Antero Midstream (AM) Update - Feb 22

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dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Antero Midstream (AM) Update - Feb 22

Post by dan_s »

We sent out updated profiles for AR and AM this morning. I want to be clear that AM is a C-Corp and not an MLP.

AM is the midstream company that was created and is controlled by AR.

From everything AM indicates in their Q4 press release, the company intends to keep their quarterly dividend at $0.3075 or $1.23/year for annual yield 25.8% based Feb, 21 closing price of $4.76.
Based on the company's detailed guidance, they should have DCF coverage of 1.1X.
Based on my forecast model, AM should generate approximately $730 million cash flow from operations. This compares to the 2020 capital program of $300-$325 million.

AR's hedging program insulates them from the low natural gas prices for two years.
Dan Steffens
Energy Prospectus Group
k1f
Posts: 455
Joined: Tue May 04, 2010 9:47 am

Re: Antero Midstream (AM) Update - Feb 22

Post by k1f »

Where is the current profile of AR on the EPG website?
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: Antero Midstream (AM) Update - Feb 22

Post by dan_s »

When we dropped it from the Sweet 16, AR's profile went into the "black hole".

I will repost it under the High Yield tab. I will also update and repost the forecast/valuation model for AR.
Dan Steffens
Energy Prospectus Group
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