{
  "docId": "019f6b8f-24b0-769f-b9ec-f11419e87aa8",
  "docSlug": "jarvis-icahn-southwest-gas-presentation-november-2021",
  "documentTitle": "Icahn Southwest Gas Presentation November 2021",
  "authorId": "icahn-southwest-gas-presentation-november-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-11-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 14,
  "pageCount": 18,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a rhetorical 'Why' structure to frame the acquisition as a failure of management judgment.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-24b0-769f-b9ec-f11419e87aa8/14",
  "deckHref": "/decks/019f6b8f-24b0-769f-b9ec-f11419e87aa8",
  "deckJsonHref": "/decks/019f6b8f-24b0-769f-b9ec-f11419e87aa8.json",
  "deckAnchorHref": "/decks/019f6b8f-24b0-769f-b9ec-f11419e87aa8#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "callout",
      "text": "OVER-PRICED, UNDER-THOUGHT, NO SYNERGIES, DILUTIVE TO GROWTH (AND SOMEHOW MAYBE EVEN TO EPS). THE QUESTAR DEAL IS SIMPLY A DISASTER.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb48a8a9-aab0-463a-b9a6-0b6bc7dd4498",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.38,
        "x": 0.56,
        "y": 0.29
      },
      "kind": "chart",
      "text": "CO + WY Natural Gas Production (bcfpd)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c4b344f-21b6-4897-8cd9-2a248278abab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.06,
        "y": 0.29
      },
      "kind": "list",
      "text": "Why pay $300M more than Warren Buffet? He had so many synergies his deal was blocked. SWX is going to have to increase costs.\nWhere is the shareholder vote? The 100% temporary debt-financing effectively forces >25% dilution on shareholders for maybe a few pennies of EPS with NO VOTE.\nWhy dilute the long-term business growth? Adding a long-haul natural gas pipeline fed by declining natural gas production in Pinedale and Piceance basins dilutes the growth of the regulated utility and services division. If volumes in the basin decline eventually the pipeline’s earnings will drop.\nWhy issue stock at 1x rate base to buy an asset at 2x rate base? This defies modern finance. Especially since Questar Pipeline’s profits won’t grow.\nWhy leak a deal if you don’t listen to shareholders? SWX stock fell ~8% the next morning and you just did it anyway.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb048f1b-98f0-4f5e-995a-c4348c1082a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.06,
        "y": 0.07
      },
      "kind": "title",
      "text": "Questar Pipelines Deal is the Last Straw",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "425e764d-8e66-464c-89d9-e597f2c31586",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "65640fc5-f858-4efb-9291-fc763eedbf26",
      "evidence": "Frames the management/deal as the 'villain' causing shareholder harm.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 10,
      "beatId": "5d9d7eb8-4643-4397-8d5e-c75514c0e221",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document critiques the board's performance and presents the Questar Pipelines Deal as a negative event",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}