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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 116 slides",
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  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "The table compares SQ AM and PF AMGP distribution yields against various exchange ratios to determine implied value.",
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      "text": "AM current price of $30.86",
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      "text": "Source: Management projections and FactSet as of 8/21/2018. Note: Cash consideration is held constant at $3.00 per AM unit. Note: Tax calculations provided by Management, Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate. Note: Assuming 10% discount.",
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      "text": "XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | At Management Coverage",
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      "text": "Sensitivity table of Exchange Ratio vs Distribution Yields",
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      "text": "After-Tax Dividend Distribution Analysis",
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