REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)

12 Months Ended

Dec. 31, 2019

The net transaction price was allocated to the preferred redeemable noncontrolling interest and the embedded features according to the associated initial fair value measurements as follows:



	June 12, 2019
	(In millions)
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners	$	517
Preferred Units embedded derivative	94
	$	611

Activity related to the Preferred Units for the year ended December 31, 2019 is as follows:



	Units Outstanding	Financial Position⁽²⁾
	(In millions, except unit data)
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: beginning of period	—	$	—
Issuance of Preferred Units, net	625,000	517
Distribution of in-kind additional Preferred Units⁽¹⁾	13,163	—
Allocation of Altus Midstream LP net income	N/A	38
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: end of period	638,163	555
Preferred Units embedded derivative		103
		$	658

(1)

Subsequent to the balance sheet date, Altus Midstream LP provided notice to the Preferred Unit holders of record at December 31, 2019 of the amount of the distribution on the Preferred Units for the quarter ended December 31, 2019. The holders also were notified that Altus Midstream LP elected to pay the entire amount of the approximate $11 million distribution in-kind in additional Preferred Units (PIK Units) on February 14, 2020. In total, 11,168 PIK Units were issued in satisfaction of the required distribution.


(2)	As at December 31, 2019, the aggregate Redemption Price was $664 million, based on an internal rate of return of 11.5 percent.

N/A - not applicable.