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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 123 slides",
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  "authorName": "Tudor Pickering Holt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-06-01 00:00:00",
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  "pageNumber": 26,
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  "slideType": "financial_analysis",
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  "density": "dense",
  "nDataPoints": 44,
  "notes": "The slide compares two metrics: Implied Ownership (stacked bar) and Implied Exchange Ratio (bar chart with threshold lines) across two categories (DCF and Distributions).",
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      "kind": "callout",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "kind": "chart",
      "text": "Implied Exchange Ratio | Series B Adjusted",
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      "kind": "chart",
      "text": "Contribution Analysis Implied Ownership",
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      "kind": "source-note",
      "text": "Source: Management projections, FactSet as of 6/21/18. 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. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1) Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2) Potential counterproposal: 1.700x XR and $3.50 cash consideration / unit.",
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      "kind": "subtitle",
      "text": "AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow)",
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      "kind": "title",
      "text": "Contribution Analysis | AR Base Case",
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