Antero Midstream Partners Investor Presentation Deck
The "New" Energy Infrastructure Model
New AM checks all the boxes
"Old" MLP Model "New" Infrastructure
Perception
Corporate
Structure
Investor Base
Financing
Leverage
Capital
Discipline
Return of
Capital
K-1 tax form and
"IDRS"
Niche and retail
oriented investor
base
Serial equity
issuance
Over-levered in
4x - 5x range
Growth at
sub-optimal
economics
Higher distribution
growth, lower
distribution coverage
Model
1099 tax form and
No "IDRS"
Broad institutional
investor base
Self-funding
growth projects
Appropriate leverage
in 3x-4x range
Disciplined capital
allocation
Lower dividend
growth, higher
dividend coverage
Antero
Midstream
Plus C-Corp
governance
Eligible for
major indices
No expected
equity needs
through 2022
3x declining to
low 2x range by
2022
Mid-to-high teens
return on capital
Optionality to grow
dividends, repurchase
shares and/or
retain capital
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