Antero Midstream Partners provides 2018 and long-term target guidance
Antero Midstream provided distribution growth guidance of 28%-30% in 2018 vs. 2017. Reaffirms 28%-30% annual distribution growth from 2018 to 2020 and initiated distribution growth targets of 20% in each of 2021 and 2022. Reports 2018 CapEx $650M, a decrease of 19% from 2017, including $585M in expansion capital and $65M in maintenance capital funded through cash flow from operations and credit facility borrowings. Net income for 2018 is forecast to be $435M-$480M. Sees 2018 adjusted EBITDA $705M-$755M. Expects to generate Free Cash Flow before distributions in 2018 for the first time since the partnership's inception. Reports a high-graded 5-year organic project inventory of $2.7B, a $500M reduction from the prior year's plan due to expected capital efficiencies from sponsor's new 5-year plan. Antero Midstream expects to fund all 2018 capital expenditures through cash flow from operations and available borrowing capacity within Antero Midstream's existing $1.5B bank credit facility.