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Second Quarter 2025 Results August 6, 2025
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Forward looking statements 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, expansion projects and the timing thereof, acquisitions and divestitures, and future operations, estimates of future operational and financial results, financial guidance; the amount and timing of future shareholder returns; 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, 2024 to be filed with the SEC. 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, free cash flow, 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, 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, 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
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Key highlights Progressed strategic projects in the quarter and executed upon finance-related objectives 3 (1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation” for a reconciliation to the nearest comparable GAAP measure. (2) Capital Guidance includes any contingent consideration payments related to the actual cost of Kings Landing complex to Durango P ermian, LLC, an affiliate of Morgan Stanley Energy Partners. (3) As of August 6th, 2025. (4) 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. $243mm Adjusted EBITDA(1) $8mm Free Cash Flow(1) $126mm Capital Expenditures(4) 3.6x Leverage Ratio(1) Q2 Financial Results Operational and Construction Financial Updating FY 2025 Adjusted EBITDA(1) Guidance to $1.03bn to $1.09bn Narrowing FY 2025 Capital Guidance(2) to $460mm to $530mm Repurchased $173mm(3) of Class A common stock year to date, $73mm repurchased in 2Q25 Completed refinancing of the Term Loan A and Revolving Credit Facility, extending maturities to May 30, 2028 and May 30, 2030, respectively Commissioning at Kings Landing with full commercial in-service in late September 2025 Construction began on ECCC Pipeline with expected in-service 1H26 Filed acid gas injection permit at Kings Landing with approval expected by year end 2025
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54% 7% 25% 7% 7% 2Q25 Adjusted EBITDA1 39% Pipeline Transportation61% Midstream Logistics 2Q25 Segment performance 4(1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation” for a reconciliation to the nearest comparable GAAP measure. Pipeline Transportation Adjusted EBITDA(1) ($mm) Stable and growing earnings profile in a turbulent macro environment Midstream Logistics Adjusted EBITDA(1) ($mm) • 2Q25 Midstream Logistics Adjusted EBITDA of $151mm (+3% YoY)(1) benefited from +11% processed gas volume growth YoY • 2Q25 Pipeline Transportation Adjusted EBITDA of $97mm (+3% YoY)(1) benefited from EPIC Crude ownership and PHP / Kinetik NGL outperformance $140 $146 $143 $148 $174 $150 $159 $151 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $79 $85 $96 $94 $96 $92 $94 $97 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
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Fixed Fee 84% Commodity 16% 2025E Gross Profit Sources 2025 Commodity Price Sensitivities(3) Updating 2025 Guidance and assumptions Key expectations and sensitivities reflected in full year guidance 5 2025 Financial Guidance Range ($mm) Adjusted EBITDA(1) $1,030 - $1,090 Capital(2) $460 - $530 Commodity Guidance Price Input (Aug. 2025) Prev. Guidance Strip Pricing (Feb. 2025) % Change in Guidance Price Input Potential Impact to EBITDA(1) WTI ($/Bbl) ~$68 ~$71 +/- 10% +/- 0.5% Natural Gas ($/Mmbtu at Houston Ship Channel) ~$3.04 ~$3.77 NGLs ($/Gal) ~$0.60 ~$0.65 Volume Assumptions 2024A %YoY 2025E Growth Expectations Permian Production(4) Natural Gas 10% Mid- to high-single digit Crude Oil 7% Low- to mid- single digit Kinetik Natural Gas 13% Mid-teens Crude Oil (8)% >50% Produced Water (5)% >10% (1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation.” (2) 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 Guidance for simplicity. Capital Guidance includes any contingent consideration payments related to the actual cost of Kings Landing complex to Durango Permian, LLC, an affiliate of Morgan Stanley Energy Partners. (3) Guidance Price Input assumes pricing as of July 30 th, 2025. Previous guidance strip pricing as of February 20 th, 2025. Sensitivity applied for August through December 2025. Composition of commodity exposure is subject to change based on producer volumes and settlement election (rejection/recovery), which is outside of Kinetik’s control. (4) Source: EIA Natural Gas Permian Marketed Production and Permian Crude Oil Production as of July 8 th, 2025.
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2025E Original Adjusted EBITDA Guidance Volume Revisions: Kings Landing Timing and Producer Activity Commodity Prices Inflationary Cost Pressures 2025E Revised Adjusted EBITDA Guidance 4Q25E Adjusted EBITDA Annualized Adjusted EBITDA Guidance(1) Earnings growth profile weighted to the second half of 2025 6(1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation.” $1.03bn – 1.09bn Key Drivers to 2025E Adjusted EBITDA(1) Guidance Update • Kings Landing completion timing delayed • Producer development plans delayed into 2026 • ~2 Bcfpd processed gas volumes at exit • Existing hedges partially offset negative impacts from lower commodity prices • Elevated operating cost inflation 2025E Adjusted EBITDA(1) $1.09bn – 1.15bn Maintaining ~$1.2bn annualized 4Q25E Adjusted EBITDA(1)
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2025E Capital Guidance(1) Current projects drive meaningful Adjusted EBITDA(2) growth over next several years 7 (1) 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 Guidance for simplicity. Capital Guidance includes any contingent consideration payments related to the actual cost of Kings Landing complex to Durango Permian, LLC, an affiliate of Morgan St anley Energy Partners. (2) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation.” (3) Reflects midpoint of 2025E Capital Guidance. Key Drivers • Construction of Kings Landing Complex and pre-FID work of Kings Landing Cryo II • Permitting and regulatory work for acid gas injection at Kings Landing Complex • Construction of ECCC Pipeline • Build out of the low- and high-pressure gathering system in Eddy County, New Mexico • Growth and maintenance capital across the Texas and New Mexico systems Delaware South 22% Delaware North 71% Maintenance 7% $495mm(3) 2024A 2025E $265mm $460mm – $530mm
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Strategic capital investments drive growth in 2025 and beyond Highly accretive projects drive value creation and reinforce Kinetik’s unique and attractive footprint 8 Kings Landing Complex Lea County Eddy County Project Kings Landing Complex • Adds ~220 Mmcfpd of processing capacity, doubling Delaware North capacity • Commissioning commenced in June 2025 • Full commercial in-service in late September Eddy County Project • 15-year low- and high-pressure gas gathering and processing agreement • Gas processing starts with Kings Landing full commercial in-service Lea County • Increased gathering, treating, and processing services with a higher MVC and margin expansion • New system connections in July and August 2025 Kings Landing Cryo II • Regulatory and development work continues • Filed acid gas injection permit with approval to proceed expected by year end 2025 • Advancing commercial arrangements with customers ECCC Pipeline • Large diameter, high pressure pipeline to connect Delaware North with Delaware South system • Construction commenced with estimated in-service in 1H26 • Restart of idled Sierra Grande processing facility in 2026 (minimal capital) • Anticipate expansion to 300 Mmcfpd to FID in 2026 to support Delaware North development plans ECCC Pipeline Barilla Draw Assets • Integration of gas and crude gathering assets with existing system Barilla Draw Assets Delaware North system Processing Facilities Eddy County Project ECCC Pipeline Delaware South system Barilla Draw Assets Serviced Acreage
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Our finance-related objectives Maximize shareholder value while providing flexibility for opportunistic capital deployment 9 (1) A non-GAAP measure. See appendix for definitions of the non- GAAP financial measures used in this presentation. (2) Represents expected growth FY 2024 through FY 2029. (3) As the company continues to pursue organic and inorganic growth opportunities. (4) As of August 6th, 2025. Opportunistically allocate capital to strategic and accretive projects Target mid-single digit investment multiples Internal goal of $2bn Adjusted EBITDA by YE 2030(3) Conservatively managed balance sheet and financial profile Leverage target(1) of 3.5x, currently stands at 3.6x Objective to be investment grade rated Strategically allocate capital to maximize shareholder value Annual 3 - 5% increases to current $3.12 cash dividend Repurchased $173mm of K NTK Class A shares since May 2025, ~2.4% of outstanding shares (4) ~10% compound annual Adjusted EBITDA growth for the next 5 years(1,2) Current project backlog and contractual benefits provide strong visibility to material growth without significant additional capital
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Kinetik at a glance (1) As of June 30th, 2025. ONE OF THE LARGEST PURE - PLAY MIDSTREAM SERVICED ACRES & OVER 4,800 MILES OF PIPELINE COMPANIES SOLELY IN THE PERMIAN BASIN Offices in Midland and Houston, TX OPERATES 8 MAJOR COMPLEXES ACROSS 8 COUNTIES IN TX & NM APPROXIMATELY 1,400,000 DELIVERS ~2.4 Bcfpd NEARLY 1,300 MILES OF GAS & NGL TRANSPORT PIPELINES OF RESIDUE GAS TAKEAWAY 2.7 Bcfpd INTERESTS IN OF PROCESSING CAPACITY APPROX. 90 CUSTOMERS BARRELS OF CRUDE STORAGE CAPACITY HAS A CAPACITY OF 90,000 EQUITY INTERESTS IN LONG-HAUL PIPELINES 33% OF SHIN OAK 27.5% OF EPIC CRUDE 55.5% OF PHP OF CRUDE TAKEAWAY CAPACITY INTERESTS IN 600 Mbpd OF AGI TAG CAPACITY 6.5 Mmcfpd OWNS & OPERATES OF NGL TAKEAWAY CAPACITY 550 Mbpd INTERESTS IN DELAWARE LINK PIPELINE 1.0 Bcfpd OWNS & OPERATES INTRABASIN KINETIK NGL 580 Mbpd OWNS & OPERATES
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For more information: Leadership Board of Directors Sustainability Viewpoint with Dennis Quaid
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Glossary of terms • 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 swaps, and maintenance capital expenditures • 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 swaps 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 EBITDA Adjustments for Qualified Projects, Acquisitions and Divestitures • Net Debt is defined as total long-term debt, excluding deferred financing costs, less cash and cash equivalents 13
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Non-GAAP Measures Reconciliation 14 (1) Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for interest, taxes, depreciation and am ortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, equity income and gain from sale of investments recorded using the equity method, share- based compensation expense, noncash increases and decr eases related to hedging activities, fair value adjustments for contingent liabilities, integration and transaction costs and 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. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net Income Including Noncontrolling Interests to Adjusted EBITDA (In thousands) Net income including noncontrolling interest (GAAP) $ 74,416 $ 108,948 $ 93,678 $ 144,355 Add back: Interest expense 56,514 54,049 112,228 101,516 Income tax expense 7,327 9,214 9,894 13,001 Depreciation and amortization expenses 93,763 75,061 186,436 148,667 Amortization of contract costs 1,655 1,655 3,310 3,310 Proportionate EBITDA from unconsolidated affiliates 88,100 85,922 175,630 174,324 Share-based compensation 9,695 15,136 30,348 37,697 (Gain) loss on disposal of assets, net (25) (76) (65) 4,090 Loss on debt extinguishment 635 525 635 525 Commodity hedging unrealized loss — — — 6,883 Integration costs 2,433 2,510 5,971 2,551 Transaction costs — 3,232 — 3,232 Other one-time costs or amortization 5,186 2,581 11,792 5,006 Deduct: Interest income 318 310 1,108 887 Gain on sale of equity method investment — 59,884 — 59,884 Commodity hedging unrealized gain 37,743 8,205 19,616 — Equity income from unconsolidated affiliates 58,705 55,955 116,183 116,424 Adjusted EBITDA(1) (non-GAAP) $ 242,933 $ 234,403 $ 492,950 $ 467,962
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Non-GAAP Measures Reconciliation 15 (1) Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for interest, taxes, depreciation and am ortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, equity income and gain from sale of investments recorded using the equity method, share- based compensation expense, noncash increases and decr eases related to hedging activities, fair value adjustments for contingent liabilities, integration and transaction costs and 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. Six Months Ended June 30, 2025 2024 Reconciliation of net cash provided by operating activities to Adjusted EBITDA (In thousands) Net cash provided by operating activities $ 305,907 $ 279,222 Net changes in operating assets and liabilities 11,559 49,046 Interest expense 112,228 101,516 Amortization of deferred financing costs (3,984) (3,582) Current income tax expense 485 610 Returns on invested capital from unconsolidated affiliates (126,941) (152,642) Proportionate EBITDA from unconsolidated affiliates 175,630 174,324 Derivative fair value adjustment and settlement 21,027 2,683 Commodity hedging unrealized gain (19,616) 6,883 Interest income (1,108) (887) Integration costs 5,971 2,551 Acquisition transaction costs — 3,232 Other one-time cost or amortization 11,792 5,006 Adjusted EBITDA(1) (non-GAAP) $ 492,950 $ 467,962
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Non-GAAP Measures Reconciliation 16 (1) 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 losse s on interest rate swaps and maintenance capital expenditures. Distributable Cash Flow 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. We believe that Distributable Cash Flow is a useful measure to compare cash generation performance from period to period and to compare the cash generation performance for specific periods to the amount of cash dividends we make. (2) 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 l osses on interest rate swaps and contributions in aid of construction. Free Cash flow 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. We believe that Free Cash Flow is a useful performance measure to compare cash generation performance from period to perio d and to compare the cash generation performance for specific periods to the amount of cash dividends that we make. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 242,933 $ 234,403 $ 492,950 $ 467,962 Proportionate EBITDA from unconsolidated affiliates (88,100) (85,922) (175,630) (174,324) Returns on invested capital from unconsolidated affiliates 63,604 75,429 126,941 152,642 Interest expense (56,514) (54,049) (112,228) (101,516) Unrealized gain on interest rate swaps (741) (189) (1,411) (9,566) Maintenance capital expenditures (7,879) (6,780) (20,338) (17,780) Distributable cash flow (non-GAAP) $ 153,303 $ 162,892 $ 310,284 $ 317,418 Free Cash Flow(2) Distributable cash flow (non-GAAP) $ 153,303 $ 162,892 $ 310,284 $ 317,418 Cash interest adjustment (22,476) (29,144) 10,197 (29,395) Realized (loss) gain on interest rate swaps (2) 3,953 (344) 7,905 Growth capital expenditures (123,498) (32,160) (189,210) (80,413) Capitalized interest (4,555) (986) (7,859) (1,930) Investments in unconsolidated affiliates (97) — (985) (3,273) Returns of invested capital from unconsolidated affiliates 2,293 — 2,853 1,240 Contributions in aid of construction 2,914 894 3,339 1,408 Free cash flow (non-GAAP) $ 7,882 $ 105,449 $ 128,275 $ 212,960
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Non-GAAP Measures Reconciliation 17 (1) Net Debt is defined as total short-term and long-term debt, excluding deferred financing costs, premiums and discounts, less cas h and cash equivalents. Net Debt illustrates our total debt position less cash on hand that could be utilized to pay down debt a t 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. June 30, March 31, 2025 2025 (In thousands) Net Debt(1) Short-term debt $ 189,300 $ 148,800 Long-term debt, net 3,736,972 3,568,457 Plus: Debt issuance costs, net 28,028 26,543 Total debt 3,954,300 3,743,800 Less: Cash and cash equivalents 10,733 8,845 Net debt (non-GAAP) $ 3,943,567 $ 3,734,955