UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-38048 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Financial Data and Key Metrics Changes - Altus Midstream reported net income of $50 million for Q3 2021, including a $4 million unrealized gain related to an embedded derivative [25] - Adjusted EBITDA was $70 million, with growth capital expenditures approximately $3 million [26] - The company generated free cash flow for the third consecutive quarter and declared a quarterly dividend of $1.50 per share [25][26] Business Line Data and Key Metrics Changes - Gas processing volumes increased by about 1% compared to the previous period, reflecting contributions from recently brought online DUCs at Alpine High [8] - Gathered volumes averaged 452 million cubic feet per day, with approximately 75% being rich gas [26] Market Data and Key Metrics Changes - The joint venture pipelines provided stable cash flow through minimum volume commitments, while liquids pipelines are positioned for volume growth as activity returns to the basin [7] - The new gas processing agreement with Apache includes modified fees that align with current market conditions, incentivizing new development activity [11][12] Company Strategy and Development Direction - The company aims to create a pure-play midstream company in the Permian Basin, focusing on growth and competition for third-party opportunities [12][15] - The combination with EagleClaw is expected to create the largest pure-play midstream company in the Permian Basin, enhancing operational capabilities and scale [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow and maintain a strong dividend coverage ratio post-transaction [21][22] - The outlook for 2021 remains constructive, with expectations trending better than the midpoint for all guidance items [27] Other Important Information - The transaction with EagleClaw is projected to close in Q1 2022, pending regulatory approval [18] - The combined company is expected to achieve at least $50 million in annual EBITDA synergies with minimal capital spending [21] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [29][30]

Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-38048 Altus Midstream Company (Exact name of registrant as specified in its charter) (State or other ju ...

Altus Midstream Co (ALTM) Q2 2021 Earnings Conference Call August 5, 2021 4:00 PM ET Company Participants Patrick Cassidy - Director, IR David Bretches - CEO, President & Director Ben Rodgers - CFO, Treasurer & Director Conference Call Participants Charles Bryant - Crédit Suisse Operator Good afternoon, ladies and gentlemen, and welcome to the Altus Midstream Company's Second Quarter 2021 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to your host, Mr. Patrick Cassidy. ...

ALTUS MIDSTREAM COMPANY | --- | --- | |-----------------------|--------------| | | | | | | | | | | Investor Presentation | | | August 2021 | Nasdaq: ALTM | Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other t ...

PART I — FINANCIAL INFORMATION [Financial Statements](index=6&type=section&id=1.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for Q2 2021 and 2020, including operations, balance sheet, and cash flows, noting a prior period revision for warrant accounting [Statement of Consolidated Operations](index=6&type=section&id=STATEMENT%20OF%20CONSOLIDATED%20OPERATIONS) Net income attributable to Class A shareholders significantly improved to $11.7 million in Q2 2021 from a $1.0 million loss in Q2 2020, driven by derivative gains and equity method income Consolidated Operations Highlights (Q2 2021 vs Q2 2020) | Metric | Q2 2021 (In thousands) | Q2 2020 (In thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $35,593 | $31,616 | +12.6% | | Operating Income | $13,606 | $11,711 | +16.2% | | Net Income (Loss) Attributable to Class A Shareholders | $11,663 | $(951) | Positive Turnaround | | Diluted EPS | $1.31 | $(0.25) | Positive Turnaround | Consolidated Operations Highlights (Six Months Ended June 30) | Metric | 2021 (In thousands) | 2020 (In thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $69,739 | $72,383 | -3.6% | | Operating Income | $26,653 | $30,352 | -12.2% | | Net Income (Loss) Attributable to Class A Shareholders | $11,843 | $(9,032) | Positive Turnaround | | Diluted EPS | $2.50 | $(2.85) | Positive Turnaround | [Consolidated Balance Sheet](index=9&type=section&id=CONSOLIDATED%20BALANCE%20SHEET) Total assets increased to $1.85 billion by June 30, 2021, driven by higher cash, while total liabilities also rose slightly due to increased long-term debt Key Balance Sheet Items | Account | June 30, 2021 (In thousands) | Dec 31, 2020 (In thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $75,092 | $24,188 | | Total Assets | $1,853,654 | $1,799,630 | | Long-Term Debt | $657,000 | $624,000 | | Total Liabilities | $879,598 | $863,478 | | Total Equity (Deficit) | $(506,198) | $(247,354) | [Statement of Consolidated Cash Flows](index=11&type=section&id=STATEMENT%20OF%20CONSOLIDATED%20CASH%20FLOWS) Net cash from operations increased to $101.1 million in H1 2021, while investing activities significantly decreased, and financing activities primarily funded distributions Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2021 (In thousands) | 2020 (In thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $101,055 | $86,797 | | Net Cash Used in Investing Activities | $(11,288) | $(175,295) | | Net Cash Provided by (Used in) Financing Activities | $(38,863) | $84,395 | | **Increase (Decrease) in Cash** | **$50,904** | **$(4,103)** | [Notes to Consolidated Financial Statements](index=14&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Detailed notes explain accounting policies, including the revision for warrant accounting, transactions with Apache, debt, equity interests, and a subsequent dividend declaration - The company revised its 2020 financial statements to reclassify warrants from equity to a liability, resulting in a 'Warrants valuation adjustment' in the income statement, deemed an immaterial error correction[60](index=60&type=chunk)[61](index=61&type=chunk) - The company's primary revenue source is midstream services provided to its affiliate, Apache Corporation, under fee-based agreements for assets in the Alpine High play[72](index=72&type=chunk)[73](index=73&type=chunk) - As of June 30, 2021, the company had **$657.0 million** in borrowings outstanding under its **$800.0 million** revolving credit facility, maturing in November 2023[86](index=86&type=chunk) - The company holds significant equity method interests in four Permian Basin pipelines: Gulf Coast Express (**16%**), EPIC Crude (**15%**), Permian Highway (**26.7%**), and Breviloba (**33%**)[104](index=104&type=chunk) - On August 3, 2021, the Board declared a quarterly cash dividend of **$1.50 per share** on Class A Common Stock, payable in September 2021[139](index=139&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=2.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial condition, operational results, and liquidity, highlighting revenue and expense fluctuations, capital resources, and the growing contribution from equity method interests Adjusted EBITDA Reconciliation (Non-GAAP) | Metric | Q2 2021 (In thousands) | Q2 2020 (In thousands) | Six Months 2021 (In thousands) | Six Months 2020 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $73,841 | $16,034 | $96,330 | $(9,337) | | **Adjusted EBITDA** | **$69,242** | **$43,641** | **$134,278** | **$90,183** | [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q2 2021 total revenues increased to $35.6 million, driven by third-party sales, while net income significantly rose due to derivative fair value changes and increased equity method income - Midstream services revenue from affiliate Apache decreased by **$8.4 million** to **$64.0 million** for the six months ended June 30, 2021, due to lower natural gas throughput volumes[167](index=167&type=chunk) - Operations and maintenance expenses decreased by **$5.4 million** for the six months ended June 30, 2021, driven by increased operational efficiency from the centralized Diamond cryogenic complex[176](index=176&type=chunk) - Income from equity method interests increased by **$18.6 million** for the six months ended June 30, 2021, primarily due to the Permian Highway Pipeline commencing service in January 2021[183](index=183&type=chunk) - The company recognized a power credit of **$9.7 million** in the first six months of 2021 due to underutilization of a fixed-volume electricity contract during the Texas freeze event[184](index=184&type=chunk) [Capital Resources and Liquidity](index=42&type=section&id=Capital%20Resources%20and%20Liquidity) Primary cash sources in H1 2021 included equity distributions and credit facility borrowings, with minimal capital spending and sufficient liquidity to fund planned dividends Key Liquidity Indicators | Metric | June 30, 2021 (In thousands) | December 31, 2020 (In thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $75,092 | $24,188 | | Total debt | $657,000 | $624,000 | | Available committed borrowing capacity | $141,000 | $176,000 | - In H1 2021, capital spending on midstream infrastructure was **$2.4 million**, a sharp decrease from **$26.5 million** in H1 2020, as major construction is complete[195](index=195&type=chunk) - The company paid two quarterly dividends of **$1.50 per share** in H1 2021, funded by distributions from Altus Midstream LP totaling **$48.8 million**[197](index=197&type=chunk) - The company's Leverage Ratio as of June 30, 2021, was less than **4.00:1.00**, well below the **5.00:1.00** covenant limit[209](index=209&type=chunk)[91](index=91&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=3.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Primary market risks include indirect commodity price exposure affecting customer activity, interest rate risk on variable debt, and credit risk from its main customer - The company has indirect exposure to commodity price risk, as it affects the production decisions of its main customer, Apache, impacting throughput volumes[216](index=216&type=chunk) - The company has **$657.0 million** of variable-rate debt, where a hypothetical **1.0%** interest rate increase would raise annual consolidated interest expense by approximately **$1.7 million** for Q2 2021[218](index=218&type=chunk) - The company is subject to credit risk from nonpayment or nonperformance by its customers, primarily Apache[219](index=219&type=chunk) [Controls and Procedures](index=47&type=section&id=4.%20CONTROLS%20AND%20PROCEDURES) Management identified a material weakness in internal controls over financial reporting related to complex financial instruments, specifically warrant accounting, leading to an immaterial restatement - Management identified a material weakness in controls over accounting for public and private warrants, which did not effectively apply ASC 815-40[221](index=221&type=chunk)[222](index=222&type=chunk) - This weakness resulted in an immaterial error and revision of prior financial statements; a remediation plan is in place but not yet fully remediated[222](index=222&type=chunk)[224](index=224&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=48&type=section&id=1.%20LEGAL%20PROCEEDINGS) The company is not aware of any pending or threatened legal proceedings that would materially impact its financial position, results, or liquidity - The company is not aware of any pending or threatened legal proceedings that would materially impact its financial position, results of operations, or liquidity[97](index=97&type=chunk)[227](index=227&type=chunk) [Risk Factors](index=48&type=section&id=1A.%20RISK%20FACTORS) This section refers readers to the detailed Risk Factors presented in the company's Annual Report on Form 10-K for fiscal year 2020 - The report refers to the Risk Factors section of the company's 2020 Annual Report on Form 10-K for a detailed discussion of risks[228](index=228&type=chunk) [Exhibits](index=48&type=section&id=6.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including officer certifications and financial statements in Inline XBRL format - Key exhibits filed with this report include officer certifications (Exhibits **31.1**, **31.2**, **32.1**) and financial data in Inline XBRL format (Exhibit **101**)[229](index=229&type=chunk)

ALTUS MIDSTREAM COMPANY | --- | --- | |-----------------------|--------------| | | | | | | | | | | Investor Presentation | | | May 2021 | Nasdaq: ALTM | Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-38048 Altus Midstream Company (Exact name of registrant as specified in its charter) Delaware 81-4675947 (S ...

Altus Midstream Company (ALTM) Q1 2021 Earnings Conference Call May 6, 2021 2:00 PM ET Company Participants Patrick Cassidy - Director, IR Clay Bretches - CEO & President Ben Rodgers - CFO, Treasurer & Director Conference Call Participants James Carreker - U.S. Capital Advisors Operator Ladies and gentlemen, thank you for standing by, and welcome to the Altus Midstream Company First Quarter 2021 Earnings Call. [Operator Instructions]. I would now like to hand the conference over to your first speaker today, ...

Altus Midstream Co (ALTM) Q4 2020 Earnings Conference Call February 25, 2021 2:00 PM ET Company Participants Patrick Cassidy - Director, IR David Bretches - CEO, President & Director Ben Rodgers - CFO, Treasurer & Director Conference Call Participants Chad Bryant - Crédit Suisse James Carreker - U.S. Capital Advisors Operator Ladies and gentlemen, thank you for standing by, and welcome to the Altus Midstream Fourth Quarter and Full Year 2020 Earnings Results Call. [Operator Instructions]. I would now like t ...