REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)

6 Months Ended

Jun. 30, 2021

Activity related to the Preferred Units is as follows:


	Units Outstanding	Financial Position(1)
	(In millions, except unit data)
Redeemable noncontrolling interest — Preferred Unit at: December 31, 2019	638,163	$	555
Distribution of in-kind additional Preferred Units	22,531	—
Cash distributions to Altus Preferred Unit limited partners	—	(23)
Allocation of Altus Midstream LP net income	N/A	76
Redeemable noncontrolling interest — Preferred Unit at: December 31, 2020	660,694	608

Cash distributions to Altus Preferred Unit limited partners	—	(23)
Dividends payable to Altus Preferred Unit limited partners	—	(11)
Allocation of Altus Midstream LP net income	N/A	39
Accreted value adjustment	N/A	4
Redeemable noncontrolling interest — Preferred Unit at: June 30, 2021	660,694	617
Preferred Units embedded derivative		125
		$	742

(1) The Preferred Units are redeemable at Altus Midstream LP’s option at a redemption price (the Redemption Price), which as of June 30, 2021 is calculated as the greater of (i) an 11.5 percent internal rate of return and (ii) a 1.3 times multiple of invested capital. As of June 30, 2021, the Redemption Price would have been based on a 1.3 times multiple of invested capital, which was $813 million, less certain cash distributions. This was greater than using an 11.5 percent internal rate of return, which would equate to a redemption value of $721 million.

N/A - not applicable.