Tudor, Pickering, Holt & Co Investment Banking
8/1/18
6/19/13
5/17/18
3/26/18
2/7/18
8/20/17
5/18/17
4/3/17
2/1/17
1/27/17
10/24/16
9/26/16
11/3/15
10/26/15
2/13/15
1/26/15
10/13/14
11/12/14
Announcement
Date
7/24/14
10/10/13
8/27/13
5/6/13
2/23/11
Median
Mean
Premiums Paid Analysis | MLP Transactions
Taxable Trans
Taxable Transactions an
Target
Energy Transfer Partners LP
Chenler Energy Partners LP Holdings
Wism Partners, LP
Tags Energy Partners, LP
Terra Nitrogen Co. LP
Archrock Partners, LP
Arc Logistics Partners LP
PeTex Midstream Partners, LP
VITI Energy Partners, LP
World Point Terminals, LP
ONDOX Partners, LP
Midas Energy Partners LP
Energy Transfer Partners, LP
JP Energy Partners LP
Transcanada
Trance Partners LLC
Rose Rock Midstream
Targe Resources Partners LP
Northern Ter Energy
MarkWest Energy Partners, LP
Crestwood Midstream Partners
QEP Midstream Partners LP
Regency Energy Partners LP
Access Midstream Partners LP
Atlas Pipeline Partners LP
Otanking Partners LP
Kinder Morgan Energy Partners
BP Pipeline Partners
QR Energy LP
PVR Partners LP
PAA Natural Gas Storage LP
Crestwood Midstream Partners LP
Copano Energy LLC
Duncan Energy Partners LP
Acquiror
Energy Transfer Equity, L.P.
Cheniere Energy Inc.
wis Companies
TallGras Energy GP, LP
Terra Nitrogen GP, Inc.
Archrock, Inc
Zenith Energy US, LP
Energy Transfer Partners, LP
VITI, B.V
World Point Terminals, Inc.
ONECK, Inc
Enbridge Energy Company
Sunoco Logistics Partners, LP
American Midstream Partners
Columbia Pipeline Partners LP
Transocean Inc.
Sem Group Corp
Tanga Resources Corp.
western Refining, Inc.
MPLX LP
Crestwood Equity Partners, LP
Tesoro Logistics LP
Energy Transfer Partners, LP
WiPartners LP
Tanga Resources Partners LP
Enterprise Products Partners LP
Kinder Morgan Inc.
Kinder Morgan Inc.
Brabu Energy Partners
Regency Energy Partners LP
Plain Al American LP
Inergy Midstream LP
Kinder Morgan Energy Partners LP
Enterprise Products Partners
Transaction
Value
$44,981
8,361
1,474
736
%3
1,867
23,454
54,455
476
1,202
2,034
12,229
35,891
4,002
13,677
2.85
5.459
2,531
3,282
1-Day
Premium
11.2%
0.6%
3.7%
23.48
15.2%
25.08
p.20
11.0
20.8%
0.0%
11.7%
13.2%
15.00
1.39%
12.0%
15.4%
8.50
14.5%
23.50
12.0%
12.4%
10.3%
Unaffected 1-Day
Premium
11.2%
1.7%
15.2%
25.8%
9.90
OLON
36.38
13.2%
15.0
10.90
17.58
14.5%
23.5
13.2%
11.9%
9.7%
Source: Company filings, press releases, presentations and FactSet for pricing data. Representsprecedent MLP transactions by affiliated and third party MLPs, Public GPS and C-Corps
since 2011.
Note: Considers transactions where target is an MLP. Implied transaction premium to AM based on adjusted offer XR of 1.714x adjusted to reflect proposed Series B conversion, with
AMGP share price calculated as (AMGP equity value +[(AMGP equity value $bn) x6(AMGP fully diluted shares outstanding 18.5mm).
Unaffected
Date
NA
5/16/18
3/15/18
NA
NA
NA
NA
NA
NA
3/16/16
NA
NA
NA
10/18/14
NA
NA
NA
W30/14
NA
NA
NA
NA
NA
NA
H
Taxable
Transaction
No
No
You
Yo
Yes
Yes
Yes
Yas
Yes
No
No
Yes
No
Yes
Yes
Yes
No
No
No
No
No
No
No
Yes
Yes
No
No
No
No
No
No
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
Acquiror Performance
Since Day Prior to
Announcement
10.500
40.3%
N/A
N/A
OAK
N/A
25.0%
(19.10
(12.20
(12.200
144.
(17.710
21.50
149.790
149.790
N/A
N/A
N/A
AMT Performance
Since Day Prior to
Announcement
TUDORPICKERING
HOLT&COI:
ENERGY INVESTIMENTE
MERCHANT BANKING
4.2
9,40
3,0%
14.400
(12.200
(11.990)
33.90
(7.5)
13.7%)
(10.300)
(35.74)
(42.200)
(40.500
(34.20)
(35.790
(32.00)
(22.8%)
32View entire presentation