Antero Midstream Partners Investor Presentation Deck
Antero Midstream's Strategy
AR + AM ownership captures the integrated natural gas and NGL
value chain with C-Corp governance and ongoing return of capital
Dominant position
in highest return
natural gas and
NGL basins
#1 NGL / #5 Gas
producer in the U.S.
Antero
Largest drilling
inventory with
long laterals
No direct commodity
price exposure at AM
See appendix for Non-GAAP items and reconciliation.
Antero
100% natural gas
hedged in 2019/
largest transport
Antero
portfolio in Appalachia Controlled and
sustainable
development
Premier E&P
sponsor with
scale
Integrated
assets and
fixed-fee model
Peer-leading
cash flow
growth
Strong balance
sheet
Highly visible
organic growth
High teens
return on
invested capital
18% to 25% DCF CAGR
from 2020-2022
<3.25x leverage by
YE19 declining to
mid 2x by 2022
$2.0 Bn "In-Hand"
project inventory
through 2022
s
"Just-in-Time" capital
investment
Differentiated Strategy for Delivering Shareholder Value
9View entire presentation