Altus Midstream Company (NASDAQ:ALTM) Q3 2019 Earnings Conference Call - Final Transcript
Oct 31, 2019 • 02:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Altus Midstream Third Quarter 2019 Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Patrick Cassidy, Director of Investor Relations. Thank you. You may begin, sir.
Good afternoon. Thank you for joining us on Altus Midstream Company's third 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 financial performance and outlook.
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 Midstream investor presentation, which can be found on our Investor Relations website at altusmidstream.com/investors.
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 investor presentation posted yesterday on the Investor Relations website previously noted.
Finally, I'd like to remind everyone that today's discussion 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.
Thank you and good afternoon. On our call today, we will review Altus Midstream's key accomplishments since our last call, provide an update on the Company's operational and financial performance, and briefly discuss our capital planning progress, including our guidance for this year and how we're looking at 2020. During the third quarter, Altus achieved a number of significant milestones. We brought our second cryogenic processing plant online meeting our schedule and budget expectations.
We exercised our option for the Shin Oak natural gas liquids pipeline. Shin Oak, which began operations earlier this year, completed the interconnection to Waha in June, and began moving Y-grade barrels from that hub to Mont Belvieu. At the end of September, Gulf Coast Express began full commercial service, delivering natural gas from the Permian Basin to the Gulf Coast. Looking ahead, we see reasons for optimism even with a lower commodity price environment and a lower upstream investment that can come from that.
Financially, we have ample liquidity to fund our business through and past the startup of the Permian Highway Pipeline in early 2021. The significant capital investments with our long-haul pipelines will be nearly complete by the end of next year. The combination of lower capital investments, combined with increasing earnings contributions primarily from our joint venture pipeline projects, reinforces our confidence in the ability to generate distributable cash flow and pay a dividend as planned in 2021.
Moving on to the quarter. We are executing