{
  "docId": "019f6b8e-e5dc-75ae-8cd6-6cc8abd2fe8b",
  "docSlug": "jarvis-64-ibd-presentation-2019-antero-midstream-partners-lp-tudor-pickering-holt-1",
  "documentTitle": "64 IBD presentation 2019 Antero Midstream Partners LP Tudor Pickering Holt 1",
  "authorId": "64-ibd-presentation-2019-antero-midstream-partners-lp-tudor-pickering-holt-1",
  "authorName": null,
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-01-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 4,
  "pageCount": 78,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "appendix_data",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Lists specific changes to projections, financing assumptions, and trading comparables.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8e-e5dc-75ae-8cd6-6cc8abd2fe8b/4",
  "deckHref": "/decks/019f6b8e-e5dc-75ae-8cd6-6cc8abd2fe8b",
  "deckJsonHref": "/decks/019f6b8e-e5dc-75ae-8cd6-6cc8abd2fe8b.json",
  "deckAnchorHref": "/decks/019f6b8e-e5dc-75ae-8cd6-6cc8abd2fe8b#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.15,
        "x": 0.8,
        "y": 0.02
      },
      "kind": "callout",
      "text": "PRELIMINARY & CONFIDENTIAL",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfdc000f-4113-445e-a415-6146d3769184",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "list",
      "text": "Updated AM Trading Comparables: Updated Trading Comparables for Q3; Removed VLP from Trading Comparables as a result of the announced buy-in by VLO; Regrouped EQM and WES into \"Single E&P Sponsored\"; Added OMP given updated higher growth rate and relative size",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07f63029-2de9-4fbb-9b29-f37d33543dd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.8
      },
      "kind": "list",
      "text": "Updated cost of capital group based on updates to comparable company group",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "089ad68e-4a19-4775-926b-8cf101a8a0fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "list",
      "text": "Red page numbers reflect respective page number in prior materials to the extent they are different than this version",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31b6de01-4645-417c-bf72-cf9d04ff1ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "list",
      "text": "Updated materials to reflect new projections received from management on 12/21/18: Includes updated Base and Downside Cases and additional Upside Case; Financing assumptions updated with $600mm of Term Loan debt issued to financed transaction vs. $550mm in prior materials; Updating after-tax analysis [pending data request from company regarding future allocated net income]",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31f3d9ac-80ce-40ca-a38a-7ee8c067f358",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "Added ETRN to AMGP Trading Comparables given the ETRN spinoff completed 11/13/2018, the announced acquisition of EQGP for $20.00 cash/unit on 11/30/2018 and, subsequent to the GP buy-in, the announced simplification of EQM and PF ETRN",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5462dc51-74f6-4b67-aedf-0d0a6fcda90f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "Updated Transaction Comparables, including premiums paid analysis, to include select transactions announced since last meeting",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "743ce43a-fb97-4e9c-90c1-4c68fd76e551",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "list",
      "text": "Price updated to January 2, 2019",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81f13da6-4177-4acc-b6b5-ac66ce9c2b6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "list",
      "text": "Updated PF AMGP Trading Comparables: Removed EQM from PF AMGP Trading Comparables given updated lower growth rate; Added OMP given higher growth rate and relative size; Added PSXP given growth rate",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e948f08-f3cf-4cf4-8fed-11ad15f1cdde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "subtitle",
      "text": "Since October 8, 2018 Special Committee Meeting",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb922c3d-812e-4c2b-b994-ff40311f588f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Prior vs. Current",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b830f3b-993f-4c5b-b874-ace16b704a24",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "1a06a24e-6b2c-4148-85d4-7cb8a00ab97d",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The presentation provides an overview of Antero's situation",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}