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  "documentTitle": "Tudor, Pickering, Holt & 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 a sensitivity table for NOL valuation and historical bar charts for tax assets/liabilities.",
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      "kind": "chart",
      "text": "Historical AR Tax Assets & Liabilities",
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      "text": "AR Federal & State NOL Carryforwards",
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      "kind": "paragraph",
      "text": "Assumptions: ~$3.0 billion of U.S. federal NOLs... ~$2.3 billion of state NOLs... Tax shields eliminate cash taxes entirely through 2021",
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      "text": "Source: Management Projections, Company Filings. (1) NOL carryforward allocated straight line over utilization period.",
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