Kinetik Q1 2020 Earnings Report
Key Takeaways
Altus Midstream reported a net loss of $26.8 million for Q1 2020, which included a $62 million non-cash unrealized loss. However, the company's adjusted EBITDA was approximately $46.5 million. The company highlighted its strong liquidity position and a 15% reduction in operating costs.
Strong liquidity position through 2023 to execute capital investment program.
Three of four long-haul joint venture pipeline projects in service.
Permian Highway Pipeline is on schedule for early 2021 startup.
Operating costs reduced by 15% from Q4 2019 to Q1 2020.
Kinetik
Kinetik
Forward Guidance
The vast majority of capital for the remainder of 2020 will be directed to the completion of PHP and with the startup of that pipeline in early 2021, all four of the JV pipeline projects will be in service and contributing to Altus’ earnings.