Business Context and Reporting Period
This Form 8-K was filed by Altus Midstream Company on May 29, 2019. The filing reports a material event under Item 8.01 regarding a strategic acquisition by its subsidiary, Altus Midstream Processing LP.
Key Financial Metrics
The filing text does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures. The document focuses exclusively on the announcement of a corporate transaction.
Material Changes
On May 29, 2019, Altus Midstream Processing LP exercised and closed its option to acquire an approximate 26.67% equity interest in the Permian Highway Pipeline Project. The sellers were Kinder Morgan Texas Pipeline LLC and BCP PHP LLC (an affiliate of EagleClaw Midstream Ventures). This transaction was executed pursuant to an Equity Purchase Option Agreement dated September 4, 2018.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management commentary on future outlook, or specific risk factors related to this transaction. It references a press release (Exhibit 99.1) for further details but does not include the text of that release within this summary.
Investor Verification Checklist
- Verify the total purchase price and payment terms for the 26.67% equity interest in the Permian Highway Pipeline Project.
- Review the full text of the press release (Exhibit 99.1) for details on the project's capacity and expected operational timeline.
- Confirm the impact of this acquisition on Altus Midstream's consolidated financial statements and capital structure.
- Assess any remaining options or future purchase rights related to the Permian Highway Pipeline Project.