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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 116 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "notes": "Includes a confidential draft disclaimer and source attribution.",
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      "text": "Historical AR Tax Assets & Liabilities",
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      "text": "AR Federal & State NOL Carryforwards",
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      "text": "Assumptions: ~$3.0 billion of U.S. federal NOLs; Significant increase in NOLs due to expensing of IDCs; ~$2.3 billion of state NOLs; Tax shields eliminate cash taxes through 2021.",
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