Antero Midstream Partners Investor Presentation Deck
Highest DCF Growth Among Top 20 Midstream
6
New AM will be a unique midstream vehicle with scale, low leverage and
high distributable cash flow growth all in a C-Corp structure
C-Corp
MLP Leverage
0.0%
LANTERO MIDSTREAM*
TARGA RESOURCES
EQM Midstream
Western Gas*
ENBRIDGE*
WILLIAMS*
MPLX
Phillips 66 Partners
ENLINK MIDSTREAM*
Andeavor Logistics
Cheniere Energy
ONEOK*
TRANSCANADA*
Energy Transfer*
Magellan Midstream
DCP Midstream
PLAINS ALL AMERICAN*
Enable Midstream
Enterprise Products
KINDER MORGAN*
5.0%
0.0x
Eliminated IDRS
(Simplified)
2.0x
3-Year Distributable Cash Flow CAGR (2020-2022)
10.0%
15.0%
20.0%
18%
25.0%
7.0x
125%
1.0x
3.0x
4.0x
5.0x
6.0x
Debt / LTM Adjusted EBITDA
1) Includes entities with both a publicly traded C-Corp and partnership, designated in striped blue/gray.
Source: FactSet. Top 20 midstream companies by market capitalization as of 2/01/2019. Pro forma for announced combination or simplification transactions that haven't closed including WES/WGP and AM/AMGP.
New AM
Highest DCF Growth at
midpoint of target range
and one of the Lowest
Leverage profiles
13 of 20 entities have simplified
and 9 of 20 are C-Corps(1)
30.0%
8.0x
9.0x
10.0x
13View entire presentation