7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-06-30 
      
    		                                 
      assets
    		                                 
      current assets:
    		                                 
      cash and cash equivalents
    		7,737,000 10,733,000 8,845,000 3,606,000 20,438,000 12,549,000 9,756,000 4,510,000 68,000 2,237,000 1,984,000 6,394,000 11,728,000 5,319,000 17,646,000 131,963,000 108,988,000 75,092,000 51,306,000 24,188,000 1,983,000 1,880,000 19,301,000 5,983,000 2,594,000 376,920,000 177,438,000 449,935,000      
      accounts receivable
    		77,362,000 62,913,000 122,527,000 111,940,000 65,615,000 94,438,000 209,878,000 215,721,000 230,572,000 181,536,000 199,028,000 204,036,000 269,634,000 296,218,000 262,575,000 2,249,000  1,956,000 1,259,000 1,033,000 556,000             
      accounts receivable pledged
    		178,600,000 189,300,000 148,800,000 140,200,000 150,000,000 148,800,000                            
      derivative assets
    		7,463,000 12,799,000 2,285,000 2,308,000 6,276,000 11,256,000 10,264,000 7,812,000 21,635,000 27,604,000 13,834,000 6,963,000   365,000                   
      prepaid and other current assets
    		43,908,000 36,884,000 32,541,000 36,705,000 43,549,000 32,258,000 27,391,000 29,256,000 36,193,000 36,458,000 31,366,000 24,474,000 37,431,000 40,226,000 28,881,000                   
      noncurrent assets:
    		                                 
      property, plant and equipment
    		3,808,365,000 3,731,821,000 3,640,569,000 3,433,864,000 3,226,884,000 3,192,726,000 2,747,483,000 2,743,227,000 2,720,447,000 2,691,906,000 2,634,173,000 2,535,212,000 2,528,659,000 2,481,072,000 2,477,944,000  211,231,000 209,650,000 209,323,000  215,402,000 214,389,000 212,940,000  1,494,658,000 1,489,640,000 1,391,341,000       
      intangible assets
    		584,619,000 607,752,000 633,775,000 652,490,000 878,141,000 936,216,000 562,837,000 591,670,000 620,790,000 649,897,000 676,516,000 695,389,000 722,391,000 747,721,000 772,979,000                   
      derivative asset, non-current
    		1,135,000 1,868,000 83,000 65,000 1,593,000 504,000 134,000 165,000 2,444,000  124,000                       
      operating lease right-of-use assets
    		83,071,000 79,561,000 35,356,000 29,814,000 38,101,000 47,509,000 27,015,000 37,569,000 48,102,000 58,581,000 64,097,000 28,551,000 34,677,000 53,016,000 57,199,000                   
      deferred tax assets
    		233,576,000 222,761,000 207,729,000  203,671,000 211,217,000 238,258,000                           
      deferred charges and other assets
    		85,661,000 84,276,000 80,749,000 76,994,000 79,169,000 81,423,000 83,213,000 85,250,000 81,475,000 83,513,000 85,551,000 32,275,000 25,505,000 26,384,000 21,563,000                   
      investments in unconsolidated affiliates
    		2,085,499,000 2,105,252,000 2,112,347,000 2,117,878,000 2,141,947,000 2,075,888,000 2,526,278,000 2,540,989,000 2,519,213,000 2,490,112,000                        
      goodwill
    		5,077,000 5,077,000 5,077,000 5,077,000 5,077,000 15,488,000 5,077,000 5,077,000 5,077,000 5,077,000 5,077,000 5,077,000 4,557,000 4,081,000 3,894,000                   
      total assets
    		7,202,073,000 7,150,997,000 7,030,683,000 6,814,937,000 6,860,461,000 6,860,272,000 6,447,584,000 6,496,873,000 6,286,016,000 6,226,921,000 6,124,655,000 5,919,711,000 6,007,178,000 5,996,348,000 6,013,657,000 1,724,670,000 1,865,934,000 1,853,654,000 1,842,576,000 1,799,630,000 1,756,370,000 1,642,243,000 1,588,533,000 1,500,854,000 2,661,835,000 2,444,734,000 1,868,008,000 1,857,319,000 382,545,725 380,951,182  602,561,379,083,680,400,000,000,000,000,000,000,000,000  
      liabilities, noncontrolling interest and equity
    		                                 
      current liabilities:
    		                                 
      accounts payable
    		31,610,000 36,573,000 38,672,000 27,239,000 17,160,000 44,462,000 16,467,000 34,000,000 17,624,000 36,248,000 18,323,000 17,899,000 16,002,000 10,907,000 10,900,000                   
      accrued expenses
    		228,378,000 218,625,000 233,725,000 186,714,000 191,789,000 157,318,000 170,075,000 177,421,000 188,062,000 112,086,000 176,307,000 173,914,000 235,160,000 245,951,000 210,355,000              2,738,179 1,049,049    
      derivative liabilities
    		4,078,000 3,215,000 27,466,000 10,011,000 6,743,000 7,476,000 14,811,000 1,734,000 4,863,000 4,585,000 6,662,000 5,718,000   7,000                   
      current portion of operating lease liabilities
    		44,472,000 42,483,000 15,810,000 18,701,000 25,483,000 32,985,000 24,987,000 29,203,000 33,434,000 37,826,000 39,773,000 22,810,000 25,466,000 35,327,000 33,029,000                   
      current debt obligations
    		178,600,000 189,300,000 148,800,000 140,200,000 150,000,000 148,800,000                            
      other current liabilities
    		17,185,000 11,627,000 10,843,000 35,689,000 7,505,000 7,830,000 7,611,000 7,786,000 7,106,000 8,605,000 7,236,000 7,487,000 8,039,000 6,835,000 5,912,000 15,682,000 15,907,000 13,582,000 10,322,000 5,613,000 16,544,000 11,941,000 12,728,000 23,925,000 38,816,000 47,241,000 72,046,000 84,926,000      
      noncurrent liabilities
    		                                 
      long term debt
    		3,956,330,000 3,736,972,000 3,568,457,000 3,363,996,000 3,279,689,000 3,258,403,000 3,517,115,000 3,562,809,000 3,606,962,000 3,625,799,000 3,511,648,000 3,368,510,000                      
      contract liabilities
    		33,030,000 20,932,000 20,354,000 20,985,000 21,858,000 22,960,000 24,837,000 25,761,000 25,500,000 24,535,000 21,991,000 22,693,000 22,707,000 22,899,000 22,342,000                   
      operating lease liabilities
    		39,900,000 38,046,000 20,170,000 11,490,000 13,147,000 15,098,000 3,014,000 9,349,000 15,633,000 21,715,000 25,238,000 6,023,000 9,033,000 17,447,000 24,044,000                   
      other liabilities
    		24,762,000 24,585,000 25,698,000 2,148,000 67,517,000 66,117,000 3,230,000 3,219,000 3,272,000 3,278,000 4,310,000 2,677,000 2,867,000 2,459,000 2,717,000                   
      deferred tax liabilities
    		18,200,000 18,193,000 17,852,000 16,761,000 16,014,000 15,404,000 13,785,000 13,244,000 12,693,000 11,621,000 11,381,000 11,018,000 13,082,000 11,813,000 11,876,000                   
      total liabilities
    		4,576,877,000 4,340,551,000 4,129,781,000 3,835,871,000 3,797,986,000 3,777,574,000 3,796,350,000 3,869,889,000 3,915,531,000 3,890,059,000 3,849,992,000 3,647,077,000 3,779,869,000 3,363,050,000 3,505,313,000 819,588,000 878,121,000 879,598,000 906,429,000 862,593,000 844,329,000 748,643,000 712,985,000 597,330,000 427,851,000 201,971,000 135,494,000 130,533,000 16,932,279 14,384,083  57,993,714,353,588,140,000,000,000,000,000,000,000  
      commitments and contingencies
    		                                 
      redeemable noncontrolling interest — common unit limited partners
    		4,400,882,000 4,376,104,000 5,450,555,000 5,955,662,000 4,783,180,000 4,289,591,000 3,624,670,000 3,157,807,000 3,208,501,000 3,242,619,000 2,910,861,000 3,112,409,000 3,061,861,000 3,251,290,000 3,185,431,000                   
      equity:
    		                                 
      class a common stock
    		6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 5,000 5,000 4,000 4,000 2,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 7,000 7,000 7,000 7,000 7,000 7,000 360,613,440 361,567,090    
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 97,557,604 and 97,783,034 shares issued and outstanding at september 30, 2025 and december 31, 2024, respectively
    		10,000                                 
      deferred consideration
    		 1,000 1,000 1,000 1,000 1,000                            
      additional paid-in capital
    		221,979,000 288,295,000 66,966,000     192,678,000 91,747,000  229,672,000 118,840,000 107,182,000      38,217,000 144,716,000 473,532,000 473,532,000 473,502,000 39,792,000 473,502,000 473,502,000 440,628,000  4,844,480 3,890,840    
      accumulated deficit
    		-1,997,681,000 -1,781,415,000 -2,616,635,000 -2,976,612,000 -1,720,721,000 -1,206,909,000 -973,451,000 -723,516,000 -929,778,000 -902,446,000 -863,452,000 -958,629,000 -941,747,000 -1,181,343,000 -1,137,867,000 -577,251,000 -484,142,000 -506,200,000 -369,253,000 -391,042,000 -400,438,000 -402,741,000 -402,486,000 -392,633,000 -29,020,000 -24,156,000 -212,646,000 -213,746,000      
      total equity
    		-1,775,686,000 -1,565,658,000 -2,549,653,000 -2,976,596,000 -1,720,705,000 -1,206,893,000 -973,436,000 -530,823,000 -838,016,000 -905,757,000 -636,198,000 -839,775,000                      
      total liabilities, noncontrolling interest and equity
    		7,202,073,000 7,150,997,000                                
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 92,777,112 and 97,783,034 shares issued and outstanding at june 30, 2025 and december 31, 2024, respectively
    		 9,000                                
      treasury stock
    		 -72,554,000        -3,325,000 -2,432,000                       
      liabilities, noncontrolling interest, and equity
    		                                 
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 97,039,202 and 97,783,034 shares issued and outstanding at march 31, 2025 and december 31, 2024, respectively
    		  9,000                               
      total liabilities, noncontrolling interest, and equity
    		  7,030,683,000 6,814,937,000 6,860,461,000 6,860,272,000 6,447,584,000 6,496,873,000 6,286,016,000 6,226,921,000 6,124,655,000                1,868,008,000 1,857,319,000      
      deferred tax asset
    		   203,996,000    235,627,000                 68,598,000 67,971,000 67,225,000 67,558,000      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 97,783,034 and 94,089,038 shares issued and outstanding at december 31, 2024 and 2023, respectively
    		   9,000                              
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 97,783,034 and 94,089,038 shares issued and outstanding at september 30, 2024 and december 31, 2023, respectively
    		    9,000                             
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 97,783,034 and 94,089,038 shares issued and outstanding at june 30, 2024 and december 31, 2023, respectively
    		     9,000                            
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 93,942,788 and 94,089,038 shares issued and outstanding at march 31, 2024 and december 31, 2023, respectively
    		      9,000                           
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,089,038 and 94,270,000 shares issued and outstanding at december 31, 2023 and 2022, respectively
    		       9,000                          
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,089,038 and 94,270,000 shares issued and outstanding at september 30, 2023 and december 31, 2022, respectively
    		        9,000                         
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,089,038 and 94,270,000 shares issued and outstanding at june 30, 2023 and december 31, 2022, respectively
    		         9,000                        
      investment in unconsolidated affiliate
    		          2,412,905,000 2,381,340,000                      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,089,038 and 94,270,000 shares issued and outstanding at march 31, 2023 and december 31, 2022, respectively
    		          9,000                       
      liabilities, noncontrolling interests, and equity
    		                                 
      current portion of long-term debt
    		              54,324,000                   
      contingent liabilities
    		              839,000                   
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,270,000 and 100,000,000 shares issued and outstanding at december 31, 2022 and december 31, 2021, respectively
    		           9,000                      
      total liabilities, noncontrolling interests, and equity
    		           5,919,711,000 6,007,178,000 5,996,348,000 6,013,657,000 1,724,670,000 1,865,934,000 1,853,654,000 1,842,576,000 1,799,630,000 1,756,370,000 1,642,243,000 1,588,533,000 1,500,854,000 2,661,835,000 2,444,734,000        
      investment in unconsolidated affiliates
    		            2,372,596,000 2,342,311,000 2,361,321,000                   
      noncurrent liabilities:
    		                                 
      long-term debt
    		            3,447,513,000 2,971,270,000 2,894,025,000 657,000,000 657,000,000 657,000,000 657,000,000 624,000,000 580,000,000 493,000,000 468,000,000 396,000,000 235,000,000         
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,270,000 and 100,000,000 shares issued and outstanding at september 30, 2022 and december 31, 2021, respectively*
    		            9,000                     
      distribution payable to preferred unit limited partners
    		             6,937,000 6,937,000                   
      embedded derivative liabilities
    		             488,000 91,936,000                   
      mandatorily redeemable preferred units
    		             30,717,000 67,173,000                   
      redeemable noncontrolling interest — preferred unit limited partners
    		             563,338,000 460,773,000 712,476,000 634,795,000 617,191,000 604,749,000 608,381,000 600,395,000 592,625,000 573,861,000 555,599,000 538,413,000 520,933,000        
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 94,450,000 and 100,000,000 shares issued and outstanding at june 30, 2022 and december 31, 2021, respectively*
    		             9,000                    
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 47,260,000 and 50,000,000 shares issued and outstanding at march 31, 2022 and december 31, 2021, respectively
    		              5,000                   
      accounts receivable from apache corporation
    		               9,875,000 1,018,000 797,000 799,000 446,000 1,213,000  1,066,000 5,195,000 1,135,000 145,000 28,959,000       
      revenue receivables
    		               13,717,000 10,981,000 10,964,000 11,152,000 11,378,000 11,975,000 13,572,000 11,709,000 15,461,000 11,726,000 8,998,000 11,526,000 10,914,000      
      inventories
    		               2,958,000 3,286,000 3,440,000 3,891,000 3,597,000 3,661,000 3,771,000 4,209,000 4,027,000          
      prepaid assets and other
    		               5,866,000 6,030,000 5,957,000 7,787,000 2,127,000 999,000 1,713,000 1,251,000 1,071,000 1,153,000 1,697,000 2,178,000 1,379,000      
      property, plant, and equipment:
    		                                 
      property, plant, and equipment
    		               211,700,000    208,870,000    207,270,000          
      less: accumulated depreciation and accretion
    		               -24,713,000 -21,848,000 -18,858,000 -15,907,000 -13,034,000              
      other assets:
    		                                 
      equity method interests
    		               1,364,826,000 1,537,907,000 1,554,385,000 1,566,672,000 1,555,182,000 1,524,410,000 1,408,479,000 1,336,810,000 1,258,048,000 1,094,564,000 527,379,000 209,403,000       
      deferred charges and other
    		               6,229,000 8,341,000 10,271,000 6,294,000 5,843,000 6,263,000 5,524,000 5,664,000 5,267,000 5,651,000 6,031,000 5,605,000 3,734,000      
      distributions payable to preferred unit limited partners
    		               11,562,000 11,562,000 11,562,000 11,562,000               
      dividends payable
    		                   5,620,000              
      distributions payable to apache corporation
    		                   18,750,000              
      deferred credits and other noncurrent liabilities:
    		                                 
      asset retirement obligation
    		               68,331,000 67,234,000 66,157,000 65,100,000 64,062,000 63,043,000 62,041,000 61,059,000 60,095,000 33,950,000 32,611,000 30,216,000 29,369,000      
      embedded derivative
    		               56,895,000 120,522,000 124,532,000 155,538,000 139,009,000 179,031,000 175,498,000 164,913,000 102,929,000 98,228,000 94,459,000        
      other noncurrent liabilities
    		               10,118,000 5,896,000 6,765,000 6,907,000 5,539,000    4,614,000          
      redeemable noncontrolling interest — apache limited partner
    		               769,855,000 837,158,000 863,063,000 662,432,000 575,125,000 238,842,000 230,631,000 231,178,000 701,000,000 1,251,370,000 1,272,652,000        
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at december 31, 2021 and 2020
    		               1,000                  
      accumulated other comprehensive loss
    		                   -145,000 -292,000 -449,000 -539,000 -266,000 -313,000 -200,000        
      property, plant and equipment:
    		                                 
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at september 30, 2021 and december 31, 2020
    		                1,000                 
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at june 30, 2021 and december 31, 2020
    		                 1,000                
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at march 31, 2021 and december 31, 2020
    		                  1,000               
      current debt
    		                       9,767,000 17,562,000 23,310,000 29,000,000       
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at december 31, 2020 and 2019
    		                   1,000              
      less: accumulated depreciation and amortization
    		                    -10,092,000 -7,085,000 -4,417,000 -1,468,000 -51,608,000 -40,333,000 -31,608,000 -24,320,000      
      other non-current liabilities
    		                    5,711,000 5,998,000 6,285,000  1,206,000 1,352,000        
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at september 30, 2020 and december 31, 2019
    		                    1,000             
      accounts payable to apache corporation
    		                     165,000      13,595,000      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 12,500,000 shares issued and outstanding at june 30, 2020 and december 31, 2019
    		                     1,000            
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at march 31, 2020 and december 31, 2019
    		                      25,000           
      deferred tax liability
    		                        3,089,000 2,998,000 2,735,000 2,643,000      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at december 31, 2019 and 2018
    		                       25,000          
      inventories and other
    		                        15,181,000 6,286,000 5,941,000 5,802,000      
      assets held for sale
    		                        18,183,000         
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at september 30, 2019 and december 31, 2018
    		                        25,000         
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at june 30, 2019 and december 31, 2018
    		                         25,000        
      other
    		                          1,497,000       
      redeemable noncontrolling interest
    		                          1,504,500,000 1,940,500,000      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at march 31, 2019 and december 31, 2018
    		                          25,000       
      gathering, processing and transmission facilities
    		                           1,251,217,000      
      joint venture equity interest
    		                           91,100,000      
      class c common stock: 0.0001 par, 1,500,000,000 shares authorized, 250,000,000 shares issued and outstanding at december 31, 2018
    		                           25,000      
      current assets
    		                                 
      cash
    		                            40,565 48,630  2,491,024,431,555,255,000,000,000,000  
      prepaid expenses and other current assets
    		                            120,375 189,937    
      total current assets
    		                            160,940 238,567    
      investment held in trust account
    		                            382,384,785 380,712,615    
      liabilities and stockholders’ equity
    		                                 
      current liabilities
    		                                 
      accrued franchise taxes
    		                            30,038 20,025    
      accrued income taxes
    		                            357,823 8,770    
      sponsor note
    		                            600,000 100,000    
      total current liabilities
    		                            3,726,040 1,177,844    
      deferred underwriting compensation
    		                            13,206,239 13,206,239    
      stockholders’ equity:
    		                                 
      preferred stock, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
    		                                 
      class b convertible common stock
    		                            943 943    
      retained earnings
    		                            154,416 1,108,069    
      total stockholders’ equity
    		                            5,000,006 5,000,009    
      total liabilities and stockholders’ equity
    		                            382,545,725 380,951,182    
      cash flows from operating activities:
    		                                 
      net income
    		                              714,711   
      adjustments to reconcile net income to net cash from operating activities:
    		                                 
      trust income retained in trust account
    		                              -648,210   
      changes in operating assets and liabilities:
    		                                 
      decrease in prepaid expenses and other assets
    		                              11,229   
      decrease in accrued expenses and taxes
    		                              -236,936   
      net cash from operating activities
    		                              -159,206   
      cash flows from financing activities:
    		                                 
      proceeds from sponsor note
    		                                 
      payment of sponsor note
    		                                 
      net cash from financing activities
    		                                 
      net decrease in cash
    		                              -159,206   
      cash at beginning of period
    		                              479,055   
      cash at end of period
    		                              319,849   
      supplemental disclosure of cash flow information:
    		                                 
      offering costs included in accrued formation and offering costs
    		                                 
      income and franchise taxes paid
    		                              523,050   
      current tax liability
    		                              -220,145   
      deferred tax asset:
    		                                 
      deferred general and administrative expenses
    		                              358,301   
      valuation allowance at 21%
    		                              -358,301   
      operating expenses:
    		                                 
      general and administrative expenses and franchise taxes
    		                                 
      income from operations
    		                                 
      other income:
    		                                 
      interest income
    		                                 
      income tax benefit
    		                                 
      income per common share
    		                                 
      basic
    		                                 
      diluted
    		                                 
      weighted-average shares outstanding
    		                                 
      balance sheet data
    		                                 
      cash held in trust
    		                                 
      common stock subject to possible redemption
    		                                 
      equity
    		                               226,245,000,002,500,000,000,000,000,000,000  
      general and administrative expenses
    		                                 
      investments held in trust account
    		                                377,865,145 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.