Altus Midstream Exercises Option to Acquire 15 Percent Equity Interest in Epic Crude Oil Pipeline

February 4, 2019

HOUSTON, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Altus Midstream Company (“Altus”) (NASDAQ: ALTM) today announced it has exercised its option to acquire a 15 percent equity interest in the EPIC Crude Oil Pipeline.

“We are excited to become an equity partner in the EPIC Crude Oil Pipeline. The pipeline will serve as a critical outlet for Permian Basin crude oil, and its capacity is supported by minimum volume commitments and acreage dedications from high quality counterparties,” said Clay Bretches, Altus CEO and president. “This purchase is another significant step for Altus as we execute on our vision of being the only publicly traded, pure-play, Permian Basin C-corporation with wellhead-to-water connectivity.”

The 700-mile EPIC Crude Oil Pipeline will extend from Orla, Texas to the Port of Corpus Christi, Texas and is expected to have Permian Basin initial throughput capacity of 590,000 barrels per day. The project includes terminals in Orla, Pecos, Saragosa, Crane, Wink, Midland, Hobson and Gardendale, with Port of Corpus Christi connectivity and export access. It will service Delaware Basin, Midland Basin and Eagle Ford Shale production. The right-of-way is 100 percent secured for the mainline, and 100 percent of the pipe for the project has been ordered with delivery and construction beginning this month. The pipeline is expected to be in service by January 2020. 

About Altus Midstream Company

Altus Midstream Company is a pure-play, Permian Basin midstream C-corporation. Through its consolidated subsidiaries, Altus owns substantially all of the gas gathering, processing and transportation assets servicing Apache Corporation’s production in the Alpine High play in the Delaware Basin and owns, or has the option to own, joint venture equity interests in five Permian Basin pipelines, four of which go to various points along the Texas Gulf Coast. 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 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 Definitive Proxy Statement dated October 22, 2018 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

Media:          (713) 296-7276   Phil West

Investors:    (281) 302-2286   Gary Clark
                                                       
Websites:    www.altusmidstream.com

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Source: Altus Midstream Company