Business Context and Reporting Period
This Form 8-K is a current report filed by Altus Midstream Company (not Kinetik Holdings Inc.) on January 22, 2019, covering events occurring on January 15, 2019 and January 16, 2019. The filing addresses significant changes in executive leadership and board composition.
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
- Resignation of CEO and Director: Brian W. Freed resigned as Chief Executive Officer and Board member effective January 15, 2019. He will continue as Senior Vice President, Midstream and Marketing, of Apache Corporation (the Company's indirect controlling stockholder).
- Appointment of New CEO and Director: Clay Bretches was appointed as Chief Executive Officer and Board member effective January 16, 2019. He will also serve as Senior Vice President, U.S. Midstream Operations, of Apache.
- Compensation: No material plans, contracts, or arrangements were entered into or amended in connection with Mr. Bretches' appointment, and no grants or awards were made to him.
Outlook, Risks, and Management Commentary
Management highlights Mr. Bretches' extensive midstream experience, noting his previous role as President and CEO of Sendero Midstream Partners, LP (2014–2019) and his long tenure at Anadarko Petroleum Corporation. The filing states that his track record will assist him in his new roles. No specific financial guidance, risks, or contingencies are disclosed in this report.
Investor Verification Checklist
- Verify the effective dates of the leadership transition (Jan 15 for resignation, Jan 16 for appointment).
- Confirm that no new compensation agreements were triggered by the appointment of Clay Bretches.
- Review the attached press release (Exhibit 99.1) for additional strategic context.
- Note that this filing does not contain financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.