Exhibit (c)(34)

Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose September 6, 2018 PRIVATE AND CONFIDENTIAL. This document is being sent to you for your information only as an investment banking client of Gol dman Sachs and should not be forwarded outside of your organization. This document has been prepared by the Investment Banking Division and is not a produ ct of Goldman Sachs Global Investment Research. This document should not be used as a basis for trading in the securities or loans of the companies name d herein or for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solic itation of proxies or votes and should not be construed as consisting of investment advice. Goldman Sachs does not provide accounting, tax, or legal advice.

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Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Conflicts Committee of Board of Directors of Arkose GP LLC (the “Committee"), the general partner of Arkose GP LP (the "Company"), in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. 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Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company and the Committee, on the one hand, and Goldman Sachs, on the other hand. 1

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Status of Key Transaction Components Transaction Terms GP Series B AR S.C. AM S.C. 1.775x with $3 per unit cash credit against exchange ratio — Implies aggregate consideration of 1.6121x + $3 per AM unit calculated off 1.775x exchange ratio using GP 20-day VWAP as of 4-Sept-2018 (assumption in favor of AM) — Cash-stock election mechanic (details to be refined) such that the fixed share and cash pools are distributed in full to AM unitholders $0.415 special cash distribution to AM public unitholders at close Two Option Counter Proposal 18.5mm New AMGP shares Original vesting schedule and consequences for accrued Series B distributions, except as noted below — No accelerated vesting for any Series B unitholder — Not subject to performance metrics at AR Unvested New AMGP shares received at closing do not accrue New AMGP dividends (i.e., estimated four quarters of foregone dividend accruals on final tranche) Forfeiture of Series B settlement shares if holder leaves prior to vesting (i.e, no reallocation of settlement shares to other Series B holders) [] Communicate to investors at transaction announcement intention to keep Midstream distribution whole for 1 year (four quarters) for AM unitholders who receive the all equity consideration of 1.775x New AMGP shares [] Delaware C-Corp with majority of independent directors elected by public New AMGP shareholders and no controlled company exceptions New AMGP board will have staggered board terms Nomination rights and step-downs: AR nominating committee to nominate director designees; AR to have proportionate step-down rights as sponsors [] [] <<< In final negotiations >>> [] Yes, vote of majority of unaffiliated shareholders to approve [] Yes, vote of majority of unaffiliated unitholders to approve Upstream, sponsors, and Series B unitholders to have registration rights equivalent to their existing rights [] [] No acceleration of water earn outs 2 Water Earn Outs Registration Rights Midstream Vote GP Vote New AMGP Structure, Board, and Governance Pro Forma Distribution Series B Settlement Merger Consideration

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Review of Offers to Date Summary of Economic Terms Date Proposal Summary 1 4-Jun-2018 GP Proposal 1.6000x Exchange Ratio (All equity) 2 20-Jul-2018 Revised GP Proposal 1.6500x Exchange Ratio (All equity) 3 12-Aug-2018 Revised GP Proposal 1.7000x Exchange Ratio (All equity) 1.8650x Exchange Ratio (1.7100x + $3.00/unit cash) Person – Denver) 4 14-Aug-2018 Revised GP Proposal (In Person – Denver) 1.7000x Exchange Ratio (1.5449x + $3/unit cash) Revised GP Proposal (Accepted by Upstream) 5 20-Aug-2018 1.7750x Exchange Ratio (1.6117x + $3/unit cash) 1.7750x Exchange Ratio (1.6145x +$3/unit cash to all Midstream Unitholders), plus $0.415 special distribution to Midstream Public Unitholders 6 30-Aug-2018 Revised GP Proposal 13.5mm shares; or Note: Cash component converted to exchange ratio equivalent based on the price date referenced in the respective offers or us ed for negotiations for all offers through 14-Aug-2018; 20 trading day VWAP as of the close prior to the offer date used for subsequent offers. Final mechanism for converting cash component to equity exchange ratio has not yet been settled. 3 Either: 1.775x Exchange Ratio (inclusive of $3/unit cash consideration) plus $0.415 1-Sep-2018Revised Midstream Proposalspecial distribution to Midstream Public Unitholders plus Series B settlement at 1.8500x Exchange Ratio (consideration mix TBD) plus Series B settlement at 18.5mm shares 14-Aug-2018Revised Midstream / Upstream Response (In 25-Jul-2018Revised Midstream / Upstream Response1.9100x Exchange Ratio (1.7100x + $3.84/unit cash) 14-Jul-2018Midstream / Upstream Response1.9600x Exchange Ratio (1.7500x + $4/unit cash)

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Prior to 30-Aug GP Proposal: Summary New AMGP Value Illustrative $10bn Equity Value Before Cash Consideration of Drafted: ~24-Aug Midstream Perspective Upstream Perspective GP Perspective Series B Perspective Value Gap¹ $(58) $ 3,452 $ 3,341 $ 3,325 $ 3,261 GP Offer: 1.775 x Midstream Offer: 1.865x Each with $3 / unit cash credit against exchange ratio $ 343 $ 332 GP Offer Midstream Offer GP Offer Midstream Offer GP Offer Midstream Offer GP Offer Midstream Offer Equity Component Cash Component Source: Bloomberg market data as of 24-Aug-2018 ¹ Value gap defined as the remaining delta between illustrative value paid to Midstream under GP and Midstream’s proposals. 4 $ 2,944$ 3,002$ 297$ 297 $ 268$ 268 $ 2,964$ 3,029 $ 2,676$ 2,734

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30-Aug GP Proposal: Adjusted GP Offer and Economic Impact Drafted: ~24-Aug Illustrative $10bn Equity Value Before Cash Pool Midstream Perspective¹ Upstream Perspective GP Perspective Series B Perspective Adjustment Impact $ 29 $(9) $(9) $(11) Deal Terms: 1.775 Exchange Ratio (with $3 per unit cash credit) Pre-close Special Dividend to Midstream Public Unitholders only of $0.415 per Midstream Unit $ 3,452 $ 3,441 Series B Settlement: original vesting schedule and no dividend accrual during unvested period (e.g. 1/3 has 4 quarter dividend holiday) $ 343 $ 334 GP Offer As Adjusted GP Offer As Adjusted GP Offer As Adjusted GP Offer As Adjusted Equity Component Cash Component Source: Bloomberg market data as of 24-Aug-2018 ¹ Incremental cash consideration due to one-time special dividend on 89mm Midstream units. 5 $ 3,261$ 3,252 $ 2,944$ 2,972$ 297$ 297 $ 268$ 307 $ 2,964$ 2,955 $ 2,676$ 2,665

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Components of Total Consideration 1.798 x 1.775 x 0.023 x Equity Component Exchange Ratio Cash Component (20-Day VWAP Basis) Total Merger Consideration Exchange Ratio Special Dividend to Midstream Public Only Effective Exchange Ratio to Midstream Public 1.828 x 1.850 x 0.023 x Equity Component Exchange Ratio Cash Component (20-Day VWAP Basis) Total Merger Consideration Exchange Ratio Special Dividend to Midstream Public Only Effective Exchange Ratio to Midstream Public Source: Bloomberg market data as of 4-Sep-2018 6 1.665 x ($0.415 Per Unit) (Includes $3 Per Unit Cash Consideration) 0.163 x Current Midstream Offer 1.612 x ($0.415 Per Unit) (Includes $3 Per Unit Cash Consideration) 0.163 x Current GP Offer

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Summary of New AMGP Value Under Current Proposals Illustrative $10bn Equity Value Before Cash Consideration Midstream Perspective Upstream Perspective GP Perspective Series B Perspective Value Gap¹ $ 35 $ 38 $(7) $(66) $ 3,448 $ 3,382 $ 3,286 $ 3,248 GP Offer: 1.775 x +$0.415/unit Special Dividend Midstream Offer: 1.85x, inclusive of $0.415x Special Dividend Each with $3 / unit cash credit against exchange ratio $ 335 $ 329 Current GPCurrent Current GP Offer Current Midstream Offer Current GP Offer Current Midstream Offer Current GP Offer Current Midstream Offer Offer Midstream Offer Equity Component Cash Component Source: Bloomberg market data as of 4-Sep-2018 Note current GP offer differs from the same offer on page 5 (“As Adjusted”) due to market movements ¹ Value gap defined as the remaining delta between illustrative value paid to Midstream under GP and Midstream’s proposals. 7 $ 2,969$ 3,003$ 297$ 297 $ 305$ 305 $ 2,951$ 2,990 $ 2,664$ 2,699

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YTD Stock Price Performance Arkose Absolute Price and AMZ Indexed Prices | Indexed Based on GP Peak (26-Jan-2018) Midstream GP $ 24.00 $ 36.00 $ 34.00 $ 22.00 $ 32.00 $ 30.83 $ 20.49 $ 29.57 $ 30.00 $ 20.00 $ 28.00 $ 18.88 $ 18.00 $ 26.00 $ 17.05 $ 24.00 $ 16.00 $ 22.00 $ 14.00 $ 20.00 Jan-2018 Mar-2018 May-2018 Aug-2018 Jan-2018 Mar-2018 May-2018 Aug-2018 Absolute Price AMZ Indexed (26-Jan) AMZ Indexed (22-Aug) Source: Bloomberg market data as of 4-Sep-2018 1 Based on weekly % change over the past two years. GP beta unavailable due to limited trading history. 8 Additional Market Reference Materials Historical Midstream Beta to AMZ:1 1.15

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Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 04-Sep-2018 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 9 Additional Reference Materials Pro forma ownership not shown because specified consideration reflective of incremental consideration in the form of a special distribution, not equity ownership Last 30 Trading Close Day VWAP Illustrative All Equity Exchange Ratio Illustrative Exchange Ratios (Midstream / GP) 1.734 x 1.691 x 1.775 x1.800 x1.828 x1.850 x Shares Issued for Midstream¹ (+) Series B Conversion (+) GP Shares Outstanding 326 318 19 19 186 186 334339344348 19191919 186186186186 Total Shares Outstanding Current Market Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Price At 20-Aug (Date of Offer Accepted by Upstream) Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Price At 26-Jan-2018 (1 Trading Day Prior to Strategic Review) Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Price Pro Forma Ownership - All Equity Midstream Series B GP 531 523 Midstream GP $ 29.57 $ 17.05 31.44 18.60 31.44 17.05 $ 31.06 $ 19.09 31.60 19.04 31.06 19.09 $ 33.13 $ 22.02 30.23 19.93 30.23 22.02 61.4 % 60.8 % 3.5 3.5 35.1 35.6 539543548553 2 % 4 % 5 % 7 % 5 6 8 9 (4) (2) (1) 0 9 % 11 % 12 % 14 % 7 8 10 11 9 11 12 14 18 % 20 % 21 % 23 % 17 19 20 22 29 31 33 35 62.0 % 62.7 % 3.4 3.4 34.6 33.9

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Market Capitalization Implied Exchange Ratios Based on 5-Trading Day VWAP & AMZ Index | Since 1-Jun-2017 Exchange Ratio Required To Equal Percent of Total Status Quo Market Cap (18.5mm Shares to Series B) 2.0000 x 1.8416 x 1.8000 x 1.6274 x 1.6000 x 1.4000 x 1.2000 x Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 2.0000 x 1.8000 x 1.6376 x 1.6000 x 1.4382 x 1.4000 x 1.2000 x Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 AMZ Indexed (26-Jan) Absolute Source: Bloomberg market data as of 4-Sep-2018 Note: Total equity calculated assuming status quo Series B conversion mechanism. 1 Defined as the exchange ratio that results in Midstream owning an percent of the pro forma company equivalent to their percentage of the observed market cap, with GP’s shares plus the 18.5mm shares equivalent to GP’s percentage of the observed market cap. 2 Defined as the exchange ratio that results in GP owning a percent of the pro forma company equivalent to its percentage of the observed market cap, with Midstream’s units plus the portion of the 18.5mm shares issued to the Series B that is in excess of the market conversion mechanism of the Series B equivalent to GP’s portion of the observed market cap. The portion of the 18.5mm units issued to the Series B that would also be issued based on the status quo mechanism is included in GP’s ownership. 10 GP Perspective2 Midstream Perspective1

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Illustrative GP ($ in millions) / Midstream Contribution Analysis Arkose GP Common Shares Breakeven Exchange Ratio IDR LLC Series B Midstream LP Unitholders GP Perspective¹ Midstream Perspective² Ratio of Cash Distributions FY 2018E $ 100 $ 7 $ 320 3.140 x 3.266 x FY 2019E 165 12 414 2.454 2.535 FY 2020E 249 20 533 2.097 2.159 FY 2021E 324 26 640 1.935 1.990 FY 2022E 413 34 767 1.819 1.868 Ratio of Pro Forma Shares Outstanding 1.775 x 186 19 334 1.828 186 19 344 Ratio of Observed Market Cap Current Market Cap (Spot) $ 3,175 $ 78 $ 5,563 1.660 x 1.861 x Indexed Market Cap (Jan-26) 3,815 107 5,799 1.434 1.609 Average Since GP IPO³ 3,557 93 5,624 1.492 1.676 GP Series B Midstream Source: Arkose Projections and Bloomberg market data as of 4-Sep-2018 1 Calculated assuming fixed 18.5mm shares issued to retire Series B units and exchange ratio to Midstream required to set GP’s pro forma ownership equal to its portion of cash distributions. ² Calculated assuming fixed 18.5mm shares issued to retire Series B units and exchange ratio to Midstream required to set Midstream’s pro forma ownership equal to its portion of cash distributions. 3 Calculated as the average market cap for each security since 1-Jun-2017, the 20th trading day after GP’s IPO; daily market cap calculated based on the 5-trading day VWAP. 11 Value 38.4 % 1.0 % 60.6 % 39.2 % 1.1 % 59.7 % 36.0 % 0.9 % 63.1 % Observed Equity 33.9 % 3.4 % 62.7 % 34.6 % 3.4 % 62.0 % New AMGP Equity Ownership at Various Exc. Ratios 34.0 % 2.8 % 63.2 % 32.7 % 2.6 % 64.6 % 31.1 % 2.4 % 66.5 % 27.9 % 2.1 % 70.0 % 23.4 % 1.6 % 75.0 % Status Quo Cash Distributions to Equity (Midstream, IDR LLC, and GP)

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Pro Forma Accretion (Dilution) Merger Consideration Exchange Ratios | $3 / Unit Cash Pool + $0.415 / Unit Special Distribution to Midstream Public Unitholders 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 1.7750 x 1.8275 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 2019 2020 2021 2022 1.7750 x 1.30 x 1.23 x 1.22 x 1.17 x 1.8275 1.31 1.24 1.23 1.19 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 2019 2020 2021 2022 1.7750 x 1.30 x 1.23 x 1.22 x 1.17 x 1.8275 1.31 1.24 1.23 1.19 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 04-Sep-2018 1 DPS accretion (dilution) based on constant coverage in 2020-2022 and Midstream unitholders kept whole on a total merger consideration exchange ratio basis through Q4 2019. 2 Breakeven coverage calculated as the coverage ratio required to keep Midstream unitholders’ cash distributions whole on a total merger consideration exchange ratio basis. 12 Status Quo Coverage 1.31 x 1.17 x 1.11 x 1.05 x 4 % 8 % 11 % 12 % 9 % 0 % 5 % 9 % 12 % 8 % 5 9 12 13 10 0 6 11 13 8 Breakeven Coverage² Midstream P.F. DPU / Share Acc. (Dil.)¹ Midstream P.F. DCF / Unit Acc. (Dil.) Midstream Perspective - All Equity Consideration (6)% (2)% 1 % 2 % (1)% (9)% (4)% (1)% 1 % (2)% (6) (2) 1 2 (1) (9) (3) 1 3 (1) Breakeven Coverage² Midstream P.F. DPU / Share Acc. (Dil.)¹ Midstream P.F. DCF / Unit Acc. (Dil.) Midstream Perspective - Mixed Consideration 82 % 47 % 35 % 22 % 40 % 40 % 26 % 21 % 16 % 23 % 78 45 32 20 37 36 24 19 14 21 Midstream Tax on Gain Federal +State $ 1.59 1.67 $ 1.95 2.05 GP P.F. DPS / Share Acc. (Dil.)¹ GP P.F. DCF / Share Acc. (Dil.) GP Perspective

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Summary Give Gets Analysis at Various Exchange Ratios Total Merger Consideration | P.F. Impact Includes Special Dividend Source: Arkose Projections and Bloomberg market data as of 4-Sep-2018 Note: All ratios shown are total merger consideration exchange ratios and are inclusive of $3/unit cash consideration; cash consideration converted to exchange ratio based on the 30 trading day VWAP as of 4-Sep-2018. Special distribution to Midstream public unitholders is not credited against the exchange ratio and represents incremental value received beyond the merger consideration. 1 Low DDM values calculated using a 1.5% PGR and a 10% discount rate and high values calculated using a 3.0% PGR and a 8% discount rate. 2 Low value calculated as 2019E dividend capitalized at a 7.0% and 7.5% yield for GP status quo and GP pro forma respectively; low Midstream status quo value calculated as 2019E dividend capitalized at a 8.0% yield. High value calculated as 2021E dividend capitalized at a 6.0% and 6.5% yield for GP status quo and GP pro forma respectively; high Midstream value calculated as 2021E dividend capitalized at a 7% yield. Analysis assumes 9% cost of equity in both the status quo case and the pro forma case. ³ Includes impact of $3/unit cash consideration and $0.415/unit special distribution. 13 Midstream Perspective³ GP Perspective Status Quo P.F @ 1.7750 x P.F @ 1.8000 x P.F @ 1.8275 x $ 23.15$ 38.91Status Quo $ 24.22$ 39.19P.F @ 1.7750 x $ 24.00$ 38.83P.F @ 1.8000 x $ 23.76$ 38.44P.F @ 1.8275 x $ 17.92$ 30.96 $ 21.47$ 34.02 $ 21.27$ 33.71 $ 21.05$ 33.37 Status Quo P.F @ 1.7750 x P.F @ 1.8000 x P.F @ 1.8275 x $ 44.06$ 73.19Status Quo $ 42.46$ 66.59P.F @ 1.7750 x $ 42.70$ 66.98P.F @ 1.8000 x $ 42.96$ 67.39P.F @ 1.8275 x $ 34.22$ 51.28 $ 38.03$ 58.27 $ 38.23$ 58.60 $ 38.45$ 58.96 Present Value of Future Share Price² Dividend Discount Model¹

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Combined Market Cap Over Time Midstream + GP + Series B (Status Quo Conversion Mechanism) $ 12,000 $ 11,000 $ 10,000 $ 9,723 $ 9,327 $ 8,816 $ 9,000 $ 8,000 $ 7,000 $ 6,000 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Source: Bloomberg market data as of 4-Sep-2018 14

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Illustrative Analysis at Various Equity Values Pro Forma Arkose GP + Midstream with $0.415 Special Dividend | P.F. Values Include Impact of Special Dividend Combined Market Cap - Current Value Approx. Combined Market Cap - Indexed Value Illustrative Equity Value Before Cash (-) Cash Consideration & Special Dividend $ 8,816 (601) $ 9,100 (601) $ 9,400 (601) $ 9,700 (601) $ 10,000 (601) $ 10,300 (601) Implied Share Price / % Premium vs. Current Share Price ($17.05) 1.7750 x 1.8275 Implied Share Price / % Premium vs. 26-Jan-2018 Indexed Share Price ($18.88) 1.7750 x 1.8275 Implied Share Price / % Premium vs. 26-Jan-2018 Indexed Share Price ($20.49) 1.7750 x 1.8275 Implied Value to Midstream Public (Equity + Cash + Special Dividend) / % Premium vs. Current Unit Price ($29.57) 1.7750 x 1.8275 % Premium vs. 26-Jan-2018 Indexed Price ($30.83) 1.7750 x 1.8275 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 4-Sep-2018 Note: Analysis assumes 18.5mm shares issued to Series B. Exchange ratios shown reflect all-in exchange ratios 1 PV10 calculated based on midyear convention and discounted to 30-Jun-2018. PV10 of residual step up calculated from PWC/Arkose provided depreciation schedule for step up in tax basis assuming 1.775x merger consideration exchange ratio and share/unit prices as of 4-Sep-2018; analysis assumes 25.3% tax rate. 2 Arkose status quo equity value based on combined Midstream diluted equity value, market implied Series B value, and GP equity value. Pro forma share count includes LTIP. 15 (4)%(1)% (3)(0) 2 %5 %8 %11 % 36912 $ 29.49 / (0)% $ 30.40 / 3 %$ 31.35 / 6 %$ 32.30 / 9 %$ 33.25 / 12 %$ 34.21 / 16 % $ 29.83 / 1 %$ 30.74 / 4 %$ 31.71 / 7 %$ 32.67 / 10 %$ 33.64 / 14 %$ 34.60 / 17 % Midstream Public Unitholder Perspective (21)%(18)%(16)%(13)%(10)%(7)% (22)(19)(16)(13)(11)(8) (14)%(11)%(8)%(5)%(2)% 1 % (16)%(13)%(10)%(7)%(4)%(1)% $ 16.16 / (5)%$ 16.72 / (2)% $ 17.31 / 2 %$ 17.90 / 5 %$ 18.49 / 8 %$ 19.08 / 12 % $ 15.85 / (7)%$ 16.40 / (4)%$ 16.98 / (0)% $ 17.56 / 3 %$ 18.14 / 6 %$ 18.72 / 10 % Merger Consideration Exchange Ratio GP Perspective Illustrative PF Equity Value²$ 8,214$ 8,499$ 8,799$ 9,099$ 9,399$ 9,699 PV10 of 2019-2022 Cash Tax Savings: ~$288mm1 PV10 of Residual Step Up in Tax Basis at End of Forecast: $454mm1

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Impact of Cash Pool and Special Distribution on Leverage at New GP 2018 2019 2020 2021 2022 Status Quo Midstream Pro Forma GP w/ $3/Unit Cash Pool Pro Forma GP w/ $3/Unit Cash Pool and $0.415/Unit Special Dividend to Public Unitholders Source: Arkose Projections and Bloomberg market data as of 4-Sep-2018 16 2.43 x 3.22 x 3.27 x 2.37 x 2.95 x 2.99 x 2.23 x 2.70 x 2.73 x 2.11 x 2.52 x 2.54 x 1.95 x 2.30 x 2.33 x

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Appendix A: Additional Market Reference Materials

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Determining Arkose’s Overall Status ($ in millions, except per share / unit data) Quo Yield Calculation of Combined Equity Value Calculation of Yield AMZ Indexed From 26-Jan Based on Current Prices Based on 26-Jan Index Current Close 2019 2020 2019 2020 Basic Midstream Units (+) Midstream LTIP 187 1 Midstream Diluted Unit Count (x) Midstream Unit Price 188 $ 29.57 Midstream LP DPU (/) Midstream Unit Price $ 2.21 29.57 $ 2.85 29.57 $ 30.83 30.83 30.83 Current Premium (Discount) to Index (4)% GP Shares (+) Series B Converted Shares¹ 186 4.6 186 5.2 GP Diluted Share Count (x) GP Share Price 191 $ 17.05 191 $ 20.49 GP DPS (/) GP Share Price $ 0.89 17.05 $ 1.34 17.05 20.49 20.49 Current Premium (Discount) to Index (17)% Distributable Cash Flow² Distributed Cash³ $ 795 591 $ 950 802 Current Premium (Discount) to Index (9)% Source: Arkose Projections and Bloomberg market data as of 4-Sep-2018 Note: Share counts based on 2Q2018 Midstream and GP 10-Qs. 1 Current Close based on 20-day VWAP; Indexed Series B values based on GP status quo market cap and status quo Series B conversion. 2 Based on total DCF at Midstream, excluding taxes at GP. 3 Based on distributions to LPs at Midstream, distributions to Series B unitholders, and dividends to GP shareholders. Additional Market Reference Materials 18 12.2 x 10.2 x 6.1 % 8.2 % Implied Equity Value / Total DCF 11.1 x 9.3 x Implied Distribution Yield 6.7 % 9.1 % Arkose GP Diluted Equity Value $ 8,816 $ 9,723 4.3 % 6.5 % Implied Yield 5.2 % 7.9 % GP Diluted Equity Value $ 3,253 $ 3,923 7.2 % 9.2 % Implied Yield 7.5 % 9.6 % Midstream Diluted Equity Value $ 5,563 $ 5,800

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Precedent Premia Analysis Midstream Simplification Transactions | Last Five Years Premia Paid¹ Announcement Date 30 Trading Day VWAP Target Acquirer Consideration Mix Taxable? 1 Day Parent to LP Merger 24-Aug-18 1-Aug-18 17-May-18 7-Feb-18 8-Feb-18 2-Jan-18 1-Feb-17 31-May-16 3-Nov-15 6-May-15 10-Aug-14 10-Aug-14 10-Aug-14 LP Buy-In Spectra Energy Partners, LP² Energy Transfer Partners Williams Partners L.P.² Tallgrass Energy Partners, LP² NuStar GP Holdings Archrock Partners, LP ONEOK Partners RoseRock Midstream Targa Resources Partners LP Crestwood Midstream Partners LP Kinder Morgan Partners El Paso Pipeline Partners Kinder Morgan Management, LLC Enbridge Inc. Energy Transfer Equity The Williams Companies, Inc. Tallgrass Energy GP, LP NuStar Energy Archrock, Inc. ONEOK, Inc. Semgroup Corporation Targa Resources Corp. Crestwood Equity Partners LP Kinder Morgan, Inc. Kinder Morgan Kinder Morgan, Inc. Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Mix Mix Stock Yes Yes Yes Yes No Yes Yes Yes Yes No Yes Yes Yes 10 % 11 14 10 2 23 26 0 18 17 12 15 17 8 % 19 6 4 0 28 22 27 16 20 10 10 15 19-Jun-18 2-Jun-17 18-May-17 2-Mar-17 26-Sep-16 27-Aug-13 12-Aug-13 Cheniere Energy Partners LP Holdings, LLC² World Point Terminals, LP PennTex Midstream Partners VTTI Energy Partners Columbia Pipeline Partners ² PAA Natural Gas Storage Pioneer Southwest Energy Partners Cheniere Energy, Inc. World Point Terminals Inc. Energy Transfer Partners Vitol / Buckeye Partners TransCanada Plains All American Pipeline Pioneer Natural Resources Stock Cash Cash Cash Cash Stock Stock Yes Yes Yes Yes Yes No Yes 7 % 6 20 6 13 7 1 8 % 4 20 7 14 4 7 Pending Publicly Announced LP Buy Ins³ 10-Jul-18 17-May-18 17-May-18 17-May-18 Transmontaigne Partners L.P. Enbridge Energy Partners, L.P. Enbridge Energy Management, L.L.C. Enbridge Income Fund Holdings Inc. ArcLight Enbridge Inc. Enbridge Inc. Enbridge Inc. Cash Stock Stock Stock Yes Yes No No 5 0 0 5 1 2 3 5 Source: Company filings and press releases, CapIQ, Bloomberg 1 For the all stock transactions, the 1-Day Premia paid is based on the Offer price based on acquirer stock price on the day prior to announcement effected for the exchange ratio offered to the target compared with the target’s market price on the day prior to announcement. The 30 Trading Day VWAP Premia Paid is calculated using the 30 Trading Day VWAP of the target as calculated on the day prior to the announcement of the target. The premia also include cash consideration on a per share basis when applicable. 2 1-Day and 30-Trading Day VWAP calculated based on undisturbed dates for the specified transactions. 19 Additional Market Reference Materials High26 %28 % Median1210 Mean1213 Low00

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