Altus Midstream Announces First Cryogenic Processing Train in Service at Alpine High
May 30 2019 - 8:30AM
Altus Midstream Company (“Altus”) (NASDAQ: ALTM) today announced
that the first of its three new cryogenic processing trains at the
Diamond Cryo Complex in Alpine High is now processing rich natural
gas and delivering natural gas liquids (NGLs) and residue gas to
sales.
This initial facility is the first of three units scheduled to
begin operations in 2019, with aggregate nameplate capacity of 600
million cubic feet (MMcf) per day, which can produce an estimated
60,000 to 75,000 barrels of NGLs per day at Alpine High for Altus’
primary customer, Apache (NYSE, NASDAQ: APA). “We are thrilled to
have the first unit of the Diamond Cryo Complex in service and
quickly increasing volumes towards nameplate capacity of 200 MMcf
per day,” said Altus CEO and President Clay Bretches. “This is just
the beginning for Altus. By the end of 2019, we expect to triple
our cryogenic processing capacity at Alpine High with the
in-service of train #2 in July and train #3 in the fourth quarter
of this year. Trains #2 and #3 are proceeding on-budget and
on-schedule.
"These cryogenic processing facilities feature state-of-the-art
SRX processing technology, which optimizes processing economics
with better NGL recoveries in both ethane recovery and rejection
mode versus more commonly used processing methods in the Permian
Basin. Better recoveries will drive enhanced netbacks for Apache
and provide a competitive advantage to Altus for third-party
business.”
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 of the
gas gathering, processing and transportation
assets servicing Apache Corporation’s
production in the Alpine High play in the Delaware
Basin and owns, or has the option to own, joint venture equity
interests in five Permian Basin pipelines, four of which go to
various points along the Texas Gulf Coast. Altus posts
announcements, operational updates, investor information and press
releases on its website, www.altusmidstream.com.
Forward-Looking Statements
This news release includes certain statements that may
constitute “forward-looking statements” for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “seeks,” “possible,” “potential,”
“predict,” “project,” “guidance,” “outlook,” “should,” “would,”
“will,” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. These statements include, but are
not limited to, statements about future plans, expectations, and
objectives for Altus’, Altus Midstream’s, and/or Apache’s
operations, including statements about our strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects, plans, and objectives of management.
While forward-looking statements are based on assumptions and
analyses made by us that we believe to be reasonable under the
circumstances, whether actual results and developments will meet
our expectations and predictions depend on a number of risks and
uncertainties which could cause our actual results, performance,
and financial condition to differ materially from our expectations.
See "Risk Factors" in our Annual Report Form 10-K for the fiscal
year ended December 31, 2018, filed with the Securities
and Exchange Commission for a discussion of risk factors that
affect our business. Any forward-looking statement made by us in
this news release speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future development or otherwise, except as may be required by
law.
Contacts
Investors: (281) 302-2286 Gary
Clark
Media: (713) 296-7276
Castlen Kennedy
Apache (NYSE:APA)
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