Antero Midstream Partners Investor Presentation Deck
Fixed Fee Business Model Supports Stable Cash Flows
Antero Midstream generates all of its revenues through fixed-fee
contracts, insulating EBITDA growth from commodity price volatility
Antero Midstream Adjusted EBITDA ($MM)
Details
▪ 100% of revenues derived
from fixed-fee contracts
▪ Backed by acreage
dedications from Antero
Resources in the core of the
Marcellus and Utica
▪ Contract life of 10-15 years
with inflation protection
Underpinned by minimum
volume commitments (MVCS)
70-75% on compression,
HP gathering and
processing
-
AM Adjusted EBITDA ($MM)
$1,200
$1,000
$800
$600
$400
$200
$0
Adjusted EBITDA -NYMEX Henry Hub Gas Price
▪NYMEX Gas Price Outlook
IPO
$67
$215
$529
$404
$755
$705
$920
68% EBITDA CAGR Since IPO
$870
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
2014A 2015A 2016A 2017A 2018E 2019E 2020E
See appendix for Non-GAAP items and reconciation. 2018 and 2019 reflects previously disclosed Antero Midstream guidance ranges. 2020 reflects FactSet consensus estimates as of 2/1/2019, denoted in light gray.
Note: CAGR represents CAGR from 2019 midpoint compared to 2014 actuals.
NYMEX Henry Hub Gas Price ($/MMBtu)
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