Antero Midstream Partners Investor Presentation Deck
Investment Thesis
Prolific Underlying Resource & De-risked Development Plan...
Multi-decade underlying NGL and natural gas resource base in Appalachia
Dominant liquids-rich position with significant barriers to entry
...Run by Co-Founders...
• Significant ownership directly aligned with shareholders
One of the longest tenured management teams in Appalachia
...With A Differentiated Strategy...
Resilient organic growth model delivers results across commodity cycles
"Just-in-Time" capital investment aligned with sponsor development program drives
superior return on invested capital (ROIC)
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No expected equity needs to fund $2.0 billion of "In-Hand" opportunities
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... In the Right Corporate Structure...
Tax efficient and universally investable C-Corp structure
Will be eligible for major equity index inclusion
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...At an Attractive Valuation
Unique blend of growth and yield unmatched vs. S&P 500 companies
Attractive valuation on traditional cash flow and earnings metrics vs. S&P 500 sectors
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