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Jun 30, 2021
Kinetik Q2 2021 Earnings Report
Altus Midstream reported second-quarter earnings, highlighting increased G&P volumes and revised upward 2021 G&P volumes and earnings guidance.
Key Takeaways
Altus Midstream Company reported a net income of $74 million for Q2 2021, which includes a $31 million non-cash unrealized gain. Adjusted EBITDA was $69 million. G&P throughput volumes averaged 447 MMcf per day, up 3% from the previous quarter.
Achieved lower operating costs for the eighth consecutive quarter while activity increased.
Gathering and processing (G&P) volumes increased, driven by new well connections.
2021 G&P volumes and earnings guidance revised upward.
Altus Midstream was cash flow positive for the second consecutive quarter.
Forward Guidance
Altus Midstream has adjusted its annual guidance based on its strong performance in the first half of the year. Gathered volume outlook raised to 415-430 million cubic feet per day. Adjusted EBITDA new range is now $260 million to $270 million for the year.
Positive Outlook
- Gathered volume outlook raised to 415-430 million cubic feet per day.
- Adjusted EBITDA new range is now $260 million to $270 million for the year.
- New wells recently brought online at Alpine High.
- Improved outlook for legacy production.
- Positioned to generate meaningful free cash flow for the remainder of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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