Good day. And welcome to the Antero Midstream Partners LP Fourth Quarter and Full Year 2015 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Mr. Chad Green, Vice President of Finance. Please go ahead.

Thank you for joining us for Antero Midstream's Fourth Quarter and Full Year 2015 Investor Call. We'll spend a few minutes going through the financial and operational highlights and then we'll open it up for Q&A. I would also like to direct you to the home page of our website at www.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call. Before we start our comments, I would first like to remind you that during this call, Antero Midstream will make forward-looking statements. Such statements are based on our current judgments regarding factors that will impact the future performance of Antero Midstream and its sponsor, Antero Resources, and are subject to a number of risks and uncertainties, many of which are beyond Antero's control. Actual outcomes and results could materially differ from what is expressed, implied, or forecast in such statements. Joining me on the call today are Paul Rady, Chairman and CEO, of Antero Resource and Antero Midstream. Glen Warren, President and CFO of Antero Resources and President of Antero Midstream and Mike Kennedy, CFO of Antero Midstream. I will now turn the call over to Mike.

Thanks, Chad. We thank you everyone for listening in to the call today. In my comments I'm going to highlight our 2015 achievements, and briefly walk through out fourth quarter results and then Glen will provide additional details on our 2016 guidance and organic growth opportunities. Paul will then provide a brief update on AR's fourth quarter and full year results and discuss Antero Resources development plan for 2016 as well as how that impacts Antero Midstream. I would also encourage participants on this call to review the February 2016 Antero Midstream Investor Presentation on our website, which has been updated for Q4 and full year results. Lastly, during the call today we'll commonly reference AM and AR in order to more easily make the distinction between Antero Midstream and Antero Resources, respectively. First and foremost, it was the great year for Antero Midstream both operationally and financially despite the challenging commodity price environment in 2015 AM stayed on course and announced the fourth quarter distribution of 0.22 per unit, a 29% increase compared to the minimum quarterly distribution and the midpoint of our distribution guidance. The distribution marks our fourth consecutive distribution increase since the IPO in November of 2014. A trend we expect to continue was we reaffirmed our distribution growth target of 28% to 30% in 2016 and 2017, despite the decade low commodity price environment. Now let's move on to our financial results during the fourth quarter. As a reminder, the results in year-over-year comparisons include contribution from the gathering and compression segment and water handling a treatment segment on a combined basis after successfully closing the water drop down transaction at the end of third quarter. As highlighted on the Slide 2 of our earnings call presentation titled High Growth Midstream Throughput, average daily low…

Thank you, Mike. And we are looking into 2016 and illustrated on Slide 4 in the deck titled, 2016 Capital Budget. Antero Midstream's initial 2016 capital budget of $435 million, is a 3% increase compared to 2015. Approximately 86% of the budget will be focused on midstream opportunities in the Marcellus Shale driven by Antero Resources focused on Marcellus Shale drilling and completions in 2016 due to constraints on firm transportation to favorable markets in the Ohio Utica shale. The capital budget also includes 130 million of the continued construction of the Antero clear water facilities which is on track to be placed in service in late 2017 and that's our advanced waste water treatment facility. Moving on to other in hand opportunities, we have the option to participate in a 67 mile regional pipeline called as Stonewall gathering pipeline as a 15% non-operating equity interest owner. The pipeline was placed in the service on November 30, 2015, a few months ago which would put to expiration of our option on May 30th of this year, while we have not announced a decision regarding our participation which would require approximately 45 million to 50 million of incremental capital on top of our budget guidance, this opportunity would give us another avenue to expand our footprint into attractive regional pipelines to deliver ARs natural gas production to other demand centers with more favorable pricing points. At yearend we had cash on hand of $7 million and $620 million drawn on under our $1.5 billion revolving credit facility. On Slide 5, is our earnings call presentation, titled Strong Balance Sheet and Flexibility. You can see that as of December 31, 2015 despite closing of major dropdown transaction in 2015 we still have a very strong balance sheet and ample liquidity to fund…

Thanks, Glen. Similar to calls in the past, I'll discuss the fourth quarter and year end operating results, AR's 2016 development plan and outlook for AM. AR reported another outstanding quarter and year operationally, producing under a 1.5 Bcf equivalent per day, which represents an organic production growth rate of 18%, as compared to the fourth quarter of 2014, and an annual production growth rate of 48% compared to full year 2014. Now let's move on to AR's operations during the fourth quarter and their impact on AM's results. AR completed and placed online 14 West Virginia Marcellus wells during the quarter, all of which were located on Antero Midstream dedicated acreage. As this was the first quarter following the water drop down transaction, it's important to point out that each of these locations generated freshwater distribution revenue, low pressure gathering revenue, compression revenue and high pressure gathering revenue for Antero Midstream. As we've discussed since AM's IPO, the goal of the partnership is to become a full-service midstream provider in Appalachia particularly as it relates to AR activities. The water drop down served as another step in that direction and we expect the momentum to continue as we move forward. In addition to the West Virginia Marcellus activity and highlighted on the Slide 8 and titled Antero's First Utica Dry Gas Well, Antero completed its first West Virginia Utica Shale well in Tyler County, West Virginia, called the Rymer 4HD with a lateral length of 6,620 feet. The Rymer well has been flowing at 20 million cubic feet a day which was our plan from the beginning on a restricted choke program since it was placed on sales at the beginning -- at the end of December and that's nearly 60 days now. While results are early-stage on several…

[Operator Instructions]. The first question comes from J.R. Weston of Raymond James. Please go ahead.

Few questions here. Just wondering if you could provide any color on the ’14 and ’15 results and how to compare that through 2016, especially that quarterly progression? I recognize it's simplistic enough just to analyze that 4Q results, you’re solidly above the recent EBITDA guidance range per year and just wondering if you could help us quantify what happens in 4Q 2015 and is it really fair to extrapolate across 2016 and certainly some in the water business and you mentioned accelerated completions and continued operational efficiencies, is there anything inside gathering compression and then maybe is there anything that's new to 2016 from an expense perspective or otherwise?

The fourth quarter 2015 definitely included accelerated completions from the water segment of the business which is not expected to continue at quite that rate so the water completion business revenues expenses associated with that will be little bit lower in 2016. From the gathering compression those actually should accelerate during the year as the grows from Antero Resources is 15% growth during the year and that's all on Antero Midstream dedicated acreage, so there would actually be out sized growth compared to that for the gathering compression. So I think trending from fourth quarter 2015, gathering compression should be up with water being down and as accelerated completions in fourth quarter 2015 were ahead of schedule.

Okay, great. And I guess maybe just the two quick questions building off of that. So the first one, just kind of wondering about the timing of those ducts that AR has and maybe how we should think about that on a quarterly basis as well, and then probably more important than that what type of price action or other event would it take for AR to maybe move those ducts around again and so likelihood as another shift?

Yes, the schedule as we mentioned the budget for Antero Resources if there is a 110 completions during the year, all on Antero Midstream dedicated acreage. I think that will be fairly ratable throughout the years how I would model that and then on the price.

Yes, on the price, we'll make a judgment call based on not only the specific price but just our feel for the overall industry and where things are going, what that’s going to be, it's going to be rig count, it's going to production, production in the Marcellus, it's going to be bases, differential and so on and so, we'll make a call sometime in the June-July period as to what we're going to do for the second half of the year and whether we keep it steady, we accelerate or we decelerate through the course of second half of ’16 and ’17. And so the acceleration of ducts for example through ’16 and into ’17 will be depended on how we’re seeing things midyear.

And then I guess just a last one and again you alluded to AM's acreage, I recognized the commentary about AR completing the 30 year of ducts on AM acreage, and deferring the others to 2017 and then what you've outlined as far as rig, I was just kind of wondering if there was any additional detail you could provide the volumetric outlook on the third party dedication to the east for 2016 and just got to maybe how to think about the [indiscernible]?

No, we don't have any commentary on the third party volumes.

[Operator Instructions] The next question comes from Holly Stewart of Scotia Howard Weil. Please go ahead.

Just two quick follow-ups, first on the 70 ducts that you're expecting at year end, how should we think about the split for those on whether AM dedicated volumes and whether third party?

Yes, those are approximately 50 of AM and 20 of third party.

Okay great. And then finally just maybe a little help on the throughput modeling. I know you’ve given some guidance on added pipeline mileage on both the low and the high pressure gathering, but then you also said the rate of growth wouldn’t be kind of comparable to the production growth target, so I guess how should we think about that growth rate and throughput throughout the year?

First addressing the low versus high pressure throughput, those should more equate in 2016 as Stonewall came on and is now allowing those volumes to equate on the actual volume growth with the gathering. As I mentioned there is 15% in AR, but it's all on Antero Midstream, so that translates to a higher rate, now they'll probably be fairly ratable growth, little more in the first quarter and then little bit of a plateauing in the second and third and then growth in the fourth quarter.

This concludes our question-and-answer session. I would like turn the conference back to over Chad Green for any closing remarks.

Thank you for participating on our call today. If you have any further questions, please feel free to contact us. Thank you.