REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)

3 Months Ended

Mar. 31, 2020

Activity related to the Preferred Units during the three months ended March 31, 2020 is as follows:



	Units Outstanding	Financial Position⁽²⁾
	(In millions, except unit data)
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: at December 31, 2019	638,163	$	555
Distribution of in-kind additional Preferred Units⁽¹⁾	11,168	—
Allocation of Altus Midstream LP net income	N/A	18
Redeemable noncontrolling interest - Altus Preferred Unit Limited Partners: at March 31, 2020	649,331	573
Preferred Units embedded derivative		165
		$	738

(1)

Subsequent to the balance sheet date, Altus Midstream LP provided notice to the Preferred Unit holders of record at March 31, 2020 of the amount of the distribution on the Preferred Units for the quarter ended March 31, 2020. 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 May 15, 2020. In total, 11,363 PIK Units will be issued in satisfaction of the required distribution.


(2)	As at March 31, 2020, the aggregate Redemption Price was $682 million, based on an internal rate of return of 11.5 percent.

N/A - not applicable.

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