Altus Midstream Announces Full-Year and Fourth-Quarter 2020 Results

February 24, 2021
  • Delivered strong 2020 performance including cost savings from G&P business for six consecutive quarters;
  • Returning capital to shareholders with declaration of a $6 per share annualized dividend beginning in 2021; and
  • Committed to industry-leading technology and operating practices that minimize environmental footprint.

HOUSTON, Feb. 24, 2021 – Altus Midstream Company (Nasdaq: ALTM) today announced its results for fourth-quarter and full-year 2020. 

For the full year, Altus reported net income including noncontrolling interests of $80 million. Altus generated adjusted EBITDA of approximately $191 million for the full year. Gathering and Processing (G&P) volumes averaged 499 million cubic feet (MMcf) per day, approximately 73% of which was rich gas.

The company reported fourth-quarter 2020 net income, including noncontrolling interests, of $60 million. Adjusted EBITDA for the fourth quarter 2020 was approximately $48 million. G&P throughput volumes for the period averaged 455 MMcf per day, approximately 73% of which was rich gas.

CEO Comment

“Altus Midstream delivered strong performance despite the challenges faced last year. Thanks to our diversified assets and the dedication of the Altus team members, we are primed for continued improvement in 2021,” said Clay Bretches, Altus Midstream CEO and president. “At the end of March, we will make our first dividend payment supported by the combined strength of our joint venture pipelines, including the startup of the Permian Highway Pipeline.

“We remain focused on developing innovative and more sustainable ways to operate. This year, we will continue to optimize our operations, pursue new business by highlighting the efficiency of our plants and compressor stations, and maintain proactive measures to minimize our environmental footprint. For example, we have installed vapor recovery on all our hydrocarbon storage tanks and utilize compressed air for our pneumatic control devices, both of which mitigate methane emissions from this equipment. We primarily use electric motors for our large plant residue compressors to reduce emissions and maintain the ability to switch to gas-fired engines for reliability as needed.”

2020 and 2021 Capital Update

Growth capital expenditures for 2020 were approximately $362 million, which reflects a shift in spending for the Permian Highway Pipeline (PHP) from 2021 to 2020.

2021 growth capital investments are expected to range between $30 - $40 million, primarily attributable to PHP. Altus expects approximately $5 million of maintenance capital for the G&P business this year.
CFO Comment

“With all of our joint venture pipelines in service as of Jan. 1, 2021, we expect to generate strong cash flow, which will enable us to return cash to shareholders through the dividend,” said Ben Rodgers, Altus Midstream chief financial officer.

Looking Ahead

“With the economy recuperating and the improving demand for oil and gas products, we are optimistic about the opportunities in the year ahead. Our focus remains on securing third-party business, maximizing use of assets, strengthening our balance sheet and carrying out key environmental initiatives,” Bretches concluded. 

For updated financial guidance, please refer to the investor presentation released today at

Conference Call

Altus will host its full-year and fourth-quarter 2020 results conference call Thursday, Feb. 25, 2021, at 1 p.m. Central time. The conference call will be webcast from Altus’ website at, and the webcast replay will be archived there as well. The conference call will also be available for playback by telephone for one week beginning Feb. 25 at approximately 6 p.m. Central time. To access the telephone playback, dial (855) 859-2056 or (404) 537-3406 for international calls. The conference access code is 2394549.

About Altus Midstream Company

Altus Midstream Company is a pure-play, Permian-to-Gulf Coast midstream C-corporation. Through its consolidated subsidiaries, Altus owns gas gathering, processing and transmission assets servicing production in the Delaware Basin and owns equity interests in four Permian-to-Gulf Coast pipelines. Altus posts announcements, operational updates, investor information and press releases on its website,

Additional information

Additional information follows, including a reconciliation of Adjusted EBITDA, Capital Investments and Growth Capital Investments (non-GAAP financial measures) to the GAAP measures.

Non-GAAP financial measures

Altus’ financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted EBITDA, Capital Investments and Growth Capital Investments are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Wherever a non-GAAP financial measure is disclosed in this earnings release, the non-GAAP measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.

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,” “prospects,” “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 Midstream’s and 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, 2019, and in our Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, when filed) 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.

Media:    (713) 296-7276    Alexandra Franceschi
Investors:    (281) 302-2286 Patrick Cassidy        

Click here for the full release with quarterly financial statements.