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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 34 slides",
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  "presentationDate": "2018-02-01 00:00:00",
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  "notes": "The table lists 10 specific activist campaigns with details on target, date, market cap, activist, stake, and demand categories (Strategic, Structural, Governance).",
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      "text": "Material increase in activist activity over the past 18 months across the oil and gas space with attention focused on upstream. 10 public campaigns launched, with many more undisclosed situations. Commodity prices largely viewed as range-bound, with more optimism for oil vs. gas. Commodity price stability gives activists comfort that commodity price declines won't undermine investment/activism thesis. Activist activity (both in oil and gas and across industries) expanding from \"traditional\" activists to investors who have historically been more passive. Activist arguments generally center around the following themes, and are coupled with allegations of governance \"failures\": Need for targeted company to engage in M&A to address undervaluation (whether due to lack of scale, insufficient management expertise or otherwise). Need for targeted company to explore structural alternatives to address sum-of-parts discount.",
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      "text": "Source: SharkRepellent, Wall Street Journal / Reuters, FactSet; Note: Most recent campaigns listed first; 1 At start of agitation",
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      "text": "Select Campaigns table showing Target, Announcement date, Market cap ($bn), Activist, Stake, and Activist Demands (Strategic, Structural, Governance).",
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      "text": "Heightened Shareholder Activism Across Oil & Gas",
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