#1KINETIK Investor Presentation March 2024 The Permian is Kinetik#2Forward looking statements KINETIK This presentation includes certain statements that may constitute "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate,” “believe,” “continue," "could," "estimate," "expect," "intends,” “may,” “might,” “plan,” “seeks," "possible," "potential,” “predict," "project," "prospects," "guidance," "outlook," "should," "would," "will," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company's future plans, expectations, and objectives for the Company's operations, including statements about strategy, synergies, portfolio monetization opportunities, expansion projects, acquisitions and divestitures, and future operations, 2023 financial guidance, 2023 annualized guidance, and 2024 guidance; ESG and sustainability-related goals, strategies and initiatives and plans related thereto, including, among others, those relating to diversity, equity, and inclusion, reducing greenhouse gas emissions, including our 2050 Scope 1 and Scope 2 net zero goal and our interim 2030 targets thereto, environmental management, renewable energy and energy efficiency, waste management, biodiversity, safety and asset integrity, health and safety, and community investment and engagement; the Company's share repurchase program and the projected timing, purchase price and number of shares purchased under such program, if at all; projected dividend amounts and the timing thereof; the Company's leverage and financial profile and its ability to improve its credit ratings. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future development, or otherwise, except as may be required by law. USE OF PROJECTIONS This presentation contains projections for Kinetik, including with respect to Kinetik's adjusted EBITDA, capital expenditures, net debt, leverage, and processed gas volumes. Kinetik's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only, should not be relied upon as being necessarily indicative of future results, and are subject to the disclaimers under "Forward Looking Statements" above. USE OF NON-GAAP FINANCIAL MEASURES This presentation includes non-GAAP financial measures, including adjusted EBITDA, capital expenditures, distributable cash flow, free cash flow, net debt, dividend coverage ratio, and leverage. Kinetik believes these non-GAAP measures are useful because they allow Kinetik to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods or capital structure. Kinetik does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of adjusted EBITDA, capital expenditures, distributable cash flow, free cash flow, net debt, dividend coverage ratio, and leverage may not be comparable to other similarly titled measures of other companies. Kinetik excludes certain items from net (loss) income in arriving at Adjusted EBITDA and distributable cash flow because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA and distributable cash flow should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as indicators of operating performance. Certain items excluded from Adjusted EBITDA and distributable cash flow are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA or distributable cash flow. Kinetik's presentation of Adjusted EBITDA, capital expenditures, distributable cash flow, free cash flow, net debt, dividend coverage ratio, and leverage should not be construed as an inference that its results will be unaffected by unusual or non- recurring terms. See "Notes Regarding Presentation of Financial Information." For reconciliation, see appendix. This presentation also includes certain forward-looking non-GAAP financial information. Reconciliations of these forward-looking non-GAAP measures to their most directly comparable GAAP measure are not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measure, that have not yet occurred, are out of Kinetik's control and/or cannot be reasonably predicted. Accordingly, such reconciliation is excluded from this presentation. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. 2#3Pure-play Permian midstream company positioned for growth KINETIK Extensive Delaware in-basin gathering system in Texas and New Mexico feeds downstream pipeline assets Opportunistically primed for future Permian growth • • Fourth largest processor in the Permian Basin ~2 Bcfpd processing capacity Fee-based crude and water gathering businesses complement gas business Winkler Ward • Diversified customer base (~35 customers) provides stable earnings Significant Delaware market share and integrated pipeline footprint to benefit from supply-push and demand-pull fundamentals • • PHP and GCX provide important feedstock supply to demand-pull, export infrastructure (e.g., LNG, pipeline exports to Mexico) Shin Oak provides needed NGL supply to rapidly growing Gulf Coast petchem industry and LPG / ethane export terminals Geographically advantaged vs. other L48 basins for crude, gas and NGLS Permian contributed 100% of L48 crude supply growth since April 2020(1) ■ Inelastic associated gas supply due to oil-directed drilling Business is supported by stable sources of earnings and cash flow ~95% of 2024E gross profit from fee-based agreements and hedges(2) • ■ Built-in fee escalators in underlying contracts protect against inflation Investment grade and "rising star" parties are -80% of gross profit(3) Average contract life of ~9 years with no near-term expirations(4) Kinetik Plant Kinetik Pipelines EPIC Crude Gulf Coast Express Permian Highway Shin Oak Kinetik Area of Dedication Energy Markets LNG Projects 2024E EBITDA (5) 60% Midstream Logistics (1) (2) (3) (4) (5) Source: EIA DPR as of January 12th, 2024. As of March 6th, 2024. Includes two months of realized pricing for January and February 2024. Rising star counterparties include counterparties with at least a rating of BB+/Ba1 from two of three agencies (S&P, Moody's, Fitch). Weighted average contract life. A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." Jeff Davis Waha Hub Mont Belvieu Katy Port Arthur LNG Sabine Houston Central Agua Dulce Cheniere CCL Corpus Christi Next Decade Rio Grande LNG Exports to Mexico Freeport LNG Freeport Pass Global LNG and ethane / LPG exports 40% Pipeline Transportation 54% 6% 30% 7% 3% ■Gas G&P ■Crude & Water Gathering ■Gas Pipes ■NGL Pipes ■Crude Pipes 3#4A full-service, integrated midstream model Fee-based business with mission critical infrastructure ConocoPhillips APA CALLON OXY Corporation PETROLEUM COTERRA Chevron Exxon PERMIAN RESOURCES MOONTOWER RESOURCES Seog bpx energy Produced Water Water Pipelines 毕业 Water Disposal Well Natural Gas Natural Gas Pipelines Gas Processing FRANKLIN MOUNTAIN ENERGY™ DIAMONDBACK FORTRESS -ENERGY BTA AMTEX Energy ARCH U.S. ENERGY ENERGY PARTNERS AMANTI TARKA PERMIAN Development Corporation ROCKPORT ENERGY SOLUTIONS, LLC OXBOW Rio ENERGY, INC. PETROLEUM Oil and Gas, LLC Crude Oil Crude Oil Pipeline CAPITAN ENERGY ENCORE PERMIAN Vital Energy ①CHECK CIVITAS greenlake ENERGY VENTURES UP CURVE ENERGY II Brigham Trucks KINETIK Delaware Link Intrabasin Residue Gas Pipeline Intrabasin Natural Gas Pipelines Permian Highway and Gulf Coast Express Residue Gas Takeaway Pipelines Shin Oak and Treating I Intrabasin NGL Pipelines Kinetik NGL (Dew Point & | Brandywine Lines) Intrabasin NGL Pipelines Mixed NGLS Takeaway Pipelines EPIC Crude Storage Crude Oil Takeaway Pipelines 4#5Significant upside opportunity across Kinetik's expansive acreage footprint KINETIK Infrastructure poised to support the next phase of Permian growth Culberson Eddy Lea 1 Kinetik Gas Gathering System Delaware Link Kinetik NGL Permian Highway Gulf Coast Express Shin Oak EPIC Crude Kinetik Processing Complex Waha Hub Serviced Acreage Loving 3 2 Ret 5 Andrews Winkler Ector Ward Pecos Crane 1 Lea and Eddy Counties, New Mexico • Positioned to increase market share with New Mexico gathering system expansion into Lea County 2 Shallow Bone Spring • · Inventory expansion in Loving, Ward and Eastern Reeves with early-stage results of step-outs in Central and Southern Reeves Largest driver of near-term upside given strong oil economics 3 Wolfcamp C • Cost competitive inventory with elevated GORS 4 Barnett and Woodford Shale • Potential in Eastern Loving and Ward Counties reinforced by recent well results Alpine High and Central Reeves geology supports inventory with zero reservoir depletion 5 Treating opportunities • Competitively advantaged with system wide front-end amine treating to handle elevated H2S and CO2 • Growing demand with development of shallower formations and step-outs from the central core of the Delaware Basin 5#6Strong natural gas fundamentals enhance Kinetik's value proposition Supply push from the Delaware Basin and demand pull to the US Gulf Coast to drive value IK 費 € Global electrification movement resulting in rising energy demand • . KINETIK Global electricity demand is at record highs and expected to increase by up to 76% by 2050(1) Electrification is critical to improving standards of living, raising the global poverty scale and creating more equitable opportunities Natural gas is meeting this incremental global demand • Today, natural gas accounts for approximately 25% of global electricity generation and will continue to capture market share as the world demands cleaner sources of energy (2) Energy transition cannot occur without natural gas • • Natural gas for electricity generation results in a 50% reduction in CO2 and methane emissions(3) Natural gas is a cost-effective, reliable transition fuel to back up the variability and intermittency of renewable energy sources LNG facilities driving US Gulf Coast demand pull The ability to store, liquefy and ship natural gas globally has created a growing market opportunity with US Gulf Coast LNG demand expected to more than double by 2030(4) Delaware Basin is one of the most prolific resources in North America to provide economical access to natural gas Delaware Basin fundamentals reinforced by significant inventory across several benches at low- end of the cost curve Kinetik is well-positioned to support continued basin growth with its integrated pipeline system, moving natural gas from the wellhead to the US Gulf Coast (1) Source: EIA International Energy Outlook, October 2023. (2) Source: International Energy Agency. July 2023. (3) (4) Replacement of coal with natural gas for electricity generation. Source: International Energy Agency, 2019. Source: Wood Mackenzie North America Gas Markets Long-Term Outlook, October 2023. 6#7Permian natural gas is critical to meet growing demand US natural gas demand expected to increase by nearly 20% by 2030 driven largely by LNG (1) Permian Supply Forecast (Bcfpd and % US Demand)(1) KINETIK Permian Supply and LNG Demand Forecast (Bcfpd)(1) ~40% Growth (1) 18.5 17% 2023 2024 2025 2026 2027 2028 Permian Supply LNG Demand 25.9 26.3 25.9 20% 18.5 11.8 2029 2030 2023 2030 LNG demand to more than double by 2030, supported by projects along the Gulf Coast • US natural gas demand to grow by ~20 Bcfpd, driven by ~15 Bcfpd of LNG demand Permian poised to supply LNG facilities along the Gulf Coast Permian associated natural gas to grow 40% by end of the decade . Permian's share of US natural gas supply expected to increase to -20% Price inelastic suppliers given crude oil directed drilling in the Permian (1) Source: Wood Mackenzie North America Gas Markets Long-Term Outlook, October 2023. 7#82024 Guidance and assumptions Key expectations and sensitivities reflected in full year Guidance 2024 Financial Guidance KINETIK 2024 Commodity Price Sensitivities(4) Range ($mm) Midpoint ($mm) % YoY(3) Commodity Price Input % Change in Potential Impact Price to EBITDA (1) Adjusted EBITDA(1) $905 - $960 $933 11% WTI ($/Bbl) ~$76 Capital Expenditures(2) $125 - $165 $145 (72%) Natural Gas ($/MMBtu at Houston Ship Channel) NGLS ($/Gal) ~$2 +/- 10% +/- $7mm ~$0.60 Volume Assumptions 2024E Gross Profit Sources 2023A %YoY 2024E Growth Expectations Permian Production (5) Natural Gas 12% Crude Oil 9% Mid-to-high single digit Low-to-mid single digit Fixed Fee 90% Kinetik O Hedged Commodity (6) 5% Unhedged Commodity 5% Natural Gas 21% Low-double digit Crude Oil Produced Water (21%) 80% Low-single digit Current 2024E unhedged commodity-linked Gross Profit is 5% Mid-single digit (1) (2) (3) A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." Capital contribution at JV Pipes will be categorized as "Investment in unconsolidated affiliates" in Kinetik's financials. JV Pipe capital contributions included in Kinetik's Capital Expenditures Guidance for simplicity. Year-over-year growth as compared to the midpoint of 2024 Financial Guidance. (4) Assumes pricing as of February 16th, 2024. Sensitivity applied for March through December 2024. (5) Source: EIA DPR as of January 12th, 2024. (6) Hedged commodity includes two months of realized pricing for January and February 2024. 8#92024E Adjusted EBITDA Guidance (1) Recently completed organic growth projects to drive robust double-digit growth YoY(2) 2024E Adjusted EBITDA(¹) ($mm) +11% YoY Growth (2) ~$30-55 $839 ~$20-$30 KINETIK Key Drivers to 2024E Adjusted EBITDA Growth(1) $905 to $960 Midstream Logistics -$65-85 . • Modest volume growth from existing customers Commencement of New Mexico MVC contracts Incentive agreement benefitting gas and produced water volumes Expanded service offerings to include front-end amine treating and blending Pipeline Transportation • • Segment expected to contribute 40% of 2024E Adjusted EBITDA (1) Full year benefit from growth projects ■ Delaware Link placed in-service October 1st, 2023 ■ PHP Expansion placed in-service December 1st, 2023 • Growth at Shin Oak and EPIC Crude Tariff and volume benefit at Kinetik NGL Commodity and cost pressures • Weaker natural gas, NGL and crude prices Unit opex flat year-over-year 2023 Adjusted EBITDA (1) Commodity Prices Midstream Logistics Pipeline Transportation 2024 Guidance ིསེ (1) A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." (2) YoY growth at the midpoint of 2024 Financial Guidance. 6#10Adjusted EBITDA segment contributions (1) Pipeline Transportation segment contribution expected to increase to 40% this year 2023A EBITDA(1) 2024E EBITDA(1) KINETIK Crude Pipelines NGL Pipelines 3% 5% Gas Pipelines 28% 36% Pipeline Transportation Crude & Water 6% (1) A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." Gas 58% Crude Pipelines 3% NGL Pipelines 7% Gas Pipelines 30% 40% Pipeline Transportation Gas 54% Crude & Water 6% 10#11Meaningful gas volume and Adjusted EBITDA growth (1) Nearly 30% expected Adjusted EBITDA growth since 2021 despite weaker commodity prices (1)(2) Indexed Gas Volume Growth (3) I Kinetik processed gas volume growth has been 2x underlying Permian Basin growth KINETIK Adj. EBITDA ($mm) and Waha Natural Gas Price ($/ MMBtu)(1)(4) ~30% Growth (2) $839 $822 $737 $933 22% Kinetik 11% Permian Gas Growth Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 $5.24 $5.22 $1.68 $1.59 2021(5) 2022 (5) 2023 2024E(6) (1) (2) A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." Reflects midpoint of 2024E Adjusted EBITDA Guidance versus 2021 Pro Forma Adjusted EBITDA. (3) (4) (6) Source: EIA DPR as of January 12th, 2024 and internal. Kinetik processed gas volume growth and Permian gas production growth indexed beginning 4Q22. 2024 estimates reflect internal forecasts and assume linear growth. Source: Bloomberg. 2021, 2022, and 2023 reflect annual average Waha Hub index daily price. 2021 includes impact of Winter Storm Uri. Excluding February 2021 would be $3.42/MMBtu. 2024E assumes Waha pricing as of February 16th, 2024. (5) Reflects pro forma Adjusted EBITDA. Midpoint of 2024E Adjusted EBITDA Guidance. 11#122024E Capital Expenditures Guidance (1) Transition to a significantly reduced capital program resulting in robust Free Cash Flow generation (2) 2024E Capital Expenditures (1) ($mm) $531 KINETIK (1) (2) Pipeline Transportation $287 Midstream Logistics $244 2023 Capital Expenditures $125 to $165 2024 Guidance Guidance $125mm to $165mm Key Drivers • • High-pressure gathering for New Mexico expansion Maintenance capital elevated with major compressor maintenance and mole sieve bed change outs • Growth capital includes well connects, compression, and looping projects supporting existing customers Completion of front-end amine treating at Pecos Bend A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." Capital contribution at JV Pipes will be categorized as "Investment in unconsolidated affiliates" in Kinetik's financials. JV Pipe capital contributions included in Kinetik's Capital Expenditures Guidance for simplicity. 12#132024E Capital Expenditure Guidance contributions(1) Guidance reflects completion of merger integration projects 2023A Capital Expenditures(1) 2024E Capital Expenditures(1) (1) Maintenance 5% New Mexico 16% Treating 4% 2023 Capital Expenditures Other 6% Facilities 10% $531mm Pipeline Transportation 54% Maintenance 22% ~25% higher in 2024 than normal run-rate Treating 11% Well Connects 54% Pipeline Transportation 5% New Mexico 10% Well Connects 14% KINETIK 2024 Guidance $125mm to $165mm Facilities 26% Capital contribution at JV Pipes will be categorized as "Investment in unconsolidated affiliates" in Kinetik's financials. JV Pipe capital contributions included in Kinetik's Capital Expenditures Guidance for simplicity. Other 17% 100% Midstream Logistics 13#14Organization structure Apache (1) (2) $1.2bn Term Loan A due June 2026 $1.25bn Revolving Credit Facility due June 2027 Blackstone 9% interest(1) 50% interest(1) I SQUARED CAPITAL 21% interest(1) Public / Management 20% interest(1) KINETIK (NYSE: KNTK) $0.8bn 2028 Senior Notes Kinetik Holdings LP Fully unsecured capital structure No asset level or structurally senior debt No hybrid securities Target investment grade ratings Current credit ratings (2) Fitch: BB+, Positive Outlook $1.0bn 2030 Senior Notes Midstream Logistics Segment • Moody's: Ba1, Stable Outlook S&P: BB+, Stable Outlook Pipeline Transportation Segment KINETIK 100.0% interest 100.0% interest 100.0% interest 100.0% interest 100.0% interest 16.0% interest 55.5% interest 33.0% interest 15.0% interest BCP Raptor I (Eagle Claw + Pinnacle G&P) BCP Raptor II (Caprock G&P) As of March 6th, 2024. Credit ratings are not a recommendation to buy, sell or hold any security. Alpine High Gathering and Processing Delaware Link Pipeline Kinetik NGL Gulf Coast Express Pipeline Permian Highway Pipeline Shin Oak NGL Pipeline EPIC Crude Pipeline 14#15Attractive cost of debt capital Over 99% of interest rate exposure is fixed (1) Fixed Interest Rate Exposure (1) Annual Interest Expense Sensitivity(1) +/- 1% in Secured Overnight Financing Rate (1) (2) Fixed -30% July 2022(2) Fixed ~90% Fixed >99% +/- $25mm Fixed -60% +/- $15mm KINETIK | | 1-99% | +/- $3mm <$150k November 2022 September 2023 March 2024 July 2022(2) November 2022 September 2023 March 2024 Executed $1.7bn of fixed rate swaps through May 2025 . Average swapped rate implies an all-in 6.1% interest rate Minimal exposure to floating interest rates For period beginning March 2024. Pro forma Series A Preferred redemption. Achieved 2022 Sustainability-Linked Financing Framework performance targets, resulting in a modest interest rate reduction beginning July 2023 15#16Our path to achieving our near-term financial priorities Focused on Free Cash Flow generation, accelerating shareholder returns and financial flexibility(1) KINETIK Kinetik's action plan Significantly reduced 2024E capital program i Meaningful 2024E Adjusted EBITDA growth (1) Continue to expand supply from New Mexico 1 Completion of core shareholder commitment to the DRIP with 4Q23 dividend(3) | Multi-year hedging program 3.5x leverage (2) / Investment Grade $1Bn $1Bn Adjusted EBITDA target(1) A non-GAAP measure. See "Non-GAAP Financial Measures Reconciliation." (1) (2) As defined in our Revolving Credit Facility due 2027. (3) Pursuant to the Stockholders Agreement. $ Incremental capital to shareholders i 16#17Our compelling value proposition Kinetik's dividend yield and Free Cash Flow yield rank as one of highest among peers (1) Current Dividend Yield(2) KINETIK Large Cap Peer G&P Peer Kinetik 9% 9% 8% 8% 7% 7% 7% Peer Median: 7% 6% 5% 5% 5% 4% 2% Peer A I KNTK Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Peer K Peer L 2024E Free Cash Flow Yield(1)(3) 13% 13% 11% 10% 10% 10% 9% Peer Median: 9% 8%- -7% 7% 7% 6% 2% Peer C Peer B KNTK Peer F Peer K Peer A Peer E Peer D Peer G Peer I Peer J Peer H Peer L (1) A non-GAAP measure. (2) (3) FactSet as of March 5th, 2024. Peers include DTM, ENLC, EPD, ET, HESM, KMI, MPLX, OKE, PAA, TRGP, WES, and WMB. FactSet 2024E Free Cash Flow Yield consensus estimates as of March 5th, 2024. Peers include DTM, ENLC, EPD, ET, HESM, KMI, MPLX, OKE, PAA, TRGP, WES, and WMB. 17#182022 Sustainability Report: Delivering Today. Accountable for Tomorrow. Advancing a safer, cleaner and more reliable energy future " The actions taken by Kinetik in 2022 have laid a strong foundation for the Company's sustainability efforts going forward... Laura A. Sugg Chair, Governance and Sustainability Committee " 5% J Increase in Gas Volumes While Achieving a 6.4% GHG Intensity Reduction 1.25% Reduction in GHG Absolute Emissions 12% Methane Intensity Reduction KINETIK We work with nearly 1,000 suppliers, employ over 300 employees, and are indirectly responsible for an estimated 750+ additional Texas jobs¹. KEEP Kinetik Employee Engagement Program > KINETIKCARES In 2022, the Foundation provided grants totaling $23,600 to assist employees in need. Kinetik Energy Use (MWh) Total Energy Use 483,213 Total Renewable Energy % Renewable Energy 393,070 267,586 168,412 55% 49% 2022 2021 2022 2021 2022 2021 Kinetik's commitment to our people, safety, the environment, our customers, and communities will ensure that we continue to be at the junction of where energy is today and where it will be needed tomorrow. 6,814 HOURS Total EHS Training – compared to 4,768 hours in 2021. - The name, Kinetik, is exactly how we see ourselves. We are Energy for Change. 18% 15% 7% Ⓡ 27% 20% 18% 30b30 Aim to Reduce Methane Emission Intensity by 30% by 2030 2021 2022 2021 Females at Kinetik Net Zero by 2050 2022 2021 2022 Female Board Females in Senior Leadership² Members 35 30 Aim to Reduce Greenhouse Gas Emission Intensity by 35% by 2030 18#19Commitment to environmental and social sustainability initiatives KINETIK Achieved 2022 sustainability performance targets resulting in a modest interest expense reduction beginning in July GHG Emissions Intensity Reduction (1) Female Corporate Officer Positions Methane Emissions Intensity Reduction (1) 2021 Baseline (2) 6% reduction 35% reduction 2022(2) 2030 Target Reduce GHG emissions intensity by 35% Achieved 6% reduction in 2022 (1) Scope 1 and Scope 2 emissions. (2) Pro forma 2021 and 2022. 20% 12% Reduction 18% 30% Reduction 2021 Baseline (2) 2030 Target Reduce methane emissions intensity by 30% 2022 (2) • 12% reduction year-over-year 2021 Baseline 2022 2026 Target Increase female Corporate Officers to 20% Increased female representation to 18% in 2022 19#20Kinetik at a glance KINETIK ONE OF THE LARGEST MIDSTREAM APPROX. 35 COMPANIES IN THE DELAWARE BASIN CUSTOMERS Offices in Midland and Houston, TX OPERATES 4 MAJOR COMPLEXES & OVER 1,800 MILES OF PIPELINE ACROSS SIX COUNTIES IN TX & NM SERVES NEARLY MAINTAINS OVER 850,000 470,000 DEDICATED ACRES MANAGES OVER HORSEPOWER OF GAS COMPRESSION CAPACITY HAS A CAPACITY OF 760,000 90,000 BARRELS/DAY OF WATER INJECTION CAPACITY BARRELS OF CRUDE STORAGE CAPACITY NEARLY 2,000 MILES OF GAS & NGL TRANSPORT PIPELINES EQUITY INTERESTS IN INTERESTS IN 4.7 Bcfpd LONG-HAUL PIPELINES: OF RESIDUE GAS TAKEAWAY 55.5% OF PHP 16% OF GCX 33% OF SHIN OAK 15% OF EPIC CRUDE OWNS & OPERATES: INTERESTS IN 550 Mbpd OF NGL TAKEAWAY CAPACITY OWNS & OPERATES 1.0 Bcfpd DELAWARE LINK PIPELINE OWNS & OPERATES 100% OF KINETIK NGL 225 Mbpd INTRABASIN KINETIK NGL DELIVERS ~2.0 Bcfpd OF PROCESSING CAPACITY#21For more information: Leadership K KINETIK Board of Directors Sustainability IK IK#22KINETIK#23Glossary of terms KINETIK Adjusted EBITDA (EBITDA) is defined as net income including non-controlling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from unconsolidated affiliates, equity in earnings from unconsolidated affiliates, share-based compensation expense, non-cash increases and decreases related to trading and hedging agreements, extraordinary losses and unusual or non-recurring charges Capital Expenditures is defined as costs incurred in midstream activities, less any contributions in aid of construction plus investments in unconsolidated affiliates, less returns of invested capital from unconsolidated affiliates Distributable Cash Flow is defined as Adjusted EBITDA, adjusted for the proportionate EBITDA from unconsolidated affiliates, returns on invested capital from unconsolidated affiliates, interest expense, net of amounts capitalized, unrealized gains or losses on interest rate derivatives, distributions to preferred unitholders and maintenance capital expenditures • Dividend Coverage Ratio is Distributable Cash Flow divided by total declared dividends Free Cash Flow is defined as Distributable Cash Flow adjusted for growth capital expenditures, investments in unconsolidated affiliates, returns of invested capital from unconsolidated affiliates, cash interest, capitalized interest, realized gains or losses on interest rate derivatives and contributions in aid of construction Gross Profit is defined as revenues less cost of goods sold (exclusive of depreciation and amortization) Leverage Ratio or Leverage is defined as total debt less cash and cash equivalents divided by last twelve months Adjusted EBITDA, calculated in our credit agreement. The calculation includes Qualified Project and Acquisition EBITDA Adjustments that pertain to the funding of the Permian Highway Pipeline Expansion project, Delaware Link project, first quarter 2023 midstream infrastructure asset acquisition, and other qualified projects at the Midstream Logistics segment Net Debt is defined as total long-term debt, excluding deferred financing costs, premium and discounts, less cash and cash equivalents Pro Forma Adjusted EBITDA is defined as Adjusted EBITDA calculated as if the Altus Midstream Company and BCP Raptor Holdco business combination occurred on January 1, 2021 plus expected cost synergies and adjustments for one-time merger related items and one-time marketing losses 23 23#24Non-GAAP Measures Reconciliation (1) (2) KINETIK Three Months Ended December 31, Twelve Months Ended 2023 Net Income Including Non-controlling Interests to Adjusted EBITDA Net income including non-controlling interests (GAAP) Add back: Interest expense Income tax (benefit) expense 267,354 December 31, 2022 2023 2022(1) (In thousands) 48,462 $ 386,452 $ 250,721 75,411 (234,938) 56,667 372 205,854 (232,908) 149,252 2,616 Depreciation and amortization 72,715 67,736 280,986 260,345 Amortization of contract costs 1,655 463 6,620 1,807 Proportionate EBITDA from unconsolidated affiliates 81,139 78,388 306,072 268,826 Share-based compensation 12,642 11,814 55,983 42,780 Loss on disposal of assets 4,236 9 19,402 12,611 Loss on debt extinguishment 1,876 1,876 27,975 30 2,197 1,015 12,208 648 6,412 4,356 5,385 11,901 16,355 Integration costs Acquisition transaction costs Other one-time cost or amortization Deduct: Interest and other income Warrant valuation adjustment Gain on redemption of mandatorily redeemable Preferred Units Unrealized gain on derivatives Gain on embedded derivative Equity income from unconsolidated affiliates Adjusted EBITDA (2) (non-GAAP) 363 677 14 133 88 133 9,580 4,907 4,291 89,050 53,187 60,250 200,015 180,956 $ 228,005 $ 211,110 $ 838,830 $ 772,189 The results of the legacy ALTM business are not included in the Company's consolidated financials prior to February 22, 2022. Adjusted EBITDA is defined as net income including non-controlling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from unconsolidated affiliates, equity in earnings from unconsolidated affiliates, share-based compensation expense, non-cash increases and decreases related to trading and hedging agreements, extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including non-controlling interests or any other measure of financial performance presented in accordance with GAAP. 24 24#25Non-GAAP Measures Reconciliation KINETIK Reconciliation of net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities Net changes in operating assets and liabilities Interest expense Amortization of deferred financing costs Contingent liabilities remeasurement Current income tax expense Returns on invested capital from unconsolidated affiliates Proportionate EBITDA from unconsolidated affiliates Derivative fair value adjustment and settlement Interest income Unrealized gain on derivatives Integration costs Transaction costs Other one-time cost or amortization Adjusted EBITDA (2²) (non-GAAP) 2023 Twelve Months Ended December 31, (In thousands) 584,480 $ 2022(1) 613,006 4,057 (24,682) 205,854 149,252 (6,194) (9,569) 839 492 522 (272,490) (256,764) 306,072 268,826 7,963 (4,216) (677) (4,291) 1,015 12,208 648 11,901 838,830 $ 6,412 16,355 772,189 (1) The results of the legacy ALTM business are not included in the Company's consolidated financials prior to February 22, 2022. (2) Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from our equity method investments, equity in earnings from investments recorded using the equity method, share-based compensation expense, extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including noncontrolling interests or any other measure of financial performance presented in accordance with GAAP. 25 25#26Non-GAAP Measures Reconciliation (1) (2) KINETIK Three Months Ended December 31, Twelve Months Ended 2023 Net Income Including Non-controlling Interests to Adjusted EBITDA Net income including non-controlling interests (GAAP) Add back: Interest expense Income tax (benefit) expense 267,354 December 31, 2022 2023 2022(1) (In thousands) 48,462 $ 386,452 $ 250,721 75,411 (234,938) 56,667 372 205,854 (232,908) 149,252 2,616 Depreciation and amortization 72,715 67,736 280,986 260,345 Amortization of contract costs 1,655 463 6,620 1,807 Proportionate EBITDA from unconsolidated affiliates 81,139 78,388 306,072 268,826 Share-based compensation 12,642 11,814 55,983 42,780 Loss on disposal of assets 4,236 9 19,402 12,611 Loss on debt extinguishment 1,876 1,876 27,975 30 2,197 1,015 12,208 648 6,412 4,356 5,385 11,901 16,355 Integration costs Acquisition transaction costs Other one-time cost or amortization Deduct: Interest and other income Warrant valuation adjustment Gain on redemption of mandatorily redeemable Preferred Units Unrealized gain on derivatives Gain on embedded derivative Equity income from unconsolidated affiliates Adjusted EBITDA (2) (non-GAAP) 363 677 14 133 88 133 9,580 4,907 4,291 89,050 53,187 60,250 200,015 180,956 $ 228,005 $ 211,110 $ 838,830 $ 772,189 The results of the legacy ALTM business are not included in the Company's consolidated financials prior to February 22, 2022. Adjusted EBITDA is defined as net income including non-controlling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from unconsolidated affiliates, equity in earnings from unconsolidated affiliates, share-based compensation expense, non-cash increases and decreases related to trading and hedging agreements, extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including non-controlling interests or any other measure of financial performance presented in accordance with GAAP. 26 26#27Non-GAAP Measures Reconciliation (1) Net Debt(1) Long-term debt, net Plus: Deferred financing costs Less: Unamortized premiums and discounts, net Total long-term debt Less: Cash and cash equivalents Net debt (non-GAAP) December 31, 2023 September 30, 2023 June 30, 2023 (In thousands) March 31, 2023 KINETIK $ 3,562,809 $ 3,606,962 $ 31,510 23,038 3,625,799 $ 24,201 3,511,648 25,352 319 3,594,000 3,630,000 3,650,000 3,537,000 $ 4,510 3,589,490 $ 68 2,237 1,984 3,629,932 $ 3,647,763 $ 3,535,016 Net Debt is defined as total long-term debt, excluding deferred financing costs, premiums and discounts, less cash and cash equivalents. Net Debt illustrates our total debt position less cash on hand that could be utilized to pay down debt at the balance sheet date. Net Debt should not be considered as an alternative to the GAAP measure of total long-term debt, or any other measure of financial performance presented in accordance with GAAP. 27 27