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July 2019 Corporate Presentation – Antero Midstream Partners Lp

Antero Midstream Partners Lp · Jul 1, 2019 · 46 slides

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Slides

  1. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 1
    CompanyPresentation July2019
  2. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 2
    LegalDisclaimer Forward-Looking Statements: This presentation includes forward-looking statements within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of…
  3. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 3
    AnteroMidstreamAtAGlance StatusQuo AM Highlights Antero Midstream Marcellus Assets Market Cap....... 5.6B Enterprise Value.......... 8.0B LTM Adjusted EBITDA(1).. 764 MM % Gathering/Compression 69% New Smithburg JV %…
  4. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 4
    AnteroFamilyataGlance TheMostIntegratedNaturalGasandNGLPlatformintheU.S. AWorldClassE&POperatorinAppalachia NYSE:AR C-CorpStructure Ba2/BB+/BBB- CorporateDebtRatings 31% ALeadingNortheastInfrastructurePlatform…
  5. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 5
    WhatDoesAnteroMidstreamDo Providesacustomized,integratedfullvaluechainmidstreamsolution 50/50 JV Exploration & Gathering & Natural Gas C3+ NGL Production Compression Processing Fractionation Terminals & Storage Long Haul…
  6. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 6
    AnteroMidstreamFinancialPolicy Maintain =Target conservative leverage profile in the low 3-times or below Prudent net debt to LTM Adjusted EBITDA by 2021 Leverage Ability to flex balance sheet on a short-term basis for additional…
  7. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 7
    LongTrackRecordOfSuccess Antero Midstream hasdelivereda28%dividendCAGRthrough thedownturn andexceededDCFcoveragetargetsby22%onaveragesincetheIPO AM Dividend Per Share and DCF Coverage Since IPO (2) 1.40 Dividends Per Share DCF…
  8. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 8
    Long-TermOutlook:AnteroResources Anteroispoisedtoprudentlygrowproductiontomaximizefreecashflow,ultimately resultinginanappropriatemixoffurtherdeleveringandreturnofcapital Production Growth Scenarios (2020 2023) 6,000 2.5B - 3.0B…
  9. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 9
    Long-TermOutlook:AnteroMidstream BasedonARsflexiblelong-termoutlook,AMistargetingan18%- 25% distributablecashflow(DCF)CAGRfrom2020to2022 AM Distributable Cash Flow Growth Scenarios (2020 2022) 1,600 ) 1,400 3.15 Gas / R (65…
  10. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 10
    HighestDCFGrowthAmongTop20Midstream AnteroMidstreamhasthehighestDCFgrowthandoneofthelowestleverage profilesamongthetop20midstreamcompanies C-Corp MLP Leverage Current Yield * Eliminated IDRs (Simplified) 3-Year Distributable Cash…
  11. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 11
    DCFProfileSupportsGrowingReturnofCapital AnteroMidstreamsdistributablecashflowgrowth,self-fundingbusinessmodel, andleverageprofilesupportsanincreaseinreturnofcapitaltoshareholders Distributable Cash Flow vs. Growth Capex (MM) 1,400…
  12. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 12
    AnteroMidstreamsStrategy AR+AMownershipcapturestheintegratednaturalgasandNGL valuechainwithC-Corpgovernanceandongoingreturnofcapital Dominantposition 18%to25%DCFCAGR inhighestreturn from2020-2022and naturalgasand…
  13. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 13
    WorldClassE&POperator: AnteroResources
  14. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 14
    AR Has Built a Resilient Business Model Producerresiliencydrivesmidstreamstrength: Largest NGL producer and 4th largest gas producer with over Scale / Liquids 1,700 premium undrilled core locations with breakeven Diversification…
  15. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 15
    ProlificResourceUnderpinsSustainableGrowth AnteroResourcesholds40%ofthecore undrilledliquids-richlocations inAppalachiawithattractiveeconomicsandlowbreakevenprices Core Liquids-Rich Appalachian Undrilled Locations B H J F I 5%…
  16. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 16
    Scale and Product Diversification ARisthefourthlargestnaturalgasproducerandlargestNGLproducerintheU.S. Top U.S. Natural Gas Producers 1Q2019 Top U.S. C2+ NGL Producers - 2019E 4.5 150 1 NGL AR also produces 10 4.0 140 Producer…
  17. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 17
    Well Cost Reduction Initiative AR Targets an Additional 10% Well Cost Reduction By 2020 Capital budget down 20% in 2019 compared to 2018 D&C capex now projected at low-end of guidance: 1.3 to 1.375 Billion(1) 1Q 2018 1Q 2019…
  18. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 18
    Hedge Position Protects Downside Commodity Exposure ARhasconsistentlyexecutedacomprehensivecommodityhedgingprogramwith 4.4billionofrealizedhedgegainssince2008(1) Antero Hedge Profile (BBtu/d) NYMEX Collar Volume NYMEX Swap Volume…
  19. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 19
    Antero Oil Hedge Position Antero Oil Hedge Profile (Bbls/d) NYMEX WTI Swap Volume NYMEX WTI Swap Price (/Bbls) 10,000 70 61.83 59.03 60 8,000 50 6,000 40 30 4,000 n upside to call Monetize + maintai price 20 5,000…
  20. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 20
    FirmTransportationPortfolioProvidesVisibility ARsFTportfoliohasdeliveredAppalachia-leadingrealized naturalgaspricingquarterafterquarter Antero Resources Firm Transportation Portfolio vs. Gross Gas Production (MMcf/d) Premium gas…
  21. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 21
    Deleveraging Through Commodity Price Volatility ARhasreduceditsleveragefrom3.9xatYE2014to2.1xat1Q2019,despitea 30%reductioninaverageNYMEXnaturalgaspricesand40%reductioninWTIoilprices AR Net Debt / LTM EBITDAX Since 2014(1) (/MMBtu)…
  22. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 22
    ARResiliencyDrivesAMStrength ARhasthecapitalefficiency,financialstrengthandscaletodelivera right-sizeddevelopmentplanintodayscommoditypriceenvironment 2014 2019E Change D&CCapexBudget 2.6Bn1.3Bn(1.3)Bn Operations and DrillingRigs…
  23. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 23
    PremierNortheast InfrastructurePlatform PremierIntegratedAppalachian MidstreamAssets AnteroClearwaterFacility 23
  24. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 24
    AnteroMidstreamAssetOverview ARscoreresourcebase,combinedwithAMsintegratedmidstreamassets, positionsAMastheleadingAppalachianinfrastructuregrowthplatform Over 370 miles of pipeline Over 2.7 Bcf/d of compression capacity Gathering…
  25. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 25
    HighGrowthYear-Over-YearMidstreamThroughput AMreportedstrongyear-over-yearthroughputgrowthin1Q19 Low Pressure Gathering (MMcf/d) Compression (MMcf/d) Fixed Fee: 0.32/Mcf 2,800 Fixed Fee: 0.19/Mcf 2,800 2,562 2,400 2,255 2,400 2,000…
  26. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 26
    CapitalandAdjustedEBITDAContribution- 2019 2019organiccapitalbudgetfullyfundedwithretainedcashflowand creditfacilityborrowingsnoexpectationforequityfinancing Capital Expenditures (MM) Adjusted EBITDA (MM) Processing & Processing…
  27. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 27
    ExpandingLiquids-RichCoreInfrastructure Highlyvisiblenear-termprojectsexpandingliquids-richMarcellusinfrastructure Gathering and Compression In Marcellus Project Map System Expansions Size Service Tyler/Wetzel Connector 30 inch 3Q19…
  28. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 28
    4-yearOrganicProjectBacklog:2019- 2022 High-graded organic Primary focus on project backlog of 2.0B liquids-rich Marcellus through 2022 infrastructure 2.0B Project Backlog By Area 2.0B Project Backlog By Function Processing & Low…
  29. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 29
    GatheringandCompressionAssets&Strategy Significantlong-termvolumetricvisibilityfromARsupportsefficientgathering andcompressioninfrastructurebuildoutandattractiveprojectreturns Asset Strategy Historical Compression Utilization…
  30. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 30
    ProcessingandFractionationAssets&Strategy JointVenturewithMPLX(subsidiaryofMarathon)alignsthelargestcoreliquids-rich resourcebasewithlargestprocessingandfractionationfootprintinAppalachia Asset Strategy Cumulative JV Processing…
  31. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 31
    WaterHandlingandTreatmentAssets&Strategy DuetothereliabilityofAMsburiedfreshwaterpipelinesystem,AMhasa100%track recordoftimelyfreshwaterdeliveriestoARscompletions Asset Strategy Water Services Provided PipelinetoFreshWaterSystem…
  32. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 32
    FixedFeeBusinessModelInsulatesEBITDAGrowth AnteroMidstreamgeneratesallofitsrevenuesthroughfixed-fee contracts,insulatingEBITDAgrowthfromcommoditypricevolatility Details Antero Midstream Adjusted EBITDA (MM) Adjusted EBITDA NYMEX…
  33. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 33
    OrganicStrategyDrivesAttractiveReturnonCapital Fixed-feetollingbusinesscombinedwithJust-in-Timecapitalinvestment drivesattractivereturnsoncapitalacrosscommodityenvironments Investment Philosophy AM Return on Invested Capital (ROIC)…
  34. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 34
    APPENDIX
  35. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 35
    AnteroMidstreamProjectEconomics Just-in-TimecapitalinvestmentphilosophydrivesattractiveprojectIRRs AM Project Economics by Investment (Ranges) 45% 40% 40% 40% 35% Weighted Internal Rate of Return Avg:25%IRR 30% 28% 30%…
  36. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 36
    Liquidity&DebtTermStructure 3/31/2019 Debt Maturity Profile (1) AM Credit Facility AM Senior Notes 1,200 1,000 800 No maturities 600 until 2022 1,100 400 460 (2) 650 650 650 200 0 2018 2019 2020 2021 2022 2023…
  37. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 37
    MaintenanceCapitalMethodology Maintenance Capital Calculation Methodology Low Pressure Gathering Estimate the number of new well connections needed during the forecast period in order to offset the natural production decline and…
  38. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 38
    AnteroMidstreamNon-GAAPMeasures Non-GAAP Financial Measures and Definitions Antero Midstream (the Company) views Adjusted EBITDA as an important indicator of the Companys performance. Antero Midstream defines Adjusted EBITDA as Net…
  39. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 39
    AnteroMidstreamNon-GAAPMeasures The following table reconciles pro forma net income to pro forma Adjusted EBITDA for the twelve months ended December 31, 2018 as used in this presentation (in thousands): Twelve Months Ended March…
  40. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 40
    AdjustedEBITDAReconciliation Adjusted EBITDA Reconciliation ( in thousands) Three Months Ended March 31, 2018 2019 Pro forma net income 50,970 82,123 Amortization of customer relationships 8,440 8,440 Impairment expense 6,982 Pro…
  41. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 41
    AnteroMidstreamNon-GAAPReconciliation The following reconciles net income to Adjusted EBITDA on a Pro Forma basis: ( in thousands) 2018 Pro forma net income 585,944 Amortization of customer relationships Impairment expense…
  42. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 42
    AnteroMidstreamNon-GAAPReconciliation The following reconciles net income to Adjusted EBITDA: 2014 in Thousands G&C Only 2014 2015 2016 2017 Net income 16,832 127,875 159,105 236,703 307,315 Interest expense, net 4,620 6,183 8,158…
  43. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 43
    AnteroMidstreamNon-GAAPMeasures 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 financial…
  44. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 44
    Antero Definitions Adjusted EBITDAX: Represents income or loss, including noncontrolling interests, before interest expense, interest income, gains or losses from commodity derivatives and marketing derivatives, but including net cash…
  45. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 45
    Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve months ended (in thousands) March 31, 2019 Net income and comprehensive income attributable to Antero Resources Corporation 566,413 Commodity…
  46. July 2019 Corporate Presentation – Antero Midstream Partners Lp – slide 46
    Antero Resources Net Debt to EBITDAX Net Debt to Adjusted EBITDAX Reconciliation (Annual) 2014 2015 2016 2017 2018 1Q19 Millions Debt 4,248 4,082 3,890 3,635 3,855 3,475 Less: Cash (16) (17) (18) (20) -- - Net Debt 4,232 4,065 3,872…

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