Kinetik Holdings Inc.

6. EQUITY METHOD INVESTMENTS

As of June 30, 2026, the Company owned investments in the following long-haul pipeline entities in the Permian Basin. These investments were accounted for using the equity method of accounting. For each EMI pipeline entity, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the EMI pipeline.

The table below presents the ownership percentages and investment balances held by the Company for each entity:

The unamortized basis differences included in the EMI pipeline balances were $189.7 million and $193.6 million as of June 30, 2026 and December 31, 2025, respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences are amortized on a straight-line basis into equity income of unconsolidated affiliates over the useful lives of the underlying pipeline assets. In addition, there was capitalized interest of $22.6 million and $23.0 million as of June 30, 2026 and December 31, 2025, respectively. Capitalized interest is amortized on a straight-line basis into equity income of unconsolidated affiliates.

The following table presents the activity in the Company’s EMIs for the six months ended June 30, 2026:

(1)Distributions consisted of a return on investment of $130.2 million, which was included in cash flows from operating activities.

(2)For the six months ended June 30, 2026, equity income was net of amortization of basis differences and capitalized interest, which represents undistributed earnings, of $3.9 million from PHP and $0.3 million from Breviloba.

Summarized Financial Information

The following table represents selected financial information for the Company’s ongoing EMI pipelines (on a 100 percent basis) for the three and six months ended June 30, 2026 and 2025.