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QUARTERLY FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (Unaudited) QUARTERLY FINANCIAL DATA (Unaudited)
The following table summarizes quarterly financial data for 2019 and 2018. Altus Midstream was identified as the accounting acquirer in the Business Combination. As a result, the financial statements information provided in the table below reflects (i) the historical operating results of Altus Midstream Operating prior to the Business Combination; (ii) the consolidated results of the Company and Altus Midstream Operating following the closing of the Business Combination; and (iii) the Company’s equity structure for all periods presented.
For further information on the presentation of financial information, the Business Combination, and the calculation of earnings per share data, please refer to Note 1—Summary of Significant Accounting Policies, Note 2—Recapitalization Transaction, and Note 14—Net Income (Loss) Per Share.
 
 
First
 
Second
 
Third
 
Fourth
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
2019
 
 
 
 
 
 
 
 
Midstream service revenue — affiliate
 
$
33,847

 
$
24,139

 
$
34,009

 
$
43,803

Operating income (loss)(2)
 
4,231

 
(4,942
)
 
(6,583
)
 
(1,278,497
)
Net income (loss) before income taxes
 
6,154

 
(5,928
)
 
(8,693
)
 
(1,265,533
)
Net income (loss) attributable to Class A common shareholders
 
1,100

 
(2,293
)
 
(4,864
)
 
(363,613
)
Net income (loss) attributable to Class A common shareholders, per share(1):
 
 
 
 
 
 
 
 
Basic
 
$
0.01

 
$
(0.03
)
 
$
(0.06
)
 
$
(4.85
)
Diluted
 
$
0.01

 
$
(0.03
)
 
$
(0.07
)
 
$
(4.85
)
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
Midstream service revenue — affiliate
 
$
12,099

 
$
12,517

 
$
25,437

 
$
26,697

Operating income (loss)
 
(7,570
)
 
(7,468
)
 
284

 
2,513

Net income (loss) before income taxes
 
(7,570
)
 
(7,468
)
 
284

 
4,014

Net income (loss) attributable to Class A common shareholders
 
(12,607
)
 
(11,621
)
 
19,208

 
632

Net income (loss) attributable to Class A common shareholders, per share(1):
 
 
 
 
 
 
 
 
Basic
 
$
(0.09
)
 
$
(0.06
)
 
$
0.09

 
$
0.004

Diluted
 
$
(0.09
)
 
$
(0.06
)
 
$
0.09

 
$
0.004


(1)
The sum of the individual quarterly net income (loss) per common share amounts may not agree with full-year net income (loss) per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period.
(2)
Operating expenses for 2019 include asset impairments totaling $9.3 million and $1.3 billion in the third and fourth quarters of 2019, respectively.