Press release
Altus Midstream Initiates Cash Dividend on Common Shares
Declares $1.50 per share quarterly dividend for annualized rate of $6 per share HOUSTON, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Altus Midstream Company (Nasdaq:
About this update from Apa Corporation
[{"type":"text","content":"Declares $1.50 per share quarterly dividend for annualized rate of $6 per share\nHOUSTON, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Altus Midstream Company (Nasdaq: ALTM) today announced that its board of directors has declared a cash dividend on the company's Class A common shares.\n The dividend on Class A common shares is payable March 31, 2021, to stockholders of record on Feb. 26, 2021, at a rate of $1.50 per share, which represents the first dividend on common shares since Altus Midstream was formed in 2018. “Given our healthy balance sheet and plan to generate free cash flow in 2021 and beyond, we believe the best path to deliver shareholder value is to return cash through a dividend,” said Clay Bretches, Altus Midstream CEO and president. “We expect earnings from our ownership in joint venture pipelines and our gathering and processing business, along with our relentless focus on cost reduction, will position us well for the foreseeable future. Our 2021 outlook is now trending above the midpoint of our gathered volumes, adjusted EBITDA and DCF guidance ranges provided on November 4, further solidifying our decision to pay a dividend.” The dividend on the Class A common shares is being funded by a distribution of approximately $24.4 million by Altus Midstream LP on its common units. Apache Corporation (Nasdaq: APA) has an economic interest in the partnership of approximately 79% through ownership of its common units and ALTM Class A common shares. About Altus Midstream Company Altus Midstream Company is a pure-play, Permian-to-Gulf Coast midstream C-corporation. Through its consolidated subsidiaries, Altus owns substantially all the gas gathering, processing and transmission assets servicing production from Apache Corporation in the Alpine High play in the Delaware Basin and owns equity interests in four Permian-to-Gulf Coast pipelines. Altus posts announcements, operational updates, investor information and press releases on its website, www.altusmidstream.com. Non-GAAP financial measures Certain information may be provided in this release that includes financial measurements that are not required by, or presented in accordance with, generally accepted accounting principles (GAAP). These non-GAAP measures, including adjusted EBITDA and distributable cash flow (DCF), should not be considered as alternatives to GAAP measures and m...