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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 8 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "presentationDate": "2018-09-01 00:00:00",
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  "notes": "The slide presents a sensitivity analysis of implied PV per unit based on different distribution yields and exchange ratios.",
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      "text": "AM current price of $30.08\nCash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares",
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      "text": "Source: Management projections and FactSet as of 9/14/2018. Note: Cash consideration of $3.415 per AM unit. Tax calculations provided by Management. Ordinary gain tax rate for AM accounts for Federal ordinary income tax rate of 37%, individual MLP investor deduction rate of 20% and 3.8% ACA tax rate. Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate.",
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      "text": "AR Base Case and AR Downside Volumes Case tables showing Exchange Ratios and Implied PV per unit",
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      "text": "After-Tax Discounted Dividend / Distribution Analysis",
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      "kind": "title",
      "text": "XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | 10% Equity Discount Rate",
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