Tudor, Pickering, Holt & Co Investment Banking
Antero Midstream Timeline
Relative Performance Since AM IPO (11/5/2014) (1,2)
150%
125%
100%
75%
50%
25%
Nov-14
-AM
11/5/2014
AM IPO
AM Peers
May-15
AMGP
www
Nov-15
-AMGP Peers
3/24/2016
AM prices offering
of -8MM common
units (-$179MM)
from AR
May-16
AR
AMZ o Notable Events
2/6/2017
AM prices public
offering of -6MM
common units
(-$198WM)
men
ww
Nov-16
May-17
Primary Issuance
9/6/2017
AM prices public offering of
-10MM common units
(-$315MM) from AR
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
Nov-17
2/23/2018
Antero Midstream Partners
announces the formation
of Special Committee
12/22/2017
The Tax Cuts &
Jobs Act is signed
into law
Secondary Issuance
May-18
19%
2/14/2018
SailingStone
Capital files 13D
disclosing 11%
stake in Antero
Resources
(11%)
W (20%)
(26%)
(43%)
(64%)
Source: Company filings, FactSet as of 8/30/2018.
Note: AM peers include BPMP, CNXM, EQM, HESM, NBLX, PXSP, SHLX, WES, and VLP. AMGP peers include EQGP and WGP.
Note: AM peer selection considered E&P sponsored MLPs and high-growth MLPs, categorized as such if current - 2022E distribution growth CAGR is greater than 10%. TUDORPICKERING
(1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid.
HOLT&COCHANT BANKING
AM price performance indexed to IPO price of $25.00 and AMGP price performance indexed to IPO price of $23.50.
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