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Antero Midstream Announces Joint Venture with MPLX

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Part 3
Antero Midstream Announces Joint Venture with MPLX PART 3 OF 5

Antero Increases 2017 Guidance after Joint Venture Announcement

Antero Midstream’s 2017 financial guidance

Antero Midstream Partners (AM) increased its 2017 guidance after the announcement of its JV (joint venture) with Markwest Energy Partners, the wholly owned subsidiary of MLPX LP (MPLX). The partnership now expects its 2017 adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) and DCF (distributable cash flow) to be $520 million–$560 million and $405 million–$445 million, respectively. The new EBITDA and DCF guidance are $10 million higher than the previous guidance.

Antero Increases 2017 Guidance after Joint Venture Announcement

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The partnership didn’t change its distribution growth target of 28%–30% for 2017 and beyond. However, it has raised its 2018–2020 distribution coverage target to 1.3x from the previous estimate of 1.2x.

Antero Midstream’s 2017 capex guidance

After the JV announcement, the partnership raised its 2017 growth capex to $800 million from the previous guidance of $525 million. The partnership announced a public offering of 6 million common units “at a public offering price of $33.00 per common unit for aggregate gross proceeds of approximately $198 million” to fund the JV.

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