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"parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.46, "x": 0.51, "y": 0.39 }, "kind": "quote", "text": "...five year plan that includes a double-digit production CAGR... should generate solid returns while throwing off $1.6 billion in free cash flow at the strip ... a solid profile that with execution should drive multiple expansion over the coming years. – Wells Fargo", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:39:57.477+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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"functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 3, "textChars": 1115, "nDataPoints": 0, "notes": "Contains specific adjustments for E&P firm value calculations, asset sales, and conversion ratios.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:39:59.571+00", "seconds": 3.16, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-0096-705c-9682-a891ae8ca099/35", "deck": "/decks/019de50f-0096-705c-9682-a891ae8ca099", "deckAnchor": "/decks/019de50f-0096-705c-9682-a891ae8ca099#slide-35", "deckJson": "/decks/019de50f-0096-705c-9682-a891ae8ca099.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "list", "text": "Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018. (1) Where applicable, Baird utilizes the following conversion ratios for oil and NGLs, respectively: 17.5 to 1.0 and 8.75 to 1.0. (2) Wall Street research. (3) Wall Street consensus estimates. (4) Pro forma the $765 million sale of Eagle Ford assets as announced in December 2017. (5) E&P statistics adjusted to remove contribution of EQGP, EQM and RMP. EQT E&P firm value adjusted to remove public ownership of EQGP, EQM and RMP at a 10% discount to equity value. (6) E&P statistics adjusted to remove contribution of Fayetteville midstream assets. SWN E&P firm value adjusted to remove value of midstream assets based on 7.0x EV / 2019E EBITDA and a 10% discount to equity value. (7) E&P statistics adjusted to remove contribution of VNOM. SWN E&P firm value adjusted to remove public ownership of VNOM at a 10% discount to equity value. (8) E&P EBITDAX and DACF based on management's base case projections. AR E&P firm value adjusted to remove public ownership of AM at a 10% discount to equity value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:39:59.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b62860f-06d7-4c7b-aa9f-a93be0772cd6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.02, "y": 0.14 }, "kind": "paragraph", "text": "Footnotes", "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 10:39:59.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3a47093-1138-4218-9361-b51ac96bd19f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "AR BENCHMARKING", "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 10:39:59.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab86007d-fa65-451f-9e18-5a872dc561f0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Situation & Context", "description": "The deck begins with a process update and timeline, providing context for the analysis" }, { "from": 5, "to": 9, "label": "Problem & Complication", "description": "The deck presents a diagnosis of key drivers of AR share performance and benchmarking against peer companies" }, { "from": 10, "to": 14, "label": "Evidence & Proof", "description": "The deck provides financial analysis and KPI dashboards to support the argument" }, { "from": 15, "to": 20, "label": "Solution & Approach", "description": "The deck outlines return of capital initiatives and strategies for improving valuation" } ], "loops": [ { "from": 10, "to": 14, "label": "Zoom In", "description": "What are the key drivers of AR share performance?" }, { "from": 24, "to": 28, "label": "Cost Of Inaction", "description": "What are the consequences of not addressing valuation dislocations?" } ] }