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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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  "slideType": "financial_analysis",
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  "density": "dense",
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  "notes": "The slide presents a 'Downside Volumes Case' for a transaction, likely a merger or restructuring, showing how different valuation metrics impact ownership and exchange ratios.",
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      "text": "Proposal: 1.600x",
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      "text": "Implied Exchange Ratio | Series B Adjusted(1)",
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      "text": "Contribution Analysis Implied Ownership",
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      "text": "AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow",
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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 less taxes on total IDR DCF less G&A expenses. AMGP distributions defined as distributions attributable 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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