Exhibit (c)(38)

Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose October 3, 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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2019 Dividend Policy Impact on Growth Rates Pro Forma Y.o.Y. Dividend Growth Per New GP Share (’20-’22) Prior Working Assumptions $ 2.58 40 % 35 % 2019 2020 2021 2022 Upstream / Midstream S.C. Proposal 30 % $ 2.58 $ 1.38 Distribution 25 % 2019 2020 2021 2022 Management Proposal (Mid-Point of Guidance Range) 20 % $ 2.24 $ 1.56 15 % 2020 2021 2022 2019 2020 2021 2022 Source: Arkose Projections and Bloomberg market data as of 1-Oct-2018 Note: Price date set based on date of Management proposal. GP proposal keep whole exchange ratio reflects aggregate cash and equity consideration paid to all Midstream Common Unitholders, excluding the special dividend. Upstream/Midstream proposal keep whole exchange ratio reflects the equity exchange ratio offered to Upstream. Management proposal keep whole exchange ratio reflects the aggregate consideration paid to Midstream Common Unitholders, including the special dividend. 3 $ 1.87 $ 1.21 Post 2019 Drivers: Working Assumptions & Midstream / Upstream Proposal: status quo coverage ratios Management Proposal: status quo AM DPU growth guidance $ 2.11 $ 1.69 $ 2.11 $ 1.69 $ 1.23 38 % 29 % 25 % 25 %22 % 23 %22 % 20 %20 % Keep Whole Exchange Ratios: Prior Working Assumptions: ~1.80x Midstream / Upstream Proposal: ~1.60x Management Proposal: ~1.83x

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Implied Cash Flow to Upstream $ 1,526 $ 1,502 Cash Flow Status Quo Prior Working Assumptions Upstream / Midstream S.C. Proposal Management Proposal 2019 2020 2021 2022 Cash Source: Arkose Projections and Bloomberg market data as of 1-Oct-2018 4 Upstream 2019 Break-even: $0.18 / $91mm $ 297 $ 1,386 $ 1,244 $ 297 $ 297 $ 405 Cum.: $1,229 $ 408 Cum.: $1,204 $ 408 Cum.: $1,089 $ 355 $ 338 $ 334 $ 334 $ 296 $ 282 $ 268 $ 268 $ 247 $ 219 $ 219 $ 194 $ 191

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Illustrative Impact on Coverage and Leverage Ratios Excludes Water Drop Per Management & Ratings Agency Methodology 2.87 x 2.74 x 2.55 x 2.33 x 1.31 x 1.17 x 1.11 x 1.05 x 2019 2020 2021 2022 2019 2020 2021 2022 2.95 x 2.74 x 2.55 x 2.33 x 1.17 x 1.17 x 1.11 x 1.05 x 2019 2020 2021 2022 2019 2020 2021 2022 2.86 x 2.68 x 2.46 x 2.22 x 1.34 x 1.27 x 1.27 x 1.22 x 2019 2020 2021 2022 2019 2020 2021 2022 Source: Arkose Projections and Bloomberg market data as of 1-Oct-2018 Note: Analysis excludes impact of changes in net interest expense resulting from changes in distribution profile. Absent a transaction, Midstream is forecast to have total leverage ratios of 2.34x, 2.23x, 2.11x, and 1.95x and coverage ratios of 1.31x, 1.17x, 1.11x, and 1.05x in 2019-2022 at year end 2019, 2020, 2021, and 2022, respectively. 5 Upstream / Midstream S.C. Proposal Management Proposal Prior Working Assumptions w/ $0.18 Dividend: 2.97x w/ $0.18 Dividend: 1.16x Illustrative Coverage Ratio Illustrative Total Leverage Ratio

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Liability Management Observations Positive outlook on Midstream and Upstream by Moody’s; Stable outlook on both at S&P Pro forma, fundamentals of the business and growth trajectory is not changing, creating no catalyst to de-link Upstream / Midstream corporate ratings Both Midstream and Upstream are well below downgrade thresholds today and will remain in the same ratings “bucket” for key financial metrics following the transaction — Midstream key drivers are leverage and DPU coverage Agencies generally view “collapse” transactions favorably as they eliminate the IDR burden and can result in improved DPU coverage For Moody’s specifically, notching of Midstream bonds could improve following senior notes issuance (achieves ~50/50 split in capital structure between secured and unsecured debt) A ~1x leverage increase at Midstream relative to agency expectations, while still below the thresholds for a downgrade (4x at both agencies), is a meaningful change from how the agencies view the business today Revolver upsize at Midstream could offset notching benefit of additional senior notes, although a revolver upsize as credit positive is part of Moody’s methodology and the agency tends to adhere to that methodological approach Upstream is viewed on a consolidated basis with Midstream by Moody’s; the incremental debt will be reflected in their credit metrics, but should not change the ratings mapping — Less common for the agencies to downgrade a credit on positive watch; typically would require a material shift Reiterate management‘s financial policy at Midstream and expectation to be below 3x within 12 months Provide clarity on strong DPU coverage on a go-forward basis Bridge cash flow profile at Upstream to explain free cash flow impact 6 Factors to Emphasize in Ratings Agency Presentations Potential Credit-Negative Considerations Credit-Positive Factors

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