Tudor, Pickering, Holt & Co Investment Banking

AM Wall Street Consensus Research Detail Report Janney Montgomery Scott Wells Fargo Securities Scotia Howard Weil Ladenburg Thalmann & Co Stifel Nicolaus MUFG Securities Americas Raymond James Median Mean Date 8/2/18 5/24/18 8/2/18 8/2/18 8/2/18 8/2/18 8/2/18 Source: Thomson One and FactSet as of 8/30/2018. 2018E $1.71 $1.70 $1.72 $1.70 $1.71 $1.71 $1.71 Distributions per LP Unit 2019 E $2.19 $2.18 $2.21 $2.18 $2.19 $2.18 $2.19 2020E $2.79 $2.79 $2.79 $2.79 2021E $3.13 $3.13 $3.13 2022E $3.51 $3.51 $3.51 2018E $2.08 $2.08 $2.08 2019E $2.61 CONFIDENTIAL DRAFT SUBJECT TO CHANGE DCF per LP Unit 2020E $2.61 - $2.61 - 2021E 2022E TUDORPICKERING 68 HOLT&CO CHANT BANKING

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