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  "documentTitle": "Tudor, Pickering, Holt &amp; Co | Investment Banking Pitch Book | 122 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "Includes detailed tax breakdown per unit for Average Unitholder, IPO Investor (Average Basis), and IPO Investor (IPO Basis).",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: FactSet as of 8/10/2018 and Wall Street research. (1) Provided by management. (2) Assumed passive activity loss and tax on ordinary gain for IPO investor utilizes company provided estimates based on a per unit basis range of $19.00-$22.00. (3) Passive activity loss calculated to be $2.00 for an IPO investor. (4) State tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and single filers.",
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      "text": "Cash Consideration Required to Avoid Share Selling table",
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