Business Context and Reporting Period
This Form 8-K is a current report filed by Altus Midstream Company (not Kinetik Holdings Inc.) on October 22, 2020. The filing addresses Item 5.02 regarding the appointment of a new director to the Company's Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial performance data.
Material Changes
- Board Appointment: The Board appointed Joe C. Frana as a new director, effective October 22, 2020.
- Term: Mr. Frana's term expires at the Company's 2021 annual meeting of stockholders.
- Designation: He was designated by Apache Midstream LLC to fill a vacancy.
- Independence: The Board determined Mr. Frana is an independent director and meets financial sophistication requirements.
- Committee Roles: Mr. Frana was appointed Chair of the Audit Committee and will serve on the Conflicts Committee.
Guidance, Outlook, and Management Commentary
Compensation: Mr. Frana will receive compensation commensurate with other non-employee directors, as detailed in the Company's 2020 definitive proxy statement. No other material plans, contracts, or awards were entered into in connection with this appointment.
Background: Mr. Frana retired in 2015 after a 37-year career in the oil and gas industry, including roles as General Auditor for Phillips 66 and General Manager of Corporate Financial Shared Services at ConocoPhillips.
Risks and Contingencies: The filing states Mr. Frana has no family relationships with other directors/officers, no undisclosed arrangements regarding his selection, and no material interest in transactions contemplated by Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the independence status of Joe C. Frana under Nasdaq Listing Rules.
- Review the "Director Compensation" section of the 2020 definitive proxy statement for specific compensation details.
- Confirm the relationship between Altus Midstream Company and Apache Midstream LLC regarding board designations.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.