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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 90 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "The slide compares ownership splits and exchange ratios, highlighting a proposal of 1.600x.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: Management projections. FactSet as of 6/8/18. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from AM to IDR LLC less G&A and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. (1) Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units.",
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