Antero Midstream Partners Investor Presentation Deck
Organic Strategy Drives Attractive Return on Capital s
Fixed-fee tolling business combined with "Just-in-Time" capital investment
drives attractive returns on capital across commodity environments
AM Return on Invested Capital (ROIC)
Investment Philosophy
▪ Non-speculative "Just-in-Time" 20%
capital investment philosophy
- Infrastructure planning and 18%
investment integrated with
AR's development plan
16%
Grow organically, not through
competitive acquisition
market
▪ Keys to attractive economics:
- Focus on projects where AR
volumes drive growth
Provide customized and
integrated solution,
appropriately sizing
infrastructure
14%
12%
10%
8%
6%
4%
2%
0%
12%
NYMEX Gas Price ($/MMBtu)
NYMEX Gas Price Outlook ($/MMBtu)
16%
16%
13%
Actual
14%
19%
Consensus
2014A 2015A 2016A 2017A 2018E 2019E 2020E
Source: FactSet. Return on invested capital is a non-GAAP measure. For additional information regarding this measure, please see "Antero Midstream Non-GAAP Measures in the Appendix
Note: NYMEX gas price outlook based on midpoint of Antero Resources pricing assumptions of $50-$65 per barrel WTI oil prices and $2.85-$3.15 per MMBtu NYMEX natural gas prices beginning in 2020.
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
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