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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 16 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "presentationDate": "2018-07-01 00:00:00",
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  "nDataPoints": 48,
  "notes": "The slide compares ownership percentages and exchange ratios for AM vs AMGP.",
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      "text": "Implied Exchange Ratio | Series B Adjusted",
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      "text": "Contribution Analysis Implied Ownership",
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      "text": "Source: Management projections, FactSet as of 7/10/18. 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 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) Counterproposal: 1.750x XR and $4.00 cash consideration / unit.",
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      "kind": "subtitle",
      "text": "AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow",
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      "kind": "title",
      "text": "Contribution Analysis | AR Base Case",
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