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Antero Midstream Partners LP (AM) (“Antero Midstream” or the “Partnership”) today announced an increased fourth quarter 2015 distribution and provided its fourth quarter 2015 operations update.

Highlights include:

  • Declared a cash distribution of $0.22 per unit for the fourth quarter of 2015, a 29% increase over the minimum quarterly distribution and a 7% increase sequentially
  • Low pressure gathering volumes averaged 1,124 MMcf/d, a 52% increase compared to the prior year quarter and an 8% increase sequentially
  • High pressure gathering volumes averaged 1,195 MMcf/d, a 32% increase compared to the prior year quarter and a 2% decrease sequentially
  • Compression volumes averaged 478 MMcf/d, a 115% increase compared to the prior year quarter and a 10% increase sequentially
  • Freshwater delivery volumes averaged 119,671 Bbl/d, a 36% decrease compared to the prior year quarter and a 78% increase sequentially
  • Expected distributable cash flow coverage in excess of the 1.1x to 1.2x guidance range for 2015

Increased Quarterly Distribution

The Board of Directors of Antero Resources Midstream Management LLC, the general partner of the Partnership, declared a cash distribution of $0.22 per unit ($0.88 per unit annualized) for the fourth quarter of 2015. The distribution represents a 29% increase over the minimum quarterly distribution and a 7% increase quarter-over-quarter.  The distribution represents the Partnership’s fourth consecutive quarterly distribution increase since its initial public offering in November 2014. The distribution will be payable on February 29, 2016 to unitholders of record as of February 15, 2016.

Operations Update

All operational figures are as of the date of this release unless otherwise noted.

Low pressure gathering volumes for the fourth quarter of 2015 averaged 1,124 MMcf/d, a 52% increase from the fourth quarter of 2014 and an 8% increase from the third quarter of 2015.  High pressure gathering volumes for the fourth quarter of 2015 averaged 1,195 MMcf/d, a 32% increase from the fourth quarter of 2014 and a 2% decrease compared to the third quarter of 2015.  The sequential decrease in high pressure gathering volumes was driven by throughput volumes transported on the third-party Stonewall gathering pipeline, which was placed into service on December 1, 2015.  These volumes previously flowed to an Antero Midstream owned high pressure pipeline as a temporary solution until the Stonewall pipeline was commissioned. Compression volumes for the fourth quarter of 2015 averaged 478 MMcf/d, a 115% increase from the fourth quarter of 2014 and a 10% increase from the third quarter of 2015. Additionally, Antero Midstream placed on line its first compressor station in the Utica Shale late in the fourth quarter with 120 MMcf/d of capacity. Condensate gathering volumes averaged 3,967 Bbl/d during the quarter, a 48% increase compared to the prior year quarter and a 39% increase sequentially. The sequential increase in condensate gathering volumes was driven by the increase in contribution to Antero Resources Corporation’s (“Antero Resources”) production from the Utica Shale.

Freshwater delivery volumes averaged 119,671 Bbl/d during the quarter, a 36% decrease compared to the prior year quarter and 78% increase sequentially.  The year-over-year decrease in volumes was driven by the reduction in overall completion activities by Antero Resources including the deferral of 50 Marcellus completions on wells drilled during 2015. The significant quarter-over-quarter increase was the result of an increase in completions in the Marcellus as the Stonewall gathering pipeline was completed, resulting in increased Antero Resources takeaway to more favorably priced indices.

Three Months Ended

December 31,

Average Daily Throughput:

2015

2014

%
Change

Low Pressure Gathering (MMcf/d)

1,124

738

52%

High Pressure Gathering (MMcf/d)

1,195

908

32%

Compression (MMcf/d)

478

222

115%

Condensate Gathering (Bbl/d)

3,967

2,676

48%

Average Daily Volumes:

Freshwater Delivery (Bbl/d)

119,671

186,221

(36)%

In conjunction with Antero Midstream’s operations update, Antero Resources released fourth quarter 2015 operating results, which can be found at www.anteroresources.com.

Antero Midstream Fourth Quarter and Full Year 2015 Earnings Release and Call

Antero Midstream plans to issue its fourth quarter 2015 earnings release on Wednesday, February 24, 2016 after the close of trading on the New York Stock Exchange.

Antero Midstream will hold a call on Thursday, February 25, 2016 at 10:00 am MT to discuss the results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 888-347-8204 (U.S.), 855-669-9657 (Canada), or 412-902-4229 (International) and reference “Antero Midstream”.  A telephone replay of the call will be available until Friday, March 4, 2016 at 10:00 am MT at 877-870-5176 (U.S.) or 858-384-5517 (International) using the passcode 10078389.

To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream’s website at www.anteromidstream.com.  The webcast will be archived for replay on the Partnership’s website until Friday, March 4, 2016 at 10:00 am MT.

Antero Midstream Partners LP is a limited partnership that owns, operates and develops midstream gathering and compression assets located in West Virginia, Ohio and Pennsylvania, as well as integrated water assets that service Antero Resources’ properties located in West Virginia and Ohio.