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Antero Midstream Sees Increase in Throughput in 1Q16

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   |    Friday,April 15,2016

Antero Midstream Partners LP announced an increased first quarter 2016 distribution and provided its first quarter 2016 operations update.

Highlights include:

  • Declared a cash distribution of $0.235 per unit for the first quarter of 2016, a 31% increase compared to the prior year quarter and a 7% increase sequentially
  • Low pressure gathering volumes averaged 1,303 MMcf/d, a 39% increase compared to the prior year quarter and a 16% increase sequentially
  • High pressure gathering volumes averaged 1,222 MMcf/d, an 8% increase compared to the prior year quarter and a 2% increase sequentially
  • Compression volumes averaged 606 MMcf/d, a 69% increase compared to the prior year quarter and a 27% increase sequentially
  • Fresh water delivery volumes averaged 97,331 Bbl/d, a 7% decrease compared to the prior year quarter and a 19% decrease sequentially

Increased Quarterly Distribution

The Board of Directors of Antero Resources Midstream Management LLC, the general partner of the Partnership, declared a cash distribution of $0.235 per unit ($0.94 per unit annualized) for the first quarter of 2016. The distribution represents a 31% increase compared to the prior year quarter and a 7% increase sequentially.  The distribution represents the Partnership's fifth consecutive quarterly distribution increase since its initial public offering in November 2014.  The distribution will be payable on May 25, 2016 to unitholders of record as of May 11, 2016.

Operations Update

All operational figures are as of the date of this release unless otherwise noted. 

Low pressure gathering volumes for the first quarter of 2016 averaged 1,303 MMcf/d, a 39% increase from the first quarter of 2015 and a 16% increase from the fourth quarter of 2015.  High pressure gathering volumes for the first quarter of 2016 averaged 1,222 MMcf/d, an 8% increase from the first quarter of 2015 and a 2% increase compared to the fourth quarter of 2015. The increase in gathering volumes was due to production growth from Antero Resources Corporation ("Antero Resources") on Antero Midstream dedicated acreage. Compression volumes for the first quarter of 2016 averaged 606 MMcf/d, a 69% increase from the first quarter of 2015 and a 27% increase from the fourth quarter of 2015. Antero Midstream's first Ohio Utica Shale compressor station, which was placed into service in December 2015, has already reached over 90% utilization and volume growth across Antero Midstream's footprint drove the increase in compression volumes.  Condensate gathering volumes averaged 2,965 Bbl/d during the quarter, a 23% increase compared to the prior year quarter and a 25% decrease sequentially. The sequential decrease was driven by Antero Resources shifting Ohio Utica Shale development from its Highly-Rich Gas / Condensate area to higher rate of return locations in the Highly-Rich Gas area.

Fresh water delivery volumes averaged 97,331 Bbl/d during the quarter, a 7% decrease compared to the prior year quarter and a 19% decrease sequentially.  The decrease in volumes was driven by the reduction in overall completion activities by Antero Resources, partially offset by increased water usage on a per completion stage basis.   Antero Resources currently plans to use approximately 25% more water per stage in its Marcellus completions in 2016 as compared to 2015.


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