Antero Midstream Partners LP (AM)

Solvency ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.56	0.57	0.57	0.58	0.58	0.56	0.57	0.56	0.56	0.56	0.56	0.56	0.55	0.55	0.54	0.54	0.46	0.41	0.37	0.36
Debt-to-capital ratio	0.60	0.60	0.61	0.60	0.61	0.59	0.59	0.58	0.58	0.57	0.57	0.57	0.56	0.56	0.55	0.55	0.48	0.43	0.39	0.37
Debt-to-equity ratio	1.49	1.51	1.54	1.53	1.53	1.42	1.42	1.39	1.37	1.34	1.33	1.32	1.28	1.26	1.22	1.20	0.92	0.75	0.64	0.59
Financial leverage ratio	2.67	2.68	2.67	2.65	2.64	2.52	2.50	2.47	2.42	2.39	2.38	2.35	2.32	2.28	2.27	2.23	2.00	1.83	1.70	1.65

The solvency ratios of Antero Midstream Corp show varying levels of leverage and debt utilization over the past eight quarters. The debt-to-assets ratio has remained relatively stable between 0.56 and 0.58, indicating that on average, 56% to 58% of the company's total assets are financed by debt.

The debt-to-capital ratio has also shown consistency, hovering around 0.60 to 0.61, suggesting that approximately 60% of the company's capital structure is comprised of debt. This demonstrates a balanced approach to leveraging the business with debt.

The debt-to-equity ratio has exhibited a slight upward trend, increasing from 1.39 to 1.54 over the period. This indicates that the company's reliance on debt relative to equity has been gradually growing, with the latest ratio at 1.54 implying that for every dollar of equity, the company has $1.54 in debt.

The financial leverage ratio has shown a general increasing trend, rising from 2.47 to 2.68. This ratio reflects the proportion of total assets that are financed by the company's total debt and equity. The increasing trend suggests that the company is becoming more leveraged and reliant on debt financing to fund its operations.

Overall, while Antero Midstream Corp has maintained a relatively stable debt-to-assets and debt-to-capital ratios, the increasing debt-to-equity and financial leverage ratios indicate a growing reliance on debt to support its operations and investments. This trend highlights the importance of closely monitoring the company's debt levels and leverage to ensure sustainable financial health and solvency.

Coverage ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	102.34	101.56	98.51	96.65	94.38	92.47	93.53	98.89	100.08	101.16	109.35	111.46	-26.12	-97.55	-213.33	-230.80	-125.19	-99.89	85.57	-59.35

The interest coverage ratio for Antero Midstream Corp has been consistently above 3 over the past eight quarters, indicating that the company has been able to comfortably cover its interest expenses with its operating income. This suggests a healthy financial position and ability to meet its debt obligations. The slight fluctuations in the ratio over time do not raise significant concerns, as the company has maintained a stable and adequate level of interest coverage. However, it would be advisable to continue monitoring this ratio to ensure that the company's profitability remains sufficient to cover its interest expenses effectively.