$KNTK
Kinetik Holdings Inc.

2020 Q3 Form 10-Q Financial Statement

#000178403120000014 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $40.17M $34.01M $24.14M
YoY Change 18.12% 33.7% 92.85%
Cost Of Revenue $10.10M $13.06M $14.01M
YoY Change -22.68% -21.21% 24.74%
Gross Profit $30.00M $20.95M $10.13M
YoY Change 43.23% 136.46% 685.58%
Gross Profit Margin 74.68% 61.59% 41.98%
Selling, General & Admin $7.100M $6.500M $6.000M
YoY Change 9.23% 109.68% 71.43%
% of Gross Profit 23.67% 31.03% 59.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.008M $11.71M $9.107M
YoY Change -65.77% 113.57% 74.6%
% of Gross Profit 13.36% 55.91% 89.87%
Operating Expenses $11.10M $18.20M $15.10M
YoY Change -39.01% 685.58% 2433.25%
Operating Profit $18.95M -$6.583M -$4.942M
YoY Change -387.83% -2417.96% -33.82%
Interest Expense $0.00 $617.0K $806.0K
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $12.66M -$1.588M -$508.0K
YoY Change -897.42%
Pretax Income $31.20M -$8.693M -$5.928M
YoY Change -458.89% 1337.81% -771.4%
Income Tax $0.00 -$500.0K -$400.0K
% Of Pretax Income 0.0%
Net Earnings $31.20M -$8.188M -$5.498M
YoY Change -481.02% 758.59% -1043.31%
Net Earnings / Revenue 77.66% -24.08% -22.78%
Basic Earnings Per Share $0.77 -$1.30 -$0.61
Diluted Earnings Per Share $0.32 -$1.48 -$0.61
COMMON SHARES
Basic Shares Outstanding 3.746M shares 3.746M shares 3.746M shares
Diluted Shares Outstanding 109.9M shares 16.25M shares 3.746M shares

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000M $2.600M $376.9M
YoY Change -23.08%
Cash & Equivalents $1.983M $2.594M $376.9M
Short-Term Investments
Other Short-Term Assets $1.000M $19.40M $1.700M
YoY Change -94.85% 19300.0% 750.0%
Inventory $3.661M $15.18M $6.286M
Prepaid Expenses
Receivables $13.70M $12.90M $9.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.39M $49.97M $394.0M
YoY Change -59.2% 30950.08% 165072.05%
LONG-TERM ASSETS
Property, Plant & Equipment $205.3M $1.443B $1.449B
YoY Change -85.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.524B $1.095B $527.4M
YoY Change 39.27% 186.24% 38.53%
Other Assets $1.531B $1.169B $601.4M
YoY Change 30.96%
Total Long-Term Assets $1.736B $2.612B $2.051B
YoY Change -33.53% 583.05% 438.64%
TOTAL ASSETS
Total Short-Term Assets $20.39M $49.97M $394.0M
Total Long-Term Assets $1.736B $2.612B $2.051B
Total Assets $1.756B $2.662B $2.445B
YoY Change -34.02% 595.82% 541.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $0.00
YoY Change
Accrued Expenses $14.50M $38.60M $45.00M
YoY Change -62.44% 1309.7% 4189.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $17.60M $25.30M
YoY Change -100.0%
Total Short-Term Liabilities $16.54M $56.38M $70.55M
YoY Change -70.66% 1413.08% 5889.84%
LONG-TERM LIABILITIES
Long-Term Debt $580.0M $235.0M $0.00
YoY Change 146.81%
Other Long-Term Liabilities $5.711M $1.206M $1.352M
YoY Change 373.55% -90.86% -89.76%
Total Long-Term Liabilities $5.711M $136.5M $131.4M
YoY Change -95.82% 933.89% 895.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.54M $56.38M $70.55M
Total Long-Term Liabilities $5.711M $136.5M $131.4M
Total Liabilities $844.3M $427.9M $202.0M
YoY Change 97.34% 2426.84% 1304.13%
SHAREHOLDERS EQUITY
Retained Earnings -$400.4M -$29.02M -$24.16M
YoY Change 1279.87% -18893.39% -2280.01%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.39M $444.2M $449.2M
YoY Change
Total Liabilities & Shareholders Equity $1.756B $2.662B $2.445B
YoY Change -34.02% 595.82% 541.74%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $31.20M -$8.188M -$5.498M
YoY Change -481.02% 758.59% -1043.31%
Depreciation, Depletion And Amortization $4.008M $11.71M $9.107M
YoY Change -65.77% 113.57% 74.6%
Cash From Operating Activities $50.60M $17.70M $11.60M
YoY Change 185.88%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $47.70M $94.80M
YoY Change -93.71%
Acquisitions
YoY Change
Other Investing Activities -$122.9M -$569.6M -$320.4M
YoY Change -78.42%
Cash From Investing Activities -$126.0M -$617.3M -$415.1M
YoY Change -79.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.40M 225.3M 603.0M
YoY Change -66.53%
NET CHANGE
Cash From Operating Activities 50.60M 17.70M 11.60M
Cash From Investing Activities -126.0M -617.3M -415.1M
Cash From Financing Activities 75.40M 225.3M 603.0M
Net Change In Cash 0.000000007451 -374.3M 199.5M
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $50.60M $17.70M $11.60M
Capital Expenditures $3.000M $47.70M $94.80M
Free Cash Flow $47.60M -$30.00M -$83.20M
YoY Change -258.67%

Facts In Submission

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DerivativeLiabilitiesNoncurrent
102929000 USD
CY2020Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5711000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4614000 USD
CY2020Q3 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
247785000 USD
CY2019Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
167638000 USD
CY2020Q3 us-gaap Liabilities
Liabilities
844329000 USD
CY2019Q4 us-gaap Liabilities
Liabilities
597330000 USD
CY2020Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2020Q3 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
238842000 USD
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
701000000 USD
CY2020Q3 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
600395000 USD
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
555599000 USD
CY2020Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
473532000 USD
CY2019Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
39822000 USD
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-400438000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-392633000 USD
CY2019Q3 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1211000 USD
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-292000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-266000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
72804000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-353075000 USD
CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1756370000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1500854000 USD
us-gaap Profit Loss
ProfitLoss
20192000 USD
us-gaap Profit Loss
ProfitLoss
-7958000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-76102000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3769000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11984000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28468000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-510000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
47541000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
536000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
60435000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
3391000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
9338000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-781000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-666000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-366000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
676000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-72000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-237000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
556000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
0 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-3486000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
798000 USD
apa Increase Decreasein Account Receivable From Payable To Related Parties
IncreaseDecreaseinAccountReceivableFromPayableToRelatedParties
-917000 USD
apa Increase Decreasein Account Receivable From Payable To Related Parties
IncreaseDecreaseinAccountReceivableFromPayableToRelatedParties
5011000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
11145000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9056000 USD
apa Increase Decrease Of Deferred Charges Deferred Creditsand Noncurrent Liabilities
IncreaseDecreaseOfDeferredChargesDeferredCreditsandNoncurrentLiabilities
64000 USD
apa Increase Decrease Of Deferred Charges Deferred Creditsand Noncurrent Liabilities
IncreaseDecreaseOfDeferredChargesDeferredCreditsandNoncurrentLiabilities
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
137447000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39436000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29540000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
307010000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
7629000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
apa Equity Method Investment Contribution
EquityMethodInvestmentContribution
286227000 USD
apa Equity Method Investment Contribution
EquityMethodInvestmentContribution
337412000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
14235000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
670625000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
7377000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301280000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1315047000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
611249000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
11562000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
184000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
235000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
11789000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
17187000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
816000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
792000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
159833000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
828270000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-447341000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5983000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
449935000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1983000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2594000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
256000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
24306000 USD
apa Finance Lease Liability Supplemental Cash Flow Disclosure
FinanceLeaseLiabilitySupplementalCashFlowDisclosure
0 USD
apa Finance Lease Liability Supplemental Cash Flow Disclosure
FinanceLeaseLiabilitySupplementalCashFlowDisclosure
29000000 USD
us-gaap Interest Paid Net
InterestPaidNet
94000 USD
us-gaap Interest Paid Net
InterestPaidNet
685000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
696000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
449178000 USD
CY2019Q3 apa Net Income Loss Available To Common Stockholders Excluding Accretion Of Redeemable Noncontrolling Interest
NetIncomeLossAvailableToCommonStockholdersExcludingAccretionOfRedeemableNoncontrollingInterest
-4864000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-113000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
444201000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
70344000 USD
CY2020Q3 apa Net Income Loss Available To Common Stockholders Excluding Accretion Of Redeemable Noncontrolling Interest
NetIncomeLossAvailableToCommonStockholdersExcludingAccretionOfRedeemableNoncontrollingInterest
2303000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
157000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
72804000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-213714000 USD
apa Net Income Loss Available To Common Stockholders Excluding Accretion Of Redeemable Noncontrolling Interest
NetIncomeLossAvailableToCommonStockholdersExcludingAccretionOfRedeemableNoncontrollingInterest
-6057000 USD
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
664285000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-313000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
444201000 USD
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
433710000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-26000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-353075000 USD
apa Net Income Loss Available To Common Stockholders Excluding Accretion Of Redeemable Noncontrolling Interest
NetIncomeLossAvailableToCommonStockholdersExcludingAccretionOfRedeemableNoncontrollingInterest
-7805000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
72804000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Nature of Operations</span></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">    </span></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Through its consolidated subsidiaries, the Company owns gas gathering, processing and transmission assets in the Permian Basin of West Texas. Construction on the assets began in the fourth quarter of 2016, and operations commenced in the second quarter of 2017. Additionally, the Company owns equity interests in </span><span style="font-family:inherit;font-size:10pt;"><span>four</span></span><span style="font-family:inherit;font-size:10pt;"> separate Permian Basin pipeline entities that have or will have access to various points along the Texas Gulf Coast. The Company’s operations consist of </span><span style="font-family:inherit;font-size:10pt;"><span>one</span></span><span style="font-family:inherit;font-size:10pt;"> reportable segment.  </span></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Organization</span></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:29px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company originally incorporated on December 12, 2016 in Delaware under the name Kayne Anderson Acquisition Corp. (KAAC), for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. KAAC completed its initial public offering in the second quarter of 2017.</span></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:29px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On August 3, 2018, Altus Midstream LP was formed in Delaware as a limited partnership and wholly-owned subsidiary of KAAC. On August 8, 2018, KAAC and Altus Midstream LP entered into a contribution agreement (the Contribution Agreement) with certain wholly-owned subsidiaries of Apache, including the Altus Midstream Entities. The Altus Midstream Entities comprise </span><span style="font-family:inherit;font-size:10pt;"><span>four</span></span><span style="font-family:inherit;font-size:10pt;"> Delaware limited partnerships (collectively, Altus Midstream Operating) and their general partner (Altus Midstream Subsidiary GP LLC, a Delaware limited liability company), formed by Apache between May 2016 and January 2017 for the purpose of acquiring, developing, and operating midstream oil and gas assets in the Alpine High resource play and surrounding areas (Alpine High). </span></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:29px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On November 9, 2018 (the Closing Date) and pursuant to the terms of the Contribution Agreement, KAAC acquired from Apache the entire equity interests of the Altus Midstream Entities and options to acquire equity interests in five separate third-party pipeline projects (the Pipeline Options). The acquisition of the entities and the Pipeline Options is referred to herein as the Business Combination. In exchange, the consideration provided to Apache included economic voting and non-economic voting shares in KAAC and common units representing limited partner interests in Altus Midstream LP (Common Units). Following the Closing Date and in connection with the completion of the Business Combination, KAAC changed its name to Altus Midstream Company. </span></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Ownership of Altus Midstream LP</span></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Following the Closing Date and in connection with the completion of the Business Combination, the Company’s wholly-owned subsidiary, Altus Midstream GP LLC, a Delaware limited liability company (Altus Midstream GP), is the sole general partner of Altus Midstream LP. The Company operates its business through Altus Midstream LP and its subsidiaries, which include Altus Midstream Operating. The Company holds approximately </span><span style="font-family:inherit;font-size:10pt;"><span>23.1 percent</span></span><span style="font-family:inherit;font-size:10pt;"> of the outstanding Common Units, and a controlling interest in Altus Midstream, while Apache holds the remaining </span><span style="font-family:inherit;font-size:10pt;"><span>76.9 percent</span></span><span style="font-family:inherit;font-size:10pt;">.</span></div>
CY2020Q3 apa Number Of Pipeline Options
NumberOfPipelineOptions
4 pipeline
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2020Q3 apa Number Of Limited Partnerships
NumberOfLimitedPartnerships
4 partnership
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Use of Estimates</span></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements, and changes in these estimates are recorded when known.</span></div>
CY2020Q3 us-gaap Revenues
Revenues
40172000 USD
CY2019Q3 us-gaap Revenues
Revenues
34009000 USD
us-gaap Revenues
Revenues
113152000 USD
us-gaap Revenues
Revenues
91994000 USD
CY2020Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
600000 USD
CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1496000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
205802000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
580000000.0 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
7498000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
3234000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
396000000.0 USD
CY2020Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 USD
CY2020Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
580000000.0 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
405800000 USD
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
9800000 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
215402000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
207270000 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10092000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1468000 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
205310000 USD
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
0 USD
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
617000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
9000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
3584000 USD
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
0 USD
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
617000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
9000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
3584000 USD
CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
2133000 USD
CY2020Q3 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
292000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
652000 USD
CY2020Q3 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
2012000 USD
CY2019Q3 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
237000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
857000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
7377000 USD
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
2378000 USD
CY2020Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
413000 USD
CY2020Q3 apa Accrued Operating Expenses
AccruedOperatingExpenses
1470000 USD
CY2019Q4 apa Accrued Operating Expenses
AccruedOperatingExpenses
1520000 USD
CY2019Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
522000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
978000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
1508000 USD
CY2020Q3 apa Accrued Taxes Other Than Income Tax Current
AccruedTaxesOtherThanIncomeTaxCurrent
11054000 USD
CY2019Q4 apa Accrued Taxes Other Than Income Tax Current
AccruedTaxesOtherThanIncomeTaxCurrent
689000 USD
CY2020Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1100000 USD
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1425000 USD
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
360000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
158000 USD
CY2020Q3 apa Accrued Capital Costs Current
AccruedCapitalCostsCurrent
527000 USD
CY2019Q4 apa Accrued Capital Costs Current
AccruedCapitalCostsCurrent
17035000 USD
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
0 USD
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1989000 USD
CY2020Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2033000 USD
CY2019Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1109000 USD
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
16544000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
23925000 USD
CY2020Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 USD
CY2020Q3 us-gaap Equity Method Investments
EquityMethodInvestments
1524410000 USD
CY2019Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
29700000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1258048000 USD
CY2020Q3 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
36500000 USD
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
555599000 USD
CY2020Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
179031000 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1258048000 USD
apa Equity Method Investment Contribution
EquityMethodInvestmentContribution
286227000 USD
apa Proceedsfrom Equity Method Investment Distribution Including Return Of Capital
ProceedsfromEquityMethodInvestmentDistributionIncludingReturnOfCapital
74670000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7377000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
47541000 USD
apa Equity Method Investment Accumulated Other Comprehensive Income Loss
EquityMethodInvestmentAccumulatedOtherComprehensiveIncomeLoss
-113000 USD
CY2020Q3 us-gaap Equity Method Investments
EquityMethodInvestments
1524410000 USD
apa Redeemable Noncontrolling Interest Redemption Value Measurement Period
RedeemableNoncontrollingInterestRedemptionValueMeasurementPeriod
P5D
apa Redeemable Noncontrolling Interest Redemption Value Measurement Period
RedeemableNoncontrollingInterestRedemptionValueMeasurementPeriod
P5D
CY2020Q3 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
238800000 USD
apa Redeemable Noncontrolling Interest Redemption Value Measurement Period
RedeemableNoncontrollingInterestRedemptionValueMeasurementPeriod
P5D
CY2020Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
137800000 USD
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
701000000.0 USD
CY2019Q2 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
516790000 USD
CY2019Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
94459000 USD
CY2019Q2 apa Redeemable Noncontrolling Interest Equity Preferred Transaction Price Net
RedeemableNoncontrollingInterestEquityPreferredTransactionPriceNet
611249000 USD
CY2020Q3 apa Redeemable Noncontrolling Interest Including Embedded Derivative Liability
RedeemableNoncontrollingInterestIncludingEmbeddedDerivativeLiability
779426000 USD
CY2020Q3 apa Redeemable Noncontrolling Interest Equity Preferred Redemption Terms Internal Rate Of Return
RedeemableNoncontrollingInterestEquityPreferredRedemptionTermsInternalRateOfReturn
0.115
CY2020Q3 apa Redeemable Noncontrolling Interest Equity Preferred Redemption Terms Multiple Of Invested Capital
RedeemableNoncontrollingInterestEquityPreferredRedemptionTermsMultipleOfInvestedCapital
1.3
CY2020Q3 apa Redeemable Noncontrolling Interest Equity Preferred Redemption Terms Multiple Of Invested Capital
RedeemableNoncontrollingInterestEquityPreferredRedemptionTermsMultipleOfInvestedCapital
1.3
CY2020Q3 apa Preferred Units Invested Capital
PreferredUnitsInvestedCapital
812500000 USD
CY2020Q3 apa Redeemable Noncontrolling Interest Equity Preferred Redemption Terms Internal Rate Of Return
RedeemableNoncontrollingInterestEquityPreferredRedemptionTermsInternalRateOfReturn
0.115
CY2020Q3 apa Preferred Units Redemption Price
PreferredUnitsRedemptionPrice
708600000 USD
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-700000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3746000 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2303000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4864000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3746000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.30
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29116000 USD
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97355000 shares
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24086000 USD
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16246000 shares
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.48
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7805000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3746000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.08
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6057000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3746000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.62
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-36166000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16246000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.23
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-27976000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16246000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.72
CY2020Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3500000 USD
CY2019Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3800000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-76100000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3800000 USD
CY2020Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
179031000 USD

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