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  "documentTitle": "Tudor, Pickering, Holt &amp; Co | Investment Banking Pitch Book | 116 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor, Pickering, Holt & Co",
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  "presentationDate": "2018-11-01 00:00:00",
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  "pageNumber": 114,
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  "notes": "Includes a highlighted 'AR Downside Pricing' case for both oil and gas scenarios.",
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      "text": "Oil Price Sensitivity",
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      "text": "Source: Antero assumptions based on Antero publicly disclosed information. Note: TPH IB assumes 40% ethane recovery; Antero assumes ethane rejection. (1) Holds Gas price flat at $2.80 / MMBtu. (2) Holds Oil price flat at $50 / bbl. (3) \"AR Downside Pricing Case\" applies $2.50 natural gas / $50 oil pricing to \"AR Base Volumes Case\" production.",
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      "kind": "disclaimer",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "TPH SW Southern Rich Wet Gas, TPH SW Southern Gas Condensate, AR Highly Rich Gas, AR Highly Rich Gas Condensate",
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      "text": "IRR Price Sensitivities",
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