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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 45 slides",
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  "authorName": "TPH",
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  "presentationDate": "2018-08-01 00:00:00",
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  "nDataPoints": 21,
  "notes": "Includes two pull-quotes from financial research reports.",
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      "kind": "callout",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "This transaction would result in a \"backdoor\" distribution cut [...]. The magnitude of the reduction in income would depend on the exchange ratio [...] plus whether AMGP then increases its distribution [...] to offset the decline in income to AM. In terms of a range, we think AM holders could experience an upfront income reduction as low as 0% (assuming AMGP raises its 2019 distribution by 134% to a 1.19x coverage ratio) or as high as 31% (assuming no change in distribution/dividend policy). Wells Fargo, 6/01/2018",
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      "kind": "quote",
      "text": "Given AMGP's premium valuation relative to AM, cash flow accretion is much easier to generate under this deal structure. [...] Given the relatively steep recent sell-off at AM, we think AMGP would have to offer a meaningful premium to current AM trading [to] move forward with the transaction as taxable nature of the transaction would need to be offset. TPH, 2/20/2018",
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      "text": "Source: Broker research commentary. Note: TPH Research restricted on 4/17/18.",
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      "text": "Comparison table of Wells Fargo and TPH research data points including prices, exchange ratios, and premiums.",
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      "text": "Research Perspective on Transaction",
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