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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 75 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "presentationDate": "2019-01-01 00:00:00",
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  "pageNumber": 61,
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  "notes": "Includes detailed breakdown of IDR LLC cash flow and valuation assumptions.",
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      "text": "IDR LLC Cash Flow",
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      "text": "AMGP Total Distributions",
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      "text": "Source: Management Projections, Company Filings. (1) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. (2) Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis. (3) Excludes IPO related G&A. (4) Series B valuation calculated as 6% of the valuation of AMGP less $2 billion. (5) Illustrative yield based on regression analysis.",
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      "text": "IDR LLC, Series B Cash Flow, and Tax Observations: IDR LLC owns 100% of IDRs in AM; AMGP owns 100% Series A; Management owns 100% Series B; Series B entitled to 6% of distributions > $7.5MM/qtr; AMGP pays 21% federal and 4% state taxes.",
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      "text": "AMGP & Series B Unit Valuation",
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      "text": "Updated Downside Case",
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