{
  "docId": "019de50e-f70b-70b2-8af1-7f188dd0abda",
  "docSlug": "7b338264417890b6537c2a9c6d79b36e",
  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 34 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Resources",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 4,
  "pageCount": 34,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "executive_summary",
  "function": "executive_summary",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50e-f70b-70b2-8af1-7f188dd0abda/4",
  "deckHref": "/decks/019de50e-f70b-70b2-8af1-7f188dd0abda",
  "deckJsonHref": "/decks/019de50e-f70b-70b2-8af1-7f188dd0abda.json",
  "deckAnchorHref": "/decks/019de50e-f70b-70b2-8af1-7f188dd0abda#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.75,
        "w": 0.91,
        "x": 0.045,
        "y": 0.16
      },
      "kind": "list",
      "text": "Shareholders of Antero have made requests for management and the Board to consider and evaluate potential measures to remedy two perceived issues: Perceived valuation discount and relative underperformance of AR versus its Appalachian peers; Shareholder “mis-alignment”, primarily referring to the IDR value stream being held outside of the AR family. JPM and MS have been working with management to analyze potential actions through the lenses of: Potential benefits to shareholders of AR, AMGP and AM; Potential to address shareholder concerns. Though our analysis is ongoing, we want to highlight two potential actions which, in combination, appear to meet these criteria: Consolidation of midstream entities via AMGP buying AM (Appears financially attractive to AMGP and AM shareholders and solves a key mis-alignment issue for AR shareholders); AR share buyback of $500MM+, effected over two years (Sizable enough to be meaningful while preserving leverage at 2.0x for 2019 and beyond; Potential use of proceeds to fund buyback from early monetization of water earn-out payments)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ffbe9fc-6d7d-4716-9ffb-a5491f6a9b57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.37,
        "x": 0.045,
        "y": 0.015
      },
      "kind": "title",
      "text": "Executive Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0255c4ea-0737-4b7c-91ae-0993126ad9fd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "c22f4b51-4404-4f5e-a7b2-9e9f44a48573",
      "evidence": "This slide is an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 4,
      "from": 1,
      "beatId": "3ca9a553-a9d3-4375-b724-b85e5e2df59e",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The deck's early slides provide an overview of the current situation and context.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}