Kinetik (US:KNTK)2020-05-07 18:40Company Overview - Altus Midstream is a pure-play, Permian to Gulf Coast midstream C-corp with interests in premier JV pipelines and state-of-the-art gathering and processing assets[7] - Apache Corporation holds approximately 79% ownership in Altus Midstream, with public investors holding the remaining approximately 21%[7] Joint Venture Pipelines - Altus Midstream has equity method interests in four joint venture pipeline projects: Gulf Coast Express (GCX), EPIC Crude, Permian Highway, and Shin Oak[10] - Altus owns 16% of GCX[10], ~27% of PHP[14], 33% of Shin Oak[10], and 15% of EPIC Crude[10] - The Permian Highway Pipeline (PHP) is expected to be in service in 1Q21 with a capacity of 2.1 Bcf/d[11, 14] - The EPIC Crude Pipeline has a current capacity of approximately 590 MBPD[16] Gathering & Processing - Altus Midstream has 600 MMcf/d of rich gas processing capacity from three cryo trains[19] - The company also has 400 MMcf/d of lean gas treating/compression capacity[19] Financials - The company expects 2020 Adjusted EBITDA of $150 – 190 million, with 55-65% attributable to JV pipeline projects[23] - 2020 Distributable Cash Flow is projected to be in the range of $80 – 100 million[23] - 2020 Growth Capital Investments are expected to be $300 – 360 million, with over 95% attributable to JV pipes[23]