Antero Midstream Partners Investor Presentation Deck
DCF Profile Supports Growing Return of Capital
Antero Midstream's distributable cash flow growth, self-funding business model,
and leverage profile supports an increase in return of capital to shareholders
Distributable Cash Flow vs. Growth Capex ($MM)
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
1.1x-1.2x
DCF Coverage
Guidance in 2019
2019
Dividends
(Midpoint)
($MM)
Excess DCF available for:
Dividend growth
Share repurchases
·
L
Deleveraging and capital
retention
Organic growth capex
25% DCF
CAGR Target
18% DCF
CAGR Target
Growth Capex(1)
2019
2020
2021
2022
Note: Distributable Cash Flow is a Non-GAAP measures. For additional information regarding these measures, please see appendix. Dividends and DCF targets pro forma for simplification
transaction expected to close in March 2019.
1. Growth capex based on FactSet consensus estimates as of 2/1/2019.
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