Thu, Sep. 24, 5:37 PM
Fri, Sep. 18, 7:51 AM
- Antero Midstream Partners (NYSE:AM) agrees to acquire Antero Resources' (NYSE:AR) integrated water business for $1.05B in a combination of cash, assumed debt and AM units.
- In addition, AM could receive two potential $125M earn-out payments at year-end 2019 and 2020 if certain fresh water volumetric delivery targets are met.
- AM also will enter into a 20-year water services agreement covering AR's 534K net acres in West Virginia and Ohio, with a right of first offer on all future areas of operation.
- "Antero Midstream takes another step towards becoming a full value chain midstream services provider in the Appalachian Basin, and Antero Resources reduces debt by $794M," says AM CEO Paul Rady.
- Driven by the drop-down acquisition, AM raises its 2015 EBITDA outlook to $170M-$180M from a prior $150M-$160M; also sees 2015 distributable cash flow of $150M-$160M vs. prior guidance of $135M-$145M, and maintains capex guidance of $425M-$450M.
- The help fund the acquisition, AM will launch a $243M private placement.
Wed, Jul. 29, 5:20 PM
Wed, Jul. 15, 4:30 PM
Thu, May 28, 6:19 PM
- Morgan Stanley’s MLP analysts initiate coverage of eight major dropdown MLPs, citing attractive attributes such as high-quality asset bases, magnitude and sustainability of growth, and strong and supportive sponsorship.
- Lead analyst Brian Lasky's top pick in the group is Dominion Midstream Partners (NYSE:DM), which he says warrants a premium valuation to midstream industry and sponsor-backed dropdown peers based on its top-tier distribution growth rate, strong sponsor commitment, depth of inventory, and - most important - strategic asset positioning, with an ability to replenish its inventory.
- Lasky says these MLPs and their sponsors also have surprised to the upside, positioning the companies for attractive growth and visibility: AM, CNNX, CPPL, EQM, SUN, TLLP, VLP.
Wed, Apr. 29, 5:42 PM
Thu, Feb. 26, 3:21 PM
- Antero Resources (AR -1.6%) is lower despite beating expectations for Q4 earnings and revenues.
- AR says it plans to spend $1.6B during 2015 for drilling and completion activities in the Marcellus and Utica shale plays, down 36% Y/Y; the budget excludes the $425M-$450M planned for Antero Midstream Partners (AM +1%) relating to high- and low-pressure gathering pipelines and compressor stations.
- CEO Paul Rady says he is optimistic about the potential for AR's 179K net acres in a Utica deep, dry gas window in West Virginia and Pennsylvania.
- AR's Q4 total production rose 87% Y/Y and 17% Q/Q to 1.265B cfe/day, and liquids production jumped 172% Y/Y and 22% Q/Q to ~30.5K bbl/day.
Wed, Feb. 25, 5:10 PM
Mon, Feb. 2, 4:45 PM
Tue, Jan. 20, 4:38 PM
- Antero Resources (NYSE:AR) says it plans a 2015 capital budget of $1.8B, a 41% reduction from 2014's $3.05B capital budget, with a 2015 dilling and completion budget of $1.6B, down 33% Y/Y.
- AR plans to operate an average of 14 drilling rigs between the Marcellus and Utica Shale plays in 2015, down from 21 at year-end 2014, but forecasts a 40% increase in net daily production to 1.4B cfe/day.
- Antero Midstream Partners (NYSE:AM) plans a 2015 capital budget of $425M-$450M, which includes $250M-$260M on gathering infrastructure in the Marcellus and Utica shale plays; estimates distributable cash flow of $135M-$145M with a 1.1x to 1.2x DCF coverage ratio.
Dec. 10, 2014, 7:15 PM
- Some energy limited partnerships - pipeline operators or wholesale distributors, with less risky business models than oil E&P companies - have escaped much of the carnage in energy stocks and may make attractive investments, MarketWatch's Philip Van Doorn writes.
- These 12 energy LPs, most of which fell today amid the energy sector rout, actually have posted gains since Nov. 1: TCP, EEQ, EEP, DM, BPL, SHLX, SGU, BIP, SRLP, APU, SEP, SPH.
- Credit Suisse analyst John Edwards recently said many energy LPs look oversold; his top picks in the sector include EEP as well as NGLS, GEL, OKS, CNNX, PAA, BWP and AM.
Nov. 28, 2014, 10:20 AM| Nov. 28, 2014, 10:20 AM | 17 Comments
Nov. 5, 2014, 12:58 PM
- Antero Midstream Partners (AM +16.5%), the partnership formed by Antero Resources (AR +1.4%), is trading near $30/unit in its trading debut after pricing its IPO at $25 yesterday, well above the $19-$21 expected price range and raising $1B in total gross proceeds.
- The IPO comes just a week after Shell Midstream Partners raised $1.06B, making it the largest MLP IPO on record, but the Antero deal would surpass the figure as underwriters exercise an option to sell additional shares.
- AM owns pipelines and compressor stations in the core of the Marcellus Shale in northwest Virginia and Utica Shale in southern Ohio, and provides services to AR under long-term, fixed-fee contracts.
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