Slides
Page 1
Third Quarter 2026 Results November 4, 2026
Page 2
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, outlooks, guidance 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 business strategy and plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, technology adoption, portfolio monetization opportunities, growth, expansion, cost reduction and other capital projects and the timing and cost thereof, future operations, financial guidance, anticipated processed gas volumes, producer activity, expected industry takeaway capacity, growth opportunities, the amount and timing of future shareholder returns, the Company’s projected dividend amounts and the timing thereof, and the Company’s targeted leverage and financial profile. 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, 2025 filed with the SEC on February 26, 2026. 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, net debt, 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. 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
Page 3
Recent highlights Continue to demonstrate solid operational execution and commercial momentum 3 (1) See slides 5 and 6 for key assumptions. (2) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation” for a reconciliation to the nearest comparable GAAP measure. (3) Net of contributions in aid of construction, asset disposal proceeds, and returns of invested capital from unconsolidated aff iliates. (4) Dividend Coverage Ratio is Distributable Cash Flow divided by total declared dividends. Q3 Financial Results Operational and Commercial Financial Expect to be at the high end of 2026 Adjusted EBITDA(1,2) Guidance of $1.04B to $1.1B Anticipate Capital Expenditures(1,3) to be ~5% below guidance of ~$560MM Record processed gas volumes of 1.94 Bcf/d Upsized KLII processing capacity by more than 25% to 380 MMcf/d FID on phase 1 of the ECCC Pipeline expansion to increase throughput capacity to ~225 MMcf/d AGI and sour gas conversion project progressing with completion expected by YE 2026 Ordered long-lead compression for next processing expansion beyond KLII; front-end amine and cryo procurement underway Executed new and amended G&P agreements in NM and TX, adding over 30,000 gross acres $278MM Adjusted EBITDA(2) $88MM Free Cash Flow(2) $131MM Capital Expenditures(3) 3.7x Leverage Ratio(2) 1.6x Dividend Coverage(2,4)
Page 4
3Q26 segment performance 4(1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation” for a reconciliation to the nearest comparable GAAP measure. Pipeline Transportation Adjusted EBITDA(1) ($MM) Strong volume growth and operational execution drive robust 3Q26 performance Midstream Logistics Adjusted EBITDA(1) ($MM) • +34% YoY driven by significant processed gas volume growth, strong system operating performance, and favorable commodity margins realized • Largely in-line sequentially despite reduction in GC marketing gains • -18% YoY largely driven by EPIC Crude divestiture • Decrease sequentially due to higher fuel costs at PHP and lower volumes at Shin Oak 3Q26 Adjusted EBITDA(1) 67% 6% 22% 5% 27% Pipeline Transportation73% Midstream Logistics $150 $160 $151 $151 $173 $179 $205 $204 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $92 $94 $97 $95 $84 $78 $83 $79 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
Page 5
2025A YoY Growth 2026E Expectations Permian Production(4) Natural Gas 11% Mid- to high-single-digit growth Crude Oil 5% Low-single-digit growth Kinetik Natural Gas 10% Mid- to high-single-digit growth Crude Oil 43% Low- to mid-teens growth Produced Water 6% Low-single-digit decline 2025A Capital Expenditures 2026E Capital Expenditures 2025A Adjusted EBITDA 2026E Adjusted EBITDA Fixed Fee ~80% Commodity ~20% 2026E Gross Profit Sources 2026 guidance and assumptions Key expectations reflected in full year guidance 5 (1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation.” (2) Net of contributions in aid of construction, asset disposal proceeds, and returns of invested capital from unconsolidated aff iliates. (3) 2025 Adjusted EBITDA, excluding approximately $54MM of actual Adjusted EBITDA contributions from EPIC Crude, totals $933MM. (4) Source: EIA Natural Gas Permian Marketed Production and Permian Crude Oil Production as of October 6, 2026. (5) Guidance Price Input assumes pricing as of July 28, 2026. Previous guidance strip pricing as of February 13, 2026. (6) Sensitivity applied July to December 2026. 2026 Commodity Price Assumptions(5) 2026 Financial Guidance Volume Assumptions $497MM $1.04B - $1.1B $988MM 2026 Commodity Price Sensitivities(6) Commodity % Change in Guidance Price Input Potential Impact to Adjusted EBITDA(1) WTI / C3+ +/- 25% +/- $10MM Natural Gas / Ethane +/- $10MM Waha – HSC Basis Spread +/- $5MM ~$560MM Revised Guidance Price Inputs (Jul. 2026) Previous Guidance (Feb. 2026) Commodity 2H26 FY FY WTI ($/Bbl) $75.76 $78.65 $61.58 HSC Natural Gas ($/MMBtu) $2.54 $2.83 $3.34 Waha Natural Gas ($/MMBtu) $1.68 ($0.26) $0.44 NGLs ($/Gal) $0.62 $0.62 $0.52 (1,3) (1) (2) (2)
Page 6
2025A Adj. EBITDA 2026E Adj. EBITDA Guidance 3Q26 Outperformance Gas G&P Fee Operating Outperformance Commodity High End of 2026E Adj. EBITDA Guidance 2025A Capex 2026E Capex Guidance Execution Efficiencies Timing of Payments Compression Expected 2026E Capex Capital Expenditures(2) Trending Below Guidance Key Drivers to High End of Adj. EBITDA(1) Guidance Key drivers of strengthened 2026 outlook Volume growth, commodity prices, and capital discipline driving results 6(1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation.” (2) Net of contributions in aid of construction, asset disposal proceeds, and returns of invested capital from unconsolidated aff iliates. $1.04B – $1.1B Gas G&P fee benefiting from stronger-than-expected well results Operating outperformance yielding higher equity volumes Tracking toward 4Q26 target of ~2.2 Bcf/d of processed gas Commodity outperforming guidance assumptions set in August 2026 Capital Expenditures(2) trending ~5% below 2026E guidance Lower spending reflects favorable project execution, timing, and disciplined cost management Incremental compression procurement to manage supply chain $988MM $497MM ~$560MM <$560MM High End of 2026 Guide
Page 7
Continued scale drives strong earnings growth Highly accretive projects expected to drive value creation and reinforce Kinetik’s unique and attractive footprint 7 Delaware North system Processing Facilities ECCC Pipeline Delaware South system Serviced Acreage Kings Landing Complex • AGI and sour conversion project remains on target for YE 2026 completion KLII • Processing capacity expansion of 380 MMcf/d with in-service expected mid-2028 • Pro forma Delaware North total sour gas processing capacity of ~800 MMcf/d Next Cryo • Evaluating timing and location of potential 400 MMcf/d processing capacity expansion • Long-lead residue compression equipment ordered • Procurement underway for front-end amine and cryo ECCC Pipeline • Reached FID on phase 1 expansion to increase capacity by roughly 50% to ~225 MMcf/d Power Related Opportunities • Diamond Volt, the 40 MW BTM power generation project, is expected in-service mid-2027 • Pipeline connections to supply residue natural gas to new gas-fired power generation
Page 8
Objectives Foundation Target Leverage Ratio(1) of 3.5x to 4.0x Capital Allocation framework Compounding long-term value through high-return reinvestment and disciplined capital returns 8 (1) A non-GAAP measure. See “Non-GAAP Financial Measures Reconciliation” for a reconciliation to the nearest comparable GAAP measure. (2) Dividend Coverage Ratio is Distributable Cash Flow divided by total declared dividends. (3) Any payment of future dividends is subject to board approval and other factors, including any contractual limitations. The ti ming of any share repurchases will depend on market conditions, contractual limitations and other considerations. The share repurch ase program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares. Capital Returns Levers Maintain ample liquidity for disciplined capital deployment Organic growth: Reinvesting ~50% of 2026 Adjusted EBITDA(1) into attractive, high-return organic growth projects Dividend increases: 3% to 5% per year until Dividend Coverage of 1.6x(1,2) reached; aligned with earnings growth thereafter(3) Share Repurchases: Utilized ~36% of Repurchase Authorization; central to longer term incremental returns(3) Maximize share price outcomes Sustain a resilient, through-cycle balance sheet Elevated near-term reinvestment today builds the earnings base that funds growing returns tomorrow
Page 10
Glossary of terms • Adjusted EBITDA (EBITDA) is defined as net income including noncontrolling interest adjusted for interest, taxes, depreciation and amortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, share-based compensation expense, noncash increases and decreases related to commodity hedging activities, integration and transaction costs and extraordinary losses and unusual or non-recurring charges • Capital Expenditures is defined as costs incurred in midstream activities plus investments in unconsolidated affiliates, less any contributions in aid of construction, asset disposal proceeds, and 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, capitalized interest, investments in unconsolidated affiliates, returns of invested capital from unconsolidated affiliates, 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 10
Page 11
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (In thousands) Net Income Including Noncontrolling Interests to Adjusted EBITDA Net income including noncontrolling interest (GAAP) $ 50,922 $ 15,549 $ 168,910 $ 109,227 Add back: Interest expense 54,709 61,721 162,250 173,949 Income tax expense 5,527 1,109 19,172 11,003 Depreciation and amortization expenses 103,803 95,409 308,967 281,845 Amortization of contract costs 2,054 1,744 6,058 5,054 Proportionate EBITDA from unconsolidated affiliates 67,623 87,715 212,530 263,345 Share-based compensation 9,346 14,229 39,074 44,577 Loss on disposal of assets, net — 50 — — Loss on debt extinguishment — — — 635 Commodity hedging unrealized loss 27,800 6,485 25,189 — Contingent liability fair value adjustment — 5,700 — 5,700 Integration costs — 6,650 368 12,621 Acquisition/divestiture transaction costs — 812 — 812 Litigation costs 2,959 3,746 19,947 9,142 Other one-time costs or amortization 828 170 4,180 6,566 Deduct: Interest income 195 166 659 1,274 Gain on disposal of assets, net 7 — 62 15 Commodity hedging unrealized gain — — — 13,131 Equity in earnings of unconsolidated affiliates 47,225 58,289 155,796 174,472 Adjusted EBITDA(1) (non-GAAP) $ 278,144 $ 242,634 $ 810,128 $ 735,584 Non-GAAP Measures Reconciliation 11 (1) Adjusted EBITDA is defined as net income including noncontrolling interest adjusted for interest, taxes, depreciation and amorti zation, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our equity method investment (“EMI”) pipelines, share-based compensation expense, noncash increases and decreases related to commodity hedging activities, 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 interest or any other measure of financial performance presented in accordance with GAAP.
Page 12
Non-GAAP Measures Reconciliation 12 (1) Adjusted EBITDA is defined as net income including noncontrolling interest adjusted for interest, taxes, depreciation and amorti zation, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, share- based compensation expense, noncash increases and decreases related to commodity hedging activities, 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 includi ng non-controlling interest or any other measure of financial performance presented in accordance with GAAP. TBU Nine Months Ended September 30, 2026 2025 (In thousands) Reconciliation of net cash provided by operating activities to Adjusted EBITDA Net cash provided by operating activities $ 614,387 $ 494,030 Net changes in operating assets and liabilities (2,174) (13,652) Interest expense 162,250 173,949 Amortization of deferred financing costs (5,889) (5,892) Current income tax expense 2 509 Returns on invested capital from unconsolidated affiliates (203,426) (205,204) Proportionate EBITDA from unconsolidated affiliates 212,530 263,345 Derivative fair value adjustment and settlement (16,577) 13,763 Commodity hedging unrealized loss (gain) 25,189 (13,131) Interest income (659) (1,274) Integration costs 368 12,621 Acquisition/divestiture transaction costs — 812 Litigation costs 19,947 9,142 Other one-time cost or amortization 4,180 6,566 Adjusted EBITDA(1) (non-GAAP) $ 810,128 $ 735,584
Page 13
Non-GAAP Measures Reconciliation 13 (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 interest 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, capitalized interest and contributions in aid of constructi on. Free Cash Flow should not be considered as an alternative to the GAAP measure of net income including non- controlling interest 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 period and to compare the cash generation performance for speci fic periods to the amount of cash dividends that we make. Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (In thousands) Distributable Cash Flow(1) Adjusted EBITDA (non-GAAP) $ 278,144 $ 242,634 $ 810,128 $ 735,584 Proportionate EBITDA from unconsolidated affiliates (67,623) (87,715) (212,530) (263,345) Returns on invested capital from unconsolidated affiliates 73,204 78,263 203,426 205,204 Interest expense (54,709) (61,721) (162,250) (173,949) Unrealized (gain) loss on interest rate swaps (2,790) 779 (8,612) (632) Maintenance capital expenditures (12,494) (13,752) (40,675) (34,090) Distributable cash flow (non-GAAP) $ 213,732 $ 158,488 $ 589,487 $ 468,772 Free Cash Flow(2) Distributable cash flow (non-GAAP) $ 213,732 $ 158,488 $ 589,487 $ 468,772 Growth capital expenditures (127,556) (153,625) (298,871) (342,835) Capitalized interest (8,099) (4,449) (8,099) (12,308) Investments in unconsolidated affiliates (431) (221) (431) (1,206) Returns of invested capital from unconsolidated affiliates — — — 2,853 Contributions in aid of construction 9,885 13,710 12,029 17,049 Free cash flow (non-GAAP) $ 87,531 $ 13,903 $ 294,115 $ 132,325
Page 14
September 30, June 30, March 31, December 31, 2026 2026 2026 2025 (In thousands) Net Debt(1) Short-term debt $ 225,000 $ 225,000 $ 187,100 $ 165,200 Long-term debt, net 3,704,022 3,700,562 3,644,128 3,627,720 Plus: Debt issuance costs, net 20,978 22,438 23,872 25,280 Total debt 3,950,000 3,948,000 3,855,100 3,818,200 Less: Cash and cash equivalents 7,024 7,830 720 3,951 Net debt (non-GAAP) $ 3,942,976 $ 3,940,170 $ 3,854,380 $ 3,814,249 Non-GAAP Measures Reconciliation 14 (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
Page 15
Non-GAAP Measures Reconciliation 15 (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 allocat ed 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 los s 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 includes ad valorem taxes. (4) Other segment items include certain other income items, share- based compensation, adjustments related to amortization of contrac t costs, commodity hedging unrealized gain or loss, integration costs, litigation costs and other one- time costs or amortization. (5) Adjusted EBITDA is defined as net income or loss including noncontrolling interest adjusted for interest, taxes, depreciation and amortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, share- based compensation expense, noncash increases and decreases related to commodity hedging activities, integration and transact ion 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 includi ng non-controlling interest or any other measure of financial performance presented in accordance with GAAP. Midstream Logistics Pipeline Transportation Corporate and Other(1) Elimination Consolidated For the Three Months Ended September 30, 2026 (In thousands) Revenue $ 561,866 $ 2,633 $ — $ — $ 564,499 Other Revenue 2,643 2,259 — — 4,902 Intersegment revenue(2) — 6,706 — (6,706) — Total segment operating revenue 564,509 11,598 — (6,706) 569,401 Cost of sales (excluding depreciation and amortization expenses) (300,536) 206 — — (300,330) Intersegment cost of sales (6,706) — — 6,706 — Operating expenses(3) (78,443) (715) — — (79,158) General and administrative expenses (5,847) (201) (16,331) — (22,379) Proportionate EMI EBITDA — 67,623 — — 67,623 Other segment items(4) 30,594 — 12,393 — 42,987 Segment Adjusted EBITDA(5) $ 203,571 $ 78,511 $ (3,938) $ — $ 278,144
Page 16
Non-GAAP Measures Reconciliation 16 (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 allocat ed 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 los s 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 includes ad valorem taxes. (4) Other segment items include certain other income items, share- based compensation, adjustments related to amortization of contrac t costs, commodity hedging unrealized gain or loss, integration costs, litigation costs and other one- time costs or amortization. (5) Adjusted EBITDA is defined as net income or loss including noncontrolling interest adjusted for interest, taxes, depreciation and amortization, gain or loss on disposal of assets and debt extinguishment, the proportionate EBITDA from our EMI pipelines, share- based compensation expense, noncash increases and decreases related to commodity hedging activities, integration and transact ion 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 includi ng non-controlling interest or any other measure of financial performance presented in accordance with GAAP. Midstream Logistics Pipeline Transportation Corporate and Other(1) Elimination Consolidated For the Three Months Ended September 30, 2025 (In thousands) Revenue $ 458,621 $ 2,325 $ — $ — $ 460,946 Other Revenue 3,021 2 — — 3,023 Intersegment revenue(2) — 5,793 — (5,793) — Total segment operating revenue 461,642 8,120 — (5,793) 463,969 Cost of sales (excluding depreciation and amortization expense) (236,001) 610 — — (235,391) Intersegment cost of sales (5,793) — — 5,793 — Operating expenses(3) (82,486) (750) — — (83,236) General and administrative expenses (6,610) (241) (23,245) — (30,096) Proportionate EMI EBITDA — 87,715 — — 87,715 Other segment items(4) 20,606 — 19,067 — 39,673 Segment Adjusted EBITDA(5) $ 151,358 $ 95,454 $ (4,178) $ — $ 242,634