Altus Midstream Expands Revolver Capacity to $800 Million

February 11, 2020

HOUSTON, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Altus Midstream Company (“Altus”) (Nasdaq: ALTM) today announced that Altus Midstream LP (“Altus Midstream”) has exited the initial period under its credit facility and, as a result, expanded the revolver’s capacity to $800 million from the previous level of $650 million

“Expanding our credit facility by $150 million gives us plenty of liquidity to execute our plan this year and next,” said Clay Bretches, Altus CEO and president. He noted that this increase in borrowing capacity has been anticipated since the terms of the amended revolver agreement were announced in May 2019.

About Altus Midstream Company

Altus Midstream Company is a pure-play, Permian-to-Gulf Coast midstream C-corporation. Through its consolidated subsidiaries, Altus owns substantially all of the gas gathering, processing and transportation assets servicing production from Apache Corporation (NYSE, Nasdaq: APA) in the Alpine High play in the Delaware Basin, owns equity interests in four Permian-to-Gulf Coast pipelines, and has the option to acquire a 50 percent equity interest in the Salt Creek NGL pipeline. Altus posts announcements, operational updates, investor information and press releases on its website, www.altusmidstream.com.

Forward-Looking Statements

This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Altus’, Altus Midstream’s, and/or Apache’s operations, including statements about our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed, and our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 when filed, with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Contacts

Investors: (281) 302-2286 Patrick Cassidy
Media: (713) 296-7276 Phil West

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Source: Altus Midstream Company