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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 9 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "The chart breaks down cash into four components: Immediate Cash Proceeds, Water Earn-Out, FCF Excluding Water Earn-Out & Midstream Distributions, and Distributions from Midstream.",
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      "text": "Source: Arkose projections, Arkose Merger Model, and Bloomberg market data as of 2-Aug-2018. Note: Water earn-out payments assumes that midstream volumes are greater than threshold in 2019 and 2020 to trigger both $125mm payments, consistent with management's forecast.",
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      "kind": "paragraph",
      "text": "Management Base Case | 1.65x All-in Exchange Ratio and Midstream Election Scenarios of 25%, 50%, & 75%",
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      "kind": "title",
      "text": "Upstream Total Cash Available for Repurchase",
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