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  "docSlug": "b359a60db3cb151555be58112a777174",
  "documentTitle": "Baird | Investment Banking Pitch Book | 6 slides",
  "authorId": "baird",
  "authorName": "Baird",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-07-01 00:00:00",
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  "pageNumber": 2,
  "pageCount": 6,
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  "slideType": "financial_analysis",
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes a formula box defining the calculation for 'Increase in Value to AR vs. Status Quo'.",
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      "kind": "callout",
      "text": "Increase in Value to AR vs. Status Quo = Increase in Cash Received + Increase in Market Value of Midstream Holdings",
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      "kind": "disclaimer",
      "text": "Source: Antero management projections. (1) Status quo market value assumes current AM holdings * current AM price. Pro forma market value assumes pro forma holdings * current AMGP share price. (2) AR currently owned 53% of outstanding units of AM. (3) AM has 187 million units outstanding. (4) Represents estimated net debt / NTM EBITDA at 1/1/19.",
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      "kind": "paragraph",
      "text": "Assumes 18.5 mm shares issued to Series B holders",
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      "kind": "table",
      "text": "PV-10 of Increase in Value to Antero Resources (2019-2022) table with cash received, net to AR, implied $/AM unit, and equity exchange ratios.",
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      "kind": "title",
      "text": "PRO FORMA VALUE TO AR vs. STATUS QUO",
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