Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-20

Kinetik Holdings (KNTK)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,156,243
Jamie Welch total, FY2025
1st
CEO pay percentile vs peers
39:1
CEO-to-median pay ratio
99.73%
Say-on-pay support, latest vote
Companies that benchmark against KNTK
3 companies name KNTK as a compensation peer

Each company listed discloses KNTK in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named KNTK in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jamie Welch$276,923$162,500$5,140,841$0$487,500$0$88,479$6,156,243
President and Chief Executive Officer
R. Todd Carpenter83,07702,215,5900001,131,1133,429,780
General Counsel and Chief Compliance Officer
Anne Psencik216,00001,674,108000989,8252,879,933
Chief Strategy Officer
Matthew Wall353,36581,0471,610,3550243,141017,5002,305,408
Executive Vice President and Chief Operating Officer
Steven Stellato336,53873,1251,467,7050219,375017,5002,114,243
Executive Vice President, Chief Administrative Officer and Chief Accounting Officer
Trevor Howard332,30865,8131,227,4420197,438017,5001,840,500
Senior Vice President and Chief Financial Officer
Lindsay Ellis298,61551,188713,2670153,563017,5001,234,132
General Counsel, Chief Compliance Officer and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jamie Welch$6,156,243$7,243,604$2,321,989−1,087,361
R. Todd Carpenter3,429,7802,285,3482,019,551+1,144,432
Anne Psencik2,879,9332,285,3482,019,551+594,585
Matthew Wall2,305,4082,358,7081,699,171−53,300
Steven Stellato2,114,2432,373,5502,019,551−259,307
Trevor Howard1,840,500
Lindsay Ellis1,234,132

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Anne PsencikPSU$691,018
Steven StellatoRSU2025-03-0713,892711,131
Steven StellatoRSU2025-05-094,117171,720
Steven StellatoPSU2025-03-073,0188,0478,04716,094338,779
R. Todd CarpenterPSU13,89227,7842,215,590
Jamie WelchPSU2025-03-075,74815,32915,32930,658645,351
Matthew WallRSU2025-03-0715,329784,692
Lindsay EllisRSU2025-05-092,766115,370
R. Todd CarpenterPSU2025-03-073,95210,53810,53821,076443,650
Trevor HowardPSU2025-03-071,6354,3594,3598,718183,514
Matthew WallRSU2025-05-094,323180,312
Trevor HowardRSU2025-05-092,964123,628
Lindsay EllisRSU2025-03-078,095414,383
Anne PsencikRSU2025-03-0710,538539,440
Jamie WelchRSU2025-03-0725,8681,324,183
Jamie WelchRSU2025-05-0913,175549,529
Trevor HowardRSU2025-03-0714,945765,035
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Anne Psencik$539,440$691,018$056.2%
Steven Stellato882,851338,779027.7%
R. Todd Carpenter02,659,2400100.0%
Jamie Welch1,873,712645,351025.6%
Matthew Wall965,004000.0%
Lindsay Ellis529,753000.0%
Trevor Howard888,663183,514017.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jamie WelchRSU26,195$944,330
Trevor HowardRSU14,945538,767
Steven StellatoRSU81529,383
Matthew WallRSU2,03573,374
Trevor HowardRSU11,445412,592
Anne PsencikRSU15,407555,422
Matthew WallRSU15,329552,610
Steven StellatoRSU10,565380,868
Jamie WelchRSU29,1021,049,109
Lindsay EllisRSU1,30947,180
Jamie WelchRSU63,3882,285,137
Matthew WallRSU10,084363,528
Steven StellatoRSU13,892500,807
R. Todd CarpenterRSU2,03573,374
Anne PsencikRSU2,03573,374
Jamie WelchRSU4,553164,140
Lindsay EllisRSU3,713133,854
Trevor HowardRSU3,018108,799
Lindsay EllisRSU2,76699,714
Jamie WelchRSU25,868932,541
Lindsay EllisRSU1,63558,942
Matthew WallRSU89932,422
Trevor HowardRSU47217,020
Steven StellatoRSU5,448196,400
Lindsay EllisRSU36,3241,309,480
R. Todd CarpenterRSU15,407555,422
Matthew WallRSU36,3241,309,480
Steven StellatoRSU4,117148,418
Jamie WelchRSU32,2821,163,766
Jamie WelchRSU395,41614,254,747
Matthew WallRSU15,407555,422
Trevor HowardRSU5,448196,400
Steven StellatoRSU5,210187,821
Anne PsencikRSU10,538379,895
Lindsay EllisRSU2569,220
R. Todd CarpenterRSU36,3241,309,480
R. Todd CarpenterRSU10,084363,528
Jamie WelchRSU2,319,64683,623,238
Steven StellatoRSU16,141581,883
Jamie WelchRSU13,175474,959
Jamie WelchRSU12,795461,261
Lindsay EllisRSU8,095291,825
Anne PsencikRSU6,051218,139
Matthew WallRSU5,748207,215
Matthew WallRSU4,323155,844
Trevor HowardRSU4,034145,426
Anne PsencikRSU3,952142,470
Trevor HowardRSU2,964106,852
Steven StellatoRSU2,13276,864
Trevor HowardRSU81429,348
Anne PsencikRSU61822,289
Lindsay EllisRSU2649,512
05

Incentive-plan design — the Compensation Discussion & Analysis

The objectives of the compensation program for the NEOs are to attract, motivate and retain talented individuals who are committed to achieving our long-term strategic objectives and creating stockholder value. Our compensation program is not only designed to align the incentives of our executives with our stockholders' interests, but also to promote the achievement of key corporate performance measures as determined by the Compensation Committee each year.

CEO STI target (% of salary)125%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-19119,108,008328,400133,67999.73%Passed
20252025-05-19116,544,533233,731206,17499.8%Passed
20242024-05-20141,041,252457,50836,25199.68%Passed
20232023-05-31135,126,424189,83851,47599.86%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1999.73%a
20252025-05-1999.8%b
20242024-05-2099.68%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)39 : 1
CEO total compensation
Median employee compensation$156,492
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Laura A. SuggIndependent · Audit · Compensation · Nominating/Governance$67,775$255,990$323,765
Deborah L. ByersIndependent · Audit · Compensation · Nominating/Governance36,250275,409311,659
Kevin S. McCarthyIndependent · Audit · Compensation · Nominating/Governance31,733263,542295,275
D. Mark LelandIndependent · Audit · Compensation · Nominating/Governance27,000246,236273,236
William OrdemannIndependent · Audit · Compensation · Nominating/Governance27,000246,236273,236
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$155,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)35,000 / 20,000
Stock ownership guideline5x annual cash retainer ($550,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$189,758
Equity awards (grant-date value)$1,287,413
All other compensation$0
Total cost of the board$1,477,171

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

PAA Plains All American Pipeline, L.P. NuStar Energy L.P.DK Delek US Holdings, Inc.ETRN Equitrans Midstream CorporationGLP Global Partners LPAM Antero Midstream CorporationWES.AX Western Midstream Partners, LP EnLink Midstream, LLCSUN Sunoco LPGEL Genesis Energy, L.P.NFG National Fuel Gas Company Holly FrontierDTM DT Midstream, Inc.
10a

Peer reciprocity

Of the companies Kinetik Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Plains All American Pipeline, L.P. (PAA)42 Delek US Holdings, Inc. (DK) Equitrans Midstream Corporation (ETRN)43 Global Partners LP (GLP) Antero Midstream Corporation (AM) Western Midstream Partners, LP (WES.AX) Sunoco LP (SUN) Genesis Energy, L.P. (GEL) National Fuel Gas Company (NFG)44 DT Midstream, Inc. (DTM)45

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Kinetik Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Equitrans Midstream Corporation2023Thomas Karam$790,250$5,364,344$0$1,715,880$15,457,854
2Plains All American Pipeline, L.P.2025Willie Chiang887,5008,435,82702,950,00012,295,167
3DT Midstream, Inc.2025David Slater852,2036,282,37101,839,9389,328,071
4National Fuel Gas Company2025David Bauer1,095,0004,170,59301,881,3479,119,455
5Kinetik Holdings2025Jamie Welch276,9235,140,8410487,5006,156,243
Delek US Holdings, Inc.not in coverage universe
Global Partners LPnot in coverage universe
Antero Midstream Corporationnot in coverage universe
Western Midstream Partners, LPnot in coverage universe
Sunoco LPnot in coverage universe
Genesis Energy, L.P.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Kinetik Holdings65%PSU 50 · RSU 50Yes — Annualized TSRMeridian Compensation Partners
Antero Midstream Corporationnot disclosednot disclosednot disclosednot disclosed
Delek US Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
DT Midstream, Inc.152.62%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Equitrans Midstream Corporation181%PSU 55 · RSU 45Yes — Relative TSRPay Governance
Genesis Energy, L.P.not disclosednot disclosednot disclosednot disclosed
Global Partners LPnot disclosednot disclosednot disclosednot disclosed
National Fuel Gas Company137.455%PSU 67 · RSU 33Yes — Three-year relative TSRKorn Ferry and Meridian Compensation Partners, LLC
Plains All American Pipeline, L.P.131%RSU 50 · PSU 50Yes — Relative TSR with Negative TSR ModifierMeridian
Sunoco LPnot disclosednot disclosednot disclosednot disclosed
Western Midstream Partners, LPnot disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jamie WelchDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 6,156,243. Filing ↗machine: r4 · c21 · span 711505–711514
2Section 01, R. Todd CarpenterDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 3,429,780. Filing ↗machine: r15 · c21 · span 734243–734252
3Section 01, Anne PsencikDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 2,879,933. Filing ↗machine: r18 · c21 · span 740190–740199
4Section 01, Matthew WallDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 2,305,408. Filing ↗machine: r7 · c21 · span 717276–717285
5Section 01, Steven StellatoDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 2,114,243. Filing ↗machine: r10 · c21 · span 723152–723161
6Section 01, Trevor HowardDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 1,840,500. Filing ↗machine: r13 · c21 · span 729262–729271
7Section 01, Lindsay EllisDEF 14A2026-04-080001692787-26-000086Section “Summary Compensation Table”. As printed: 1,234,132. Filing ↗machine: r14 · c21 · span 731800–731809
8Section 03, Anne Psencik PSUDEF 14A0001692787-26-000086Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Steven Stellato RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r6 · c11 · span 792992–792999
10Section 03, Steven Stellato RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r7 · c10 · span 794552–794559
11Section 03, Steven Stellato PSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r9 · c11 · span 798189–798196
12Section 03, R. Todd Carpenter PSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t120 · r15 · c4 · span 733502–733511
13Section 03, Jamie Welch PSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t122 · r9 · c11 · span 772143–772150
14Section 03, Matthew Wall RSUDEF 14A2026-04-080001692787-26-000086Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t122 · r10 · c11 · span 773932–773939
15Section 03, Lindsay Ellis RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r15 · c10 · span 808550–808557
16Section 03, R. Todd Carpenter PSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r18 · c9 · span 813796–813802
17Section 03, Trevor Howard PSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r13 · c11 · span 805181–805188
18Section 03, Matthew Wall RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t122 · r11 · c10 · span 775492–775499
19Section 03, Trevor Howard RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r11 · c10 · span 801545–801552
20Section 03, Lindsay Ellis RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r14 · c11 · span 806990–806997
21Section 03, Anne Psencik RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r19 · c11 · span 815908–815915
22Section 03, Jamie Welch RSUDEF 14A2026-04-080001692787-26-000086Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t122 · r6 · c11 · span 766939–766948
23Section 03, Jamie Welch RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t122 · r7 · c10 · span 768502–768509
24Section 03, Trevor Howard RSUDEF 14A2026-04-080001692787-26-000086Section “LEAD DIRECTOR” · grants of plan-based awards table. Filing ↗machine: t124 · r10 · c11 · span 799985–799992
25Section 07, pay ratioDEF 14A2026-04-080001692787-26-000086Section “CEO Pay Ratio”. As printed: 39 : 1. Filing ↗machine: span 1154933–1154935
26Section 08, Laura A. SuggDEF 14A2026-04-080001692787-26-000086Section “Director Compensation”. As printed: 323,765. Filing ↗machine: t141 · r8 · c3 · span 1001909–1001916
27Section 08, Deborah L. ByersDEF 14A2026-04-080001692787-26-000086Section “Director Compensation”. As printed: 311,659. Filing ↗machine: t141 · r4 · c3 · span 997569–997576
28Section 08, Kevin S. McCarthyDEF 14A2026-04-080001692787-26-000086Section “Director Compensation”. As printed: 295,275. Filing ↗machine: t141 · r6 · c3 · span 999657–999664
29Section 08, D. Mark LelandDEF 14A2026-04-080001692787-26-000086Section “Director Compensation”. As printed: 273,236. Filing ↗machine: t141 · r5 · c3 · span 998596–998603
30Section 08, William OrdemannDEF 14A2026-04-080001692787-26-000086Section “Director Compensation”. As printed: 273,236. Filing ↗machine: t141 · r7 · c3 · span 1000717–1000724
31Section 06, 2026 voteForm 8-K2026-05-200001692787-26-000095Item 5.07 · say-on-pay result. As reported: 99.73% (votes for as printed: 119,108,008). Filing ↗
32Section 06, 2025 voteForm 8-K2025-05-210001628280-25-026935Item 5.07 · say-on-pay result. As reported: 99.8% (votes for as printed: 116,544,533). Filing ↗
33Section 06, 2024 voteForm 8-K2024-05-230001193125-24-146079Item 5.07 · say-on-pay result. As reported: 99.68% (votes for as printed: 141,041,252). Filing ↗
34Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
36Section 09b board cost (computed)ComputedcomputedCash 189,758 + equity 1,287,413 + all other 0 = 1,477,171, summed across the director compensation table rows.machine: formula: Σ = 1,477,171
37Equitrans Midstream Corporation, Section 10b CEO totalDEF 14A2024-03-040001104659-24-030225CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663
38Plains All American Pipeline, L.P., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041710CEO total compensation as printed in Plains All American Pipeline, L.P.'s own proxy. As printed: 12,295,167. Filing ↗machine: r1 · c43 · span 1080751–1080761
39DT Midstream, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011280CEO total compensation as printed in DT Midstream, Inc.'s own proxy. As printed: 9,328,071. Filing ↗machine: t213 · r2 · c19 · span 834643–834652
40National Fuel Gas Company, Section 10b CEO totalDEF 14A2026-01-230001193125-26-020739CEO total compensation as printed in National Fuel Gas Company's own proxy. As printed: 9,119,455. Filing ↗machine: r2 · c39 · span 1246006–1246015
41Kinetik Holdings (subject), Section 10b CEO totalDEF 14A2026-04-080001692787-26-000086CEO total compensation as printed in Kinetik Holdings's own proxy. As printed: 6,156,243. Filing ↗machine: r4 · c21 · span 711505–711514
42Section 10a, Plains All American Pipeline, L.P. reciprocityDEF 14A0001104659-26-041710Plains All American Pipeline, L.P. names Kinetik Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Equitrans Midstream Corporation reciprocityDEF 14A0001104659-24-030225Equitrans Midstream Corporation's most recent proxy was read; its disclosed peer group does not include Kinetik Holdings. Filing ↗
44Section 10a, National Fuel Gas Company reciprocityDEF 14A0001193125-26-020739National Fuel Gas Company's most recent proxy was read; its disclosed peer group does not include Kinetik Holdings. Filing ↗
45Section 10a, DT Midstream, Inc. reciprocityDEF 14A0001140361-26-011280DT Midstream, Inc. names Kinetik Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗