Kinetik (US:KNTK)2021-02-25 05:472020 Financial Performance - Altus Midstream's 2020 Adjusted EBITDA was $191.2 million, exceeding the guidance midpoint of $180 million by $11.2 million, a 6% increase[9] - Distributable Cash Flow (DCF) for 2020 reached $121.9 million, slightly above the guidance of $120 million, representing a 2% increase[9] - Growth Capital Investments in 2020 amounted to $361.6 million, surpassing the guidance of $345 million by $16.6 million, a 5% increase[9] - Net income including noncontrolling interests for FY20 was $80.5 million, with cash from operations totaling $164.3 million[8] 2021 Financial Objectives and Guidance - The company anticipates generating meaningful free cash flow in 2021, targeting approximately $140 million, representing a ~16% free cash flow yield[12] - Altus Midstream plans to fund a quarterly fixed dividend of $1.50 per share, resulting in an annualized dividend of $6.00 per share, equating to ~$97 million in annualized dividend payments[12, 13] - Adjusted EBITDA for 2021 is projected to be in the range of $230 million to $270 million, with 75% attributable to JV pipeline projects[13] - Distributable Cash Flow (DCF) for 2021 is expected to be between $160 million and $190 million[13] - Growth Capital Investments for 2021 are projected to be in the range of $30 million to $40 million, primarily attributable to PHP[13] Joint Venture Pipelines - Altus Midstream holds a 16% interest in Gulf Coast Express (GCX), which has a capacity of 2.0 Bcf/d and a total project cost of $1.75 billion[22, 24] - The company has a ~27% interest in Permian Highway Pipeline (PHP), with a capacity of 2.1 Bcf/d and a total project cost of ~$2.2 billion[22, 25] - Altus Midstream owns 33% of Shin Oak NGL Pipeline, which has a project cost of $1.5 billion[22, 26] - The company holds a 15% interest in EPIC Crude Pipeline, which has a project cost of $2.4-$2.5 billion[22, 23]