Altus Midstream Company (NASDAQ:ALTM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 02:00 pm ET


Altus Midstream Company (NASDAQ:ALTM) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Altus Midstream Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today to Mr. Patrick Cassidy, Director of Investor Relations. Thank you. Please go ahead, sir.

Patrick Cassidy

Good afternoon, and thank you for joining us on Altus Midstream Company's Second Quarter 2020 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 investor presentation, which can be found on 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 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. 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

Good afternoon and thank you for joining Altus on its second quarter 2020 conference call. I want to begin by noting that we continue to operate under newly established safety protocols to prevent the spread of the coronavirus. The impact on staff and operations to date has been minimal, with office staff working remotely, and field staff following best practices for minimizing contact with one another. I recognize the inconveniences and additional burden this can create, particularly for field personnel wearing full face mask and 100-degree West Texas heat. However, these practices are necessary to operate safely and protect our team, families, and neighbors. And I want to thank our team members for their diligence in these efforts. On today's call, will provide an update on our assets, beginning with our joint venture pipeline projects, then move on to gathering and processing with Ben Rodgers reviewing our financial performance for the second quarter and updating guidance for the remainder of 2020 and the full year 2021. Altus holds interest in four joint venture pipeline projects that move oil, gas and natural gas liquids from the Permian Basin to markets on the Gulf Coast. Three of these projects are currently in service: Gulf Coast Express, Shin Oak and EPIC Crude with the fourth Permian Highway under construction and on schedule for start-up in early 2021. I'll begin with the Gulf Coast Express natural gas pipeline, which is operated by Kinder Morgan and fully supported by minimum volume commitments. GCX continues to make steady contributions to