Kinetik : Strategic Transactions Presentation

The Next Chapter

May 9, 2024

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 business strategy and other plans, expectations, and objectives for the Company's operations, including statements about strategy, synergies, expansion projects, and future operations, and 2024 guidance; return of capital to shareholders and the timing thereof; the Company's leverage and financial profile and its ability to improve its credit ratings; and the consummation of the Durango Acquisition and GCX Sale and timing thereof, the funding for the Durango Acquisition and capital required under the New Eddy County Agreement, expected results from the transactions discussed herein including the reinvestment into new projects and the returns thereon the New Eddy County Agreement. 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, including the risk that either the GCX sale or the Durango Acquisition does not close when expected or at all. 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, 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. Unless otherwise specified, the projections in this presentation assume the cash consideration for the Durango Acquisition and the capital required under the New Eddy Count Agreement are funded with the proceeds from the GCX sale.

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, free cash flow, 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 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 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 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. Kinetik's presentation of Adjusted EBITDA, capital expenditures, free cash flow, 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." Because the non- GAAP financial measures included in this presentation are forward-looking, reconciliations of these forward-lookingnon-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. See appendix for definitions of the non-GAAP financial measures used in this presentation.

2

Complementary transactions position Kinetik for strategic growth

~$1bn reinvested in highly strategic, financially accretive transactions funded by sale of GCX and KNTK equity

Non-core,non-operated investment	Strategic, fully owned and operated
~$990mm of sources; ~10.5x sale multiple	~$1bn of uses; ~5x EBITDA investment multiple
GCX Cash Proceeds	Durango Acquisition
+	+
KNTK Equity to Durango Seller	Eddy County Expansion

1 GCX divestiture

2 Durango acquisition

3 New Eddy County agreement

• Sale of 16% ownership to ArcLight

• $540mm sale price

 $510mm cash at close

 $30mm contingent on expansion FID

• ~10.4x 2024E EBITDA multiple

• Expected to close in 2Q24

• 420 Mmcfpd processing capacity, ~2,400 miles gathering pipelines, and 60 new customers(1)
• ~$765mm base consideration
• • ~$315mm and ~3.8mm shares at closing
  • ~7.7mm shares in July 2025
• Up to $75mm contingent consideration
• ~5.5x 2H25E EBITDA multiple(2)
• Expected to close in 2Q24

• 15-year,low- and high-pressure agreement with one of Kinetik's largest customers
• ~$200mm expected capital through 2026
• ~5x run-rate EBITDA investment multiple
• Expected phase 1 in-service: Late 2024

(1)	Pro forma for 200 Mmcfpd Kings Landing Cryo. Estimated completion April 2025.	3
(2)	Following Kings Landing Cryo start-up.

Checks all the boxes

Immediately deleveraging while meaningfully increasing operational scale and strategic value

1

Accelerates achievement

of leverage target(1)

8

Reinforces integrated

value chain

Increased controllable

residue gas and NGLs and system optimization upside

7 Enhances attractive

growth outlook

Reinvesting ~$1bn in our

owned and operated business with opportunity for increased connectivity with our producer relationships

Transactions reduce

leverage(1) to ~3.5x and accelerate our quest to Investment Grade ratings

2

Meaningfully increases

size and scale

+110% pipeline mileage,

+20% processing capacity, ~3x

customer count increase

3

Substantially expands and diversifies customer base

Our system can access the

entire Delaware Basin

6 Attractive and accretive
way to recycle capital for	5
non-op interest

Sources of funding are valued at ~10.5x 2024E EBITDA and invested in ~5x EBITDA multiple projects

(1) A non-GAAP measure. See appendix for definitions of the non-GAAP financial measures used in this presentation.

Maintains high-quality

cash flow profile

Transactions increase KNTK's gas fee-based EBITDA(1) with attractive Durango G&P agreements

4 Free cash flow per share(1)

accretive

>10% free cash flow per

share(1) accretive starting in

2H25 and increases significantly thereafter

4

Broadens system reach across the Delaware Basin

Extensive in-basin system and strategic downstream connectivity positioned to support basin-wide growth

Processing Facilities

Durango System

New Eddy County Project

Kinetik System

Energy Markets

LNG Projects

Serviced Acreage Area

Midland

Waha

	Katy	Mont	Port Arthur
	Belvieu
	LNG
			Sabine Pass
	Houston Central	Freeport LNG
		Freeport
Agua Dulce	Cheniere CCL
Corpus Christi		Global LNG and
			ethane / LPG exports
	Next Decade Rio
Exports to	Grande LNG		5
Mexico

Strategic expansion into the Northern Delaware Basin

Expanding our footprint through series of highly value and credit accretive transactions

NW

Shelf

Dagger

Draw

New

Commercial

Project

Durango System

Durango Processing Facilities

New Eddy County Project

Kinetik System

Serviced Acreage Area

Maljamar

Kings

Landing

Northern

Delaware

KNTK

NM

Highly strategic

• Durango acquisition and new commercial agreement expand Kinetik's operations in Eddy and Lea Counties, the most active in the country
• Core development area of the Northern Delaware Basin and revitalized activity in the Northwest Shelf
• Increases processing capacity by ~420 Mmcfpd to over 2.4 Bcfpd(1)
• Adds over 60 new customers, many of whom are private, including one of the most active in the Delaware
• High margin contracts with commodity and CO2/H2S treating and blending upside
• Increases controlled residue gas and NGL volumes

Financially accretive

• Recycles ~10.5x 2024E EBITDA sources into ~5x EBITDA investments
• Expected to be 10%+ FCF per share accretive starting in 2H25(2)
• Immediately deleveraging to our leverage target(2)
• Expected to accelerate achievement of Investment Grade credit ratings

Additional upsides

• Improved operational performance and reliability
• Highly capital efficient system capacity upgrades
• Continued play delineation (Wolfcamp XY and 1st Bone Spring)
• Contract restructuring, system optimization and blending/treating services
• Further commercial wins
• CCS upside with § 45Q credits

1. Pro forma for 200 Mmcfpd Kings Landing Cryo. Estimated completion April 2025.
2. A non-GAAP measure. See appendix for definitions of the non-GAAP financial measures used in this presentation.

6

Premier Delaware basin platform with compelling scale

Increases Kinetik's processing capacity by ~20% to over 2.4 Bcfpd and doubles pipeline mileage(1)

Attractive beachhead position in Northern Delaware

• Stacked-payformations with two distinct, liquids-rich plays, low declines, and additional upside
• Highly economic inventory with world-class geologic attributes underlying system
• Low PDP decline rates and robust activity on the Northwest Shelf and Northern Delaware plays
• Midstream super-system stretching across the Northern Delaware with both sweet and sour capabilities and downstream connectivity for both residue gas and NGLs
• Diversified producer base comprised of most active producers in the basin
• High-margin,long-term contracts with fixed-fee and commodity upside
• Committed volumes substantially fill Kings Landing processing capacity upon completion
• Significant producer demand for regional processing and treating capacity
• Existing carbon capture infrastructure / programs support expansion of sustainability initiatives

Pro forma asset highlights

	Current	Pro Forma
Processing Capacity	~2.0 Bcfpd	Over 2.4 Bcfpd(1)
Processing Complexes	4	7
Operated Pipelines	~2,200 miles	~4,600 miles
Serviced Acres	~830k acres	~1.4mm acres
Customers	~30 customers	~90 customers
Commercial Opportunities	Southern Lea County and Texas	Full Delaware Basin access
Integrated value chain

								NW
								Shelf
								Maljamar
						Dagger
						Draw	Northern	Kings
							Delaware	Landing
								Potash Area
								(Undeveloped
								Resource)
							New
						Durango System	Commercial
						Project
						Durango Compressor Stations
						Durango Processing Facilities
						New Eddy County Project
						Kinetik System		KNTK NM
						Serviced Acreage Area

Accelerating development within Durango operating area(2)

			Expansion of producer activity northward provides		January 2024:
				significant growth opportunity			~2.3 Bcfpd
		January 2021:		Northwest Shelf
			~1.3 Bcfpd
					Northern Delaware
2021	2022	2023	2024

(1)	Pro forma for 200 Mmcfpd Kings Landing Cryo. Estimated completion April 2025.	7
(2)	Source: Enverus. April 24th, 2024. Durango operating area assumes Northern Delaware and Northwest Shelf sub-basins.

Our capital allocation framework

Maximizes shareholder value while providing flexibility for opportunistic capital deployment

3.5x leverage target(1)

• Leverage target(1) achieved with the strategic transactions
• Accelerates Investment Grade ratings

$1bn Adjusted EBITDA target(1)

• Project execution and integration of Durango

Strategic & accretive growth projects

• Continued investment in strategic and financially accretive growth projects

• Target mid-single digit investment multiples

Incremental capital to shareholders

• Annual increases to $3.00 current cash dividend

• Opportunistic share repurchases

Financial flexibility

• Maintain strong balance sheet and flexibility for opportunistic capital deployment

(1) A non-GAAP measure. See appendix for definitions of the non-GAAP financial measures used in this presentation.

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For more information:

Leadership

Board of Directors

Sustainability