ( 7,674 ) — Total segment operating revenue 424,305 10,107 — ( 7,674 ) 426,738 Costs of sales (excluding depreciation and amortization) ( 156,263 ) ( 434 ) — — ( 156,697 ) Intersegment costs of sales ( 7,674 ) — — 7,674 — Operating expenses (3) ( 73,888 ) ( 716 ) — — ( 74,604 ) General and administrative expenses ( 4,996 ) ( 288 ) ( 18,960 ) — ( 24,244 ) Proportionate EMI EBITDA — 88,100 — — 88,100 Other segment items (4) ( 30,277 ) — 13,917 — ( 16,360 ) Segment Adjusted EBITDA (5) $ 151,207 $ 96,769 $ ( 5,043 ) $ — $ 242,933 Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes Segment Adjusted EBITDA (5) $ 151,207 $ 96,769 $ ( 5,043 ) $ — $ 242,933 Add back: Other interest income — — 318 — 318 Gain on disposal of assets, net 25 — — — 25 Commodity hedging unrealized gain 37,743 — — — 37,743 Equity in earnings of unconsolidated affiliates — 58,705 — — 58,705 Deduct: Interest expense 32 — 56,482 — 56,514 Depreciation and amortization expenses 91,449 2,309 5 — 93,763 Contract assets amortization 1,655 — — — 1,655 Proportionate EMI EBITDA — 88,100 — — 88,100 Share-based compensation — — 9,695 — 9,695 Loss on debt extinguishment — — 635 — 635 Integration costs 1,972 — 461 — 2,433 Litigation costs — — 2,381 — 2,381 Other one-time costs or amortization 1,425 — 1,380 — 2,805 Income (loss) before income taxes $ 92,442 $ 65,065 $ ( 75,764 ) $ — $ 81,743 24 Table of Contents Midstream Logistics Pipeline Transportation Corporate and Other (1) Elimination Consolidated For the six months ended June 30, 2026 (In thousands) Revenue $ 979,319 $ 4,377 $ — $ — $ 983,696 Other revenue 7,698 22 — — 7,720 Intersegment revenue (2) — 13,380 — ( 13,380 ) — Total segment operating revenue 987,017 17,779 — ( 13,380 ) 991,416 Costs of sales (excluding depreciation and amortization expense) ( 426,674 ) 358 — — ( 426,316 ) Intersegment costs of sales ( 13,380 ) — — 13,380 — Operating expenses (3) ( 157,814 ) ( 1,577 ) — — ( 159,391 ) General and administrative expenses ( 10,019 ) ( 489 ) ( 59,953 ) — ( 70,461 ) Proportionate EMI EBITDA — 144,907 — — 144,907 Other segment items (4) 4,557 — 47,272 — 51,829 Segment Adjusted EBITDA (5) $ 383,687 $ 160,978 $ ( 12,681 ) $ — $ 531,984 Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes Segment Adjusted EBITDA (5) $ 383,687 $ 160,978 $ ( 12,681 ) $ — $ 531,984 Add back: Other interest income — — 464 — 464 Gain on disposal of assets, net 55 — — — 55 Commodity hedging unrealized gain 2,611 — — — 2,611 Equity in earnings of unconsolidated affiliates — 108,571 — — 108,571 Deduct: Interest expense 103 — 107,438 — 107,541 Depreciation and amortization expenses 200,492 4,660 12 — 205,164 Contract assets amortization 4,004 — — — 4,004 Proportionate EMI EBITDA — 144,907 — — 144,907 Share-based compensation — — 29,727 — 29,727 Integration costs — — 368 — 368 Litigation costs — — 16,988 — 16,988 Other one-time costs or amortization 3,164 — 189 — 3,353 Income (loss) before income taxes $ 178,590 $ 119,982 $ ( 166,939 ) $ — $ 131,633 25 Table of Contents Midstream Logistics Pipeline Transportation Corporate and Other (1) Elimination Consolidated For the six months ended June 30, 2025 (In thousands) Revenue $ 859,838 $ 4,837 $ — $ — $ 864,675 Other revenue 5,322 4 — — 5,326 Intersegment revenue (2) — 12,478 — ( 12,478 ) — Total segment operating revenue 865,160 17,319 — ( 12,478 ) 870,001 Costs of sales (excluding depreciation and amortization expense) ( 379,623 ) ( 438 ) — — ( 380,061 ) Intersegment costs of sales ( 12,478 ) — — 12,478 — Operating expenses (3) ( 143,797 ) ( 1,201 ) — — ( 144,998 ) General and administrative expenses ( 12,121 ) ( 660 ) ( 49,055 ) — ( 61,836 ) Proportionate EMI EBITDA — 175,630 — — 175,630 Other segment items (4) ( 5,736 ) — 39,950 — 34,214 Segment Adjusted EBITDA (5) $ 311,405 $ 190,650 $ ( 9,105 ) $ — $ 492,950 Reconciliation of Segment Adjusted EBITDA to income (loss) before income taxes Segment Adjusted EBITDA (5) $ 311,405 $ 190,650 $ ( 9,105 ) $ — $ 492,950 Add back: Other interest income — — 1,108 — 1,108 Commodity hedging unrealized gain 19,616 — — — 19,616 Gain on sale of equity method investment 65 — — — 65 Equity in earnings of unconsolidated affiliates — 116,183 — — 116,183 Deduct: Interest expense 60 — 112,168 — 112,228 Depreciation and amortization expenses 181,808 4,616 12 — 186,436 Contract assets amortization 3,310 — — — 3,310 Proportionate EMI EBITDA — 175,630 — — 175,630 Share-based compensation — — 30,348 — 30,348 Loss on debt extinguishment — — 635 — 635 Integration costs 4,447 — 1,524 — 5,971 Litigation costs — — 5,396 — 5,396 Other one-time costs or amortization 3,714 — 2,682 — 6,396 Income (loss) before income taxes $ 137,747 $ 126,587 $ ( 160,762 ) $ — $ 103,572 (1) Corporate and Other represents those results that: (i) are not specifically attributable to an operating 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 are included here to reconcile the operating segments’ profit and loss with the Company’s consolidated results. (2) The Company accounts for intersegment sales at market prices, while it accounts for asset transfers at book value. Intersegment revenue is eliminated at consolidation. (3) Operating expenses include ad valorem taxes. (4) Other segment items include certain other income items, share-based compensation, adjustments related to amortization of contract costs, commodity hedging unrealized gain or loss, integration costs, litigation costs and other one-time costs or amortization. (5) 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. 26 Table of Contents The following tables present other segment expenses that are not included in the segment profit measurements above for the three and six months ended June 30, 2026 and 2025: Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated For the three months ended June 30, 2026 (In thousands) Income tax benefit $ — $ — $ 14,423 $ 14,423 Capital expenditure $ 107,135 $ 3,340 $ — $ 110,475 For the three months ended June 30, 2025 Income tax expense $ — $ — $ 7,327 $ 7,327 Capital expenditure (2)(3) $ 135,931 $ 1 $ — $ 135,932 Midstream Logistics Pipeline Transportation Corporate and Other (1) Consolidated For the six months ended June 30, 2026 (In thousands) Income tax benefit $ — $ — $ 13,645 $ 13,645 Capital expenditure $ 199,709 $ 4,650 $ — $ 204,359 For the six months ended June 30, 2025 Income tax expense $ — $ — $ 9,894 $ 9,894 Capital expenditure (2)(3) $ 217,164 $ 243 $ — $ 217,407 June 30, December 31, 2026 2025 Total assets: (In thousands) Midstream Logistics (4) $ 4,739,727 $ 4,714,723 Pipeline Transportation (5) 2,131,855 2,153,280 Segment total assets 6,871,582 6,868,003 Corporate and other (1) 330,888 227,608 Total assets $ 7,202,470 $ 7,095,611 (1) Corporate and Other activities represent those results that: (i) are not specifically attributable to an operating 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 are included here to reconcile the operating segments’ profit and loss with the Company’s consolidated results. (2) Excludes capital assets acquired in business combinations that are included in the Midstream Logistics segment. See Note 2—Business Combinations in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information. (3) Excludes contributions or acquisitions made in the Company’s EMIs that are included in the Pipeline Transportation segment. See Note 6—Equity Method Investment s in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional information. (4) Midstream Logistics segment included goodwill of $ 5.1 million as of June 30, 2026 and December 31, 2025. (5) The Pipeline Transportation segment includes investments in unconsolidated affiliates of $ 1.99 billion and $ 2.01 billion as of June 30, 2026 and December 31, 2025, respectively. 18. SUBSEQUENT EVENTS On July 14, 2026, the Board declared a cash dividend of $ 0.81 per share on the Company’s Class A Common Stock payable to stockholders of record as of July 24, 2026 on July 31, 2026. The Company, through its ownership of the general partner of the Partnership, declared a distribution of $ 0.81 per Common Unit from the Partnership to the holders of Common Units, which was paid on July 31, 2026. 27 Table of Contents