DENVER, Jan. 13, 2016 /PRNewswire/ -- Antero
Midstream Partners LP (NYSE: 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.
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.
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 the
Partnership's control, related to the gathering, compression and
water business. These risks include, but are not limited to, Antero
Resources' expected future growth, Antero Resources' ability to
meet its drilling and development plan, 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 the heading "Item 1A. Risk Factors" in the
Partnership's Annual Report on Form 10-K for the year ended
December 31, 2014 and "Item 1A. Risk
Factors" in Antero Midstream's Quarterly Report on Form 10-Q for
the quarter ended September 30,
2015.
This release is intended to be a qualified notice under
Treasury Regulation Section 1.1446-4(b). Brokers and nominees
should treat one hundred percent (100%) of the Partnership's
distributions to non-U.S. investors as being attributable to income
that is effectively connected with a United States trade or business. Accordingly,
the Partnership's distributions to non-U.S. investors are subject
to federal income tax withholding at the highest applicable
effective tax rate.
For more information, contact Michael
Kennedy – SVP – Finance and CFO of Antero Midstream, at
(303) 357-6782 or mkennedy@anteroresources.com.
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SOURCE Antero Midstream Partners LP