Fourth Quarter 2018 Earnings Presentation February 14, 2019
Simplification Transaction Timeline Midstream Simplification has been approved by the AM and AMGP Conflicts Committees and by the AR Special Committee Transaction Timeline October 9, 2018 Simplification transaction announced…
Long- Term Outlook - AR All of Antero Resources contracted firm capacity is now in service, providing visible production growth and sales to diversified markets Antero Resources Firm Transportation Portfolio vs. Gross Gas Production…
Long-Term Outlook New AM Based on ARs flexible long-term outlook, AM is targeting an 18% - 25% distributable cash flow (DCF) CAGR from 2020 to 2022 New AM Distributable Cash Flow Growth Scenarios (2020 2022) 1,600 1,400 1,200…
DCF Profile Supports Growing Return of Capital Antero Midstreams distributable cash flow growth, self-funding business model, and leverage profile supports an increase in return of capital to shareholders Distributable Cash Flow vs.…
Capital Budget and Major Projects - 2019 2019 organic capital budget fully funded with retained cash flow and credit facility borrowings no need for equity financing Capital Expenditures (MM) Marcellus Project Map Fresh Water…
Long Track Record Of Success Antero Midstream has delivered a 27% dividend CAGR through the downturn and exceeded DCF coverage targets by 22% on average since the IPO New AM Dividend Per Share and DCF Coverage Since IPO (2) 1.40…
High Growth Year-Over-Year Midstream Throughput Record gathering, compression , processing and fractionation volumes in 4Q18 Low Pressure Gathering (MMcf/d) Compression (MMcf/d) Fixed Fee: 0.32/Mcf 2,800 Fixed Fee: 0.19/Mcf 2,800…
Organic Strategy Drives Attractive Return on Capital Fixed-fee tolling business combined with Just-in-Time capital investment drives attractive returns on capital across commodity environments Investment Philosophy AM Return on…
Highest DCF Growth Among Top 20 Midstream Entities New AM will be a unique midstream vehicle with scale, low leverage and high distributable cash flow growth all in a C-Corp structure C-Corp MLP Leverage 3-Year Distributable Cash…
APPENDIX
Antero Capitalization Pro forma as of 12/31/18 Antero Midstream Antero Resources Antero Resources As of December 31, 2018 (MM) (Stand-alone) (Consolidated) Cash 0 0 0 Debt Revolving Credit Facility 990 405 1,395 Status Quo…
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 following table reconciles consolidated total debt to consolidated net debt (Net Debt) as used in this presentation (in thousands): December 31, 2018 Bank credit facility 990,000 5.375% AM…
Adjusted EBITDA and DCF Reconciliation Adjusted EBITDA and DCF Reconciliation ( in thousands) Three months ended Years ended December 31, December 31, 2017 2018 2017 2018 Net income 64,155 248,609 307,315 585,944 Impairment of…
Antero Midstream Non-GAAP Reconciliation The following reconciles net income to Adjusted EBITDA and Distributable Cash Flow: 2014 in Thousands G&C Only 2014 2015 2016 2017 Net income 16,832 127,875 159,105 236,703 307,315 Interest…
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…
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