{ "schemaVersion": "deck-intelligence.v1", "id": "019de06f-5720-700b-8697-bc9e90515b45", "slug": "9908e1f1ccd4c543a753da7f39f8adab", "title": "Barclays | Investment Banking Pitch Book | 33 slides", "subtitle": "Barclays · 2014-08", "author": "Barclays", "date": "2014-08-01 00:00:00", "pageCount": 33, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.2964213, "document": { "id": "019de06f-5720-700b-8697-bc9e90515b45", "slug": "9908e1f1ccd4c543a753da7f39f8adab", "title": "Barclays | Investment Banking Pitch Book | 33 slides", "rawTitle": "Barclays | Investment Banking Pitch Book | 33 slides", "authorId": "barclays", "authorName": "Barclays", "authorDisplay": "Barclays", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2014-08__barclays__ib-pitchbook__9908e1f1.pdf", "sourceUrl": "https://www.slidebook.io/company/barclays/presentation/9908e1f1ccd4c543a753da7f39f8adab/", "sourceDate": "2014-08-09 00:00:00", "presentationDate": "2014-08-01 00:00:00", "ingestedAt": "2026-04-30 22:08:06.550817+00", "status": "ready", "pageCount": 33, "orientation": "landscape", "aspectRatio": 1.2964213, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "banks-diversified", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2014-08__barclays__ib-pitchbook__9908e1f1", "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": 33, "pagesIndexed": 33, "pagesWithImages": 33, "pagesWithMetadata": 33, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 130, "chartCount": 7, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 0, "frameworkMatches": 7, "arcMatches": 1, "beatMatches": 5, "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": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "evidence": "The document follows a structured approach to analysis, including situation and context, problem and complication, solution and approach, evidence and proof, and impact and next steps", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:05:14.929238+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "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": 1, "name": "Situation & Context", "beatId": "4ea54058-7728-4539-b088-f60ed3f6f6ac", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the proposed transaction and the organizational structure", "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": 8, "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": "Problem & Complication", "beatId": "5573f9fe-138e-45a5-996c-33458415e1a9", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a strategic rationale and relative price performance", "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": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null, "categoryName": "Vision", "categorySlug": "vision" }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "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": "edc0ff54-543f-4b80-9961-8c1cc8b210e3", "evidence": "components: 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 23:21:27.334163+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "7449019c-8899-40fc-bb8f-2e2cff4ccb55", "evidence": "DCF Calculation table showing forecasted distributions, terminal value, and present value per share.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.309117+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "102656db-7d59-4df0-9b5f-e77aa552bd7a", "evidence": "Summary comparison table of financial metrics for EPD, MMP, WMB, OKE, and PF KMI.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:21:17.49177+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "afc92045-66d4-4267-817a-95d7b17cdbb2", "evidence": "Outlines the specific valuation methodologies chosen for the fairness opinion.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "analytical-method" }, { "matchId": "6ffe6907-8597-4bf4-8cd2-e91592836b92", "evidence": "Comparison of KMI against industry peers and S&P 500 high dividend companies", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:06.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "peer_benchmark" }, { "matchId": "869730d0-40c0-469d-a41f-2989c8b17659", "evidence": "The table explicitly breaks down Cost of Equity and Cost of Debt components to arrive at a final Cost of Capital.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "WACC Calculation" }, { "matchId": "b093996d-071f-4e79-a630-46672c2bbf10", "evidence": "The slide explicitly performs a DCF analysis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "discounted-cash-flow" }, { "matchId": "b37b9b61-2fdf-4ac9-b3ba-e84e1338902f", "evidence": "The slide includes a 'Per Share Value Sensitivity' table.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "sensitivity-analysis" }, { "matchId": "f8554953-0962-4994-933b-0a3ee004f454", "evidence": "Standard financial valuation methodology", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "Discounted Cash Flow" }, { "matchId": "9a6155d2-2f54-46f1-a6dc-6978b34746a3", "evidence": "The slide uses a structured table to compare financial metrics across a peer group of midstream companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:09.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": { "backend": "codex", "scoredAt": "2026-05-02 23:42:31.393+00", "subScores": { "scqa_arc": 38, "action_titles": 18, "mece_structure": 66, "closing_strength": 12, "evidence_quality": 86, "clarity_of_thesis": 52, "production_quality": 72, "visual_storytelling": 64 }, "totalScore": 51, "coveragePct": 100, "explanations": { "scqa_arc": "Slides 4-6 imply situation and answer, but the deck quickly becomes a sequence of analyses and appendix workpapers rather than a clear Situation-Complication-Question-Answer progression.", "action_titles": "Most titles are topic labels rather than insight sentences; for example, slide 4 is titled \"Overview of the Proposed Transaction\" instead of a takeaway about why the transaction is attractive or fair.", "mece_structure": "The deck follows recognizable banking workstreams across transaction overview, structure, valuation, cost of capital, and comparables, but appendix sections overlap with the main analysis and slide 30's \"Other\" bucket weakens MECE discipline.", "closing_strength": "The deck has no clear closing recommendation, decision request, or next-step page and ends on appendix has-gets tables on slides 32-33.", "evidence_quality": "Claims are strongly supported by financial tables, market performance charts, DCF analyses, analyst estimates, transaction comparables, and footnotes across slides 8-17 and 23-29.", "clarity_of_thesis": "The transaction topic is clear by slides 4-5, but the core argument is not stated declaratively in the first five slides and only becomes implied through the strategic rationale on slide 6.", "production_quality": "Production polish is high for an investment banking deck, with consistent page types, tables, and footnotes, but action-title density is low and section labels such as slides 18, 19, 22, 27, and 30 interrupt the story.", "visual_storytelling": "The deck generally uses appropriate analytical formats such as the side-by-side structure comparison on slide 5, line charts on slides 8-9, and valuation tables on slides 14-17, but many pages rely on dense tables without narrative callouts." }, "slidesAnalyzed": 33 }, "review": { "backend": "claude", "verdict": "A rigorous but narratively inert IB fairness opinion that documents the analysis without ever arguing the case — a weak Storymakers exemplar despite strong analytical bones.", "reviewedAt": "2026-05-03 03:37:41.853+00", "slidesSeen": 33, "suggestions": [ "Insert an executive recommendation slide at position 4 with a single-sentence fairness conclusion and 3 supporting pillars, then re-cut everything that follows as proof of those pillars", "Rewrite section dividers as MECE claims (e.g., 'The transaction is accretive', 'Cost of capital improves', 'Premiums are in line with precedent') and delete the 'Other' divider — fold slides 31-33 into the relevant claim", "Convert every analytical title to an action title — e.g., slide 14 'Pro forma KMI delivers ~6% dividend accretion through 2020', slide 17 'Consolidation lowers WACC by ~120bps', slide 20-21 'KMI / KMP cost of equity converges in pro forma'", "Add a closing slide after 33 that restates the fairness conclusion, summarizes the valuation reference range from slide 16, and lists board next steps / conditions", "Move slide 16 (Summary Reference Valuation) to immediately after the executive recommendation as the proof anchor — it is currently buried mid-deck where its punchline is wasted" ], "closingScore": 22, "openingScore": 38, "topStrengths": [ "Slide 5's side-by-side status-quo vs. pro-forma org chart is a clean visual comparison that makes the simplification claim self-evident", "Slide 6 'Strategic Rationale' attempts a five-pillar business case (growth, cost of capital, coverage, CO2, credit), giving the deck its only near-MECE structure", "Analytical rigor is comprehensive — DCF (24-25), accretion/dilution (14), WACC (17, 20-21), peer benchmarks (8-9, 15, 28-29) and has-gets (7, 32-33) cover the fairness opinion bases" ], "topWeaknesses": [ "No conclusion slide — deck ends on slide 33 (KMR has-gets table) with no fairness verdict, recommendation, or next steps", "Title bar is non-declarative throughout: slides 20-21 titled 'KMI' / 'KMP' is the extreme; even 'KMI Has-Gets' (7) and 'Approach to Analysis' (10) are nouns, not insights", "'Other' section divider on slide 30 is an explicit MECE failure, and the Appendices divider (18) precedes substantive analysis (19-26), so the spine is incoherent", "Opening does not lead with the answer — first thesis-adjacent content (Strategic Rationale) appears on slide 6, well past the 'lead with the answer' threshold" ], "narrativeScore": 42, "pillarCritique": "Section dividers ('Fairness Opinion Analysis', 'Cost of Capital', 'KMI Reference Valuation Analysis', 'Comparables', 'Other') are topic buckets, not MECE pillars of an argument — and slide 30's 'Other' divider is a textbook MECE failure, while the 'Appendices' divider on slide 18 is followed by more substantive analysis (slides 19-26), muddling the spine.", "closingCritique": "The deck ends with three raw data tables (slides 31-33: Price Performance, KMP/EPB Has-Gets, KMR Has-Gets) under an 'Other' divider — no recommendation slide, no fairness conclusion, no next steps. There is literally no closing argument; the deck just runs out of pages.", "openingCritique": "First five slides — cover, disclaimer, section divider, transaction overview, org chart — never state a thesis or fairness verdict; slide 4 lists terms but withholds the answer. A reader has to wait until slide 6 ('Strategic Rationale') for any directional point of view, and even then it is framed as topics rather than a claim.", "extractionSeconds": 89.375, "narrativeCritique": "Classic investment-bank analytical dump rather than a story arc: setup is thin (slides 1-4 cover legal/terms with no complication), there is no rising tension, and the deck stops mid-analysis at slide 33 without a resolution act. The implicit fairness conclusion is never staged — the reader must assemble it from peer benchmarks (8-9), DCF (24-25) and has-gets tables (32-33).", "titleQualityScore": 28, "titleQualityCritique": "Almost all titles are topic labels rather than action titles: slides 20 and 21 are titled simply 'KMI' and 'KMP', and slides like 'Strategic Rationale' (6), 'Cost of Capital Improvement' (17) and 'KMI Accretion / Dilution Analysis' (14) name the chart instead of stating the finding (e.g., 'Pro forma KMI is accretive to dividends through 2020')." }, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/p3YGYG6v0rYaoWpPMpdsdoyZIZbENewi4mLCFtc2O94/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85OTA4ZTFmMWNjZDRjNTQzYTc1M2RhN2YzOWY4YWRhYi9wMDAxLmpwZw", "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": "sparse", "densityScore": 11, "componentCount": 4, "textChars": 61, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:09.117+00", "seconds": 6.639, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/1", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-1", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.032, "w": 0.165, "x": 0.718, "y": 0.333 }, "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 14:26:09.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b06dbb-fb00-4768-9ff0-0ff11a86344c", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.122, "x": 0.104, "y": 0.555 }, "kind": "paragraph", "text": "August 9, 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 14:26:09.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "237f390f-b556-46d3-bf9c-334e1a8c7ba5", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.253, "x": 0.104, "y": 0.301 }, "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 14:26:09.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8afff6a2-05e0-4c47-8c71-081e9058d744", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.296, "x": 0.104, "y": 0.366 }, "kind": "title", "text": "Fairness Opinion 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": "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 14:26:09.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e3eaa0f-57db-4b65-a16a-f0efa01faf1e", "parentComponentId": null } ], "metrics": [], "tools": [], "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": 1, "name": "Situation & Context", "beatId": "4ea54058-7728-4539-b088-f60ed3f6f6ac", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the proposed transaction and the organizational structure", "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": [], "thumbSrc": "https://imgproxy.kitesheet.com/FugSAXGXd1EyaD7biVcnphfmol9BHySCdaPw0hDQdwY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85OTA4ZTFmMWNjZDRjNTQzYTc1M2RhN2YzOWY4YWRhYi9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/FAwYGM57i-E8zvNcQSsXY3ZUpTEjnBZrMZIByi0QcYc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85OTA4ZTFmMWNjZDRjNTQzYTc1M2RhN2YzOWY4YWRhYi9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/PEomt-c4oz5aJb7RaQLcj9kEDZ0xWAjBvOx8W5KgXEU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85OTA4ZTFmMWNjZDRjNTQzYTc1M2RhN2YzOWY4YWRhYi9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "front_matter", "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": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 3887, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.081+00", "seconds": 5.35, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/2", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-2", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.864, "x": 0.068, "y": 0.815 }, "kind": "disclaimer", "text": "Barclays Capital Inc. is the investment banking division of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2014 (all rights reserved).", "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "094fba49-c379-4a9a-8436-d683f7475ac1", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.864, "x": 0.068, "y": 0.49 }, "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 contain 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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4582ea76-d526-4f7a-ae24-943eba51575c", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.864, "x": 0.068, "y": 0.345 }, "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.", "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaee98c4-63ae-428a-8e30-7f4a837626f3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.864, "x": 0.068, "y": 0.15 }, "kind": "disclaimer", "text": "The following 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 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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3e3bf53-9dc2-45c5-843c-9d14d427fdff", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.864, "x": 0.068, "y": 0.68 }, "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d340a436-d380-4464-aabd-f59a95dc28fc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.864, "x": 0.068, "y": 0.735 }, "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb5322b5-1ce9-400a-b7fa-58bc26abcc9a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e81aa06b-4abe-4187-96ea-aeca0e5eb4ef", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.125, "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 14:26:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95148d6e-b1e8-4b8c-9874-5e6453a3f407", "parentComponentId": null } ], "metrics": [], "tools": [], "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": 1, "name": "Situation & Context", "beatId": "4ea54058-7728-4539-b088-f60ed3f6f6ac", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the proposed transaction and the organizational structure", "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": 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": 1, "componentCount": 1, "textChars": 25, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:04.782+00", "seconds": 1.955, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/3", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-3", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.384, "x": 0.068, "y": 0.43 }, "kind": "title", "text": "Fairness Opinion 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 14:26:04.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6624be90-4c4f-4ef9-beeb-08fed9c3da33", "parentComponentId": null } ], "metrics": [], "tools": [], "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": 1, "name": "Situation & Context", "beatId": "4ea54058-7728-4539-b088-f60ed3f6f6ac", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the proposed transaction and the organizational structure", "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": "setup", "title": "Includes a 'Fairness Opinion Analysis' tag in the top right.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 4, "textChars": 501, "nDataPoints": 14, "notes": "Includes a 'Fairness Opinion Analysis' tag in the top right.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.094+00", "seconds": 3.193, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/4", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-4", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.13, "x": 0.803, "y": 0.138 }, "kind": "legend", "text": "Fairness Opinion Analysis", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:06.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2d56987-d927-4d60-a509-afde8f32700d", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.87, "x": 0.068, "y": 0.17 }, "kind": "list", "text": "Merger Consideration: KMP, KMR, EPB unit/share exchange ratios and premiums. Anticipated Timing: Aug 11, 2014 announcement, Q4'14 closing. Structure: ~88%/12% stock/cash mix, reverse triangular merger. Ownership: KMI 48%, KMP 32%, EPB 6%, KMR 14%. Governance: Board expansion, management unchanged. Conditions: Shareholder approvals, regulatory, tax opinions, no financing conditions.", "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 14:26:06.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1d2eaac-2b75-49fd-8e1f-cd6f2c05121a", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.33, "x": 0.068, "y": 0.88 }, "kind": "source-note", "text": "Source: Draft merger agreements received August 8, 2014.", "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 14:26:06.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "562b7c19-f339-483f-ac25-cf7868394650", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.45, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Overview of the Proposed Transaction", "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 14:26:06.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f149bd36-f205-4db4-9e98-35ac3c5f9643", "parentComponentId": null } ], "metrics": [], "tools": [], "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": 1, "name": "Situation & Context", "beatId": "4ea54058-7728-4539-b088-f60ed3f6f6ac", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the proposed transaction and the organizational structure", "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": [ { "to": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "The slide uses a side-by-side comparison to illustrate the simplification of corporate structure.", "function": "compare_options", "rawType": "org_design", "block": null, "metadata": { "slideType": "org_design", "slideTypeCanon": { "name": "Org design", "slug": "org_design", "status": "active", "canonId": "019de52d-0dc5-718c-a94d-542c49b7bf6a", "version": 1, "description": null }, "function": "compare_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 391, "nDataPoints": 0, "notes": "The slide uses a side-by-side comparison to illustrate the simplification of corporate structure.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:05.542+00", "seconds": 2.606, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/5", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-5", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.45, "x": 0.068, "y": 0.235 }, "kind": "diagram", "text": "Status Quo Organizational Structure", "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": "Org chart", "slug": "org-chart", "status": "active", "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1", "version": 1, "description": null }, "framework": null }, "subkind": "org-chart", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1162fdb3-ae2c-4184-855c-3de618091121", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.365, "x": 0.568, "y": 0.235 }, "kind": "diagram", "text": "Pro Forma Organizational Structure", "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": "Org chart", "slug": "org-chart", "status": "active", "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1", "version": 1, "description": null }, "framework": null }, "subkind": "org-chart", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c672a09-35ea-4333-ac0e-cc3054af78b8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.305, "x": 0.598, "y": 0.675 }, "kind": "list", "text": "One publicly traded company vs. four results in: One equity holder base, One dividend policy, One debt rating, No structural 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 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e8b52ca-32a7-427f-88e6-9bac0f26baa5", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.13, "x": 0.803, "y": 0.138 }, "kind": "paragraph", "text": "Fairness Opinion Analysis", "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 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03b238eb-29c1-4465-88bc-12fd24f8bc18", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.48, "x": 0.068, "y": 0.865 }, "kind": "source-note", "text": "Source: Per KMI management. Note: Above diagram is a simplified representation reflecting only the publicly traded entities.", "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 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29d597c1-7cb6-462e-b5a3-80f9c5895be4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Simplified Organizational Structure", "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 14:26:05.542+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "402268ad-b7c1-4c79-8962-0aaad4a56cbd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 8, "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": "Problem & Complication", "beatId": "5573f9fe-138e-45a5-996c-33458415e1a9", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a strategic rationale and relative price performance", "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": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "setup", "title": "The slide uses a process-like diagram to link the consolidation event to specific strategic outcomes.", "function": "present_solution", "rawType": "business_case", "block": null, "metadata": { "slideType": "business_case", "slideTypeCanon": { "name": "Business case", "slug": "business_case", "status": "active", "canonId": "019de52d-0e16-7764-9eec-dceac9d5f517", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 784, "nDataPoints": 4, "notes": "The slide uses a process-like diagram to link the consolidation event to specific strategic outcomes.", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.267+00", "seconds": 3.328, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/6", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-6", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.08, "x": 0.285, "y": 0.43 }, "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ed793d6-aa51-4297-85ef-0623ef5d1ceb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.53, "x": 0.068, "y": 0.86 }, "kind": "disclaimer", "text": "Source: Per KMI management. 1. Calculated as CO2 Oil Production EBITDA divided by total 2014E segment earnings before DD&A.", "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f6f2f0b-15cb-4091-8f42-0a2fd1898843", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.13, "x": 0.803, "y": 0.138 }, "kind": "legend", "text": "Fairness Opinion Analysis", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab04f69-1f2e-4bbc-9275-0cc68c452b9f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.51, "x": 0.42, "y": 0.555 }, "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26906a5b-a235-43ed-8d15-9f86555f6b17", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.51, "x": 0.42, "y": 0.205 }, "kind": "list", "text": "Growth Prospects: Investors receive initial dividend \"bump\" and visible 10% annual growth through 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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "330671c9-7aeb-4b0f-bf19-800d6a0e8ba5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.51, "x": 0.42, "y": 0.665 }, "kind": "list", "text": "Credit Enhancement: Creates a single \"credit family\" by eliminating subordination; Anticipated investment grade rating", "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a725bb01-6dcf-4052-9506-6cfd8649f214", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.51, "x": 0.42, "y": 0.455 }, "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f688d2b1-b592-4df0-aa0f-5b2f4ebf9813", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.51, "x": 0.42, "y": 0.345 }, "kind": "list", "text": "Cost of Capital: Lowers corporate family's overall cost of capital; 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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe2559bf-4735-40c9-bbac-4a9bd10001da", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "Strategic Rationale", "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 14:26:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f47ee4f-4bfe-4132-b93b-eb2bb95bf5ee", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 8, "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": "Problem & Complication", "beatId": "5573f9fe-138e-45a5-996c-33458415e1a9", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a strategic rationale and relative price performance", "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": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "Fairness Opinion Analysis slide from a Barclays deck.", "function": "compare_options", "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_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 3, "textChars": 248, "nDataPoints": 12, "notes": "Fairness Opinion Analysis slide from a Barclays deck.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.172+00", "seconds": 5.107, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/7", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-7", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.5, "x": 0.06, "y": 0.86 }, "kind": "disclaimer", "text": "Source: Data per KMI management. 1. Based on KMP's current trading price of $80.34 and 2014E dividend of $5.58 per unit.", "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 14:26:08.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ca2df66-12cd-4d53-b234-bfd7e9acb3e1", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "table", "text": "Comparison of Status Quo vs Pro Forma across 5 categories: Dividend, Coverage, Growth, Cost of Capital, and Ratings.", "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 14:26:08.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d573b0e9-c79d-4000-9cf6-6ce178191747", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "KMI Has-Gets", "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 14:26:08.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dca1fca7-594c-47a1-9222-4cc9dab436f3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 8, "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": "Problem & Complication", "beatId": "5573f9fe-138e-45a5-996c-33458415e1a9", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a strategic rationale and relative price performance", "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": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "setup", "title": "Includes a data table summarizing performance over various time horizons (Last 2-Years to Last One Month).", "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": 29, "componentCount": 4, "textChars": 280, "nDataPoints": 56, "notes": "Includes a data table summarizing performance over various time horizons (Last 2-Years to Last One Month).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:05.624+00", "seconds": 2.529, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/8", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-8", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.85, "x": 0.07, "y": 0.16 }, "kind": "chart", "text": "LTM Relative Performance line chart", "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 14:26:05.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b2a4b4d-c997-42af-b662-85fc506facaf", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.07, "y": 0.85 }, "kind": "source-note", "text": "Source: Factset. Note: KMI peers include OKE, SE, ETE, TRGP, WMB, PAGP. KMP peers include ETP, OKS, SEP, WPZ, EPD, PAA. EPB peers include BWP, TCP, TEP. Alerian represents the Alerian MLP Index.", "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 14:26:05.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "939429f3-e7d9-4c1e-ba6c-213dfe76440b", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.85, "x": 0.07, "y": 0.21 }, "kind": "table", "text": "Performance summary table", "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 14:26:05.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94ce4cc6-0d5e-4e16-a16b-58367d710936", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Relative Price Performance", "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 14:26:05.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "229b9a11-79c1-456e-91da-037cbfc500c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 8, "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": "Problem & Complication", "beatId": "5573f9fe-138e-45a5-996c-33458415e1a9", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents a strategic rationale and relative price performance", "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": 8, "from": 4, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "69e648f9-5c15-4c35-a910-1a03ff0169bf", "evidence": "The document presents a strategic rationale and relative price performance", "position": 1, "objective": "To explain the strategic rationale", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.170808+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "setup", "title": "Fairness Opinion Analysis slide from a Barclays deck.", "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": 35, "componentCount": 5, "textChars": 298, "nDataPoints": 22, "notes": "Fairness Opinion Analysis slide from a Barclays deck.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:05.637+00", "seconds": 2.516, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/9", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-9", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.88, "x": 0.06, "y": 0.25 }, "kind": "chart", "text": "Line chart showing yield trends for KMI and 7 peers from 8/8/2012 to 8/8/2014", "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 14:26:05.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "048b6ecd-1835-4cf4-b14a-fbb3627d5e20", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: FactSet. Yield based on annualized dividends and declared date.", "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 14:26:05.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3627d026-3bce-4e30-9d04-3142386f99d0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.55, "x": 0.18, "y": 0.225 }, "kind": "table", "text": "Summary statistics for KMI yields since 1/1/2013 and 1/1/2014", "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 14:26:05.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0dc36a0-15fa-439b-a184-db380f584f01", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.06, "y": 0.14 }, "kind": "title", "text": "KMI yields have weakened over the past two years as compared to peers", "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 14:26:05.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c27fca6f-0e1b-4212-9cca-d5881a7b4ec0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "KMI Yields Over Time", "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 14:26:05.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "415fc029-44f4-4b89-acb0-b71bdce1c790", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Includes a specific disclaimer regarding the exclusion of relative valuation analysis for KMI versus KMP/KMR and EPB.", "function": "present_framework", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "present_framework", "functionCanon": { "name": "Present framework", "slug": "present_framework", "status": "active", "canonId": "019de52d-1403-7667-9100-d2ac6709f750", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 5, "textChars": 559, "nDataPoints": 0, "notes": "Includes a specific disclaimer regarding the exclusion of relative valuation analysis for KMI versus KMP/KMR and EPB.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.157+00", "seconds": 3.031, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/10", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-10", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.88, "x": 0.06, "y": 0.18 }, "kind": "list", "text": "Key considerations: The proposed transactions represent a unique value proposition for KMI's shareholders. Relative valuation is less relevant because KMI already owns the GP interests and significant LP interests.", "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 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "def136ad-8720-4a0f-a861-e2377ee56cef", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.68 }, "kind": "list", "text": "The following methodologies and their impact to KMI shareholders were analyzed: Premiums paid analysis, Accretion / dilution, Discounted cash flow.", "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 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e45d718a-83a1-491c-b245-cfda7c67d894", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.58 }, "kind": "paragraph", "text": "Instead, for fairness opinion purposes, Barclays has analyzed the value of the transaction to KMI by comparing the change in after-tax cash flows to KMI.", "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 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7efd389-f25f-4aff-b74c-53d028e88205", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Approach to 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 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5f51e2-beae-45e4-a117-155b98119d62", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.8, "y": 0.13 }, "kind": "title", "text": "Fairness Opinion 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": "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 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be36ef67-2127-46d4-98ac-a297cb24345a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "afc92045-66d4-4267-817a-95d7b17cdbb2", "evidence": "Outlines the specific valuation methodologies chosen for the fairness opinion.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "analytical-method" } ], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "analysis", "title": "Fairness Opinion Analysis slide from a Barclays deck.", "function": "analyze_data", "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": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 4, "textChars": 404, "nDataPoints": 84, "notes": "Fairness Opinion Analysis slide from a Barclays deck.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.129+00", "seconds": 2.975, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/11", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-11", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.15, "x": 0.06, "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 14:26:06.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ccf6f47-56ea-4810-b412-f366095c9b5b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.06, "y": 0.85 }, "kind": "paragraph", "text": "Source: FactSet. 1. Days prior only includes trading days. Averages include the current price plus the specified number of previous trading days. 2. Representative Transactions on page 22.", "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 14:26:06.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ac9588f-63f6-4765-ba69-142a71d5b103", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "table", "text": "Table showing premiums for KMP, KMR, EPB across various timeframes (Current, 30/60 days, 52-week high/low, averages) compared to merger consideration values.", "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 14:26:06.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c76c68b-5783-4801-95a7-22db1414fda8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Premiums to Historical KMP, KMR and EPB Prices", "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 14:26:06.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3f548b4-1a7f-4c4e-8d0a-faa5725a7873", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "setup", "title": "Includes specific exchange ratios, debt financing terms, and tax/capex assumptions.", "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": 70, "componentCount": 7, "textChars": 853, "nDataPoints": 18, "notes": "Includes specific exchange ratios, debt financing terms, and tax/capex assumptions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.517+00", "seconds": 3.225, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/12", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-12", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "callout", "text": "Assumptions", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b089b01-ef98-490f-9dd6-d26182bf0776", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.88, "x": 0.06, "y": 0.6 }, "kind": "list", "text": "Operational: Asset step-up for tax, depreciation per management, 10% dividend growth through 2020, $4B equity issuance 2016-2017, $20M cost savings, warrant conversion assumptions.", "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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "438ccd34-e8b5-4dbf-97dd-65a3e9c58500", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.2 }, "kind": "list", "text": "KMI purchases all of the publicly owned equity in KMP, KMR, and EPB on 1/1/15. All share / unit prices as of 8/8/2014. KMI price: $36.12. Trading Prices: KMP: $80.34 / KMR: $77.02 / EPB: $33.60. Acquisition Prices: KMP: $89.98 / KMR: $89.75 / EPB: $38.79.", "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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6564c3a4-e19d-471b-ab68-ad9663407338", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.5 }, "kind": "list", "text": "Financing: 88% equity / 12% debt. $4.0B new debt at 4.75%. $200M transaction expenses. Refinancing of 2015-2019 maturities at 4.75%-5.75%.", "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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da32c74-0eab-4d4a-ac69-70d9d0a2efaa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.35 }, "kind": "list", "text": "Assumes merger consideration: KMP (2.1931x KMI shares + $10.77 cash), KMR (2.4849x KMI shares), EPB (0.9451x KMI shares + $4.65 cash).", "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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e98ddb86-12a2-43f5-8eef-956ebaa35c82", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "1. Assumptions per KMI management. 2. Adjusted for change in share and unit prices. 3. Per KMI management.", "attrs": { "numbered": true }, "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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b39f4d5-ca82-48bc-98a1-f0045c2d8ef4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Summary Pro Forma 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 14:26:06.517+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fd8d581-76a7-4a90-869b-b239937869e4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "analysis", "title": "Includes fairness opinion analysis context and detailed footnotes regarding share counts and ownership.", "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": 33, "componentCount": 4, "textChars": 354, "nDataPoints": 48, "notes": "Includes fairness opinion analysis context and detailed footnotes regarding share counts and ownership.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.744+00", "seconds": 3.23, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/13", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-13", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "disclaimer", "text": "1. Assumes KMP, KMR and EPB units owned by insiders will be converted into KMI shares. 2. Assumes that all EPB and KMP directors remain insiders. 3. Total shares outstanding at year-end 2014. Does not include warrant dilution. 4. Per KMI 2014 proxy...", "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 14:26:06.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "618e69cd-17ed-4aea-8fd2-0c4225b9fe79", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.88, "x": 0.06, "y": 0.52 }, "kind": "table", "text": "KMI Ownership Status Quo vs Pro Forma", "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 14:26:06.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0040a717-7a93-4ff7-bdb1-b68cc70b7165", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.88, "x": 0.06, "y": 0.18 }, "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 14:26:06.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13760e77-164f-457b-b7ef-189ff0d42901", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Key Transaction Terms", "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 14:26:06.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bad4e47c-2667-4a2b-a63b-3578a0235654", "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": "edc0ff54-543f-4b80-9961-8c1cc8b210e3", "evidence": "components: 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 23:21:27.334163+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "analysis", "title": "Includes a fairness opinion disclaimer and footnotes regarding assumptions and scope.", "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": 33, "componentCount": 4, "textChars": 353, "nDataPoints": 100, "notes": "Includes a fairness opinion disclaimer and footnotes regarding assumptions and scope.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.41+00", "seconds": 2.847, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/14", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-14", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.6, "x": 0.06, "y": 0.85 }, "kind": "disclaimer", "text": "1. Assumptions per KMI management. 2. Tax depreciation is subject to change for final purchase price allocation. 3. Status quo includes cash flows from assets exclusively owned by KMI, KMP EBITDA and EPB EBITDA.", "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 14:26:06.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4730b17-f948-418f-82a9-f7ebbd56f8b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.8, "y": 0.13 }, "kind": "source-note", "text": "Fairness Opinion Analysis", "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 14:26:06.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9ea2c6c-7be0-4383-8d70-68fafc3fbb84", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.88, "x": 0.06, "y": 0.175 }, "kind": "table", "text": "KMI Accretion / Dilution Analysis table comparing Status Quo vs Pro Forma financials", "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 14:26:06.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da429110-c2e7-45fd-977e-b7583412865f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "KMI Accretion / Dilution 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 14:26:06.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ef07058-8b12-4f70-bbc4-f823ea8c6446", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "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": 9, "name": "Solution & Approach", "beatId": "15e3d362-f0dc-42bc-bfa4-4e0640e088f2", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document provides a fairness opinion analysis and key transaction terms", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "df0215d3-933e-4185-bbf7-1ac20adb80d9", "evidence": "The document provides a detailed analysis of the transaction terms and financial analysis", "position": 0, "objective": "To provide a detailed analysis of the transaction terms", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:15.137324+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "setup", "title": "Fairness Opinion Analysis slide from a Barclays deck.", "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": 31, "componentCount": 3, "textChars": 414, "nDataPoints": 33, "notes": "Fairness Opinion Analysis slide from a Barclays deck.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.886+00", "seconds": 2.491, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/15", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-15", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "disclaimer", "text": "1. Source: Public filings, FactSet and Wall Street research. 2. KMI data shown at beginning-year 2015 pro forma for KMP/KMR/EPB acquisitions. 3. In S&P 500, companies shown meet the following criteria: market cap > $75 billion, LQA dividend yield > ~3%, 2014E - 2016E dividend growth > ~5%.", "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 14:26:06.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18089d34-c670-44f5-984b-e5315cbe9c5f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.19 }, "kind": "table", "text": "Company Name, Industry, Market Cap, LQA Dividend Yield, Dividend Growth Rates", "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 14:26:06.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b0f5f93-e94e-4d34-b804-2085eeff2477", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Comparison of KMI Pro Forma for the Transaction", "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 14:26:06.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0777d962-575d-4ed9-acc9-c894ad24de34", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6ffe6907-8597-4bf4-8cd2-e91592836b92", "evidence": "Comparison of KMI against industry peers and S&P 500 high dividend companies", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:06.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "peer_benchmark" } ], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 16, "type": "analysis", "title": "Includes Fairness Opinion Analysis context and specific DCF assumptions.", "function": "analyze_data", "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": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 4, "textChars": 513, "nDataPoints": 8, "notes": "Includes Fairness Opinion Analysis context and specific DCF assumptions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:07.031+00", "seconds": 2.633, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/16", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-16", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.12, "x": 0.78, "y": 0.005 }, "kind": "callout", "text": "Share Price 8/8/2014: $36.12", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:07.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10291c43-4bb9-4bd9-a31a-30f464405d03", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.06, "y": 0.0016 }, "kind": "chart", "text": "KMI Reference Equity Value per Share Range", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": null, "framework": null }, "subkind": "bar-floating", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:07.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d25ffb39-e61d-4a57-8444-89d4bccf48c7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "source-note", "text": "1. Includes intraday trading prices. 2. Assumes valuation as of 1/1/2015. Terminal value at 12/31/2020 calculated with an assumed yield range of 4.50% to 5.25%. Discounted at assumed yield plus growth rate of 11.50% to 14.50%. 3. Assumes valuation as of 1/1/2015. Terminal value at 12/31/2020 calculated with an assumed yield range of 3.75% to 4.50%. Discounted at assumed yield plus growth rate of 13.75% to 14.50%.", "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 14:26:07.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1751aa2-8275-40dd-9575-ef3625bbd5b3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Summary Reference Valuation", "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 14:26:07.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21c03cf2-1839-4fef-b33e-935715181b19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 17, "type": "analysis", "title": "Fairness Opinion Analysis slide from a Barclays deck.", "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": 30, "componentCount": 3, "textChars": 385, "nDataPoints": 48, "notes": "Fairness Opinion Analysis slide from a Barclays deck.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.96+00", "seconds": 2.536, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/17", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-17", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.6, "x": 0.06, "y": 0.85 }, "kind": "disclaimer", "text": "Note: KMP acts as primary growth vehicle in Status Quo. 1. Based on KMP's current trading price and 2014E dividend of $5.58 per unit. 2. Status Quo KMP and Pro Forma KMI per Company management; assumes 50% / 50% mix of fixed and floating debt.", "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 14:26:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecd8cf15-4522-4191-b85c-5eb189bc626e", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.06, "y": 0.175 }, "kind": "table", "text": "Summary table comparing KMP and Pro Forma KMI cost of capital components across current yield and growth scenarios.", "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 14:26:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1b04e87-35c6-4be2-9a3c-4a5cb6b7e5af", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Cost of Capital Improvement", "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 14:26:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91b7cfa7-f7d2-4056-9342-2ef29c5f370b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "869730d0-40c0-469d-a41f-2989c8b17659", "evidence": "The table explicitly breaks down Cost of Equity and Cost of Debt components to arrive at a final Cost of Capital.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "WACC Calculation" } ], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 18, "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": 10, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:06.578+00", "seconds": 1.905, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/18", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-18", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.033, "w": 0.115, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Appendices", "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 14:26:06.578+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc96c43e-aec2-46ad-af1b-2ebbb32603ee", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 19, "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": 0, "componentCount": 1, "textChars": 15, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:07.442+00", "seconds": 2.519, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/19", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-19", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.15, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Cost of Capital", "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 14:26:07.442+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07dbe504-e6e3-4e50-94a3-0107fc0a2b9d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 20, "type": "analysis", "title": "Includes WACC calculation components (Cost of Equity and After-Tax Cost of Debt).", "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": 39, "componentCount": 5, "textChars": 358, "nDataPoints": 45, "notes": "Includes WACC calculation components (Cost of Equity and After-Tax Cost of Debt).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.24+00", "seconds": 3.181, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/20", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-20", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.5, "x": 0.06, "y": 0.85 }, "kind": "disclaimer", "text": "1. 2013-2016 CAGR as stated by KMI management in investor presentation. 2. Assumed yield per historical trading levels. 3. Based on KMI's management's historical assumptions around funding new growth projects.", "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 14:26:08.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67f018bb-7d91-4bcf-b099-29698f1e22d6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.06, "y": 0.2 }, "kind": "table", "text": "Projected 2014E-2016E Cash Distribution CAGRs table", "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 14:26:08.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d88d57d-17a6-401a-8488-eab9e63ccf05", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.45 }, "kind": "table", "text": "PF KMI Cost of Capital Reference Range table", "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 14:26:08.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d7c60b3-a2db-4847-a433-a3d151fc27bb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.47, "x": 0.47, "y": 0.2 }, "kind": "table", "text": "Status Quo KMI Cost of Equity Reference Range table", "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 14:26:08.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0b3b035-cdc1-4259-b25b-8a3ed4a886f7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.05, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "KMI", "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 14:26:08.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6246f700-8fe2-4afb-b8f7-dd31223e3af8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 15, "name": "Evidence & Proof", "beatId": "8151f59d-2ecb-43b3-a948-c9ee22c67e38", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents financial analysis and valuation", "position": 3, "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": 21, "type": "analysis", "title": "Includes analyst estimates and management projections for cost of capital calculation.", "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": 36, "componentCount": 5, "textChars": 304, "nDataPoints": 40, "notes": "Includes analyst estimates and management projections for cost of capital calculation.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.831+00", "seconds": 2.972, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/21", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-21", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.45, "x": 0.068, "y": 0.85 }, "kind": "disclaimer", "text": "Note: KMP acts as primary growth vehicle in Status Quo. 1. 2013-2016 CAGR as stated by KMI management in investor presentation. 2. Company management assumes 50% / 50% mix of fixed and floating debt.", "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 14:26:08.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a2ffb50-37dc-4f5b-9a37-fb09e714b916", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.36, "x": 0.068, "y": 0.21 }, "kind": "table", "text": "Projected 2014E-2016E Cash Distribution CAGRs table", "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 14:26:08.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0999a1c1-dbf8-4726-8090-fb5f75ea6f9e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.5, "x": 0.435, "y": 0.21 }, "kind": "table", "text": "Cost of Equity Reference Range table", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:08.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12c573e8-bb21-47a7-ad7a-8b87432ebcbb", "parentComponentId": null }, { "bbox": { "h": 0.028, "w": 0.055, "x": 0.068, "y": 0.088 }, "kind": "title", "text": "KMP", "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 14:26:08.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e80279b4-6dcf-4fca-a1b0-f0e67bd04ca5", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.074, "x": 0.858, "y": 0.138 }, "kind": "title", "text": "Cost of Capital", "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 14:26:08.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f868df4-63aa-472b-8fb9-0d6294e72b90", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 22, "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": 32, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:07.395+00", "seconds": 1.534, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/22", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-22", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.474, "x": 0.068, "y": 0.428 }, "kind": "title", "text": "KMI Reference Valuation 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 14:26:07.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e12844d-d47e-40cf-9197-415745834b9c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 23, "type": "analysis", "title": "Includes footnotes explaining the methodology for projections and consensus calculations.", "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": 40, "componentCount": 4, "textChars": 529, "nDataPoints": 45, "notes": "Includes footnotes explaining the methodology for projections and consensus calculations.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:09.89+00", "seconds": 4.004, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/23", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-23", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.068, "y": 0.84 }, "kind": "disclaimer", "text": "1. 2014-2018 estimates per KMI management. Projections for 2019 and 2020 based on management guidance of growth rates of 5.0% at KMP and EPB (2% baseline EBITDA growth and 3% EBITDA growth funded by growth capex). 2. EBITDA estimates per Wall Street research. Target Price and Dividends / Share per I/B/E/S consensus. Total Implied Dividend calculated as Dividends / Share multiplied by 2014E year end KMI shares outstanding.", "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 14:26:09.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e2bf31a-d628-4f1f-81a3-c0b2835a37d3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.068, "y": 0.525 }, "kind": "table", "text": "KMI Consensus Research Projections", "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 14:26:09.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01662ae0-6ec8-4d69-96e8-f0c4d9e61e18", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.068, "y": 0.215 }, "kind": "table", "text": "Status Quo KMI Detailed Projections", "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 14:26:09.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5d4ba32-df68-43f5-a514-6aa5f14c3691", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.44, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "KMI - Summary Financial Projections", "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 14:26:09.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45e71270-40af-49dd-8b76-22817199d393", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 24, "type": "analysis", "title": "Includes a sensitivity table for terminal yield vs. indicative growth and a summary reference range.", "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": "dense", "densityScore": 53, "componentCount": 5, "textChars": 728, "nDataPoints": 60, "notes": "Includes a sensitivity table for terminal yield vs. indicative growth and a summary reference range.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:15.162+00", "seconds": 9.213, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/24", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-24", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.35, "x": 0.07, "y": 0.23 }, "kind": "list", "text": "Distributed cash flow projections through 2019 per KMI management guidance; Terminal Value (2020E) distribution based on management guidance; Projected distributions discounted back to 1/1/2015; Assumes mid-year discounting convention; Terminal value at 12/31/2019 calculated with an assumed yield range of 4.50% to 5.25%, based on historical trading levels; Assumed yield + indicative growth reference range of 11.50% - 14.50%", "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 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5922cd-9603-4013-bb90-9fde413bbd3f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.38, "x": 0.55, "y": 0.65 }, "kind": "table", "text": "Reference $ Per Share Value Range table.", "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 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "194f184f-0c5f-44e0-85ad-a825679fc0f1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.55, "x": 0.38, "y": 0.23 }, "kind": "table", "text": "DCF Calculation table showing forecasted distributions, terminal value, and present value calculations.", "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 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "810aae95-1329-440d-8518-863a14bb1182", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.07, "y": 0.65 }, "kind": "table", "text": "Per Share Value Sensitivity table showing impact of Assumed Terminal Yield and Assumed Yield + Indicative Growth.", "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": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4de9181-9b75-44a9-8504-4c45e6d65000", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Status Quo KMI Discounted Cash Flows 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 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ebb2d1b-5be4-4e7b-ae18-a7e8e729b80d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b093996d-071f-4e79-a630-46672c2bbf10", "evidence": "The slide explicitly performs a DCF analysis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "discounted-cash-flow" }, { "matchId": "b37b9b61-2fdf-4ac9-b3ba-e84e1338902f", "evidence": "The slide includes a 'Per Share Value Sensitivity' table.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:15.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "sensitivity-analysis" } ], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 25, "type": "analysis", "title": "Includes a sensitivity table and a reference valuation range.", "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": 39, "componentCount": 5, "textChars": 352, "nDataPoints": 45, "notes": "Includes a sensitivity table and a reference valuation range.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.97+00", "seconds": 2.761, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/25", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-25", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.3, "x": 0.06, "y": 0.2 }, "kind": "list", "text": "Assumptions for DCF including management guidance, mid-year discounting, and yield ranges.", "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 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae5f4c26-8411-4cae-9ec4-fd5d9129d19b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.06, "y": 0.62 }, "kind": "table", "text": "Per Share Value Sensitivity table based on terminal yield and indicative growth.", "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 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51fd6569-229f-4335-9164-8d72da79dfe2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.58, "x": 0.37, "y": 0.2 }, "kind": "table", "text": "DCF Calculation table showing forecasted distributions, terminal value, and present value per share.", "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 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b19801c-2ee2-44c5-bbcf-3ba116804741", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.43, "x": 0.52, "y": 0.62 }, "kind": "table", "text": "Reference Per Share Value Range table.", "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 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3d9e2e3-ad92-4b44-a4f7-ee4befe7964b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Pro Forma KMI Discounted Cash Flows 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 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0664341f-5eb4-48e5-a438-aefa0f1544c1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "7449019c-8899-40fc-bb8f-2e2cff4ccb55", "evidence": "DCF Calculation table showing forecasted distributions, terminal value, and present value per share.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:21:17.309117+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "f8554953-0962-4994-933b-0a3ee004f454", "evidence": "Standard financial valuation methodology", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:26:08.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "Discounted Cash Flow" } ], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 26, "type": "analysis", "title": "Includes a footnote regarding data sources (Bloomberg and FactSet).", "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": 30, "componentCount": 4, "textChars": 288, "nDataPoints": 60, "notes": "Includes a footnote regarding data sources (Bloomberg and FactSet).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:13.388+00", "seconds": 7.048, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/26", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-26", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.45, "x": 0.068, "y": 0.885 }, "kind": "source-note", "text": "1. Estimates per Bloomberg and FactSet. May not match IBES consensus.", "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 14:26:13.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86a4dbeb-cd6b-4d32-9220-f2138d27447b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.068, "y": 0.215 }, "kind": "table", "text": "Table containing Firm, Analyst, Recommendation, Date of Estimates, and Target Price for 12 analysts, plus summary statistics.", "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 14:26:13.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c702f53-0661-4081-9e95-742dd8cbc26c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "KMI Equity Research Analyst Estimates", "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 14:26:13.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8ff3a48-5d49-46ec-a869-0fa50fde1a94", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.068, "y": 0.165 }, "kind": "title", "text": "Equity Research Analyst Price Targets and Recommendations", "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 14:26:13.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d154b935-1926-42c0-a65f-f62e2c3cf158", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 27, "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": 0, "componentCount": 1, "textChars": 11, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:11.393+00", "seconds": 5.003, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/27", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-27", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.033, "w": 0.135, "x": 0.068, "y": 0.428 }, "kind": "title", "text": "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 14:26:11.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ef81ec0-6468-472f-b508-26520cf2511d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 28, "type": "analysis", "title": "Includes summary statistics (Mean, Median, High, Low) at the bottom of the table.", "function": "compare_peers", "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": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 319, "nDataPoints": 91, "notes": "Includes summary statistics (Mean, Median, High, Low) at the bottom of the table.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:13.399+00", "seconds": 6.893, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/28", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-28", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.45, "x": 0.06, "y": 0.17 }, "kind": "paragraph", "text": "Public MLP mergers greater than $1 billion over the past ten years", "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 14:26:13.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22e5a25d-19bf-4337-86b8-37a77c998a18", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: Company filings. Excludes acquisitions of GPs.", "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 14:26:13.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af500711-d085-4944-8fdc-c5e638a60bf3", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.22 }, "kind": "table", "text": "Table of MLP transactions with columns for Announce Date, Acquirer/Target, Transaction Value, Multiples (EBITDA, EBIT, DCF, Net Income), and Premiums (1-Day, 30-Day, 60-Day).", "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 14:26:13.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c366d605-a57a-4d21-b3d8-ae7270828da3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "MLP Transactions 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 14:26:13.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e5a0e93-719e-40e4-a023-69327117e901", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 29, "type": "setup", "title": "The table categorizes companies into 'Large Cap MLPs Without IDRs' and 'Large Cap US Midstream C-Corps', with a separate column for PF KMI.", "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": 24, "componentCount": 3, "textChars": 251, "nDataPoints": 60, "notes": "The table categorizes companies into 'Large Cap MLPs Without IDRs' and 'Large Cap US Midstream C-Corps', with a separate column for PF KMI.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:09.41+00", "seconds": 2.738, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/29", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-29", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.081 }, "kind": "disclaimer", "text": "Note: Market data as of 8/8/2014, estimates per FactSet and Wall Street research. 1-5 footnotes detailing specific company data adjustments.", "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 14:26:09.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89ed4244-13c1-4c10-bcf9-95a48aee4d21", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "table", "text": "Summary comparison table of financial metrics for EPD, MMP, WMB, OKE, 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 14:26:09.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c2c53cf-ec3a-4198-9722-14cfc69691b7", "parentComponentId": null }, { "bbox": { "h": 0.04, "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 14:26:09.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d7976af-376a-45f3-a6dd-9e25470255ac", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "102656db-7d59-4df0-9b5f-e77aa552bd7a", "evidence": "Summary comparison table of financial metrics for EPD, MMP, WMB, OKE, and PF KMI.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:21:17.49177+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "9a6155d2-2f54-46f1-a6dc-6978b34746a3", "evidence": "The slide uses a structured table to compare financial metrics across a peer group of midstream companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:26:09.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 30, "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": 0, "componentCount": 1, "textChars": 5, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:08.726+00", "seconds": 2.007, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/30", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-30", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.06, "x": 0.067, "y": 0.428 }, "kind": "title", "text": "Other", "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 14:26:08.726+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58cfc96b-a2e9-446f-ade6-139af1adeb24", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 31, "type": "analysis", "title": "The slide displays four combo charts (line for price, bar for volume) for four different entities.", "function": "analyze_data", "rawType": "kpi_dashboard", "block": null, "metadata": { "slideType": "kpi_dashboard", "slideTypeCanon": { "name": "KPI dashboard", "slug": "kpi_dashboard", "status": "active", "canonId": "019de52d-0be5-7295-af4d-b850fe7b7e65", "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": 34, "componentCount": 6, "textChars": 112, "nDataPoints": 8, "notes": "The slide displays four combo charts (line for price, bar for volume) for four different entities.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:09.38+00", "seconds": 2.621, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/31", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-31", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.155 }, "kind": "chart", "text": "KMI Price and Volume", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09cd335b-4061-4888-acc9-4aa805dd920e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.335 }, "kind": "chart", "text": "KMP Price and Volume", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43b393d1-5442-41f2-96d7-1b79e09ad990", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.695 }, "kind": "chart", "text": "EPB Price and Volume", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7ba1308-93ce-489c-a5d7-ff502def238b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.515 }, "kind": "chart", "text": "KMR Price and Volume", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7cfa094-fc0c-464d-adca-5a8a9db18bd4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: FactSet", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f866c272-d763-48e6-b4b6-03003bec5293", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Price Performance", "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 14:26:09.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "819b5490-88c8-463d-a810-e362e724de50", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 32, "type": "analysis", "title": "Includes detailed footnotes regarding calculation methodology and tax assumptions.", "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": "sparse", "densityScore": 23, "componentCount": 3, "textChars": 231, "nDataPoints": 144, "notes": "Includes detailed footnotes regarding calculation methodology and tax assumptions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:12.886+00", "seconds": 6.123, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/32", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-32", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.81 }, "kind": "disclaimer", "text": "Source: Per management. 1. Calculated as 2014E 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 14:26:12.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f368f6a9-342f-4414-bb85-0fffad62d1a4", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.06, "y": 0.17 }, "kind": "table", "text": "KMP and EPB financial data tables for 2015-2020", "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 14:26:12.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4034584-4f41-43ed-a24a-37266d64bf4f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "KMP / EPB 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 14:26:12.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f6d196c-973c-468f-b06f-34cbc6f7227b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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": 33, "type": "analysis", "title": "Includes footnotes regarding calculation assumptions and source attribution.", "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": 3, "textChars": 411, "nDataPoints": 120, "notes": "Includes footnotes regarding calculation assumptions and source attribution.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:26:09.599+00", "seconds": 2.728, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5720-700b-8697-bc9e90515b45/33", "deck": "/decks/019de06f-5720-700b-8697-bc9e90515b45", "deckAnchor": "/decks/019de06f-5720-700b-8697-bc9e90515b45#slide-33", "deckJson": "/decks/019de06f-5720-700b-8697-bc9e90515b45.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.58, "x": 0.068, "y": 0.845 }, "kind": "paragraph", "text": "Source: Assumptions per KMI management. 1. Calculated as 2014E dividend guidance of $5.58 for KMR divided by current share prices of $77.02 for KMR. 2. Calculated by dividing the number of KMI shares issued to shareholders by the number of shares outstanding. 3. No shareholder tax.", "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 14:26:09.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d4de3ab-4e4e-414e-b395-0b4ce6228000", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.735, "x": 0.265, "y": 0.172 }, "kind": "table", "text": "KMR Has-Gets Analysis table showing Status Quo, Pro Forma, and Dividend Comparison metrics across 2015-2020.", "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 14:26:09.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2dd2264-9e6c-4404-8e70-d34fad14e361", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.448, "x": 0.068, "y": 0.085 }, "kind": "title", "text": "KMR 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 14:26:09.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da45e466-d59b-4db1-bc47-f76bb233a5f2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "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": 21, "name": "Impact & Next Steps", "beatId": "59196343-d67a-4090-8b96-8bc86abcb200", "matchId": "6ba81b05-e8ae-41ef-b513-ad01f7c5acfa", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document provides appendices and supporting data", "position": 4, "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 } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Situation & Context", "description": "The document provides an overview of the proposed transaction and the organizational structure" }, { "from": 5, "to": 8, "label": "Problem & Complication", "description": "The document presents a strategic rationale and relative price performance" }, { "from": 9, "to": 14, "label": "Solution & Approach", "description": "The document provides a fairness opinion analysis and key transaction terms" }, { "from": 15, "to": 20, "label": "Evidence & Proof", "description": "The document presents financial analysis and valuation" }, { "from": 21, "to": 33, "label": "Impact & Next Steps", "description": "The document provides appendices and supporting data" } ], "loops": [ { "from": 10, "to": 14, "label": "Zoom In", "description": "To provide a detailed analysis of the transaction terms" }, { "from": 4, "to": 8, "label": "Golden Circle", "description": "To explain the strategic rationale" } ] }