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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 69 slides",
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      "text": "Source: FactSet as of 03/16/18, company filings. Note: Firm value reflects market value of non-controlling interest for public MLPs, where applicable. Permian peers include CXO, FANG, PE, RSPP, EGN, CDEV, JAG, LPI and CPE; Consolidated EQT not pro forma for potential spin of EQT Midstream. Adjusted to remove MLP value based on public MLP ownership; pro forma for dropdown of RMH midstream assets, merger of EQM and RMP, and EOGP acquisition of RMP IDRs; Adjusted to remove Antero Midstream value with no assumed tax drag as result of NOL usage; Adjusted to remove midstream services contribution, based on 7.0x FV / 2019E EBITDA and 20% EBITDA margin on broker median projections for midstream services revenue; FANG firm value adjusted to remove public MLP ownership in VNOM, assumes tax drag of 20%; Equity value to consolidated cash flow less MLP distributions paid to public unitholders",
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