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)
- OCEAN GREATWHITE WORLD’S LAGEST DRILLING SEMI-SUBMERSIBLE ARRIVES AT KISHORN PORT 18th January 2019
- NEW HORIZONS MAKES HISTORIC FLYBY OF ULTIMA THULE 01st January 2019
- NASA: ARCTIC ICE GROWS AT FASTER PACE IN WINTER 29th December 2018
- TRANSOCEAN AWARDED FIVE-YEAR CONTRACT FOR NEWBUILD ULTRA-DEEPWATER DRILLSHIP 29th December 2018
- SHELL PRELUDE FLNG FACILITY STARTS PRODUCTION IN WESTERN AUSTRALIA 26th December 2018
- AASTA HANSTEEN GAS FIELD ON STREAM 18th December 2018