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  "notes": "Includes valuation bridge from Transaction Value to Equity Value and finally to Unit Price.",
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      "text": "Baird selected a group of corporate midstream transactions (for which data were publicly available) that we deemed relevant valuation benchmarks",
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      "text": "Source: Antero management, partnership filings and S&P Capital IQ. (1) IDR cash flow excluded from AM metric. (2) Based on range of precedent transactions (see previous page). Excludes lowest and highest metrics to remove the impact of outlier effects from the analysis. (3) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018.",
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