APACHE AND KAYNE ANDERSON ACQUISITIONS FORM ALTUS MIDSTREAM
Houston-based Apache Corp. and Kayne Anderson Acquisition Corp. (KAAC) agreed to form Altus Midstream, a pure-play Permian Basin midstream operator to hold substantially all of Apache’s gathering, processing and transportation assets in the No. 1 prospect Alpine High.
Altus Midstream LP would be jointly owned and structured as a C-corporation anchored by Apache’s West Texas assets in the Delaware sub-basin. Altus also would hold options to gain equity participation in five natural gas, natural gas liquids (NGL) and crude oil pipeline projects under construction or proposed that would traverse the Permian to various points on the Texas coast.
“The transaction with Kayne Anderson Acquisition Corp. creates a premier midstream enterprise to service Alpine High, an enormous, highly economic upstream resource base in the Permian Basin, the most active oil and gas region in the world,” said Apache CEO John Christmann IV. Alpine High, he noted, contains more than 5,000 feet of vertical hydrocarbon bearing formations across close to 340,000 contiguous net acres.
Apache initially would own 71% of Altus Midstream and could increase its stakes to 74% based on performance earnouts. (Source: Apache)
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