Item 1.01 Entry into a Material Definitive Agreement.
On
The New GPA and the Prior GPA have substantially similar terms. The material
differences between the New GPA and the Prior GPA are as follows: (i) natural
gas liquids recoveries have been changed from actuals to a fixed recovery
percentage; (ii) fuel, lost, and unaccounted for gas have been changed from
being allocated and capped to being based on negotiated fixed percentages;
(iii) treating fees have been added when the blended stream does not fall within
defined specifications; (iv) Producer's reserved capacity entitlement has been
reduced and is now based on historical performance, providing Processor with
greater flexibility to serve third parties with equal priority to Producer;
(v) the "most favored nations" provision has been removed; and (vi) processing
fees for gas from new wells drilled and completed after
The foregoing description of the New GPA and the differences between the New GPA and the Prior GPA does not purport to be complete and is qualified in its entirety by reference to the full text of the New GPA, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Additional information about the New GPA is also available on the "Investors" section of the Company's website at www.altusmidstream.com. Information on the Company's website is not incorporated by reference into, and does not constitute a part of, this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. Exhibit No. Description 10.1*† Gas Processing Agreement, dated effectiveSeptember 1, 2021 , by and betweenApache Corporation andAltus Midstream Processing LP . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
* Portions of this exhibit have been omitted, pursuant to Regulation S-K
Item 601(b)(10)(iv), because the omitted information is both not material and
is the type that the Company treats as private or confidential.
† Schedules and exhibits to this exhibit have been omitted, pursuant to
Regulation S-K Item 601(a)(5). The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to theSEC upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedule or exhibit so furnished.
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