{ "schemaVersion": "deck-intelligence.v1", "id": "019de06f-5508-75c2-b1e2-1fc8fef2cf07", "slug": "bd467b647b5e82a278996d7d7cd47f11", "title": "Barclays | Investment Banking Pitch Book | 20 slides", "subtitle": "Barclays · 2014-07", "author": "Barclays", "date": "2014-07-01 00:00:00", "pageCount": 20, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.2964213, "document": { "id": "019de06f-5508-75c2-b1e2-1fc8fef2cf07", "slug": "bd467b647b5e82a278996d7d7cd47f11", "title": "Barclays | Investment Banking Pitch Book | 20 slides", "rawTitle": "Barclays | Investment Banking Pitch Book | 20 slides", "authorId": "barclays", "authorName": "Barclays", "authorDisplay": "Barclays", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2014-07__barclays__ib-pitchbook__bd467b64.pdf", "sourceUrl": "https://www.slidebook.io/company/barclays/presentation/bd467b647b5e82a278996d7d7cd47f11/", "sourceDate": "2014-07-16 00:00:00", "presentationDate": "2014-07-01 00:00:00", "ingestedAt": "2026-04-30 22:08:06.000921+00", "status": "ready", "pageCount": 20, "orientation": "landscape", "aspectRatio": 1.2964213, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "banks-diversified", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2014-07__barclays__ib-pitchbook__bd467b64", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Investment Banking Pitch Book", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 20, "pagesIndexed": 20, "pagesWithImages": 20, "pagesWithMetadata": 20, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 80, "chartCount": 2, "metricSlides": 0, "toolMatches": 11, "documentToolMatches": 0, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": true, "reviewAvailable": true, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "evidence": "The deck follows a structured approach, starting with an overview, then diving into financial analysis, and concluding with supporting materials.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:05:21.21584+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Situation & Context", "beatId": "2b598ab2-39e2-4ab3-b5cb-a11b9f868a9e", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Provides an overview of potential transactions and base case analysis", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 4, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem & Complication", "beatId": "3766fa85-c914-4bcd-9f70-98d31eeff6da", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Discusses structural consolidation and its positive impact", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Evidence & Proof", "beatId": "b3848ec0-5cfb-4889-baa0-7985e3b23c3a", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Presents preliminary assumptions and financial data", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 10, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "53a6e06c-4851-4598-89fc-82e5f8115890", "evidence": "Has-Gets Analysis table", "position": 0, "objective": "Break down the analysis into manageable parts", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:21.439773+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 4, "from": 4, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "ba4830a4-dcf6-4fdb-a939-b630fbc1bf91", "evidence": "Discussion of structural consolidation's positive impact", "position": 1, "objective": "Highlight the benefits of action", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:21.48245+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "16c3ee37-c72a-4b1b-b38b-161dd5c06851", "evidence": "list/bullet: Growth Prospects: Investors receive initial dividend \"bump\" and visible 10% growth in the medium term; 10% dividend growth \"best-in-class\" among large cap C-Corp peers", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:15.959186+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e8feab8c-8e15-4b8c-bb3b-4166d8a1b2b4", "evidence": "list/bullet: Base Case: KMI purchases all of the publicly owned equity in KMP / EPB at a 10% premia on 1/1/15 (KMR purchased at KMP purchase price)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:16.028663+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1a319c3d-599d-4b28-ad09-5ac873ebe84b", "evidence": "list/bullet: Assumes 2015 - 2023 KMP / EPB debt maturities are refinanced at KMI", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:16.099244+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c4b8a449-18e4-42b2-bc64-fd09834316d1", "evidence": "table/data: Sources and Uses tables for KMP, KMR, and EPB", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.928122+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0fcb3404-7574-494c-8151-e9838e51ee2c", "evidence": "table/data: Pro forma financial projections table including cash flows, dividends, and debt statistics for 2015-2023.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.998204+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "09145ec5-219d-4a9e-ae64-2a5254add6ca", "evidence": "table/data: Sensitivity analysis table showing premiums from 10% to 15% and their impact on unit prices, cash coverage, and dividends.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.069054+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "341401a2-9b5f-4367-85ff-5d9514691cce", "evidence": "table/data: KMP and EPB financial tables showing Status Quo, Pro Forma, and Distribution Comparison metrics from 2015-2019.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.13897+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "18a85409-2fe8-4a25-a76d-adf27006677f", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:03.934156+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0ab8d5c1-3d25-4c0d-80df-a9321c687935", "evidence": "table/data: Comparable company financial metrics table for TransCanada, Enbridge, and Duke Energy", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.277073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ab0da746-f196-4969-85e0-078f969d1300", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:04.016699+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a0d73154-2ce4-4aa5-baa1-5fece2261c47", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:04.143466+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "a6be9a75-0206-4293-9c3e-ad5d1d4a935e", "evidence": "Comparing KMI performance against a peer group of GPs", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": { "backend": "codex", "scoredAt": "2026-05-02 23:40:52.403+00", "subScores": { "scqa_arc": 43, "action_titles": 37, "mece_structure": 60, "closing_strength": 18, "evidence_quality": 82, "clarity_of_thesis": 66, "production_quality": 60, "visual_storytelling": 70 }, "totalScore": 55, "coveragePct": 100, "explanations": { "scqa_arc": "The flow reads more like an analytical model book than SCQA, moving from agenda and assumptions into outputs without a clear complication or governing question.", "action_titles": "Most titles are topic labels rather than insight claims; example title: \"Sensitivity Analysis to Premiums\" on slide 9.", "mece_structure": "The deck separates transaction/base-case analysis from trading implications in slides 3-16, but the sections overlap around valuation effects and leave the decision criteria and recommendation logic underdeveloped.", "closing_strength": "The deck ends with appendix material and a disclaimer on slides 17-20 rather than a clear recommendation, decision request, or next-step plan.", "evidence_quality": "Claims are well supported by detailed model tables, data points, footnotes, FactSet comps, and historical trading charts across slides 7-16, though slide 4's strategic benefits are more asserted than proven.", "clarity_of_thesis": "The central idea that structural consolidation should create value is identifiable by slide 4, but the deck does not turn it into a crisp transaction recommendation in the first five slides.", "production_quality": "The deck has bank-style table discipline and footnotes, but production quality is held back by low action-title density, section-divider reliance, and dense model tables with limited narrative hierarchy.", "visual_storytelling": "The deck uses generally appropriate tools, including the causal flow on slide 4, sensitivity table on slide 9, peer charts on slide 12, and comps tables on slides 13-16, but synthesis callouts are limited." }, "slidesAnalyzed": 20 }, "review": { "backend": "claude", "verdict": "A competent but archetypal sell-side working deck — analytically dense and structurally ordered, but a weak Storymakers exemplar because it presents data without arguing a thesis or landing a recommendation.", "reviewedAt": "2026-05-03 03:36:12.311+00", "slidesSeen": 20, "suggestions": [ "Insert an executive summary slide at position 2 or 3 stating the recommended transaction structure, the dollar impact, and the key risk in three lines", "Rewrite topic-label titles into action titles — e.g., slide 9 should read 'Yield holds above peers even at a 20% premium to KMP' instead of 'Sensitivity Analysis to Premiums'", "Add a closing 'Recommendation & Next Steps' slide before the appendix so the deck lands an ask rather than trailing into assumptions", "Collapse slides 17 and 18 into a single appendix divider; back-to-back transitions waste reader attention", "Promote slide 4's causal diagram into a true SCQA setup: name the Situation (KMI's yield gap on slide 12), the Complication, and frame consolidation as the Answer" ], "closingScore": 30, "openingScore": 45, "topStrengths": [ "Slide 4 attempts an action title and uses a causal flow diagram to link consolidation to outcomes — the one slide that argues a point", "Clear two-act structure signaled by section dividers (slide 3 Transactions, slide 11 Trading Implications) gives the reader a navigable spine", "Dense, well-footnoted analytical core (slides 7-10, 12-16) with peer benchmarks and sensitivity tables typical of a credible IB working deck" ], "topWeaknesses": [ "No executive summary or thesis slide up front — the reader must infer the recommendation from slide 4's diagram", "No closing recommendation, next-steps, or synthesis; deck ends at slide 16 then drifts into two appendix dividers (17, 18) and a disclaimer", "Titles are nouns ('Preliminary Has-Gets Analysis', 'Other C-Corp Comparables') rather than insights — the reader cannot skim the takeaway", "Redundant transitions: slide 17 ('Appendix') and slide 18 ('Additional Supporting Materials') are back-to-back dividers with no content between them" ], "narrativeScore": 55, "pillarCritique": "The two section dividers ('Overview of Potential Transactions' on slide 3 and 'Trading Implications' on slide 11) reflect topic buckets, not MECE pillars of an argument; the appendix is also duplicated by two redundant dividers (17 and 18).", "closingCritique": "The deck ends on slide 16 (a yield comparison table) followed by appendix dividers (17-18), assumptions (19), and a disclaimer (20); no synthesis slide, no recommendation, no call to action. It trails off into back matter rather than landing the ask.", "openingCritique": "Slides 1-3 are cover, TOC, and a topic-label divider; the only insight-bearing title is slide 4 ('Structural Consolidation is Expected to Positively Impact...'), so the thesis isn't visible until page 4 and is hedged rather than asserted.", "extractionSeconds": 80.196, "narrativeCritique": "The deck follows a conventional banker structure (transaction overview to trading implications to appendix) but lacks a true SCQA arc; there is no setup of the client situation or complication, just analysis blocks. Acts of tension and resolution are missing, so it reads as a working session rather than a persuasive narrative.", "titleQualityScore": 40, "titleQualityCritique": "Most titles are topic labels ('Preliminary Assumptions', 'Sensitivity Analysis to Premiums', 'Comparable Midstream Companies', 'Pro Forma Yield Comparison'). Only slide 4 attempts an action title, and even there 'Expected to Positively Impact' is hedged rather than declarative." }, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/u-RfxYMj6ocMyLu3bxpUpncXYIvn1Gx6qeSEWdIk1N0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZDQ2N2I2NDdiNWU4MmEyNzg5OTZkN2Q3Y2Q0N2YxMS9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 6, "textChars": 104, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:36.884+00", "seconds": 5.291, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/1", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-1", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.1, "x": 0.83, "y": 0.02 }, "kind": "disclaimer", "text": "Confidential", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d73d5af-5706-43a6-901d-7da8525168da", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.79, "y": 0.88 }, "kind": "disclaimer", "text": "Confidential Presentation", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d46499f6-04d4-4e8c-9215-994313bd5006", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.22, "x": 0.095, "y": 0.12 }, "kind": "image", "text": "Barclays", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4a31f0d-9dd2-47c1-87a7-7534e3acf8ca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.12, "y": 0.625 }, "kind": "paragraph", "text": "July 16, 2014", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37aff6e6-ed44-4380-91ae-f8abff42c5e5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.12, "y": 0.365 }, "kind": "title", "text": "Project Fusion", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e61c34a-d7a6-4c51-b3ef-6dc9a066df57", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.12, "y": 0.435 }, "kind": "title", "text": "Preliminary Discussion Materials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c068f52-8e16-402b-bac5-2def263faefe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/mHiYywV0YWKrjnoBgIwuCGD4XM7xk08iiBjTMoz47vE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZDQ2N2I2NDdiNWU4MmEyNzg5OTZkN2Q3Y2Q0N2YxMS9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/HwzJZyl0Cc0SAtB77K3iHFjX63GjsRMHKqm1emjFFTA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZDQ2N2I2NDdiNWU4MmEyNzg5OTZkN2Q3Y2Q0N2YxMS9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/sj_fLJjHpOoS6WVHq5pVXeT6gGGx9JJXM3tnkUyQLd0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZDQ2N2I2NDdiNWU4MmEyNzg5OTZkN2Q3Y2Q0N2YxMS9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 5, "textChars": 162, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:34.107+00", "seconds": 2.464, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/2", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-2", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.3, "x": 0.135, "y": 0.315 }, "kind": "list", "text": "Appendix\nA. Additional Supporting Materials", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ac640e9-f160-4716-99d1-0d8ba73f904b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.55, "x": 0.066, "y": 0.19 }, "kind": "list", "text": "1. Overview of Potential Transactions and Base Case Analysis\n2. Trading Implications", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03d71512-4b5a-4716-a092-dde3ac7d0925", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.04, "x": 0.895, "y": 0.14 }, "kind": "paragraph", "text": "Agenda", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59d27c62-4d1d-4ff8-806b-148434c5cc99", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.095, "x": 0.838, "y": 0.025 }, "kind": "paragraph", "text": "Confidential", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fb12271-b38b-4204-a065-d068d72eb381", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.235, "x": 0.066, "y": 0.085 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be18ca82-f109-4392-b96e-036d226649ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 2, "componentCount": 1, "textChars": 57, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:33.852+00", "seconds": 2.04, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/3", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-3", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.785, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Overview of Potential Transactions and Base Case Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:33.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c3cf907-a0c4-4147-bbe8-4decbda2d73a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Situation & Context", "beatId": "2b598ab2-39e2-4ab3-b5cb-a11b9f868a9e", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Provides an overview of potential transactions and base case analysis", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "resolution", "title": "The slide uses a causal flow diagram to link 'Consolidation' to specific positive outcomes.", "function": "quantify_impact", "rawType": "impact_sizing", "block": null, "metadata": { "slideType": "impact_sizing", "slideTypeCanon": { "name": "Impact sizing", "slug": "impact_sizing", "status": "active", "canonId": "019de52d-0d26-773b-aeda-2d1930f5636d", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 729, "nDataPoints": 4, "notes": "The slide uses a causal flow diagram to link 'Consolidation' to specific positive outcomes.", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:38.95+00", "seconds": 7.092, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/4", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-4", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.08, "x": 0.28, "y": 0.28 }, "kind": "diagram", "text": "Consolidation", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83d10a96-7c14-4920-8c18-4363e22758fb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.52, "x": 0.42, "y": 0.35 }, "kind": "list", "text": "Cost of Capital: Lowers cost of capital of overall corporate family; Provides more valuable acquisition currency", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36f5bda8-f295-40d8-8a67-4de64d1fdeda", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.52, "x": 0.42, "y": 0.67 }, "kind": "list", "text": "Credit Enhancement: Creates a single \"credit family\" by eliminating subordination", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6116b8c8-79a7-49d9-b597-69734b4929f0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.52, "x": 0.42, "y": 0.55 }, "kind": "list", "text": "CO2 Considerations: Dilutes percentage of oil production contribution; From ~17% in KMP, to ~14% in pro forma KMI", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54fb829-3f2c-4702-a6f8-7c42aca69168", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.52, "x": 0.42, "y": 0.46 }, "kind": "list", "text": "Coverage: 5 years of visible coverage provides funds for general corporate purposes", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cff105ca-ce17-4135-bd78-6512b3116ac9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.52, "x": 0.42, "y": 0.21 }, "kind": "list", "text": "Growth Prospects: Investors receive initial dividend \"bump\" and visible 10% growth in the medium term; 10% dividend growth \"best-in-class\" among large cap C-Corp peers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0a9d4b0-9774-472c-9cc8-cc0aa6cd1572", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Calculated as CO2 Oil Production EBITDA divided by total 2014E segment earnings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aeba6ca4-fe57-4273-9ee8-1d6aac01ae8d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.05 }, "kind": "title", "text": "Structural Consolidation is Expected to Positively Impact a Number of Key Factors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11bdd112-d9cf-4473-aa1d-4871f83d256f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "16c3ee37-c72a-4b1b-b38b-161dd5c06851", "evidence": "list/bullet: Growth Prospects: Investors receive initial dividend \"bump\" and visible 10% growth in the medium term; 10% dividend growth \"best-in-class\" among large cap C-Corp peers", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:15.959186+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Problem & Complication", "beatId": "3766fa85-c914-4bcd-9f70-98d31eeff6da", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Discusses structural consolidation and its positive impact", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 4, "from": 4, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "ba4830a4-dcf6-4fdb-a939-b630fbc1bf91", "evidence": "Discussion of structural consolidation's positive impact", "position": 1, "objective": "Highlight the benefits of action", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:21.48245+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "Includes specific tax, debt, and asset valuation assumptions.", "function": "establish_context", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 4, "textChars": 596, "nDataPoints": 15, "notes": "Includes specific tax, debt, and asset valuation assumptions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:37.62+00", "seconds": 5.699, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/5", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-5", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.068, "y": 0.85 }, "kind": "disclaimer", "text": "1 Source: Management estimates\n2 Assumes approximately 13.7 years of depreciable life, which is the average life of the various components that make-up the depreciable base.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:37.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b503071-1bab-4070-842b-b9df925c6c12", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.83, "y": 0.02 }, "kind": "disclaimer", "text": "Confidential", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:37.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81a2edbe-eda8-4023-a992-b7ae4ab0f932", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.068, "y": 0.15 }, "kind": "list", "text": "Base Case: KMI purchases all of the publicly owned equity in KMP / EPB at a 10% premia on 1/1/15 (KMR purchased at KMP purchase price)\nAll share / unit prices as of 7/14/2014\nAssumes KMI finances the KMP and EPB acquisitions with ~88% equity / ~12% debt\nAssumes KMI finances the KMR acquisition with 100% equity\nAssumes KMI steps-up the value of the assets at KMP and EPB for tax purposes", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:37.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6f7f785-773d-4491-88a5-ae12a8c154ab", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Preliminary Assumptions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:37.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97733642-6212-42d9-8a1f-6beed2afa9d6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e8feab8c-8e15-4b8c-bb3b-4166d8a1b2b4", "evidence": "list/bullet: Base Case: KMI purchases all of the publicly owned equity in KMP / EPB at a 10% premia on 1/1/15 (KMR purchased at KMP purchase price)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:16.028663+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Evidence & Proof", "beatId": "b3848ec0-5cfb-4889-baa0-7985e3b23c3a", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Presents preliminary assumptions and financial data", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "The slide outlines specific debt, dividend, capex, and warrant conversion assumptions.", "function": "establish_context", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 3, "textChars": 839, "nDataPoints": 9, "notes": "The slide outlines specific debt, dividend, capex, and warrant conversion assumptions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:34.442+00", "seconds": 2.514, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/6", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-6", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.86, "x": 0.068, "y": 0.19 }, "kind": "list", "text": "Assumes 2015 - 2023 KMP / EPB debt maturities are refinanced at KMI\nKMI targets a $2.00 2015 dividend and a 10% growth rate through 2020 (excess cash used to repay debt)\nKMI funds growth capex with $4.0 billion in aggregate equity issuance from 2016 - 2017 and funds the remaining growth capex with debt, subsequently 2017 equity issuance reduced by ~$260 million of monies not paid out due to warrant dilution\nDebt issuance assumes 4.75% interest rate (rate steps up to 5.75% over time)\nAssumes $20 million in savings of public company expenses due to consolidation\nAssumes pro forma KMI warrant conversion into ~68 million KMI shares calculated assuming 298 million warrants outstanding with a strike price of $40.00 and KMI share price at conversion of $51.87 (4.5% yield)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.442+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "209082cb-10ed-42a1-8ebe-5ca4082089db", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.068, "y": 0.88 }, "kind": "source-note", "text": "1. Source: Management estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.442+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ed3885-fbc5-460c-b148-3039f748fe46", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.41, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Preliminary Assumptions (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.442+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b85daee-61cf-4d9d-bf23-cd28b62ff465", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1a319c3d-599d-4b28-ad09-5ac873ebe84b", "evidence": "list/bullet: Assumes 2015 - 2023 KMP / EPB debt maturities are refinanced at KMI", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:16.099244+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Evidence & Proof", "beatId": "b3848ec0-5cfb-4889-baa0-7985e3b23c3a", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Presents preliminary assumptions and financial data", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "analysis", "title": "Includes detailed footnotes regarding share conversion and insider ownership.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 176, "nDataPoints": 48, "notes": "Includes detailed footnotes regarding share conversion and insider ownership.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:34.329+00", "seconds": 2.376, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/7", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-7", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.82 }, "kind": "disclaimer", "text": "Footnotes 1-5 detailing assumptions and exclusions.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39847354-30ab-4abf-aba8-c5a4f44ad322", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.88, "x": 0.06, "y": 0.17 }, "kind": "table", "text": "Sources and Uses tables for KMP, KMR, and EPB", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c3db40a-ca2b-46c3-a398-a8a8994d2244", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.56 }, "kind": "table", "text": "Status Quo and Pro Forma ownership tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcf770d5-1c5f-4101-9405-840ef0a228c2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.52 }, "kind": "title", "text": "KMI Ownership", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1310a4c5-e265-4179-b544-a27d9c1a3583", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Preliminary Sources & Uses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f353ef90-287b-4860-9890-2f08fef4c4f2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c4b8a449-18e4-42b2-bc64-fd09834316d1", "evidence": "table/data: Sources and Uses tables for KMP, KMR, and EPB", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.928122+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "analysis", "title": "Contains two distinct sets of financial projections side-by-side for different entities/scenarios.", "function": "quantify_impact", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 4, "textChars": 509, "nDataPoints": 200, "notes": "Contains two distinct sets of financial projections side-by-side for different entities/scenarios.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.573+00", "seconds": 3.542, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/8", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-8", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.85 }, "kind": "disclaimer", "text": "1 Assumes 4.50% yield\n2 Assumes 4.50% yield\n3 Calculated as 2014 interest expense at KMP and EPB; KMP and EPB debt maturities are refinanced in future periods at pro forma KMI at 4.75% (rate steps up to 5.75% over time).\n4 Per management guidance", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d36ba39-2eb9-46a7-95b3-441fec0e30e5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.07, "y": 0.13 }, "kind": "list", "text": "KMI Price: $35.97\nKMP acquisition price = $88.87\nKMR acquisition price = $88.87\nEPB acquisition price = $39.31", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e87a823-0f0b-4544-bcd7-ba0bb7b29ae7", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.24 }, "kind": "table", "text": "Pro forma financial projections table including cash flows, dividends, and debt statistics for 2015-2023.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a11c303f-c7b1-4879-92e7-d86ed4fe5d2e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Pro Forma Consequences – $4.0bn acquisition debt", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47617e43-66be-4f3b-b9cf-0589487e731a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0fcb3404-7574-494c-8151-e9838e51ee2c", "evidence": "table/data: Pro forma financial projections table including cash flows, dividends, and debt statistics for 2015-2023.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.998204+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "analysis", "title": "The table displays sensitivity to premiums paid to KMP, EPB, and KMR, with a reference table for 7/14/2014 share/unit prices.", "function": "analyze_data", "rawType": "sensitivity_analysis", "block": null, "metadata": { "slideType": "sensitivity_analysis", "slideTypeCanon": { "name": "Sensitivity analysis", "slug": "sensitivity_analysis", "status": "active", "canonId": "019de52d-0e3e-71aa-afde-42c88c3adc5f", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 327, "nDataPoints": 72, "notes": "The table displays sensitivity to premiums paid to KMP, EPB, and KMR, with a reference table for 7/14/2014 share/unit prices.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:54.034+00", "seconds": 21.837, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/9", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-9", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.35, "x": 0.06, "y": 0.16 }, "kind": "paragraph", "text": "Sensitivity to premium paid to KMP, EPB and KMR(1)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:54.034+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "205a5340-11bb-4ddc-a57d-d6b02d6fe984", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.06, "y": 0.86 }, "kind": "source-note", "text": "1. Assumes KMP and KMR at equal unit prices. 2. Assumes a 4.50% yield.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:54.034+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "748883f6-4669-4e13-9fc7-a29ca4345d31", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.09, "y": 0.26 }, "kind": "table", "text": "Sensitivity analysis table showing premiums from 10% to 15% and their impact on unit prices, cash coverage, and dividends.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:54.034+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69eb3d83-bff8-41d1-99e7-0801291c8e65", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.06, "y": 0.65 }, "kind": "table", "text": "7/14/2014 Share / Unit Prices for KMI, KMP, KMR, EPB.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:54.034+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c451df1a-1495-4627-a2f3-e2f65af2018d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Sensitivity Analysis to Premiums", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:54.034+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06bdc677-f333-42f1-80cc-1c0819ade9f9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "09145ec5-219d-4a9e-ae64-2a5254add6ca", "evidence": "table/data: Sensitivity analysis table showing premiums from 10% to 15% and their impact on unit prices, cash coverage, and dividends.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.069054+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "analysis", "title": "The slide presents a detailed financial model comparing two entities (KMP and EPB) across multiple metrics including unit price, exchange ratios, and tax-adjust", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 308, "nDataPoints": 150, "notes": "The slide presents a detailed financial model comparing two entities (KMP and EPB) across multiple metrics including unit price, exchange ratios, and tax-adjusted value uplifts.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:34.898+00", "seconds": 2.56, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/10", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-10", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.82 }, "kind": "disclaimer", "text": "Source: Per management. 1. Calculated as 2014 distribution guidance... 2. Calculated by dividing... 3. Approximate calculation for an average unit holder...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5c0997-1d84-4806-8517-b1e0848cec60", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.85, "y": 0.02 }, "kind": "other", "text": "Confidential", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6d769fc-e3ab-43d4-a2c3-5a6ce8215e96", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "table", "text": "KMP and EPB financial tables showing Status Quo, Pro Forma, and Distribution Comparison metrics from 2015-2019.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56bd6826-8fbc-44e8-aa36-5611a38dc67a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Preliminary Has-Gets Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.898+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77ed5158-3b76-488b-a3f2-a956e362e602", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "341401a2-9b5f-4367-85ff-5d9514691cce", "evidence": "table/data: KMP and EPB financial tables showing Status Quo, Pro Forma, and Distribution Comparison metrics from 2015-2019.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.13897+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 10, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "53a6e06c-4851-4598-89fc-82e5f8115890", "evidence": "Has-Gets Analysis table", "position": 0, "objective": "Break down the analysis into manageable parts", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:21.439773+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 20, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:34.017+00", "seconds": 1.624, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/11", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-11", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.028, "w": 0.214, "x": 0.068, "y": 0.428 }, "kind": "title", "text": "Trading Implications", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:34.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6705b7d-8bb5-40d3-afc6-67d7a928b0fa", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "18a85409-2fe8-4a25-a76d-adf27006677f", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:03.934156+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "Includes two line charts: one showing individual peer yields and one showing KMI vs. the aggregate GP index.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 269, "nDataPoints": 16, "notes": "Includes two line charts: one showing individual peer yields and one showing KMI vs. the aggregate GP index.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.239+00", "seconds": 2.782, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/12", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-12", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.86, "x": 0.068, "y": 0.2 }, "kind": "chart", "text": "KMI Yield vs. GP Comparables", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0010563e-da6e-4313-aa6f-cf2634fbe466", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.86, "x": 0.068, "y": 0.54 }, "kind": "chart", "text": "KMI Yield vs. GP Comparables (Index)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd40c87c-cf72-46f5-b7fe-617a82a4aaac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.068, "y": 0.87 }, "kind": "source-note", "text": "1. Per Factset. 2. Per Factset. Shown as average yield of the following comps: ETE, OKE, PAGP, SE, TRGP, WGP and WMB.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d378c484-9d19-42aa-90d0-36001a9a507e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.068, "y": 0.16 }, "kind": "title", "text": "KMI has underperformed since late 2012 vs. the GP universe", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04d959f8-7b7f-441e-8850-17c0d32c2b5a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "KMI Historical Trading vs. GPs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33f120f4-c6c4-4107-a55b-001cc2b12c13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a6be9a75-0206-4293-9c3e-ad5d1d4a935e", "evidence": "Comparing KMI performance against a peer group of GPs", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:35.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "setup", "title": "Data as of 7/14/2014.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 3, "textChars": 465, "nDataPoints": 36, "notes": "Data as of 7/14/2014.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.219+00", "seconds": 2.459, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/13", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-13", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.83 }, "kind": "disclaimer", "text": "Note: Market data as of 7/14/2014, estimates per Wall Street research. 1. Pro forma for Williams' acquisition of GIP's GP and LP interests in Access Midstream Partners. 2. Dividend yield shown for WMB. Current yield as announced for Q3 2014. 3. KMI is pro forma transaction assuming 4.5% yield. Coverage is 2015E and estimated growth is 2015-2018. 4. Assumed yield for KMI.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40515eff-fff9-415f-82cb-b4358b201d57", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.165 }, "kind": "table", "text": "Summary Comparison table with metrics for EPD, WMB, and PF KMI", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f1704e9-f87d-4686-8814-14d3d6a7cfd1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Comparable Midstream Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1700bb0-622d-40ba-aef8-0e519717e670", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "title": "Data sourced from FactSet; includes specific notes on calculation methodologies for payout ratios and FCF.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 439, "nDataPoints": 24, "notes": "Data sourced from FactSet; includes specific notes on calculation methodologies for payout ratios and FCF.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.796+00", "seconds": 2.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/14", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-14", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.068, "y": 0.84 }, "kind": "disclaimer", "text": "Note: All data shown in US dollars and per FactSet. 1. Calculated as dividend per share divided by adjusted EPS per FactSet. 2. TRP FCF (2013A USD): ($741mm); Dividends (2013A USD): $1,224mm. ENB FCF (2013A USD): ($4,606mm); Dividends (2013A USD): $956mm. DUK FCF (2013A USD): $856mm; Dividends (2013A USD): $2,192mm.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a60532e-579b-4c34-bb21-ba3cabcacddd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.15, "x": 0.068, "y": 0.92 }, "kind": "image", "text": "Barclays logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "770fe4ab-e646-4eea-9857-1fdc15dff0f7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.068, "y": 0.165 }, "kind": "table", "text": "Comparable company financial metrics table for TransCanada, Enbridge, and Duke Energy", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7768466-7b49-4049-a83a-07cef009a432", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Other C-Corp Comparables", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98a0a97f-90f4-4400-ad6a-e8a15b21a03e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0ab8d5c1-3d25-4c0d-80df-a9321c687935", "evidence": "table/data: Comparable company financial metrics table for TransCanada, Enbridge, and Duke Energy", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:18.277073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "setup", "title": "The slide highlights KMI's competitive positioning in terms of yield and growth.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 4, "textChars": 871, "nDataPoints": 50, "notes": "The slide highlights KMI's competitive positioning in terms of yield and growth.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:40.654+00", "seconds": 7.381, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/15", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-15", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "KMI would stand out in the S&P 500 due to its high dividend and dividend growth rate\nBased on current market conditions and pro forma metrics of the proposed combined company, it is our view that the pro forma combined company will trade at a 4.50% yield or below", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:40.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57b7ae24-74a2-4f14-878d-5a31f0287ef6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.82 }, "kind": "source-note", "text": "Source: FactSet. 1. Companies shown meet the following criteria: in S&P 500, market cap > $40 billion, LQA dividend > ~3%, 2014 - 2016 dividend growth > ~5%. 2. KMI data shown at beginning-year 2015 pro forma for KMP/KMR/EPB acquisitions. Dividend growth is shown from 2015 - 2017. EV/EBITDA multiple is shown as a multiple of 2015 EBITDA. 3. Barclays does not render formal opinions or assurances regarding future trading values.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:40.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfde2d9a-a756-4001-97ef-bfd5b876e51b", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.88, "x": 0.06, "y": 0.26 }, "kind": "table", "text": "Overview of PF KMI vs peers including Market Cap, LQA Dividend Yield, 2014-2016 Dividend Growth, and EV/2014 EBITDA Multiple.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:40.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdeba1b6-4b90-489a-8381-6ee2c4ed2ffc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Comparison of PF KMI vs. S&P 500 High Dividend Stocks", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:40.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd0c29a7-688a-47e0-8304-9ff868352c8e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 3, "textChars": 253, "nDataPoints": 14, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:38.65+00", "seconds": 5.162, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/16", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-16", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.85, "x": 0.068, "y": 0.175 }, "kind": "paragraph", "text": "Relative to large and mid cap partnerships with similar distribution growth rates, pro forma KMI would offer an attractive yield", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ef3147-3456-4855-a5d8-10e3dfd215e4", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.15, "y": 0.27 }, "kind": "table", "text": "Comparison table of 7 entities with columns for Expected Distribution Growth Rate and Current Yield", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f51cee8-fa32-4cd2-839d-fd0cda6aefb4", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.35, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Pro Forma Yield Comparison", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:38.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aac47dc2-d489-4897-88fc-a50a6c04262b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 7, "name": "Impact & Next Steps", "beatId": "9fabb184-712b-4fee-a167-01901c991e03", "matchId": "bbf56398-071e-4291-9e31-0c1efbc91ce4", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Covers financial analysis, sensitivity analysis, and market comparisons", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 0, "componentCount": 1, "textChars": 8, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.887+00", "seconds": 2.362, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/17", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-17", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.085, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "221a5e1b-547b-4a49-b2ee-58030be00b9b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ab0da746-f196-4969-85e0-078f969d1300", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:04.016699+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 31, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:35.238+00", "seconds": 1.601, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/18", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-18", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.448, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Additional Supporting Materials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:35.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bb3620c-45a1-4754-9641-8f976b333dab", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a0d73154-2ce4-4aa5-baa1-5fece2261c47", "evidence": "This slide has a title/headline and no other content, which is typical of a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:30:04.143466+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "The slide outlines specific growth, capex, and funding assumptions used for financial modeling.", "function": "summarize", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 5, "textChars": 792, "nDataPoints": 12, "notes": "The slide outlines specific growth, capex, and funding assumptions used for financial modeling.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:36.685+00", "seconds": 2.73, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/19", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-19", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.16 }, "kind": "list", "text": "KMP: Assumes annual KMP EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth funded by growth capex)\nMaintenance capex assumed to be 5% of EBITDA\nEBITDA growth from capex assumed at a 7.0x investment multiple\nGrowth capex is funded with 50% equity / 50% debt", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29427de9-501e-4a73-964c-ff64c4afbe14", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.06, "y": 0.48 }, "kind": "list", "text": "KMI: KMP and EPB growth in LP distributions / GP cash flow per current ownership structure\nAssumes no debt / equity is issued at KMI\nAssumes a ~35% tax rate on cash flows", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b51e53b-2622-48dc-8599-927de732d051", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.32 }, "kind": "list", "text": "EPB: Assumes annual EPB EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth funded by growth capex)\nMaintenance capex assumed to be 3.25% of EBITDA\nEBITDA growth from capex assumed at a 7.0x investment multiple\nGrowth capex is funded with 50% equity / 50% debt", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8310a3e3-f629-49e5-9a29-411cc22933b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "1. Source: Management estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "462d76a9-0763-4afd-99f5-8a52e18c0d65", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Summary Assumptions for Years 2019 - 2023", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:36.685+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d02cf41a-c76a-4acf-82f7-0efd656f4d44", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 4141, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:46.269+00", "seconds": 12.278, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5508-75c2-b1e2-1fc8fef2cf07/20", "deck": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07", "deckAnchor": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07#slide-20", "deckJson": "/decks/019de06f-5508-75c2-b1e2-1fc8fef2cf07.json" }, "components": [ { "bbox": { "h": 0.155, "w": 0.864, "x": 0.068, "y": 0.145 }, "kind": "disclaimer", "text": "These pages contain material that was provided to the Board of Directors (the \"Board\") of Kinder Morgan Inc. (the \"Company\") by Barclays Capital Inc. (\"Barclays\"), the United States investment banking division of Barclays Bank PLC. The accompanying material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior consent of Barclays. The information contained in this material was obtained from the Company and publicly available sources, and Barclays has relied upon such information without independent verification thereof. These materials are being provided in connection with an actual engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays. Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy any securities described herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e88818d-d2b4-40c9-8868-e3071f293b29", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.864, "x": 0.068, "y": 0.755 }, "kind": "disclaimer", "text": "Barclays Capital is the investment banking division of Barclays Bank PLC. Barclays Bank PLC is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Copyright Barclays Bank PLC, 2014 (all rights reserved). This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36f6da5a-a10e-4cad-bb29-5c4793596dd0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.864, "x": 0.068, "y": 0.625 }, "kind": "disclaimer", "text": "Barclays, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) of the Company or any counterparty to the transaction contemplated herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87d43183-2842-452a-944f-d99495a0290e", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.864, "x": 0.068, "y": 0.465 }, "kind": "disclaimer", "text": "Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be viewed in conjunction with, the oral briefing provided by Barclays. These materials were not prepared to comply with the disclosure standards under state and federal securities laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, neither the Company nor Barclays nor any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. These materials are not intended to provide the sole basis for evaluation of the proposed transaction and do not purport to provide all information that may be required and should not be considered a recommendation with respect to the proposed transaction.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adefe4ef-96be-4fdb-9740-4638adaed5ac", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.864, "x": 0.068, "y": 0.675 }, "kind": "disclaimer", "text": "IRS Circular 230 Disclosure: Barclays and its affiliates do not provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication (including any attachments) cannot be used by the Company for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) the Board should seek advice based on its particular circumstances from an independent tax advisor.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d02e7c23-9669-449f-a9e3-094c10e7f683", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.864, "x": 0.068, "y": 0.305 }, "kind": "disclaimer", "text": "Any estimates and projections contained herein have been prepared by management of the Company or were obtained from publicly available sources or are based upon such estimates and projections. The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials. Theses material are not, and shall not be considered as, a fairness opinion nor as a report, opinion or appraisal relating to any consideration or the fairness of any consideration involved in the proposed transaction.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd7c7615-7d46-4692-abfa-0803ea7d5594", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.13, "x": 0.068, "y": 0.915 }, "kind": "image", "text": "Barclays logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ad74719-fe18-46d1-b07c-a9698c048482", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.15, "x": 0.068, "y": 0.088 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:46.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b155dc5b-c555-4915-9261-42c3f9ddde18", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 3, "label": "Situation & Context", "description": "Provides an overview of potential transactions and base case analysis" }, { "from": 4, "to": 4, "label": "Problem & Complication", "description": "Discusses structural consolidation and its positive impact" }, { "from": 5, "to": 6, "label": "Evidence & Proof", "description": "Presents preliminary assumptions and financial data" }, { "from": 7, "to": 16, "label": "Impact & Next Steps", "description": "Covers financial analysis, sensitivity analysis, and market comparisons" } ], "loops": [ { "from": 10, "to": 10, "label": "Mece Breakdown", "description": "Break down the analysis into manageable parts" }, { "from": 4, "to": 4, "label": "Cost Of Inaction", "description": "Highlight the benefits of action" } ] }