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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 77 slides",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide presents a 'Downside Volumes Case' for a transaction, showing how ownership and exchange ratios shift over time (2017A-2022E).",
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      "kind": "callout",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Implied Exchange Ratio | Series B Adjusted",
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      "text": "Contribution Analysis Implied Ownership",
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      "text": "AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow",
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      "text": "Source: Management projections. FactSet as of 10/3/2018. 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 less taxes on total IDR DCF less G&A expenses. 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 ratio: 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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      "text": "Contribution Analysis | AR Downside Volumes Case",
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