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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 60 slides",
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  "notes": "The slide presents two distinct scenarios (Base Case and Downside Volumes Case) with coverage ratios and implied PV calculations.",
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      "text": "Source: Management projections and FactSet as of 10/5/2018. Note: Cash consideration of $3.415 per AM unit. Tax calculations provided by Management. (1) Transaction based on Non-AR Unitholders receiving 1.6350x AMGP shares + $3.415 cash consideration.",
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      "text": "AM current price of $29.74; Cash consideration used to pay all taxes for an average public AM unitholder; AM Proposal assumes issuance of 17.354mm AMGP shares",
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      "text": "XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | 10% Equity Discount Rate",
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