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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 116 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor, Pickering, Holt & Co",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-11-01 00:00:00",
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  "pageNumber": 31,
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  "slideType": "financial_analysis",
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  "density": "dense",
  "nDataPoints": 44,
  "notes": "The slide presents two side-by-side charts: a stacked bar chart for ownership percentages and a bar chart for implied exchange ratios with proposal benchmarks.",
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  "components": [
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      "kind": "chart",
      "text": "Implied Exchange Ratio | Series B Adjusted",
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      "kind": "chart",
      "text": "Contribution Analysis Implied Ownership",
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      "kind": "paragraph",
      "text": "AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow",
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      "kind": "source-note",
      "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 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 ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding + 18.5mm converted Series B units. (2) AM Proposal: 1.710x XR and $3.00 cash consideration / unit. AMGP Proposal: 1.620x XR and $3.00 cash consideration / unit.",
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      "kind": "title",
      "text": "Contribution Analysis | AR Downside Volumes Case",
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