Business Context and Reporting Period
This Form 8-K filing by Altus Midstream Company (not Kinetik Holdings Inc.) covers events occurring on March 31, 2020, and April 2, 2020. The report details significant changes 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.
Material Changes
- Resignation: W. Mark Meyer resigned as a director and Chairman of the Board effective March 31, 2020. He stated there were no disagreements with the Company regarding operations or policies.
- Appointment of Chairman: Clay Bretches, the Company's CEO and President, was appointed as the new Chairman of the Board effective April 2, 2020.
- New Director Appointment: Stephen P. Noe was appointed as a new director effective April 2, 2020, with a term expiring at the 2020 annual meeting. He was designated by Apache Corporation to fill the vacancy left by Mr. Meyer.
Management Commentary and Risks
Mr. Noe is an employee of Apache Corporation and will not receive additional compensation for his board service. The filing confirms no material plans, contracts, or arrangements were entered into in connection with his appointment. Mr. Noe brings 35 years of experience in midstream operations, having previously served in executive roles at Sendero Midstream Partners, Boardwalk Field Services, Enbridge, and DCP Midstream.
Investor Verification Checklist
- Verify the composition of the Board of Directors following the April 2, 2020 appointments.
- Confirm that Stephen P. Noe's appointment aligns with Apache Corporation's strategic interests as a designating shareholder.
- Review subsequent filings for any financial impact related to the leadership transition.