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  "authorId": "baird",
  "authorName": "Baird",
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  "presentationDate": "2018-04-01 00:00:00",
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  "pageNumber": 35,
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  "notes": "Contains specific adjustments for E&P firm value calculations, asset sales, and conversion ratios.",
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      "text": "Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018. (1) Where applicable, Baird utilizes the following conversion ratios for oil and NGLs, respectively: 17.5 to 1.0 and 8.75 to 1.0. (2) Wall Street research. (3) Wall Street consensus estimates. (4) Pro forma the $765 million sale of Eagle Ford assets as announced in December 2017. (5) E&P statistics adjusted to remove contribution of EQGP, EQM and RMP. EQT E&P firm value adjusted to remove public ownership of EQGP, EQM and RMP at a 10% discount to equity value. (6) E&P statistics adjusted to remove contribution of Fayetteville midstream assets. SWN E&P firm value adjusted to remove value of midstream assets based on 7.0x EV / 2019E EBITDA and a 10% discount to equity value. (7) E&P statistics adjusted to remove contribution of VNOM. SWN E&P firm value adjusted to remove public ownership of VNOM at a 10% discount to equity value. (8) E&P EBITDAX and DACF based on management's base case projections. AR E&P firm value adjusted to remove public ownership of AM at a 10% discount to equity value.",
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