ALT U S M ID ST R EAM C O M PANY Investor Presentation November 2020 Nasdaq: ALTM
Altus Midstream Overview Commentary Simplified Structure Altus Midstream is a pure-play, Permian to Gulf Coast Public Investors Apache Corporation midstream C-corp C-corp governance 21%(1) 79%(1) No IDRs Interests in premier JV…
Potential 2021 Dividend Program In December, Management plans to recommend to the Board of Directors the initiation of a dividend in 2021 Intend to propose a 1.50/share quarterly dividend payout, commencing in March 2021 Implies…
Dividend Rationale Following a thorough strategic review, we believe the best option to maximize shareholder value is to return capital to investors through a dividend program Surety of cash flows to support a dividend with the…
Benchmarking Analysis ALTM currently trades at a discount to its peers despite having strong visibility into future free cash flow Non-operated exposure to top-tier projects managed by two integrated, investment grade midstream…
JV Pipelines and G&P Overview 7
Joint Venture Pipelines Overview Pipeline Map Commentary Altus owns equity interests in four joint venture pipelines All four pipelines provide takeaway capacity from the Permian Basin to the U.S. Gulf Coast All pipelines…
JV Pipeline Recent Developments Gulf Coast Capacity of 2.0 Bcf/d is fully subscribed under long-term, binding agreements Express Pipeline GCX continues strong performance, with cash distributions in-line with expectations Capacity…
Gulf Coast Express (GCX) Overview Pipeline Map Commentary Altus owns 16% of GCX, remaining ownership is 34% Kinder Morgan (Operator), 25% DCP and 25% Targa Project Statistics: Capacity: 2.0 Bcf/d In-service since Sept 2019, Altus…
Permian Highway Pipeline (PHP) Overview Pipeline Map Commentary Altus owns 27% of PHP, remaining ownership is 27% Kinder Morgan (Operator), 27% EagleClaw and 20% from an undisclosed anchor shipper Designed to transport…
Shin Oak Pipeline Overview Pipeline Map Commentary Breviloba LLC owns the Shin Oak NGL Pipeline (Shin Oak) and is owned 67% by Enterprise Products Operating LLC and 33% by Altus Project overview: 658 miles of 24-inch pipeline…
EPIC Crude Overview Pipeline Map Commentary Altus owns 15% of EPIC Crude, remaining ownership is 45% Ares Capital(1), 30% Noble Midstream Partners and 10% Rattler Midstream The project consists of 700 miles of pipeline connecting…
Gathering & Processing Overview Asset Map Asset Highlights Rich Gas Processing: 600 MMcf/d of capacity from three 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…
Financial Overview 16
Financial Overview Altus has ample liquidity to execute on its 2020 and 2021 capital plans through a combination of reinvesting operating cash flow and revolver capacity Revolver capacity is 800 million, maturing in November 2023…
Updates to 2020 Guidance Gathered volume outlook remains 480 520 MMcf/d (70% rich gas) Trending towards the middle of the range given strong return of volumes following production curtailments in 1H20 2020 Adjusted EBITDA(1) range…
Updates to 2021 Guidance Gathered volumes revised upwards to 360 400 MMcf/d (70% rich gas) 2021 gathered volume outlook reflects no third-party or additional wells turned online at Alpine High 2021 Adjusted EBITDA range revised upwards…
2020 2021 Guidance Overview ADJUSTED EBITDA DISTRIBUTABLE CASH FLOW GROWTH CAPITAL INVESTMENTS(1) ( in millions) ( in millions) ( in millions) 300 200 400 190 270 360 175 350 250 40% increase 45% increase 330 150 160 300 230…
Appendix 21
Joint Venture Pipelines Detail Gulf Coast Express Permian Highway Shin Oak EPIC Crude Product Natural Gas Natural Gas NGL Crude Operator Kinder Morgan Kinder Morgan Enterprise Products EPIC Project Cost 1.75 billion 2 billion 1.5…
Non-GAAP Reconciliation Adjusted EBITDA & DCF The Company believes Adjusted EBITDA and DCF are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from…
Non-GAAP Reconciliation Growth Capital Management believes the presentation of capital investments and growth capital investments is useful for investors to assess Altus' expenditures related to our midstream capital activity. We…
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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