Altus Midstream, a company specializing in the transportation and processing of natural gas in the prolific Permian Basin, went dark on November 7, 2023. Delisted from the NASDAQ, it ceased to exist as a publicly traded entity, leaving behind a trail of unanswered questions and a perplexing financial puzzle. While the energy sector is known for its volatility, Altus's disappearance is particularly intriguing. The company's financial data, a tapestry woven with threads of negative equity, fluctuating share counts, and a market capitalization labeled "-1," paints a picture of a company teetering on the edge for years. But within this picture lies a detail so peculiar it seems to have escaped the scrutiny of even the most seasoned Wall Street analysts.

The puzzle centers around Altus's cash flow. Despite consistent losses and a precarious balance sheet, the company generated substantial cash flow from operations in 2022, a year marked by the global energy crisis and soaring natural gas prices.