Kinetik (KNTK) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	2021
Document Fiscal Period Focus	Q3
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			9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
REVENUES:
Total revenues		$ 34,548	$ 40,172	[1]	$ 104,287	$ 113,152	[1]
COSTS AND EXPENSES:
General and administrative	[2]	3,420	2,936	[1]	10,350	10,102	[1]
Depreciation and accretion		4,085	4,008	[1]	12,094	11,984	[3]
Impairments		0	0	[1]	441	0	[1]
Taxes other than income		2,811	4,143	[1]	10,431	10,933	[1]
Total costs and expenses		19,958	21,224	[1]	63,044	63,771	[1]
OPERATING INCOME		14,590	18,948	[1]	41,243	49,381	[1]
Unrealized derivative instrument gain (loss)		4,010	(3,533)	[1]	18,487	(76,102)	[1]
Income from equity method interests, net		32,479	15,987	[1]	82,633	47,541	[1]
Warrants valuation adjustment		664	209	[1]	222	1,668	[1]
Other		620	0	[1]	11,321	(346)	[1]
Total other income (loss)		37,773	12,663	[1]	112,663	(27,239)	[1]
Financing costs, net of capitalized interest		2,674	413	[1]	7,887	978	[1]
NET INCOME BEFORE INCOME TAXES		49,689	31,198	[1]	146,019	21,164	[1]
Current income tax benefit		0	0	[1]	0	(696)	[1]
NET INCOME INCLUDING NONCONTROLLING INTERESTS		49,689	31,198	[4]	146,019	21,860	[1]
Net income attributable to Preferred Unit limited partners		29,166	19,332	[1]	72,662	56,358	[1]
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		20,523	11,866	[1]	73,357	(34,498)	[1]
Net income (loss) attributable to Apache limited partner		15,279	8,970	[1]	56,270	(28,361)	[1]
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS		$ 5,244	$ 2,896	[5]	$ 17,087	$ (6,137)	[1]
NET INCOME LOSS ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS, PER SHARE
Basic (in USD per share)		$ 1.40	$ 0.77	[1]	$ 4.56	$ (1.64)	[1]
Diluted (in USD per share)		$ 1.26	$ 0.32	[1]	$ 3.83	$ (2.12)	[1]
WEIGHTED AVERAGE SHARES
Basic (in shares)		3,746	3,746	[1]	3,746	3,746	[1]
Diluted (in shares)		16,246	109,855	[1]	33,322	16,246	[1]
Service
REVENUES:
Midstream services revenue — affiliate (Note 2)		$ 34,548	$ 38,869	[1]	$ 98,544	$ 111,252	[1]
COSTS AND EXPENSES:
Operations and maintenance	[6]	9,642	8,960	[1]	24,384	29,059	[1]
Product
REVENUES:
Product sales — third parties		0	1,303	[1]	5,743	1,900	[1]
COSTS AND EXPENSES:
Operations and maintenance		$ 0	$ 1,177	[1]	$ 5,344	$ 1,693	[1]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	Includes amounts of $2.2 million and $1.6 million associated with related parties for the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.1 million associated with related parties for the nine months ended September 30, 2021 and 2020, respectively. Refer to Note 2—Transactions with Affiliates .
[3]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[4]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[5]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[6]	Includes amounts of $1.5 million and $1.2 million associated with related parties for the three months ended September 30, 2021 and 2020, respectively, and $3.8 million and $4.0 million for the nine months ended September 30, 2021 and 2020, respectively. Refer to Note 2—Transactions with Affiliates .

STATEMENT OF CONSOLIDATED OPE_2

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
General and administrative	[1]	$ 3,420	$ 2,936	[2]	$ 10,350	$ 10,102	[2]
Affiliated Entity | Service Agreements | Apache
Gathering, processing, and transmission		1,500	1,200		3,800	4,000
General and administrative		$ 2,200	$ 1,600		$ 6,800	$ 5,100
[1]	Includes amounts of $2.2 million and $1.6 million associated with related parties for the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.1 million associated with related parties for the nine months ended September 30, 2021 and 2020, respectively. Refer to Note 2—Transactions with Affiliates .
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	[1]	Sep. 30, 2021	Sep. 30, 2020
NET INCOME INCLUDING NONCONTROLLING INTERESTS	$ 49,689	$ 31,198		$ 146,019	$ 21,860	[2]
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Share of equity method interests other comprehensive income (loss)	0	681		630	(113)	[1]
COMPREHENSIVE INCOME INCLUDING NONCONTROLLING INTERESTS	49,689	31,879		146,649	21,747	[1]
Comprehensive income (loss) attributable to Class A Common Shareholders	5,244	3,053		17,232	(6,163)	[1]
Preferred Unit limited partners
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	29,166	19,332		72,662	56,358	[1]
Apache limited partner
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	$ 15,279	$ 9,494		$ 56,755	$ (28,448)	[1]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	[1]
CURRENT ASSETS:
Cash and cash equivalents	$ 108,988,000	$ 24,188,000
Accounts receivable	0	1,033,000
Accounts receivable from Apache Corporation (Note 1)	1,018,000	446,000
Revenue receivables (Note 3)	10,981,000	11,378,000
Inventories	3,286,000	3,597,000
Prepaid assets and other	6,030,000	2,127,000
Total current assets	130,303,000	42,769,000
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	211,231,000	208,870,000
Less: Accumulated depreciation and accretion	(21,848,000)	(13,034,000)
Total property, plant and equipment, net	189,383,000	195,836,000
OTHER ASSETS:
Equity method interests	1,537,907,000	1,555,182,000
Deferred charges and other	8,341,000	5,843,000
Other assets	1,546,248,000	1,561,025,000
Total assets	1,865,934,000	1,799,630,000
CURRENT LIABILITIES:
Distributions payable to Preferred Unit limited partners	11,562,000	0
Dividends payable	0	5,620,000
Distributions payable to Apache Corporation	0	18,750,000
Other current liabilities	15,907,000	5,613,000
Total current liabilities	27,469,000	29,983,000
LONG-TERM DEBT	657,000,000	624,000,000
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Asset retirement obligation	67,234,000	64,062,000
Embedded derivative	120,522,000	139,009,000
Other noncurrent liabilities	5,896,000	6,424,000
Noncurrent liabilities	193,652,000	209,495,000
Total liabilities	878,121,000	863,478,000
COMMITMENTS AND CONTINGENCIES (Note 7)
Redeemable noncontrolling interest — Apache limited partner	837,158,000	575,125,000
Redeemable noncontrolling interest — Preferred Unit limited partners	634,795,000	608,381,000
EQUITY:
Additional paid-in capital	0	122,222,000
Accumulated deficit	(484,142,000)	(369,433,000)
Accumulated other comprehensive loss	0	(145,000)
Total equity	(484,140,000)	(247,354,000)
Total liabilities, noncontrolling interests, and equity	1,865,934,000	1,799,630,000
Class A Common Stock
EQUITY:
Common stock	1,000	1,000
Class C Common Stock
EQUITY:
Common stock	$ 1,000	$ 1,000
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests		$ 146,019	$ 21,860	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized derivative instrument (gain) loss		(18,487)	76,102	[1]
Depreciation and accretion		12,094	11,984	[2]
Income from equity method interests, net		(82,633)	(47,541)	[1]
Distributions from equity method interests		97,757	60,435	[2]
Impairments		441	0	[2]
Power credit, net		(7,047)	0	[2]
Warrants valuation adjustment		(222)	(1,668)	[1]
Other		406	781	[2]
Changes in operating assets and liabilities:
Decrease in inventories		256	366	[2]
(Increase) decrease in prepaid assets and other		(47)	72	[2]
(Increase) decrease in accounts receivable		1,033	(556)	[2]
Decrease in revenue receivables		397	3,486	[2]
Decrease in account receivables from/payable to affiliate		580	917	[2]
Increase in accrued expenses		9,425	11,145	[2]
Increase (decrease) in deferred charges and other noncurrent liabilities		(1,577)	64	[2]
NET CASH PROVIDED BY OPERATING ACTIVITIES		158,395	137,447	[2]
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(3,268)	(29,540)	[2]
Proceeds from sale of assets		1,687	7,629	[2]
Contributions to equity method interests		(27,270)	(286,227)	[2]
Distributions from equity method interests		30,051	14,235	[2]
Capitalized interest paid		0	(7,377)	[2]
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		1,200	(301,280)	[2]
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions paid to Preferred Unit limited partners		(34,686)	(11,562)	[2]
Distributions paid to Apache limited partner		(56,250)	0	[2]
Dividends paid		(16,859)	0	[2]
Proceeds from revolving credit facility		33,000	184,000	[2]
Finance lease		0	(11,789)	[2]
Deferred facility fees		0	(816)	[2]
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(74,795)	159,833	[2]
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		84,800	(4,000)	[2]
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		24,188	5,983	[2]
CASH AND CASH EQUIVALENTS AT END OF PERIOD		108,988	1,983	[2]
SUPPLEMENTAL CASH FLOW DATA:
Accrued capital expenditures	[3]	312	256	[2]
Interest paid, net of capitalized interest		7,042	94	[2]
Cash received for income tax refunds		$ 0	$ 696	[2]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	Includes $0.8 million and $0.3 million due from Apache for the nine months ended September 30, 2021 and 2020, respectively, pursuant to the terms of the COMA (as defined herein). Refer to Note 2—Transactions with Affiliates for more information.

STATEMENT OF CONSOLIDATED CAS_2

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Accrued capital expenditures	[1]	$ 312	$ 256	[2]
Affiliated Entity | Apache
Accrued capital expenditures		$ 800	$ 300
[1]	Includes $0.8 million and $0.3 million due from Apache for the nine months ended September 30, 2021 and 2020, respectively, pursuant to the terms of the COMA (as defined herein). Refer to Note 2—Transactions with Affiliates for more information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further 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		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, 2019	[2]									$ 555,599	[1]	$ 701,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	[2]									56,358	[1]	(28,361)
Distributions paid to Preferred Unit limited partners	[3]									(11,562)
Change in redemption value of noncontrolling interests	[2]	$ 433,710		$ 433,710								(433,710)
Accumulated other comprehensive income (loss)	[2]											(87)
Ending balance at Sep. 30, 2020										600,395	[1],[2]	238,842	[4]
Beginning balance, shares (in shares) at Dec. 31, 2019	[2],[5]														3,746,000			12,500,000
Beginning balance at Dec. 31, 2019	[2]	(355,161)		17,327		$ (372,224)		$ (266)							$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(6,137)	[6]			(6,137)	[2]
Accumulated other comprehensive income (loss)	[2]	(26)						(26)
Change in redemption value of noncontrolling interests	[2]	433,710		433,710								(433,710)
Ending balance, shares (in shares) at Sep. 30, 2020															3,746,000	[2],[5]		12,500,000	[4],[7]
Ending balance at Sep. 30, 2020		72,386	[4]	451,037	[2]	(378,361)	[4]	(292)	[4]						$ 1	[2]		$ 1	[2]
Beginning balance at Dec. 31, 2019	[2]									555,599	[1]	701,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions paid to Preferred Unit limited partners										(23,124)
Ending balance at Dec. 31, 2020										608,381	[1]	575,125
Beginning balance, shares (in shares) at Dec. 31, 2019	[2],[5]														3,746,000			12,500,000
Beginning balance at Dec. 31, 2019	[2]	(355,161)		17,327		(372,224)		(266)							$ 1			$ 1
Ending balance, shares (in shares) at Dec. 31, 2020														3,746,460	3,746,000	[5]	12,500,000	12,500,000	[5]
Ending balance at Dec. 31, 2020		(247,354)	[8]	122,222		(369,433)		(145)							$ 1			$ 1
Beginning balance at Jun. 30, 2020	[4]									592,625	[3]	229,348
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	[4]									19,332	[3]	8,970
Distributions paid to Preferred Unit limited partners	[3]									(11,562)
Accumulated other comprehensive income (loss)	[4]											524
Ending balance at Sep. 30, 2020										600,395	[1],[2]	238,842	[4]
Beginning balance, shares (in shares) at Jun. 30, 2020	[4],[7]														3,746,000			12,500,000
Beginning balance at Jun. 30, 2020	[4]	69,333		451,037		(381,257)		(449)							$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	[4]	2,896				2,896
Accumulated other comprehensive income (loss)	[4]	157						157
Ending balance, shares (in shares) at Sep. 30, 2020															3,746,000	[2],[5]		12,500,000	[4],[7]
Ending balance at Sep. 30, 2020		72,386	[4]	451,037	[2]	(378,361)	[4]	(292)	[4]						$ 1	[2]		$ 1	[2]
Beginning balance at Dec. 31, 2020										608,381	[1]	575,125
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)										72,662	[1]	56,270
Distributions payable to Preferred Unit limited partners	[1]									(11,562)
Distributions paid to Preferred Unit limited partners										(34,686)	[1]	(37,500)
Change in redemption value of noncontrolling interests		(242,778)		(110,982)		(131,796)						242,778
Accumulated other comprehensive income (loss)												485
Ending balance at Sep. 30, 2021										634,795	[1]	837,158
Beginning balance, shares (in shares) at Dec. 31, 2020														3,746,460	3,746,000	[5]	12,500,000	12,500,000	[5]
Beginning balance at Dec. 31, 2020		(247,354)	[8]	122,222		(369,433)		(145)							$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		17,087				17,087
Common Dividends ($1.50 per share)		(11,240)		(11,240)
Accumulated other comprehensive income (loss)		145						145
Change in redemption value of noncontrolling interests		(242,778)		(110,982)		(131,796)						242,778
Ending balance, shares (in shares) at Sep. 30, 2021														3,746,460	3,746,000	[7]	12,500,000	12,500,000	[5]
Ending balance at Sep. 30, 2021		(484,140)		0		(484,142)		0							$ 1			$ 1
Beginning balance at Jun. 30, 2021										617,191	[3]	863,063
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)										29,166	[3]	15,279
Distributions payable to Preferred Unit limited partners	[3]									(11,562)
Distributions paid to Preferred Unit limited partners												(18,750)
Change in redemption value of noncontrolling interests		22,434		5,620		16,814						(22,434)
Ending balance at Sep. 30, 2021										$ 634,795	[1]	837,158
Beginning balance, shares (in shares) at Jun. 30, 2021	[7]														3,746,000			12,500,000
Beginning balance at Jun. 30, 2021		(506,198)		0		(506,200)		0							$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		5,244				5,244
Common Dividends ($1.50 per share)		(5,620)		(5,620)
Change in redemption value of noncontrolling interests		22,434		5,620		16,814						$ (22,434)
Ending balance, shares (in shares) at Sep. 30, 2021														3,746,460	3,746,000	[7]	12,500,000	12,500,000	[5]
Ending balance at Sep. 30, 2021		$ (484,140)		$ 0		$ (484,142)		$ 0							$ 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]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	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 .
[4]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[5]	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.
[6]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[7]	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.
[8]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

STATEMENT OF CONSOLIDATED CHA_2

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2021$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 1.50

NATURE OF OPERATIONS AND ORGANI

NATURE OF OPERATIONS AND ORGANIZATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND ORGANIZATION	These consolidated financial statements have been prepared by Altus Midstream Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited financial statements, with the exception of recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with Altus Midstream Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (Form 10-K), which contains a summary of the Company’s significant accounting policies and other disclosures. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Form 10-K. Unless the context otherwise requires, the “Company,” “ALTM” and “Altus” refers to Altus Midstream Company and its consolidated subsidiaries. “Altus Midstream” refers to Altus Midstream LP and its consolidated subsidiaries. “Apache” refers to Apache Corporation and its consolidated subsidiaries. All references to the Company’s Class A common stock, $0.0001 par value (Class A Common Stock), and Class C common stock, $0.0001 par value (Class C Common Stock), reflect such share amounts as retrospectively 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 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 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 four Delaware limited partnerships (collectively, Altus Midstream Operating) and their general partner (Altus Midstream Subsidiary GP LLC, a Delaware limited liability company, and together with Altus Midstream Operating, the Altus Midstream Entities). The Altus Midstream Entities were 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 partnership 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
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). 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 holders of Series A Cumulative Redeemable Preferred Units (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, 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, 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 the closing of the Preferred Unit offering 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 sheet 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. Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment Warrants On April 12, 2021, the SEC Staff issued a Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (SPACs) (the SEC Staff Statement). The SEC Staff Statement addresses certain accounting and reporting considerations related to warrants of a kind similar to the Company’s public and private warrants outstanding at the time of the Business Combination. The SEC determined that certain features of warrants issued in SPAC transactions common across many entities, such as those outstanding for the Company, should be recorded as a derivative liability under ASC 815 “Derivatives and Hedges” with any changes in fair value being recorded as a gain or loss in the Company’s Statement of Consolidated Operations. The Company has historically accounted for its warrants as equity, with no change in fair value being recorded in the applicable period. The Company has concluded that the previous accounting policy to account for its warrants as equity rather than as a liability was an immaterial error. The Company has corrected this immaterial error by revising its consolidated financial statements as of and for the year ended December 31, 2020 and as of and for the three and nine months ended September 30, 2020 and the related notes included herein to include the effect of accounting for the warrants as a liability from the date of the Business Combination. Note 12—Net Income (Loss) Per Share and Note 13—Fair Value Measurements have also been updated to reflect this revision. In addition, management has corrected previously identified immaterial errors related to income from its equity method interests, net unrelated to the SEC Staff Statement. The impacts of this adjustment in fiscal year 2020, as presented in the accompanying financial statements, are as follows: Statement of Consolidated Operations: Three Months Ended September 30, 2020 As Reported Change (1) As Revised (In thousands) Income from equity method interests, net $ 14,320 $ 1,667 $ 15,987 Warrants valuation adjustment — 209 209 Total other income (loss) 10,787 1,876 12,663 Net income (loss) before income taxes 29,322 1,876 31,198 Net income (loss) including noncontrolling interests 29,322 1,876 31,198 Net income (loss) attributable to common shareholders 9,990 1,876 11,866 Net income (loss) attributable to Apache limited partner 7,687 1,283 8,970 Net income (loss) attributable to Class A common shareholders 2,303 593 2,896 Net Income (Loss) Attributable To Class A Common Shareholders, Per Share Basic $ 0.61 $ 0.16 $ 0.77 Diluted $ 0.30 $ 0.02 $ 0.32 (1) All changes related to Income from equity method interests, net above relate to an immaterial prior period adjustment unrelated to the SEC Staff Statement. Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) Warrants valuation adjustment $ — $ 1,668 $ 1,668 Total other income (loss) (28,907) 1,668 (27,239) Net income (loss) before income taxes 19,496 1,668 21,164 Net income (loss) including noncontrolling interests 20,192 1,668 21,860 Net income (loss) attributable to common shareholders (36,166) 1,668 (34,498) Net income (loss) attributable to Class A common shareholders (7,805) 1,668 (6,137) Net Income (Loss) Attributable To Class A Common Shareholders, Per Share Basic $ (2.08) $ 0.44 $ (1.64) Diluted $ (2.23) $ 0.11 $ (2.12) Statement of Consolidated Comprehensive Income (Loss): Three Months Ended September 30, 2020 As Reported Change (1) As Revised (In thousands) Net income (loss) including noncontrolling interests $ 29,322 $ 1,876 $ 31,198 Comprehensive income (loss) including noncontrolling interests 30,003 1,876 31,879 Comprehensive income (loss) attributable to Apache limited partner 8,211 1,283 9,494 Comprehensive income (loss) attributable to Class A Common Shareholders 2,460 593 3,053 (1) All changes related to Income from equity method interests, net relate to an immaterial prior period adjustment unrelated to the SEC Staff Statement. Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) Net income (loss) including noncontrolling interests $ 20,192 $ 1,668 $ 21,860 Comprehensive income (loss) including noncontrolling interests 20,079 1,668 21,747 Comprehensive income (loss) attributable to Class A Common Shareholders (7,831) 1,668 (6,163) Consolidated Balance Sheet: December 31, 2020 As Reported Change As Revised (In thousands) Other non-current liabilities $ 5,539 $ 885 $ 6,424 Total liabilities 862,593 885 863,478 Additional paid-in capital 144,716 (22,494) 122,222 Accumulated equity (deficit) (391,042) 21,609 (369,433) Statement of Consolidated Cash Flows: Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) including noncontrolling interests $ 20,192 $ 1,668 $ 21,860 Warrants valuation adjustment — (1,668) (1,668) Net Cash Provided by Operating Activities 137,447 — 137,447 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 . When required 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 Construction, Operations and Maintenance Agreement (COMA) between the two entities. Generally, cash in this amount will be transferred to 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 . Other Income In 2020, the Company entered into a contract with a provider to supply the Company with electrical power. If the Company does not utilize all of its fixed purchase volumes under this contract, then it will receive a credit based on a market rate for the related underutilization. In conjunction with increased power pricing due to the Texas freeze event and underutilization of contractual electricity volumes, the Company recognized an estimated total credit of approximately $9.7 million for the six months ended June 30, 2021. The Company did not recognize any additional credit during the three months ended September 30, 2021. These amounts are recorded on the statement of consolidated operations in “Other income.” The related power credit will offset the Company’s future monthly power payments and is recorded in “Prepaid assets and other” for the current portion and “Deferred charges and other” for the long-term portion on the consolidated balance sheet. No credits were recorded for the three and nine months ended September 30, 2020. The Company has no remaining performance obligations related to these credits as of September 30, 2021.

TRANSACTIONS WITH AFFILIATES

TRANSACTIONS WITH AFFILIATES	9 Months Ended
	Sep. 30, 2021
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. Additionally, beginning in 2020, Altus Midstream entered into three agreements to provide operating and maintenance services for Apache’s compressors in exchange for a fixed monthly fee per compressor serviced. 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 receives certain operational, maintenance, and management services from Apache under the COMA. Under the COMA, the Company incurred operations and maintenance expenses of $1.5 million and $1.2 million for the three months ended September 30, 2021 and 2020, respectively, and $3.8 million and $4.0 million for the nine months ended September 30, 2021 and 2020, respectively. The Company incurred general and administrative expenses from affiliates of $2.2 million and $1.6 million for the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.1 million for the nine months ended September 30, 2021 and 2020, respectively. These costs were primarily related to expenses associated with the COMA. Additional information regarding the COMA is 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) $5.0 million for the period of January 1, 2020 through December 31, 2020, (ii) $7.0 million for the period of January 1, 2021 through December 31, 2021 and (iii) $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. Distributions to Apache In December 2020, May 2021, and August 2021, the Company’s Board of Directors declared a cash dividend of $1.50 per share on the Company’s Class A Common Stock, with each dividend declared totaling $5.6 million. The dividends were paid to stockholders during the first, second and third quarters of 2021. Each dividend included payment of approximately $0.5 million to Apache due to its 9.8 percent ownership of the Company’s Class A Common Stock. The Class A Common Stock dividends were funded by distributions from Altus Midstream to its common unitholders of $1.50 per Common Unit, totaling $24.4 million for each of the first, second and third quarters of 2021. For each distribution, $5.6 million, as noted above, was paid to the Company to fund the cash dividend payments to Class A Common stockholders, and the balance of $18.8 million was paid to Apache due to its 76.9 percent ownership of outstanding Common Units. Please refer to Note 9—Equity for further information.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The following table presents a disaggregation of the Company’s revenue. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Gas gathering and compression $ 4,797 $ 5,352 $ 13,645 $ 15,466 Gas processing 25,422 28,533 72,361 81,613 Transmission 3,229 3,861 9,513 11,262 NGL transmission 671 708 1,793 2,121 Other 429 415 1,232 790 Midstream services revenue — affiliate 34,548 38,869 98,544 111,252 Product sales — third parties — 1,303 5,743 1,900 Total revenues $ 34,548 $ 40,172 $ 104,287 $ 113,152 There were no significant changes to the Company’s contracts with customers during the three and nine months ended September 30, 2020, except that the Company entered into a new Gas Processing Agreement with Apache in October 2021, which superseded the prior agreement. Payments under all contracts with customers are typically due one month after physical delivery of the product or service has been rendered. Revenue receivables from the Company’s contracts with Apache totaled $11.0 million and $11.4 million as of September 30, 2021 and December 31, 2020, respectively, as presented on the Company’s consolidated balance sheet. Accounts receivable from the Company’s contracts with third parties totaled nil and $1.0 million as of September 30, 2021 and December 31, 2020, respectively, as presented on the Company’s consolidated balance sheet. In accordance with the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” variable market prices for each short-term sale are allocated entirely 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	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2021 2020 (In thousands) Gathering, processing and transmission systems and facilities (1) $ 207,481 $ 204,643 Construction in progress 537 904 Other property and equipment 3,213 3,323 Total property, plant and equipment 211,231 208,870 Less: accumulated depreciation and amortization (21,848) (13,034) Total property, plant and equipment, net $ 189,383 $ 195,836 (1) Included in Gathering, processing, and transmissions systems and facilities are compressors under lease to Apache totaling $10.1 million and $6.2 million, net as of September 30, 2021 and December 31, 2020, respectively. 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.

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021, there were $657.0 million of borrowings and a $2.0 million of letter of credit outstanding under this facility. As of December 31, 2020, there were $624.0 million of borrowings 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, APA Corporation 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 September 30, 2021, 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 September 30, 2021 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 September 30, 2021. Financing Costs, Net of Capitalized Interest The following table presents the components of Altus Midstream’s financing costs, net of capitalized interest: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Interest expense $ 2,382 $ 2,133 $ 7,012 $ 7,498 Amortization of deferred facility fees 292 292 875 857 Capitalized interest — (2,012) — (7,377) Financing costs, net of capitalized interest $ 2,674 $ 413 $ 7,887 $ 978

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities at September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 (In thousands) Accrued taxes other than income $ 10,263 $ 165 Accrued operations and maintenance expense 1,558 926 Accrued incentive compensation 1,102 1,466 Accrued capital costs 1,093 360 Other 1,891 2,696 Total other current liabilities $ 15,907 $ 5,613

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, 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 that would have a material impact on its financial position, results of operations, or liquidity. 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, including the potential impacts of climate change. 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 September 30, 2021, 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 with Apache, which includes contractual obligations for the Company to pay certain management fees to Apache over the term of the agreement. Refer to Note 2—Transactions with Affiliates for further discussion of the COMA. 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 September 30, 2021 and December 31, 2020, 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	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INTERESTS	EQUITY METHOD INTERESTS As of September 30, 2021, 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: September 30, 2021 December 31, 2020 Ownership Amount Amount (In thousands) Gulf Coast Express Pipeline LLC 16.0% $ 276,093 $ 283,530 EPIC Crude Holdings, LP 15.0% 164,497 176,640 Permian Highway Pipeline LLC 26.7% 632,720 615,186 Breviloba, LLC 33.0% 464,597 479,826 $ 1,537,907 $ 1,555,182 As of September 30, 2021 and December 31, 2020, unamortized basis differences included in the equity method interest balances were $36.8 million and $37.7 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. The following table presents the activity in the Company’s equity method interests for the nine months ended September 30, 2021: Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2020 $ 283,530 $ 176,640 $ 615,186 $ 479,826 $ 1,555,182 Contributions 314 1,500 25,456 — 27,270 Distributions (37,277) — (51,950) (38,581) (127,808) Equity income (loss), net 29,526 (14,273) 44,028 23,352 82,633 Accumulated other comprehensive income — 630 — — 630 Balance at September 30, 2021 $ 276,093 $ 164,497 $ 632,720 $ 464,597 $ 1,537,907 Summarized Financial Information The following table represents aggregated selected income statement data for the Company’s equity method interests (on a 100 percent basis): Nine Months Ended September 30, 2021 2020 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 $ 270,526 $ 117,107 $ 297,132 $ 127,030 $ 273,760 $ 128,837 $ — $ 128,727 Operating income (loss) 186,356 (24,232) 167,011 72,098 196,154 (10,108) (69) 80,747 Net income (loss) 185,464 (83,940) 166,662 71,621 195,460 (53,048) 587 74,188 Other comprehensive income (loss) — 4,197 — — — (752) — —

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2021
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 corresponding per-share and share amounts for periods prior to June 30, 2020 have been retroactively restated in this Quarterly Report on Form 10-Q to reflect the reverse stock split. Redeemable Noncontrolling Interest — Apache Limited Partner In conjunction with its ownership of the Class C Common Stock, Apache owns 12,500,000 Altus Midstream Common Units, representing 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 September 30, 2021 and December 31, 2020, the redeemable noncontrolling interest was recorded based on the redemption value as of the balance sheet date of $837.2 million and $575.1 million, respectively. 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. Common Stock Dividend In December 2020, May 2021, and August 2021, the Company’s Board of Directors declared a cash dividend of $1.50 per share on the Company’s Class A Common Stock, with each dividend declared totaling $5.6 million. The dividends were paid to stockholders during the first, second and third quarters of 2021. Each dividend included payment of approximately $0.5 million to Apache due to its 9.8 percent ownership of the Company’s Class A Common Stock. The Class A Common Stock dividends were funded by distributions from Altus Midstream to its common unitholders of $1.50 per Common Unit, totaling $24.4 million for each of the first, second and third quarters of 2021. For each distribution, $5.6 million, as noted above, was paid to the Company to fund the cash dividend payments to Class A Common stockholders, and the balance of $18.8 million was paid to Apache due to its 76.9 percent ownership of outstanding Common 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 sheet as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units, including the redemption rights with respect thereto. Measurement The Company applies a two-step approach to measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream. 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 for the year ended December 31, 2020 and nine months ended September 30, 2021 is as follows: 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 — Cash distributions paid to Preferred Unit limited partners — (23,124) Allocation of Altus Midstream net income N/A 75,906 Redeemable noncontrolling interest — Preferred Units: at December 31, 2020 660,694 608,381 Cash distributions paid to Preferred Unit limited partners — (34,686) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 59,475 Accreted redemption value adjustment N/A 13,187 Redeemable noncontrolling interest — Preferred Units: at September 30, 2021 660,694 $ 634,795 Embedded derivative liability (1) 120,522 $ 755,317 (1) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of September 30, 2021 is calculated as the greater of (i) an 11.5 percent internal rate of return and (ii) a 1.3 times multiple of invested capital. As of September 30, 2021, the Redemption Price would have been based on a 1.3 times multiple of invested capital, which was $812.5 million, less certain cash distributions. This was greater than using an 11.5 percent internal rate of return, which would equate to a redemption value of $729.8 million. N/A - not applicable.

SERIES A CUMULATIVE REDEEMABLE

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS	9 Months Ended
	Sep. 30, 2021
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 corresponding per-share and share amounts for periods prior to June 30, 2020 have been retroactively restated in this Quarterly Report on Form 10-Q to reflect the reverse stock split. Redeemable Noncontrolling Interest — Apache Limited Partner In conjunction with its ownership of the Class C Common Stock, Apache owns 12,500,000 Altus Midstream Common Units, representing 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 September 30, 2021 and December 31, 2020, the redeemable noncontrolling interest was recorded based on the redemption value as of the balance sheet date of $837.2 million and $575.1 million, respectively. 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. Common Stock Dividend In December 2020, May 2021, and August 2021, the Company’s Board of Directors declared a cash dividend of $1.50 per share on the Company’s Class A Common Stock, with each dividend declared totaling $5.6 million. The dividends were paid to stockholders during the first, second and third quarters of 2021. Each dividend included payment of approximately $0.5 million to Apache due to its 9.8 percent ownership of the Company’s Class A Common Stock. The Class A Common Stock dividends were funded by distributions from Altus Midstream to its common unitholders of $1.50 per Common Unit, totaling $24.4 million for each of the first, second and third quarters of 2021. For each distribution, $5.6 million, as noted above, was paid to the Company to fund the cash dividend payments to Class A Common stockholders, and the balance of $18.8 million was paid to Apache due to its 76.9 percent ownership of outstanding Common 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 sheet as a redeemable noncontrolling interest classified as temporary equity based on the terms of the Preferred Units, including the redemption rights with respect thereto. Measurement The Company applies a two-step approach to measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream. 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 for the year ended December 31, 2020 and nine months ended September 30, 2021 is as follows: 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 — Cash distributions paid to Preferred Unit limited partners — (23,124) Allocation of Altus Midstream net income N/A 75,906 Redeemable noncontrolling interest — Preferred Units: at December 31, 2020 660,694 608,381 Cash distributions paid to Preferred Unit limited partners — (34,686) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 59,475 Accreted redemption value adjustment N/A 13,187 Redeemable noncontrolling interest — Preferred Units: at September 30, 2021 660,694 $ 634,795 Embedded derivative liability (1) 120,522 $ 755,317 (1) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of September 30, 2021 is calculated as the greater of (i) an 11.5 percent internal rate of return and (ii) a 1.3 times multiple of invested capital. As of September 30, 2021, the Redemption Price would have been based on a 1.3 times multiple of invested capital, which was $812.5 million, less certain cash distributions. This was greater than using an 11.5 percent internal rate of return, which would equate to a redemption value of $729.8 million. N/A - not applicable.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021, the Company’s effective income tax rate was primarily impacted by a decrease in valuation allowance. During the three and nine months ended September 30, 2020, the Company’s effective income tax rate was primarily impacted by the net operating loss carryback claim under the CARES Act and an increase in valuation allowance. 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 INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is calculated by dividing net income (loss) attributable 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 for the calculation of basic net income (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) an assumed exercise of the outstanding public and private warrants for 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 dilutive effect of any earn-out consideration payable in shares is only included in periods for which the underlying conditions for the issuance of shares are met. The computation of basic and diluted net income (loss) per share for the periods presented in the consolidated financial statements is shown in the table below. Three Months Ended September 30, 2021 2020 (1) Income Shares Per Share Income Shares Per Share (In thousands, except per share data) Basic: Net income attributable to Class A common shareholders $ 5,244 3,746 $ 1.40 $ 2,896 3,746 $ 0.77 Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ 15,279 12,500 $ 3,928 12,500 Redeemable noncontrolling interest — Preferred Unit limited partners $ — — $ 27,906 93,609 Diluted (2)(3) : Net income attributable to Class A common shareholders $ 20,523 16,246 $ 1.26 $ 34,730 109,855 $ 0.32 Nine Months Ended September 30, 2021 2020 (1) Income Shares Per Share Loss Shares Per Share (In thousands, except per share data) Basic: Net income (loss) attributable to Class A common shareholders $ 17,087 3,746 $ 4.56 $ (6,137) 3,746 $ (1.64) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ 47,757 12,500 $ (28,361) 12,500 Redeemable noncontrolling interest — Preferred Unit limited partners $ 62,688 17,076 $ — — Diluted (2)(3) : Net income (loss) attributable to Class A common shareholders $ 127,532 33,322 $ 3.83 $ (34,498) 16,246 $ (2.12) (1) This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information. (2) The effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock would have been anti-dilutive for the three months ended September 30, 2021 and the nine months ended September 30, 2020. (3) The effect of an assumed exchange of the outstanding public and private warrants for shares of Class A Common Stock would have been anti-dilutive for all periods presented. 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 for any of the periods presented.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
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; accounts receivable from/payable to Apache; dividends and distributions payable; the Company’s private and public warrants and an embedded derivative liability related to the issuance of Preferred Units. The Company bifurcated and recognized an 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) is based on a range of factors, including expected future interest rates using the Black-Karasinski model, the Company’s imputed interest rate, interest rate volatility, the expected timing of periodic cash distributions, the estimated timing for the potential exercise of the exchange option, and anticipated dividend yields of the Preferred Units. The Company recorded an unrealized gain of $4.0 million and an unrealized loss of $3.5 million for the three months ended September 30, 2021 and 2020, respectively, and an unrealized gain of $18.5 million and an unrealized loss of $76.1 million for the nine months ended September 30, 2021 and 2020, respectively, which are recorded in “Unrealized derivative instrument gain (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 September 30, 2021 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 September 30, 2021 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 120,522 Option Model Altus Midstream Company’s Imputed Interest Rate 5.53-11.54% Interest Rate Volatility 38.03% A one percent increase in the imputed interest rate assumption would significantly increase the value of the embedded derivative liability at September 30, 2021, while a one percent decrease would lead to a similar decrease in value as of September 30, 2021. The assumed expected timing until exercise of the exchange option at September 30, 2021 was 4.70 years. 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 valuations 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. The carrying value of the Company’s public warrants are recorded at fair value based on quoted market prices, a Level 1 fair value measurement. The carrying value of the Company’s private warrants are recorded at fair value determined using an option pricing model, a Level 3 fair value measurement, which is calculated based on key assumptions related to expected volatility of the Company’s common stock, an expected dividend yield, the remaining term of the warrants outstanding and the risk-free rate based on the U.S. Treasury yield curve in effect at the time of the valuation. These assumptions are estimated utilizing historical trends of the Company’s common stock, public warrants and other factors. The Company has recorded a liability of $0.7 million and $0.9 million as of September 30, 2021 and December 31, 2020, respectively, in “Other noncurrent liabilities” included in its consolidated balance sheet and approximately $0.7 million and $0.2 million of income for the three months ended September 30, 2021 and 2020, respectively, and $0.2 million and $1.7 million of income for the nine months ended September 30, 2021 and 2020, respectively, reflected as “Total other income (loss)” in its statement of consolidated operations related to the fair value changes of the underlying warrants.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Common Stock Dividend On November 2, 2021, the Company’s Board of Directors declared a cash dividend of $1.50 per share on the Company’s Class A Common Stock, totaling $5.6 million, to be paid on December 30, 2021, to stockholders of record as of the close of business on November 30, 2021. The common stock dividend will be funded by a distribution from Altus Midstream to its common unitholders of $1.50 per Common Unit, totaling $24.4 million, of which $5.6 million is payable to the Company and the balance is payable to Apache. Altus Midstream Company and BCP Raptor Holdco LP Business Combination On October 21, 2021, the Company announced that it will combine with privately-owned BCP Raptor Holdco LP (BCP) in an all-stock transaction, pursuant to the Contribution Agreement dated as of that same date and entered into by and among ALTM, Altus Midstream, New BCP Raptor Holdco, LLC (the Contributor), and BCP (the Contribution Agreement). BCP is the parent company of EagleClaw Midstream, which includes EagleClaw Midstream Ventures, the Caprock Midstream and Pinnacle Midstream businesses, and a 26.7% interest in the Permian Highway Pipeline. As consideration for the transaction, the Company will issue 50 million Class C common shares (and Altus Midstream will issue corresponding Common Units) to BCP’s unitholders, which are principally funds affiliated with Blackstone and I Squared Capital. The transaction is expected to close during the first quarter 2022 following completion of customary closing conditions, including approval by the Company’s shareholders and regulatory reviews.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	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 holders of Series A Cumulative Redeemable Preferred Units (the Preferred Units).
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.
Redeemable Noncontrolling Interest	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, 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, 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. 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 the closing of the Preferred Unit offering 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 sheet 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.
Equity Method Interests	Equity Method InterestsThe 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.
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	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 ApacheThe 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 Construction, Operations and Maintenance Agreement (COMA) between the two entities. Generally, cash in this amount will be transferred to 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.
Revenue Recognition	Payments under all contracts with customers are typically due one month after physical delivery of the product or service has been rendered. Revenue receivables from the Company’s contracts with Apache totaled $11.0 million and $11.4 million as of September 30, 2021 and December 31, 2020, respectively, as presented on the Company’s consolidated balance sheet. Accounts receivable from the Company’s contracts with third parties totaled nil and $1.0 million as of September 30, 2021 and December 31, 2020, respectively, as presented on the Company’s consolidated balance sheet. In accordance with the provisions of ASC Topic 606, “Revenue from Contracts with Customers,” variable market prices for each short-term sale are allocated entirely 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impacts of this adjustment in fiscal year 2020, as presented in the accompanying financial statements, are as follows: Statement of Consolidated Operations: Three Months Ended September 30, 2020 As Reported Change (1) As Revised (In thousands) Income from equity method interests, net $ 14,320 $ 1,667 $ 15,987 Warrants valuation adjustment — 209 209 Total other income (loss) 10,787 1,876 12,663 Net income (loss) before income taxes 29,322 1,876 31,198 Net income (loss) including noncontrolling interests 29,322 1,876 31,198 Net income (loss) attributable to common shareholders 9,990 1,876 11,866 Net income (loss) attributable to Apache limited partner 7,687 1,283 8,970 Net income (loss) attributable to Class A common shareholders 2,303 593 2,896 Net Income (Loss) Attributable To Class A Common Shareholders, Per Share Basic $ 0.61 $ 0.16 $ 0.77 Diluted $ 0.30 $ 0.02 $ 0.32 (1) All changes related to Income from equity method interests, net above relate to an immaterial prior period adjustment unrelated to the SEC Staff Statement. Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) Warrants valuation adjustment $ — $ 1,668 $ 1,668 Total other income (loss) (28,907) 1,668 (27,239) Net income (loss) before income taxes 19,496 1,668 21,164 Net income (loss) including noncontrolling interests 20,192 1,668 21,860 Net income (loss) attributable to common shareholders (36,166) 1,668 (34,498) Net income (loss) attributable to Class A common shareholders (7,805) 1,668 (6,137) Net Income (Loss) Attributable To Class A Common Shareholders, Per Share Basic $ (2.08) $ 0.44 $ (1.64) Diluted $ (2.23) $ 0.11 $ (2.12) Statement of Consolidated Comprehensive Income (Loss): Three Months Ended September 30, 2020 As Reported Change (1) As Revised (In thousands) Net income (loss) including noncontrolling interests $ 29,322 $ 1,876 $ 31,198 Comprehensive income (loss) including noncontrolling interests 30,003 1,876 31,879 Comprehensive income (loss) attributable to Apache limited partner 8,211 1,283 9,494 Comprehensive income (loss) attributable to Class A Common Shareholders 2,460 593 3,053 (1) All changes related to Income from equity method interests, net relate to an immaterial prior period adjustment unrelated to the SEC Staff Statement. Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) Net income (loss) including noncontrolling interests $ 20,192 $ 1,668 $ 21,860 Comprehensive income (loss) including noncontrolling interests 20,079 1,668 21,747 Comprehensive income (loss) attributable to Class A Common Shareholders (7,831) 1,668 (6,163) Consolidated Balance Sheet: December 31, 2020 As Reported Change As Revised (In thousands) Other non-current liabilities $ 5,539 $ 885 $ 6,424 Total liabilities 862,593 885 863,478 Additional paid-in capital 144,716 (22,494) 122,222 Accumulated equity (deficit) (391,042) 21,609 (369,433) Statement of Consolidated Cash Flows: Nine Months Ended September 30, 2020 As Reported Change As Revised (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) including noncontrolling interests $ 20,192 $ 1,668 $ 21,860 Warrants valuation adjustment — (1,668) (1,668) Net Cash Provided by Operating Activities 137,447 — 137,447

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents a disaggregation of the Company’s revenue. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Gas gathering and compression $ 4,797 $ 5,352 $ 13,645 $ 15,466 Gas processing 25,422 28,533 72,361 81,613 Transmission 3,229 3,861 9,513 11,262 NGL transmission 671 708 1,793 2,121 Other 429 415 1,232 790 Midstream services revenue — affiliate 34,548 38,869 98,544 111,252 Product sales — third parties — 1,303 5,743 1,900 Total revenues $ 34,548 $ 40,172 $ 104,287 $ 113,152

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment, at Cost	Property, plant and equipment, at carrying value, is as follows: September 30, December 31, 2021 2020 (In thousands) Gathering, processing and transmission systems and facilities (1) $ 207,481 $ 204,643 Construction in progress 537 904 Other property and equipment 3,213 3,323 Total property, plant and equipment 211,231 208,870 Less: accumulated depreciation and amortization (21,848) (13,034) Total property, plant and equipment, net $ 189,383 $ 195,836 (1) Included in Gathering, processing, and transmissions systems and facilities are compressors under lease to Apache totaling $10.1 million and $6.2 million, net as of September 30, 2021 and December 31, 2020, respectively.

DEBT AND FINANCING COSTS - (Tab

DEBT AND FINANCING COSTS - (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Financing Costs, Net	The following table presents the components of Altus Midstream’s financing costs, net of capitalized interest: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Interest expense $ 2,382 $ 2,133 $ 7,012 $ 7,498 Amortization of deferred facility fees 292 292 875 857 Capitalized interest — (2,012) — (7,377) Financing costs, net of capitalized interest $ 2,674 $ 413 $ 7,887 $ 978

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	The following table provides detail of the Company’s other current liabilities at September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 (In thousands) Accrued taxes other than income $ 10,263 $ 165 Accrued operations and maintenance expense 1,558 926 Accrued incentive compensation 1,102 1,466 Accrued capital costs 1,093 360 Other 1,891 2,696 Total other current liabilities $ 15,907 $ 5,613

EQUITY METHOD INTERESTS (Tables

EQUITY METHOD INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of September 30, 2021, 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: September 30, 2021 December 31, 2020 Ownership Amount Amount (In thousands) Gulf Coast Express Pipeline LLC 16.0% $ 276,093 $ 283,530 EPIC Crude Holdings, LP 15.0% 164,497 176,640 Permian Highway Pipeline LLC 26.7% 632,720 615,186 Breviloba, LLC 33.0% 464,597 479,826 $ 1,537,907 $ 1,555,182 The following table presents the activity in the Company’s equity method interests for the nine months ended September 30, 2021: Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2020 $ 283,530 $ 176,640 $ 615,186 $ 479,826 $ 1,555,182 Contributions 314 1,500 25,456 — 27,270 Distributions (37,277) — (51,950) (38,581) (127,808) Equity income (loss), net 29,526 (14,273) 44,028 23,352 82,633 Accumulated other comprehensive income — 630 — — 630 Balance at September 30, 2021 $ 276,093 $ 164,497 $ 632,720 $ 464,597 $ 1,537,907
Schedule of 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): Nine Months Ended September 30, 2021 2020 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 $ 270,526 $ 117,107 $ 297,132 $ 127,030 $ 273,760 $ 128,837 $ — $ 128,727 Operating income (loss) 186,356 (24,232) 167,011 72,098 196,154 (10,108) (69) 80,747 Net income (loss) 185,464 (83,940) 166,662 71,621 195,460 (53,048) 587 74,188 Other comprehensive income (loss) — 4,197 — — — (752) — —

SERIES A CUMULATIVE REDEEMABL_2

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Preferred Units	Activity related to the Preferred Units for the year ended December 31, 2020 and nine months ended September 30, 2021 is as follows: 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 — Cash distributions paid to Preferred Unit limited partners — (23,124) Allocation of Altus Midstream net income N/A 75,906 Redeemable noncontrolling interest — Preferred Units: at December 31, 2020 660,694 608,381 Cash distributions paid to Preferred Unit limited partners — (34,686) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 59,475 Accreted redemption value adjustment N/A 13,187 Redeemable noncontrolling interest — Preferred Units: at September 30, 2021 660,694 $ 634,795 Embedded derivative liability (1) 120,522 $ 755,317 (1) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. See Note 13—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. (2) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of September 30, 2021 is calculated as the greater of (i) an 11.5 percent internal rate of return and (ii) a 1.3 times multiple of invested capital. As of September 30, 2021, the Redemption Price would have been based on a 1.3 times multiple of invested capital, which was $812.5 million, less certain cash distributions. This was greater than using an 11.5 percent internal rate of return, which would equate to a redemption value of $729.8 million. N/A - not applicable.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Net (Loss) Per Share	The computation of basic and diluted net income (loss) per share for the periods presented in the consolidated financial statements is shown in the table below. Three Months Ended September 30, 2021 2020 (1) Income Shares Per Share Income Shares Per Share (In thousands, except per share data) Basic: Net income attributable to Class A common shareholders $ 5,244 3,746 $ 1.40 $ 2,896 3,746 $ 0.77 Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ 15,279 12,500 $ 3,928 12,500 Redeemable noncontrolling interest — Preferred Unit limited partners $ — — $ 27,906 93,609 Diluted (2)(3) : Net income attributable to Class A common shareholders $ 20,523 16,246 $ 1.26 $ 34,730 109,855 $ 0.32 Nine Months Ended September 30, 2021 2020 (1) Income Shares Per Share Loss Shares Per Share (In thousands, except per share data) Basic: Net income (loss) attributable to Class A common shareholders $ 17,087 3,746 $ 4.56 $ (6,137) 3,746 $ (1.64) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ 47,757 12,500 $ (28,361) 12,500 Redeemable noncontrolling interest — Preferred Unit limited partners $ 62,688 17,076 $ — — Diluted (2)(3) : Net income (loss) attributable to Class A common shareholders $ 127,532 33,322 $ 3.83 $ (34,498) 16,246 $ (2.12) (1) This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information. (2) The effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock would have been anti-dilutive for the three months ended September 30, 2021 and the nine months ended September 30, 2020. (3) The effect of an assumed exchange of the outstanding public and private warrants for shares of Class A Common Stock would have been anti-dilutive for all periods presented.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs	As of the September 30, 2021 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 September 30, 2021 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 120,522 Option Model Altus Midstream Company’s Imputed Interest Rate 5.53-11.54% Interest Rate Volatility 38.03%

NATURE OF OPERATIONS AND ORGA_2

NATURE OF OPERATIONS AND ORGANIZATION (Details)	Nov. 09, 2018Project	Aug. 31, 2021	May 31, 2021	Dec. 31, 2020$ / shares	Sep. 30, 2021Segmentpipelinepartnership$ / shares
Schedule Of Organization [Line Items]
Number of pipeline | pipeline					4
Number of reportable segments | Segment					1
Number of limited partnerships | partnership					4
Number of pipeline projects | Project	5
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%	76.90%
Class A Common Stock
Schedule Of Organization [Line Items]
Common stock, par value (in USD per share)				$ 0.0001	$ 0.0001
Class C Common Stock
Schedule Of Organization [Line Items]
Common stock, par value (in USD per share)				$ 0.0001	$ 0.0001

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Redeemable noncontrolling interest — Apache Limited Partner (Details)	9 Months Ended
	Sep. 30, 2021
Class A Common Stock
Class of Stock [Line Items]
Common stock, redemption ratio	1

SUMMARY OF SIGNIFCANT ACCOUNT_2

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Revision of Previously Issued Statement of Consolidated Operations for Immaterial Adjustment (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Change in Accounting Estimate [Line Items]
Income from equity method interests, net	$ 32,479	$ 15,987	[1]	$ 82,633	$ 47,541	[1]
Warrants valuation adjustment	664	209	[1]	222	1,668	[1]
Total other income (loss)	37,773	12,663	[1]	112,663	(27,239)	[1]
Net income (loss) before income taxes		31,198			21,164
Net income including noncontrolling interests	49,689	31,198	[2]	146,019	21,860	[1]
Net income (loss) attributable to common shareholders	20,523	11,866	[1]	73,357	(34,498)	[1]
Net income (loss) attributable to Apache limited partner	15,279	8,970	[1]	56,270	(28,361)	[1]
Net income (loss) attributable to Class A common shareholders	$ 5,244	$ 2,896	[3]	$ 17,087	$ (6,137)	[1]
Basic (in USD per share)	$ 1.40	$ 0.77	[1]	$ 4.56	$ (1.64)	[1]
Diluted (in USD per share)	$ 1.26	$ 0.32	[1]	$ 3.83	$ (2.12)	[1]
As Reported
Change in Accounting Estimate [Line Items]
Income from equity method interests, net		$ 14,320
Warrants valuation adjustment		0			$ 0
Total other income (loss)		10,787			(28,907)
Net income (loss) before income taxes		29,322			19,496
Net income including noncontrolling interests		29,322			20,192
Net income (loss) attributable to common shareholders		9,990			(36,166)
Net income (loss) attributable to Apache limited partner		7,687
Net income (loss) attributable to Class A common shareholders		$ 2,303			$ (7,805)
Basic (in USD per share)		$ 0.61			$ (2.08)
Diluted (in USD per share)		$ 0.30			$ (2.23)
Change
Change in Accounting Estimate [Line Items]
Income from equity method interests, net		$ 1,667
Warrants valuation adjustment		209			$ 1,668
Total other income (loss)		1,876			1,668
Net income (loss) before income taxes		1,876			1,668
Net income including noncontrolling interests		1,876			1,668
Net income (loss) attributable to common shareholders		1,876			1,668
Net income (loss) attributable to Apache limited partner		1,283
Net income (loss) attributable to Class A common shareholders		$ 593			$ 1,668
Basic (in USD per share)		$ 0.16			$ 0.44
Diluted (in USD per share)		$ 0.02			$ 0.11
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SUMMARY OF SIGNIFCANT ACCOUNT_3

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Revision of Previously Issued Statement of Consolidated Comprehensive Income (Loss) for Immaterial Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests	$ 49,689	$ 31,198	[1]	$ 146,019	$ 21,860	[2]
Comprehensive income (loss) including noncontrolling interests	49,689	31,879	[1]	146,649	21,747	[1]
Comprehensive income (loss) attributable to Class A Common Shareholders	5,244	3,053	[1]	17,232	(6,163)	[1]
Apache limited partner
Change in Accounting Estimate [Line Items]
Comprehensive income attributable to noncontrolling interest	$ 15,279	9,494	[1]	$ 56,755	(28,448)	[1]
As Reported
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests		29,322			20,192
Comprehensive income (loss) including noncontrolling interests		30,003			20,079
Comprehensive income (loss) attributable to Class A Common Shareholders		2,460			(7,831)
As Reported | Apache limited partner
Change in Accounting Estimate [Line Items]
Comprehensive income attributable to noncontrolling interest		8,211
Change
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests		1,876			1,668
Comprehensive income (loss) including noncontrolling interests		1,876			1,668
Comprehensive income (loss) attributable to Class A Common Shareholders		593			$ 1,668
Change | Apache limited partner
Change in Accounting Estimate [Line Items]
Comprehensive income attributable to noncontrolling interest		$ 1,283
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SUMMARY OF SIGNIFCANT ACCOUNT_4

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Revision of Previously Issued Consolidated Balance Sheet for Immaterial Adjustment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Change in Accounting Estimate [Line Items]
Other noncurrent liabilities	$ 5,896	$ 6,424	[1]
Total liabilities	878,121	863,478	[1]
Additional paid-in capital	0	122,222	[1]
Accumulated equity (deficit)	$ (484,142)	(369,433)	[1]
As Reported
Change in Accounting Estimate [Line Items]
Other noncurrent liabilities		5,539
Total liabilities		862,593
Additional paid-in capital		144,716
Accumulated equity (deficit)		(391,042)
Change
Change in Accounting Estimate [Line Items]
Other noncurrent liabilities		885
Total liabilities		885
Additional paid-in capital		(22,494)
Accumulated equity (deficit)		$ 21,609
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SUMMARY OF SIGNIFCANT ACCOUNT_5

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Revision of Previously Issued Statement of Consolidated Cash Flows for Immaterial Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests	$ 49,689	$ 31,198	[1]	$ 146,019	$ 21,860	[2]
Income from equity method interests, net	(32,479)	(15,987)	[2]	(82,633)	(47,541)	[2]
Warrants valuation adjustment	$ (664)	(209)	[2]	(222)	(1,668)	[2]
Net Cash Provided by Operating Activities				$ 158,395	137,447	[3]
As Reported
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests		29,322			20,192
Income from equity method interests, net		(14,320)
Warrants valuation adjustment		0			0
Net Cash Provided by Operating Activities					137,447
Change
Change in Accounting Estimate [Line Items]
Net income including noncontrolling interests		1,876			1,668
Income from equity method interests, net		(1,667)
Warrants valuation adjustment		$ (209)			(1,668)
Net Cash Provided by Operating Activities					$ 0
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SUMMARY OF SIGNIFCANT ACCOUNT_6

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Other Income (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Other income, utility credit	$ 0	$ 9,700,000	$ 0

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details) $ / shares in Units, $ in Thousands		Jan. 01, 2022USD ($)	Aug. 31, 2021USD ($)$ / shares	May 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)		Sep. 30, 2021USD ($)agreement$ / shares	Sep. 30, 2020USD ($)		Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares
Related Party Transaction [Line Items]
Number of service agreements with affiliates | agreement											3
General and administrative	[1]					$ 3,420			$ 2,936	[2]	$ 10,350	$ 10,102	[2]
Dividends declared (in USD per share) | $ / shares											$ 1.50
Payments of common stock dividend											$ 16,859	0	[3]
Capital distribution (in USD per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50										$ 1.50
Proceeds from limited partnership investments			$ 5,600	$ 5,600	$ 5,600
Class A Common Stock
Related Party Transaction [Line Items]
Dividends declared (in USD per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50
Payments of common stock dividend						5,600	$ 5,600	$ 5,600
Apache
Related Party Transaction [Line Items]
Proceeds from limited partnership investments			$ 18,800	$ 18,800	$ 18,800
Apache | Class A Common Stock
Related Party Transaction [Line Items]
Proceeds from noncontrolling interests			$ 500	$ 500	$ 500
Altus Midstream LP
Related Party Transaction [Line Items]
Distributions from partners' capital						24,400	$ 24,400	$ 24,400
Altus Midstream LP | Apache
Related Party Transaction [Line Items]
Limited partners, ownership interest			76.90%	76.90%	76.90%
Altus Midstream LP | Apache | Class A Common Stock
Related Party Transaction [Line Items]
Ownership percentage			9.80%	9.80%	9.80%										9.80%
Affiliated Entity | Apache | Service Agreements
Related Party Transaction [Line Items]
Gathering, processing, and transmission						1,500			1,200		3,800	4,000
General and administrative						$ 2,200			$ 1,600		$ 6,800	$ 5,100
Affiliated Entity | Apache | Construction, Operations and Maintenance Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party															$ 5,000
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												$ 7,000
[1]	Includes amounts of $2.2 million and $1.6 million associated with related parties for the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.1 million associated with related parties for the nine months ended September 30, 2021 and 2020, respectively. Refer to Note 2—Transactions with Affiliates .
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 34,548	$ 40,172	[1]	$ 104,287	$ 113,152	[1]
Gas gathering and compression
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	4,797	5,352		13,645	15,466
Gas processing
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	25,422	28,533		72,361	81,613
Transmission
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	3,229	3,861		9,513	11,262
NGL transmission
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	671	708		1,793	2,121
Other
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	429	415		1,232	790
Service
Disaggregation of Revenue [Line Items]
Midstream services revenue — affiliate	34,548	38,869	[1]	98,544	111,252	[1]
Product
Disaggregation of Revenue [Line Items]
Product sales — third parties	$ 0	$ 1,303	[1]	$ 5,743	$ 1,900	[1]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Payment term	1 month
Revenue receivables	$ 10,981,000	$ 11,378,000	[1]
Accounts receivables from contracts with third parties	0	1,033,000	[1]
Affiliated Entity | Apache
Disaggregation of Revenue [Line Items]
Revenue receivables	$ 11,000,000	$ 11,400,000
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 211,231	$ 208,870	[1]
Less: accumulated depreciation and amortization	(21,848)	(13,034)	[1]
Total property, plant and equipment, net	189,383	195,836	[1]
Capitalized interest	10,100	6,200
Gathering, processing and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	207,481	204,643
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	537	904
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 3,213	$ 3,323
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details)	1 Months Ended	9 Months Ended
	Nov. 30, 2018option	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)		Feb. 28, 2019USD ($)
Debt Instrument [Line Items]
Outstanding borrowings		$ 657,000,000	$ 624,000,000	[1]
Letters of credit outstanding		$ 2,000,000	0
Line of Credit
Debt Instrument [Line Items]
Debt covenant term, maximum leverage ratio		5
Debt covenant, period following qualified acquisition		1 year
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 | option	2
Extended financing agreement term	1 year
Debt maximum borrowing capacity		$ 1,500,000,000			$ 800,000,000
Outstanding borrowings		$ 657,000,000	$ 624,000,000
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
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Financing Costs, Net of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Interest expense	$ 2,382	$ 2,133		$ 7,012	$ 7,498
Amortization of deferred facility fees	292	292		875	857
Capitalized interest	0	(2,012)		0	(7,377)
Financing costs, net of capitalized interest	$ 2,674	$ 413	[1]	$ 7,887	$ 978	[1]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Accrued taxes other than income	$ 10,263	$ 165
Accrued operations and maintenance expense	1,558	926
Accrued incentive compensation	1,102	1,466
Accrued capital costs	1,093	360
Other	1,891	2,696
Total other current liabilities	$ 15,907	$ 5,613	[1]
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
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			9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	[3]	Sep. 30, 2021	Sep. 30, 2020		Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method interests		$ 1,537,907			$ 1,537,907			$ 1,555,182	[1]
Difference between carrying amount and underlying equity		36,800			36,800			37,700
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2020	[1]				1,555,182
Contributions					27,270	$ 286,227	[2]
Distributions					(127,808)
Equity income (loss), net		32,479	$ 15,987		82,633	$ 47,541	[3]
Accumulated other comprehensive income					630
Balance at September 30, 2021		$ 1,537,907			$ 1,537,907
Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership		16.00%			16.00%
Equity method interests		$ 276,093			$ 276,093			283,530
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2020					283,530
Contributions					314
Distributions					(37,277)
Equity income (loss), net					29,526
Accumulated other comprehensive income					0
Balance at September 30, 2021		$ 276,093			$ 276,093
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership		15.00%			15.00%
Equity method interests		$ 164,497			$ 164,497			176,640
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2020					176,640
Contributions					1,500
Distributions					0
Equity income (loss), net					(14,273)
Accumulated other comprehensive income					630
Balance at September 30, 2021		$ 164,497			$ 164,497
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership		26.70%			26.70%
Equity method interests		$ 632,720			$ 632,720			615,186
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2020					615,186
Contributions					25,456
Distributions					(51,950)
Equity income (loss), net					44,028
Accumulated other comprehensive income					0
Balance at September 30, 2021		$ 632,720			$ 632,720
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Ownership		33.00%			33.00%
Equity method interests		$ 464,597			$ 464,597			$ 479,826
Movement In Equity Method Interests [Roll Forward]
Balance at December 31, 2020					479,826
Contributions					0
Distributions					(38,581)
Equity income (loss), net					23,352
Accumulated other comprehensive income					0
Balance at September 30, 2021		$ 464,597			$ 464,597
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[3]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

EQUITY METHOD INTERESTS - Summa

EQUITY METHOD INTERESTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 34,548	$ 40,172	[1]	$ 104,287	$ 113,152	[1]
Operating income (loss)	14,590	18,948	[1]	41,243	49,381	[1]
Net income (loss)	$ 49,689	$ 31,198	[2]	146,019	21,860	[1]
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues				270,526	273,760
Operating income (loss)				186,356	196,154
Net income (loss)				185,464	195,460
Other comprehensive income (loss)				0	0
Equity Method Investment, Nonconsolidated Investee or Group of Investees | EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Revenues				117,107	128,837
Operating income (loss)				(24,232)	(10,108)
Net income (loss)				(83,940)	(53,048)
Other comprehensive income (loss)				4,197	(752)
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues				297,132	0
Operating income (loss)				167,011	(69)
Net income (loss)				166,662	587
Other comprehensive income (loss)				0	0
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues				127,030	128,727
Operating income (loss)				72,098	80,747
Net income (loss)				71,621	74,188
Other comprehensive income (loss)				$ 0	$ 0
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2020	Aug. 31, 2021USD ($)$ / shares	May 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares		Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	[2]	Nov. 09, 2018shares
Class of Stock [Line Items]
Redemption value measurement period									5 days
Redeemable noncontrolling interest — Apache limited partner				$ 575,125	[1]	$ 837,158			$ 837,158
Dividends declared (in USD per share) | $ / shares									$ 1.50
Payments of common stock dividend									$ 16,859	$ 0
Capital distribution (in USD per share) | $ / shares		$ 1.50	$ 1.50	$ 1.50
Proceeds from limited partnership investments		$ 5,600	$ 5,600	$ 5,600
Class A Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio	0.05
Common stock, redemption ratio									1
Dividends declared (in USD per share) | $ / shares		$ 1.50	$ 1.50	$ 1.50
Payments of common stock dividend						5,600	$ 5,600	$ 5,600
Class C Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio	0.05
Apache
Class of Stock [Line Items]
Proceeds from limited partnership investments		$ 18,800	$ 18,800	$ 18,800
Apache | Class A Common Stock
Class of Stock [Line Items]
Proceeds from noncontrolling interests		$ 500	$ 500	$ 500
Altus Midstream LP
Class of Stock [Line Items]
Distributions from partners' capital						$ 24,400	$ 24,400	$ 24,400
Altus Midstream LP | Apache
Class of Stock [Line Items]
Number of common units received (in shares) | shares												12,500,000
Limited partners, ownership interest		76.90%	76.90%	76.90%
Altus Midstream LP | Apache | Class A Common Stock
Class of Stock [Line Items]
Ownership percentage		9.80%	9.80%	9.80%
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SERIES A CUMULATIVE REDEEMABL_3

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Additional Information (Details) - Preferred Unit limited partners $ / shares in Units, $ in Millions	Jun. 12, 2019USD ($)$ / sharesshares
Class of Stock [Line Items]
Number of Preferred Units sold (in shares) | shares	625,000
Preferred Units sold, price per share (in USD per share) | $ / shares	$ 1,000
Aggregate issue price of Preferred Units	$ 625
Recapitalization transaction (Note 2)	$ 611.2

SERIES A CUMULATIVE REDEEMABL_4

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Activity Related to Preferred Units (Details) shares in Thousands, $ in Thousands		3 Months Ended				9 Months Ended				12 Months Ended
		Sep. 30, 2021USD ($)shares		Sep. 30, 2020USD ($)	[2]	Sep. 30, 2021USD ($)shares		Sep. 30, 2020USD ($)shares		Dec. 31, 2020USD ($)shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	[1]					$ 608,381
Accreted redemption value adjustment						13,187
Ending balance		$ 634,795				634,795				$ 608,381	[1]
Embedded derivative liability		120,522				120,522				$ 139,009	[1]
Redeemable noncontrolling interest, including embedded derivative liability		$ 755,317				$ 755,317
Preferred Units, redemption terms, internal rate of return		11.50%				11.50%
Preferred Units, redemption terms, multiple of invested capital		1.3				1.3
Preferred Units, invested capital		$ 812,500				$ 812,500
Preferred Units, redemption price		$ 729,800				$ 729,800
Preferred Unit limited partners
Movement In Preferred Units [Roll Forward]
Redeemable noncontrolling interest - Preferred Units: beginning of period (in shares) | shares						660,694		638,163		638,163
Distribution of in-kind additional Preferred Units (in shares) | shares										22,531
Redeemable noncontrolling interest - Preferred Units: end of period (in shares) | shares		660,694				660,694				660,694
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance						$ 608,381		$ 555,599		$ 555,599
Cash distributions paid to Preferred Unit limited partners				$ (11,562)		(34,686)	[3]	$ (11,562)	[2]	(23,124)
Distributions payable to Preferred Unit limited partners		$ (11,562)	[2]			(11,562)	[3]
Allocation of Altus Midstream net income						59,475				75,906
Ending balance		$ 634,795				$ 634,795				$ 608,381
[1]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	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 .
[3]	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 .

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Current income tax benefit	$ 0	$ 0	[1]	$ 700	$ 0	$ 696	[1]
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Basic:
Net income (loss) attributable to Class A common shareholders	$ 5,244	$ 2,896	[1]	$ 17,087	$ (6,137)	[2]
Net income (loss) attributable to Class A common shareholders (in shares)	3,746	3,746	[2]	3,746	3,746	[2]
Net income (loss) attributable to Class A common shareholders, basic (in USD per share)	$ 1.40	$ 0.77	[2]	$ 4.56	$ (1.64)	[2]
Diluted:
Net income (loss) attributable to Class A common shareholders	$ 20,523	$ 34,730		$ 127,532	$ (34,498)
Net income (loss) attributable to Class A common shareholders (in shares)	16,246	109,855	[2]	33,322	16,246	[2]
Net income (loss) attributable to Class A common shareholders, diluted (in USD per share)	$ 1.26	$ 0.32	[2]	$ 3.83	$ (2.12)	[2]
Apache limited partner
Effect of dilutive securities:
Redeemable noncontrolling interest	$ 15,279	$ 3,928		$ 47,757	$ (28,361)
Redeemable noncontrolling interest (in shares)	12,500	12,500		12,500	12,500
Preferred Unit limited partners
Effect of dilutive securities:
Redeemable noncontrolling interest	$ 0	$ 27,906		$ 62,688	$ 0
Redeemable noncontrolling interest (in shares)	0	93,609		17,076	0
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	[1]	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	[1]	Dec. 31, 2020USD ($)
Fair Value Disclosures [Abstract]
Unrealized derivative instrument gain (loss)	$ 4,010	$ (3,533)		$ 18,487	$ (76,102)
Expected timing until exercise of exchange option				4 years 8 months 12 days
Warrants outstanding, fair value	700			$ 700			$ 900
Warrants valuation adjustment	664	$ 209		222	$ 1,668
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative	$ 120,522			$ 120,522			$ 139,009	[2]
Interest Rate Volatility | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input	0.3803			0.3803
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	0.0553			0.0553
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	0.1154			0.1154
[1]	This period presented has been revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.
[2]	The Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements, revised to reflect the Company’s fair value change of its underlying warrants. Refer to Note 1—Summary of Significant Accounting Policies , see the section titled Revision of Previously Issued Consolidated Financial Statements for Immaterial Adjustment for further information.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Nov. 02, 2021	Oct. 21, 2021	Aug. 31, 2021	May 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Dividends declared (in USD per share)									$ 1.50
Capital distribution (in USD per share)			$ 1.50	$ 1.50	$ 1.50
Proceeds from limited partnership investments			$ 5.6	$ 5.6	$ 5.6
Altus Midstream LP
Subsequent Event [Line Items]
Distributions from partners' capital						$ 24.4	$ 24.4	$ 24.4
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in USD per share)			$ 1.50	$ 1.50	$ 1.50
Subsequent Event
Subsequent Event [Line Items]
Proceeds from limited partnership investments	$ 5.6
Subsequent Event | Altus Midstream LP
Subsequent Event [Line Items]
Capital distribution (in USD per share)	$ 1.50
Distributions from partners' capital	$ 24.4
Subsequent Event | BCP | Permian Highway Pipeline LLC
Subsequent Event [Line Items]
Ownership percentage		26.70%
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in USD per share)	$ 1.50
Dividends payable	$ 5.6
Subsequent Event | Class C Common Stock | BCP
Subsequent Event [Line Items]
Number of shares issued for business combination (in shares)		50