Tudor, Pickering, Holt & Co Investment Banking
Antero Entities Ownership Overview
(Sin millions, unless otherwise noted)
(2)
Organizational Structure Overview
Werburg Pincus LLC
Yorktown Partners LLC
Total Sponsor
Paul Rady
Gan Warren
Total Management
TOTAL
Public Shareholders) Management
46,409
12,905
59,514
16.350
10,823
3
81,301
AR
Antero Resources
("AR")
Value (SMA)
$309
$304
50
$513
* Outbanding
14.7%
5.2%
3.40€
27.2%
Sponsors
19%
303
207
353
863
863
V
MM
Management
59
56
5:10
Antero
Midstream
Partners GP
LLC
Non-Econ
SponsorManagement Ownership
* Outstanding
0.2%
Antero Midstream
GP LP
{"AMGP")
0.7%
0.20
0.5%
Antero Midstream
Partners LP
("AM")
#Shane (0001)
15,534
70,644
19,997
108,509
Source: Company filings, FactSet as of 8/30/2018.
(1) 50% of Series B remain unvested; remaining 50% will vest half on 12/31/2018 and half on 12/31/2019. All shares automatically
vest upon the liquidation of IDR LLC. Value based on 6% of AMGP equity value above $2,000mm.
AR net debt consolidates for AM.
V
(Public Shareholders
100% Series
A Units
Antero IDR
Holdings
("IDR LLC")
100% IDRS
AMGP-SA
47% LP
$1,221
$1,875
* Outstanding
10.7%
100% Series
8 Units
20.30
58.3%
Metric
Price (as of 8/30/2018)
Fully Dilluted Shares OVS
Market Equity Value
GP Equity Value
Total Equity Value
Net Debe
Series B Value
Total Enterprise Value
Value of AM Unis Held
.
48
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
32
19
49
MGP-Series
545
AR
AM
AMGP
$18.87 $29.74 $17.28
322
6,074
5:18
543
543
3,218
6,074 8,812 3,218
1,400
Public Unitholders
$11,348 $10,213
Management
48.7%
100%
Total
Total Appregate
Investment
5499
579
$3,630
(5)
73
$3,285
TUDORPICKERING 6
HOLT&COCHANT BANKINGView entire presentation