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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 78 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "notes": "The chart displays three lines representing different yield scenarios (8%, 9%, 10%) over three years (2019E-2021E).",
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      "text": "PRELIMINARY & CONFIDENTIAL",
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      "text": "Assumptions: Management projections, Valuation date as of 12/31/18, Future share price calculated at FY1 annual distributions divided by yield, Discounted to 12/31/18 at 10% cost of equity, Interim distributions discounted upon receipt to 12/31/18",
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      "text": "Source: Management projections and FactSet as of 1/2/2019. Note: Valuation based on annual distributions.",
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      "text": "AR Base Volumes Case",
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