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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 22 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-04-01 00:00:00",
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  "notes": "Includes a footnote listing 7 specific precedent transactions.",
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      "kind": "list",
      "text": "Since 2013, we have identified 16 MLP simplifications that share similarities to the alternatives we evaluated; Increasingly these transactions are proactive; There is a critical mass of precedent for a GP-Buys-Midstream style transaction.",
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      "text": "There is notable stress in the midstream capital markets for companies such as Midstream that chose to be structured as limited partnerships: The Alerian MLP index is 46% lower (5yr), 26% lower (1yr), and 13% lower (YTD).",
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      "text": "Due diligence with management on the status quo Upstream, Midstream, and GP financial plans; Examination of major trends in the midstream and MLP capital markets; Financial and capital market comparisons of two different structural alternatives.",
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      "text": "As a result of our review, the Special Committee observes the following with regard to the market environment:",
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      "kind": "paragraph",
      "text": "Immediately following the March 9th Board presentation, the Special Committee and its financial and legal advisors conducted a detailed review of structural alternatives available to GP. The review included:",
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      "text": "(1) Kinder Morgan - Kinder Morgan Partners (Aug-2014); Kinder Morgan-El Paso Energy Partners (Aug-2014); Targa-Targa Resource Partners (Nov-2015); Semgroup-Rose Rock Midstream (May-2016); ONEOK-ONEOK Partners (Feb-2017); Archrock-Archrock Partners (Jan-2018); and Tallgrass GP-Tallgrass Energy Partners (Apr-2018)",
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      "text": "Process Update on Arkose Midstream GP Structural Alternatives",
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