Colorado-based Antero Resources said Wednesday it’s received $297 million in cash related to the melding of Antero Midstream Partners (AM) and its general partner entity, Antero Midstream GP (Amgp).
The independent oil and gas producer also received 158.4 million shares in the merged entity, giving the company 31% ownership, Kallanish Energy reports.
At the closing of the merger, Amgp was converted from a limited partnership to a corporation and was renamed Antero Midstream Corp. Antero Midstream Corp.’s common stock trades on the New York Stock Exchange under the ticker symbol “AM.”
“With the simplification of our midstream structure and the deconsolidation of our financial statements, we have made significant progress in improving Antero’s financial transparency,” said Glen Warren, Antero’s president and chief financial officer.
Warren said the so-called simplicfication showcases the strength of Antero’s balance sheet and highlights the independence of Antero Resources and Antero Midstream Corp.
“As of year-end 2018, we have reduced leverage to 2.1x leverage on a pro forma basis, while growing to become the 4th largest natural gas producer and the largest NGL producer in the U.S. today,” Warren added.
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