Altus Midstream Company (NASDAQ:ALTM) Q4 2019 Earnings Conference Call - Final Transcript
Feb 27, 2020 • 02:00 pm ET
Ladies and gentlemen thank you for standing by and welcome to the Altus Midstream Company Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today Mr. Patrick Cassidy. Thank you. Please go ahead.
Good afternoon and thank you for joining us on Altus Midstream Company's Fourth Quarter and Full year 2019 Financial and Operational Results Conference Call. We will begin the call with an overview by Altus Midstream 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 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 discussions will contain forward-looking estimates and assumptions based on our current views and reasonable expectations. Information being discussed today is based on estimates at this time and the final amounts in the Altus Midstream Form 10-K may be materially different than those on last night's earnings release or referenced in today's call. Altus Midstream's Form 10-K is expected to be filed next month upon completion of the audit of the financial statements for the year ended December 31 2019 for each of the pipeline entities in which we own an equity interest. A full disclaimer is located with the investor presentation on our website.
With that I will turn the call over to Clay.
Good afternoon and thank you for joining us. On our call today we'll highlight key accomplishments during 2019 and the recently completed fourth quarter provide an update on the operating environment we're facing today and offer an outlook for the year ahead. By nearly any measure 2019 was a challenging year. Prices for natural gas and natural gas liquids collapsed compared to historic levels. Basis differential out of Waha were volatile and generally weak and activity levels at Alpine High declined significantly from the prior year. Our fourth quarter and full year 2019 results include a $1.3 billion impairment related to a reduced Alpine High development outlook and weak commodity prices. Despite these challenges we largely accomplished the goals we set at the beginning of the year. We entered 2019 with an ambitious plan to exercise the remaining three options to acquire ownership in our long-haul pipeline projects secure financing for our capital plans without issuing common equity complete construction of three state-of-the-art cryogenic processing plants and conduct our operations to meet the highest safety and environmental standards in the industry. I am pleased to say we have accomplished all of those goals. The employees working