Antero Midstream Partners Mergers and Acquisitions Presentation Deck
AR Share Repurchase - Overview
C
Addresses investor calls for material return of capital
• Significantly accretive to discretionary cash flow per share at current valuations
• AR has balance sheet capacity given disciplined capital program and deleveraging steps
• Increasingly utilized across the E&P sector to address valuation discounts
Several potential levers to generate cash at AR to finance
Could be combined with simplification announcement to maximize market impact
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Benefits
4
Considerations
• Mixed market reception, particularly if announcing smaller program
Cash on hand from divestitures and FCF viewed as best source of funds by investors
Balance sheet capacity somewhat limited today, materially expands in 2019 as leverage declines further
• Largest potential source of funds in AM units difficult to monetize today
Antero
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