{
  "docId": "019de50f-3d3d-7277-bb63-e69d994f092a",
  "docSlug": "251e9de47ce49a270acb2265f2b02797",
  "documentTitle": "Antero Midstream Partners | Investor Presentation Deck | 54 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Midstream Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2018-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3314841,
  "pageNumber": 14,
  "pageCount": 54,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "revenue_buildup",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a waterfall-like comparison to show revenue growth from 2018 to 2019, including a sensitivity analysis for a $0.10/gal price increase.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-3d3d-7277-bb63-e69d994f092a/14",
  "deckHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a",
  "deckJsonHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a.json",
  "deckAnchorHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.52,
        "y": 0.08
      },
      "kind": "callout",
      "text": "Antero's balanced approach to ethane sales results in 50% of contracts tied to purity ethane prices vs. natural gas value",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c189b50-57b8-44ec-b63e-78e9adba5a33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "callout",
      "text": "Antero's ethane has a natural gas pricing \"floor\" and purity ethane \"ceiling\"; increases in ethane purity prices are all upside",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d20d2a31-3086-4bbb-b29e-29e0b2cdffe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Ethane Revenue Uplift ($MM)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23b0a98f-b7ef-4198-acce-9a9047237250",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "disclaimer",
      "text": "Note: Forward prices use strip as of 9/30/2018. Ethane prices reflect realized price to Antero and assume $(0.05)/gallon discount to Mt. Belvieu prices based on 2018 Antero guidance. 2019 volumes are assumptions only, based on ME2 in-service and an increase in de-eth capacity expected to come on-line in 4Q18.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9a02e54-0d66-4bb5-a8c1-737dcbc2682f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "Ethane sensitivity: +$0.10/gallon x 2019 production target x ~50% exposure to Mt. Belvieu = ~$40MM incremental 2019 ethane revenue",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ddca6d0-deb7-4000-b777-5c4cc888b2be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Antero's Ethane Exposure: All Upside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a8b4515-3629-4b70-9220-72534964c29c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "b981ba4a-0b4e-4c61-9146-dc5240830475",
      "evidence": "The slide explicitly links price sensitivity to production volume and contract exposure to calculate incremental revenue.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "81172aab-ec78-4294-b2f1-757f90f4d6b5",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The document presents the company's strategy for growth and free cash flow generation",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "3dca36de-b31e-4e17-b876-a2f94274a0e9",
      "evidence": "The document presents a detailed analysis of the company's financial performance and growth prospects",
      "position": 1,
      "objective": "Break down the company's strategy for growth and free cash flow generation",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}