Altus Midstream Closes $625 Million of Preferred Equity, Revolver Capacity Expands to $650 Million

HOUSTON, June 12, 2019 (GLOBE NEWSWIRE) -- Altus Midstream Company (“Altus”) (NASDAQ: ALTM) today announced that Altus Midstream LP (“Altus Midstream”) has completed the issuance of $625 million of preferred equity, the terms of which were previously announced on May 8, 2019. Upon closing of the private placement, Altus Midstream’s revolver capacity increased to $650 million.

“Altus continues to deliver on its near-term goals. In the past six months, we have secured $825 million of additional financing at an attractive cost of capital to fund our growth, we have exercised options on three Permian-to-Gulf Coast long-haul pipelines, and we brought our first cryogenic processing train online. Construction is well underway on our two additional cryo trains that will enter service in July and during the fourth quarter of this year,” said Clay Bretches, Altus CEO and president.  

Altus expects to exercise its option on the Shin Oak natural gas liquids (NGLs) pipeline following completion of the Waha Lateral, which is expected to occur by the end of June. The option for the Salt Creek NGL Pipeline, a regional NGL pipeline that is currently in service, is expected to be exercised by the end of January 2020.

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 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’, 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 Form 10-K for the fiscal year ended December 31, 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.