DENVER, Feb. 25, 2015 /PRNewswire/ -- Antero Midstream
Partners LP (NYSE: AM) ("Antero Midstream" or the
"Partnership") today released its year-end 2014 financial and
operating results. The relevant consolidated financial statements
are included in Antero Midstream's Annual Report on Form 10-K
for the year ended December 31, 2014,
which has been filed with the Securities and Exchange Commission
("SEC").
Highlights for 2014:
- Full year 2014 average daily low pressure
volumes were 498 MMcf/d, a 196% increase over the prior
year
- High pressure and compression volumes were
460 MMcf/d and 104 MMcf/d, respectively, increases of 1,338% and
285% over the prior year
- Built 56 miles of low pressure, 35 miles
of high pressure and 6 miles of condensate gathering lines
- Placed three Marcellus Shale compressor
stations into service during 2014 with capacity of 275
MMcf/d
- Adjusted EBITDA of $67 million, a 411% increase over the prior
year
- Generated post-IPO distributable cash flow
of $15.2 million, or $0.10 per unit, resulting in DCF coverage of
1.06x
- Initial quarterly cash distribution of
$0.0943 per unit (prorated minimum
quarterly distribution) for the fourth quarter of 2014
Recent Developments
Initial Quarterly Cash Distribution
On February 2, 2015, Antero
Midstream declared its initial quarterly cash distribution of
$0.0943 per unit for the fourth
quarter of 2014. The distribution represents a prorated
portion of the Partnership's minimum quarterly distribution ("MQD")
of $0.17 per unit ($0.68 per unit annualized), based upon the number
of days after the closing of the Partnership's initial public
offering on November 10, 2014 through
December 31, 2014. The
distribution will be payable on February 27,
2015 to unitholders on record as of February 13, 2015.
2015 Capital Budget and Guidance
On January 20, 2015, Antero
Midstream announced a 2015 capital budget of $425 million to $450 million, which includes the
construction or expansion of 44 miles of low pressure gathering
lines, 20 miles of high pressure gathering lines, and five
compressor stations that will add 545 MMcf/d of additional
compression capacity in 2015. At year-end 2015, Antero
Midstream expects to have 180 miles of low pressure gathering
lines, 117 miles of high pressure gathering lines, and 920 MMcf/d
of compression capacity in service.
Antero Midstream EBITDA guidance for 2015 is $150 million to $160 million and Distributable
Cash Flow ("DCF") guidance for 2015 is $135
million to $145 million. Additionally, Antero
Midstream expects to pay a distribution for the fourth quarter of
2015 that is 28% to 30% higher than the MQD of $0.17 per unit ($0.68 per unit annualized) while maintaining an
average DCF coverage ratio of 1.1x to 1.2x over the course of the
year.
Post-IPO Financial Results
The following results reflect post-IPO results from
November 10, 2014 through
December 31, 2014
("Post-IPO"):
Post-IPO, revenues were $25
million and direct operating expenses were $6 million. Operating income was
$8 million and interest expense was
$0.5 million during the period.
The Partnership had net income of $7
million, or $0.05 per unit
outstanding.
Adjusted EBITDA for the post-IPO period was $17 million. Maintenance capital
expenditures were $1 million and cash
interest expense was $0.3 million,
resulting in DCF of $15 million.
Distributable cash flow coverage was 1.06x on the $0.0943 per unit prorated cash distribution
declared for the fourth quarter of 2014.
($ in
thousands)
|
|
Post-IPO
Period
|
|
|
Year ended
December 31, 2014
|
Net
Income
|
|
$
7,422
|
|
|
$
16,832
|
Add:
|
|
|
|
|
|
Interest Expense
|
|
466
|
|
|
4,620
|
Depreciation
Expense
|
|
6,524
|
|
|
36,789
|
Stock Compensation
Expense
|
|
2,267
|
|
|
8,619
|
Adjusted
EBITDA
|
|
$
16,679
|
|
|
$
66,860
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
Cash Interest
Expense
|
|
(331)
|
|
|
(4,485)
|
Maintenance Capital
Expenditures
|
|
(1,157)
|
|
|
(8,123)
|
Distributable Cash
Flow
|
|
$
15,191
|
|
|
$
54,252
|
|
|
|
|
|
|
For a reconciliation of adjusted EBITDA and DCF to the nearest
comparable GAAP measures, please read "Non-GAAP Financial
Measures."
Full Year 2014 Financial Results
The following results reflect the combined results from
Antero Midstream from November 10,
2014 through December 31, 2014
and predecessor results for periods prior to November 10, 2014:
Low pressure volumes for 2014 averaged 498 MMcf/d, a 196%
increase from 2013. High pressure and compression volumes for
2014 averaged 460 MMcf/d and 104 MMcf/d, respectively, representing
1,338% and 285% year over year growth from 2013. Condensate
gathering volumes averaged 2 MBbl/d in 2014. Volumetric
growth was driven by increased production from Antero Resources
Corporation ("Antero Resources"). Average realized low
pressure, high pressure and compression fees were $0.31 per Mcf, $0.18 per Mcf and $0.18 per Mcf, respectively, while average
realized condensate gathering fees were $4.08 per Bbl.
|
|
Year Ended
December 31,
|
|
|
Average Daily
Throughput:
|
|
2013
|
|
2014
|
|
%
Change
|
Low Pressure Gathering
(MMcf/d)
|
|
168
|
|
498
|
|
196%
|
High Pressure
Gathering (MMcf/d)
|
|
32
|
|
460
|
|
1,338%
|
Compression
(MMcf/d)
|
|
27
|
|
104
|
|
285%
|
Condensate Gathering
(MBbl/d)
|
|
—
|
|
2
|
|
*
|
Revenue for 2014 was $96 million
as compared to $22 million for the
prior year, primarily driven by increased throughput volumes across
Antero Midstream's systems. Revenues in 2014 were comprised
entirely of fixed fees from Antero Resources. Direct
operating expenses totaled $15
million and general and administrative expenses totaled
$22 million, including $9 million of non-cash equity-based compensation.
Total operating expenses were $74
million including $37 million
of depreciation.
Net income was $17 million, as
compared to a $14 million net loss in
the prior year. Adjusted EBITDA of $67
million for 2014 was 411% higher than the prior year due to
increased throughput and revenue. Cash interest expense was
$4 million and maintenance capital
expenditures totaled $8 million,
resulting in DCF of $54 million.
Chairman and CEO Paul M. Rady,
commented, "Our strong results in 2014 further underscore the
successful development program and peer-leading growth and margins
at the parent, Antero Resources. As the most active operator
in Appalachia, Antero Resources is a terrific sponsor that provides
for strong Antero Midstream growth for the foreseeable future."
Mr. Rady further commented, "Antero Midstream continues to
benefit from the visibility within the entire Antero organization,
allowing for more prudent and timely capital allocation during
volatile commodity price environments."
For a reconciliation of adjusted EBITDA and DCF to the nearest
comparable GAAP measures, please read "Non-GAAP Financial
Measures."
Balance Sheet and Liquidity
As of December 31, 2014, Antero
Midstream had $230 million of cash on
its balance sheet and a fully undrawn $1.0
billion credit facility, resulting in $1.2 billion in available liquidity. Antero
Midstream expects to fund all 2015 expansion capital expenditures,
excluding potential third party transactions or the potential
acquisition of fresh water distribution assets from Antero
Resources pursuant to the exercise of its option, with the cash on
its balance sheet and drawings under its credit facility.
Glen Warren, President and CFO,
commented, "Antero Midstream's balance sheet and liquidity,
following the highly successful IPO in November, strongly positions
the Partnership heading into 2015. Additionally, our 100%
fee-based business model reduces the Partnership's direct commodity
price risk and allows us to target peer-leading distribution growth
that is not dependent on more costly third-party acquisitions or
drop-down transactions that are typically priced in the market at
higher multiples."
2014 Capital Spending
Capital expenditures were $554
million in 2014 as compared to $389
million in 2013. The increase is primarily driven by
the build-out of midstream infrastructure to support Antero
Resources' production growth. Capital expenditures in the
Marcellus were $422 million, or 76%
of total capital invested, and capital expenditures in the Utica
were $132 million, or 24% of total
capital invested. The aforementioned capital invested does
not include the $214 million expended
on fresh water distribution assets and other certain gathering
infrastructure, all of which remains at Antero Resources.
During 2014, Antero Midstream placed into service three
compressor stations in the Marcellus Shale with a total capacity of
275 MMcf/d. Additionally, the Partnership placed into service
56 miles of low pressure pipeline, 35 miles of high pressure
pipeline and six miles of condensate pipeline. The below
table summarizes the Partnership's cumulative miles of pipeline and
compression capacity at year-end 2013 and 2014:
|
|
Low Pressure Pipeline (miles)
|
|
High Pressure Pipeline (miles)
|
|
Condensate
Pipeline (miles)
|
|
Compression
Capacity (MMcf/d)
|
|
|
As of December
31,
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Marcellus
|
|
54
|
|
91
|
|
39
|
|
62
|
|
—
|
|
—
|
|
100
|
|
375
|
Utica
|
|
26
|
|
45
|
|
23
|
|
35
|
|
10
|
|
16
|
|
—
|
|
—
|
Total
|
|
80
|
|
136
|
|
62
|
|
97
|
|
10
|
|
16
|
|
100
|
|
375
|
Conference Call
Antero Midstream will hold a call on Thursday, February 26, 2015, 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.), 866-605-3851 (Canada), or 412-902-4229 (International) and
reference passcode 10060096. A telephone replay of the call will be
available until Thursday, March 5,
2015, at 10:00 am MT at
877-870-5176 (U.S.) or 858-384-5517 (International) using the same
passcode.
A simultaneous webcast of the call may be accessed over the
internet at www.anteromidstream.com. The webcast will be archived
for replay on the Partnership's website until Thursday, March 5, 2015, at 10:00 am MT.
Presentation
An updated presentation will be posted to the partnership's
website before the February 26, 2015
conference call. The presentation can be found at
www.anteromidstream.com on the homepage. Information on the
Company's website does not constitute a portion of this press
release.
Non-GAAP Financial Measures
As used in this news release, adjusted EBITDA means net income
plus interest expense, depreciation and amortization expense,
income tax expense (if applicable), and non-cash stock compensation
expense. As used in this news release, distributable cash
flow means adjusted EBITDA less cash interest expense and
maintenance capital expenditures. Distributable cash flow
should not be viewed as indicative of the actual amount of cash
that the Partnership has available for distributions from operating
surplus or that the Partnership plans to distribute. Adjusted
EBITDA and distributable cash flow are non-GAAP supplemental
financial measures that management and external users of the
Partnership's consolidated financial statements, such as industry
analysts, investors, lenders and rating agencies, use to
assess:
- the Partnership's operating performance as compared to other
publicly traded partnerships in the midstream energy industry
without regard to historical cost basis or, in the case of adjusted
EBITDA, financing methods;
- the ability of the Partnership's assets to generate sufficient
cash flow to make distributions to the Partnership's
unitholders;
- the Partnership's ability to incur and service debt and fund
capital expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
The Partnership believes that adjusted EBITDA and distributable
cash flow provide useful information to investors in assessing the
Partnership's financial condition and results of operations.
Adjusted EBITDA and distributable cash flow should not be
considered as alternatives to net income, operating income, net
cash provided by operating activities or any other measure of
financial performance or liquidity presented in accordance with
GAAP. Adjusted EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some, but not
all, items that affect net income and net cash provided by
operating activities. Additionally, because adjusted EBITDA and
distributable cash flow may be defined differently by other
companies in its industry, the Partnership's definition of adjusted
EBITDA and distributable cash flow may not be comparable to
similarly titled measures of other companies, thereby diminishing
their utility.
For a reconciliation of adjusted EBITDA and distributable cash
flow to net income, please refer to the table on page two of this
press release.
The following table reconciles adjusted EBITDA to net cash
provided by operating activities:
Reconciliation of
Adjusted EBITDA to Net Cash Provided by Operating
Activities:
|
|
Post-IPO
Period
|
|
Year ended
December 31, 2014
|
Adjusted
EBITDA
|
$
|
16,679
|
$
|
66,860
|
Less:
|
|
|
|
|
Interest
expense
|
|
(466)
|
|
(4,620)
|
Changes in operating
assets and liabilities which provided (used) cash
|
|
(11,015)
|
|
(13,488)
|
Plus:
|
|
|
|
|
Amortization of
deferred financing costs
|
|
135
|
|
135
|
Net cash provided by
operating activities
|
$
|
5,333
|
$
|
48,887
|
The partnership does not provide financial guidance for
projected net income or changes in working capital, and, therefore,
is unable to provide a reconciliation of its adjusted EBITDA and
distributable cash flow guidance to net income, operating income,
or net cash flow provided by operating activities, the most
comparable financial measures calculated in accordance with
GAAP.
Antero Midstream Partners LP is a limited partnership
that owns, operates and develops midstream gathering, compression
and pipeline assets that service Antero Resources' production
located in the Appalachian Basin in West Virginia,
Ohio and Pennsylvania.
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 the Partnership'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. Although the Partnership believes that the
plans, intentions and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance
that these plans, intentions or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecasted in such statements.
Nothing in this press release is intended to constitute guidance
with regard to Antero Resources.
The Partnership 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 our
control, incident to the gathering and compression business. These
risks include, but are not limited to, commodity price volatility,
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, the timing of development expenditures, and the other
risks described under "Risk Factors" in this Annual Report on Form
10-K..
For more information, contact Michael
Kennedy – VP Finance, at (303) 357-6782 or
mkennedy@anteroresources.com.
ANTERO MIDSTREAM
PARTNERS LP
|
Consolidated Balance
Sheet
|
December 31, 2013 and
2014
|
(In
thousands)
|
|
|
|
2013
|
|
2014
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
—
|
|
$
|
230,192
|
Accounts
receivable–affiliate
|
|
|
3,032
|
|
|
17,646
|
Prepaid
|
|
|
—
|
|
|
518
|
Total current
assets
|
|
|
3,032
|
|
|
248,356
|
Property and
equipment:
|
|
|
|
|
|
|
Gathering and
compressions systems
|
|
|
580,800
|
|
|
1,180,707
|
Less accumulated
depreciation
|
|
|
(14,324)
|
|
|
(51,110)
|
Property and
equipment, net
|
|
|
566,476
|
|
|
1,129,597
|
Other assets,
net
|
|
|
8,581
|
|
|
17,168
|
Total
assets
|
|
$
|
578,089
|
|
$
|
1,395,121
|
Liabilities and
Partners' capital
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
5,804
|
|
$
|
8,728
|
Accounts
payable–affiliate
|
|
|
—
|
|
|
1,380
|
Payables for capital
expenditures
|
|
|
33,343
|
|
|
37,208
|
Accrued
liabilities
|
|
|
648
|
|
|
5,346
|
Other current
liabilities
|
|
|
910
|
|
|
—
|
Total current
liabilities
|
|
|
40,705
|
|
|
52,662
|
Long-term
liabilities
|
|
|
|
|
|
|
Other
|
|
|
4,864
|
|
|
—
|
Total
liabilities
|
|
|
45,569
|
|
|
52,662
|
Commitments and
contingencies
|
|
|
|
|
|
|
Partners'
capital:
|
|
|
|
|
|
|
Common unitholders -
public (46,000,000 units issued and outstanding)
|
|
|
—
|
|
|
71,665
|
Common unitholder –
Antero Resources (29,940,957 units issued and
outstanding)
|
|
|
—
|
|
|
180,757
|
Subordinated unitholder
- Antero Resources (75,940,957 units issued and
outstanding)
|
|
|
—
|
|
|
1,090,037
|
Total partners'
capital
|
|
|
—
|
|
|
1,342,459
|
Parent net
investment
|
|
|
532,520
|
|
|
—
|
Total
capital
|
|
|
532,520
|
|
|
1,342,459
|
Total liabilities and
partners' capital
|
|
$
|
578,089
|
|
$
|
1,395,121
|
ANTERO MIDSTREAM
PARTNERS LP
|
Consolidated Results
of Operations
|
December 31, 2013 and
2014
|
(In
thousands)
|
|
|
|
Year ended December 31,
|
|
Amount of
|
|
Percentage
|
|
|
2013
|
|
2014
|
|
Increase
|
|
Change
|
|
|
($ in thousands, except average realized fees)
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and
compression—affiliate
|
|
$
|
22,363
|
|
$
|
95,746
|
|
$
|
73,383
|
|
328
|
%
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
operating
|
|
|
2,079
|
|
|
15,470
|
|
|
13,391
|
|
644
|
%
|
General and
administrative (including $15,931 and $8,619 of equity-based
compensation in 2013 and 2014, respectively)
|
|
|
23,124
|
|
|
22,035
|
|
|
(1,089)
|
|
(5)
|
%
|
Depreciation
|
|
|
11,346
|
|
|
36,789
|
|
|
25,443
|
|
224
|
%
|
Total operating
expenses
|
|
|
36,549
|
|
|
74,294
|
|
|
37,745
|
|
103
|
%
|
Operating income (loss)
|
|
|
(14,186)
|
|
|
21,452
|
|
|
35,638
|
|
*
|
%
|
Interest
expense
|
|
|
146
|
|
|
4,620
|
|
|
4,474
|
|
3,064
|
%
|
Net
income (loss)
|
|
$
|
(14,332)
|
|
$
|
16,832
|
|
$
|
31,164
|
|
*
|
%
|
Adjusted
EBITDA
|
|
$
|
13,091
|
|
$
|
66,860
|
|
$
|
53,769
|
|
411
|
%
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering—low pressure
(MMcf)
|
|
|
61,406
|
|
|
181,727
|
|
|
120,321
|
|
196
|
%
|
Gathering—high pressure
(MMcf)
|
|
|
11,736
|
|
|
167,935
|
|
|
156,199
|
|
1,331
|
%
|
Compression
(MMcf)
|
|
|
9,900
|
|
|
38,104
|
|
|
28,204
|
|
285
|
%
|
Condensate gathering
(MBbl)
|
|
|
—
|
|
|
621
|
|
|
621
|
|
*
|
|
Gathering—low pressure
(MMcf/d)
|
|
|
168
|
|
|
498
|
|
|
330
|
|
196
|
%
|
Gathering—high pressure
(MMcf/d)
|
|
|
32
|
|
|
460
|
|
|
428
|
|
1,338
|
%
|
Compression
(MMcf/d)
|
|
|
27
|
|
|
104
|
|
|
77
|
|
285
|
%
|
Condensate gathering
(MBbl/d)
|
|
|
—
|
|
|
2
|
|
|
2
|
|
*
|
|
Average realized
fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gathering—low
pressure fee ($/Mcf)
|
|
$
|
0.30
|
|
$
|
0.31
|
|
$
|
0.01
|
|
3
|
%
|
Average gathering—high
pressure fee ($/Mcf)
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
—
|
|
—
|
%
|
Average compression fee
($/Mcf)
|
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
—
|
|
—
|
%
|
Average
gathering—condensate fee ($/Bbl)
|
|
$
|
—
|
|
$
|
4.08
|
|
$
|
4.08
|
|
*
|
|
ANTERO MIDSTREAM
PARTNERS LP
|
Consolidated
Statements of Cash Flows
|
December 31, 2012,
2013 and 2014
|
(In
thousands)
|
|
|
|
2012
|
|
2013
|
|
2014
|
Cash flows provided
by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(4,586)
|
|
$
|
(14,332)
|
|
$
|
16,832
|
Adjustment to reconcile
net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1,679
|
|
|
11,346
|
|
|
36,789
|
Equity-based
compensation
|
|
|
—
|
|
|
15,931
|
|
|
8,619
|
Amortization of
deferred financing costs
|
|
|
—
|
|
|
—
|
|
|
135
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable–affiliate
|
|
|
(126)
|
|
|
(2,873)
|
|
|
(19,465)
|
Prepaid
expenses
|
|
|
—
|
|
|
—
|
|
|
(518)
|
Accounts
payable
|
|
|
—
|
|
|
—
|
|
|
738
|
Accounts
payable–affiliate
|
|
|
—
|
|
|
—
|
|
|
1,059
|
Accrued
liabilities
|
|
|
(119)
|
|
|
541
|
|
|
4,698
|
Net cash provided by
(used in) operating activities
|
|
|
(3,152)
|
|
|
10,613
|
|
|
48,887
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
|
|
Additions to property
and equipment
|
|
|
(115,267)
|
|
|
(389,340)
|
|
|
(553,582)
|
Change in working
capital of affiliate related to property and equipment
|
|
|
—
|
|
|
—
|
|
|
(40,277)
|
Change in other
assets
|
|
|
—
|
|
|
(8,581)
|
|
|
(3,530)
|
Net cash used in
investing activities
|
|
|
(115,267)
|
|
|
(397,921)
|
|
|
(597,389)
|
Cash flows provided
by financing activities:
|
|
|
|
|
|
|
|
|
|
Deemed contribution
from parent, net
|
|
|
118,446
|
|
|
388,059
|
|
|
29,764
|
Net proceeds from
initial public offering
|
|
|
—
|
|
|
—
|
|
|
1,087,224
|
Distribution to
Antero
|
|
|
—
|
|
|
—
|
|
|
(332,500)
|
Borrowings on bank
credit facility
|
|
|
—
|
|
|
—
|
|
|
510,000
|
Repayments on bank
credit facility
|
|
|
—
|
|
|
—
|
|
|
(510,000)
|
Payments of deferred
financing costs
|
|
|
—
|
|
|
—
|
|
|
(4,871)
|
Payments on capital
lease obligations
|
|
|
(27)
|
|
|
(751)
|
|
|
(923)
|
Net cash provided by
financing activities
|
|
|
118,419
|
|
|
387,308
|
|
|
778,694
|
Net increase in cash
and cash equivalents
|
|
|
—
|
|
|
—
|
|
|
230,192
|
Cash and cash
equivalents, beginning of period
|
|
|
—
|
|
|
—
|
|
|
—
|
Cash and cash
equivalents, end of period
|
|
$
|
—
|
|
$
|
—
|
|
$
|
230,192
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
8
|
|
$
|
146
|
|
$
|
4,485
|
Supplemental
disclosure of noncash investing activities:
|
|
|
|
|
|
|
|
|
|
Increase in accrued
capital expenditures and accounts payable for property and
equipment
|
|
$
|
27,721
|
|
$
|
9,003
|
|
$
|
46,327
|
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SOURCE Antero Midstream Partners LP