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| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Transactions (“Topic 850”), requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Upon closing of the Altus Acquisition, Apache Midstream LLC (“Apache”) owned more than 10% of the Company’s issued and outstanding Common Stock. The Company has product and service revenue contracts and operating expense contracts with Apache. Through secondary offerings completed in December 2023 and March 2024, Apache sold all of the Company’s Class A Common Stock it owned. Pursuant to FASB ASC 850, Apache was no longer a related party after the completion of its secondary offering in December 2023 as it owned less than 10% of the Company’s Common Stock. Pursuant to Regulation S-K, Item 404(a), Apache ceased to be a related party as of March 18, 2024 as it no longer owned any of the Company’s Common Stock. The Company also has equity interests in PHP and Breviloba as of December 31, 2025. Investments in these EMIs are accounted for using the equity investment method and are considered unconsolidated affiliates. The Company makes contributions, receives distributions and records equity in earnings or losses from these EMIs. See Note 7—Equity Method Investments in the Notes to our Consolidated Financial Statements in this Annual Report for further information. In addition to equity investment activities, the Company pays a demand fee to PHP and a capacity fee to Breviloba for certain volumes transported on the Shin Oak pipeline. The following table summarizes transactions with the above related parties. Investment contributions, distributions and equity in earnings from EMIs are detailed in Note 7—Equity Method Investments in the Notes to our Consolidated Financial Statements in this Annual Report, thus, not included in the table below.
(1)Included activities from Apache for the period from January 1, 2024 through March 18, 2024, on which date Apache ceased to be a related party. As of December 31, 2025, the Company had no accounts receivable or accounts payable due from or to related parties. As of December 31, 2024, the Company had no accounts receivable from Apache and its subsidiaries and immaterial accounts payable were due to Apache and its subsidiaries.
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