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  "documentTitle": "Baird | Investment Banking Pitch Book | 26 slides",
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  "notes": "The slide uses a waterfall chart structure to demonstrate the economic impact of hedges on firm transportation costs.",
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      "text": "Waterfall analysis of gas price realization for 2018, 2020, and 2022",
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      "text": "AR's gas firm transportation portfolio is not economic based on current strip pricing...though northeast markets would be severely imbalanced if AR were to sell its growing gas production in-basin",
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      "text": "Source: Based on data provided by Antero Management. Utilizes strip pricing as of 12/31/2017.",
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