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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 60 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "presentationDate": "2018-10-01 00:00:00",
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  "nDataPoints": 24,
  "notes": "The slide compares two metrics: ownership split (stacked bar) and implied exchange ratio (bar chart) across two categories (DCF and Distributions) over a 6-year period.",
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      "kind": "callout",
      "text": "At Transaction: 1.8326x",
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      "text": "Implied Exchange Ratio | Series B Adjusted",
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      "kind": "chart",
      "text": "Contribution Analysis Implied Ownership",
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      "kind": "source-note",
      "text": "Source: Management projections, FactSet as of 10/5/2018. Note: AM DCF calculated as LP Interest in EBITDA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from AM to IDR LLC less G&A and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC less G&A. Note: Cash tax shield from Series B depreciation of ~$6mm per year. (1) Implied exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 17.354mm converted Series B units. (2) At Transaction: 1.6350x XR and $3.415 cash consideration / unit.",
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      "kind": "subtitle",
      "text": "AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow)",
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      "kind": "title",
      "text": "Contribution Analysis | AR Base Case",
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