Altus Midstream Summary Overview Commentary Simplified Structure Altus Midstream is a pure-play, Permian to Gulf Coast Public Investors Apache Corporation midstream C-corp C-corp governance / no 21%(1) 79%(1) IDRs Interests in…
Gathering & Processing Overview Asset Map Asset Highlights Rich Gas Processing: 400 MMcf/d of capacity from two cryo trains online and in-service Cryos performing well, consistently able to run above nameplate capacity with 99%+…
State of the Art Cryogenic Processing SRX Technology The cryogenic facilities utilize SRX technology to capitalize on better recoveries in ethane rejection mode Drives improved netbacks on third-party volumes Standardized units allow…
Joint Venture Pipelines Overview Pipeline Map Commentary Altus owns or has the option to participate in five joint venture pipeline projects 16% of KMIs GCX (Exercised) Nat Gas 27% of KMIs Permian Highway (Exercised) 33% of…
Joint Venture Pipelines Detail All equity options except regional Salt Creek NGL Line have been exercised Closed Shin Oak JV on 7/31/19 Continue to evaluate Salt Creek option until January 2020 exercise deadline Gulf Coast Permian…
JV Pipeline Recent Developments Gulf Coast Full service started September 25, 2019 with project cost estimated at 1.75 billion Express Pipeline (Exercised) Capacity of 2.0 Bcf/d is fully subscribed under long-term, binding…
Financial Overview 10
Financial Overview Financing is secured for planned growth projects, underpinned by 825 million of incremental capital availability from preferred equity and amended revolver No need to access any capital markets to finance growth…
Updated Guidance Reiterate 2019 guidance for Adjusted EBITDA of 70-85 million and growth capital investments of 1,575-1,625 million Gathered volumes expected to be 475-500 MMcf/d (65% rich gas) for 2019 Currently expect 2020 Adjusted…
Updated Guidance, Continued Adjusted EBITDA(1) Distributable Cash Flow(1) Growth Capital Investments(1) ( in millions) ( in millions) ( in millions) % Attributable to JV Pipelines % Attributable to JV Pipelines 30-40% 60-70% 75-85%…
Strong Financial Position The preferred equity raise and amended revolver provide access to attractive sources of capital Revolver excludes preferred equity and proportional share of debt from unconsolidated affiliates for covenant…
Appendix 15
Midstream Agreements with Apache Commercial Agreements with Apache Area of Dedication The area of dedication encompasses a total of 540,000 gross acres (as denoted by the red outline) Includes existing Apache acreage and future…
Preferred Equity Financing & Revolver Amendment Preferred Equity Altus Midstream LP has issued 625 million of preferred equity Funded and closed on June 12 Cash distribution rate of 7% per annum, payable quarterly Flexibility to pay…
Glossary of Terms Adjusted EBITDA is defined as net income (loss) including noncontrolling interest before financing costs (net of capitalized interest), net interest expense, income taxes, depreciation, and accretion and adjusting for…
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