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EX - 99.1 3 d199368dex991.htm EX - 99.1 Exhibit 99.1 • ALTUS MIDSTREAM EAGLECLAW MIDSTREAM NEWS RELEASE ALTUS AND EAGLECLAW ANNOUNCE ALL - STOCK BUSINESS COMBINATION ; CREATES A LEADING PURE- PLAY PERMIAN INTEGRATED MIDSTREAM COMPANY WITH A CAPITAL RETURN FOCUS Combination forms the largest integrated midstream company in the Delaware Basin with an estimated enterprise value today of $ 9 billion The combined company generates a balanced mix of earnings from midstream gathering and processing and long - haul pipeline transportation , representing approximately 65 % and 35 % of 2022 estimated EBITDA , respectively Operates approximately 2 Bcf per day of newly constructed cryogenic natural gas processing facilities in the Delaware Basin with more than 850,000 acres under fee - based , long - term dedications for midstream activities Premier portfolio of interests in four newly built , long - term contracted pipelines transporting natural gas , NGLs , and crude oil from the Permian Basin to the Gulf Coast Diverse , high - quality customer base with over 30 primarily investment grade counterparties Complementary systems and greater scale result in enhanced reliability and flexibility for customers as well as commercial and financial synergies ; EBITDA synergies of at least $ 50 million per year projected by 2023 and approximately $ 175 million in cumulative capital savings over the next five years Committed to maintaining Altus ' current $ 6 per share annual dividend through 2023 , targeting 5 % dividend growth thereafter ; will achieve and maintain a leverage ratio of 3.5x or less Proven , commercially - oriented management team dedicated to delivering best - in - class returns for all stakeholders – investors , employees , customers , and their associated communities HOUSTON , Oct. 21 , 2021 – Altus Midstream Company ( Nasdaq : ALTM ) ( " Altus ” ) announced today it will combine with privately - owned BCP Raptor Holdco LP ( " BCP " ) in an all - stock transaction . BCP is the parent company of EagleClaw Midstream , which includes EagleClaw Midstream Ventures , the Caprock Midstream and Pinnacle Midstream businesses , and a 26.7 % interest in the Permian Highway Pipeline .