v3.7.0.1

Partnership Equity and Distributions | 6 Months Ended
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Jun. 30, 2017
Partnership Equity and Distributions |
Partnership Equity and Distributions | (7)Partnership Equity and Distributions Our Minimum Quarterly Distribution Our partnership agreement provides for a minimum quarterly distribution of $0.17 per unit for each quarter, or $0.68 per unit on an annualized basis. If cash distributions to our unitholders exceed $0.1955 per common unit in any quarter, our unitholders and the holder of our incentive distribution rights (“IDRs”), will receive distributions according to the following percentage allocations:
|  | Marginal Percentage |
|  | Interest in Distributions |
Total Quarterly Distribution |  |  |  | Holder of |
Target Amount |  | Unitholders |  | IDRs |
above $0.1955 up to $0.2125 |  | 85 | % | 15 | %
above $0.2125 up to $0.2550 |  | 75 | % | 25 | %
above $0.2550 |  | 50 | % | 50 | %
General Partner Interest Our general partner owns a non-economic general partner interest in us, which does not entitle it to receive cash distributions. However, AMGP, in its capacity as the sole member of our general partner, controls the holder of the IDRs and may in the future own common units or other equity interests in us and would be entitled to receive distributions on any such interests. Upon payment of the February 8, 2017 distribution to unitholders, the requirements for the conversion of all subordinated units were satisfied under our partnership agreement. As a result, effective February 9, 2017, the 75,940,957 subordinated units owned by Antero Resources were converted into common units on a one-for-one basis and now participate on terms equal with all other common units in distributions of available cash. The conversion did not impact the amount of the cash distributions paid by the Partnership or the total units outstanding, as shown on the “Conversion of subordinated units to common units” line item on our condensed consolidated Statement of Partners’ Capital. Cash Distributions The board of directors of our general partner has declared a cash distribution of $0.32 per unit for the quarter ended June 30, 2017. The distribution will be payable on August 16, 2017 to unitholders of record as of August 3, 2017. The following table details the amount of quarterly distributions the Partnership paid for each of its partnership interests, with respect to the quarter indicated (in thousands, except per unit data):
|  |  |  |  |  | Distributions |  |  |
|  |  |  |  |  | Limited Partners |  |  |  |  |  |  |  |  |
Quarter and Year |  | Record Date |  | Distribution Date |  | Common unitholders |  | Subordinated unitholders |  | Holder of IDRs |  | Total |  | Distributions per limited partner unit
Q4 2015 |  | February 15, 2016 |  | February 29, 2016 |  | $ | 22,048 |  |  | 16,708 |  |  | 969 |  |  | 39,725 |  | $ | 0.2200
Q1 2016 |  | May 11, 2016 |  | May 25, 2016 |  |  | 23,556 |  |  | 17,846 |  |  | 1,850 |  |  | 43,252 |  | $ | 0.2350
Q2 2016 |  | August 10, 2016 |  | August 24, 2016 |  |  | 25,059 |  |  | 18,985 |  |  | 2,731 |  |  | 46,775 |  | $ | 0.2500
Q3 2016 |  | November 10, 2016 |  | November 24, 2016 |  |  | 26,901 |  |  | 20,124 |  |  | 4,820 |  |  | 51,845 |  | $ | 0.2650
* |  | November 12, 2016 |  | November 18, 2016 |  |  | 849 |  |  | — |  |  | — |  |  | 849 |  | $ | *
|  | Total 2016 |  |  |  | $ | 98,413 |  |  | 73,663 |  |  | 10,370 |  |  | 182,446 |  |  |
Q4 2016 |  | February 1, 2017 |  | February 8, 2017 |  | $ | 28,827 |  |  | 21,263 |  |  | 7,543 |  |  | 57,633 |  | $ | 0.2800
* |  | April 21, 2017 |  | April 30, 2017 |  |  | 75 |  |  | — |  |  | — |  |  | 75 |  | $ | *
Q1 2017 |  | May 3, 2017 |  | May 10, 2017 |  |  | 55,753 |  |  | — |  |  | 11,553 |  |  | 67,306 |  | $ | 0.3000
|  | Total 2017 |  |  |  | $ | 84,655 |  |  | 21,263 |  |  | 19,096 |  |  | 125,014 |  |  |
* Distribution equivalent rights on units that vested under the Midstream LTIP

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 + Details
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