Antero Midstream Partners Mergers and Acquisitions Presentation Deck
AR Peer Benchmarking Cont'd
Consolidated Debt / 2018E Consolidated EBITDAX
3.3x
RI
BAC
3.3x
Swn
SWn
H
3.1x
2.9x
2.5x
2.2x
2.4x
Antero Gulfport EQT
Consolidated Debt / 2019E Consolidated EBITDAX
Gulfport
2.0x
2.2x
Antero
1.9x
1.2x
EQT
1.2x
0.9x
Permian
Peers
1.0x
Permian
Peers
Deconsolidated E&P Debt/2018E Adj. EBITDAX
3.3x
RANGE RESOURCES
3.3x
Swn
SWn
2.6x
11
3.1x
2.9x
2.2x
BLAGE ENTS
1
Gulfport
2.4x
Antero Gulfport EQT
Deconsolidated E&P Debt / 2019E Adj. EBITDAX
2.0x
2.2x
Antero
2.0x
1.2x
EQT
Cabo Oil & Gas
1.2x
0.9x
Permian 3
Peers
Antero
1.0x
Permian³
Peers
Source: FactSet as of 02/16/18, company flings, broker estimates
Debt adjusted to remove debt at AM; Adjusted EBITDAX equal to AR E&P-only EBITDAX plus distributions received from AM; Debt adjusted to remove debt at EOM, EDGP, and RMP: Adjusted EBITDAX equal to EQT E&P-only
EBITDAX plus distributions received from EQGP, RMP and RMH: RMH distributions defined as $130mm of RMH EBITDA less capex assumed at 10% of RMH EBITDAFANG debt adjusted to remove VNOM debt; Adjusted
EBITDAX equal to FANG E&P-only EBITDAX plus distributions received from VNOMView entire presentation