XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income including noncontrolling interests $ 75,967 $ 152,837 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 138,336 127,604 [1]
Amortization of deferred financing costs 3,055 6,538
Amortization of contract costs 3,310 896
Contingent liabilities remeasurement 0 (839)
Distributions from unconsolidated affiliates 136,230 117,544
Derivatives settlement 10,270 11,115
Derivative fair value adjustment (36,611) (102,544)
Warrants fair value adjustment (77) 0
Gain on redemption of mandatorily redeemable Preferred Units 0 (9,580)
Loss on disposal of assets 12,239 8,656 [1]
Equity in earnings from unconsolidated affiliates (96,074) (75,703) [1]
Loss on debt extinguishment 0 27,975 [1]
Share-based compensation 30,839 18,304
Deferred income taxes 603 613
Changes in operating assets and liabilities:    
Accounts receivable 22,055 (100,511)
Other assets (7,298) (11,892)
Accounts payable 2,909 (3,844)
Accrued liabilities (66,062) 102,094
Other non-current liabilities 678 0
Operating leases 678 (345)
Net cash provided by operating activities 231,047 268,918
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property, plant and equipment expenditures (160,167) (71,429)
Intangible assets expenditures (13,957) (8,516)
Investments in unconsolidated affiliates (154,721) (2,675)
Distributions from unconsolidated affiliate 5,793 0
Cash proceeds from disposals 149 160
Net cash (paid for) acquired in acquisitions (125,000) 13,401
Net cash used in investing activities (447,903) (69,059)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of long-term debt 0 3,000,000
Principal payments on long-term debt 0 (2,294,130)
Payments on debt issuance cost 0 (37,042)
Proceeds from revolver 563,000 7,000
Payments on revolver (308,000) (716,000)
Redemption of mandatorily redeemable Preferred Units 0 (152,580)
Distributions paid to mandatorily redeemable Preferred Unit holders 0 (1,850)
Distributions paid to redeemable noncontrolling interest Preferred Unit limited partners 0 (6,937)
Cash dividends paid to Class A Common Stock shareholders (36,196) (11,239)
Distribution paid to Class C Common Unit limited partners (348) (491)
Repurchase of Class A Common Stock (5,757) 0
Net cash provided by (used in) financing activities 212,699 (213,269)
Net change in cash (4,157) (13,410)
CASH, BEGINNING OF PERIOD 6,394 18,729
CASH, END OF PERIOD 2,237 5,319
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES    
Cash paid for interest, net of amounts capitalized 125,411 52,982
Property and equipment and intangible accruals in accounts payable and accrued liabilities 39,631 20,344
Class A Common Stock issued through dividend and distribution reinvestment plan 175,626 87,697
Restructuring Cost and Reserve [Line Items]    
Class A Common Stock issued in exchange   1,013,745
Altus Midstream LP    
Restructuring Cost and Reserve [Line Items]    
Fair value of ALTM assets acquired 0 2,446,430
Class A Common Stock issued in exchange 0 1,013,745
ALTM liabilities and mezzanine equity assumed $ 0 $ 1,432,685
[1] The results of the legacy ALTM business are not included in the Company’s consolidated financials prior to February 22, 2022. Refer to the basis of presentation in Note 1—Description of the Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements in this Form 10-Q for further information.