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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 90 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor Pickering Holt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "Includes a sensitivity table for NOL valuation based on discount rate and utilization period.",
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      "kind": "chart",
      "text": "Historical AR Tax Assets & Liabilities",
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      "text": "AR Federal & State NOL Carryforwards",
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      "text": "Assumptions: ~$3.0 billion of U.S. federal NOLs; ~$2.3 billion of state NOLs; Tax shields eliminate cash taxes through 2021.",
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      "text": "Source: Management Projections, Company Filings. (1) NOL carryforward allocated straight line over utilization period.",
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