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  "documentTitle": "Baird | Investment Banking Pitch Book | 6 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-07-01 00:00:00",
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  "notes": "Includes two distinct tables detailing earn-out thresholds and annual MVCs.",
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      "text": "Payment of $125 million at year-end 2019 upon AM delivering a total of 176,295,000 barrels of water from 2017-2019 (equating to an average of 161 Mbbld)\nPayment of $125 million at year-end 2020 upon AM delivering a total of 219,200,000 barrels of water from 2018-2020 (equating to an average of 200 Mbbld)",
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      "text": "In addition to the Earn-Out provisions, AR also agreed to the following minimum volume commitments (\"MVCs\"):",
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      "text": "In September 2015, AR sold its integrated water business to AM for $1.05 billion, plus an additional $250 million subject to the following Earn-Out provisions:",
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      "text": "Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM; Antero management projections.",
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