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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 75 slides",
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  "notes": "The table segments companies into 'Non-IDR Midstream C-Corps' and 'High-Growth MLPs', with summary statistics (Mean/Median) and a specific row for 'PF AMGP at Transaction'.",
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      "text": "Source: FactSet as of 1/4/2019 and Wall Street research. Note: Assumes AMGP share price of $11.19 for offer / AM Proposal metrics. Note: On November 30th, 2019, Equitrans Midstream announced a simplification of EGQP and EQM.",
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      "text": "(1) For C-corps, CAGR calculated using Q4 2017 dividend annualized and 2020E dividend. (2) Calculated as equity value to LP DCF. (3) DCF calculated as EBITDA less interest expense and maintenance capital. (4) Defined as high-growth MLP if current - 2020E distribution growth CAGR is greater than 10%.",
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      "text": "PF AMGP Selected Public Trading Comparables",
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