HOUSTON, May 30, 2019 (GLOBE NEWSWIRE) -- Altus Midstream Company (“Altus”) (NASDAQ: ALTM) today announced that the first of its three new cryogenic processing trains at the Diamond Cryo Complex in Alpine High is now processing rich natural gas and delivering natural gas liquids (NGLs) and residue gas to sales.
This initial facility is the first of three units scheduled to begin operations in 2019, with aggregate nameplate capacity of 600 million cubic feet (MMcf) per day, which can produce an estimated 60,000 to 75,000 barrels of NGLs per day at Alpine High for Altus’ primary customer, Apache (NYSE, NASDAQ: APA).
“We are thrilled to have the first unit of the Diamond Cryo Complex in service and quickly increasing volumes towards nameplate capacity of 200 MMcf per day,” said Altus CEO and President Clay Bretches. “This is just the beginning for Altus. By the end of 2019, we expect to triple our cryogenic processing capacity at Alpine High with the in-service of train #2 in July and train #3 in the fourth quarter of this year. Trains #2 and #3 are proceeding on-budget and on-schedule.
"These cryogenic processing facilities feature state-of-the-art SRX processing technology, which optimizes processing economics with better NGL recoveries in both ethane recovery and rejection mode versus more commonly used processing methods in the Permian Basin. Better recoveries will drive enhanced netbacks for Apache and provide a competitive advantage to Altus for third-party business.”
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.
Contacts
Investors: (281) 302-2286 Gary Clark
Media: (713) 296-7276 Castlen Kennedy