Annual report pursuant to Section 13 and 15(d)

Distributions from Antero Midstream

v3.8.0.1
Distributions from Antero Midstream
12 Months Ended
Dec. 31, 2017
Distributions from Antero Midstream  
Distributions from Antero Midstream

(5)   Distributions from Antero Midstream

Antero Midstream’s partnership agreement provides for a minimum quarterly distribution of $0.17 per common unit for each quarter, or $0.68 per unit on an annualized basis. If cash distributions to Antero Midstream’s unitholders exceed $0.1955 per common unit in any quarter, IDR LLC, as the holder of Antero Midstream’s IDRs, will receive distributions according to the following percentage allocations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marginal Percentage Interest in Distributions

Total Quarterly Distribution
Target Amount

 

Antero Midstream Common Unitholders

 

Holder of IDRs

above $0.1955 up to $0.2125

 

85

%  

 

15

%  

above $0.2125 up to $0.2550

 

75

%  

 

25

%  

above $0.2550

 

50

%  

 

50

%  

 

From the initial public offering of Antero Midstream in the fourth quarter of 2014 through December 31, 2017, distributions per common unit and distributions related to the IDRs were as follows:

 

 

 

 

 

 

 

 

 

Quarter
and
Year

    

Distribution Date

    

Antero Midstream Distribution Amount
per Common Unit

    

Income Attributable to IDRs
($ thousands)

Q4 2014

 

February 27, 2015

 

$

0.0943

 

$

 —

Q1 2015

 

May 27, 2015

 

$

0.1800

 

$

 —

Q2 2015

 

August 27, 2015

 

$

0.1900

 

$

 —

Q3 2015

 

November 30, 2015

 

$

0.2050

 

$

295

Q4 2015

 

February 29, 2016

 

$

0.2200

 

$

969

Q1 2016

 

May 25, 2016

 

$

0.2350

 

$

1,850

Q2 2016

 

August 24, 2016

 

$

0.2500

 

$

2,731

Q3 2016

 

November 24, 2016

 

$

0.2650

 

$

4,820

Q4 2016

 

February 8, 2017

 

$

0.2800

 

$

7,543

Q1 2017

 

May 10, 2017

 

$

0.3000

 

$

11,553

Q2 2017

 

August 16, 2017

 

$

0.3200

 

$

15,328

Q3 2017

 

November 16, 2017

 

$

0.3400

 

$

19,067

 

The board of directors of Antero Midstream’s general partner has declared a cash distribution of $0.365 per unit for the quarter ended December 31, 2017. The distribution was paid on February 13, 2018 to shareholders of record as of February 1, 2018. The distribution attributable to the IDRs for the quarter ended December 31, 2017 is $23.8 million.

 

Distributions attributable to the IDRs which relate to periods prior to May 9, 2017, the closing of our IPO, were distributed to Antero Investment prior to its liquidation.