EX-99.(C)(18) 18 d732888dex99c18.htm EX-99.(C)(18)

Exhibit (c)(18)

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Project Rushmore Supplemental Materials
March 18th, 2019
TUDORPICKERING HOLT&CO
ENERGY INVESTMENT & MERCHANT BANKING

PRELIMINARY CONFIDENTIAL DRAFT
Subject to Further Review & Revision
Projection Revisions
Abe EBITDA Forecast ($MM)
$700
$670 $661 $652 $665 $650 $643 $655 $652 $645 $643 $625 $635 $634 $610 $625
$600 $610
$550
Updated Abe Case
Previous Abe Revised Budget Case Ulysses’ Contemplated Abe Case
$500
2019E 2020E 2021E 2022E 2023E
Ulysses Status Quo EPS Forecast
$4.00
$3.79
$3.73
$3.48 $3.69
$3.50
$3.45
$3.41
$3.14 $3.14
$3.14
$3.00 $2.89 $3.09 $2.90
$2.92
$2.63
$2.48
$2.50
$2.48
4 + 8 Case EPS
$2.00
Committee Downside EPS Sensitivity Previous Forecast (As Adjusted)(1) Previous Forecast (As Provided)
$1.50
2019E 2020E 2021E 2022E 2023E
Key Dates
February March April
March 1, 2019 March 6, 2019 March 11, 2019 March 15, 2019 Feb. 7, 2019
Feb. 6, 2019 Held Call with Ulysses to Held Call with JP Received Ulysses Received indication of potential Received Received Abe reconcile effects of transaction Morgan to reconcile Updated “4 + 8” for $610mm of Abe EBITDA based (1) Ulysses Status Projections step-up depreciation to net model for changes to 2019 Forecast on guidance revisions per letter Quo Forecasts income and cash taxes Abe EBITDA forecasts from Ulysses management
Source: Management.
(1) Adjustment based on Abe management forecasts compared to Abe assumptions inherent in Ulysses forecasts received.
TUDORPICKERING HOLT&CO
ENERGY INVESTMENT & MERCHANT BANKING
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PRELIMINARY CONFIDENTIAL DRAFT
Subject to Further Review & Revision
TUDORPICKERING HOLT&CO
ENERGY INVESTMENT & MERCHANT BANKING
About The Firm
Tudor, Pickering, Holt & Co. is an integrated energy investment and merchant bank, providing high quality advice and services to institutional and corporate clients. Through the company’s two broker-dealer units, Tudor, Pickering, Holt & Co. Securities, Inc. (TPHCSI) and Tudor Pickering Holt & Co Advisors LP (TPHCA), members FINRA, together with affiliates in the United Kingdom and Canada, the company offers securities and investment banking services to the energy community. Perella Weinberg Partners Capital Management LP is an SEC registered investment adviser that delivers a suite of energy investment strategies.
The firm, headquartered in Houston, Texas, has approximately 170 employees and offices in Calgary, Canada; Denver, Colorado; New York, New York; and London, England.
Contact Us
Houston (Research, Sales and Trading): 713-333-2960 Houston (Investment Banking): 713-333-7100 Houston (Asset Management): 713-337-3999
Denver (Sales): 303-300-1900
Denver (Investment Banking): 303-300-1900 New York (Investment Banking): 212-610-1660 New York (Research, Sales): 212-610-1600 London: +011 44(0) 20 7268 2800 Calgary: 403-705-7830
www.TPHco.com
Copyright 2019 — Tudor, Pickering, Holt & Co.
Disclosure Statement
Tudor, Pickering, Holt & Co. does not provide accounting, tax or legal advice. This presentation does not constitute a tax opinion and cannot be used by any taxpayer for the purpose of avoiding tax penalties. We (i) make no conclusion on the valuation or pricing for tax purposes or the effects of federal income tax laws on any party and (ii) have assumed that the party’s intended tax treatment will be respected. Each person should seek legal, regulatory, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the evaluation and impact of any transactions or matters described herein.
The information contained herein is confidential (except for information relating to United States tax issues) and may not be reproduced in whole or in part except as set forth in a written agreement between the Audit Committee of the Board of Directors of AmeriGas Propane, Inc. and Tudor, Pickering, Holt & Co.
Tudor, Pickering, Holt & Co. assumes no responsibility for independent verification of third-party information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by, reviewed or discussed with the managements of your company and/ or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). These materials were designed for use by specific persons familiar with the business and the affairs of your company and Tudor, Pickering, Holt & Co. materials.
Under no circumstances is this presentation to be used or considered as an offer to sell or a solicitation of any offer to buy, any security. Prior to making any trade, you should discuss with your professional tax, accounting, or regulatory advisers how such particular trade(s) affect you. This brief statement does not disclose all of the risks and other significant aspects of entering into any particular transaction.
Tudor, Pickering, Holt & Co. operates in the United Kingdom under the trading name Perella Weinberg Partners UK LLP (authorized and regulated by the Financial Conduct Authority), and in Canada through its affiliate, Tudor, Pickering, Holt & Co. Securities
– Canada, ULC, located in Calgary, Alberta.
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