Kinetik (KNTK) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38048
Entity Registrant Name	Altus Midstream Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4675947
Entity Address, Address Line One	One Post Oak Central, 2000 Post Oak Boulevard, Suite 100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-4400
City Area Code	713
Local Phone Number	296-6000
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	ALTM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001692787
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,746,460
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,500,000

STATEMENT OF CONSOLIDATED OPERA

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Midstream services revenue — affiliate (Note 2)		$ 31,616	$ 24,139	$ 72,383	$ 57,985
COSTS AND EXPENSES:
Operations and maintenance	[1]	9,508	14,005	20,099	30,403
General and administrative	[2]	2,988	2,081	7,166	5,072
Depreciation and accretion		4,062	9,107	7,976	16,758
Taxes other than income		3,347	3,888	6,790	6,463
Total costs and expenses		19,905	29,081	42,031	58,696
OPERATING INCOME (LOSS)		11,711	(4,942)	30,352	(711)
OTHER INCOME (LOSS):
Unrealized derivative instrument loss		(10,585)	0	(72,569)	0
Interest income		2	806	9	2,967
Income (loss) from equity method interests, net		16,923	(1,297)	33,221	(1,028)
Other		(97)	(17)	(274)	(17)
Total other income (loss)		6,243	(508)	(39,613)	1,922
Financing costs, net of capitalized interest		292	478	565	986
NET INCOME (LOSS) BEFORE INCOME TAXES		17,662	(5,928)	(9,826)	225
Current income tax benefit		0	0	(696)	0
Deferred income tax benefit		0	(430)	0	(5)
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS		17,662	(5,498)	(9,130)	230
Net income attributable to Preferred Unit limited partners		18,764	4,143	37,026	4,143
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS		(1,102)	(9,641)	(46,156)	(3,913)
Net loss attributable to Apache limited partner		(847)	(7,348)	(36,048)	(2,720)
NET LOSS ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS		$ (255)	$ (2,293)	$ (10,108)	$ (1,193)
NET LOSS ATTRIBUTABLETO CLASS A COMMON SHAREHOLDERS, PER SHARE
Basic (in USD per share)	[3]	$ (0.07)	$ (0.61)	$ (2.70)	$ (0.32)
Diluted (in USD per share)	[3]	$ (0.07)	$ (0.61)	$ (2.84)	$ (0.32)
WEIGHTED AVERAGE SHARES
Basic (in shares)	[3]	3,746	3,746	3,746	3,746
Diluted (in shares)	[3]	3,746	3,746	16,246	3,746
[1]	Includes amounts of $1.3 million and $2.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $2.8 million and $4.9 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .
[2]	Includes amounts of $1.6 million and $1.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $3.6 million and $2.6 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .
[3]	er share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 9—Equity for further information.

STATEMENT OF CONSOLIDATED OPE_2

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gathering, processing, and transmission	[1]	$ 9,508	$ 14,005	$ 20,099	$ 30,403
General and administrative	[2]	2,988	2,081	7,166	5,072
Affiliated Entity | Service Agreements | Apache
Gathering, processing, and transmission		1,300	2,000	2,800	4,900
General and administrative		$ 1,600	$ 1,000	$ 3,600	$ 2,600
[1]	Includes amounts of $1.3 million and $2.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $2.8 million and $4.9 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .
[2]	Includes amounts of $1.6 million and $1.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $3.6 million and $2.6 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	$ 17,662	$ (5,498)	$ (9,130)	$ 230
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Share of equity method interests other comprehensive income (loss)	390	(1,043)	(794)	(1,043)
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	18,052	(6,541)	(9,924)	(813)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS	(165)	(2,493)	(10,291)	(1,393)
Preferred Unit limited partners
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income (loss) attributable to noncontrolling interest	18,764	4,143	37,026	4,143
Apache limited partner
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income (loss) attributable to noncontrolling interest	$ (547)	$ (8,191)	$ (36,659)	$ (3,563)

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents		$ 1,880	$ 5,983
Accounts receivable from Apache Corporation (Note 1)		0	5,195
Revenue receivables (Note 3)		13,572	15,461
Inventories		3,771	4,027
Prepaid assets and other		1,713	1,071
Total current assets		20,936	31,737
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment		214,389	207,270
Less: Accumulated depreciation and amortization		(7,085)	(1,468)
Total property, plant and equipment, net		207,304	205,802
OTHER ASSETS:
Equity method interests		1,408,479	1,258,048
Deferred charges and other		5,524	5,267
Other assets		1,414,003	1,263,315
Total assets		1,642,243	1,500,854
CURRENT LIABILITIES:
Accounts payable to Apache Corporation (Note 1)		165	0
Current debt (Note 5)		0	9,767
Other current liabilities (Note 6)		11,941	23,925
Total current liabilities		12,106	33,692
LONG-TERM DEBT		493,000	396,000
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Asset retirement obligation		62,041	60,095
Embedded derivative		175,498	102,929
Other non-current liabilities		5,998	4,614
Noncurrent liabilities		243,537	167,638
Total liabilities		748,643	597,330
COMMITMENTS AND CONTINGENCIES (Note 7)
Redeemable noncontrolling interest — Apache limited partner		230,631	701,000
Redeemable noncontrolling interest — Preferred Unit limited partners		592,625	555,599
EQUITY:
Additional paid-in capital		473,532	39,822
Accumulated deficit		(402,741)	(392,633)
Accumulated other comprehensive loss		(449)	(266)
Total equity		70,344	(353,075)
Total liabilities, noncontrolling interests, and equity		1,642,243	1,500,854
Class A Common Stock
EQUITY:
Common stock	[1]	1	1
Class C Common Stock
EQUITY:
Common stock	[1]	$ 1	$ 1
[1]	Share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 9—Equity for further information.

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	3,746,460	3,746,460
Common stock, shares outstanding (in shares)	3,746,460	3,746,460
Class C Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	12,500,000	12,500,000
Common stock, shares outstanding (in shares)	12,500,000	12,500,000

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interests		$ (9,130)	$ 230
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized derivative instrument loss		72,569	0
Depreciation and accretion		7,976	16,758
Deferred income tax benefit		0	(5)
Income (loss) from equity method interests, net		(33,221)	1,028
Distributions from equity method interests		37,536	0
Other		489	(564)
Changes in operating assets and liabilities:
(Increase) decrease in inventories		256	(484)
Increase in prepaid assets and other		(642)	(311)
Decrease in revenue receivables (Note 2)		1,889	1,930
(Increase) decrease in account receivables from/payable to affiliate		1,301	(3,347)
Increase in accrued expenses		6,392	6,453
Increase deferred credits and noncurrent liabilities		1,382	0
NET CASH PROVIDED BY OPERATING ACTIVITIES		86,797	21,688
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	[1]	(26,520)	(259,295)
Proceeds from sale of assets		6,773	0
Contributions to equity method interests		(154,386)	(210,238)
Distributions from equity method interests		4,211	0
Acquisition of equity method interests		0	(228,165)
Capitalized interest paid		(5,373)	0
NET CASH USED IN INVESTING ACTIVITIES		(175,295)	(697,698)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redeemable noncontrolling interest — Preferred Unit limited partners, net		0	611,249
Proceeds from revolving credit facility		97,000	0
Finance lease		(11,789)	(7,462)
Deferred facility fees		(816)	(792)
NET CASH PROVIDED BY FINANCING ACTIVITIES		84,395	602,995
DECREASE IN CASH AND CASH EQUIVALENTS		(4,103)	(73,015)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		5,983	449,935
CASH AND CASH EQUIVALENTS AT END OF PERIOD		1,880	376,920
SUPPLEMENTAL CASH FLOW DATA:
Accrued capital expenditures	[2]	1,409	30,330
Finance lease liability	[3]	0	29,000
Interest paid, net of capitalized interest		0	1,493
Cash received for income tax refunds		$ 696	$ 0
[1]	Following the Business Combination (as defined herein), capital expenditure amounts represent the portion of the total settlements with Apache in the period that are capital in nature, pursuant to the terms of the Construction, Operations and Maintenance Agreement (COMA). Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Transactions with Affiliates for more information.
[2]	Includes $0.7 million due to Apache and $3.6 million due from Apache for the six months ended June 30, 2020 and 2019 , respectively, pursuant to the terms of the COMA. Refer to Note 2—Transactions with Affiliates for more information.
[3]	The Company entered into a finance lease in the first quarter of 2019 for power generators, which ended during the first quarter of 2020. The Company then exercised its option to purchase the generators

STATEMENT OF CONSOLIDATED CAS_2

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Accrued capital expenditures	[1]	$ 1,409	$ 30,330
Affiliated Entity | Apache
Accrued capital expenditures		$ 700	$ 3,600
[1]	Includes $0.7 million due to Apache and $3.6 million due from Apache for the six months ended June 30, 2020 and 2019 , respectively, pursuant to the terms of the COMA. Refer to Note 2—Transactions with Affiliates for more information.

STATEMENT OF CONSOLIDATED CHANG

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) - USD ($) $ in Thousands		Total	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Preferred Unit limited partners		Redeemable Noncontrolling Interest — Apache Limited Partner	Class A Common Stock	Class A Common StockCommon Stock		Class C Common Stock	Class C Common StockCommon Stock
Beginning balance at Dec. 31, 2018						$ 0	[1]	$ 1,940,500
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A Cumulative Redeemable Preferred Units						516,790
Net income (loss)								(2,720)
Accretion of redeemable noncontrolling interest		$ 779		$ 779		779
Change in redemption value of noncontrolling interests		664,285	$ 473,502	190,783				(664,285)
Accumulated other comprehensive income (loss)								(843)
Ending balance at Jun. 30, 2019						520,933	[1]	1,272,652
Beginning balance, shares (in shares) at Dec. 31, 2018										3,746,000			12,500,000
Beginning balance at Dec. 31, 2018		(213,714)	30	(213,746)	$ 0					$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(414)		(414)		3,364
Accretion of redeemable noncontrolling interest		779		779		779
Change in redemption value of noncontrolling interests		664,285	473,502	190,783				(664,285)
Accumulated other comprehensive income (loss)		(200)			(200)
Ending balance, shares (in shares) at Jun. 30, 2019	[2]									3,746,000			12,500,000
Ending balance at Jun. 30, 2019		449,178	473,532	(24,156)	(200)					$ 1			$ 1
Beginning balance at Mar. 31, 2019						0	[1]	1,504,500
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A Cumulative Redeemable Preferred Units		0				516,790
Net income (loss)						3,364		(7,348)
Accretion of redeemable noncontrolling interest		779		779		779
Change in redemption value of noncontrolling interests		223,657	32,874	190,783				(223,657)
Accumulated other comprehensive income (loss)								(843)
Ending balance at Jun. 30, 2019						520,933	[1]	1,272,652
Beginning balance, shares (in shares) at Mar. 31, 2019	[2]									3,746,000			12,500,000
Beginning balance at Mar. 31, 2019		228,014	440,658	(212,646)	0					$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(1,514)		(1,514)
Accretion of redeemable noncontrolling interest		779		779		779
Change in redemption value of noncontrolling interests		223,657	32,874	190,783				(223,657)
Accumulated other comprehensive income (loss)		(200)			(200)
Ending balance, shares (in shares) at Jun. 30, 2019	[2]									3,746,000			12,500,000
Ending balance at Jun. 30, 2019		449,178	473,532	(24,156)	(200)					$ 1			$ 1
Beginning balance at Dec. 31, 2019						555,599	[1]	701,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)						37,026	[1]	(36,048)
Change in redemption value of noncontrolling interests		433,710	433,710					(433,710)
Accumulated other comprehensive income (loss)								(611)
Ending balance at Jun. 30, 2020						592,625	[1]	230,631
Beginning balance, shares (in shares) at Dec. 31, 2019									3,746,460	3,746,000		12,500,000	12,500,000
Beginning balance at Dec. 31, 2019		(353,075)	39,822	(392,633)	(266)					$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(10,108)		(10,108)
Change in redemption value of noncontrolling interests		433,710	433,710					(433,710)
Accumulated other comprehensive income (loss)		(183)			(183)
Ending balance, shares (in shares) at Jun. 30, 2020									3,746,460	3,746,000	[2]	12,500,000	12,500,000	[2]
Ending balance at Jun. 30, 2020		70,344	473,532	(402,741)	(449)					$ 1			$ 1
Beginning balance at Mar. 31, 2020						573,861	[1]	231,178
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)						18,764	[1]	(847)
Accumulated other comprehensive income (loss)								300
Ending balance at Jun. 30, 2020						$ 592,625	[1]	$ 230,631
Beginning balance, shares (in shares) at Mar. 31, 2020	[2]									3,746,000			12,500,000
Beginning balance at Mar. 31, 2020		70,509	473,532	(402,486)	(539)					$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(255)		(255)
Accumulated other comprehensive income (loss)		90			90
Ending balance, shares (in shares) at Jun. 30, 2020									3,746,460	3,746,000	[2]	12,500,000	12,500,000	[2]
Ending balance at Jun. 30, 2020		$ 70,344	$ 473,532	$ (402,741)	$ (449)					$ 1			$ 1
[1]	Certain redemption features embedded within the Preferred Units require bifurcation and measurement at fair value. For further detail, refer to Note 10—Series A Cumulative Redeemable Preferred Units .
[2]	Share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 9—Equity for further information.

NATURE OF OPERATIONS AND ORGANI

NATURE OF OPERATIONS AND ORGANIZATION	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND ORGANIZATION	Nature of Operations Through its consolidated subsidiaries, the Company owns gas gathering, processing and transmission assets in the Permian Basin of West Texas. Construction on the assets began in the fourth quarter of 2016, and operations commenced in the second quarter of 2017. Additionally, the Company owns equity interests in four separate Permian Basin pipeline entities that have or will have access to various points along the Texas Gulf Coast. The Company’s operations consist of one reportable segment. Organization The Company originally incorporated on December 12, 2016 in Delaware under the name Kayne Anderson Acquisition Corp. (KAAC), for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. KAAC completed its initial public offering in the second quarter of 2017. On August 3, 2018, Altus Midstream LP was formed in Delaware as a limited partnership and wholly-owned subsidiary of KAAC. On August 8, 2018, KAAC and Altus Midstream LP entered into a contribution agreement (the Contribution Agreement) with certain wholly-owned subsidiaries of Apache , including the Altus Midstream Entities. The Altus Midstream Entities comprise four Delaware limited partnerships (collectively, Altus Midstream Operating) and their general partner (Altus Midstream Subsidiary GP LLC, a Delaware limited liability company), formed by Apache between May 2016 and January 2017 for the purpose of acquiring, developing, and operating midstream oil and gas assets in the Alpine High resource play and surrounding areas (Alpine High). On November 9, 2018 (the Closing Date) and pursuant to the terms of the Contribution Agreement, KAAC acquired from Apache the entire equity interests of the Altus Midstream Entities and options to acquire equity interests in five separate third-party pipeline projects (the Pipeline Options). The acquisition of the entities and the Pipeline Options is referred to herein as the Business Combination. In exchange, the consideration provided to Apache included economic voting and non-economic voting shares in KAAC and common units representing limited partner interests in Altus Midstream LP (Common Units). Following the Closing Date and in connection with the completion of the Business Combination, KAAC changed its name to Altus Midstream Company. Ownership of Altus Midstream LP Following the Closing Date and in connection with the completion of the Business Combination, the Company’s wholly-owned subsidiary, Altus Midstream GP LLC, a Delaware limited liability company (Altus Midstream GP), is the sole general partner of Altus Midstream LP. The Company operates its business through Altus Midstream LP and its subsidiaries, which include Altus Midstream Operating. The Company holds approximately 23.1 percent of the outstanding Common Units, and a controlling interest in Altus Midstream, while Apache holds the remaining 76.9 percent .

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Principles of Consolidation The consolidated financial results of Altus Midstream are included in the Company’s consolidated financial statements due to the Company’s 100 percent ownership interest in Altus Midstream GP, and Altus Midstream GP’s control of Altus Midstream. The Company has no independent operations or material assets other than its partnership interests in Altus Midstream, which constitutes all of its business. Additionally, the Company’s balance sheet reflects the presentation of noncontrolling interest ownership attributable to the limited partner interests in Altus Midstream held by Apache and the Series A Cumulative Redeemable Preferred Units holders (the Preferred Units). Refer to Note 9—Equity and Note 10—Series A Cumulative Redeemable Preferred Units for further information. Variable Interest Entity Altus Midstream is a variable interest entity (VIE) because the partners in Altus Midstream with equity at risk lack the power, through voting or similar rights, to direct the activities that most significantly impact Altus Midstream’s economic performance. A reporting entity that concludes it has a variable interest in a VIE must evaluate whether it has a controlling financial interest in the VIE, such that it is the VIE’s primary beneficiary and should consolidate. The Company is the primary beneficiary of Altus Midstream, and therefore should consolidate Altus Midstream because (i) the Company has the ability to direct the activities of Altus Midstream that most significantly affect its economic performance, and (ii) the Company has the right to receive benefits or the obligation to absorb losses that could be potentially significant to Altus Midstream. Redeemable Noncontrolling Interest — Apache Limited Partner The Company’s redeemable noncontrolling interest presented in the consolidated financial statements consists of Common Units representing limited partner interests in Altus Midstream held by Apache. Pursuant to certain provisions of the partnership agreement of Altus Midstream (as amended in connection with the Business Combination, and subsequent issuance of Preferred Units, the Amended LPA), the limited partner interests held by Apache are equal to the number of shares of the Company’s Class C common stock, $0.0001 par value (Class C Common Stock), held by Apache. The Company initially recorded the redeemable noncontrolling interest upon the issuance of the Common Units to Apache as part of the Business Combination and based on the recapitalization value ascribed at the Closing Date to the limited partner interest. All or a portion of these Common Units may be redeemed at Apache’s option. The Company has the ability to settle the redemption option either (i) in shares of Class A common stock, $0.0001 par value (Class A Common Stock), on a one -for-one basis or (ii) in cash (based on the fair market value of the Class A Common Stock as determined pursuant to the Contribution Agreement), subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. Upon the future redemption or exchange of Common Units held by Apache, a corresponding number of shares of Class C Common Stock will be cancelled. The Company’s policy is to record the redeemable noncontrolling interest represented by the Common Units held by Apache at the higher of (i) its initial fair value plus accumulated earnings/losses associated with the noncontrolling interest or (ii) the redemption value as of the balance sheet date. See discussion and additional detail further discussed in Note 9—Equity . Redeemable Noncontrolling Interest — Preferred Unit Limited Partners On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering, and the purchasers of the Preferred Units were admitted as limited partners of Altus Midstream. The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing or upon the occurrence of specified events, unless otherwise redeemed by Altus Midstream. The Preferred Units are accounted for on the Company’s consolidated balance sheets as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units. Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value and are accounted for on the Company’s consolidated balance sheet as a long-term liability embedded derivative. See discussion and additional detail further discussed in Note 10—Series A Cumulative Redeemable Preferred Units . Equity Method Interests The Company follows the equity method of accounting when it does not exercise control over its equity interests, but can exercise significant influence over the operating and financial policies of the entity. Under this method, the equity interests are carried originally at acquisition cost, increased by Altus’ proportionate share of the equity interest’s net income and contributions made by Altus, and decreased by Altus’ proportionate share of the equity interest’s net losses and distributions received by Altus. Please refer to Note 8—Equity Method Interests , for further details of the Company’s equity method interests. Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements, and changes in these estimates are recorded when known. Fair Value Measurements Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Embedded features identified within the Company’s agreements are bifurcated and measured at fair value at the end of each period on the Company’s consolidated balance sheet. Such recurring fair value measurements are presented in further detail in Note 13—Fair Value Measurements . The Company also uses fair value measurements on a nonrecurring basis when certain qualitative assessments of its assets indicate a potential impairment. Accounts Receivable From/Payable To Apache The accounts receivable from or payable to Apache represent the net result of Altus Midstream’s monthly revenue, capital and operating expenditures, and other miscellaneous transactions to be settled with Apache as provided under the COMA between the two entities. Generally, cash in this amount will be transferred to or from Apache in the month after the Company’s transactions are processed and the net results of operations are determined. However, from time to time, the Company may estimate and transfer the cash settlement amount in the month the transactions are processed, in order to minimize related-party working capital balances. See discussion and additional detail in Note 2—Transactions with Affiliates . Change in Accounting Policy Historically, the Company reported income and loss from equity method interests on a one-month reporting lag. Effective October 1, 2019, the Company eliminated this one-month reporting lag. In accordance with ASC 810-10-45-13, “A Change in the Fiscal Year-End Lag Between Subsidiary and Parent” (ASC 810), the elimination of this previously existing reporting lag is considered a voluntary change in accounting principle in accordance with ASC 250-10-50, “Change in Accounting Principle.” The Company believes that this change in accounting principle is preferable as it provides the Company with the ability to present the results of its equity method interests for the same period as all other consolidated results of the Company, which improves overall financial reporting to investors by providing the most current information available. The Company has not retrospectively applied the change in accounting principle since its impact to the consolidated balance sheet and related statements of operations and cash flows was immaterial for all periods. For more information on equity method interests owned by the Company, please refer to Note 8—Equity Method Interests . Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments-Credit Losses.” The standard changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans, and other financial assets measured at amortized cost. This ASU requires the use of a new forward-looking “expected loss” model compared to the current “incurred loss” model, resulting in accelerated recognition of credit losses. The Company adopted this standard in the first quarter of 2020 with no material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This pronouncement is part of the Simplification Initiative and simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC Topic 740 “Income Taxes.” In addition, the amendment improves consistent application of and simplifies GAAP for other areas of ASC Topic 740 by clarifying and amending existing guidance. This update is effective for the Company beginning in the first quarter of 2021, with early adoption permitted. The Company early adopted this standard in the first quarter of 2020 with no material impact on its financial statements.

TRANSACTIONS WITH AFFILIATES

TRANSACTIONS WITH AFFILIATES	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
TRANSACTIONS WITH AFFILIATES	TRANSACTIONS WITH AFFILIATES Revenues The Company has contracted to provide services including gas gathering, compression, processing, transmission, and NGL transmission, pursuant to acreage dedications provided by Apache, comprising the entire Alpine High acreage. In accordance with the terms of these agreements, the Company receives prescribed fees based on the type and volume of product for which the services are provided. For the periods presented, the Company’s only significant customer was Apache. Revenues generated under these agreements are presented on the Company’s statement of consolidated operations as “Midstream services revenue — affiliate.” Revenues earned that have not yet been invoiced to Apache are presented on the Company’s consolidated balance sheet as “Revenue receivables.” Refer to Note 3—Revenue Recognition for further discussion. Cost and Expenses The Company has no employees, and prior to the Business Combination, the Company had no banking or cash management facilities. As such, the Company has contracted with Apache to receive certain operational, maintenance, and management services. In accordance with the terms of these agreements, the Company incurred operations and maintenance expenses of $1.3 million and $2.0 million for the three months ended June 30, 2020 and 2019 , respectively, and $2.8 million and $4.9 million for the six months ended June 30, 2020 and 2019 , respectively. The Company incurred general and administrative (G&A) expenses of $1.6 million and $1.0 million for the three months ended June 30, 2020 and 2019 , respectively, and $3.6 million and $2.6 million for the six months ended June 30, 2020 and 2019 , respectively, including expenses related to the operational services agreement and the COMA as further described below. Further information on the related-party operating lease agreement in place during the period is also provided below. Construction, Operations and Maintenance Agreement At the closing of the Business Combination, the Company entered into the COMA with Apache. Under the terms of the COMA, Apache provides certain services related to the design, development, construction, operation, management and maintenance of certain gathering, processing and other midstream assets, on behalf of the Company. In return, the Company paid or will pay fees to Apache of (i) $3.0 million for the period beginning on the execution of the COMA at the closing of the Business Combination through December 31, 2019, (ii) $5.0 million for the period of January 1, 2020 through December 31, 2020, (iii) $7.0 million for the period of January 1, 2021 through December 31, 2021 and (iv) $9.0 million annually thereafter, adjusted based on actual internal overhead and general and administrative costs incurred, until terminated. The annual fee was negotiated as part of the Business Combination to reimburse Apache for indirect costs of performing administrative corporate functions for the Company, including services for information technology, risk management, corporate planning, accounting, cash management, and others. In addition, Apache may be reimbursed for certain internal costs and third-party costs incurred in connection with its role as service provider under the COMA. Costs incurred by Apache directly associated with midstream activity, where substantially all the services are rendered for Altus Midstream, are charged to Altus Midstream on a monthly basis. The COMA stipulates that the Company shall provide reimbursement of amounts owing to Apache attributable to a particular month by no later than the last day of the immediately following month. Unpaid amounts accrue interest until settled. The COMA will continue to be effective until terminated (i) upon the mutual consent of Altus and Apache, (ii) by either of Altus and Apache, at its option, upon 30 days ’ prior written notice in the event Apache or an affiliate no longer owns a direct or indirect interest in at least 50 percent of the voting or other equity securities of Altus, or (iii) by Altus if Apache fails to perform any of its covenants or obligations due to willful misconduct of certain key personnel and such failure has a material adverse financial impact on Altus. Lease Agreement Concurrent with the closing of the Business Combination, Altus Midstream entered into an operating lease agreement with Apache (the Lease Agreement) relating to the use of certain office buildings, warehouse and storage facilities located in Reeves County, Texas. Under the terms of the Lease Agreement, Altus Midstream shall pay to Apache on a monthly basis the sum of (i) a base rental charge of $44,500 and (ii) an amount based on Apache’s estimate of the annual costs it expects to incur in connection with the ownership, operation, repair, and/or maintenance of the facilities. The Company incurred total expenses of $0.2 million and $0.3 million for the three months ended June 30, 2020 and 2019 , respectively, and $0.4 million and $0.5 million for the six months ended June 30, 2020 and 2019 , respectively, in relation to the Lease Agreement, which are included within operations and maintenance expenses. Unpaid amounts accrue interest until settled. The initial term of the Lease Agreement is four years and may be extended by Altus Midstream for three additional, consecutive periods of twenty-four months .

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenue Recognition The following table presents a disaggregation of the Company’s midstream services revenue by service type. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) MIDSTREAM SERVICES REVENUE — AFFILIATE: Gas gathering and compression $ 4,394 $ 2,697 $ 10,114 $ 6,310 Gas processing 23,184 18,395 53,080 43,679 Transmission 3,226 2,977 7,401 7,831 NGL transmission 587 70 1,413 165 Other 225 — 375 — $ 31,616 $ 24,139 $ 72,383 $ 57,985 The Company generates revenue from its contracts with customers for the gathering, compression, processing, and transmission of natural gas and NGLs in exchange for a fee per unit of volumes processed during a given month. For all periods presented, revenues with affiliates recorded on the Company’s consolidated statement of operations were attributable to services performed by Altus Midstream for Apache pursuant to separate long-term commercial midstream agreements comprising acreage dedications in Apache’s entire Alpine High resource play. As part of these agreements, substantially all of Apache’s natural gas production from its existing and future owned or controlled properties within the dedicated area is provided to the Company, so long as Apache has the right to market such product. There are no provisions for minimum volume commitments under the existing agreements, and the Company does not own or take title to the volumes it services under these agreements. Altus Midstream, in return for its performance, receives a fee per unit of natural gas or NGLs received during a given month. The service fee charged per unit is set forth for each contract year, subject to yearly fee escalation recalculations. Providing the related service on each volumetric unit represents a single, distinct performance obligation that is satisfied over time as services are rendered. As the amount of volumes serviced are not subject to minimum commitments and each midstream service agreement contains provisions for fee recalculations, substantially all of the transaction price is variable at inception of each contract term. Revenue is measured using the output method based on the amount of volumes serviced each month and the applicable service fee and recognized over time in the amount to which Altus Midstream has the right to invoice, as performance completed to date corresponds directly with the value to its customers. The transaction price is not constrained as variability is resolved prior to the recognition of revenue. Payment under the midstream service agreements are due the month immediately following the month of service. Amounts settled with Apache each month are based on the net amount owed to Altus Midstream or owed to Apache. Revenue receivables from the Company’s contracts with Apache totaled $13.6 million and $15.5 million as of June 30, 2020 and December 31, 2019 , respectively, as presented on the Company’s consolidated balance sheet. In accordance with the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” a variable transaction price for each short-term sale is allocated to each performance obligation as the terms of payment relate specifically to the Company’s efforts to satisfy its obligations. As such, the Company has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: June 30, December 31, 2020 2019 (In thousands) Gathering, processing and transmission systems and facilities $ 210,738 $ 198,133 Construction in progress (1) 328 5,443 Other property and equipment 3,323 3,694 Total property, plant and equipment 214,389 207,270 Less: accumulated depreciation and amortization (7,085 ) (1,468 ) Total property, plant and equipment, net $ 207,304 $ 205,802 (1) Included in construction in progress was capitalized interest of $0.6 million at December 31, 2019 . There was no capitalized interest included in construction in progress as of June 30, 2020 . The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective balance sheet date. Property, plant, and equipment are evaluated for potential impairment when events or changes in circumstances indicate a possible significant deterioration in future cash flows expected to be generated by an asset group. In conjunction with Apache’s decision in the fourth quarter of 2019 to materially reduce funding to Alpine High, Altus management assessed its long-lived infrastructure assets for impairment given the expected reduction to future throughput volumes. As a result of this assessment, Altus recorded impairments totaling $1.3 billion on its gathering, processing, and transmission assets in the fourth quarter of 2019. The fair values of the impaired assets were determined to be $203.6 million as of the time of the impairment and were estimated using the income approach. Altus has classified these nonrecurring fair value measurements as Level 3 in the fair value hierarchy. No impairments were recorded for the six months ended June 30, 2020 and 2019 .

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS In November 2018, Altus Midstream entered into a revolving credit facility for general corporate purposes that matures in November 2023 (subject to Altus Midstream’s two , one year extension options). The agreement for this revolving credit facility, as amended (the Amended Credit Agreement), provides aggregate commitments from a syndicate of banks of $800.0 million . The aggregate commitments include a letter of credit subfacility of up to $100.0 million and a swingline loan subfacility of up to $100.0 million . Altus Midstream may increase commitments up to an aggregate $1.5 billion by adding new lenders or obtaining the consent of any increasing existing lenders. As of June 30, 2020 and December 31, 2019 , total outstanding borrowings were $ 493.0 million and $396.0 million , respectively, and no letters of credit were outstanding under this facility. Altus Midstream’s revolving credit facility is unsecured and is not guaranteed by the Company, Apache, or any of their respective subsidiaries. At Altus Midstream’s option, the interest rate per annum for borrowings under this facility is either a base rate, as defined, plus a margin, or the London Interbank Offered Rate (LIBOR), plus a margin. Altus Midstream also pays quarterly a facility fee at a rate per annum on total commitments. The margins and the facility fee vary based upon (i) the Leverage Ratio (as defined below) until Altus Midstream has a senior long-term debt rating and (ii) such senior long-term debt rating once it exists. The Leverage Ratio is the ratio of (1) the consolidated indebtedness of Altus Midstream and its restricted subsidiaries to (2) EBITDA (as defined in the Amended Credit Agreement) of Altus Midstream and its restricted subsidiaries for the 12-month period ending immediately before the determination date. At June 30, 2020 , the base rate margin was 0.05 percent , the LIBOR margin was 1.05 percent , and the facility fee was 0.20 percent . In addition, a commission is payable quarterly to the lenders on the face amount of each outstanding letter of credit at a per annum rate equal to the LIBOR margin then in effect. Customary letter of credit fronting fees and other charges are payable to issuing banks. The Amended Credit Agreement contains restrictive covenants that may limit the ability of Altus Midstream and its restricted subsidiaries to, among other things, incur additional indebtedness or guaranty indebtedness, sell assets, make investments in unrestricted subsidiaries, enter into mergers, make certain payments and distributions, incur liens on certain property securing indebtedness, and engage in certain other transactions without the prior consent of the lenders. Altus Midstream also is subject to a financial covenant under the Amended Credit Agreement, which requires it to maintain a Leverage Ratio not exceeding 5.00 : 1.00 at the end of any fiscal quarter, starting with the quarter ended December 31, 2019 except that during the period of up to one year following a qualified acquisition, the Leverage Ratio cannot exceed 5.50 : 1.00 at the end of any fiscal quarter. Unless the Leverage Ratio is less than or equal to 4.00 :1.00, the Amended Credit Agreement limits distributions in respect of Altus Midstream LP’s capital to $30 million per calendar year until either (i) the consolidated net income of Altus Midstream LP and its restricted subsidiaries, as adjusted pursuant to the Amended Credit Agreement, for three consecutive calendar months equals or exceeds $350.0 million on an annualized basis or (ii) Altus Midstream LP has a specified senior long-term debt rating; in addition, before the occurrence of one of those events, the Leverage Ratio must be less than or equal to 5.00 :1.00. In no event can any distribution be made that would, after giving effect to it on a pro forma basis, result in a Leverage Ratio greater than (i) 5.00 :1.00 or (ii) for a specified period after a qualifying acquisition, 5.50 :1.00. The Leverage Ratio as of June 30, 2020 was less than 4.00 :1.00. The terms of Altus Midstream’s Preferred Units also contain certain restrictions on distributions on Altus Midstream LP’s Common Units, including the Common Units held by the Company, and any other units that rank junior to the Preferred Units with respect to distributions or distributions upon liquidation. Refer to Note 10—Series A Cumulative Redeemable Preferred Units for further information. In addition, the amount of any cash distributions to Altus Midstream LP by any entity in which it has an interest accounted for by the equity method is subject to such entity’s compliance with the terms of any debt or other agreements by which it may be bound, which in turn may impact the amount of funds available for distribution by Altus Midstream LP to its partners. There are no clauses in the Amended Credit Agreement that permit the lenders to accelerate payments or refuse to lend based on unspecified material adverse changes. The Amended Credit Agreement has no drawdown restrictions or prepayment obligations in the event of a decline in credit ratings. However, the agreement allows the lenders to accelerate payment maturity and terminate lending and issuance commitments for nonpayment and other breaches, and if Altus Midstream or any of its restricted subsidiaries defaults on other indebtedness in excess of the stated threshold, is insolvent, or has any unpaid, non-appealable judgment against it for payment of money in excess of the stated threshold. Lenders may also accelerate payment maturity and terminate lending and issuance commitments if Altus Midstream undergoes a specified change in control or has specified pension plan liabilities in excess of the stated threshold. Altus Midstream was in compliance with the terms of the Amended Credit Agreement as of June 30, 2020 . As of June 30, 2020 and December 31, 2019 , the Company had debt outstanding totaling $493.0 million and $405.8 million , respectively. At December 31, 2019 , $9.8 million of debt outstanding was related to a finance lease obligation for which the term ended in the first quarter of 2020. Interest Income and Financing Costs, Net of Capitalized Interest The following table presents the components of Altus Midstream’s interest income and financing costs, net of capitalized interest: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Interest income $ 2 $ 806 $ 9 $ 2,967 Interest income $ 2 $ 806 $ 9 $ 2,967 Interest expense $ 2,007 $ 1,030 $ 5,365 $ 1,739 Amortization of deferred facility fees 292 221 565 415 Capitalized interest (2,007 ) (773 ) (5,365 ) (1,168 ) Financing costs, net of capitalized interest $ 292 $ 478 $ 565 $ 986

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities at June 30, 2020 and December 31, 2019 : June 30, December 31, 2020 2019 (In thousands) Accrued taxes other than income $ 6,974 $ 689 Accrued operations and maintenance expense 1,339 1,520 Accrued incentive compensation 733 1,425 Accrued professional and consulting fees 692 158 Accrued capital costs 686 17,035 Accrued finance lease liability — 1,989 Other 1,517 1,109 Total other current liabilities $ 11,941 $ 23,925

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Accruals for loss contingencies arising from claims, assessments, litigation, environmental, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. As of June 30, 2020 and December 31, 2019 , there were no accruals for loss contingencies. Litigation The Company is subject to governmental and regulatory controls arising in the ordinary course of business. The Company is not aware of any pending or threatened legal proceedings against it at the time of the filing of this Quarterly Report on Form 10-Q. On April 30, 2020, a case styled Sierra Club v. US Army Corp of Engineers et al. was filed in the United States District Court, Western District of Texas. Plaintiff seeks to invalidate verifications issued by the Army Corps of Engineers allowing Permian Highway Pipeline LLC to conduct dredging and filling activities and to enjoin certain further dredging and other ground disturbing activities in jurisdictional waters. Permian Highway Pipeline LLC has intervened in the suit in defense of the verifications and in opposition to any injunctive relief. The Company has a minority equity interest in Permian Highway Pipeline LLC. Environmental Matters As an owner of infrastructure assets and with rights to surface lands, the Company is subject to various local and federal laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the Company for the cost of pollution clean-up resulting from operations and subject the Company to liability for pollution damages. In some instances, Altus Midstream may be directed to suspend or cease operations. The Company maintains insurance coverage, which management believes is customary in the industry, although insurance does not fully cover against all environmental risks. Additionally, there can be no assurance that current regulatory requirements will not change or past non-compliance with environmental laws will not be discovered. The Company is not aware of any environmental claims existing as of June 30, 2020 , that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity. Contractual Obligations Altus Midstream’s existing fee-based midstream services agreements, which have no minimum volume commitments or firm transportation commitments, are underpinned by acreage dedications covering Alpine High. Pursuant to these agreements, Altus Midstream is obligated to perform low and high pressure gathering, processing, dehydration, compression, treating, conditioning, and transportation on all volumes produced from the dedicated acreage, so long as Apache has the right to market such gas. At the closing of the Business Combination, the Company entered into the COMA and the Lease Agreement with Apache, which include contractual obligations for the Company to pay certain management and lease rental fees, respectively, to Apache over the term of the agreements. Refer to Note 2—Transactions with Affiliates for further discussion. In the second quarter of 2019, Altus Midstream issued and sold the Preferred Units. Under the terms of the Amended LPA, the Preferred Unit holders are entitled to receive quarterly distributions until such time as the Preferred Units are redeemed or exchanged. Refer to Note 10—Series A Cumulative Redeemable Preferred Units for further discussion regarding the terms of the Preferred Units and the rights of the holders thereof. Additionally, the Company is required to fund its pro-rata portion of any future capital expenditures for the development of the pipeline projects as referenced in Note 8—Equity Method Interests . At June 30, 2020 and December 31, 2019 , there were no other material contractual obligations related to the entities included in the consolidated financial statements other than the performance of asset retirement obligations and required credit facility fees discussed in Note 5—Debt and Financing Costs .

EQUITY METHOD INTERESTS

EQUITY METHOD INTERESTS	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INTERESTS	EQUITY METHOD INTERESTS As of June 30, 2020 , the Company owned the following equity method interests in Permian Basin long-haul pipeline entities. For each of the equity method interests, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the equity method interests. The table below presents the ownership percentage held by the Company for each entity: June 30, 2020 December 31, 2019 Ownership Amount Amount (In thousands) Gulf Coast Express Pipeline LLC 16.0% $ 286,833 $ 291,628 EPIC Crude Holdings, LP 15.0% 175,051 163,199 Permian Highway Pipeline LLC 26.7% 454,381 310,421 Breviloba, LLC 33.0% 492,214 492,800 $ 1,408,479 $ 1,258,048 As of June 30, 2020 and December 31, 2019 , unamortized basis differences included in the equity method interest balances were $34.7 million and $29.7 million , respectively. These amounts represent differences in the Company’s contributions to date and the Company’s underlying equity in the separate net assets within the financial statements of the respective entities. Unamortized basis differences will be amortized into net income over the useful lives of the underlying pipeline assets when they are placed into service. The following table presents the activity in the Company’s equity method interests for the six months ended June 30, 2020 : Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2019 $ 291,628 $ 163,199 $ 310,421 $ 492,800 $ 1,258,048 Contributions 919 15,000 138,467 — 154,386 Distributions (26,171 ) — — (15,576 ) (41,747 ) Capitalized interest (1) — — 5,365 — 5,365 Equity income (loss), net (2) 20,457 (2,354 ) 128 14,990 33,221 Accumulated other comprehensive loss — (794 ) — — (794 ) Balance at June 30, 2020 $ 286,833 $ 175,051 $ 454,381 $ 492,214 $ 1,408,479 (1) Altus’ proportionate share of the Permian Highway Pipeline (PHP) construction costs is funded with the revolving credit facility. Accordingly, Altus capitalized $5.4 million of related interest expense during the six months ended June 30, 2020 , which is included in the basis of the PHP equity interest. (2) As of June 30, 2020 , the amount of consolidated retained earnings, net of amortized basis differences, which represents undistributed earnings, was $3.0 million from Breviloba, LLC. Summarized Financial Information The following table represents aggregated selected income statement data for the Company’s equity method interests (on a 100 percent basis): Six Months Ended June 30, 2020 2019 (1) Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC (In thousands) Revenues $ 182,231 $ 85,971 $ — $ 83,120 $ 4,974 $ — $ — $ 46,928 Operating expenses 53,359 83,508 46 31,831 512 7,728 35 14,744 Operating income (loss) 128,872 2,463 (46 ) 51,289 4,462 (7,728 ) (35 ) 32,184 Net income (loss) 128,470 (16,263 ) 480 46,345 5,382 (16,653 ) 422 32,184 Other comprehensive loss — (5,037 ) — — — (9,337 ) — (1) Although the Company’s interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July of 2019, respectively, the financial results are presented for the six months ended June 30, 2019 for comparability.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
EQUITY	EQUITY Reverse Stock Split On June 30, 2020, the Company effected a reverse stock split of the Company’s Class A Common Stock and Class C Common Stock by a ratio of one-for- twenty . The par value and number of authorized shares of common stock and preferred stock were not affected by the reverse stock split. A corresponding number of Altus Midstream Common Units were also restated as part of the reverse stock split. All per-share and share amounts have been retroactively restated in this Quarterly Report on Form 10-Q for all periods presented to reflect the reverse stock split. Redeemable Noncontrolling Interest — Apache Limited Partner In conjunction with the Class C Common Stock, Apache owns 12,500,000 Altus Midstream Common Units, approximately 76.9 percent of the total Common Units issued and outstanding. The financial results of Altus Midstream and its subsidiaries are included in the Company’s consolidated financial statements as detailed in Note 1—Summary of Significant Accounting Policies , under the section titled “Principles of Consolidation.” Apache has the right, at any time, to cause Altus Midstream to redeem all or a portion of the Common Units issued to Apache, in exchange for shares of the Company’s Class A Common Stock on a one -for-one basis or, at Altus Midstream’s option, an equivalent amount of cash; provided that the Company may, at its option, effect a direct exchange of cash or Class A Common Stock for such Common Units in lieu of such a redemption by Altus Midstream. Upon the future redemption or exchange of Common Units held by Apache, a corresponding number of shares of Class C Common Stock held by Apache will be cancelled. Apache’s limited partner interest associated with the Common Units issued with the Class C Common Stock is reflected as a redeemable noncontrolling interest in the Company. The redeemable noncontrolling interest is recognized at the higher of (i) its initial fair value plus accumulated earnings/losses associated with the noncontrolling interest and (ii) the maximum redemption value as of the balance sheet date. The redemption value is determined based on a 5 -day volume weighted average closing price of the Class A Common Stock ( 5 -day VWAP) as defined in the Amended LPA, a Level 1 non-recurring fair value measurement. At June 30, 2020 , the redeemable noncontrolling interest of $230.6 million was recorded based on the initial fair value plus accumulated earnings and losses to date. The maximum redemption value at June 30, 2020 based on the 5 -day VWAP was $151 million . At December 31, 2019 , the redeemable noncontrolling interest was recorded at the maximum redemption value based on the 5-day VWAP of $701.0 million . For further discussion of Apache’s right to receive additional shares of Class A Common Stock, and other outstanding equity instruments that may impact ownership interests and the limited partner interests of Altus Midstream in future periods, see Note 12—Net Income (Loss) Per Share . Redeemable Noncontrolling Interest — Preferred Unit Limited Partners On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering, and the purchasers of the Preferred Units were admitted as limited partners of Altus Midstream. The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing (as defined below) or upon the occurrence of specified events, unless otherwise redeemed by Altus Midstream. Refer to Note 10—Series A Cumulative Redeemable Preferred Units for further discussion. SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the Closing). The Closing occurred pursuant to a Preferred Unit Purchase Agreement among Altus Midstream, the Company, and the purchasers party thereto, dated as of May 8, 2019. A total of 625,000 Preferred Units were sold at a price of $1,000 per Preferred Unit, for an aggregate issue price of $625.0 million . Altus Midstream received approximately $611.2 million in cash proceeds from the sale after deducting transaction costs and discounts to certain purchasers. Accounting for the Preferred Units Classification The Preferred Units are accounted for on the Company’s consolidated balance sheets as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units, including the redemption rights with respect thereto. Initial Measurement T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675 ) Transaction costs to other third parties (10,076 ) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 13—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Subsequent Measurement The Company applies a two-step approach to subsequently measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream in accordance with the terms of the Amended LPA described above. After consideration of the foregoing, the Company records an additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end, if applicable. The amount of such adjustment is determined based upon the accreted value method to reflect the passage of time until the Preferred Units are exchangeable at the option of the holder. Pursuant to this method, the net transaction price is accreted using the effective interest method, to the Redemption Price calculated at the seventh anniversary of Closing. The total adjustment is limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end is equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units determined in accordance with ASC 810, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units during the six months ended June 30, 2020 is as follows: Six Months Ended June 30, 2020 Units Outstanding Financial Position (2) (In thousands, except for unit data) Redeemable noncontrolling interest — Preferred Units: at December 31, 2019 638,163 $ 555,599 Distribution of in-kind additional Preferred Units 22,531 — Allocation of Altus Midstream net income N/A 37,026 Redeemable noncontrolling interest — Preferred Units: at June 30, 2020 660,694 $ 592,625 Embedded derivative liability (1) 175,498 $ 768,123 (1) See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) As of June 30, 2020 , the aggregate Redemption Price was $700.8 million , based on an internal rate of return of 11.5 percent . N/A - not applicable.

SERIES A CUMULATIVE REDEEMABLE

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS	EQUITY Reverse Stock Split On June 30, 2020, the Company effected a reverse stock split of the Company’s Class A Common Stock and Class C Common Stock by a ratio of one-for- twenty . The par value and number of authorized shares of common stock and preferred stock were not affected by the reverse stock split. A corresponding number of Altus Midstream Common Units were also restated as part of the reverse stock split. All per-share and share amounts have been retroactively restated in this Quarterly Report on Form 10-Q for all periods presented to reflect the reverse stock split. Redeemable Noncontrolling Interest — Apache Limited Partner In conjunction with the Class C Common Stock, Apache owns 12,500,000 Altus Midstream Common Units, approximately 76.9 percent of the total Common Units issued and outstanding. The financial results of Altus Midstream and its subsidiaries are included in the Company’s consolidated financial statements as detailed in Note 1—Summary of Significant Accounting Policies , under the section titled “Principles of Consolidation.” Apache has the right, at any time, to cause Altus Midstream to redeem all or a portion of the Common Units issued to Apache, in exchange for shares of the Company’s Class A Common Stock on a one -for-one basis or, at Altus Midstream’s option, an equivalent amount of cash; provided that the Company may, at its option, effect a direct exchange of cash or Class A Common Stock for such Common Units in lieu of such a redemption by Altus Midstream. Upon the future redemption or exchange of Common Units held by Apache, a corresponding number of shares of Class C Common Stock held by Apache will be cancelled. Apache’s limited partner interest associated with the Common Units issued with the Class C Common Stock is reflected as a redeemable noncontrolling interest in the Company. The redeemable noncontrolling interest is recognized at the higher of (i) its initial fair value plus accumulated earnings/losses associated with the noncontrolling interest and (ii) the maximum redemption value as of the balance sheet date. The redemption value is determined based on a 5 -day volume weighted average closing price of the Class A Common Stock ( 5 -day VWAP) as defined in the Amended LPA, a Level 1 non-recurring fair value measurement. At June 30, 2020 , the redeemable noncontrolling interest of $230.6 million was recorded based on the initial fair value plus accumulated earnings and losses to date. The maximum redemption value at June 30, 2020 based on the 5 -day VWAP was $151 million . At December 31, 2019 , the redeemable noncontrolling interest was recorded at the maximum redemption value based on the 5-day VWAP of $701.0 million . For further discussion of Apache’s right to receive additional shares of Class A Common Stock, and other outstanding equity instruments that may impact ownership interests and the limited partner interests of Altus Midstream in future periods, see Note 12—Net Income (Loss) Per Share . Redeemable Noncontrolling Interest — Preferred Unit Limited Partners On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering, and the purchasers of the Preferred Units were admitted as limited partners of Altus Midstream. The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing (as defined below) or upon the occurrence of specified events, unless otherwise redeemed by Altus Midstream. Refer to Note 10—Series A Cumulative Redeemable Preferred Units for further discussion. SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the Closing). The Closing occurred pursuant to a Preferred Unit Purchase Agreement among Altus Midstream, the Company, and the purchasers party thereto, dated as of May 8, 2019. A total of 625,000 Preferred Units were sold at a price of $1,000 per Preferred Unit, for an aggregate issue price of $625.0 million . Altus Midstream received approximately $611.2 million in cash proceeds from the sale after deducting transaction costs and discounts to certain purchasers. Accounting for the Preferred Units Classification The Preferred Units are accounted for on the Company’s consolidated balance sheets as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units, including the redemption rights with respect thereto. Initial Measurement T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675 ) Transaction costs to other third parties (10,076 ) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 13—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Subsequent Measurement The Company applies a two-step approach to subsequently measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream in accordance with the terms of the Amended LPA described above. After consideration of the foregoing, the Company records an additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end, if applicable. The amount of such adjustment is determined based upon the accreted value method to reflect the passage of time until the Preferred Units are exchangeable at the option of the holder. Pursuant to this method, the net transaction price is accreted using the effective interest method, to the Redemption Price calculated at the seventh anniversary of Closing. The total adjustment is limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end is equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units determined in accordance with ASC 810, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units during the six months ended June 30, 2020 is as follows: Six Months Ended June 30, 2020 Units Outstanding Financial Position (2) (In thousands, except for unit data) Redeemable noncontrolling interest — Preferred Units: at December 31, 2019 638,163 $ 555,599 Distribution of in-kind additional Preferred Units 22,531 — Allocation of Altus Midstream net income N/A 37,026 Redeemable noncontrolling interest — Preferred Units: at June 30, 2020 660,694 $ 592,625 Embedded derivative liability (1) 175,498 $ 768,123 (1) See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) As of June 30, 2020 , the aggregate Redemption Price was $700.8 million , based on an internal rate of return of 11.5 percent . N/A - not applicable.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to U.S. federal income tax and the Texas margin tax. Altus Midstream LP is a partnership for federal income tax purposes and passes through its taxable income to its partners, the Company, Apache, and the Preferred Unit Holders. Thus, Altus Midstream LP does not record a federal income tax provision. Altus Midstream LP is subject to the Texas margin tax and as such, records a state income tax provision. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act) in response to the COVID-19 pandemic. Under the CARES Act, 100 percent of net operating losses arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five preceding tax years of such loss. In the first quarter of 2020, the Company recorded a current income tax benefit of $0.7 million associated with a net operating loss carryback claim. During the three and six months ended June 30, 2020, the Company’s effective income tax rate was primarily impacted by an increase in valuation allowance. During the three and six months ended June 30, 2019, the Company’s effective income tax rate was primarily impacted by net income attributable to the noncontrolling interest, income allocated to the Preferred Unit holders, accretion of the net transaction price, and the impact of state income taxes. In the first quarter of 2020, the Company early adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes.” The Company’s early adoption of ASU 2019-12 during the quarter ended March 31, 2020 using the prospective transition approach did not result in a material impact on the consolidated financial statements. The Company accounts for income taxes in accordance with ASC Topic 740, “Income Taxes,” which prescribes a minimum recognition threshold a tax position must meet before being recognized in the financial statements. Each quarter, the Company assesses the recognition amount and, as a result, may increase (expense) or reduce (benefit) the amount of interest and penalties. Interest and penalties are recorded as a component of income tax expense. The contributor of Altus Midstream’s operating assets, Apache, is currently under IRS audit for the 2014-2017 tax years as part of its normal course of business.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Basic net loss per share is calculated by dividing net loss available to Class A common shareholders by the weighted average number of shares of Class A Common Stock outstanding during the period. Class C Common Stock is excluded from the weighted average shares outstanding immediately following the Closing Date for the calculation of basic net loss per share, as holders of Class C Common Stock are not entitled to any dividends or liquidating distributions. The Company uses the “if-converted method” to determine the potential dilutive effect of (i) an assumed exchange of outstanding Common Units of Altus Midstream (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) for shares of Class A Common Stock, (ii) earn-out consideration payable in shares of Class A Common Stock, and (iii) an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock. The treasury stock method is used to determine the potential dilutive effect of its outstanding warrants. The computation of basic and diluted net loss per share for the periods presented in the consolidated financial statements is shown in the tables below. Three Months Ended June 30, 2020 2019 Loss Shares (1) Per Share (1) Loss Shares (1) Per Share (1) (In thousands, except per share data) Basic and diluted: Net loss attributable to Class A common shareholders $ (255 ) 3,746 $ (0.07 ) $ (2,293 ) 3,746 $ (0.61 ) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ — — $ — — Diluted (2) : Net loss attributable to Class A common shareholders $ (255 ) 3,746 $ (0.07 ) $ (2,293 ) 3,746 $ (0.61 ) Six Months Ended June 30, 2020 2019 Loss Shares (1) Per Share (1) Loss Shares (1) Per Share (1) (In thousands, except per share data) Basic: Net loss attributable to Class A common shareholders $ (10,108 ) 3,746 $ (2.70 ) $ (1,193 ) 3,746 $ (0.32 ) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ (36,048 ) 12,500 $ — — Diluted (2) : Net loss attributable to Class A common shareholders $ (46,156 ) 16,246 $ (2.84 ) $ (1,193 ) 3,746 $ (0.32 ) (1) Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split which was effected June 30, 2020. Refer to Note 9—Equity for further information. (2) The effect of the exchange of outstanding Common Units of Altus Midstream (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for the three month periods ended June 30, 2020 and 2019, and also for the six month period ended June 30, 2019. The diluted earnings per share calculation excludes the effects of the following, since the associated impacts would have been anti-dilutive for all relevant periods presented: • an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock; and • outstanding warrants of the Company to purchase an aggregate 947,082 shares of Class A Common Stock. Further discussion of the Preferred Units and associated embedded features can be found in Note 10—Series A Cumulative Redeemable Preferred Units and Note 13—Fair Value Measurements , respectively. Earn-out consideration granting Apache the right to receive additional shares of Class A Common Stock is not included in the earnings per share calculation above, as the conditions for issuance were not satisfied as of June 30, 2020 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of: cash and cash equivalents; revenue receivables; accounts receivable from/payable to Apache; and an embedded derivative liability related to the issuance of Preferred Units (as further described above). This embedded derivative liability is recorded on the Company’s consolidated balance sheet at fair value. The carrying amount of Altus Midstream’s revolving credit facility approximates fair value because the interest rate is variable and reflective of market rates. The carrying amounts reported on the consolidated balance sheet for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the six months ended June 30, 2020 or year ended December 31, 2019. The Company bifurcated and recognized the embedded derivative associated with the Preferred Units related to the exchange option provided to the Preferred Unit holders under the terms of the Amended LPA. The valuation of the embedded derivative (using an income approach) was based on a range of factors including: expected future interest rates using the Black-Karasinski model, the Company’s imputed interest rate, the timing of periodic cash distributions and dividend yields of the Preferred Units. The Company recorded an unrealized loss of $10.6 million and $72.6 million for the three and six month periods ended June 30, 2020 , respectively, which are recorded in “Unrealized derivative instrument loss” in the statement of consolidated operations. Altus has classified these recurring fair value measurements as Level 3 in the fair value hierarchy. As of the June 30, 2020 valuation date, the Company used the forward B-rated Energy Bond Yield curve to develop the following key unobservable inputs used to value this embedded derivative: Quantitative Information About Level 3 Fair Value Measurements Fair Value at June 30, 2020 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 175,498 Option Model Altus Midstream Company’s Imputed Interest Rate 14.16-15.57% Interest Rate Volatility 35.56% The Company’s comparative imputed interest rate at December 31, 2019 ranged from 9.60 percent to 12.68 percent , with an interest rate volatility assumption of 21.89 percent . A one percent increase in the imputed interest rate assumption would significantly increase the value of the embedded derivative at June 30, 2020 , while a one percent decrease would have the directionally inverse affect as of June 30, 2020 . The Company has additional embedded derivatives in the Preferred Units related to the exchange option and redemption features that are accounted for separately from the Preferred Units. Level 3 valuation of the embedded derivatives are based on a range of factors including the likelihood of the event occurring, and these factors are assessed quarterly. There was no value associated with these additional identified embedded derivatives for any applicable period presented.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial results of Altus Midstream are included in the Company’s consolidated financial statements due to the Company’s 100 percent ownership interest in Altus Midstream GP, and Altus Midstream GP’s control of Altus Midstream. The Company has no independent operations or material assets other than its partnership interests in Altus Midstream, which constitutes all of its business. Additionally, the Company’s balance sheet reflects the presentation of noncontrolling interest ownership attributable to the limited partner interests in Altus Midstream held by Apache and the Series A Cumulative Redeemable Preferred Units holders (the Preferred Units). Refer to Note 9—Equity and Note 10—Series A Cumulative Redeemable Preferred Units for further information.
Variable Interest Entity	Variable Interest Entity Altus Midstream is a variable interest entity (VIE) because the partners in Altus Midstream with equity at risk lack the power, through voting or similar rights, to direct the activities that most significantly impact Altus Midstream’s economic performance. A reporting entity that concludes it has a variable interest in a VIE must evaluate whether it has a controlling financial interest in the VIE, such that it is the VIE’s primary beneficiary and should consolidate. The Company is the primary beneficiary of Altus Midstream, and therefore should consolidate Altus Midstream because (i) the Company has the ability to direct the activities of Altus Midstream that most significantly affect its economic performance, and (ii) the Company has the right to receive benefits or the obligation to absorb losses that could be potentially significant to Altus Midstream.
Redeemable Noncontrolling Interest — Apache Limited Partner	Redeemable Noncontrolling Interest — Preferred Unit Limited Partners On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering, and the purchasers of the Preferred Units were admitted as limited partners of Altus Midstream. The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing or upon the occurrence of specified events, unless otherwise redeemed by Altus Midstream. The Preferred Units are accounted for on the Company’s consolidated balance sheets as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units. Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value and are accounted for on the Company’s consolidated balance sheet as a long-term liability embedded derivative. Redeemable Noncontrolling Interest — Apache Limited Partner The Company’s redeemable noncontrolling interest presented in the consolidated financial statements consists of Common Units representing limited partner interests in Altus Midstream held by Apache. Pursuant to certain provisions of the partnership agreement of Altus Midstream (as amended in connection with the Business Combination, and subsequent issuance of Preferred Units, the Amended LPA), the limited partner interests held by Apache are equal to the number of shares of the Company’s Class C common stock, $0.0001 par value (Class C Common Stock), held by Apache. The Company initially recorded the redeemable noncontrolling interest upon the issuance of the Common Units to Apache as part of the Business Combination and based on the recapitalization value ascribed at the Closing Date to the limited partner interest. All or a portion of these Common Units may be redeemed at Apache’s option. The Company has the ability to settle the redemption option either (i) in shares of Class A common stock, $0.0001 par value (Class A Common Stock), on a one -for-one basis or (ii) in cash (based on the fair market value of the Class A Common Stock as determined pursuant to the Contribution Agreement), subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. Upon the future redemption or exchange of Common Units held by Apache, a corresponding number of shares of Class C Common Stock will be cancelled. The Company’s policy is to record the redeemable noncontrolling interest represented by the Common Units held by Apache at the higher of (i) its initial fair value plus accumulated earnings/losses associated with the noncontrolling interest or (ii) the redemption value as of the balance sheet date.
Equity Method Interests	Equity Method Interests
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements, and changes in these estimates are recorded when known.
Fair Value Measurements	Fair Value Measurements Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Embedded features identified within the Company’s agreements are bifurcated and measured at fair value at the end of each period on the Company’s consolidated balance sheet. Such recurring fair value measurements are presented in further detail in Note 13—Fair Value Measurements
Accounts Receivable From/Payable To Apache	Accounts Receivable From/Payable To Apache
Revenue recognition	The Company generates revenue from its contracts with customers for the gathering, compression, processing, and transmission of natural gas and NGLs in exchange for a fee per unit of volumes processed during a given month. For all periods presented, revenues with affiliates recorded on the Company’s consolidated statement of operations were attributable to services performed by Altus Midstream for Apache pursuant to separate long-term commercial midstream agreements comprising acreage dedications in Apache’s entire Alpine High resource play. As part of these agreements, substantially all of Apache’s natural gas production from its existing and future owned or controlled properties within the dedicated area is provided to the Company, so long as Apache has the right to market such product. There are no provisions for minimum volume commitments under the existing agreements, and the Company does not own or take title to the volumes it services under these agreements. Altus Midstream, in return for its performance, receives a fee per unit of natural gas or NGLs received during a given month. The service fee charged per unit is set forth for each contract year, subject to yearly fee escalation recalculations. Providing the related service on each volumetric unit represents a single, distinct performance obligation that is satisfied over time as services are rendered. As the amount of volumes serviced are not subject to minimum commitments and each midstream service agreement contains provisions for fee recalculations, substantially all of the transaction price is variable at inception of each contract term. Revenue is measured using the output method based on the amount of volumes serviced each month and the applicable service fee and recognized over time in the amount to which Altus Midstream has the right to invoice, as performance completed to date corresponds directly with the value to its customers. The transaction price is not constrained as variability is resolved prior to the recognition of revenue. Payment under the midstream service agreements are due the month immediately following the month of service. Amounts settled with Apache each month are based on the net amount owed to Altus Midstream or owed to Apache. Revenue receivables from the Company’s contracts with Apache totaled $13.6 million and $15.5 million as of June 30, 2020 and December 31, 2019 , respectively, as presented on the Company’s consolidated balance sheet. In accordance with the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” a variable transaction price for each short-term sale is allocated to each performance obligation as the terms of payment relate specifically to the Company’s efforts to satisfy its obligations. As such, the Company has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments-Credit Losses.” The standard changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans, and other financial assets measured at amortized cost. This ASU requires the use of a new forward-looking “expected loss” model compared to the current “incurred loss” model, resulting in accelerated recognition of credit losses. The Company adopted this standard in the first quarter of 2020 with no material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” This pronouncement is part of the Simplification Initiative and simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC Topic 740 “Income Taxes.” In addition, the amendment improves consistent application of and simplifies GAAP for other areas of ASC Topic 740 by clarifying and amending existing guidance. This update is effective for the Company beginning in the first quarter of 2021, with early adoption permitted. The Company early adopted this standard in the first quarter of 2020 with no material impact on its financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents a disaggregation of the Company’s midstream services revenue by service type. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) MIDSTREAM SERVICES REVENUE — AFFILIATE: Gas gathering and compression $ 4,394 $ 2,697 $ 10,114 $ 6,310 Gas processing 23,184 18,395 53,080 43,679 Transmission 3,226 2,977 7,401 7,831 NGL transmission 587 70 1,413 165 Other 225 — 375 — $ 31,616 $ 24,139 $ 72,383 $ 57,985

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment, at carrying value, is as follows: June 30, December 31, 2020 2019 (In thousands) Gathering, processing and transmission systems and facilities $ 210,738 $ 198,133 Construction in progress (1) 328 5,443 Other property and equipment 3,323 3,694 Total property, plant and equipment 214,389 207,270 Less: accumulated depreciation and amortization (7,085 ) (1,468 ) Total property, plant and equipment, net $ 207,304 $ 205,802 (1) Included in construction in progress was capitalized interest of $0.6 million at December 31, 2019 . There was no capitalized interest included in construction in progress as of June 30, 2020 .

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Interest Income and Financing Costs Net of Capitalized Interest	The following table presents the components of Altus Midstream’s interest income and financing costs, net of capitalized interest: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands) Interest income $ 2 $ 806 $ 9 $ 2,967 Interest income $ 2 $ 806 $ 9 $ 2,967 Interest expense $ 2,007 $ 1,030 $ 5,365 $ 1,739 Amortization of deferred facility fees 292 221 565 415 Capitalized interest (2,007 ) (773 ) (5,365 ) (1,168 ) Financing costs, net of capitalized interest $ 292 $ 478 $ 565 $ 986

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	The following table provides detail of the Company’s other current liabilities at June 30, 2020 and December 31, 2019 : June 30, December 31, 2020 2019 (In thousands) Accrued taxes other than income $ 6,974 $ 689 Accrued operations and maintenance expense 1,339 1,520 Accrued incentive compensation 733 1,425 Accrued professional and consulting fees 692 158 Accrued capital costs 686 17,035 Accrued finance lease liability — 1,989 Other 1,517 1,109 Total other current liabilities $ 11,941 $ 23,925

EQUITY METHOD INTERESTS (Tables

EQUITY METHOD INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	As of June 30, 2020 , the Company owned the following equity method interests in Permian Basin long-haul pipeline entities. For each of the equity method interests, the Company has the ability to exercise significant influence based on certain governance provisions and its participation in the significant activities and decisions that impact the management and economic performance of the equity method interests. The table below presents the ownership percentage held by the Company for each entity: June 30, 2020 December 31, 2019 Ownership Amount Amount (In thousands) Gulf Coast Express Pipeline LLC 16.0% $ 286,833 $ 291,628 EPIC Crude Holdings, LP 15.0% 175,051 163,199 Permian Highway Pipeline LLC 26.7% 454,381 310,421 Breviloba, LLC 33.0% 492,214 492,800 $ 1,408,479 $ 1,258,048 The following table presents the activity in the Company’s equity method interests for the six months ended June 30, 2020 : Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2019 $ 291,628 $ 163,199 $ 310,421 $ 492,800 $ 1,258,048 Contributions 919 15,000 138,467 — 154,386 Distributions (26,171 ) — — (15,576 ) (41,747 ) Capitalized interest (1) — — 5,365 — 5,365 Equity income (loss), net (2) 20,457 (2,354 ) 128 14,990 33,221 Accumulated other comprehensive loss — (794 ) — — (794 ) Balance at June 30, 2020 $ 286,833 $ 175,051 $ 454,381 $ 492,214 $ 1,408,479 (1) Altus’ proportionate share of the Permian Highway Pipeline (PHP) construction costs is funded with the revolving credit facility. Accordingly, Altus capitalized $5.4 million of related interest expense during the six months ended June 30, 2020 , which is included in the basis of the PHP equity interest. (2) As of June 30, 2020 , the amount of consolidated retained earnings, net of amortized basis differences, which represents undistributed earnings, was $3.0 million from Breviloba, LLC.
Equity Method Investment, Summarized Financial Information	The following table represents aggregated selected income statement data for the Company’s equity method interests (on a 100 percent basis): Six Months Ended June 30, 2020 2019 (1) Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC (In thousands) Revenues $ 182,231 $ 85,971 $ — $ 83,120 $ 4,974 $ — $ — $ 46,928 Operating expenses 53,359 83,508 46 31,831 512 7,728 35 14,744 Operating income (loss) 128,872 2,463 (46 ) 51,289 4,462 (7,728 ) (35 ) 32,184 Net income (loss) 128,470 (16,263 ) 480 46,345 5,382 (16,653 ) 422 32,184 Other comprehensive loss — (5,037 ) — — — (9,337 ) — (1) Although the Company’s interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July of 2019, respectively, the financial results are presented for the six months ended June 30, 2019 for comparability.

SERIES A CUMULATIVE REDEEMABL_2

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Preferred Units	T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675 ) Transaction costs to other third parties (10,076 ) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 13—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Activity related to the Preferred Units during the six months ended June 30, 2020 is as follows: Six Months Ended June 30, 2020 Units Outstanding Financial Position (2) (In thousands, except for unit data) Redeemable noncontrolling interest — Preferred Units: at December 31, 2019 638,163 $ 555,599 Distribution of in-kind additional Preferred Units 22,531 — Allocation of Altus Midstream net income N/A 37,026 Redeemable noncontrolling interest — Preferred Units: at June 30, 2020 660,694 $ 592,625 Embedded derivative liability (1) 175,498 $ 768,123 (1) See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) As of June 30, 2020 , the aggregate Redemption Price was $700.8 million , based on an internal rate of return of 11.5 percent . N/A - not applicable.

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of Net Loss Per Share	The computation of basic and diluted net loss per share for the periods presented in the consolidated financial statements is shown in the tables below. Three Months Ended June 30, 2020 2019 Loss Shares (1) Per Share (1) Loss Shares (1) Per Share (1) (In thousands, except per share data) Basic and diluted: Net loss attributable to Class A common shareholders $ (255 ) 3,746 $ (0.07 ) $ (2,293 ) 3,746 $ (0.61 ) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ — — $ — — Diluted (2) : Net loss attributable to Class A common shareholders $ (255 ) 3,746 $ (0.07 ) $ (2,293 ) 3,746 $ (0.61 ) Six Months Ended June 30, 2020 2019 Loss Shares (1) Per Share (1) Loss Shares (1) Per Share (1) (In thousands, except per share data) Basic: Net loss attributable to Class A common shareholders $ (10,108 ) 3,746 $ (2.70 ) $ (1,193 ) 3,746 $ (0.32 ) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ (36,048 ) 12,500 $ — — Diluted (2) : Net loss attributable to Class A common shareholders $ (46,156 ) 16,246 $ (2.84 ) $ (1,193 ) 3,746 $ (0.32 ) (1) Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split which was effected June 30, 2020. Refer to Note 9—Equity for further information. (2) The effect of the exchange of outstanding Common Units of Altus Midstream (and the cancellation of a corresponding number of shares of outstanding Class C Common Stock) would have been anti-dilutive for the three month periods ended June 30, 2020 and 2019, and also for the six month period ended June 30, 2019.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs	As of the June 30, 2020 valuation date, the Company used the forward B-rated Energy Bond Yield curve to develop the following key unobservable inputs used to value this embedded derivative: Quantitative Information About Level 3 Fair Value Measurements Fair Value at June 30, 2020 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 175,498 Option Model Altus Midstream Company’s Imputed Interest Rate 14.16-15.57% Interest Rate Volatility 35.56%

NATURE OF OPERATIONS AND ORGA_2

NATURE OF OPERATIONS AND ORGANIZATION (Details)	Nov. 09, 2018	Jun. 30, 2020Segmentpipelinepartnership$ / shares	Dec. 31, 2019$ / shares
Schedule Of Organization [Line Items]
Number of pipeline | pipeline		4
Number of reportable segments | Segment		1
Number of limited partnerships | partnership		4
Altus Midstream LP
Schedule Of Organization [Line Items]
General partner, ownership interest		23.10%
Apache | Altus Midstream LP
Schedule Of Organization [Line Items]
Limited partners, ownership interest	76.90%	76.90%
Class A Common Stock
Schedule Of Organization [Line Items]
Common stock, par value (in USD per share) | $ / shares		$ 0.0001	$ 0.0001

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, redemption ratio	1

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details)		Jan. 01, 2022USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 09, 2018contract
Related Party Transaction [Line Items]
Gathering, processing, and transmission	[1]		$ 9,508,000	$ 14,005,000	$ 20,099,000	$ 30,403,000
General and administrative	[2]		2,988,000	2,081,000	7,166,000	5,072,000
Affiliated Entity | Apache | Service Agreements
Related Party Transaction [Line Items]
Gathering, processing, and transmission			1,300,000	2,000,000	2,800,000	4,900,000
General and administrative			1,600,000	1,000,000	$ 3,600,000	2,600,000
Affiliated Entity | Apache | Construction, Operations and Maintenance Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party									$ 3,000,000
Related party transaction, prior written notice period					30 days
Related party transaction, maximum direct or indirect interest ownership of voting or other equity securities					50.00%
Affiliated Entity | Apache | Construction, Operations and Maintenance Agreement | Forecast
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 9,000,000					$ 7,000,000	$ 5,000,000
Affiliated Entity | Apache | Lease Agreements
Related Party Transaction [Line Items]
Base monthly rental charge					$ 44,500
Operating lease expense			$ 200,000	$ 300,000	$ 400,000	$ 500,000
Initial term of lease agreement										4 years
Number of lease renewal term | contract										3
Lessee renewal term										24 months
[1]	Includes amounts of $1.3 million and $2.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $2.8 million and $4.9 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .
[2]	Includes amounts of $1.6 million and $1.0 million associated with related parties for the three months ended June 30, 2020 and 2019 , respectively, and $3.6 million and $2.6 million for the six months ended June 30, 2020 and 2019 , respectively. Refer to Note 2—Transactions with Affiliates .

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	$ 31,616	$ 24,139	$ 72,383	$ 57,985
Gas gathering and compression
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	4,394	2,697	10,114	6,310
Gas processing
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	23,184	18,395	53,080	43,679
Transmission
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	3,226	2,977	7,401	7,831
NGL transmission
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	587	$ 70	1,413	165
Other
Disaggregation of Revenue [Line Items]
Midstream services revenue - affiliate	$ 225		$ 375	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue receivables	$ 13,572	$ 15,461

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 214,389,000	$ 207,270,000
Less: accumulated depreciation and amortization	(7,085,000)	(1,468,000)
Total property, plant and equipment, net	207,304,000	205,802,000
Gathering, processing and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	210,738,000	198,133,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	328,000	5,443,000
Capitalized interest	0	600,000
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 3,323,000	$ 3,694,000

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - Gathering, processing and transmission systems and facilities - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Impairments	$ 1,300,000,000	$ 0	$ 0
Fair value of property, plant and equipment	$ 203,600,000

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details)	1 Months Ended	6 Months Ended
	Nov. 30, 2018contract	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 28, 2019USD ($)
Debt Instrument [Line Items]
Outstanding borrowings		$ 493,000,000	$ 396,000,000
Letters of credit outstanding		0	0
Debt outstanding		$ 493,000,000	405,800,000
Finance lease liability			$ 9,800,000
Line of Credit
Debt Instrument [Line Items]
Debt covenant term, maximum leverage ratio		5
Debt covenant term, distributions limits		$ 30,000,000
Debt covenant term, adjustment of consolidated net income limit for three consecutive calendar months on annualized basis		$ 350,000,000
Debt actual leverage ratio		4
Line of Credit | Maximum
Debt Instrument [Line Items]
Debt covenant term, maximum leverage ratio		5.50
Line of Credit | Minimum
Debt Instrument [Line Items]
Debt covenant term, maximum leverage ratio		4
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options | contract	2
Extended financing agreement term	1 year
Debt maximum borrowing capacity		$ 1,500,000,000		$ 800,000,000
Debt facility fee percentage		0.20%
Line of Credit | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.05%
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.05%
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Debt maximum borrowing capacity				100,000,000
Line of Credit | Swingline Loan Subfacility
Debt Instrument [Line Items]
Debt maximum borrowing capacity				$ 100,000,000

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Interest Income and Financing Costs Net of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Interest income	$ 2	$ 806	$ 9	$ 2,967
Interest expense	2,007	1,030	5,365	1,739
Amortization of deferred facility fees	292	221	565	415
Capitalized interest	(2,007)	(773)	(5,365)	(1,168)
Financing costs, net of capitalized interest	$ 292	$ 478	$ 565	$ 986

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Accrued taxes other than income	$ 6,974	$ 689
Accrued operations and maintenance expense	1,339	1,520
Accrued incentive compensation	733	1,425
Accrued professional and consulting fees	692	158
Accrued capital costs	686	17,035
Accrued finance lease liability	0	1,989
Other	1,517	1,109
Total other current liabilities	$ 11,941	$ 23,925
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0	$ 0

EQUITY METHOD INTERESTS - Infor

EQUITY METHOD INTERESTS - Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity method interests	$ 1,408,479		$ 1,408,479		$ 1,408,479	$ 1,258,048
Difference between carrying amount and underlying equity					34,700	29,700
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2019			1,258,048
Contributions			154,386	$ 210,238
Distributions			(41,747)
Capitalized interest			5,365
Equity income (loss), net	16,923	$ (1,297)	33,221	$ (1,028)
Accumulated other comprehensive loss			(794)
Balance at June 30, 2020	1,408,479		1,408,479
Retained earnings, undistributed earnings					$ 3,000
Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					16.00%
Equity method interests	286,833		291,628		$ 286,833	291,628
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2019			291,628
Contributions			919
Distributions			(26,171)
Capitalized interest			0
Equity income (loss), net			20,457
Accumulated other comprehensive loss			0
Balance at June 30, 2020	286,833		286,833
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage					15.00%
Equity method interests	175,051		175,051		$ 175,051	163,199
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2019			163,199
Contributions			15,000
Distributions			0
Capitalized interest			0
Equity income (loss), net			(2,354)
Accumulated other comprehensive loss			(794)
Balance at June 30, 2020	175,051		175,051
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					26.70%
Equity method interests	454,381		310,421		$ 454,381	310,421
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2019			310,421
Contributions			138,467
Distributions			0
Capitalized interest			5,365
Equity income (loss), net			128
Accumulated other comprehensive loss			0
Balance at June 30, 2020	454,381		454,381
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					33.00%
Equity method interests	492,214		492,800		$ 492,214	$ 492,800
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2019			492,800
Contributions			0
Distributions			(15,576)
Capitalized interest			0
Equity income (loss), net			14,990
Accumulated other comprehensive loss			0
Balance at June 30, 2020	$ 492,214		$ 492,214

EQUITY METHOD INTERESTS - Summa

EQUITY METHOD INTERESTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	$ 11,711	$ (4,942)	$ 30,352	$ (711)
Net income (loss)	$ 17,662	$ (5,498)	(9,130)	230
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues				46,928
Operating expenses				14,744
Operating income (loss)				32,184
Net income (loss)				32,184
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues			182,231	4,974
Operating expenses			53,359	512
Operating income (loss)			128,872	4,462
Net income (loss)			128,470	5,382
Other comprehensive loss			0	0
Equity Method Investment, Nonconsolidated Investee or Group of Investees | EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Revenues			85,971	0
Operating expenses			83,508	7,728
Operating income (loss)			2,463	(7,728)
Net income (loss)			(16,263)	(16,653)
Other comprehensive loss			(5,037)	(9,337)
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues			0	0
Operating expenses			46	35
Operating income (loss)			(46)	(35)
Net income (loss)			480	422
Other comprehensive loss			0	$ 0
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues			83,120
Operating expenses			31,831
Operating income (loss)			51,289
Net income (loss)			46,345
Other comprehensive loss			$ 0

EQUITY (Details)

EQUITY (Details)	Nov. 09, 2018shares	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Class of Stock [Line Items]
Redemption value measurement period		5 days
Maximum redemption value		$ 151,000,000
Redeemable noncontrolling interest — Apache limited partner		$ 230,631,000	$ 701,000,000
Class A Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio		20
Common stock, redemption ratio		1
Class C Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio		20
Altus Midstream LP | Apache
Class of Stock [Line Items]
Number of common units received | shares	12,500,000
Limited partners, ownership interest	76.90%	76.90%

SERIES A CUMULATIVE REDEEMABL_3

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 12, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Redeemable noncontrolling interest — Preferred Unit limited partners, net		$ 0	$ 611,249
Preferred Unit limited partners
Class of Stock [Line Items]
Number of Preferred Units sold (in shares)	625,000
Preferred Units sold, price per share (in USD per share)	$ 1,000
Aggregate issue price of Preferred Units	$ 625,000
Redeemable noncontrolling interest — Preferred Unit limited partners, net	$ 611,249

SERIES A CUMULATIVE REDEEMABL_4

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Schedule of Preferred Units (Details) - USD ($) $ in Thousands	Jun. 12, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Transaction price, net		$ 0	$ 611,249
Redeemable noncontrolling interest - Preferred Units	$ 516,790	592,625		$ 555,599
Embedded derivative	94,459	175,498		$ 102,929
Transaction price, net	611,249
Preferred Unit limited partners
Class of Stock [Line Items]
Transaction price, gross	625,000
Issue discount	(3,675)
Transaction costs to other third parties	(10,076)
Transaction price, net	$ 611,249
Redeemable noncontrolling interest - Preferred Units		$ 592,625

SERIES A CUMULATIVE REDEEMABL_5

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Activity Related to Preferred Units (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 12, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 555,599
Ending balance	592,625
Embedded derivative liability	175,498	$ 102,929	$ 94,459
Redeemable noncontrolling interest, including embedded derivative liability	768,123
Preferred Units, redemption price	$ 700,800
Preferred Units, redemption terms, internal rate of return	11.50%
Preferred Unit limited partners
Movement In Preferred Units [Roll Forward]
Redeemable noncontrolling interest - Preferred Units: beginning of period (in shares)	638,163,000
Distribution of in-kind additional Preferred Units (in shares)	22,531,000
Redeemable noncontrolling interest - Preferred Units: end of period (in shares)	660,694,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Allocation of Altus Midstream net income	$ 37,026
Ending balance	$ 592,625

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Current income tax benefit	$ 0	$ 700	$ 0	$ 696	$ 0

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic:
Net income (loss) attributable to Class A common shareholders		$ (255)	$ (2,293)	$ (10,108)	$ (1,193)
Net income (loss) attributable to Class A common shareholders (in shares)	[1]	3,746,000	3,746,000	3,746,000	3,746,000
Net income (loss) attributable to Class A common shareholders (in USD per share)	[1]	$ (0.07)	$ (0.61)	$ (2.70)	$ (0.32)
Effective of dilutive securities:
Redeemable noncontrolling interest — Apache limited partner		$ 0	$ 0	$ (36,048)	$ 0
Redeemable noncontrolling interest — Apache limited partner (in shares)		0	0	12,500,000	0
Diluted(2):
Net income (loss) attributable to Class A common shareholders		$ (255)	$ (2,293)	$ (46,156)	$ (1,193)
Net income (loss) attributable to Class A common shareholders (in shares)	[1]	3,746,000	3,746,000	16,246,000	3,746,000
Net loss attributable to Class A common shareholders (in USD per share)	[1]	$ (0.07)	$ (0.61)	$ (2.84)	$ (0.32)
Warrant
Diluted(2):
Antidilutive securities excluded from computation of earnings per share (in shares)		947,082	947,082	947,082	947,082
[1]	er share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 9—Equity for further information.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jun. 12, 2019USD ($)
Fair Value Disclosures [Abstract]
Unrealized derivative instrument loss	$ (10,585)	$ 0	$ (72,569)	$ 0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability	$ 175,498		$ 175,498		$ 102,929	$ 94,459
Interest Rate Volatility | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input	0.3556		0.3556		0.2189
Minimum | Altus Midstream Company’s Imputed Interest Rate | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input	0.1416		0.1416		0.0960
Maximum | Altus Midstream Company’s Imputed Interest Rate | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input	0.1557		0.1557		0.1268