Investor Presentaiton

Non-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

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