{ "schemaVersion": "deck-intelligence.v1", "id": "019de50f-3301-76cf-b8e3-de8cb7d90d80", "slug": "84c4365f374a1673863d6eb495ede77f", "title": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 18 slides", "subtitle": "Antero Midstream · 2018-10", "author": "Antero Midstream", "date": "2018-10-01 00:00:00", "pageCount": 18, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.3314841, "document": { "id": "019de50f-3301-76cf-b8e3-de8cb7d90d80", "slug": "84c4365f374a1673863d6eb495ede77f", "title": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 18 slides", "rawTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 18 slides", "authorId": "antero-midstream-partners", "authorName": "Antero Midstream", "authorDisplay": "Antero Midstream", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2018-10__antero-midstream-partners__ma__84c4365f.pdf", "sourceUrl": "https://www.slidebook.io/company/antero-midstream-partners/presentation/84c4365f374a1673863d6eb495ede77f/", "sourceDate": "2018-10-09 00:00:00", "presentationDate": "2018-10-01 00:00:00", "ingestedAt": "2026-05-01 19:41:11.8933+00", "status": "ready", "pageCount": 18, "orientation": "landscape", "aspectRatio": 1.3314841, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "oil-and-gas-midstream", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2018-10__antero-midstream-partners__ma__84c4365f", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Mergers and Acquisitions Presentation Deck", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 18, "pagesIndexed": 18, "pagesWithImages": 18, "pagesWithMetadata": 18, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 74, "chartCount": 5, "metricSlides": 0, "toolMatches": 16, "documentToolMatches": 0, "frameworkMatches": 7, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "evidence": "The document follows a clear and logical structure, similar to the Sequoia Pitch", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.38155+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem", "beatId": "db5ca5c7-5750-4144-b035-970506a2165d", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The document presents the objectives of the Special Committee and the strategic announcement", "position": 0, "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": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Solution", "beatId": "5e5bf402-8bf1-45dd-80d7-75d4c2c0f249", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the simplification transaction overview and benefits", "position": 1, "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": 11, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Market Size", "beatId": "d5a20a9e-b143-4d58-8797-7426389369c5", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The document presents peer benchmarks and valuation tables", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 12, "name": "The Ask", "beatId": "e554e4f1-6469-41ea-976b-b56c0f852cc1", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "The Ask", "slug": "sequoia-pitch-the-ask", "status": "active", "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b", "version": 1, "description": null }, "evidence": "The document presents the key takeaways from the simplification transaction", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 7, "from": 7, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "60587683-e856-4159-9da8-aa5b56b5681b", "evidence": "The document presents a clear before-and-after comparison", "position": 0, "objective": "What are the benefits of the simplification transaction?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.543538+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 11, "from": 10, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "8b9b3102-7138-46a2-b466-1bddef7dea4e", "evidence": "The document presents peer benchmarks and valuation tables", "position": 1, "objective": "How does New AM compare to peers?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.576477+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "babd3fe6-f70e-44c5-ac3e-54524e51eb3f", "evidence": "image/logo: Antero Midstream Partners LP + Antero Midstream GP; title/headline: Antero Midstream Simplification Transaction", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.389597+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9b256888-e919-444a-8996-c89d00f551c9", "evidence": "list/numbered: 1. Achieve a “win-win-win” Transaction Across the Antero Family; 2. Further Align the Interest of All Antero Equity Holders and Management; 3. Simplify the Structure and Unlock Shareholder Value; 4. Maintain", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.502406+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8e2dc54f-0396-4f88-b2e5-de90f8f22fe0", "evidence": "Completed the Special Committee process", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.616395+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49f1b3f6-3696-4331-b8b1-5fef9b3f2607", "evidence": "list/numbered: 1. AMGP to acquire AM in a midstream simplification transaction; 2. Reaffirmed long-term distribution growth targets", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.578186+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8b8808c-c3cc-4588-9de7-348460b5e1dc", "evidence": "table/data: Attribute and Antero Midstream Corporation comparison table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.691476+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "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": "c3dd66f5-4642-4cb9-b072-ace213bd012e", "evidence": "table/data: Key Deal Terms, Structure, Taxes, Dividends & DCF Coverage, Financing, Voting & Close", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.767471+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c1d971b5-90a5-4010-82cc-5313b3dd2cde", "evidence": "Midstream simplification transaction results in one publicly traded midstream infrastructure corporation with no IDRs and AR as its largest shareholder", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.842618+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "c8b7d49c-ed11-4355-a617-2d0d7ba1c683", "evidence": "chart/bar-grouped: New AM Long-term Dividend, Leverage, and DCF Coverage Targets; chart/bar-grouped: Status Quo AM Targets – AM Public Unitholder Perspective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.918554+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6a37ee79-ca99-4619-99a2-773bceccffa3", "evidence": "New AM will increase its initial 2019 dividend and target the same year-over-year growth rates as legacy AM distributions with stronger DCF coverage.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.956126+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "46f161fc-a8b5-4e5f-a999-ccad80876cdf", "evidence": "table/valuation: Pro Forma Capitalization & LTM Debt / Adjusted EBITDA table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.589929+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c236ecba-23c5-4c52-a4a4-06ca8d7adae9", "evidence": "chart/line: Projected leverage ratio decline from 3.3x to low 2x", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.552423+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "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": "dfe506a1-b51b-421a-a58a-af1b06f9db83", "evidence": "chart/bar-horizontal: 3-Year Dividend CAGR (2018 – 2021) vs Net Debt / Adjusted EBITDA", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.665315+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4493413a-a4c3-4c6d-9217-b0b10522ed38", "evidence": "list/numbered: 1. Simplifies midstream structure and aligns all Antero equity holders", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.777474+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8d9a98bb-9495-4f3d-b81e-4c6f9f9e3c24", "evidence": "title/subtitle: Prior to Simplification: ... After Simplification:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.887534+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1457ea54-cc65-4be9-8e5b-c9f41871efc3", "evidence": "table/data: Reconciliation table showing Net Income to Distributable Cash Flow and DCF coverage ratio for 2017 and 2018.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:41:47.763853+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "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": "3dc7c938-a096-4027-b8df-9ae04899ca49", "evidence": "table/data: Adjusted EBITDA Reconciliation Table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:41:47.849497+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "6270b3af-37cc-4727-8fd1-027105b5b30e", "evidence": "The slide presents a list of attributes as a checklist.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:43.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "list-presentation" }, { "matchId": "4e2e227b-c928-4bf2-b830-f90d616575b7", "evidence": "The slide uses a structured list/table format to present deal components.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "list-presentation" }, { "matchId": "a66dfa1c-5c44-493b-a44f-0290d9537275", "evidence": "The slide explicitly contrasts 'Status Quo Structure' with 'Simplified Pro Forma Structure' using arrows to show the transition.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "before-after-framing" }, { "matchId": "b6dbb236-996c-40f7-a0ed-2fc76dbba081", "evidence": "Compares peer group performance across two key financial metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" }, { "matchId": "f6bdd405-ed1f-4004-8822-45e0136d5b5b", "evidence": "Scatter plot comparing peer group performance metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" }, { "matchId": "93e1db0a-afe9-4376-9f3b-e47c8e3e450d", "evidence": "Numbered list of key benefits", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "list-presentation" }, { "matchId": "a2fc33c0-f318-4416-9b64-98f06fe00888", "evidence": "Slide explicitly contrasts 'Prior to Simplification' and 'After Simplification' states.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "before-after-framing" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/GakllLGuf6HqLZkynFTZBZ9g0dA6owMpqhF2aXcwCfM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NGM0MzY1ZjM3NGExNjczODYzZDZlYjQ5NWVkZTc3Zi9wMDAxLmpwZw", "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": 14, "componentCount": 3, "textChars": 108, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:42.024+00", "seconds": 2.259, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/1", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-1", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "image", "text": "Antero Midstream Partners LP + Antero Midstream GP", "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 10:36:42.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7d74a3f-58ec-49cc-852b-114af257b8d7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.65, "y": 0.75 }, "kind": "paragraph", "text": "OCTOBER 9, 2018", "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 10:36:42.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2848e2d0-c680-45b7-ab0f-c3329d6f99a6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.25, "y": 0.5 }, "kind": "title", "text": "Antero Midstream Simplification 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 10:36:42.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de9a5d85-1dc6-496a-99ec-6e57f86d43d7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "babd3fe6-f70e-44c5-ac3e-54524e51eb3f", "evidence": "image/logo: Antero Midstream Partners LP + Antero Midstream GP; title/headline: Antero Midstream Simplification Transaction", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.389597+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/0UZjMYkQ1wSzlgJsA3z_tGKvLuCthJE13Vpcg3_jQHg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NGM0MzY1ZjM3NGExNjczODYzZDZlYjQ5NWVkZTc3Zi9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/OfXMJIrK8r6Qn7dcaUKIEAacMivZKYgXpLIcO0zSehw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NGM0MzY1ZjM3NGExNjczODYzZDZlYjQ5NWVkZTc3Zi9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/asycoEM9M1il3HnEGRTV0ZVPXc04KaVWcU-2JvKMxB8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NGM0MzY1ZjM3NGExNjczODYzZDZlYjQ5NWVkZTc3Zi9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 2, "textChars": 145, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:45.062+00", "seconds": 5.064, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/2", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-2", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "disclaimer", "text": "NO OFFER OR SOLICITATION... IMPORTANT ADDITIONAL INFORMATION... PARTICIPANTS IN THE SOLICITATION... FORWARD LOOKING STATEMENTS...", "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 10:36:45.062+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78dc3be1-fc2d-43c0-b035-53dbd8719092", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Legal 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 10:36:45.062+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad07132d-cbb6-4012-8262-53d83bbb7197", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "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": 33, "componentCount": 3, "textChars": 438, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:42.65+00", "seconds": 2.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/3", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-3", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "list", "text": "1. Achieve a “win-win-win” Transaction Across the Antero Family\n2. Further Align the Interest of All Antero Equity Holders and Management\n3. Simplify the Structure and Unlock Shareholder Value\n4. Maintain Antero’s Integrated Strategy & Long-Term Outlook\n5. Return of Capital to AR Shareholders", "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 10:36:42.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3de006e9-1cbf-4481-badf-093b0dc0efff", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.1 }, "kind": "paragraph", "text": "While evaluating potential alternatives to increase shareholder value, there were a number of key objectives:", "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 10:36:42.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8938c504-4686-4c24-9195-f3f4fc6ab305", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Special Committee Process Objectives", "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 10:36:42.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e956cdd2-10da-447f-b220-24ad0b9e518e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9b256888-e919-444a-8996-c89d00f551c9", "evidence": "list/numbered: 1. Achieve a “win-win-win” Transaction Across the Antero Family; 2. Further Align the Interest of All Antero Equity Holders and Management; 3. Simplify the Structure and Unlock Shareholder Value; 4. Maintain", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.502406+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "db5ca5c7-5750-4144-b035-970506a2165d", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The document presents the objectives of the Special Committee and the strategic announcement", "position": 0, "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": [], "locked": true }, { "page": 4, "type": "setup", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "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": 59, "componentCount": 4, "textChars": 1114, "nDataPoints": 4, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:43.43+00", "seconds": 3.046, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/4", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-4", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.95, "x": 0.05, "y": 0.74 }, "kind": "list", "text": "2. Reaffirmed long-term distribution growth targets\n- AM public unitholders more than “made-whole” on previously communicated distribution targets with higher DCF coverage in the 1.2x – 1.3x range through 2022\n- $2.7 billion organic project backlog from 2018 through 2022 without the need for equity financing", "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 10:36:43.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4259323-543b-497d-ab68-814eb93c2a76", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.95, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "1. AMGP to acquire AM in a midstream simplification transaction\n- AM public unitholders receive all-in consideration valued at $31.41/unit\n- Eliminates IDRs, lowering AM cost of capital\n- Tax basis step-up eliminates ~$375 MM of expected AMGP taxes through 2022\n- Resulting entity is a C-corp for tax AND governance purposes\n- Larger public float and expected to benefit from broader institutional ownership and enhanced trading liquidity\n- Double digit average annual accretion to both AM unitholders and AMGP shareholders in the previously communicated forecast period of 2019 through 2022 on a distributable cash flow basis\n- Creates “best in class” large cap midstream entity with the highest expected distribution growth (“New AM”)", "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 10:36:43.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0ec4530-2ab9-45ec-ae03-a1da43ff3c6f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.11 }, "kind": "title", "text": "Completed the Special Committee process", "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 10:36:43.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2203c5a-55a4-4e16-9e04-4678714a33cd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.55, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Today's Strategic Announcement", "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 10:36:43.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11a372f6-7ea4-4997-8606-559a1a072eea", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8e2dc54f-0396-4f88-b2e5-de90f8f22fe0", "evidence": "Completed the Special Committee process", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.616395+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49f1b3f6-3696-4331-b8b1-5fef9b3f2607", "evidence": "list/numbered: 1. AMGP to acquire AM in a midstream simplification transaction; 2. Reaffirmed long-term distribution growth targets", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.578186+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "db5ca5c7-5750-4144-b035-970506a2165d", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The document presents the objectives of the Special Committee and the strategic announcement", "position": 0, "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": [], "locked": true }, { "page": 5, "type": "setup", "title": "The slide uses a checklist format to demonstrate how the company meets various investor criteria.", "function": "present_solution", "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": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 3, "textChars": 151, "nDataPoints": 8, "notes": "The slide uses a checklist format to demonstrate how the company meets various investor criteria.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:43.164+00", "seconds": 2.584, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/5", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-5", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Attribute and Antero Midstream Corporation comparison 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 10:36:43.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "430ce947-773d-4184-9ca4-007c42bf4556", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.08 }, "kind": "title", "text": "Simplification “checks all the boxes” for midstream investors", "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 10:36:43.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e29c0fd0-7d8b-478a-9827-52a503c8d36f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Best in Class Midstream Vehicle", "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 10:36:43.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc1de3dd-432f-42e4-87e2-56cd93b220ea", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8b8808c-c3cc-4588-9de7-348460b5e1dc", "evidence": "table/data: Attribute and Antero Midstream Corporation comparison table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.691476+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "6270b3af-37cc-4727-8fd1-027105b5b30e", "evidence": "The slide presents a list of attributes as a checklist.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:43.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "list-presentation" } ], "arcBeats": [ { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 5, "name": "Solution", "beatId": "5e5bf402-8bf1-45dd-80d7-75d4c2c0f249", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the simplification transaction overview and benefits", "position": 1, "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": 6, "type": "setup", "title": "The slide uses a structured table format to outline the deal mechanics.", "function": "present_solution", "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": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 5, "textChars": 579, "nDataPoints": 12, "notes": "The slide uses a structured table format to outline the deal mechanics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.225+00", "seconds": 3.409, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/6", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-6", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.8, "x": 0.18, "y": 0.18 }, "kind": "list", "text": "Details of the transaction including acquisition terms, tax benefits, and financing.", "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 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f61b6e1-03b1-418f-87a8-a5c2171a7dba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "(1) Represents exchange ratio assuming 100% equity election... (2) Assuming AM unitholders elect 100% equity consideration... (3) Dividends are subject to Board approval.", "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 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "783e001b-7a0a-4422-a5af-eaaf70e8048d", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "table", "text": "Key Deal Terms, Structure, Taxes, Dividends & DCF Coverage, Financing, Voting & Close", "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 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a661500-e03e-43b3-aff9-267405c91771", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Antero Midstream GP LP (\"AMGP\") to acquire Antero Midstream Partners LP (\"AM\") creating a premier Appalachian infrastructure organic growth corporation \"Antero Midstream Corporation\" (NYSE: AM) or \"New AM\"", "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 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e132974-c7a1-4b7a-b810-b678e4d6b3cf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Simplification Transaction Overview", "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 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca03f86a-112a-4620-a295-e30281e2f3d3", "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": "c3dd66f5-4642-4cb9-b072-ace213bd012e", "evidence": "table/data: Key Deal Terms, Structure, Taxes, Dividends & DCF Coverage, Financing, Voting & Close", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.767471+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "4e2e227b-c928-4bf2-b830-f90d616575b7", "evidence": "The slide uses a structured list/table format to present deal components.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "list-presentation" } ], "arcBeats": [ { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 5, "name": "Solution", "beatId": "5e5bf402-8bf1-45dd-80d7-75d4c2c0f249", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the simplification transaction overview and benefits", "position": 1, "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": 7, "type": "evidence", "title": "The slide uses a before-after framework to illustrate corporate restructuring.", "function": "present_solution", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "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": "dense", "densityScore": 53, "componentCount": 5, "textChars": 300, "nDataPoints": 12, "notes": "The slide uses a before-after framework to illustrate corporate restructuring.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:43.337+00", "seconds": 2.471, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/7", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-7", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.45, "x": 0.05, "y": 0.2 }, "kind": "diagram", "text": "Status Quo 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 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d5e0159-195a-4e7a-a087-877d22ae269e", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.55, "y": 0.2 }, "kind": "diagram", "text": "Simplified Pro Forma 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 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce0da78a-bb4f-4960-bf15-c11fd7d5ab66", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "1) Series B profits interest held by Antero management.", "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 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0177c343-866d-4fa2-a9b7-fa06f18f61f6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Midstream simplification transaction results in one publicly traded midstream infrastructure corporation with no IDRs and AR as its largest shareholder", "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 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "486a3670-fc10-483e-a22c-58cd2e4118a8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Antero Family Simplified Pro Forma 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 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a505aefa-0acf-4b26-bf7c-e13c61db7bb2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c1d971b5-90a5-4010-82cc-5313b3dd2cde", "evidence": "Midstream simplification transaction results in one publicly traded midstream infrastructure corporation with no IDRs and AR as its largest shareholder", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.842618+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "a66dfa1c-5c44-493b-a44f-0290d9537275", "evidence": "The slide explicitly contrasts 'Status Quo Structure' with 'Simplified Pro Forma Structure' using arrows to show the transition.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:36:43.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 5, "name": "Solution", "beatId": "5e5bf402-8bf1-45dd-80d7-75d4c2c0f249", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The document presents the simplification transaction overview and benefits", "position": 1, "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": 7, "from": 7, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "60587683-e856-4159-9da8-aa5b56b5681b", "evidence": "The document presents a clear before-and-after comparison", "position": 0, "objective": "What are the benefits of the simplification transaction?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.543538+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "analysis", "title": "The slide uses a dual-chart layout to compare dividend per share/unit and leverage ratios, with a specific conversion factor (1.832x) applied to the New AM divi", "function": "analyze_data", "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": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 5, "textChars": 734, "nDataPoints": 24, "notes": "The slide uses a dual-chart layout to compare dividend per share/unit and leverage ratios, with a specific conversion factor (1.832x) applied to the New AM dividend.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.312+00", "seconds": 3.425, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/8", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-8", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.15 }, "kind": "chart", "text": "New AM Long-term Dividend, Leverage, and DCF Coverage Targets", "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": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c89a5130-e010-4d1f-a489-3470524f436d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "chart", "text": "Status Quo AM Targets – AM Public Unitholder Perspective", "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": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe277108-24da-42e8-9deb-db39a4ee8498", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.07 }, "kind": "paragraph", "text": "New AM will increase its initial 2019 dividend and target the same year-over-year growth rates as legacy AM distributions with stronger DCF coverage (as a result of tax savings through 2022 and beyond)", "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 10:36:44.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9623aa07-15bf-4314-b5e3-ae5c7306e9a4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Note: For additional information regarding Non-GAAP Financial Measures and Definitions please see appendix. (1) 2019 distribution growth target relative to midpoint of 2018 guidance of $0.54/share and $1.72/unit for AMGP and AM, respectively. (2) Represents all-in consideration assuming 100% equity to AM public unitholders (1.635 AMGP shares plus $3.415 / AMGP 20-day VWAP).", "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 10:36:44.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44b6e3ea-18f8-464e-a33c-0e0be2b2abba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "New AM – Increased Cash Dividend Targets", "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 10:36:44.312+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a76f27a-e8c3-4115-ac0d-4710d536f960", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "c8b7d49c-ed11-4355-a617-2d0d7ba1c683", "evidence": "chart/bar-grouped: New AM Long-term Dividend, Leverage, and DCF Coverage Targets; chart/bar-grouped: Status Quo AM Targets – AM Public Unitholder Perspective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.918554+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6a37ee79-ca99-4619-99a2-773bceccffa3", "evidence": "New AM will increase its initial 2019 dividend and target the same year-over-year growth rates as legacy AM distributions with stronger DCF coverage.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.956126+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "analysis", "title": "Includes a line chart showing projected deleveraging from 3.3x to low 2x by 2022.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "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": 70, "componentCount": 6, "textChars": 439, "nDataPoints": 28, "notes": "Includes a line chart showing projected deleveraging from 3.3x to low 2x by 2022.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.124+00", "seconds": 3.237, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/9", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-9", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.18, "x": 0.73, "y": 0.515 }, "kind": "callout", "text": "Expected to close in 1Q19 with ~3.1x leverage", "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 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfb0004f-dac8-4dfa-86e5-2cf055dd1a93", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.47 }, "kind": "chart", "text": "Projected leverage ratio decline from 3.3x to low 2x", "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 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca266a04-ed24-4a9b-8930-c84f4a8246f7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Note: For additional information regarding Non-GAAP Financial Measures and Definitions please see appendix. 1) Based on issuance of 322 million shares in transaction and AMGP price of $17.12/share.", "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 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1106da59-dc63-438b-b99d-e15fc3d66792", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.94, "x": 0.03, "y": 0.1 }, "kind": "table", "text": "Sources and Uses table showing $6,129MM total", "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 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9147007-7945-4ab1-a347-18d9364273c9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.03, "y": 0.47 }, "kind": "table", "text": "Pro Forma Capitalization & LTM Debt / Adjusted EBITDA 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 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49be22a7-ae36-4f76-a178-f3bbf4a3b56c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Simplification Transaction Sources & Uses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.124+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7981c190-4e34-4b21-9ac5-a559872dc6a0", "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": "46f161fc-a8b5-4e5f-a999-ccad80876cdf", "evidence": "table/valuation: Pro Forma Capitalization & LTM Debt / Adjusted EBITDA table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:59.589929+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c236ecba-23c5-4c52-a4a4-06ca8d7adae9", "evidence": "chart/line: Projected leverage ratio decline from 3.3x to low 2x", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:59.552423+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The chart uses a dual-axis approach: horizontal bars for CAGR and yellow squares for leverage ratios.", "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": "dense", "densityScore": 59, "componentCount": 5, "textChars": 388, "nDataPoints": 20, "notes": "The chart uses a dual-axis approach: horizontal bars for CAGR and yellow squares for leverage ratios.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.68+00", "seconds": 3.534, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/10", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-10", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.3, "x": 0.65, "y": 0.45 }, "kind": "callout", "text": "One of only Eight C-corp Midstream Entities with the Highest Distribution Growth and Lowest Leverage", "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 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69cba990-d9a6-4eaf-97d5-79189491890f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.6, "y": 0.75 }, "kind": "callout", "text": "13 of 20 entities have simplified and 8 of 20 are C-Corps", "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 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9b7f583-db41-4db6-9fe3-5c7a593f1fcd", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "3-Year Dividend CAGR (2018 – 2021) vs Net Debt / Adjusted EBITDA", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1692bc-b818-4a53-9242-dfe8242ed21d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "New AM will be a unique midstream vehicle with scale, low leverage and high distribution growth all in a C-corp 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": "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 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c06d86b-46d2-41ff-8bd3-3d650024f83d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Highest Dividend Growth Among Top 20 Midstream", "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 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8105dbfa-2ebc-4b86-94a4-05e228b0e98d", "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": "dfe506a1-b51b-421a-a58a-af1b06f9db83", "evidence": "chart/bar-horizontal: 3-Year Dividend CAGR (2018 – 2021) vs Net Debt / Adjusted EBITDA", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:55:59.665315+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "b6dbb236-996c-40f7-a0ed-2fc76dbba081", "evidence": "Compares peer group performance across two key financial metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 11, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 10, "name": "Market Size", "beatId": "d5a20a9e-b143-4d58-8797-7426389369c5", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The document presents peer benchmarks and valuation tables", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 11, "from": 10, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "8b9b3102-7138-46a2-b466-1bddef7dea4e", "evidence": "The document presents peer benchmarks and valuation tables", "position": 1, "objective": "How does New AM compare to peers?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.576477+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "title": "The chart uses a regression line to show the correlation between yield and growth, with AMGP plotted as a blue diamond.", "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": "dense", "densityScore": 71, "componentCount": 6, "textChars": 479, "nDataPoints": 15, "notes": "The chart uses a regression line to show the correlation between yield and growth, with AMGP plotted as a blue diamond.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.373+00", "seconds": 3.216, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/11", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-11", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.28, "x": 0.35, "y": 0.37 }, "kind": "callout", "text": "Valuation (i.e. yield) highly correlated to distribution growth, exhibiting a 0.77 r-squared", "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 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "034d92dc-84b7-4c79-8240-de2c68ad0be0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.65, "y": 0.5 }, "kind": "callout", "text": "New AM dividend targets imply 4.1% yield ($23/share) based on 2018 – 2021 dividend growth of 27%", "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 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b73c04b-9ea1-4ba9-8084-62b9892f4800", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "Yield vs. Dividend/Distribution Growth (2018 – 2021)", "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": "Scatter plot", "slug": "scatter", "status": "active", "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2", "version": 1, "description": null }, "framework": null }, "subkind": "scatter", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "754eac20-61a8-4421-8a6c-ac688762ee48", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: FactSet. Prices as of 10/08/2018.", "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 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01b4e5e1-c573-41a3-b917-36f00c4c9ae4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Antero Midstream Corporation's dividend growth profile supports a premium valuation based on comparable C-corps and entities that eliminated IDRs", "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 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d083db31-61ab-45da-bccb-d0d8ab62bbf9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Yield vs. Growth Correlation Implies Attractive Value", "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 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23978184-f22f-491d-94ad-402ed4190d97", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f6bdd405-ed1f-4004-8822-45e0136d5b5b", "evidence": "Scatter plot comparing peer group performance metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 11, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 10, "name": "Market Size", "beatId": "d5a20a9e-b143-4d58-8797-7426389369c5", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The document presents peer benchmarks and valuation tables", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 11, "from": 10, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "8b9b3102-7138-46a2-b466-1bddef7dea4e", "evidence": "The document presents peer benchmarks and valuation tables", "position": 1, "objective": "How does New AM compare to peers?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:03.576477+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "resolution", "title": "Slide 12 of a presentation.", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "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": 35, "componentCount": 2, "textChars": 481, "nDataPoints": 4, "notes": "Slide 12 of a presentation.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.13+00", "seconds": 2.511, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/12", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-12", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "1. Simplifies midstream structure and aligns all Antero equity holders\n2. Tax efficient and eliminates ~$375 MM of expected taxes through 2022\n3. Mutually beneficial and immediately accretive to both AMGP and AM DCF/Unit\n4. Improves cost of capital to pursue additional growth opportunities\n5. Enhances governance and shareholder rights\n6. Cash consideration and free cash flow expected to fully fund AR's announced buy-back & deleveraging program", "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 10:36:44.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "497385d2-5546-4837-b52c-eb1787e7bd4a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Simplification Transaction Summary", "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 10:36:44.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "429729ce-cf3e-4a77-848a-7df9aecac5f4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4493413a-a4c3-4c6d-9217-b0b10522ed38", "evidence": "list/numbered: 1. Simplifies midstream structure and aligns all Antero equity holders", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.777474+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "93e1db0a-afe9-4376-9f3b-e47c8e3e450d", "evidence": "Numbered list of key benefits", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:36:44.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "list-presentation" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 12, "name": "The Ask", "beatId": "e554e4f1-6469-41ea-976b-b56c0f852cc1", "matchId": "776fd46d-6a11-40f1-80c4-ac02763a0ead", "beatType": { "name": "The Ask", "slug": "sequoia-pitch-the-ask", "status": "active", "canonId": "019dd9b8-24f3-72bf-940a-74d06fd9396b", "version": 1, "description": null }, "evidence": "The document presents the key takeaways from the simplification transaction", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "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": 2, "componentCount": 2, "textChars": 8, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.192+00", "seconds": 2.484, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/13", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-13", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": null, "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": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27a32783-913d-4f0b-8c9d-f57b122a7067", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.23, "x": 0.728, "y": 0.5 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:36:44.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23ffbf7b-0600-4380-ab3e-01b1839af7eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 14, "type": "setup", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 2, "textChars": 125, "nDataPoints": 24, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.189+00", "seconds": 2.448, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/14", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-14", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.82, "w": 0.96, "x": 0.02, "y": 0.12 }, "kind": "table", "text": "Comparison table of AM and AMGP metrics across Status Quo and Pro Forma 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 10:36:44.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e96fa0a4-6e1f-493b-99f7-9ef0e4002db7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Long-term Outlook – Status Quo vs. Pro Forma", "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 10:36:44.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e068998e-f36a-45c0-8771-a435c5bf3b92", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "evidence", "title": "Details the conversion of complex profit interests into a fixed share amount to facilitate a corporate simplification.", "function": "present_solution", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "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": "dense", "densityScore": 72, "componentCount": 5, "textChars": 1564, "nDataPoints": 6, "notes": "Details the conversion of complex profit interests into a fixed share amount to facilitate a corporate simplification.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:45.754+00", "seconds": 3.829, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/15", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-15", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.57 }, "kind": "list", "text": "In order to facilitate the simplification transaction Series B Holders have agreed to an early termination of the Series B profits interest at closing. Under existing terms of Series B units, would be exchangeable at holder's option following closing and until 12/31/26 up to 6.0% of the pro forma market cap of New AM in excess of $2.0 billion. Instead, agreed to exchange into a fixed 17.354 MM shares of New AM at closing of simplification, which represents approximately 4.4% of the pro forma market cap of New AM in excess of $2.0 billion. Gave up 8 years of option value on future AM and AMGP equity issuances and market capitalization increases. Vesting Schedule remains in place and Series B unitholders will not receive New AM dividends on the unvested shares in 2019", "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 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68faa59f-3785-4bea-ba34-f9ee80072d63", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "list", "text": "The Series B profits interests were created in December 2016 through an agreement between Antero's co-founders and private equity sponsors, who jointly owned 100% of IDR LLC prior to the AMGP IPO. Series B units are entitled to receive up to 6% of the IDR distributions from AM in excess of $7.5 million on a quarterly basis. After vesting Series B holders have the option to exchange into AMGP common shares at any time up until December 31, 2026 based on 6% of AMGP's equity market capitalization at the time of the exchange less $2 billion (mandatory exchange on 12/31/26). AMGP does not have the right to force exchange until 12/31/26. Units vest ratably over a three year period beginning on December 31, 2016.", "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 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "913444e3-273a-48e1-9aa7-6693ac2b8b99", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.5, "x": 0.04, "y": 0.02 }, "kind": "title", "text": "Series B Profits Elimination", "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 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd8a6727-e195-40de-90d4-918cda68260a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.04, "y": 0.51 }, "kind": "title", "text": "After Simplification:", "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 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57b63955-0896-4e48-bb5c-cb4c2c356ccf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Prior to Simplification:", "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 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "742813fc-b9bc-44e0-95b0-f2a634a10070", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8d9a98bb-9495-4f3d-b81e-4c6f9f9e3c24", "evidence": "title/subtitle: Prior to Simplification: ... After Simplification:", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:59.887534+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "a2fc33c0-f318-4416-9b64-98f06fe00888", "evidence": "Slide explicitly contrasts 'Prior to Simplification' and 'After Simplification' states.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:36:45.754+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 8, "textChars": 2227, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:46.132+00", "seconds": 4.124, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/16", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-16", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "list", "text": "the financial performance of the Partnership's assets, without regard to financing methods in the case of Adjusted EBITDA, capital structure or historical cost basis; its operating performance and return on capital as compared to other publicly traded partnerships in the midstream energy sector, without regard to financing or capital structure; and the viability of acquisitions and other capital expenditure projects.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d745dc2-dcd2-4b33-87a9-7e9eef933418", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.05, "y": 0.46 }, "kind": "paragraph", "text": "The Partnership defines Distributable Cash Flow as Adjusted EBITDA less interest paid, income tax withholding payments and cash reserved for payments of income tax withholding upon vesting of equity-based compensation awards, cash reserved for bond interest and ongoing maintenance capital expenditures paid. Antero Midstream uses Distributable Cash Flow as a performance metric to compare the cash generating performance of the Partnership from period to period and to compare the cash generating performance for specific periods to the cash distributions (if any) that are expected to be paid to unitholders. Distributable Cash Flow does not reflect changes in working capital balances.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22b73cb7-41a4-4d11-ba62-56580468ea18", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "The Partnership defines consolidated net debt as consolidated total debt less cash and cash equivalents. Antero Midstream views consolidated net debt as an important indicator in evaluating the Partnership's financial leverage.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "318cf29e-ce00-424a-998a-2bc7102eff30", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "paragraph", "text": "The Partnership defines leverage as net debt divided by Adjusted EBITDA.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a14ff04-fa71-49db-8f8f-8811b6be2cdc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.09 }, "kind": "paragraph", "text": "Non-GAAP Financial Measures and Definitions", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d18ba17-e212-4fa8-b632-7cf2e5fd7aff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "Antero Midstream views Adjusted EBITDA as an important indicator of the Partnership's performance. Antero Midstream defines Adjusted EBITDA as Net Income before interest expense, depreciation expense, impairment expense, accretion of contingent acquisition consideration, equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates and including cash distributions from unconsolidated affiliates.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c6e1acd-e51e-4c27-809c-b42a08d7a4ee", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.69 }, "kind": "paragraph", "text": "The Partnership defines Return on Invested Capital as net income plus interest expense divided by average total liabilities and partners' capital, excluding current liabilities. Management believes that Return on Invested Capital is a useful indicator of the Partnership's return on its infrastructure investments.", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa0d1768-6a0f-4d29-870d-4313282e0f52", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Antero Midstream Non-GAAP Measures", "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 10:36:46.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92cd33da-96f2-4830-bb90-ba0a65beccbf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "analysis", "title": "Includes footnotes explaining specific line items like cash reserved for bond interest and maintenance capital expenditures.", "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": 33, "componentCount": 3, "textChars": 273, "nDataPoints": 40, "notes": "Includes footnotes explaining specific line items like cash reserved for bond interest and maintenance capital expenditures.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.654+00", "seconds": 2.572, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/17", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-17", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.95, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "1) Cash reserved for bond interest... 2) Estimate of current period portion... 3) Maintenance capital expenditures represent...", "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 10:36:44.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81ed0ee3-bb1e-4e12-8d3e-e996bd82da31", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Reconciliation table showing Net Income to Distributable Cash Flow and DCF coverage ratio for 2017 and 2018.", "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 10:36:44.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f371001-1c03-44ef-b5f2-5387918b2d4a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Adjusted EBITDA and DCF Reconciliation", "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 10:36:44.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4eb37db-63a3-4dd9-a378-9a41f98cc75d", "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": "1457ea54-cc65-4be9-8e5b-c9f41871efc3", "evidence": "table/data: Reconciliation table showing Net Income to Distributable Cash Flow and DCF coverage ratio for 2017 and 2018.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:41:47.763853+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "analysis", "title": "Standard financial reconciliation slide for non-GAAP metrics.", "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": "dense", "densityScore": 59, "componentCount": 5, "textChars": 383, "nDataPoints": 22, "notes": "Standard financial reconciliation slide for non-GAAP metrics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:36:44.58+00", "seconds": 2.449, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-3301-76cf-b8e3-de8cb7d90d80/18", "deck": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80", "deckAnchor": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80#slide-18", "deckJson": "/decks/019de50f-3301-76cf-b8e3-de8cb7d90d80.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "paragraph", "text": "The following table reconciles net income to Adjusted EBITDA for the twelve months ended June 30, 2018 as used in this presentation (in thousands):", "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 10:36:44.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0564906f-cb73-46d7-91e1-2322e22bc3c7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "paragraph", "text": "The following table reconciles consolidated total debt to consolidated net debt (\"Net Debt\") as used in this presentation (in thousands):", "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 10:36:44.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3f55c89-a0c7-4910-8aea-74ffeb578828", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Net Debt Reconciliation 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 10:36:44.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "596c7bde-3b7c-4107-8261-3113f42af7a5", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "table", "text": "Adjusted EBITDA Reconciliation 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 10:36:44.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f135fcfc-95e9-47c4-81e6-c402aa143d57", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Antero Midstream Non-GAAP Measures", "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 10:36:44.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f377410-eb82-46e7-805e-5dc9eee72135", "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": "3dc7c938-a096-4027-b8df-9ae04899ca49", "evidence": "table/data: Adjusted EBITDA Reconciliation Table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:41:47.849497+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 4, "label": "Problem", "description": "The document presents the objectives of the Special Committee and the strategic announcement" }, { "from": 5, "to": 7, "label": "Solution", "description": "The document presents the simplification transaction overview and benefits" }, { "from": 10, "to": 11, "label": "Market Size", "description": "The document presents peer benchmarks and valuation tables" }, { "from": 12, "to": 12, "label": "The Ask", "description": "The document presents the key takeaways from the simplification transaction" } ], "loops": [ { "from": 7, "to": 7, "label": "Before After", "description": "What are the benefits of the simplification transaction?" }, { "from": 10, "to": 11, "label": "Benchmark Gap", "description": "How does New AM compare to peers?" } ] }