Third Quarter 2018 Earnings Presentation November 1, 2018
Simplification Transaction Highlights 1 Simplifies midstream structure and aligns all Antero equity holders C-Corp structure without IDRs is the increasingly preferred structure by investors Broadens potential investor base and creates…
Anteros Proven Integrated Strategy Integrated Strategy Benefits Integrated Structure Unparalleled visibility into long-term development Sponsors/ Ownership and control of midstream Management Public critical to sustainable…
AR: Consistent Leader in Realizations and Margins ARs strategy has resulted in peer-leading Sustainable and consistent margins price realizations and EBITDAX margins for and resource development through over 5 years price cycles…
Geographic & Infrastructure NGL Advantaged Permian, Rockies, Mid-Continent & Bakken Appalachia Transport Y-grade for out-of-basin fractionation at Mont In-basin fractionation Belvieu and Conway Transport marketable purity products…
AM Track Record of Delivering Per Unit Growth 15th consecutive distribution increases since IPO resulting in 159% growth since IPO DCF per unit CAGR of 30%+ DCF Coverage 25%+ above 1.1x 1.2x target AM DPU and DCF Per Unit Growth…
High Growth Year-Over-Year Midstream Throughput All record volumes during the third quarter of 2018 Low Pressure Gathering (MMcf/d) Compression (MMcf/d) Fixed Fee: 0.32/Mcf 2,165 2,000 Fixed Fee: 0.19/Mcf 2,200 1,756 2,000 1,800 80%…
Best in Class Midstream Vehicle Simplification checks all the boxes for midstream investors Attribute Antero Midstream Corporation 1099 Tax Form C-corp for tax and governance purposes with 1099 tax form No IDRs One publicly traded…
Highest Dividend Growth Among Top 20 Midstream New AM will be a unique midstream vehicle with scale, low leverage and high distribution growth all in a C-corp structure C-CORP MLP Leverage 3-Year Dividend CAGR (2018 2021) *…
Yield vs. Growth Correlation Implies Attractive Value Antero Midstream Corporations dividend growth profile supports a premium valuation based on comparable C-corps and entities that eliminated IDRs Yield vs. Dividend/Distribution…
Appendix
Antero Midstream Non-GAAP Measures Non-GAAP Financial Measures and Definitions Antero Midstream views Adjusted EBITDA as an important indicator of the Partnerships performance. Antero Midstream defines Adjusted EBITDA as Net Income…
Antero Midstream Non-GAAP Measures The GAAP financial measure nearest to Adjusted Operating Cash Flow is cash flow from operating activities as reported in Antero Midstreams consolidated financial statements. Management believes that…
Antero Midstream Non-GAAP Measures Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures. The GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is Net Income. The non-GAAP…
Adjusted EBITDA and DCF Reconciliation Adjusted EBITDA and DCF Reconciliation ( in thousands) Three Months Ended September 30, 2017 2018 Net income 80,893 119,764 Interest expense 9,311 16,988 Impairment of property and equipment…
Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt (Net Debt) as used in this presentation (in thousands): September 30, 2018 Bank credit facility 875,000 5.375% AM…
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