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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 116 slides",
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  "notes": "Includes DCF and distribution metrics from 2017A to 2022E.",
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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": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: Management projections, FactSet as of 8/21/2018. 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.",
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