Altus Midstream Company (NASDAQ:ALTM) Q1 2019 Earnings Conference Call - Final Transcript

May 02, 2019 • 02:00 pm ET


Altus Midstream Company (NASDAQ:ALTM) Q1 2019 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Altus Midstream First Quarter 2019 Earnings Conference Call. During today's presentation, all callers will be placed in a listen-only mode. And following management's prepared remarks, the conference call will be open for questions.

I would now like to turn the call over to Patrick Cassidy, Director of Investor Relations. Please go ahead, sir.

Patrick Cassidy

Good afternoon, and thank you for joining us on Altus Midstream Company's First Quarter 2019 Financial and Operational Results Conference Call. We will begin the call with an overview by Altus Midstream's CEO and President, Clay Bretches, and Ben Rodgers, CFO, will summarize our first quarter financial performance and provide an update to 2019 activities. Also available on the call to answer questions will be Jonathan Greenberg, Vice President of Corporate Development for Altus Midstream, and Craig Collins, Chief Operating Officer.

Our prepared remarks will be approximately 15 minutes in length with the remainder of the call allotted for Q&A. Remarks during the call may also refer to the Altus Midstream Investor Presentation, which can be found in our Investor Relations website at On today's conference call, we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the news release issued yesterday. Finally, I'd like to remind everyone that today's discussions will contain forward-looking estimates and assumptions based on our current views and reasonable expectations. However, a number of factors could cause actual results to differ materially from what we discuss today. A full disclaimer is located with the Investor Presentation on our website.

With that, I will turn the call over to Clay.

Clay Bretches

Thank you, and good afternoon. Today, we're going to review Altus Midstream's key accomplishments since our call in February, provide an update on the Company's operational and financial performance and highlight selected opportunities and activities underway to achieve future objectives, as we pursue our goal of becoming the premier midstream entity in the industry. Our efforts to date have been focused on building a company and organization that can deliver strong results across changing business activity levels and commodity price cycles.

Since the beginning of the year, we have worked closely with our sponsor, Apache Corporation, to maintain our focus on building out the infrastructure that adds value to production from Alpine High, delivers gathering and processing services timely and efficiently, and provides a midstream system that will serve for the full development life of the field. This is progressing well. Our first cryogenic processing plant is mechanically complete and on budget, with Trains 2 and 3 following closely behind. I will provide more details on this progress in a moment. Altus has also taken a number of steps to strengthen its financial position. As noted during its conference call this morning and in the news release last week, Apache is assisting Altus in managing its cost structure and reducing shared services costs. Altus expects no change to