RECAPITALIZATION TRANSACTION (Tables)

3 Months Ended

Mar. 31, 2019

Noncontrolling Interest [Abstract]

Summary of Shares Issued and Outstanding by Class of Common Stock

The number of shares issued and outstanding immediately following the closing of the Business Combination is summarized in the table below.

number of shares	Class A Common Stock		Class B Common Stock(1)		Class C Common Stock
Shares outstanding prior to the Business Combination	37,732,112		9,433,028		—
Less: redemption of public shares (2)	(29,469,858	)	—		—
Add: shares issued in private placement	57,234,023		—		—
Total shares outstanding prior to the Business Combination	65,496,277		9,433,028		—
Shares, in connection with the Business Combination:
Forfeited (3)	—		(7,313,028	)	—
Converted (1)	2,120,000		(2,120,000	)	—
Total shares outstanding immediately prior to the Closing Date	67,616,277		—		—
Issued as consideration to Apache (4)	7,313,028		—		250,000,000
Total shares outstanding at the Closing Date	74,929,305		—		250,000,000

(1) Shares of Class B Common Stock, $0.0001 par value (“Class B Common Stock”), were purchased by the Sponsor upon the Company’s incorporation in December 2016. Class B Common Stock is identical to Class A Common Stock except that they automatically converted to Class A Common Stock at the time of the Business Combination.

(2) Pursuant to the terms of KAAC’s amended and restated certificate of incorporation, public stockholders had the opportunity, in connection with the Business Combination, to redeem shares of Class A Common Stock. A total of 29,469,858 shares were redeemed for an aggregate amount of approximately $298.8 million.

(3) In connection with the Business Combination, the Sponsor agreed to forfeit shares of Class B Common Stock. As part of the consideration transferred in the Business Combination, 7,313,028 newly issued shares of Class A Common Stock were issued to Apache, equivalent to the number of shares of Class B Common Stock forfeited by the Sponsor. Additionally, the Sponsor forfeited a number of warrants originally issued simultaneously with the public offering.

(4)

The equity structure of the Altus Midstream Entities (the accounting acquirer) has been restated to reflect the number of shares of Altus Midstream Company (the accounting acquiree) issued in the recapitalization transaction. Please refer to the section below entitled “Basis of presentation of equity structure” for further discussion.