10-Q Filing

KINETIK HOLDINGS INC. CIK: 1692787 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001673379-19-000018`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	a1q2019altusmidstream_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 46 Cash Flow Statement 49 Stockholders Equity 22

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$449.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$177.44M	USD	Point-in-time
Accounts receivable from Apache Corporation (Note 1)	`AccountsReceivableRelatedPartiesCurrent`	$28.96M	USD	Point-in-time
Accounts receivable from Apache Corporation (Note 1)	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Revenue receivables (Note 3)	`UnbilledReceivablesCurrent`	$11.53M	USD	Point-in-time
Revenue receivables (Note 3)	`UnbilledReceivablesCurrent`	$10.91M	USD	Point-in-time
Inventories and other	`InventoryNet`	$5.94M	USD	Point-in-time
Inventories and other	`InventoryNet`	$5.80M	USD	Point-in-time
Prepaid assets and other	`PrepaidExpenseAndOtherAssetsCurrent`	$2.18M	USD	Point-in-time
Prepaid assets and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$468.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$226.04M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$1.25B	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$1.39B	USD	Point-in-time
Less: Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$31.61M	USD	Point-in-time
Less: Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.32M	USD	Point-in-time
Total property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.36B	USD	Point-in-time
Total property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.23B	USD	Point-in-time
Equity method interests	`EquityMethodInvestments`	$91.10M	USD	Point-in-time
Equity method interests	`EquityMethodInvestments`	$209.40M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$67.22M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$67.56M	USD	Point-in-time
Deferred charges and other	`DeferredCostsAndOtherAssets`	$3.73M	USD	Point-in-time
Deferred charges and other	`DeferredCostsAndOtherAssets`	$5.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$162.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$282.23M	USD	Point-in-time
Total assets	`Assets`	$1.87B	USD	Point-in-time
Total assets	`Assets`	$1.86B	USD	Point-in-time
Accounts payable to Apache Corporation (Note 1)	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accounts payable to Apache Corporation (Note 1)	`AccountsPayableRelatedPartiesCurrent`	$13.60M	USD	Point-in-time
Current debt (Note 6)	`DebtCurrent`	$29.00M	USD	Point-in-time
Current debt (Note 6)	`DebtCurrent`	-	USD	Point-in-time
Other current liabilities (Note 7)	`OtherLiabilitiesCurrent`	$72.05M	USD	Point-in-time
Other current liabilities (Note 7)	`OtherLiabilitiesCurrent`	$84.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$98.52M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$30.22M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$29.37M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.64M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.73M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$1.50M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Noncurrent liabilities	`LiabilitiesNoncurrent`	$34.45M	USD	Point-in-time
Noncurrent liabilities	`LiabilitiesNoncurrent`	$32.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$135.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$130.53M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.94B	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.50B	USD	Point-in-time
Redeemable noncontrolling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$440.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-213.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-212.65M	USD	Point-in-time
Total equity	`StockholdersEquity`	$-213.71M	USD	Point-in-time
Total equity	`StockholdersEquity`	$228.01M	USD	Point-in-time
Total equity	`StockholdersEquity`	$671.21M	USD	Point-in-time
Total equity	`StockholdersEquity`	$556.05M	USD	Point-in-time
Total liabilities, noncontrolling interest, and equity	`LiabilitiesAndStockholdersEquity`	$1.87B	USD	Point-in-time
Total liabilities, noncontrolling interest, and equity	`LiabilitiesAndStockholdersEquity`	$1.86B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Midstream services revenue affiliate (Note 3)	`RevenueFromContractWithCustomerIncludingAssessedTax`	$33.85M	USD	1 Quarter
Midstream services revenue affiliate (Note 3)	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.10M	USD	1 Quarter
Total revenues	`Revenues`	$33.85M	USD	1 Quarter
Total revenues	`Revenues`	$12.10M	USD	1 Quarter
Operations and maintenance	`CostOfGoodsAndServicesSold`	$10.99M	USD	1 Quarter
Operations and maintenance	`CostOfGoodsAndServicesSold`	$16.40M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.62M	USD	1 Quarter
Depreciation and accretion	`DepreciationDepletionAndAmortization`	$3.71M	USD	1 Quarter
Depreciation and accretion	`DepreciationDepletionAndAmortization`	$7.65M	USD	1 Quarter
Taxes other than income	`TaxesOther`	$2.58M	USD	1 Quarter
Taxes other than income	`TaxesOther`	$3.35M	USD	1 Quarter
Gathering, processing, and transmission	`CostOfGoodsAndServicesSold`	$10.99M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$29.62M	USD	1 Quarter
Gathering, processing, and transmission	`CostOfGoodsAndServicesSold`	$16.40M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$19.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.99M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-7.57M	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$4.23M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.62M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	-	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$2.16M	USD	1 Quarter
Income from equity method interests	`IncomeLossFromEquityMethodInvestments`	$270.00K	USD	1 Quarter
Income from equity method interests	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Total other income	`OtherNonoperatingIncome`	$2.43M	USD	1 Quarter
Total other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Financing costs, net of capitalized interest	`InterestCostsIncurred`	$508.00K	USD	1 Quarter
Financing costs, net of capitalized interest	`InterestCostsIncurred`	-	USD	1 Quarter
NET INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.15M	USD	1 Quarter
NET INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.57M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$5.04M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$426.00K	USD	1 Quarter
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST	`ProfitLoss`	$-12.61M	USD	1 Quarter
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST	`ProfitLoss`	$5.73M	USD	1 Quarter
Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$4.63M	USD	1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.61M	USD	1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	74.93M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	139.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	139.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	324.93M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) including noncontrolling interest	`ProfitLoss`	$-12.61M	USD	1 Quarter
Net income (loss) including noncontrolling interest	`ProfitLoss`	$5.73M	USD	1 Quarter
Depreciation and accretion	`DepreciationDepletionAndAmortization`	$3.71M	USD	1 Quarter
Depreciation and accretion	`DepreciationDepletionAndAmortization`	$7.65M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$5.04M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$426.00K	USD	1 Quarter
Income from equity method interests	`IncomeLossFromEquityMethodInvestments`	$270.00K	USD	1 Quarter
Income from equity method interests	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Adjustment for non-cash transactions with affiliate	`AdjustmentForNonCashTransactionsWithAffiliate`	$-751.00K	USD	1 Quarter
Adjustment for non-cash transactions with affiliate	`AdjustmentForNonCashTransactionsWithAffiliate`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$201.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$108.92M	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$29.79M	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$157.00K	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$139.00K	USD	1 Quarter
(Increase) decrease in prepaid and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	1 Quarter
(Increase) decrease in prepaid and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$809.00K	USD	1 Quarter
(Increase) decrease in revenue receivables (Note 3)	`IncreaseDecreaseInContractWithCustomerAsset`	$-937.00K	USD	1 Quarter
(Increase) decrease in revenue receivables (Note 3)	`IncreaseDecreaseInContractWithCustomerAsset`	$612.00K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.84M	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$2.65M	USD	1 Quarter
Increase (decrease) in accounts payable to affiliate	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Increase (decrease) in accounts payable to affiliate	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-4.37M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$10.05M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	-	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$164.52M	USD	1 Quarter
Contributions to equity method interest	`EquityMethodInvestmentContribution`	-	USD	1 Quarter
Contributions to equity method interest	`EquityMethodInvestmentContribution`	$66.22M	USD	1 Quarter
Acquisition of equity method interest	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Acquisition of equity method interest	`PaymentsToAcquireEquityMethodInvestments`	$51.81M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-282.55M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-272.50M	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$449.94M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$177.44M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$449.94M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$177.44M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$108.92M	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$29.79M	USD	1 Quarter
Finance lease liability	`FinanceLeaseLiability`	$29.00M	USD	Point-in-time
Interest paid, net of capitalized interest	`InterestPaidNet`	$232.00K	USD	1 Quarter
Interest paid, net of capitalized interest	`InterestPaidNet`	-	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-213.71M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$228.01M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$671.21M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$556.05M	USD	Point-in-time
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$127.77M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.61M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	1 Quarter
Change in redemption value of noncontrolling interest	`MinorityInterestChangeInRedemptionValue`	$440.63M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-213.71M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$228.01M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$671.21M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$556.05M	USD	Point-in-time
Beginning balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.94B	USD	Point-in-time
Beginning balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time
Beginning balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.50B	USD	Point-in-time
Beginning balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time
Net income	`TemporaryEquityNetIncome`	$4.63M	USD	1 Quarter
Change in redemption value of noncontrolling interest	`MinorityInterestChangeInRedemptionValue`	$440.63M	USD	1 Quarter
Ending balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.94B	USD	Point-in-time
Ending balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time
Ending balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.50B	USD	Point-in-time
Ending balance	`RedeemableNoncontrollingInterestEquityCarryingAmount`	-	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.