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Antero Midstream and AMGP Report Fourth Quarter and Full Year 2017 Financial and Operating Results
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PR Newswire
DENVER, Feb. 13, 2018
DENVER, Feb. 13, 2018 /PRNewswire/ -- Antero Midstream Partners LP (NYSE: AM) ("Antero Midstream" or the "Partnership") and Antero Midstream GP LP (NYSE: AMGP) ("AMGP") today released their fourth quarter and full year 2017 financial and operating results. The relevant consolidated financial statements are included in Antero Midstream's and AMGP's Annual Reports on Form 10-K for the year ended December 31, 2017, which have been filed with the Securities and Exchange Commission.
Antero Midstream Fourth Quarter 2017 Highlights Include:
- GAAP net income decreased by 13% to $64 million, or $0.22 per limited partner unit compared to the prior year quarter
- Adjusted net income increased by 19% to $88 million, or $0.34 per limited partner unit compared to the prior year quarter
- Adjusted EBITDA increased by 13% to $142 million compared to the prior year quarter
- Distributable Cash Flow ("DCF") increased by 14% to $117 million resulting in DCF coverage of 1.3x
- Distributions were $0.365/unit, a 30% increase compared to the prior year quarter and the Partnership's twelfth consecutive distribution increase since the November 2014 IPO
- Antero Midstream's corporate debt ratings have improved to Ba2/BB+/BBB- (Moody's/S&P/Fitch)
Antero Midstream Full Year 2017 Highlights Include:
- GAAP net income increased by 30% to $307 million, or $1.28 per limited partner unit compared to the prior year
- Adjusted net income increased by 40% to $331 million, or $1.40 per limited partner unit compared to the prior year
- Adjusted EBITDA increased by 31% to $529 million compared to the prior year
- Distributable Cash Flow increased by 19% to $421 million resulting in DCF coverage of 1.3x
- Debt to trailing twelve months Adjusted EBITDA was 2.3x with $1.0 billion of liquidity
Antero Midstream GP LP Fourth Quarter 2017 Highlights Include:
- Distributions increased to $0.075/share, a 27% increase sequentially and the second consecutive distribution increase since the May 2017 IPO
- Long-term distribution per share targets from 2018 through 2020 were increased by 20%, as compared to previously provided targets, due to the announced reduction in the U.S. federal corporate tax rate from 35% to 21%
Commenting on the 2017 results and outlook for Antero Midstream, Paul Rady, Chairman and CEO said, "Antero Midstream had another successful year executing its organic growth strategy and expanding its operations downstream into processing and fractionation. We expect to continue this momentum into 2018 having recently brought online the Sherwood 9 processing plant, which expands the processing and fractionation Joint Venture's total processing capacity to 600 MMcf/d. This full midstream value chain strategy positions Antero Midstream to deliver on its attractive, peer-leading, long-term distribution growth targets supported by its five year organic project backlog of $2.7 billion."
Mr. Rady further added, "Antero Midstream continues to benefit from the improving financial strength of Antero Resources, which has taken significant steps over the last year to improve its balance sheet and free cash flow profile. Antero Resources is at an inflection point where going forward it is positioned to fully fund its five year development plan with operating cash flow, ultimately de-risking the growth profile of Antero Midstream."
For a discussion of the non-GAAP financial measures adjusted net income, Adjusted EBITDA, Distributable Cash Flow, and net debt please see "Non-GAAP Financial Measures."
Antero Midstream Fourth Quarter Financial Results
Low pressure gathering volumes for the fourth quarter of 2017 averaged 1,711 MMcf/d, a 12% increase as compared to the fourth quarter of 2016. Low pressure gathering volumes were negatively impacted by lower than expected production in the Utica due to the delayed in-service date of the Rover Pipeline. Compression volumes for the fourth quarter of 2017 averaged 1,355 MMcf/d, a 47% increase as compared to the fourth quarter of 2016 as a result of placing new compression stations in service throughout 2017 totaling approximately 600 MMcf/d of incremental capacity. High pressure gathering volumes for the fourth quarter of 2017 averaged 1,842 MMcf/d, a 28% increase from the fourth quarter of 2016. High pressure gathering volumes were in excess of low pressure gathering volumes due to Antero Resources' temporary use of an Antero Midstream owned high pressure line to avoid downstream pipeline constraints. The increase in gathering and compression volumes was driven by production growth from Antero Resources in Antero Midstream's area of dedication. Fresh water delivery volumes averaged 149 MBbl/d during the quarter, in line with the fourth quarter of 2016.
Gross processing volumes from our processing and fractionation joint venture with MarkWest (a wholly-owned subsidiary of MPLX) (the "Joint Venture"), averaged 425 MMcf/d, for the fourth quarter of 2017, an increase of 16% compared to the third quarter of 2017. Gross Joint Venture fractionation volumes averaged 9,096 Bbl/d, a 41% increase sequentially.
| | | Three Months Ended December 31, | | | ||
| Average Daily Volumes: | | 2016 | | 2017 | | % Change |
| Low Pressure Gathering (MMcf/d) | | 1,522 | | 1,711 | | 12% |
| Compression (MMcf/d) | | 920 | | 1,355 | | 47% |
| High Pressure Gathering (MMcf/d) | | 1,437 | | 1,842 | | 28% |
| Fresh Water Delivery (MBbl/d) | | 150 | | 149 | | (1)% |
| Gross Joint Venture Processing (MMcf/d) | | — | | 425 | | * |
| Gross Joint Venture Fractionation (Bbl/d) | | — | | 9,096 | | * |
| | |
| ______________________________ | |
| * | Not applicable. Antero Midstream has a 50% interest in the Joint Venture, which was formed in February 2017. |
For the three months ended December 31, 2017, the Partnership reported revenues of $210 million, comprised of $106 million from the Gathering and Processing segment and $104 million from the Water Handling and Treatment segment. Revenues increased 26% compared to the prior year quarter, driven by growth in throughput volumes. Water Handling and Treatment segment revenues include $54 million from wastewater handling and high rate water transfer services provided to Antero Resources, which are billed at cost plus 3%.
Direct operating expenses for the Gathering and Processing, and Water Handling and Treatment segments were $11 million and $59 million, respectively, for a total of $70 million compared to $37 million in direct operating expenses in the prior year quarter. Water Handling and Treatment direct operating expenses include $53 million from wastewater handling and high rate water transfer services. General and administrative expenses including equity-based compensation were $15 million, a $1 million increase compared to the fourth quarter of 2016. General and administrative expenses excluding equity-based compensation were $8 million during the fourth quarter of 2017, in line with the fourth quarter of 2016. Total operating expenses were $143 million, including $31 million of depreciation, $23 million of impairment of property and equipment and $4 million of accretion of contingent acquisition consideration.
Net income for the fourth quarter of 2017 was $64 million, a 13% decrease compared to the prior year quarter. The decrease in net income was driven by a $23 million non-cash impairment expense of the condensate pipelines in the Utica that are not expected to be utilized in Antero Midstream's high-graded infrastructure plan. Net income per limited partner unit was $0.22 per unit, a 41% decrease compared to the prior year quarter. Adjusted net income was $88 million, a 19% increase compared to the prior year quarter. Adjusted EBITDA was $142 million, a 13% increase compared to the prior year quarter. The increase in Adjusted EBITDA was primarily driven by increased natural gas throughput volumes and contribution from the Joint Venture. Adjusted EBITDA for the quarter included $10 million in distributions from Stonewall Gathering LLC and the processing and fractionation Joint Venture. Cash interest paid was $4 million. Cash reserved for bond interest during the quarter increased $9 million and cash reserved for payment of income tax withholding upon vesting of Antero Midstream equity-based compensation awards was $1 million. Maintenance capital expenditures during the quarter totaled $12 million and Distributable Cash Flow was $117 million, resulting in a DCF coverage ratio of 1.3x.
The following table reconciles net income to adjusted net income, Adjusted EBITDA and Distributable Cash Flow as used in this release (in thousands):
| | Three months ended | | Years ended | ||||||||
| December 31, | | December 31, | |||||||||
| 2016 | | 2017 | | 2016 | | 2017 | |||||
| Net income | $ | 73,351 | | $ | 64,155 | | $ | 236,703 | | $ | 307,315 |
| Impairment of property and equipment | | — | | | 23,431 | | | — | | | 23,431 |
| Adjusted net income | $ | 73,351 | | $ | 87,586 | | $ | 236,703 | | $ | 330,746 |
| Interest expense | | 9,008 | | | 10,395 | | | 21,893 | | | 37,557 |
| Depreciation expense | | 25,761 | | | 30,958 | | | 99,861 | | | 119,562 |
| Accretion of contingent acquisition consideration | | 6,105 | | | 3,804 | | | 16,489 | | | 13,476 |
| Equity-based compensation | | 6,683 | | | 6,847 | | | 26,049 Werbung Mehr Nachrichten zur American Greetings Aktie kostenlos abonnieren
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