DENVER, June 15, 2017 /PRNewswire/ -- Antero
Midstream GP LP (NYSE: AMGP) ("AMGP") today announced its 2017
distribution guidance and provided a long-term outlook through
2020.
2017 Guidance
AMGP is forecasting distributions per share of $0.15 to $0.17 for the year ended December 31, 2017. The forecast distributions
reflect a pro-rated distribution during the second quarter of 2017
(from the closing of the AMGP initial public offering on
May 9th, 2017 through
June 30th, 2017) and
forecasted distributions for the third and fourth quarters of 2017.
AMGP's forecast distributions per share correspond to Antero
Midstream Partners LP's (NYSE: AM) ("Antero Midstream") 2017 annual
distribution growth guidance of 28% to 30%, as provided on
February 6th, 2017. Antero
Midstream's previously provided guidance can be found at
www.anteromidstream.com.
Guidance
|
2017
|
Antero
Midstream
|
Low
|
|
High
|
Year-Over-Year
Distribution Growth
|
28%
|
—
|
30%
|
AM Distributions Per
Unit
|
$1.32
|
—
|
$1.34
|
DCF Coverage
Ratio
|
1.30x
|
—
|
1.45x
|
|
|
|
|
AMGP
|
|
|
|
AMGP Distributions Per
Share(1)
|
$0.15
|
—
|
$0.17
|
Year-Over-Year
Distribution Growth
|
*
|
—
|
*
|
DCF Coverage
Ratio
|
1.0x
|
* not
applicable
|
(1) Represents
pro-rated distribution per share following closing of IPO on May
9th, 2017 and forecasted distributions for the third and
fourth quarters of 2017.
|
Long-term Outlook
AMGP is targeting the following distributions per share through
2020 based on Antero Midstream's corresponding compound annual
distribution growth target of 28% to 30% through 2020, as provided
on February 6th, 2017.
AMGP's distribution growth targets exclude the impact of any
future debt or equity offerings, acquisitions, or divestitures at
either Antero Midstream or AMGP.
Long-term
Targets
|
2018
|
|
2019
|
|
2020
|
Antero
Midstream
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Year-Over-Year
Distribution Growth
|
28%
|
—
|
30%
|
|
28%
|
—
|
30%
|
|
28%
|
—
|
30%
|
AM Distributions Per
Unit
|
$1.69
|
—
|
$1.74
|
|
$2.16
|
—
|
$2.26
|
|
$2.76
|
—
|
$2.94
|
DCF Coverage
Ratio
|
>1.25x
|
|
>1.25x
|
|
>1.25x
|
|
|
|
|
|
|
|
|
|
|
|
|
AMGP
|
|
|
|
|
|
|
|
|
|
|
|
Year-Over-Year
Distribution Growth(1)
|
110%
|
—
|
114%
|
|
63%
|
—
|
65%
|
|
51%
|
—
|
53%
|
AMGP Distributions Per
Share
|
$0.43
|
—
|
$0.46
|
|
$0.70
|
—
|
$0.76
|
|
$1.06
|
—
|
$1.16
|
DCF Coverage
Ratio
|
1.0x
|
|
1.0x
|
|
1.0x
|
|
(1) 2018
represents year-over-year growth compared to full-year 2017
distributions.
|
Antero Midstream GP LP is a Delaware limited partnership that owns the
general partner of Antero Midstream and incentive distribution
rights in Antero Midstream.
This release includes "forward-looking statements" within the
meaning of federal securities laws. Such forward-looking statements
are subject to a number of risks and uncertainties, many of which
are beyond AMGP's control. All statements, other than historical
facts, included in this release are forward-looking statements. All
forward-looking statements speak only as of the date of this
release and are based upon a number of assumptions. Although AMGP
believes that the plans, intentions and expectations reflected in
or suggested by the forward-looking statements are reasonable,
there is no assurance that the assumptions underlying these
forward-looking statements will be accurate or the plans,
intentions or expectations expressed herein will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements. Nothing
in this release is intended to constitute guidance with respect to
Antero Midstream.
AMGP cautions you that these forward-looking statements are
subject to all of the risks and uncertainties, most of which are
difficult to predict and many of which are beyond AMGP's and Antero
Midstream's control, incident to Antero Midstream's business. These
risks include, but are not limited to, Antero Resources
Corporation's ("Antero Resources") expected future growth, Antero
Resources' ability to meet its drilling and development plan,
commodity price volatility, Antero Midstream's ability to execute
its business strategy, competition and government regulations,
actions taken by third-party producers, operators, processors and
transporters, inflation, environmental risks, drilling and
completion and other operating risks, regulatory changes, the
uncertainty inherent in projecting future rates of production, cash
flow and access to capital and the timing of development
expenditures.
For more information, contact Michael
Kennedy – CFO of Antero Midstream GP LP at (303) 357-6782
or mkennedy@anteroresources.com.
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visit:http://www.prnewswire.com/news-releases/antero-midstream-gp-lp-announces-2017-guidance-and-long-term-outlook-300474878.html
SOURCE Antero Midstream GP LP