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Kinetik Holdings Inc. (KNTK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Kinetik Holdings Inc.

CIK: 1692787 Ticker: KNTK

Exhibit 99.1

 

LOGO   NEWS RELEASE

Altus Midstream Announces Full-Year and Fourth-Quarter 2021 Results

HOUSTON, Feb. 21, 2022 – Altus Midstream Company (Nasdaq: ALTM) today announced its results for fourth-quarter and full-year 2021.

Full-Year 2021

For the full year, Altus reported net income including noncontrolling interests of $99 million. Altus generated adjusted EBITDA of approximately $284 million for the full year. Gathering and Processing (G&P) volumes averaged 440 million cubic feet (MMcf) per day, approximately 74% of which was rich gas.

Fourth-Quarter 2021

The company reported a fourth-quarter 2021 net loss, including noncontrolling interests, of $47 million. Adjusted EBITDA for the fourth quarter 2021 was approximately $80 million. G&P throughput volumes for the period averaged 427 MMcf per day, approximately 76% of which was rich gas.

“Altus Midstream’s results in 2021 were bolstered by the strong performance of the natural gas and NGL pipelines as well as the steady contributions from our gathering and processing business. Results benefited from new completions at Alpine High and the timely commissioning of the Permian Highway Pipeline,” said Clay Bretches, Altus Midstream CEO and president. “Since 2018, execution has been impressive, which reflects the thorough commitment of our team to safe and efficient operations. The combination with EagleClaw Midstream is a great next step for Altus and I look forward to its future success as a premier operator.”

On Feb. 10, 2022, Altus shareholders voted to approve the business combination with BCP Raptor Holdco LP, the parent company of EagleClaw Midstream, and the combination is expected to close on or around Feb. 22, 2022. After closing, the combined company will operate as Kinetik and is expected to provide forward guidance for 2022.


The following information was filed by Kinetik Holdings Inc. (KNTK) on Tuesday, February 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Kinetik Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Kinetik Holdings Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity And Noncontrolling Interests
Condensed Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Details)
Business Combination - Allocation Of Acquisition Costs To Assets Acquired And Liabilities Assumed (Details)
Business Combination - Pro Forma (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Financing Costs
Debt And Financing Costs - (Tables)
Debt And Financing Costs - Additional Information (Details)
Debt And Financing Costs - Schedule Of Financing Costs, Net Of Capitalized Interest (Details)
Debt And Financing Costs - Schedule Of Long-Term Debt (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Details)
Description Of The Organization And Summary Of Significant Accounting Policies
Description Of The Organization And Summary Of Significant Accounting Policies (Policies)
Description Of The Organization And Summary Of Significant Accounting Policies - Additional Information (Details)
Description Of The Organization And Summary Of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details)
Description Of The Organization And Summary Of Significant Accounting Policies - The Transaction (Details)
Equity And Warrants
Equity And Warrants (Details)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Information Of Equity Method Investments (Details)
Equity Method Investments - Summarized Financial Information Of Equity Method Investments (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Intangible Asset (Details)
Goodwill And Intangible Assets, Net - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Reconciliation Of Tax Of Income Before Income Taxes And Total Tax Expense (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes - Total Provision (Benefit) For Income Taxes (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Liabilities (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Remaining Performance Obligations (Details)
Segments
Segments (Details)
Segments (Tables)
Series A Cumulative Redeemable Preferred Units
Series A Cumulative Redeemable Preferred Units (Tables)
Series A Cumulative Redeemable Preferred Units - Activity Related To Preferred Units (Details)
Series A Cumulative Redeemable Preferred Units - Additional Information (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: KNTK
CIK: 1692787
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-22-146429
Submitted to the SEC: Tue May 10 2022 5:07:48 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Thursday, March 31, 2022
Industry: Natural Gas Transmission

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