Kinetik (KNTK) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38048
Entity Registrant Name	Altus Midstream Company
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 219,150,084
Documents Incorporated by Reference	Portions of registrant’s proxy statement relating to registrant’s 2021 annual meeting of stockholders have been incorporated by reference in Part II and Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001692787
Entity Incorporation, State or Country Code	DE
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,246,460
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Total revenues		$ 160,617	$ 148,409	$ 135,798
COSTS AND EXPENSES:
General and administrative	[1]	14,182	13,155	10,301
Depreciation and accretion		16,201	15,945	41,480
Impairments		441	1,643	1,300,719
Taxes other than income		13,886	15,069	13,231
Total costs and expenses		95,005	86,793	1,421,589
OPERATING INCOME (LOSS)		65,612	61,616	(1,285,791)
Unrealized derivative instrument gain (loss)		82,114	(36,080)	(8,470)
Interest income		4	9	3,606
Income from equity method interests, net		113,764	58,739	19,069
Impairment on equity method interests		(160,441)	0	0
Warrants valuation adjustment		664	1,200	11,180
Transaction costs		(4,472)	0	0
Other		12,574	(2,306)	(622)
Total other income		44,207	21,562	24,763
Financing costs, net of capitalized interest		10,598	2,190	1,792
NET INCOME (LOSS) BEFORE INCOME TAXES		99,221	80,988	(1,262,820)
Current income tax benefit		0	(696)	(15)
Deferred income tax expense		0	0	64,915
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS		99,221	81,684	(1,327,720)
Net income attributable to Preferred Unit limited partners		161,906	75,906	38,809
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		(62,685)	5,778	(1,366,529)
Net income (loss) attributable to Apache limited partner		(48,741)	2,987	(1,008,039)
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS		$ (13,944)	$ 2,791	$ (358,490)
NET INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS, PER SHARE
Basic (in USD per share)	[2]	$ (3.72)	$ 0.75	$ (95.70)
Diluted (in USD per share)	[2]	$ (3.86)	$ 0.36	$ (95.70)
WEIGHTED AVERAGE SHARES
Basic (in shares)	[2]	3,746	3,746	3,746
Diluted (in shares)	[2]	16,246	16,246	3,746
Service
REVENUES:
Revenue, affiliate		$ 142,727	$ 144,714	$ 135,798
COSTS AND EXPENSES:
Cost of product and services	[3]	32,748	37,993	55,858
Product
REVENUES:
Revenue, affiliate		9,754	0	0
Product sales		8,136	3,695	0
COSTS AND EXPENSES:
Costs of product sales — affiliate (Note 3)		9,754	0	0
Cost of product and services		$ 7,793	$ 2,988	$ 0
[1]	Includes amounts of $9.1 million , $7.0 million, and $5.4 million associated with related parties for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to Note 2—Transactions with Affiliates .
[2]	Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note—10 Equity and Warrants for further information.
[3]	Includes amounts of $5.6 million, $5.4 million, and $8.8 million associated with related parties for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to Note 2—Transactions with Affiliates .

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General and administrative	[1]	$ 14,182	$ 13,155	$ 10,301
Affiliated Entity | Apache
Cost of product and services		5,600	5,400	8,800
General and administrative		$ 9,100	$ 7,000	$ 5,400
[1]	Includes amounts of $9.1 million , $7.0 million, and $5.4 million associated with related parties for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to Note 2—Transactions with Affiliates .

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	$ 99,221	$ 81,684	$ (1,327,720)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Share of equity method interests other comprehensive income (loss)	630	523	(1,152)
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	99,851	82,207	(1,328,872)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS	(13,799)	2,912	(358,756)
Preferred Unit limited partners
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income (loss) attributable to noncontrolling interest	161,906	75,906	38,809
Redeemable Noncontrolling Interest — Apache Limited Partner
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income (loss) attributable to noncontrolling interest	$ (48,256)	$ 3,389	$ (1,008,925)

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents		$ 131,963	$ 24,188
Accounts receivable		2,249	1,033
Accounts receivable from Apache Corporation (Note 1)		9,875	446
Revenue receivables (Note 3)		13,717	11,378
Inventories		2,958	3,597
Prepaid assets and other		5,866	2,127
Total current assets		166,628	42,769
PROPERTY, PLANT, AND EQUIPMENT:
Property, plant, and equipment		211,700	208,870
Less: Accumulated depreciation and accretion		(24,713)	(13,034)
Total property, plant, and equipment, net		186,987	195,836
OTHER ASSETS:
Equity method interests		1,364,826	1,555,182
Deferred charges and other		6,229	5,843
Other assets		1,371,055	1,561,025
Total assets		1,724,670	1,799,630
CURRENT LIABILITIES:
Distributions payable to Preferred Unit limited partners		11,562	0
Dividends payable		0	5,620
Distributions payable to Apache Corporation (Note 1)		0	18,750
Other current liabilities (Note 6)		15,682	5,613
Current liabilities		27,244	29,983
LONG-TERM DEBT		657,000	624,000
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Asset retirement obligation		68,331	64,062
Embedded derivative		56,895	139,009
Other noncurrent liabilities		10,118	6,424
Liabilities, Noncurrent		135,344	209,495
Total liabilities		819,588	863,478
COMMITMENTS AND CONTINGENCIES (Note 8)
Redeemable noncontrolling interest — Apache limited partner		769,855	575,125
Redeemable noncontrolling interest — Preferred Unit limited partners		712,476	608,381
EQUITY:
Additional paid-in capital		0	122,222
Accumulated deficit		(577,251)	(369,433)
Accumulated other comprehensive loss		0	(145)
Total equity		(577,249)	(247,354)
Total liabilities, noncontrolling interests, and equity		1,724,670	1,799,630
Class A Common Stock
EQUITY:
Common stock	[1]	1	1
Class C Common Stock
EQUITY:
Common stock	[1]	$ 1	$ 1
[1]	Share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 10—Equity and Warrants for further information.

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 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

CONSOLIDATED STATEMENTS OFCASH

CONSOLIDATED STATEMENTS OFCASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) including noncontrolling interests		$ 99,221	$ 81,684	$ (1,327,720)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized derivative instrument (gain) loss		(82,114)	36,080	8,470
Depreciation and accretion		16,201	15,945	41,480
Deferred income tax expense		0	0	64,915
Income from equity method interests, net		(113,764)	(58,739)	(19,069)
Distributions from equity method interests		133,974	80,747	25,316
Impairments		441	1,643	1,300,719
Impairment on equity method interests		160,441	0	0
Power credit, net		(5,701)	0	0
Warrants valuation adjustment		(664)	(1,200)	(11,180)
Other		2,741	3,368	907
Changes in operating assets and liabilities:
(Increase) decrease in inventories		356	430	(620)
(Increase) decrease in prepaid assets and other		217	(56)	3,877
Increase in accounts receivable		(1,216)	(1,033)	0
(Increase) decrease in revenue receivables (Note 2)		(2,339)	4,083	(4,532)
(Increase) decrease in account receivables from/payable to affiliate		(8,174)	1,043	(6,361)
Increase in accrued expenses		9,353	280	71
Increase in deferred charges, deferred credits and other noncurrent liabilities		746	19	0
NET CASH PROVIDED BY OPERATING ACTIVITIES		209,719	164,294	76,273
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(4,588)	(29,981)	(342,650)
Proceeds from sale of assets		3,037	10,240	13,309
Contributions to equity method interests		(28,420)	(327,305)	(501,352)
Distributions from equity method interests		38,755	17,419	0
Acquisition of equity method interests		0	0	(670,625)
Capitalized interest paid		0	(8,733)	(2,370)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		8,784	(338,360)	(1,503,688)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redeemable noncontrolling interest - Preferred Unit limited partners, net		0	0	611,249
Distributions paid to Preferred Unit limited partners		(46,249)	(23,124)	0
Distributions paid to Apache limited partner		(75,000)	0	0
Dividends paid		(22,479)	0	0
Proceeds from revolving credit facility		33,000	228,000	396,000
Finance lease		0	(11,789)	(22,994)
Deferred facility fees		0	(816)	(792)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(110,728)	192,271	983,463
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		107,775	18,205	(443,952)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		24,188	5,983	449,935
CASH AND CASH EQUIVALENTS AT END OF PERIOD		131,963	24,188	5,983
SUPPLEMENTAL CASH FLOW DATA:
Accrued capital expenditures	[1]	514	834	18,573
Finance lease liability	[2]	0	0	9,767
Interest paid, net of capitalized interest		9,540	1,013	903
Cash received for income tax refunds		$ 0	$ 696	$ 527
[1]	Includes $0.8 million due from Apache and $0.4 million and $1.5 million due to Apache of capital expenditures for the years ended December 31, 2021, 2020, and 2019, respectively, pursuant to the terms of the Construction, Operations, and Maintenance Agreement entered into at the closing of the Altus Combination. Refer to Note 2—Transactions with Affiliates for more information.
[2]	The Company entered into a finance lease in the first quarter of 2019 for power generators, which ended during the first quarter of 2020. The Company then exercised its option to purchase the generators.

CONSOLIDATED STATEMENTS OFCAS_2

CONSOLIDATED STATEMENTS OFCASH FLOWS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued capital expenditures	[1]	$ 514	$ 834	$ 18,573
Affiliated Entity | Apache
Accrued capital expenditures		$ 800	$ 400	$ 1,500
[1]	Includes $0.8 million due from Apache and $0.4 million and $1.5 million due to Apache of capital expenditures for the years ended December 31, 2021, 2020, and 2019, respectively, pursuant to the terms of the Construction, Operations, and Maintenance Agreement entered into at the closing of the Altus Combination. Refer to Note 2—Transactions with Affiliates for more information.

STATEMENT OF CONSOLIDATED CHANG

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Thousands		Total	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Redeemable Noncontrolling Interest — Preferred Unit Limited Partners		Redeemable Noncontrolling Interest — Apache Limited Partner	Class A Common Stock	Class A Common StockCommon Stock		Class C Common Stock	Class C Common StockCommon Stock
Beginning balance at Dec. 31, 2018						$ 0	[1]	$ 1,940,500
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A Cumulative Redeemable Preferred Units	[1]					516,790
Net income (loss)						38,809	[1]	(1,008,039)
Change in redemption value of noncontrolling interests		$ 230,575	$ 39,792	$ 190,783				(230,575)
Accumulated other comprehensive loss								(886)
Ending balance at Dec. 31, 2019						555,599	[1]	701,000
Beginning balance, shares (in shares) at Dec. 31, 2018	[2]									3,746,000			12,500,000
Beginning balance at Dec. 31, 2018		(226,979)	(22,464)	(204,517)	$ 0					$ 1			$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(358,490)		(358,490)
Change in redemption value of noncontrolling interests		230,575	39,792	190,783				(230,575)
Accumulated other comprehensive income (loss)		(266)			(266)
Ending balance, shares (in shares) at Dec. 31, 2019	[2]									3,746,000			12,500,000
Ending balance at Dec. 31, 2019		(355,160)	17,328	(372,224)	(266)					$ 1			$ 1
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions paid to Preferred Unit limited partners						(23,124)	[1]	(18,750)
Net income (loss)						75,906	[1]	2,987
Change in redemption value of noncontrolling interests		110,514	110,514					(110,514)
Accumulated other comprehensive loss								402
Ending balance at Dec. 31, 2020		575,100				608,381	[1]	575,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Quarterly Common Dividends declared ($1.50 per share)		(5,620)	(5,620)
Net income (loss)		2,791		2,791
Change in redemption value of noncontrolling interests		110,514	110,514					(110,514)
Accumulated other comprehensive income (loss)		121			121
Ending balance, shares (in shares) at Dec. 31, 2020									3,746,460	3,746,000	[2]	12,500,000	12,500,000	[2]
Ending balance at Dec. 31, 2020		(247,354)	122,222	(369,433)	(145)					$ 1			$ 1
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions paid to Preferred Unit limited partners						(46,249)	[1]	(56,250)
Distributions payable to Preferred Unit limited partners	[1]					(11,562)
Net income (loss)						161,906	[1]	(48,741)
Change in redemption value of noncontrolling interests		(299,236)	(105,362)	(193,874)				299,236
Accumulated other comprehensive loss								485
Ending balance at Dec. 31, 2021		769,900				$ 712,476	[1]	769,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Quarterly Common Dividends declared ($1.50 per share)		(16,860)	(16,860)
Net income (loss)		(13,944)		(13,944)
Change in redemption value of noncontrolling interests		(299,236)	(105,362)	(193,874)				$ 299,236
Accumulated other comprehensive income (loss)		145			145
Ending balance, shares (in shares) at Dec. 31, 2021									3,746,460	3,746,000	[2]	12,500,000	12,500,000	[2]
Ending balance at Dec. 31, 2021		$ (577,249)	$ 0	$ (577,251)	$ 0					$ 1			$ 1
[1]	Certain redemption features embedded within the Preferred Unit purchase agreement require bifurcation and measurement at fair value. For further detail, refer to Note 11—Series A Cumulative Redeemable Preferred Units .
[2]	Share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 10—Equity and Warrants for further information.

STATEMENT OF CONSOLIDATED CHA_2

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 1.50	$ 1.50

NATURE OF OPERATIONS AND ORGANI

NATURE OF OPERATIONS AND ORGANIZATION	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND ORGANIZATION	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—10 Equity and Warrants 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 Altus 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 Altus 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 Altus Combination. In exchange, the consideration provided to Apache included economic voting and non-economic voting shares in KAAC and partnership units representing limited partner interests in Altus Midstream LP (Common Units). Following the Closing Date and in connection with the completion of the Altus Combination, KAAC changed its name to Altus Midstream Company. Ownership of Altus Midstream LP As of and following the Closing Date and in connection with the completion of the Altus Combination, the Company’s wholly-owned subsidiary, Altus Midstream GP LLC, a Delaware limited liability company (Altus Midstream GP), is the sole general partner of Altus Midstream LP. The Company operates its business through Altus Midstream LP and its subsidiaries, which include Altus Midstream Operating. As of December 31, 2021, the Company held approximately 23.1 percent of the outstanding Common Units, and a controlling interest, in Altus Midstream and Apache held the remaining 76.9 percent. As a result of a direct exchange by the Company of Class A Common Stock for Apache’s Common Units in January 2022, the Company owns 100% of the outstanding Common Units (see Note—10 Equity and Warrants ). Business Combination with BCP On October 21, 2021, the Company announced that it will combine with privately-owned BCP Raptor Holdco LP (BCP and, together with BCP Raptor Holdco GP, LLC, the Contributed Entities) in an all-stock transaction, pursuant to the Contribution Agreement dated as of that same date and entered into by and among Altus, Altus Midstream LP (the Partnership), New BCP Raptor Holdco, LLC (the Contributor), and BCP (the BCP 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 percent interest in the Permian Highway Pipeline. Pursuant to the BCP Contribution Agreement,

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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). Principles of Consolidation The consolidated financial results of Altus Midstream are included in the Company’s consolidated financial statements due to the Company’s 100 percent ownership interest in Altus Midstream GP, and Altus Midstream GP’s control of Altus Midstream. The Company has no independent operations or material assets other than its partnership interests in Altus Midstream, which constitutes all of its business. The Company’s only material net assets separate from Altus Midstream relate to deferred taxes and the current and deferred income tax expense (benefit) associated with its investment in Altus Midstream in 2018. In the fourth quarter of 2019, the Company recorded a full valuation allowance against its net deferred tax assets. Accordingly, the deferred tax asset balance was nil as of the years ended December 31, 2021 and 2020. 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 12—Income Taxes , Note 10—Equity and Warrants , and Note 11—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 As of December 31, 2021, the Company’s redeemable noncontrolling interest presented in the consolidated financial statements consisted 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 Altus Combination, and subsequent issuance of Preferred Units, the Amended LPA), the limited partner interests held by Apache were 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 Altus 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 could be redeemed at Apache’s option, which it elected in January 2022 in respect of all such Common Units. The Company had the ability to settle the redemption option either (i) in shares of Class A Common Stock on a one-for-one basis, which it did in January 2022, or (ii) in cash (based on the fair market value of the Class A Common Stock as determined pursuant to the Altus Contribution Agreement), subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. Upon the January 2022 exchange of Common Units held by Apache for Class A Common Stock, a corresponding number of shares of Class C Common Stock were 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 10—Equity and Warrants . 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 11—Series A Cumulative Redeemable Preferred Units and Note 14—Fair Value Measurements . 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. Equity method interests are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred, if the loss is deemed to be other than temporary. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in income. As part of its review of the fair value of its assets in relation to the announced BCP Business Combination, Altus determined the current fair value of its investment in EPIC was below carrying value. The Company subsequently determined that this loss in value was deemed to be other than temporary. As such, in the fourth quarter of 2021, Altus recorded an impairment charge of $160.4 million on its equity method interest in EPIC. The fair value of the impaired interest was determined using the income approach, which considered Altus’ estimates of future throughput volumes, tariff rates, and costs. These assumptions were applied to develop future operating cash flow projections that were then discounted to estimated fair value using a discount rate believed to be consistent with that which would be applied by market participants. The amount arrived at was then considered against EPIC’s debt and the carrying value of the Company’s interest in EPIC to determine the recoverability of Altus’ interest as of December 31, 2021, resulting in the fourth quarter impairment charge. Altus has classified this nonrecurring fair value measurements as Level 3 in the fair value hierarchy. Refer to Note 9—Equity Method Interests for further details of the Company’s equity method interests. Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements, and changes in these estimates are recorded when known. Fair Value Measurements Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Embedded features identified within the Company’s agreements are bifurcated and measured at fair value at the end of each period on the Company’s consolidated balance sheet. Such recurring fair value measurements are presented in further detail in Note 14—Fair Value Measurements . The Company also uses fair value measurements on a nonrecurring basis when certain qualitative assessments of its assets indicate a potential impairment. During the years ended December 31, 2021, 2020, and 2019, the Company recorded an impairment charge of $0.4 million, $1.6 million, and $1.3 billion, respectively, on certain assets. Refer to Property, Plant and Equipment—Impairment within this Note below and Note 4—Property, Plant and Equipment , for further detail. During the year ended December 31, 2021, the Company separately recorded an impairment of $160.4 million on its interest in EPIC. Refer to Equity Method Interests within this Note above and Note 9 — Equity M ethod Interests for further detail. Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2021 and 2020, Altus Midstream had $132.0 million and $24.2 million, respectively, of cash and cash equivalents. Revenue Receivable For each period presented and upon commencement of operations, revenues were primarily generated from midstream services provided to Apache, which included gathering, processing, and transmission of natural gas. Revenue receivables represents revenues accrued that have been earned by Altus Midstream but not yet invoiced to Apache. There were no doubtful accounts written off, nor have we provided an allowance for doubtful accounts, as of December 31, 2021 and 2020. Inventories Inventories consist principally of equipment and material, stated at the lower of cost or net realizable value. Property, Plant, and Equipment Property, plant, and equipment consists of the costs incurred to acquire and construct midstream assets including capitalized interest. Depreciation Depreciation is computed over each asset’s estimated useful life using the straight-line method based on estimated useful lives and estimated asset salvage values. The estimated lives are generally 30 years for plants and facilities and 40 years for pipelines and such estimated useful lives were used to depreciate the Company’s assets in 2019. The estimation of useful life also takes into consideration anticipated production lives from the fields serviced by these assets, whether operated by Apache or a third-party. Determination of depreciation expense requires judgment regarding the estimated useful lives and salvage values of property, plant, and equipment. As circumstances warrant, depreciation estimates are reviewed to determine if any changes in the underlying assumptions are necessary. Given the fourth quarter 2019 impairment discussed under Impairment below, and as discussed further in Note 4—Property, Plant and Equipment , the Company reassessed the useful life of its assets in January of 2020. This assessment resulted in a change to estimated useful lives on its impaired assets to 12 years. For the years ended December 31, 2021, 2020, and 2019 depreciation expense totaled $11.9 million, $12.0 million, and $39.8 million, respectively. Asset Retirement Obligations and Accretion The initial estimated asset retirement obligation related to property, plant, and equipment and subsequent revisions are recorded as a liability at fair value, with an offsetting asset retirement cost recorded as an increase to the associated property, plant, and equipment on the consolidated balance sheet. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs, and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property, plant, and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets and is included on the consolidated statements of operations under “Depreciation and accretion.” For the years ended December 31, 2021, 2020, and 2019 accretion expense totaled $4.3 million, $4.0 million, and $1.6 million, respectively. Capitalized Interest Interest is capitalized as part of the historical cost of developing and constructing assets. Significant midstream development assets, including assets owned by Altus through its equity method interests, that have not commenced operations qualify for interest capitalization. Capitalized interest is determined by multiplying Altus Midstream’s weighted-average borrowing cost of debt by the average amount of qualifying midstream assets. The amount of capitalized interest cannot be greater than actual interest incurred. Once an asset is placed into service, the associated capitalization of interest ceases and is expensed through depreciation over the asset’s useful life. Impairment The Company assesses the carrying amount of its property, plant, and equipment whenever events or changes in circumstances indicate a possible significant deterioration in future cash flows expected to be generated by an asset group. Individual assets are grouped for impairment purposes based on the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other asset groups. If, upon review, the carrying amount of an asset group is greater than the sum of the undiscounted expected cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value. During the fourth quarter of 2020, the Company sold certain of its power generators and, as a result, the remaining power generators owned by the Company were remeasured at fair value based on the proceeds from such sale. This remeasurement resulted in an impairment of $1.6 million on these assets, and this nonrecurring fair value measurement is classified as Level 1 in the fair value hierarchy based on the negotiated sales price. Apache, as part of its fourth quarter 2019 review of its capital expenditure program, notified Altus that it had materially reduced its investment plans and had no plans to drill new wells at Alpine High. This notification prompted Altus management to assess its long-lived infrastructure assets for impairment, and as a result of this assessment, Altus recorded impairments of $1.3 billion on its gathering, processing, and transmission assets in the fourth quarter of 2019. Altus also recorded an impairment charge of $9.3 million in the third quarter of 2019 related to the cancellation of construction on a previously planned compressor station. The fair values of the impaired assets were determined using a combination of the income approach and the market approach (when direct sales bids on equivalent equipment was provided from third parties). The income approach considered several internal estimates of future throughput volumes, processing rates, and costs. The assumptions were applied to develop future cash flow projections that were then discounted to estimated fair value, using a discount rate believed to be consistent with those applied by market participants. Altus has classified these nonrecurring fair value measurements as Level 3 in the fair value hierarchy. These asset impairments are recorded within “Impairments” on the Company’s consolidated statement of operations. Refer to Note 4—Property, Plant and Equipment , for further detail. 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 remainder of 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 years ended December 31, 2020 and 2019. The Company has no remaining performance obligations related to these credits as of December 31, 2021. Distributions to Apache During 2021, the Company paid an aggregate $22.5 million in dividends on the Company’s Class A Common Stock, of which $5.6 million, or $1.50 per share, was paid in each quarter of 2021. Each quarterly Class A Common Stock dividend was funded by a distribution from Altus Midstream to its common unitholders of $1.50 per Common Unit, with each quarterly distribution totaling $24.4 million, of which $5.6 million was paid to the Company and the balance was paid to Apache due to its 76.9 percent ownership of outstanding Common Units. Please refer to Note 10—Equity and Warrants for further information. General and Administrative Expense General and administrative (G&A) expense represents indirect costs and overhead expenditures incurred by the Company associated with managing the midstream assets. In connection with the closing of the Altus Combination, the Company entered into the COMA, as described above, pursuant to which Apache will provide certain services related to the design, development, construction, operation, management, and maintenance of Altus Midstream’s assets, on the Company’s behalf. See discussion and additional detail further discussed in Note 2—Transactions with Affiliates . Maintenance and Repairs Routine maintenance and repairs are charged to expense as incurred. The Company had no non-routine maintenance or repair costs in any period presented. Income Taxes The Company is subject to federal income tax and recognizes deferred tax assets and liabilities based on the difference between the financial statement carrying value and tax basis of its investment in Altus Midstream. For federal income tax purposes, Altus Midstream is regarded as a partnership and not subject to income tax. Income and deductions associated with Altus Midstream and the Altus Midstream Entities flow through to the Company. As such, Altus Midstream and the Altus Midstream Entities do not record a federal income tax provision. The Company, Altus Midstream, and the Altus Midstream Entities are also subject to the Texas margin tax. The Texas margin tax is assessed on corporations, limited liability companies, and limited partnerships. As such, each entity recognizes state deferred tax assets and liabilities based on the differences between the financial statement carrying value and tax basis of assets and liabilities on the balance sheet. The Company routinely assesses the ability to realize its deferred tax assets. If the Company concludes that it is more likely than not that some or all of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. In connection with this assessment, the Company maintained a full valuation allowance against its net deferred tax asset as of December 31, 2021 and 2020. Change in Accounting Policy Historically, the Company reported income and loss from equity method interests on a one-month reporting lag. Effective October 1, 2019, the Company eliminated this one-month reporting lag. In accordance with ASC 810-10-45-13, “A Change in the Fiscal Year-End Lag Between Subsidiary and Parent” (ASC 810), the elimination of this previously existing reporting lag is considered a voluntary change in accounting principle in accordance with ASC 250-10-50, “Change in Accounting Principle.” The Company believes that this change in accounting principle is preferable as it provides the Company with the ability to present the results of its equity method interests for the same period as all other consolidated results of the Company, which improves overall financial reporting to investors by providing the most current information available. The Company has not retrospectively applied the change in accounting principle since its impact to the consolidated balance sheet and related statements of operations and cash flows was immaterial for all periods. For more information on equity method interests owned by the Company, please refer to Note 9—Equity Method Interests . New Pronouncements Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which clarified the scope and application of the original guidance. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The Company is evaluating whether to apply any of these expedients and, if elected, will adopt these standards when LIBOR is discontinued. In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)” to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This update is effective for the Company beginning in the first quarter of 2022, with early adoption permitted, using either the modified or fully retrospective method with a cumulative effect adjustment to the opening balance of retained earnings. The Company will adopt this ASU in the first quarter of 2022 and does not believe it will have a material impact on its financial statements.

TRANSACTIONS WITH AFFILIATES (N

TRANSACTIONS WITH AFFILIATES (Notes)	12 Months Ended
	Dec. 31, 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 and may receive excess recovery volumes 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 prior to the Altus Combination, the Company had no banking or cash management facilities. As such, the Company has contracted with Apache to receive certain operational, maintenance, and management services. In accordance with the terms of these agreements, the Company incurred operations and maintenance expenses of $5.6 million, $5.4 million, and $8.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Company incurred general and administrative expenses of $9.1 million, $7.0 million, and $5.4 million for the years ended December 31, 2021, 2020, and 2019, respectively, including expenses related to the operational services agreement and the COMA. Further information on the related-party agreements in place during the period is provided below. Construction, Operations, and Maintenance Agreement At the closing of the Altus Combination, the Company entered into the COMA with Apache. Under the terms of the COMA, Apache provides certain services related to the design, development, construction, operation, management, and maintenance of certain gathering, processing and other midstream assets, on behalf of the Company. In return, the Company paid or will pay fees to Apache of (i) $3.0 million for the period beginning on the execution of the COMA at the closing of the Altus Combination through December 31, 2019, (ii) $5.0 million for the period of January 1, 2020 through December 31, 2020, (iii) $7.0 million for the period of January 1, 2021 through December 31, 2021 and (iv) $9.0 million annually thereafter, adjusted based on actual internal overhead and general and administrative costs incurred, until terminated. The annual fee was negotiated as part of the Altus Combination to reimburse Apache for indirect costs of performing administrative corporate functions for the Company, including services for information technology, risk management, corporate planning, accounting, cash management, and others. In addition, Apache may be reimbursed for certain internal costs and third-party costs incurred in connection with its role as service provider under the COMA. Costs incurred by Apache directly associated with midstream activity, where substantially all the services are rendered for Altus Midstream, are charged to Altus Midstream on a monthly basis. The COMA stipulates that the Company shall provide reimbursement of amounts owing to Apache attributable to a particular month by no later than the last day of the immediately following month. Unpaid amounts accrue interest until settled. The COMA will continue to be effective until terminated (i) upon the mutual consent of Altus and Apache, (ii) by either of Altus and Apache, at its option, upon 30 days’ prior written notice in the event Apache or an affiliate no longer owns a direct or indirect interest in at least 50 percent of the voting or other equity securities of Altus, or (iii) by Altus if Apache fails to perform any of its covenants or obligations due to willful misconduct of certain key personnel and such failure has a material adverse financial impact on Altus. Lease Agreements Concurrent with the closing of the Altus Combination, Altus Midstream entered into an operating lease agreement with Apache (the Lease Agreement) relating to the use of certain office buildings, warehouse and storage facilities located in Reeves County, Texas. Under the terms of the Lease Agreement, Altus Midstream shall pay to Apache on a monthly basis the sum of (i) a base rental charge of $44,500 and (ii) an amount based on Apache’s estimate of the annual costs it expects to incur in connection with the ownership, operation, repair, and/or maintenance of the facilities. The Company incurred total expenses of $0.6 million, $0.8 million and $1.1 million for the years ended December 31, 2021, 2020 and 2019, respectively, in relation to the Lease Agreement, which are included within operations and maintenance expenses. Unpaid amounts accrue interest until settled. The initial term of the Lease Agreement is four years and may be extended by Altus Midstream for three additional, consecutive periods of twenty-four months. To accommodate Altus Midstream’s desire to vacate the leased premises, the Lease Agreement was amended in July 2020 to provide for its termination with respect to all or any portion of the leased premises which Apache may sell, with a pro rata rent reduction if Apache sells less than all of the leased premises. The Company classified this lease as an operating lease and elected to account for lessee-related lease and non-lease components as a single lease component. The right-of-use (ROU) asset related to this lease is reflected within “Deferred charges and other” on the Company’s consolidated balance sheet, and the associated operating lease liability is reflected within “Other current liabilities” and “Other noncurrent liabilities,” as applicable. Operating lease expense associated with ROU assets is recognized on a straight-line basis over the lease term. Lease expense is reflected on the consolidated statement of operations commensurate with the leased activities and nature of the services performed. The remaining undiscounted future minimum lease payment as of December 31, 2021 is $0.4 million, which will be paid in 2022. In 2020 and 2021, Altus Midstream entered into various operating lease agreements with Apache related to the use of certain of Altus Midstream’s compressors. Under the terms of the agreement, Apache pays Altus Midstream fixed monthly lease payments, which are recorded as “Other” in the Company’s consolidated statement of operations. Each of the lease agreements has an initial term of thirty months and automatically extends on a month-to-month basis unless either party cancels the agreement. The Company recorded income related to these agreements of $1.6 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively. Altus also earns a monthly fee to operate and maintain the compressors under lease. Refer to Note 3—Revenue Recognition for further discussion. Distributions to Apache During 2021, the Company paid an aggregate $22.5 million in dividends on the Company’s Class A Common Stock, of which $5.6 million, or $1.50 per share, was paid in each quarter of 2021. Each quarterly Class A Common Stock dividend was funded by a distribution from Altus Midstream to its common unitholders of $1.50 per Common Unit, with each quarterly distribution totaling $24.4 million, of which $5.6 million was paid to the Company and the balance was paid to Apache due to its 76.9 percent ownership of outstanding Common Units Please refer to Note 10—Equity and Warrants for further information. Altus Combination Agreements Limited Partnership Agreement of Altus Midstream LP In connection with the Altus Combination, Altus Midstream Company, Altus Midstream GP, Altus Midstream LP, and Apache entered into an amended and restated limited partnership agreement of Altus Midstream LP, which was further amended in connection with the subsequent issuance of Preferred Units. The Amended LPA sets forth, among other things, the rights and obligations of (i) Altus Midstream GP as general partner and (ii) Altus Midstream Company, Apache, and Preferred Unit holders as limited partners of Altus Midstream LP. Altus Midstream GP is not entitled to reimbursement for its services as general partner. Refer to Note 1—Summary of Significant Accounting Policies and Note 11—Series A Cumulative Redeemable Preferred Units , for further information. Purchase Rights and Restrictive Covenants Agreement At the closing of the Altus Combination, the Company entered into a purchase rights and restrictive covenants agreement (the Purchase Rights and Restrictive Covenants Agreement) with Apache. Under the Purchase Rights and Restrictive Covenants Agreement, until the later of the five-year anniversary of the Closing and the date on which Apache and its affiliates cease to own a majority of the Company’s voting common stock, Apache is obligated to provide (i) the first right to pursue any opportunity (including any expansion opportunities) of Apache to acquire or invest, directly or indirectly (including equity investments), in any midstream assets or participate in any midstream opportunities located, in whole or part, within an area

REVENUE RECOGNITION (Notes)

REVENUE RECOGNITION (Notes)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The following table presents a disaggregation of the Company’s revenue. Year Ended December 31, 2021 2020 2019 (In thousands) Gas gathering and compression $ 18,192 $ 20,060 $ 17,077 Gas processing 107,878 106,396 101,199 Transmission 12,572 14,548 15,942 NGL transmission 2,422 2,773 1,580 Other 1,663 937 — Midstream services revenue — affiliate 142,727 144,714 135,798 Product sales — affiliate 9,754 — — Product sales — third parties 8,136 3,695 — Total revenues $ 160,617 $ 148,409 $ 135,798 The Company primarily generates revenue from its contracts with customers for the gathering, compression, processing, transmission, and sale of natural gas and NGLs in exchange for a fee per unit of volumes processed or delivered during a given month. Midstream services revenue is primarily attributable to services performed for Apache pursuant to separate long-term commercial midstream agreements . As part of these agreements, substantially all of Apache’s natural gas production from its existing and future owned or controlled properties within the dedicated area of its entire Alpine High resource play is provided to the Company, so long as Apache has the right to market such product. Providing the related service on each volumetric unit represents a single, distinct performance obligation that is satisfied over time as services are rendered. Prior to the Company entering the new Gas Processing Agreement discussed below, the Company did not own or take title to the volumes it serviced under these agreements. Altus Midstream, in return for its performance, receives a fee per volumetric unit serviced during a given month. The related service fee charged per unit is set forth for each contract year, subject to yearly fee escalation recalculations. As the amount of volumes serviced are not subject to minimum commitments and each midstream service agreement contains provisions for fee recalculations, substantially all of the transaction price is variable at inception of each contract term. Revenue is measured using the output method based on the amount of volumes serviced each month and the applicable service fee and recognized over time in the amount to which Altus Midstream has the right to invoice, as performance completed to date corresponds directly with the value to its customers. The transaction price is not constrained as variability is resolved prior to the recognition of revenue. The Company entered into a new Gas Processing Agreement with Apache in October 2021, which superseded the prior agreement. In addition to the service fees discussed above, the new Gas Processing Agreement contains terms for Apache to provide the Company with excess recovery volumes as consideration under the contract. Excess recovery volumes represent the net difference between the actual recovery rate of processed volumes and contractually fixed volumetric recovery rates. The Company obtains control of excess recovery volumes, if any, on a monthly basis. Any product received is reflected as non-cash consideration and the associated value is included in the transaction price for gas processing services on a net basis. The associated revenue is valued using the market price of the relevant product during the month such product was processed. The subsequent sale of any excess recovery volumes to third parties is recorded as “Product sales — third parties” and the subsequent sale of any excess recovery volumes to Apache is recorded as “Product sales — affiliate” in the Company’s statement of operations. The associated costs of excess recovery volumes sold are recorded based on the market price of the relevant product and are recorded as “Cost of product sales — third parties” or “Cost of product sales — affiliate” in the Company’s consolidated statement of operations. In 2021, the Company recorded $9.8 million of revenues and costs related to sales of excess recovery volumes to Apache and $2.4 million of revenues and costs related to sales of excess recovery volumes to third parties. In addition to the $2.4 million of revenue and costs related to the sales of excess recovery volumes to third parties under the new Gas Processing Agreement, the Company also purchased and processed NGL volumes for other third-party customers during 2021 and 2020. As part of these agreements, Altus Midstream purchases volumes from a third party, which Altus Midstream then owns, controls and services, prior to ultimate sale to the customer. The Company recorded revenue related to these contracts of $5.7 million and $3.7 million, respectively, in 2021 and 2020, with associated purchase costs of $5.4 million and $3.0 million, respectively. As it relates to product sales, the physical delivery of each unit of quantity represents a single, distinct performance obligation that is satisfied at a point in time when control transfers to the customer, generally determined as the point of delivery. Prices are determined based on market-indexed values, adjusted for quality and other market-reflective differentials. As there are no provisions for minimum volume commitments and pricing is variable based on index values, revenue is measured by allocating an entirely variable market price to each performance obligation and recognized at a point in time when control is transferred to the customer. The transaction price is not constrained as variability is resolved prior to the recognition of revenue. Other Midstream Service Revenue — Affiliate Beginning in 2020, Altus Midstream entered into various agreements with Apache to provide compressor maintenance, operations, and other related services for various compressors at compressor stations owned by Apache. Altus Midstream receives a fixed monthly fee under these contracts for each month that services are provided. Providing such services on each compressor unit represents a single, distinct performance obligation that is satisfied over time as services are rendered. Income generated from these contracts in 2021 and 2020 totaled $1.7 million and $0.9 million, respectively, and is classified as “Other” within Midstream Services Revenue — Affiliate in the table above. Payment Terms and Contract Balances Payments are generally due the month immediately following the month of service. Amounts settled with Apache each month are based on the net amount owed to either party. Revenue receivables from the Company’s contracts with Apache totaled $13.7 million and $11.4 million, as of December 31, 2021 and 2020, respectively, as presented on the Company’s consolidated balance sheet. Sales revenue receivables from the Company’s contracts with third parties totaled $2.2 million and $1.0 million as of December 31, 2021 and 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,” a variable transaction price for each short-term sale is allocated to each performance obligation as the terms of payment relate specifically to the Company’s efforts to satisfy its obligations. As such, the Company has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment, at carrying value, is as follows: December 31, 2021 2020 (In thousands) Gathering, processing, and transmission systems and facilities (1) $ 208,211 $ 204,643 Construction in progress 335 904 Other property and equipment 3,154 3,323 Total property, plant, and equipment 211,700 208,870 Less: accumulated depreciation and accretion (24,713) (13,034) Total property, plant, and equipment, net $ 186,987 $ 195,836 (1) Included in Gathering, processing, and transmissions systems and facilities are compressors under lease to Apache totaling $10.0 million and $6.2 million, net as of December 31, 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 dates. During 2020, the Company sold various assets for total proceeds of $10.2 million. Included in these assets sales was the sale of 15 power generators. As a result of the sale, the remaining power generators owned by the Company were remeasured at fair value calculated based on the proceeds of this sale. This remeasurement resulted in an impairment of $1.6 million on these assets based on this fair value assessment, which were written down to their fair value of $2.3 million. The fair value of the assets was determined using the market approach based on the sales proceeds of the assets, which are classified as Level 1 inputs in the fair value hierarchy. Property, plant, and equipment are evaluated for potential impairment when events or changes in circumstances indicate a possible significant deterioration in future cash flows expected to be generated by an asset group. In conjunction with Apache’s decision in the fourth quarter of 2019 to materially reduce funding to Alpine High, Altus management assessed its long-lived infrastructure assets for impairment given the expected reduction to future throughput volumes. As a result of this assessment, Altus recorded impairments totaling $1.3 billion on its gathering, processing, and transmission assets in the fourth quarter of 2019. The fair values of the impaired assets were determined to be $203.6 million as of the time of the impairment and were estimated using the income approach. Altus has classified these nonrecurring fair value measurements as Level 3 in the fair value hierarchy. During 2019, the Company also elected to cancel construction on a compressor station, and, as a result, certain of its components were marketed for sale. Accordingly, these assets were measured at fair value less costs to sell. The Company recorded an impairment of $9.3 million on these assets, which were written down to their fair value of $18.2 million. The fair value of the assets was determined using the market approach based on estimated sales proceeds, classified as Level 1 inputs in the fair value hierarchy. The Company entered into a finance lease during the first quarter of 2019 related to power generators leased on a one-year term with the right to purchase. The lease expired in January 2020, at which time the Company exercised its purchase option and purchased the power generators under lease for $9.8 million. Depreciation on the Company's finance lease asset was $5.0 million for the year ended December 31, 2019. Interest on the Company's finance lease assets was $0.9 million for the year ended December 31, 2019. No depreciation expense nor interest were recorded related to this finance lease for the years ended December 31, 2021 and 2020.

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	12 Months Ended
	Dec. 31, 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 December 31, 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 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 December 31, 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 December 31, 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 11—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 December 31, 2021. Interest Income and Financing Costs, Net of Capitalized Interest The following table presents the components of Altus Midstream’s interest income and financing costs, net of capitalized interest: Year Ended December 31, 2021 2020 2019 (in thousands) Interest income $ 4 $ 9 $ 3,606 Interest income $ 4 $ 9 $ 3,606 Interest expense $ 9,431 $ 9,775 $ 6,384 Amortization of deferred facility fees 1,167 1,148 889 Capitalized interest — (8,733) (5,481) Financing costs, net of capitalized interest $ 10,598 $ 2,190 $ 1,792

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities at December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Accrued taxes other than income $ 10,888 $ 165 Accrued capital costs 1,346 360 Accrued incentive compensation 1,585 1,466 Accrued operations and maintenance expense 645 926 Other 1,218 2,696 Total other current liabilities $ 15,682 $ 5,613

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATION	ASSET RETIREMENT OBLIGATION The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Asset retirement obligation, beginning balance $ 64,062 $ 60,095 Liabilities incurred during the period — — Accretion expense 4,269 3,967 Revisions in estimated liabilities — — Asset retirement obligation, ending balance $ 68,331 $ 64,062 ARO reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s infrastructure assets which include central processing facilities, gathering systems, and pipelines. Management utilizes independent valuation reports and estimates of current costs to project expected cash outflows for retirement obligations. Management estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of existing ARO, a corresponding adjustment is made to the property, plant, and equipment balance.

COMMIMENTS AND CONTINGENCIES

COMMIMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 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 Annual Report on Form 10-K 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. 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 December 31, 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 Altus Combination, the Company entered into the COMA and the Lease Agreement with Apache, which include contractual obligations for the Company to pay certain management and lease rental fees, respectively, to Apache over the term of the agreements. Refer to Note 2—Transactions with Affiliates for further discussion. During the fourth quarter of 2020, the Company entered into a three year fixed-rate power contract with a third-party. The Company estimates its minimum obligation will be $4.7 million and $3.6 million for 2022 and 2023, respectively. The actual amount incurred will vary based on usage. 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 11—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 9—Equity Method Interests . At December 31, 2021 and 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 as referenced in Note 7—Asset Retirement Obligation and required credit facility fees discussed in Note 5—Debt and Financing Costs .

EQUITY METHOD INTERESTS

EQUITY METHOD INTERESTS	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INTERESTS	EQUITY METHOD INTERESTS As of December 31, 2021, the Company owns 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. December 31, 2021 December 31, 2020 In thousands, except for ownership percentages Ownership Amount Ownership Amount Gulf Coast Express Pipeline LLC 16.0 % $ 273,940 16.0 % $ 283,530 EPIC Crude Holdings, LP 15.0 % — 15.0 % 176,640 Permian Highway Pipeline LLC 26.7 % 629,896 26.7 % 615,186 Breviloba, LLC 33.0 % 460,990 33.0 % 479,826 $ 1,364,826 $ 1,555,182 As of December 31, 2021 and 2020, unamortized basis differences included in the equity method interest balances were $34.0 million and $37.7 million, respectively. These amounts represent differences in the Company’s initial costs paid to acquire the equity method interests and Altus’ initial underlying equity in the respective entities, as well as capitalized interest related to Permian Highway Pipeline (PHP) construction costs. Unamortized basis differences are amortized into equity income (loss) over the useful lives of the underlying pipeline assets when they are placed into service. The following table presents the activity in the Company’s equity method interests for the years ended December 31, 2021 and 2020: Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2019 $ 291,628 $ 163,199 $ 310,421 $ 492,800 $ 1,258,048 Contributions 1,715 29,250 296,340 — 327,305 Distributions (52,009) — — (46,157) (98,166) Capitalized interest (1) — — 8,733 — 8,733 Equity income (loss), net 42,196 (16,332) (308) 33,183 58,739 Other comprehensive loss 523 — — 523 Balance at December 31, 2020 $ 283,530 $ 176,640 $ 615,186 $ 479,826 $ 1,555,182 Contributions 314 2,250 25,856 — 28,420 Distributions (49,953) — (73,668) (49,108) (172,729) Equity income (loss), net 40,049 (19,079) 62,522 30,272 113,764 Other comprehensive income — 630 — — 630 Impairment (2) — (160,441) — — (160,441) Balance at December 31, 2021 $ 273,940 $ — $ 629,896 $ 460,990 $ 1,364,826 (1) Altus’ proportionate share of the PHP construction costs were funded with the revolving credit facility. Accordingly, Altus capitalized $8.7 million of related interest expense during 2020, which is included in the basis of the PHP equity interest. (2) The Company impaired its investment in EPIC in the fourth quarter of 2021. Refer to Note 1 — Summary of Si gnificant Accounting P olicies for further details on this impairment charge. Summarized Financial Information The following represents selected income statement and balance sheet data for the Company’s equity method interests (on a 100 percent basis): For the Year Ended December 31, 2021 Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 362,399 $ 164,774 $ 397,237 $ 157,683 Operating income (loss) 254,772 (36,488) 237,230 92,568 Net income (loss) 253,535 (114,519) 236,528 92,005 Other comprehensive income — 4,197 — — For the Year Ended December 31, 2020 Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 366,185 $ 165,970 $ 7,220 $ 167,784 Operating income (loss) 266,219 (35,566) (1,798) 102,526 Net income (loss) 264,956 (109,614) (1,140) 102,048 Other comprehensive income — 3,484 — — For the Year Ended December 31, 2019 (1) Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 132,103 $ 40,756 $ — $ 129,559 Operating income (loss) 108,056 (67,763) (93) 81,369 Net income (loss) 109,997 (72,535) 1,587 81,469 Other comprehensive loss — (7,681) — — (1) Although the Company’s interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July of 2019, respectively, the financial results for all equity method interests are presented for the entire twelve months of 2019 for comparability. As of December 31, 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 Balance Sheets (In thousands) Current assets $ 74,408 $ 101,189 $ 69,995 $ 34,159 $ 59,910 $ 122,995 $ 23,734 $ 53,206 Noncurrent assets 1,655,941 2,177,616 2,267,940 1,344,178 1,714,062 2,272,805 2,316,176 1,375,155 Total assets $ 1,730,349 $ 2,278,805 $ 2,337,935 $ 1,378,337 $ 1,773,972 $ 2,395,800 $ 2,339,910 $ 1,428,361 Current liabilities $ 46,151 $ 58,729 $ 36,657 $ 11,244 $ 32,997 $ 67,073 $ 95,863 $ 10,326 Noncurrent liabilities 461 1,185,003 — 8,254 526 1,187,615 — 2,389 Equity 1,683,737 1,035,073 2,301,278 1,358,839 1,740,449 1,141,112 2,244,047 1,415,646 Total liabilities and equity $ 1,730,349 $ 2,278,805 $ 2,337,935 $ 1,378,337 $ 1,773,972 $ 2,395,800 $ 2,339,910 $ 1,428,361

EQUITY AND WARRANTS

EQUITY AND WARRANTS	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
EQUITY AND WARRANTS	EQUITY AND WARRANTS 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 have been retroactively restated in this Annual Report on Form 10-K for all periods presented to reflect the reverse stock split. Common Stock and Warrants The Company’s second amended and restated certificate of incorporation authorizes the issuance of 1,500,000,000 shares of Class A Common Stock, $0.0001 par value, and 1,500,000,000 shares of Class C Common Stock, $0.0001 par value. The Company’s shares of Class A Common Stock are listed on the Nasdaq under the symbol “ALTM.” As of December 31, 2021, there were 3,746,460 and 12,500,000 issued and outstanding shares of Class A Common Stock and Class C Common Stock, respectively. In January 2022, a direct exchange by the Company and Apache was effectuated under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12,500,000 Common Units, issued an additional 12,500,000 shares of Class A Common Stock to Apache, and cancelled Apache’s 12,500,000 shares of Class C Common Stock, whereupon the Company and Altus Midstream remained subsidiaries of Apache. Holders of each of the Class A Common Stock and Class C Common Stock vote together as a single class on all matters submitted to a vote of the Company’s stockholders, except as required by law. Only holders of Class A Common Stock are entitled to dividends or other liquidating distributions made by the Company. On December 10, 2020, the Company announced that its board of directors initiated a dividend program on the Company’s Class A Common Stock as further detailed below under the section titled “Common Stock Dividend.” Shares of Class A Common Stock and certain warrants were originally issued in connection with the Company’s public offering, while shares of Class C Common Stock were newly-issued in connection with the Altus Combination. Public Warrants As of December 31, 2021, 2020, and 2019 there were 12,577,350 Public Warrants (as defined below) outstanding. Each whole public warrant entitles the holder to purchase one twentieth of a share of Class A Common Stock at a price of $230.00 per share (the Public Warrants). The Public Warrants will expire five years after closing of the Altus Combination or earlier upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the reported last sale price of the Class A Common Stock equals or exceeds $360.00 per share for any 20 trading days within a 30-trading day period ending three Following the closing of the Altus Combination, the Public Warrants continued trading under the symbol “ALTMW.” On December 11, 2018, the Company received notice from the Staff of the Nasdaq of a delisting determination with respect to its Public Warrants for failure to satisfy the Nasdaq’s minimum round lot holder listing requirement. The Public Warrants ceased trading on the Nasdaq at the opening of business on December 20, 2018. The delisting of the Public Warrants did not impact the listing or trading of the Company’s Class A Common Stock. Private Placement Warrants As of December 31, 2021, 2020, and 2019 , there were 6,364,281 Private Placement Warrants (as defined below) outstanding, of which Apache holds 3,182,140. The private placement warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the initial holders or their respective permitted transferees and (ii) they may be exercised by the holders on a cashless basis (the Private Placement Warrants and, together with the Public Warrants, the Warrants). The Warrants are recorded at a fair value of $0.2 million and $0.9 million as of December 31, 2021 and 2020, respectively, on the consolidated balance sheet in other non-current liabilities. Earn-Out Consideration As part of the Altus Combination, Apache was granted the right to receive earn-out consideration of up to 1,250,000 shares of Class A Common Stock as follows: • 625,000 shares if the per share closing price of the Class A Common Stock as reported by Nasdaq during any 30-trading-day period ending prior to the fifth anniversary of the Closing Date is equal to or greater than $280.00 for any 20 trading days within such 30-trading-day period. • 625,000 shares if the per share closing price of the Class A Common Stock as reported by Nasdaq during any 30-trading-day period ending prior to the fifth anniversary of the Closing Date is equal to or greater than $320.00 for any 20 trading days within such 30-trading-day period. Redeemable Noncontrolling Interest — Apache Limited Partner As of December 31, 2021, in conjunction with its ownership of the Class C Common Stock, Apache owned 12,500,000 Altus Midstream Common Units, approximately 76.9 percent of the total Common Units issued and outstanding. The financial results of Altus Midstream and its subsidiaries are included in the Company’s consolidated financial statements as detailed in Note 1—Summary of Significant Accounting Policies , under the section titled “Principles of Consolidation.” As of December 31, 2021, Apache had 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 could, 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 would be cancelled. In January 2022, a direct exchange by the Company and Apache was effectuated under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12,500,000 Common Units, issued an additional 12,500,000 shares of Class A Common Stock to Apache, and cancelled Apache’s 12,500,000 shares of Class C Common Stock, whereupon the Company and Altus Midstream remained subsidiaries of Apache. As of December 31, 2021, 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 December 31, 2021 and 2020, the redeemable noncontrolling interest was recorded based on the redemption value as of the balance sheet date of $769.9 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 13—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 11—Series A Cumulative Redeemable Preferred Units for further discussion. Common Stock Dividend During 2021, the Company paid an aggregate $22.5 million in dividends on the Company’s Class A Common Stock, of which $5.6 million, or $1.50 per share, was paid in each quarter of 2021. Each quarterly Class A Common Stock dividend was funded by a distribution from Altus Midstream to its common unitholders of $1.50 per Common Unit, with each quarterly distribution totaling $24.4 million, of which $5.6 million was paid to the Company and the balance was paid to Apache due to its 76.9 percent ownership of outstanding Common Units. Refer to Note 2—Transactions with Affiliates for further discussion of the Common Unit distribution. 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. At the Closing, the partners of Altus Midstream entered into the Amended LPA. The Amended LPA provides the terms of the Preferred Units, including the distribution rate, redemption rights, and rights to exchange the Preferred Units for shares of the Company’s Class A Common Stock, as well as rights of holders of the Preferred Units to approve certain partnership business, financial, and governance-related matters. The Preferred Units have a perpetual term, unless redeemed or exchanged as described below. Pursuant to the Amended LPA: • The Preferred Units entitle the holders thereof to receive quarterly distributions at a rate of 7 percent per annum, commencing with the quarter ended June 30, 2019. The rate increases to 10 percent per annum after the fifth anniversary of Closing and upon the occurrence of specified events. For any quarter ending on or prior to December 31, 2020, Altus Midstream could elect to pay distributions in-kind and did so in respect of quarters ended on and before March 31, 2020. • The Preferred Units are redeemable at Altus Midstream’s option at any time in cash at a redemption price (the Redemption Price) equal to (a) the greater of (i) an 11.5 percent internal rate of return (increasing to 13.75 percent after the fifth anniversary of Closing), and (ii) a 1.3x multiple of invested capital plus (b) if applicable, the value of any accrued and unpaid distributions. The Preferred Units will be redeemable at the holder’s option upon a change of control or liquidation of Altus Midstream and certain other events, including certain asset dispositions. The Company and Altus Midstream remained subsidiaries of Apache upon consummation of the January 2022 direct exchange by the Company and Apache under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12.5 million Common Units, issued an additional 12.5 million shares of Class A Common Stock to Apache, and cancelled Apache’s 12.5 million shares of Class C Common Stock (as further discussed in Note 10—Equity and Warrants ). • The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing or upon the occurrence of specified events. Each Preferred Unit will be exchangeable for a number of shares of Class A Common Stock equal to the Redemption Price divided by the volume-weighted average trading price of the Class A Common Stock on the Nasdaq Global Select Market for the 20 trading days immediately preceding the second trading day prior to the applicable exchange date, less a 6 percent discount. • Each outstanding Preferred Unit has a liquidation preference equal to the Redemption Price payable before any amounts are paid in respect of Altus Midstream’s Common Units and any other units that rank junior to the Preferred Units with respect to distributions or distributions upon liquidation. • Altus Midstream is restricted from declaring or making cash distributions on its Common Units until all required distributions on the Preferred Units have been paid. In addition, before the fifth anniversary of Closing, aggregate cash distributions on, and redemptions of, Common Units are limited to $650 million of cash from ordinary course of operations if permitted under the Amended Credit Agreement. Cash distributions on, and redemptions of, Common Units also are subject to satisfaction of leverage ratio requirements specified in the Amended LPA. Since the Preferred Units could be exchangeable for a number of shares of Class A Common Stock equal to 20 percent or more of the Company’s outstanding voting power, the Company submitted the potential issuance of such shares for approval of its stockholders (the Stockholder Approval) at its annual stockholder meeting in 2020 and obtained Stockholder Approval. 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. Initial Measurement T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675) Transaction costs to other third parties (10,076) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 14—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Subsequent Measurement The Company applies a two-step approach to subsequently measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream in accordance with the terms of the Amended LPA described above. After consideration of the foregoing, the Company records an additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end, if applicable. The amount of such adjustment is determined based upon the accreted value method to reflect the passage of time until the Preferred Units are exchangeable at the option of the holder. Pursuant to this method, the net transaction price is accreted using the effective interest method, to the Redemption Price calculated at the seventh anniversary of Closing. The total adjustment is limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end is equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units determined in accordance with ASC 810, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units for the years ended December 31, 2021 and 2020 is as follows: Units Outstanding Financial Position (1) (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 — (46,249) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 79,931 Accreted redemption value adjustment N/A 81,975 Redeemable noncontrolling interest — Preferred Units: at December 31, 2021 660,694 $ 712,476 Embedded derivative liability (2) 56,895 $ 769,371 (1) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of December 31, 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 December 31, 2021, the Redemption Price would have been based on an 11.5 percent internal rate of return, which would equate to a redemption value of $738.7 million. (2) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. Refer to Note 14—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. N/A - not applicable.

SERIES A CUMULATIVE REDEEMABLE

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS	EQUITY AND WARRANTS 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 have been retroactively restated in this Annual Report on Form 10-K for all periods presented to reflect the reverse stock split. Common Stock and Warrants The Company’s second amended and restated certificate of incorporation authorizes the issuance of 1,500,000,000 shares of Class A Common Stock, $0.0001 par value, and 1,500,000,000 shares of Class C Common Stock, $0.0001 par value. The Company’s shares of Class A Common Stock are listed on the Nasdaq under the symbol “ALTM.” As of December 31, 2021, there were 3,746,460 and 12,500,000 issued and outstanding shares of Class A Common Stock and Class C Common Stock, respectively. In January 2022, a direct exchange by the Company and Apache was effectuated under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12,500,000 Common Units, issued an additional 12,500,000 shares of Class A Common Stock to Apache, and cancelled Apache’s 12,500,000 shares of Class C Common Stock, whereupon the Company and Altus Midstream remained subsidiaries of Apache. Holders of each of the Class A Common Stock and Class C Common Stock vote together as a single class on all matters submitted to a vote of the Company’s stockholders, except as required by law. Only holders of Class A Common Stock are entitled to dividends or other liquidating distributions made by the Company. On December 10, 2020, the Company announced that its board of directors initiated a dividend program on the Company’s Class A Common Stock as further detailed below under the section titled “Common Stock Dividend.” Shares of Class A Common Stock and certain warrants were originally issued in connection with the Company’s public offering, while shares of Class C Common Stock were newly-issued in connection with the Altus Combination. Public Warrants As of December 31, 2021, 2020, and 2019 there were 12,577,350 Public Warrants (as defined below) outstanding. Each whole public warrant entitles the holder to purchase one twentieth of a share of Class A Common Stock at a price of $230.00 per share (the Public Warrants). The Public Warrants will expire five years after closing of the Altus Combination or earlier upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the reported last sale price of the Class A Common Stock equals or exceeds $360.00 per share for any 20 trading days within a 30-trading day period ending three Following the closing of the Altus Combination, the Public Warrants continued trading under the symbol “ALTMW.” On December 11, 2018, the Company received notice from the Staff of the Nasdaq of a delisting determination with respect to its Public Warrants for failure to satisfy the Nasdaq’s minimum round lot holder listing requirement. The Public Warrants ceased trading on the Nasdaq at the opening of business on December 20, 2018. The delisting of the Public Warrants did not impact the listing or trading of the Company’s Class A Common Stock. Private Placement Warrants As of December 31, 2021, 2020, and 2019 , there were 6,364,281 Private Placement Warrants (as defined below) outstanding, of which Apache holds 3,182,140. The private placement warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the initial holders or their respective permitted transferees and (ii) they may be exercised by the holders on a cashless basis (the Private Placement Warrants and, together with the Public Warrants, the Warrants). The Warrants are recorded at a fair value of $0.2 million and $0.9 million as of December 31, 2021 and 2020, respectively, on the consolidated balance sheet in other non-current liabilities. Earn-Out Consideration As part of the Altus Combination, Apache was granted the right to receive earn-out consideration of up to 1,250,000 shares of Class A Common Stock as follows: • 625,000 shares if the per share closing price of the Class A Common Stock as reported by Nasdaq during any 30-trading-day period ending prior to the fifth anniversary of the Closing Date is equal to or greater than $280.00 for any 20 trading days within such 30-trading-day period. • 625,000 shares if the per share closing price of the Class A Common Stock as reported by Nasdaq during any 30-trading-day period ending prior to the fifth anniversary of the Closing Date is equal to or greater than $320.00 for any 20 trading days within such 30-trading-day period. Redeemable Noncontrolling Interest — Apache Limited Partner As of December 31, 2021, in conjunction with its ownership of the Class C Common Stock, Apache owned 12,500,000 Altus Midstream Common Units, approximately 76.9 percent of the total Common Units issued and outstanding. The financial results of Altus Midstream and its subsidiaries are included in the Company’s consolidated financial statements as detailed in Note 1—Summary of Significant Accounting Policies , under the section titled “Principles of Consolidation.” As of December 31, 2021, Apache had 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 could, 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 would be cancelled. In January 2022, a direct exchange by the Company and Apache was effectuated under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12,500,000 Common Units, issued an additional 12,500,000 shares of Class A Common Stock to Apache, and cancelled Apache’s 12,500,000 shares of Class C Common Stock, whereupon the Company and Altus Midstream remained subsidiaries of Apache. As of December 31, 2021, 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 December 31, 2021 and 2020, the redeemable noncontrolling interest was recorded based on the redemption value as of the balance sheet date of $769.9 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 13—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 11—Series A Cumulative Redeemable Preferred Units for further discussion. Common Stock Dividend During 2021, the Company paid an aggregate $22.5 million in dividends on the Company’s Class A Common Stock, of which $5.6 million, or $1.50 per share, was paid in each quarter of 2021. Each quarterly Class A Common Stock dividend was funded by a distribution from Altus Midstream to its common unitholders of $1.50 per Common Unit, with each quarterly distribution totaling $24.4 million, of which $5.6 million was paid to the Company and the balance was paid to Apache due to its 76.9 percent ownership of outstanding Common Units. Refer to Note 2—Transactions with Affiliates for further discussion of the Common Unit distribution. 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. At the Closing, the partners of Altus Midstream entered into the Amended LPA. The Amended LPA provides the terms of the Preferred Units, including the distribution rate, redemption rights, and rights to exchange the Preferred Units for shares of the Company’s Class A Common Stock, as well as rights of holders of the Preferred Units to approve certain partnership business, financial, and governance-related matters. The Preferred Units have a perpetual term, unless redeemed or exchanged as described below. Pursuant to the Amended LPA: • The Preferred Units entitle the holders thereof to receive quarterly distributions at a rate of 7 percent per annum, commencing with the quarter ended June 30, 2019. The rate increases to 10 percent per annum after the fifth anniversary of Closing and upon the occurrence of specified events. For any quarter ending on or prior to December 31, 2020, Altus Midstream could elect to pay distributions in-kind and did so in respect of quarters ended on and before March 31, 2020. • The Preferred Units are redeemable at Altus Midstream’s option at any time in cash at a redemption price (the Redemption Price) equal to (a) the greater of (i) an 11.5 percent internal rate of return (increasing to 13.75 percent after the fifth anniversary of Closing), and (ii) a 1.3x multiple of invested capital plus (b) if applicable, the value of any accrued and unpaid distributions. The Preferred Units will be redeemable at the holder’s option upon a change of control or liquidation of Altus Midstream and certain other events, including certain asset dispositions. The Company and Altus Midstream remained subsidiaries of Apache upon consummation of the January 2022 direct exchange by the Company and Apache under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12.5 million Common Units, issued an additional 12.5 million shares of Class A Common Stock to Apache, and cancelled Apache’s 12.5 million shares of Class C Common Stock (as further discussed in Note 10—Equity and Warrants ). • The Preferred Units will be exchangeable for shares of the Company’s Class A Common Stock at the option of the Preferred Unit holders after the seventh anniversary of Closing or upon the occurrence of specified events. Each Preferred Unit will be exchangeable for a number of shares of Class A Common Stock equal to the Redemption Price divided by the volume-weighted average trading price of the Class A Common Stock on the Nasdaq Global Select Market for the 20 trading days immediately preceding the second trading day prior to the applicable exchange date, less a 6 percent discount. • Each outstanding Preferred Unit has a liquidation preference equal to the Redemption Price payable before any amounts are paid in respect of Altus Midstream’s Common Units and any other units that rank junior to the Preferred Units with respect to distributions or distributions upon liquidation. • Altus Midstream is restricted from declaring or making cash distributions on its Common Units until all required distributions on the Preferred Units have been paid. In addition, before the fifth anniversary of Closing, aggregate cash distributions on, and redemptions of, Common Units are limited to $650 million of cash from ordinary course of operations if permitted under the Amended Credit Agreement. Cash distributions on, and redemptions of, Common Units also are subject to satisfaction of leverage ratio requirements specified in the Amended LPA. Since the Preferred Units could be exchangeable for a number of shares of Class A Common Stock equal to 20 percent or more of the Company’s outstanding voting power, the Company submitted the potential issuance of such shares for approval of its stockholders (the Stockholder Approval) at its annual stockholder meeting in 2020 and obtained Stockholder Approval. 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. Initial Measurement T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675) Transaction costs to other third parties (10,076) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 14—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Subsequent Measurement The Company applies a two-step approach to subsequently measure the redeemable noncontrolling interest related to the Preferred Units, by first allocating a portion of the net income of Altus Midstream in accordance with the terms of the Amended LPA described above. After consideration of the foregoing, the Company records an additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end, if applicable. The amount of such adjustment is determined based upon the accreted value method to reflect the passage of time until the Preferred Units are exchangeable at the option of the holder. Pursuant to this method, the net transaction price is accreted using the effective interest method, to the Redemption Price calculated at the seventh anniversary of Closing. The total adjustment is limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end is equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units determined in accordance with ASC 810, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units for the years ended December 31, 2021 and 2020 is as follows: Units Outstanding Financial Position (1) (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 — (46,249) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 79,931 Accreted redemption value adjustment N/A 81,975 Redeemable noncontrolling interest — Preferred Units: at December 31, 2021 660,694 $ 712,476 Embedded derivative liability (2) 56,895 $ 769,371 (1) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of December 31, 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 December 31, 2021, the Redemption Price would have been based on an 11.5 percent internal rate of return, which would equate to a redemption value of $738.7 million. (2) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. Refer to Note 14—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. N/A - not applicable.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The total income tax provision (benefit) consists of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Current income taxes: Federal $ — $ (696) $ (15) State — — — — (696) (15) Deferred income taxes: Federal — — 67,516 State — — (2,601) — — 64,915 Total $ — $ (696) $ 64,900 The total income tax provision (benefit) differs from the amounts computed by applying the U.S. statutory income tax rate to net income (loss) before income taxes. A reconciliation of the tax on the Company’s net income (loss) before income taxes and total tax expense (benefit) is shown below: Year Ended December 31, 2021 2020 2019 (In thousands) Income tax expense (benefit) at U.S. statutory rate $ 20,836 $ 17,008 $ (265,192) Income tax expense (benefit) attributable to Apache limited partner (15,932) (12,892) 205,844 Income tax benefit attributable to Preferred Unit limited partners (7,833) (3,676) (1,879) State tax benefit (1) — — (2,610) CARES Act tax impact — (266) — Valuation allowance (1) 3,068 (620) 130,988 Warrant valuation adjustment (139) (252) (2,348) All other, net — 2 97 Income tax expense (benefit) $ — $ (696) $ 64,900 (1) The change in state valuation allowance is included as a component of state income tax. The net deferred tax assets reflect the tax impact of temporary differences between the asset and liability amounts carried on the balance sheet under U.S. GAAP and amounts utilized for income tax purposes. The net deferred tax assets consist of the following: December 31, 2021 2020 (In thousands) Deferred tax assets: Investment in partnership $ 88,054 $ 92,881 Asset retirement obligation 512 480 Net operating losses 44,437 37,675 Property, plant, and equipment 3,358 4,471 Total deferred tax assets 136,361 135,507 Valuation allowance (135,263) (133,077) Net deferred tax assets 1,098 2,430 Deferred tax liabilities: Other 1,098 2,430 Net deferred tax assets $ — $ — In 2021, the Company recorded an increase in valuation allowance against its net deferred tax asset. The Company has assessed the future potential to realize these deferred tax assets and has concluded that it is more likely than not that these deferred tax assets will not be realized. The Company reconciles its effective tax rate to its net income (loss) before income taxes. This includes net income (loss) before income taxes attributable to both the controlling and noncontrolling interests. As such, the Company’s effective tax rate includes adjustments to remove income (loss) attributed to the noncontrolling interests. In 2021, 2020, and 2019, the Company recorded tax benefit adjustments of $15.9 million and $12.9 million and a tax expense adjustment of $205.8 million, respectively, associated with income and losses allocated to Apache. 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. For the year ended December 31, 2020, the Company recorded a current income tax benefit of $0.7 million associated with a net operating loss carryback claim. In the first quarter of 2020, the Company early adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes.” The Company’s adoption of ASU 2019-12 did not result in a material impact on the consolidated financial statements. On June 12, 2019, Altus Midstream issued and sold the Preferred Units in a private offering. Concurrently, the Preferred Units were established as a new class of partnership unit representing limited partner interests in Altus Midstream pursuant to the terms of the Amended LPA, and the purchasers were admitted as limited partners of Altus Midstream. In 2021, 2020 and 2019, the Company recorded a tax benefit adjustment of $7.8 million, $3.7 million, and $1.9 million, respectively, associated with income allocated to the noncontrolling Preferred Unit limited partners of Altus Midstream. For further details on the terms of the Preferred Units and the rights of the holders thereof, refer to Note 11—Series A Cumulative Redeemable Preferred Units . Altus is also subject to the Texas margin tax. Unlike federal income taxes, the Texas margin regime assesses tax on corporations, limited liability companies, limited partnerships, and disregarded entities. As such, the Company records deferred tax assets and liabilities for Texas margin tax based on the differences between the financial statement carrying value and tax basis of assets and liabilities on the balance sheet. The Texas margin tax associated with Apache's share of the liability is recorded as a component of the noncontrolling interest. The Company has a federal net operating loss carryforward of $211.6 million, which has an indefinite carryforward period. The Company has recorded a full valuation allowance against the federal net operating loss because it is more likely than not that this attribute will not be realized. On January 14, 2022, a direct exchange by the Company and Apache Midstream LLC was effectuated under the Amended LPA, pursuant to which the Company succeeded to Apache’s 12,500,000 Common Units, issued an additional 12,500,000 shares of Class A Common Stock to Apache, and cancelled Apache’s 12,500,000 shares of Class C Common Stock (as further discussed in Note 10—Equity and Warrants ). For federal income tax purposes, the Company is deemed to have acquired 12,500,000 Common Units and as a result, the tax basis of the assets held by Altus Midstream LP was increased to the market value of Class A Common Stock on the exchange date. 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. Tax positions generally refer to a position taken in a previously filed income tax return or expected to be included in a tax return to be filed in the future that is reflected in the measurement of current and deferred income tax assets and liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2021 2020 2019 (In thousands) Balance at beginning of year $ 4,613 $ 2,057 $ — Additions based on tax positions related to the prior year — — — Additions based on tax positions related to the current year 1,622 2,556 2,057 Reductions for tax positions of prior years — — — Balance at end of year $ 6,235 $ 4,613 $ 2,057 The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. Each quarter the Company assesses the amounts provided for and, as a result, may increase (expense) or reduce (benefit) the amount of interest and penalties. The Company has recorded no interest or penalties associated with its unrecognized tax benefit. Uncertain tax positions may change in the next twelve months; however, the Company does not expect any possible change to have a significant impact on the results of operations or financial position. If incurred, Altus will record income tax interest and penalties as a component of income tax expense. The contributor of Altus Midstream LP’s operating assets, Apache Corporation, is currently under IRS audit for the 2014 through 2017 tax years.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 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, and (ii) an assumed exchange of the outstanding Preferred Units of Altus Midstream for shares of Class A Common Stock. The treasury stock method is used to determine the potential dilutive effect of its outstanding warrants. The dilutive effect of any earn-out consideration payable in shares is only included in periods for which the underlying conditions for the issuance 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. For the Year Ended December 31, 2021 2020 2019 Loss Shares Per Share Income Shares Per Share Loss Shares (3) Per Share (In thousands, except per share data) Basic: Net income (loss) attributable to Class A common shareholders $ (13,944) 3,746 $ (3.72) $ 2,791 3,746 $ 0.75 $ (358,490) 3,746 $ (95.70) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ (48,741) 12,500 $ 2,987 12,500 $ — — Diluted (1)(2) : Net income (loss) attributable to Class A common shareholders $ (62,685) 16,246 $ (3.86) $ 5,778 16,246 $ 0.36 $ (358,490) 3,746 $ (95.70) (1) The effect of 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) would have been anti-dilutive for the year ended December 31, 2019. (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 all periods presented in which the Preferred Units were outstanding. (3) Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 10—Equity and Warrants for further information. The diluted earnings per share calculation excludes the effects of the outstanding warrants of the Company to purchase an aggregate 947,082 shares of Class A Common Stock, since the associated impacts would have been anti-dilutive for all periods presented. Earn-out consideration granting Apache the right to receive additional shares of Class A Common Stock is also not included in the earnings per share calculation above, as the conditions for issuance were not satisfied as of the year ended December 31, 2021. Further discussion of the Company’s outstanding common stock, warrants, and earn-out consideration as well as any applicable redemption rights is provided in Note 10—Equity and Warrants . Further discussion of the Preferred Units and associated embedded features can be found in Note 11—Series A Cumulative Redeemable Preferred Units and Note 14—Fair Value Measurements , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 from/payable to Apache, the Company’s warrant liability, and an embedded derivative liability related to the issuance of Preferred Units. This embedded derivative liability is recorded on the Company’s consolidated balance sheet at fair value. The carrying amounts reported on the consolidated balance sheet for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. The carrying amount of Altus Midstream’s revolving credit facility approximates fair value because the interest rate is variable and reflective of market rates. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the years ended December 31, 2021 or 2020. The Company bifurcated and recognized the embedded derivative associated with the Preferred Units related to the exchange option provided to the Preferred Unit holders under the terms of the Amended LPA. The valuation of the embedded derivative (using an income approach) was based on a range of factors including expected future interest rates using the Black-Karasinski model, the Company’s imputed interest rate, interest rate volatility, the expected timing of periodic cash distributions, any anticipated early redemptions of the Preferred Units, 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 $82.1 million and unrealized losses of $36.1 million and $8.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, which are recorded in “Unrealized derivative instrument loss” in the consolidated statement of operations. Altus has classified these recurring fair value measurements as Level 3 in the fair value hierarchy. As of the December 31, 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 December 31, 2021 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 56,895 Option Model Altus Midstream Company’s Imputed Interest Rate 5.54-11.21% Interest Rate Volatility 40.08% In addition, no early redemptions of the Preferred Units were assumed for the December 31, 2020 valuation. As a result of the announced BCP Business Combination and associated publicly filed information, the December 31, 2021 valuation assumed 250,000 Preferred Units would be redeemed before the Preferred Unit holders had the right to exercise their exchange option. This early redemption assumption significantly reduced the value of the derivative liability year over year. A one percent increase in the imputed interest rate assumption would significantly increase the value of the embedded derivative liability at December 31, 2021, while a one percent decrease would lead to a similar decrease in value as of December 31, 2021. The assumed expected timing until exercise of the exchange option at December 31, 2021 was 4.45 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 fair value of the Company’s warrant liability was insignificant as of December 31, 2021 and 2020.

SUMMARY OF SIGNIFCANT ACCOUNT_2

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe 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.
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 As of December 31, 2021, the Company’s redeemable noncontrolling interest presented in the consolidated financial statements consisted 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 Altus Combination, and subsequent issuance of Preferred Units, the Amended LPA), the limited partner interests held by Apache were 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 Altus 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 could be redeemed at Apache’s option, which it elected in January 2022 in respect of all such Common Units. The Company had the ability to settle the redemption option either (i) in shares of Class A Common Stock on a one-for-one basis, which it did in January 2022, or (ii) in cash (based on the fair market value of the Class A Common Stock as determined pursuant to the Altus Contribution Agreement), subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. Upon the January 2022 exchange of Common Units held by Apache for Class A Common Stock, a corresponding number of shares of Class C Common Stock were 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 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.
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements, and changes in these estimates are recorded when known.
Fair Value Measurements	Fair Value Measurements Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. 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 14—Fair Value Measurements
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value.
Revenue Receivable	Revenue Receivable For each period presented and upon commencement of operations, revenues were primarily generated from midstream services provided to Apache, which included gathering, processing, and transmission of natural gas. Revenue receivables represents revenues accrued that have been earned by Altus Midstream but not yet invoiced to Apache. There were no doubtful accounts written off, nor have we provided an allowance for doubtful accounts, as of December 31, 2021 and 2020.
Inventories	InventoriesInventories consist principally of equipment and material, stated at the lower of cost or net realizable value.
Property, Plant and Equipment and Depreciation	Property, Plant, and Equipment Property, plant, and equipment consists of the costs incurred to acquire and construct midstream assets including capitalized interest. Depreciation Depreciation is computed over each asset’s estimated useful life using the straight-line method based on estimated useful lives and estimated asset salvage values. The estimated lives are generally 30 years for plants and facilities and 40 years for pipelines and such estimated useful lives were used to depreciate the Company’s assets in 2019. The estimation of useful life also takes into consideration anticipated production lives from the fields serviced by these assets, whether operated by Apache or a third-party. Determination of depreciation expense requires judgment regarding the estimated useful lives and salvage values of property, plant, and equipment. As circumstances warrant, depreciation estimates are reviewed to determine if any changes in the underlying assumptions are necessary. Given the fourth quarter 2019 impairment discussed under Impairment below, and as discussed further in Note 4—Property, Plant and Equipment
Asset Retirement Obligation and Accretion	Asset Retirement Obligations and AccretionThe initial estimated asset retirement obligation related to property, plant, and equipment and subsequent revisions are recorded as a liability at fair value, with an offsetting asset retirement cost recorded as an increase to the associated property, plant, and equipment on the consolidated balance sheet. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs, and changes in the estimated timing of an asset’s retirement. Asset retirement costs are depreciated using a systematic and rational method similar to that used for the associated property, plant, and equipment. Accretion expense on the liability is recognized over the estimated productive life of the related assets and is included on the consolidated statements of operations under “Depreciation and accretion.”
Capitalized Interest	Capitalized Interest Interest is capitalized as part of the historical cost of developing and constructing assets. Significant midstream development assets, including assets owned by Altus through its equity method interests, that have not commenced operations qualify for interest capitalization. Capitalized interest is determined by multiplying Altus Midstream’s weighted-average borrowing cost of debt by the average amount of qualifying midstream assets. The amount of capitalized interest cannot be greater than actual interest incurred. Once an asset is placed into service, the associated capitalization of interest ceases and is expensed through depreciation over the asset’s useful life.
Impairment	Impairment The Company assesses the carrying amount of its property, plant, and equipment whenever events or changes in circumstances indicate a possible significant deterioration in future cash flows expected to be generated by an asset group. Individual assets are grouped for impairment purposes based on the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other asset groups. If, upon review, the carrying amount of an asset group is greater than the sum of the undiscounted expected cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value.
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.
General and Administrative Expense	General and Administrative Expense General and administrative (G&A) expense represents indirect costs and overhead expenditures incurred by the Company associated with managing the midstream assets.
Maintenance and Repairs	Maintenance and Repairs Routine maintenance and repairs are charged to expense as incurred. The Company had no non-routine maintenance or repair costs in any period presented.
Income Taxes	Income Taxes The Company is subject to federal income tax and recognizes deferred tax assets and liabilities based on the difference between the financial statement carrying value and tax basis of its investment in Altus Midstream. For federal income tax purposes, Altus Midstream is regarded as a partnership and not subject to income tax. Income and deductions associated with Altus Midstream and the Altus Midstream Entities flow through to the Company. As such, Altus Midstream and the Altus Midstream Entities do not record a federal income tax provision. The Company, Altus Midstream, and the Altus Midstream Entities are also subject to the Texas margin tax. The Texas margin tax is assessed on corporations, limited liability companies, and limited partnerships. As such, each entity recognizes state deferred tax assets and liabilities based on the differences between the financial statement carrying value and tax basis of assets and liabilities on the balance sheet.
New Pronouncements Issued But Not Yet Adopted	New Pronouncements Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which clarified the scope and application of the original guidance. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. The Company is evaluating whether to apply any of these expedients and, if elected, will adopt these standards when LIBOR is discontinued. In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)” to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This update is effective for the Company beginning in the first quarter of 2022, with early adoption permitted, using either the modified or fully retrospective method with a cumulative effect adjustment to the opening balance of retained earnings. The Company will adopt this ASU in the first quarter of 2022 and does not believe it will have a material impact on its financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents a disaggregation of the Company’s revenue. Year Ended December 31, 2021 2020 2019 (In thousands) Gas gathering and compression $ 18,192 $ 20,060 $ 17,077 Gas processing 107,878 106,396 101,199 Transmission 12,572 14,548 15,942 NGL transmission 2,422 2,773 1,580 Other 1,663 937 — Midstream services revenue — affiliate 142,727 144,714 135,798 Product sales — affiliate 9,754 — — Product sales — third parties 8,136 3,695 — Total revenues $ 160,617 $ 148,409 $ 135,798

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment, at Cost	Property, plant, and equipment, at carrying value, is as follows: December 31, 2021 2020 (In thousands) Gathering, processing, and transmission systems and facilities (1) $ 208,211 $ 204,643 Construction in progress 335 904 Other property and equipment 3,154 3,323 Total property, plant, and equipment 211,700 208,870 Less: accumulated depreciation and accretion (24,713) (13,034) Total property, plant, and equipment, net $ 186,987 $ 195,836 (1) Included in Gathering, processing, and transmissions systems and facilities are compressors under lease to Apache totaling $10.0 million and $6.2 million, net as of December 31, 2021 and December 31, 2020, respectively.

DEBT AND FINANCING COSTS (Table

DEBT AND FINANCING COSTS (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Financing Costs, Net	The following table presents the components of Altus Midstream’s interest income and financing costs, net of capitalized interest: Year Ended December 31, 2021 2020 2019 (in thousands) Interest income $ 4 $ 9 $ 3,606 Interest income $ 4 $ 9 $ 3,606 Interest expense $ 9,431 $ 9,775 $ 6,384 Amortization of deferred facility fees 1,167 1,148 889 Capitalized interest — (8,733) (5,481) Financing costs, net of capitalized interest $ 10,598 $ 2,190 $ 1,792

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	The following table provides detail of the Company’s other current liabilities at December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Accrued taxes other than income $ 10,888 $ 165 Accrued capital costs 1,346 360 Accrued incentive compensation 1,585 1,466 Accrued operations and maintenance expense 645 926 Other 1,218 2,696 Total other current liabilities $ 15,682 $ 5,613

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligation	The following table describes changes to the Company’s asset retirement obligation (ARO) liability for the years ended December 31, 2021 and 2020: December 31, 2021 2020 (In thousands) Asset retirement obligation, beginning balance $ 64,062 $ 60,095 Liabilities incurred during the period — — Accretion expense 4,269 3,967 Revisions in estimated liabilities — — Asset retirement obligation, ending balance $ 68,331 $ 64,062

EQUITY METHOD INTERESTS (Tables

EQUITY METHOD INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of December 31, 2021, the Company owns 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. December 31, 2021 December 31, 2020 In thousands, except for ownership percentages Ownership Amount Ownership Amount Gulf Coast Express Pipeline LLC 16.0 % $ 273,940 16.0 % $ 283,530 EPIC Crude Holdings, LP 15.0 % — 15.0 % 176,640 Permian Highway Pipeline LLC 26.7 % 629,896 26.7 % 615,186 Breviloba, LLC 33.0 % 460,990 33.0 % 479,826 $ 1,364,826 $ 1,555,182 The following table presents the activity in the Company’s equity method interests for the years ended December 31, 2021 and 2020: Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Total (In thousands) Balance at December 31, 2019 $ 291,628 $ 163,199 $ 310,421 $ 492,800 $ 1,258,048 Contributions 1,715 29,250 296,340 — 327,305 Distributions (52,009) — — (46,157) (98,166) Capitalized interest (1) — — 8,733 — 8,733 Equity income (loss), net 42,196 (16,332) (308) 33,183 58,739 Other comprehensive loss 523 — — 523 Balance at December 31, 2020 $ 283,530 $ 176,640 $ 615,186 $ 479,826 $ 1,555,182 Contributions 314 2,250 25,856 — 28,420 Distributions (49,953) — (73,668) (49,108) (172,729) Equity income (loss), net 40,049 (19,079) 62,522 30,272 113,764 Other comprehensive income — 630 — — 630 Impairment (2) — (160,441) — — (160,441) Balance at December 31, 2021 $ 273,940 $ — $ 629,896 $ 460,990 $ 1,364,826 (1) Altus’ proportionate share of the PHP construction costs were funded with the revolving credit facility. Accordingly, Altus capitalized $8.7 million of related interest expense during 2020, which is included in the basis of the PHP equity interest. (2) The Company impaired its investment in EPIC in the fourth quarter of 2021. Refer to Note 1 — Summary of Si gnificant Accounting P olicies for further details on this impairment charge.
Schedule of Equity Method Investment, Summarized Financial Information	The following represents selected income statement and balance sheet data for the Company’s equity method interests (on a 100 percent basis): For the Year Ended December 31, 2021 Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 362,399 $ 164,774 $ 397,237 $ 157,683 Operating income (loss) 254,772 (36,488) 237,230 92,568 Net income (loss) 253,535 (114,519) 236,528 92,005 Other comprehensive income — 4,197 — — For the Year Ended December 31, 2020 Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 366,185 $ 165,970 $ 7,220 $ 167,784 Operating income (loss) 266,219 (35,566) (1,798) 102,526 Net income (loss) 264,956 (109,614) (1,140) 102,048 Other comprehensive income — 3,484 — — For the Year Ended December 31, 2019 (1) Gulf Coast Express Pipeline LLC EPIC Crude Holdings, LP Permian Highway Pipeline LLC Breviloba, LLC Statements of Income (In thousands) Revenues $ 132,103 $ 40,756 $ — $ 129,559 Operating income (loss) 108,056 (67,763) (93) 81,369 Net income (loss) 109,997 (72,535) 1,587 81,469 Other comprehensive loss — (7,681) — — (1) Although the Company’s interests in EPIC Crude Holdings, LP, Permian Highway Pipeline LLC, and Breviloba, LLC were acquired in March, May, and July of 2019, respectively, the financial results for all equity method interests are presented for the entire twelve months of 2019 for comparability. As of December 31, 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 Balance Sheets (In thousands) Current assets $ 74,408 $ 101,189 $ 69,995 $ 34,159 $ 59,910 $ 122,995 $ 23,734 $ 53,206 Noncurrent assets 1,655,941 2,177,616 2,267,940 1,344,178 1,714,062 2,272,805 2,316,176 1,375,155 Total assets $ 1,730,349 $ 2,278,805 $ 2,337,935 $ 1,378,337 $ 1,773,972 $ 2,395,800 $ 2,339,910 $ 1,428,361 Current liabilities $ 46,151 $ 58,729 $ 36,657 $ 11,244 $ 32,997 $ 67,073 $ 95,863 $ 10,326 Noncurrent liabilities 461 1,185,003 — 8,254 526 1,187,615 — 2,389 Equity 1,683,737 1,035,073 2,301,278 1,358,839 1,740,449 1,141,112 2,244,047 1,415,646 Total liabilities and equity $ 1,730,349 $ 2,278,805 $ 2,337,935 $ 1,378,337 $ 1,773,972 $ 2,395,800 $ 2,339,910 $ 1,428,361

SERIES A CUMULATIVE REDEEMABL_2

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Preferred Units	T he net transaction price as shown below was based on the negotiated transaction price, less issue discounts and transaction costs. June 12, 2019 (In thousands) Transaction price, gross $ 625,000 Issue discount (3,675) Transaction costs to other third parties (10,076) Transaction price, net $ 611,249 Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. As such, the net transaction price shown in the table above was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows: June 12, 2019 (In thousands) Redeemable noncontrolling interest - Preferred Units $ 516,790 Long-term liability: Embedded derivative (1) 94,459 $ 611,249 (1) See Note 14—Fair Value Measurements for further discussion on the nature and recognition of the embedded derivative. Activity related to the Preferred Units for the years ended December 31, 2021 and 2020 is as follows: Units Outstanding Financial Position (1) (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 — (46,249) Distributions payable to Preferred Unit limited partners — (11,562) Allocation of Altus Midstream net income N/A 79,931 Accreted redemption value adjustment N/A 81,975 Redeemable noncontrolling interest — Preferred Units: at December 31, 2021 660,694 $ 712,476 Embedded derivative liability (2) 56,895 $ 769,371 (1) The Preferred Units are redeemable at Altus Midstream’s option at a redemption price (the Redemption Price), which as of December 31, 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 December 31, 2021, the Redemption Price would have been based on an 11.5 percent internal rate of return, which would equate to a redemption value of $738.7 million. (2) Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. Refer to Note 14—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period. N/A - not applicable.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Total Income Tax Provision (Benefit)	The total income tax provision (benefit) consists of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Current income taxes: Federal $ — $ (696) $ (15) State — — — — (696) (15) Deferred income taxes: Federal — — 67,516 State — — (2,601) — — 64,915 Total $ — $ (696) $ 64,900
Schedule of Reconciliation of Tax on Income (Loss) Before Income Taxes and Total Tax Expense (Benefit)	A reconciliation of the tax on the Company’s net income (loss) before income taxes and total tax expense (benefit) is shown below: Year Ended December 31, 2021 2020 2019 (In thousands) Income tax expense (benefit) at U.S. statutory rate $ 20,836 $ 17,008 $ (265,192) Income tax expense (benefit) attributable to Apache limited partner (15,932) (12,892) 205,844 Income tax benefit attributable to Preferred Unit limited partners (7,833) (3,676) (1,879) State tax benefit (1) — — (2,610) CARES Act tax impact — (266) — Valuation allowance (1) 3,068 (620) 130,988 Warrant valuation adjustment (139) (252) (2,348) All other, net — 2 97 Income tax expense (benefit) $ — $ (696) $ 64,900 (1) The change in state valuation allowance is included as a component of state income tax.
Schedule of Net Deferred Tax Assets (Liabilities)	The net deferred tax assets consist of the following: December 31, 2021 2020 (In thousands) Deferred tax assets: Investment in partnership $ 88,054 $ 92,881 Asset retirement obligation 512 480 Net operating losses 44,437 37,675 Property, plant, and equipment 3,358 4,471 Total deferred tax assets 136,361 135,507 Valuation allowance (135,263) (133,077) Net deferred tax assets 1,098 2,430 Deferred tax liabilities: Other 1,098 2,430 Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2021 2020 2019 (In thousands) Balance at beginning of year $ 4,613 $ 2,057 $ — Additions based on tax positions related to the prior year — — — Additions based on tax positions related to the current year 1,622 2,556 2,057 Reductions for tax positions of prior years — — — Balance at end of year $ 6,235 $ 4,613 $ 2,057

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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. For the Year Ended December 31, 2021 2020 2019 Loss Shares Per Share Income Shares Per Share Loss Shares (3) Per Share (In thousands, except per share data) Basic: Net income (loss) attributable to Class A common shareholders $ (13,944) 3,746 $ (3.72) $ 2,791 3,746 $ 0.75 $ (358,490) 3,746 $ (95.70) Effect of dilutive securities: Redeemable noncontrolling interest — Apache limited partner $ (48,741) 12,500 $ 2,987 12,500 $ — — Diluted (1)(2) : Net income (loss) attributable to Class A common shareholders $ (62,685) 16,246 $ (3.86) $ 5,778 16,246 $ 0.36 $ (358,490) 3,746 $ (95.70) (1) The effect of 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) would have been anti-dilutive for the year ended December 31, 2019. (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 all periods presented in which the Preferred Units were outstanding. (3) Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note 10—Equity and Warrants for further information.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	As of the December 31, 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 December 31, 2021 Valuation Technique Significant Unobservable Inputs Range/Value (In thousands) Preferred Units Embedded Derivative $ 56,895 Option Model Altus Midstream Company’s Imputed Interest Rate 5.54-11.21% Interest Rate Volatility 40.08%

NATURE OF OPERATIONS AND ORGA_2

NATURE OF OPERATIONS AND ORGANIZATION (Details) shares in Millions	Oct. 21, 2021shares	Nov. 09, 2018Project	Dec. 31, 2021numberOfPartnershipSegmententity$ / shares	Dec. 31, 2020$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of entities with equity interests | entity			4
Number of reportable segments | Segment			1
Contribution agreement, number of limited partnerships | numberOfPartnership			4
Number of pipeline projects | Project		5
Altus Midstream LP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner, ownership interest			23.10%
Class A Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in USD per share)			$ 0.0001	$ 0.0001
Class C Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in USD per share)			$ 0.0001	$ 0.0001
Class C Common Stock | BCP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of shares issued for business combination (in shares) | shares	50
Apache | Altus Midstream LP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partners, ownership interest		76.90%	76.90%
BCP | Permian Highway Pipeline LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage	26.70%

SUMMARY OF SIGNIFCANT ACCOUNT_3

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Principal of Consolidation (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred tax assets	$ 0	$ 0

SUMMARY OF SIGNIFCANT ACCOUNT_4

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Redeemable noncontrolling interest — Apache Limited Partner (Details)	12 Months Ended
	Dec. 31, 2021
Class A Common Stock
Class of Stock [Line Items]
Common stock, redemption ratio	1

SUMMARY OF SIGNIFCANT ACCOUNT_5

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Equity Method Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Impairment on equity method interests	$ 160,441	$ 0	$ 0

SUMMARY OF SIGNIFCANT ACCOUNT_6

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Asset impairment charges	$ 400	$ 441	$ 1,643	$ 1,300,719
Impairment on equity method interests		$ (160,441)	$ 0	$ 0

SUMMARY OF SIGNIFCANT ACCOUNT_7

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 131,963	$ 24,188

SUMMARY OF SIGNIFCANT ACCOUNT_8

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Revenue Receivable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Revenue receivable, allowance for doubtful accounts	$ 0	$ 0

SUMMARY OF SIGNIFCANT ACCOUNT_9

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 11.9	$ 12	$ 39.8
Plants and facilities
Property, Plant and Equipment [Line Items]
Estimated useful life			30 years	30 years
Pipelines
Property, Plant and Equipment [Line Items]
Estimated useful life			40 years	40 years
Power Generator
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years

SUMMARY OF SIGNIFCANT ACCOUN_10

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Asset Retirement Obligations and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Asset retirement obligation, accretion expense	$ 4,269	$ 3,967	$ 1,600

SUMMARY OF SIGNIFCANT ACCOUN_11

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 400			$ 441	$ 1,643	$ 1,300,719
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 1,300,000				1,300,000
Construction in progress
Property, Plant and Equipment [Line Items]
Asset impairment charges			$ 9,300			$ 9,300

SUMMARY OF SIGNIFCANT ACCOUN_12

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Other Income (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Other income, utility credit	$ 0	$ 9,700,000	$ 0	$ 0

SUMMARY OF SIGNIFCANT ACCOUN_13

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES - Distributions To Apache (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 09, 2018	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Payments of common stock dividend						$ 22,479	$ 0	$ 0
Dividends declared (in USD per share)						$ 1.50	$ 1.50
Capital distribution (in dollars per share)		$ 1.50	$ 1.50	$ 1.50	$ 1.50	$ 1.50
Proceeds from limited partnership investments		$ 5,600	$ 5,600	$ 5,600	$ 5,600
Class A Common Stock
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Payments of common stock dividend		$ 5,600	$ 5,600	$ 5,600	$ 5,600	$ 22,500
Dividends declared (in USD per share)		$ 1.50	$ 1.50	$ 1.50	$ 1.50
Altus Midstream LP
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions from partners' capital		$ 24,400	$ 24,400	$ 24,400	$ 24,400
Altus Midstream LP | Apache
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Limited partners, ownership interest	76.90%					76.90%

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details) $ / shares in Units, a in Millions		Nov. 09, 2018contract	Dec. 31, 2021USD ($)a$ / shares	Sep. 30, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)aagreement$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of service agreements with affiliates | agreement								3
General and administrative expenses	[1]							$ 14,182,000	$ 13,155,000	$ 10,301,000
Remaining undiscounted future minimum lease payment			$ 400,000					400,000
Lease income related to the agreements								1,600,000	400,000
Payments of common stock dividend								$ 22,479,000	$ 0	0
Dividends declared (in USD per share) | $ / shares								$ 1.50	$ 1.50
Capital distribution (in dollars per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50	$ 1.50		$ 1.50
Proceeds from limited partnership investments			$ 5,600,000	$ 5,600,000	$ 5,600,000	$ 5,600,000
Class A Common Stock
Related Party Transaction [Line Items]
Payments of common stock dividend			$ 5,600,000	$ 5,600,000	$ 5,600,000	$ 5,600,000		$ 22,500,000
Dividends declared (in USD per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50	$ 1.50
Altus Midstream LP
Related Party Transaction [Line Items]
Distributions from partners' capital			$ 24,400,000	$ 24,400,000	$ 24,400,000	$ 24,400,000
Affiliated Entity | Apache
Related Party Transaction [Line Items]
Operations and maintenance expenses								5,600,000	$ 5,400,000	8,800,000
General and administrative expenses								9,100,000	7,000,000	5,400,000
Base rental charge								44,500
Lease expense								$ 600,000	800,000	$ 1,100,000
Initial term of lease agreement		4 years	30 months					30 months
Number of lease renewal term | contract		3
Lessee renewal term		24 months
Affiliated Entity | Apache | Construction, Operations and Maintenance Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party								$ 7,000,000	$ 5,000,000		$ 3,000,000
Related party transaction, prior written notice period								30 days
Related party transaction, maximum direct or indirect interest ownership of voting or other equity securities								50.00%
Affiliated Entity | Apache | Construction, Operations and Maintenance Agreement | Scenario, Forecast
Related Party Transaction [Line Items]
Expenses from transactions with related party							$ 9,000,000
Affiliated Entity | Apache | Purchase Rights and Restrictive Covenants Agreement
Related Party Transaction [Line Items]
Related party transaction agreement term, period after closing date								5 years
Gas and oil area developed (in acres) | a			1.7					1.7
Altus Midstream LP | Apache
Related Party Transaction [Line Items]
Limited partners, ownership interest		76.90%						76.90%
[1]	Includes amounts of $9.1 million , $7.0 million, and $5.4 million associated with related parties for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to Note 2—Transactions with Affiliates .

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 160,617	$ 148,409	$ 135,798
Gas gathering and compression
Disaggregation of Revenue [Line Items]
Revenue, affiliate	18,192	20,060	17,077
Gas processing
Disaggregation of Revenue [Line Items]
Revenue, affiliate	107,878	106,396	101,199
Transmission
Disaggregation of Revenue [Line Items]
Revenue, affiliate	12,572	14,548	15,942
NGL transmission
Disaggregation of Revenue [Line Items]
Revenue, affiliate	2,422	2,773	1,580
Other
Disaggregation of Revenue [Line Items]
Revenue, affiliate	1,663	937	0
Service
Disaggregation of Revenue [Line Items]
Revenue, affiliate	142,727	144,714	135,798
Product
Disaggregation of Revenue [Line Items]
Revenue, affiliate	9,754	0	0
Product sales — third parties	$ 8,136	$ 3,695	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue receivables (Note 3)	$ 13,717	$ 11,378
Accounts receivable	2,249	1,033
Gas Processing Agreement
Disaggregation of Revenue [Line Items]
Operations and maintenance expenses	5,400	3,000
Product sales	5,700	3,700
Product, Excess Recovery Volumnes
Disaggregation of Revenue [Line Items]
Revenue, affiliate	9,800
Operations and maintenance expenses	2,400
Costs of product sales — affiliate	9,800
Product sales	2,400
Other
Disaggregation of Revenue [Line Items]
Revenue, affiliate	$ 1,663	$ 937	$ 0

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 211,700	$ 208,870
Less: accumulated depreciation and accretion	(24,713)	(13,034)
Total property, plant, and equipment, net	186,987	195,836
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	208,211	204,643
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	335	904
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	3,154	3,323
Compressors Under Lease
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment, net	$ 10,000	$ 6,200

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details)	Jan. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)power_generator	Dec. 31, 2019USD ($)	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Proceeds from various assets sold						$ 10,200,000
Number of assets sold | power_generator						15
Asset impairment charges		$ 400,000			$ 441,000	$ 1,643,000	$ 1,300,719,000
Power Generator
Property, Plant and Equipment [Line Items]
Fair value of property, plant and equipment		$ 2,300,000			2,300,000
Finance lease, term of contract								1 year
Payment to exercise purchase option	$ 9,800,000
Depreciation on finance lease assets					0	0	5,000,000
Financing lease assets, interest					$ 0	$ 0	900,000
Gathering, processing, and transmission systems and facilities
Property, Plant and Equipment [Line Items]
Asset impairment charges			$ 1,300,000,000				1,300,000,000
Fair value of property, plant and equipment			203,600,000				203,600,000
Construction in progress
Property, Plant and Equipment [Line Items]
Asset impairment charges				$ 9,300,000			9,300,000
Fair value of property, plant and equipment			$ 18,200,000				$ 18,200,000

DEBT AND FINANCING COSTS - Narr

DEBT AND FINANCING COSTS - Narrative (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2018USD ($)contract	Dec. 31, 2021USD ($)numberOfConsecutiveCalendarMonth	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 657,000,000	$ 624,000,000
Letters of credit outstanding		$ 2,000,000	$ 0
Line of Credit
Debt Instrument [Line Items]
Debt covenant, leverage ratio		5
Debt covenant, period following qualified acquisition		1 year
Debt covenant distributions limit		$ 30,000,000
Debt covenant, number of consecutive calendar months | numberOfConsecutiveCalendarMonth		3
Debt covenant term, adjustment of consolidated net income limit for three consecutive calendar months on annualized basis		$ 350,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Number of extension options | contract	2
Extended financing agreement term	1 year
Debt maximum borrowing capacity	$ 800,000,000	$ 1,500,000,000
Debt covenant, period before determination date to measure EBITDA		12 months
Debt facility fee percentage		0.20%
Revolving Credit Facility | Line of Credit | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.05%
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.05%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Debt maximum borrowing capacity	100,000,000
Swingline Loan Subfacility | Line of Credit
Debt Instrument [Line Items]
Debt maximum borrowing capacity	$ 100,000,000
Minimum | Line of Credit
Debt Instrument [Line Items]
Debt covenant, leverage ratio		4
Maximum | Line of Credit
Debt Instrument [Line Items]
Debt covenant, leverage ratio		5.50

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Financing Costs, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest income	$ 4	$ 9	$ 3,606
Interest expense	9,431	9,775	6,384
Amortization of deferred facility fees	1,167	1,148	889
Capitalized interest	0	(8,733)	(5,481)
Financing costs, net of capitalized interest	$ 10,598	$ 2,190	$ 1,792

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Accrued taxes other than income	$ 10,888	$ 165
Accrued capital costs	1,346	360
Accrued incentive compensation	1,585	1,466
Accrued operations and maintenance expense	645	926
Other	1,218	2,696
Total other current liabilities	$ 15,682	$ 5,613

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning balance	$ 64,062	$ 60,095
Liabilities incurred during the period	0	0
Accretion expense	4,269	3,967	$ 1,600
Revisions in estimated liabilities	0	0
Asset retirement obligation, ending balance	$ 68,331	$ 64,062	$ 60,095

COMMIMENTS AND CONTINGENCIES (D

COMMIMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0	$ 0
Contractual obligation , term of contract	3 years
Contractual obligation to be paid in 2022		4,700,000
Contractual obligation to be paid in 2023		$ 3,600,000

EQUITY METHOD INTERESTS - Infor

EQUITY METHOD INTERESTS - Information of Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity method interests	$ 1,364,826	$ 1,555,182	$ 1,258,048
Difference between carrying amount and underlying equity	34,000	37,700
Movement In Equity Method Interests [Roll Forward]
Beginning balance	1,555,182	1,258,048
Contributions	28,420	327,305	501,352
Distributions	(172,729)	(98,166)
Capitalized interest		8,733
Equity income (loss), net	113,764	58,739	19,069
Other comprehensive income (loss)	630	523
Impairment	(160,441)	0	0
Ending balance	$ 1,364,826	$ 1,555,182	1,258,048
Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	16.00%	16.00%
Equity method interests	$ 273,940	$ 283,530	291,628
Movement In Equity Method Interests [Roll Forward]
Beginning balance	283,530	291,628
Contributions	314	1,715
Distributions	(49,953)	(52,009)
Capitalized interest		0
Equity income (loss), net	40,049	42,196
Other comprehensive income (loss)	0
Impairment	0
Ending balance	$ 273,940	$ 283,530	291,628
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	15.00%	15.00%
Equity method interests	$ 0	$ 176,640	163,199
Movement In Equity Method Interests [Roll Forward]
Beginning balance	176,640	163,199
Contributions	2,250	29,250
Distributions	0	0
Capitalized interest		0
Equity income (loss), net	(19,079)	(16,332)
Other comprehensive income (loss)	630	523
Impairment	(160,441)
Ending balance	$ 0	$ 176,640	163,199
Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	26.70%	26.70%
Equity method interests	$ 629,896	$ 615,186	310,421
Movement In Equity Method Interests [Roll Forward]
Beginning balance	615,186	310,421
Contributions	25,856	296,340
Distributions	(73,668)	0
Capitalized interest		8,733
Equity income (loss), net	62,522	(308)
Other comprehensive income (loss)	0	0
Impairment	0
Ending balance	$ 629,896	$ 615,186	310,421
Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.00%	33.00%
Equity method interests	$ 460,990	$ 479,826	492,800
Movement In Equity Method Interests [Roll Forward]
Beginning balance	479,826	492,800
Contributions	0	0
Distributions	(49,108)	(46,157)
Capitalized interest		0
Equity income (loss), net	30,272	33,183
Other comprehensive income (loss)	0	0
Impairment	0
Ending balance	$ 460,990	$ 479,826	$ 492,800

EQUITY METHOD INTERESTS - Summa

EQUITY METHOD INTERESTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 160,617	$ 148,409	$ 135,798
Operating income (loss)	65,612	61,616	(1,285,791)
Net income (loss)	99,221	81,684	(1,327,720)
Current assets	166,628	42,769
Total assets	1,724,670	1,799,630
Current liabilities	27,244	29,983
Total liabilities, noncontrolling interests, and equity	1,724,670	1,799,630
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Gulf Coast Express Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues	362,399	366,185	132,103
Operating income (loss)	254,772	266,219	108,056
Net income (loss)	253,535	264,956	109,997
Other comprehensive income (loss)	0	0	0
Current assets	74,408	59,910
Noncurrent assets	1,655,941	1,714,062
Total assets	1,730,349	1,773,972
Current liabilities	46,151	32,997
Noncurrent liabilities	461	526
Equity	1,683,737	1,740,449
Total liabilities, noncontrolling interests, and equity	1,730,349	1,773,972
Equity Method Investment, Nonconsolidated Investee or Group of Investees | EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Revenues	164,774	165,970	40,756
Operating income (loss)	(36,488)	(35,566)	(67,763)
Net income (loss)	(114,519)	(109,614)	(72,535)
Other comprehensive income (loss)	4,197	3,484	(7,681)
Current assets	101,189	122,995
Noncurrent assets	2,177,616	2,272,805
Total assets	2,278,805	2,395,800
Current liabilities	58,729	67,073
Noncurrent liabilities	1,185,003	1,187,615
Equity	1,035,073	1,141,112
Total liabilities, noncontrolling interests, and equity	2,278,805	2,395,800
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Permian Highway Pipeline LLC
Schedule of Equity Method Investments [Line Items]
Revenues	397,237	7,220	0
Operating income (loss)	237,230	(1,798)	(93)
Net income (loss)	236,528	(1,140)	1,587
Other comprehensive income (loss)	0	0	0
Current assets	69,995	23,734
Noncurrent assets	2,267,940	2,316,176
Total assets	2,337,935	2,339,910
Current liabilities	36,657	95,863
Noncurrent liabilities	0	0
Equity	2,301,278	2,244,047
Total liabilities, noncontrolling interests, and equity	2,337,935	2,339,910
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Breviloba, LLC
Schedule of Equity Method Investments [Line Items]
Revenues	157,683	167,784	129,559
Operating income (loss)	92,568	102,526	81,369
Net income (loss)	92,005	102,048	81,469
Other comprehensive income (loss)	0	0	$ 0
Current assets	34,159	53,206
Noncurrent assets	1,344,178	1,375,155
Total assets	1,378,337	1,428,361
Current liabilities	11,244	10,326
Noncurrent liabilities	8,254	2,389
Equity	1,358,839	1,415,646
Total liabilities, noncontrolling interests, and equity	$ 1,378,337	$ 1,428,361

EQUITY AND WARRANTS - Reverse S

EQUITY AND WARRANTS - Reverse Stock Split (Details)	Jun. 30, 2020
Class C Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio	0.05
Class A Common Stock
Class of Stock [Line Items]
Stock split, conversion ratio	0.05

EQUITY AND WARRANTS - Common St

EQUITY AND WARRANTS - Common Stock and Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 14, 2022	Nov. 09, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earn-Out Consideration Tranche One
Class of Stock [Line Items]
Earn-out consideration, threshold consecutive trading days		30 days
Earn-out consideration, stock price trigger (in USD per share)		$ 280
Earn-out consideration, threshold trading days		20 days
Earn-Out Consideration Tranche Two
Class of Stock [Line Items]
Earn-out consideration, threshold consecutive trading days		30 days
Earn-out consideration, stock price trigger (in USD per share)		$ 320
Earn-out consideration, threshold trading days		20 days
Public Warrant
Class of Stock [Line Items]
Number of warrant outstanding (in shares)			12,577,350	12,577,350	12,577,350
Warrant exercise price (in USD per share)			$ 230
Warrant expiration period			5 years
Warrant redemption price (in USD per share)			$ 0.01
Period of notice prior to warrant redemption			30 days
Warrant redemption stock price trigger (in USD per share)			$ 360
Warrant redemption threshold trading period			20 days
Warrant redemption threshold consecutive trading period			30 days
Warrant redemption notice period			3 days
Private Placement Warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)			6,364,281	6,364,281	6,364,281
Class of warrants fair value			$ 0.2	$ 0.9
Common Stock | Subsequent Event
Class of Stock [Line Items]
Stock exchanged during period (in shares)	12,500,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,500,000,000	1,500,000,000
Common stock, par value (in USD per share)			$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)			3,746,460	3,746,460
Number of shares called by each warrant (in shares)			0.05
Earn-out consideration of equity interest (in shares)		1,250,000
Class A Common Stock | Earn-Out Consideration Tranche One
Class of Stock [Line Items]
Earn-out consideration of equity interest (in shares)		625,000
Class A Common Stock | Earn-Out Consideration Tranche Two
Class of Stock [Line Items]
Earn-out consideration of equity interest (in shares)		625,000
Class A Common Stock | Subsequent Event
Class of Stock [Line Items]
Issuance of shares (in shares)	12,500,000
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,500,000,000	1,500,000,000
Common stock, par value (in USD per share)			$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)			12,500,000	12,500,000
Class C Common Stock | Subsequent Event
Class of Stock [Line Items]
Shares cancelled during period (in share)	12,500,000
Apache | Private Placement Warrants
Class of Stock [Line Items]
Number of warrant outstanding (in shares)			3,182,140

EQUITY AND WARRANTS - Redeemabl

EQUITY AND WARRANTS - Redeemable Noncontrolling Interest (Details) $ / shares in Units, $ in Thousands	Jan. 14, 2022shares	Nov. 09, 2018shares	Dec. 31, 2021USD ($)$ / shares	Sep. 30, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)
Class of Stock [Line Items]
Redeemable noncontrolling interest, redemption value measurement period							5 days
Redeemable noncontrolling interest			$ 769,900				$ 769,900	$ 575,100
Payments of common stock dividend							$ 22,479	$ 0	$ 0
Dividends declared (in USD per share) | $ / shares							$ 1.50	$ 1.50
Capital distribution (in dollars per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50	$ 1.50	$ 1.50
Proceeds from limited partnership investments			$ 5,600	$ 5,600	$ 5,600	$ 5,600
Class A Common Stock
Class of Stock [Line Items]
Common stock, redemption ratio							1
Payments of common stock dividend			$ 5,600	$ 5,600	$ 5,600	$ 5,600	$ 22,500
Dividends declared (in USD per share) | $ / shares			$ 1.50	$ 1.50	$ 1.50	$ 1.50
Class A Common Stock | Subsequent Event
Class of Stock [Line Items]
Issuance of shares (in shares) | shares	12,500,000
Altus Midstream LP
Class of Stock [Line Items]
Distributions from partners' capital			$ 24,400	$ 24,400	$ 24,400	$ 24,400
Altus Midstream LP | Apache
Class of Stock [Line Items]
Partnership interest owned (in shares) | shares		12,500,000
Limited partners, ownership interest		76.90%					76.90%

EQUITY AND WARRANTS - Common _2

EQUITY AND WARRANTS - Common Stock Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 09, 2018	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividends paid						$ (22,479)	$ 0	$ 0
Dividends declared (in USD per share)						$ 1.50	$ 1.50
Capital distribution (in dollars per share)		$ 1.50	$ 1.50	$ 1.50	$ 1.50	$ 1.50
Proceeds from limited partnership investments		$ 5,600	$ 5,600	$ 5,600	$ 5,600
Altus Midstream LP
Class of Stock [Line Items]
Distributions from partners' capital		24,400	24,400	24,400	24,400
Apache | Altus Midstream LP
Class of Stock [Line Items]
Limited partners, ownership interest	76.90%					76.90%
Class A Common Stock
Class of Stock [Line Items]
Dividends paid		$ (5,600)	$ (5,600)	$ (5,600)	$ (5,600)	$ (22,500)
Dividends declared (in USD per share)		$ 1.50	$ 1.50	$ 1.50	$ 1.50

SERIES A CUMULATIVE REDEEMABL_3

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2022	Jun. 12, 2019	May 08, 2019	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Units, redemption terms, internal rate of return				11.50%
Preferred Units, redemption terms, multiple of invested capital				1.3
Preferred Unit limited partners
Class of Stock [Line Items]
Number of Preferred Units sold (in shares)		625,000
Preferred Units sold, price per share (in USD per share)		$ 1,000
Transaction price, gross		$ 625,000
Transaction price, net		$ 611,249
Preferred Units, quarterly distribution rate per annum			7.00%
Increase in preferred unit distribution rate, after fifth anniversary			10.00%
Preferred Units, redemption terms, internal rate of return			11.50%
Preferred Units, redemption terms, internal rate of return after fifth anniversary of closing			13.75%
Preferred Units, redemption terms, multiple of invested capital			1.3
Preferred units, exchangeable, number of preceding trading days			20 days
Preferred Units, exchangeable, discount percentage			6.00%
Maximum amount of distributions to common unit holders			$ 650,000
Preferred Units, exchangeable, minimum percentage of Company's outstanding voting power			20.00%
Common Stock | Subsequent Event
Class of Stock [Line Items]
Stock exchanged during period (in shares)	12,500,000

SERIES A CUMULATIVE REDEEMABL_4

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Schedule of Preferred Units (Details) - USD ($) $ in Thousands	Jun. 12, 2019	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Redeemable noncontrolling interest - Preferred Units	$ 516,790	$ 712,476	$ 608,381
Long-term liability: Embedded derivative	94,459	$ 56,895	$ 139,009
Transaction price, net	611,249
Preferred Unit limited partners
Class of Stock [Line Items]
Transaction price, gross	625,000
Issue discount	(3,675)
Transaction costs to other third parties	(10,076)
Transaction price, net	$ 611,249

SERIES A CUMULATIVE REDEEMABL_5

SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS - Activity Related to Preferred Units (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Jun. 12, 2019	May 08, 2019
Financial Position
Beginning balance		$ 575,100
Accreted redemption value adjustment		81,975
Ending balance		769,900	$ 575,100
Embedded derivative liability		56,895	$ 139,009	$ 94,459
Redeemable noncontrolling interest, including embedded derivative liability		$ 769,371
Preferred Units, redemption terms, internal rate of return		11.50%
Preferred Units, redemption terms, multiple of invested capital		1.3
Preferred Units, redemption price		$ 738,700
Preferred Unit limited partners
Units Outstanding
Redeemable noncontrolling interest - Preferred Units: beginning of period (in shares)		660,694	638,163
Distribution of in-kind additional Preferred Units (in shares)			22,531
Redeemable noncontrolling interest - Preferred Units: end of period (in shares)		660,694	660,694
Financial Position
Beginning balance	[1]	$ 608,381	$ 555,599
Cash distributions paid to Preferred Unit limited partners	[1]	(46,249)	(23,124)
Distributions payable to Preferred Unit limited partners	[1]	(11,562)
Allocation of Altus Midstream net income		79,931	75,906
Ending balance	[1]	$ 712,476	$ 608,381
Preferred Units, redemption terms, internal rate of return					11.50%
Preferred Units, redemption terms, multiple of invested capital					1.3
[1]	Certain redemption features embedded within the Preferred Unit purchase agreement require bifurcation and measurement at fair value. For further detail, refer to Note 11—Series A Cumulative Redeemable Preferred Units .

INCOME TAXES - Total Provision

INCOME TAXES - Total Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income taxes:
Federal	$ 0	$ (696)	$ (15)
State	0	0	0
Total current income taxes	0	(696)	(15)
Deferred income taxes:
Federal	0	0	67,516
State	0	0	(2,601)
Total deferred income taxes	0	0	64,915
Total	$ 0	$ (696)	$ 64,900

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Income tax expense (benefit) at U.S. statutory rate	$ 20,836	$ 17,008	$ (265,192)
State tax benefit	0	0	(2,610)
CARES Act tax impact	0	(266)	0
Valuation allowance	3,068	(620)	130,988
Warrant valuation adjustment	(139)	(252)	(2,348)
All other, net	0	2	97
Total	0	(696)	64,900
Preferred Unit limited partners
Income Tax [Line Items]
Income tax expense (benefit) attributable to noncontrolling interest	(15,932)	(12,892)	205,844
Redeemable Noncontrolling Interest — Apache Limited Partner
Income Tax [Line Items]
Income tax expense (benefit) attributable to noncontrolling interest	$ (7,833)	$ (3,676)	$ (1,879)

INCOME TAXES - Net Deferred Tax

INCOME TAXES - Net Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Investment in partnership	$ 88,054,000	$ 92,881,000
Asset retirement obligation	512,000	480,000
Net operating losses	44,437,000	37,675,000
Property, plant, and equipment	3,358,000	4,471,000
Total deferred tax assets	136,361,000	135,507,000
Valuation allowance	(135,263,000)	(133,077,000)
Net deferred tax assets	1,098,000	2,430,000
Deferred tax liabilities:
Other	1,098,000	2,430,000
Net deferred tax assets	$ 0	$ 0

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jan. 14, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Current income tax benefit associated with net operating loss carryback claim, CARES Act			$ 700
Preferred Unit limited partners
Income Tax [Line Items]
Income tax benefit (expense) attributable to noncontrolling interest		$ 15,932	12,892	$ (205,844)
Redeemable Noncontrolling Interest — Apache Limited Partner
Income Tax [Line Items]
Income tax benefit (expense) attributable to noncontrolling interest		7,833	$ 3,676	$ 1,879
Common Stock | Subsequent Event
Income Tax [Line Items]
Stock exchanged during period (in shares)	12,500,000
Class A Common Stock | Subsequent Event
Income Tax [Line Items]
Issuance of shares (in shares)	12,500,000
Class C Common Stock | Subsequent Event
Income Tax [Line Items]
Shares cancelled during period (in share)	12,500,000
Domestic Tax Authority
Income Tax [Line Items]
Operating loss carryforwards		$ 211,600

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ (4,613)	$ (2,057)	$ 0
Additions based on tax positions related to the prior year	0	0	0
Additions based on tax positions related to the current year	1,622	2,556	2,057
Reductions for tax positions of prior years	0	0	0
Balance at end of year	$ (6,235)	$ (4,613)	$ (2,057)

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic:
Net Income (Loss) Available to Common Stockholders, Basic		$ (13,944)	$ 2,791	$ (358,490)
Net income (loss) attributable to Class A common shareholders (in shares)	[1]	3,746,000	3,746,000	3,746,000
Net income (loss) attributable to Class A common shareholders (in USD per share)	[1]	$ (3.72)	$ 0.75	$ (95.70)
Effect of dilutive securities:
Redeemable noncontrolling interest — Apache limited partner		$ (48,741)	$ 2,987	$ 0
Redeemable noncontrolling interest — Apache limited partner, Shares (in shares)		12,500,000	12,500,000	0
Diluted
Net income (loss) attributable to Class A common shareholders		$ (62,685)	$ 5,778	$ (358,490)
Net income (loss) attributable to Class A common shareholders, Shares (in shares)	[1]	16,246,000	16,246,000	3,746,000
Net income (loss) attributable to Class A common shareholders, Per Share (in USD per share)	[1]	$ (3.86)	$ 0.36	$ (95.70)
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		947,082
[1]	Share and per share amounts have been retroactively restated to reflect the Company’s reverse stock split, which was effected June 30, 2020. Refer to Note—10 Equity and Warrants for further information.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)numberOfConsecutiveCalendarMonthshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 12, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unrealized derivative instrument loss | $	$ (82,114)	$ 36,080	$ 8,470
Embedded derivative liability | $	$ 56,895	$ 139,009		$ 94,459
Number of Preferred Units expected to be redeemed before exercise of exchange option (in shares) | shares	250
Expected timing until exercise of exchange option	4 years 5 months 12 days
Level 3 | Altus Midstream Company’s Imputed Interest Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input | numberOfConsecutiveCalendarMonth	0.0554
Level 3 | Altus Midstream Company’s Imputed Interest Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input | numberOfConsecutiveCalendarMonth	0.1121
Level 3 | Interest Rate Volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Embedded derivative liability, measurement input	0.4008