Business Context and Reporting Period
This Form 8-K is a current report filed by Altus Midstream Company (not Kinetik Holdings Inc. as indicated in metadata) on August 14, 2019, covering events occurring on August 8, 2019. The registrant is incorporated in Delaware and trades on the NASDAQ under the symbol ALTM. The filing addresses Item 5.02 regarding the departure of a director and certain officers.
Key Financial Metrics
This filing is a current report regarding corporate governance and does not contain financial statements. Consequently, data regarding revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Material Changes
The material change reported is the resignation of Robert W. Bourne from two key positions:
- Director on the Company's Board of Directors.
- Employee of Apache Corporation (the Company's indirect controlling stockholder), specifically as Vice President of Midstream and Marketing.
Both resignations are effective August 20, 2019. Mr. Bourne has served on the Board since November 2018 and was not a member of any Board committee.
Management Commentary and Risks
Management commentary indicates that Mr. Bourne's departure is not due to any disagreement with the Company, Apache, or their respective management regarding operations, policies, or practices. No specific risks, contingencies, or unusual financial items are disclosed in this filing.
Investor Verification Checklist
- Verify the effective date of the resignation (August 20, 2019).
- Confirm whether a replacement director has been nominated or elected to fill the vacancy.
- Review subsequent filings to determine if the departure impacts the Company's relationship with its controlling stockholder, Apache Corporation.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.