The merger of two midstream gas operators in the Delaware Basin — Altus Midstream Co. (Nasdaq: ALTM) and BCP Raptor Holdco LP — will also pave the way for Houston-based Apache Corp. to reinvest in a resource play that previously attracted billions in capital expenditure.
Apache, a subsidiary of APA Corp. (Nasdaq: APA), is evaluating a fresh round of spending on its Alpine High discovery in the Delaware Basin in 2022, according to an Oct. 22 presentation to Altus investors.
And Apache has the unique option to cash in millions of Altus shares to help fund any reinvestment in Alpine High, which is centered in Reeves County.
Source: Houston Business Journal