Class A Common Stock, par value $0.0001 per share

Kinetik Holdings Inc.

2700 Post Oak Boulevard, Houston, TX, 77056-4400

Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows: This Schedule 13D is being filed jointly, pursuant to Rule 13d-1(k) under the Act, by each of the following persons (each, a "Reporting Person" and, collectively, the "Reporting Persons"): (i) ISQ Global Fund II GP, LLC, a Delaware limited liability company ("Fund II GP"); (ii) I Squared Capital, LLC, a Cayman Islands limited liability company ("I Squared Capital"); (iii) ISQ Holdings, LLC, a Cayman Islands limited liability company ("ISQ Holdings"); (iv) Sadek Wahba, a United States citizen; and (v) Gautam Bhandari, a United States citizen. This Schedule 13D relates to the common units representing limited partner interests ("Common Units") in Kinetic Holdings LP, a Delaware limited partnership and subsidiary of the Issuer, and an equal number of paired shares of Class C Common Stock, par value $0.0001 per share ("Class C Common Stock") of the Issuer, distributed to Buzzard Midstream LLC from New Raptor (as defined in the Original Schedule 13D) in connection with the consummation of the transactions contemplated by the Contribution Agreement (as defined in the Original Schedule 13D). Fund II GP is the general partner of the members of the indirect owners of Buzzard Midstream LLC and, in such capacity, exercises voting and investment power over the securities directly held by Buzzard Midstream LLC. The primary business purpose of Fund II GP is to serve as general partner to various investment funds that specialize in infrastructure and related assets. I Squared Capital is the sole member of Fund II GP. ISQ Holdings is the managing member of I Squared Capital. Each of Sadek Wahba and Gautam Bhandari is a member of ISQ Holdings.

The address of the principal business office of each of the Reporting Persons is 600 Brickell Avenue, Penthouse, Miami, Florida 33131-3067.

The response to Item 2(a) of this Amendment No. 9 is incorporated by reference herein.

During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

The response to Item 2(a) of this Amendment No. 9 is incorporated by reference herein.

Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of 30,134,083 shares of Class A Common Stock, which represent approximately 34.4% of the Class A Common Stock outstanding, as calculated pursuant to Rule 13d-3(d)(1)(i) under the Act. This amount consists of (i) 1,044,520 shares of Class A Common Stock, (ii) 27,489,164 Common Units and an equal number of paired shares of Class C Common Stock, which together may be redeemed by the holder for shares of Class A Common Stock on a one-for-one basis (or, at the Partnership's option, an equivalent amount of cash), and (iii) 1,600,399 shares of Class A Common Stock which the Reporting Persons may acquire under the terms of the Contribution Allocation Agreement. The percentage ownership reported herein is calculated based on the sum of (i) 60,078,190 shares of Class A Common Stock outstanding as of February 21, 2025, as reported in the Issuer's annual report on Form 10-K filed with the SEC on March 3, 2025, and (ii) 27,489,164 shares of Class A Common Stock issuable to the Reporting Persons upon redemption of the Common Units and corresponding shares of Class C Common Stock owned by the Reporting Persons, which shares have been added to the total shares of Class A Common Stock outstanding pursuant to Rule 13d-3(d)(1)(i) under the Act. In discussing certain agreements and arrangements in Item 4 of the Schedule 13D, the Reporting Persons (including through certain of their affiliates) describe arrangements involving Blackstone and Apache and certain of their respective affiliates. However, neither the filing of the Schedule 13D (including this Amendment No. 9) nor any of its contents shall be deemed to constitute an admission that the Reporting Persons are members of a "group" for purposes of Section 13(d) of the Act with such other persons. Each Reporting Person disclaims being a member of a "group" with Blackstone, Apache and/or their respective affiliates and further disclaims beneficial ownership of the shares of Class A Common Stock that may be deemed to be beneficially owned by such persons.

Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows: Each of the Reporting Persons may be deemed to have shared, not sole, power to vote or to direct the vote, and shared, not sole, power to dispose or to direct the disposition, of the 30,134,083 shares of Class A Common Stock reported herein as beneficially owned by the Reporting Persons.

Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 4 of this Amendment No. 9 is hereby incorporated by reference herein. Except as set forth in Item 4 of this Amendment No. 9, none of the Reporting Persons has effected any transaction in Class A Common Stock in the past 60 days.