Antero Midstream (AM) is a captive partnership, sourcing substantially all of its revenue and earnings from its corporate sponsor, Antero Resources (AR). Its position in Appalachia is built around gathering and processing (“G&P”) assets, compression, and water handling, business where it earns 100% fixed fees based on volumes served. Historically, Antero Midstream has earned top tier returns on invested capital; in fact, one of the strongest rates of return in the space. This strength has come about despite natural gas spot pricing having done nothing but trend down since the initial