Exhibit (c)(9)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee of the Board Directors LLC Supplemental Discussion Materials on Series B Conversion of Arkose GP April 10, 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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PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Table of Contents I. Alternative Perspectives on Series B Conversion Appendix A: Supplemental Information 2

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY I. Alternative Perspectives on Series B Conversion

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Illustrative Extension of Management’s Financial Forecasts LP DPU Forecast $ 8.00 $ 7.14 $ 7.14 $ 4.83 $ 5.60 $ 6.00 $ 5.96 $ 5.96 $ 4.00 $ 4.10 $ 4.10 $ 4.10 $ 4.10 $ 4.10 $ 2.21 $ 2.00 $ 0.00 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Series B Distribution Forecast $ 80 $ 60 $ 54 $ 52 $ 40 $ 20 $ 20 $ 7 $ 0 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Management Rapid Taper Gradual Taper No Growth Source: Arkose Projections Note: Rapid Taper case assumes 4% per annum step down in LP DPU year-over-year growth starting from 20% in 2022, reaching 0% LP DPU growth in 2027. Gradual Taper case assumes 2% per annum step down in LP DPU year-over-year growth starting from 20% in 2022, reaching 12% LP DPU growth in 2026 and then assuming 0% LP DPU growth in 2027. No Growth case holds LP DPU constant starting in 2023. Alternative Perspectives on Series B Conversion 4 $ 68 $ 59 $ 42$ 50 $ 41 $ 26$ 34$ 47 $ 12$ 34$ 34$ 34$ 34 $ 6.38 $ 4.75 $ 3.42$ 4.10$ 5.32$ 5.73 $ 2.85 $ 1.72

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Illustrative Implied Series B Values Shares Issued Based on Implied Values | (Shares and $ in Millions) Value Based Approaches Share Based Approaches 1 2 3 4 5 6 $ 421 $ 421 $ 214 $ 189 $ 190 $ 162 $176 $ 153 $ 136 Gradual Taper Rapid Taper No Growth Gradual Rapid Taper Taper No Growth 2018E 2019E 2020E 10-K Value Per Share ¹ 2020 2022 5 Year Cumulative Gradual Taper Rapid Taper No Growth If Converted At Market Price Divide by DDM-implied GP share price Divide by VWAP 26 Divide by VWAP Divide by VWAP Multiply by VWAP Multiply by VWAP Multiply by VWAP 13 12 12 10 11 9 8 Gradual Rapid Taper Taper No Growth Gradual Rapid Taper Taper No Growth 2018E 2019E 2020E 10-K Value Per Share ¹ 2020 2022 5 Year Cumulative Gradual Taper Rapid Taper No Growth If Converted At Market Price Source: Arkose Projections, Wall Street research and Bloomberg market data as of 4-Apr-2018 Note: Current GP 20-trading day VWAP is $16.42. 1 Analysis as of 31-Dec-2017, based on a Monte Carlo simulation using a ~$3.9bn market cap (vs. ~$2.9bn today), risk free rate of 2.36%, expected volatility of 38%, and WACC of 7.25%, resulting in value of $1,787 per unit on 98,600 units outstanding 5 Alternative Perspectives on Series B Conversion Slightly Declining PGR (-1%) Slightly Positive PGR (1%) 9.5% NTM Yield in 2026 5.5% NTM Yield in 2026 111110 22 14 17 15 91010 11 11 10 9 10 8 4 6 $ 355 $ 355 $ 238 $ 238 $ 285 $ 285 $ 244 $ 244 $ 143 $ 159 $ 168 $ 169 $ 169 $ 141 $ 131 $ 63 $ 102 Convert in 2026 Breakeven Cash Flow Convert at Market 10-K Disclosure GP EV / IDR Cash Flow Dividend Discount Models

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value Dividend Discount Model Through Series B Redemption in 2026 | ($ in millions) Status Quo Series B Dividend Discount Model Management Forecast Illustrative Extension of Projections 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Y.o.Y. Growth 65 % 51 % 30 % 28 % 21 % 15 % 10 % 5 % 2 % o calculate 2026 market cap of GP and derive implied Series B terminal value and shares issued to Series B in 2026 Equity Discount Rate 10.0 % Implied NTM Terminal Yield 10.2 % Implied 2018E Yield 2.0 % Series B Cash Flows Y.o.Y. Growth $ 7 $ 12 83 % $ 20 58 % $ 26 33 % $ 34 29 % $ 41 22 % $ 47 16 % $ 52 10 % $ 54 5 % Shares issued today based on DDM-implied current GP share price and DDM-implied Series B Value Implied Shares Issued to Series B Equity Discount Rate 8 10.0 % Implied Terminal Yield 20 % Implied 2018E Yield Shares Issued Today Based On: 2.3 % 1 Current VWAP 18 11 2 DDM-Implied Price Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 1 Calculation divides DDM-implied Series B value by current GP 20-trading day VWAP to reach number of shares issued to Series B unitholders in exchange for the units. 2 Calculation divides DDM-implied Series B value by a DDM-implied GP share price derived using the same cost of equity and terminal growth rate assumptions to reach number of shares issued to Series B unitholders in exchange for the units. Alternative Perspectives on Series B Conversion 6 Implied Series B Value$ 289 Discounted Cash Flows$ 6$ 11$ 15$ 19$ 22$ 24$ 25$ 25$ 141 Terminal Value Based on DDM-Implied Future GP Market Cap$ 274 Implied GP Share Price$26.47 Discounted Cash Flows$0.51$0.77$1.05$1.25$1.45$1.59$1.66$1.65$16.54 Memo: Current 20-Trading Day VWAP: $ 16.42 Memo: LP DPU Y.o.Y. Growth29 %29 %20 %20 %16 %12 %8 %4 %0 % GP DPS$ 0.54$ 0.89$ 1.34$ 1.74$ 2.22$ 2.68$ 3.08$ 3.37$ 3.53$ 3.60 Perpetuity Growth Rate0 % Implied Future Market Cap$ 6,574 Used t Terminal Value$ 35.31

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Series B Dividend Discount Model | ($ in millions) 1 1 DDM-Implied Series B Value ($mm) DDM-Implied GP Share Price Implied Converted Shares (DDM-Based) (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % 9.0 % 9.5 10.0 10.5 11.0 $ 32.73 30.71 28.88 27.22 25.72 $ 35.17 32.82 30.73 28.85 27.15 $ 38.21 35.44 32.99 30.82 28.87 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % 9.0 % 9.5 10.0 10.5 11.0 $ 28.15 26.48 24.97 23.60 22.35 $ 30.12 28.19 26.47 24.92 23.51 $ 32.58 30.31 28.30 26.51 24.91 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % 9.0 % 9.5 10.0 10.5 11.0 $ 20.17 19.08 18.09 17.19 16.36 $ 21.41 20.15 19.03 18.01 17.09 $ 22.96 21.48 20.18 19.02 17.97 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 1 Calculation divides DDM-implied Series B value by a DDM-implied GP share price derived using the same cost of equity and terminal growth rate assumptions to reach number of shares issued to Series B unitholders in exchange for the units. 7 Alternative Perspectives on Series B Conversion $ 207$ 220$ 238 196208223 186197209 177186198 169177187 Cost of Equity No Growth Case $ 305$ 327$ 355 288307330 272289309 257272290 244257273 Cost of Equity Rapid Taper Case (4% Annual Step Down) $ 360$ 387$ 421 338362391 319340365 301319341 285301320 Cost of Equity GradualTaper Case (2% Annual Step Down) Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Memo: Current 20-Trading Day VWAP: $ 16.42

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Relative Value Based on GP Trading | ($ in millions) Status Quo Relative Value Based on GP EV / IDR Cash Flow Management Forecast 2018E 2019E 2020E Implied GP Shares 9 10 10 Relative Value Based Illustrative GP Enterprise Value Sensitivities 1 Implied EV / IDR Cash Flow Multiple Implied Series B Value Implied GP Shares 2018E 2019E 2020E 2018E 2019E 2020E 2018E 2019E 2020E $ 2,500 $ 124 $ 138 $ 145 8 8 9 3,000 149 166 174 9 10 11 3,500 174 193 203 11 12 12 4,000 199 221 233 12 13 14 4,500 224 249 262 14 15 16 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 1 Based on current GP 20-trading day VWAP . Alternative Perspectives on Series B Conversion 8 18.4 x11.2 x7.4 x 22.113.48.9 25.815.710.4 29.417.911.9 33.120.213.4 Illustrative GP EV 1 Memo: Current 20-Trading Day VWAP: $ 16.42 GP Enterprise Value$ 2,882$ 2,882$ 2,882 ( / ) Cash Flow from IDR LLC136223336 EV / IDR Cash Flow21.2 x12.9 x8.6 x Series B Cash Flow$ 7$ 12$ 20 Illustrative Series B Value2$ 143$ 159$ 168

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Breakeven Cash Flow To Series B | Based on Pro Forma GP DPS Assuming Full Tax Shield | ($ in millions) Illustrative Shares Issued to Reach Breakeven Cash Flow 2018E 2019E 2020E 2021E 2022E Total P.F. GP Total Dist. @ 100% Tax Shield Current GP Shares Converted Midstream Units @ 1.75 x Exch. Ratio Illustrative Series B Units Issued To Make Whole (2020 Cash Flow Breakeven) $ 463 186 327 12 $ 649 $ 889 $ 1,102 $ 1,356 P.F. DPS $0.88 $1.24 $1.69 $2.10 $2.58 $8.50 %r to S.Q. 50 % 16 % (0)% (7)% (11)% (0)% Value at Current 20-Trading Day VWAP $ 125 $ 163 $ 189 $ 203 $ 214 $ 190 Breakeven Cash Flow Value Sensitivities 4 2018E 2019E 2020E 2021E 2022E Total 1.6 x 1.7 1.8 1.9 2.0 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 94-Apr-2018 1 Represents the period where the shares issued result in an equal distribution to Series B unitholders in that period. 9 Alternative Perspectives on Series B Conversion 7911121211 71011121311 81012131312 81012131412 81113131413 Exch. Ratio to Midstream Break Even Cash Flow Target Period1 Memo: Illustrative Breakeven Shares81012121312 Cash Flow to Series B$ 10$ 14$ 20$ 24$ 30$ 98 PF Units Outstanding525 Memo: Current 20-Trading Day VWAP: $ 16.42 S.Q. GP 2019 DPS: $0.89 Series B Status Quo Cash Flows$ 7$ 12$ 20$ 26$ 34$ 98

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Redemption Value in 2026 Based on Illustrative Future NTM Yields | ($ in millions) Status Quo Illustrative Value if Redeemed in 2026 Management Forecast Illustrative Extension of Projections 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Memo: LP DPU Y.o.Y. Growth Series B Cash Flows Y.o.Y. Growth 29 % $ 12 83 % 29 % $ 20 58 % 20 % $ 26 33 % 20 % $ 34 29 % 18 % $ 42 25 % 16 % $ 50 21 % 14 % $ 59 17 % 12 % $ 68 14 % 0 % $ 7 GP DPS Y.o.Y. Growth $ 0.54 $ 0.89 65 % $ 1.34 51 % $ 1.74 30 % $ 2.22 28 % $ 2.74 23 % $ 3.28 20 % $ 3.83 17 % $ 4.36 14 % $ 4.43 2 % Assumed NTM DPU Yield Implied Share Price Implied Market Cap 8.5 % $52.16 $9,711 Implied Shares Issued At Year End 9 Redemption Value Sensitivities Illustrative Series B Value ($mm) Implied GP Share Price At Year End 2026 Implied GP Shares Issued 5 At Year End 2026 Gradual Taper Rapid Taper No Growth Gradual Taper Rapid Taper No Growth Gradual Taper Rapid Taper No Growth 5.5 % $89.81 $65.43 $41.53 10 9 8 6.5 68.21 55.37 35.14 9 9 8 7.5 59.11 47.98 30.46 9 9 7 8.5 52.16 42.34 26.87 9 8 7 9.5 46.67 37.88 24.05 9 8 6 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 Alternative Perspectives on Series B Conversion 10 $ 883 $ 611 $ 344 $ 642 $ 499 $ 273 $ 540 $ 416 $ 220 $ 463 $ 353 $ 180 $ 401 $ 303 $ 149 GP Yield at Y.E. 2026 Assumed Step Down Assumed Step Down Assumed Step Down Series B Value$ 463 Memo: Current 20-Trading Day VWAP: $ 16.42

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix A: Supplemental Information

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Extension of Management Model Through 2027 Gradual Taper Case | ($ in millions, except per share / unit data) 1 Management Projections Illustrative Extension of Projections 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Source: Arkose Projections Note: At end of management forecast period, model assumes LP DPU growth steps down in 2% increments per annum through 2027. Model extended through 2027 because Series B units in IDR LLC become redeemable on 31-Dec-2026. 12 Supplemental Information Distributions GP Distributions$ 70 LP Distributions247 $ 143$ 236$ 355$ 462$ 589 320414533640767 $ 726$ 870$ 1,016$ 1,157$ 1,157 9041,0481,1941,3351,335 Total Distributions$ 317 $ 463$ 649$ 889$ 1,102$ 1,356 $ 1,631$ 1,918$ 2,209$ 2,493$ 2,493 % Cash Flow to GP22 % Weighted Average LP Units Outstanding185 31 %36 %40 %42 %43 % 187187187187187 45 %45 %46 %46 %46 % 187187187187187 Total Dist. Per Unit$ 1.70 LP Distributions Per Unit1.33 $ 2.48$ 3.47$ 4.75$ 5.89$ 7.25 1.722.212.853.424.10 $ 8.72$ 10.25$ 11.81$ 13.32$ 13.32 4.835.606.387.147.14 LP Dist Growth Arkose IDR Holding LLC 29 %29 %29 %20 %20 % 18 %16 %14 %12 %0 % Cash Flow from Midstream$ 70 $ 143$ 236$ 355$ 462$ 589 $ 726$ 870$ 1,016$ 1,157$ 1,157 Cash Flow to / Reserved for Series B Units1(2) (7)(12)(20)(26)(34) (42)(50)(59)(68) Cash Flow Available to GP LP$ 67 $ 136$ 223$ 336$ 436$ 556 $ 685$ 820$ 956$ 1,090$ 1,157 Arkose Midstream GP LP ("GP") Cash Flow Available to GP$ 67 G&A(2) Interest Expense0 $ 136$ 223$ 336$ 436$ 556 (2)(2)(2)(2)(2) 00000 $ 685$ 820$ 956$ 1,090$ 1,157 (2)(2)(2)(2)(2) 00000 Taxable Cash Flow to GP$65 $134$221$334$434$554 $683$818$954$1,088$1,155 Cash Taxes Effective Tax rate (34)(56)(85)(110)(140) (25)%(25)%(25)%(25)%(25)% (173)(207)(242)(276)(293) (25)%(25)%(25)%(25)%(25)% Distributable Cash Flow to GP $100$165$249$324$413 $510$611$713$812$863 DCF Coverage Ratio 1.0 x1.0 x1.0 x1.0 x1.0 x 1.0 x1.0 x1.0 x1.0 x1.0 x Total Distributions $ 100$ 165$ 249$ 324$ 413 $ 510$ 611$ 713$ 812$ 863 Shares Outstanding1 186186186186186 186186186186195 DPS $ 0.54$ 0.89$ 1.34$ 1.74$ 2.22 $ 2.74$ 3.28$ 3.83$ 4.36$ 4.43

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Extension of Management Model Through 2027 Rapid Taper Case | ($ in millions, except per share / unit data) 1 Management Projections Illustrative Extension of Projections 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Source: Arkose Projections Note: At end of management forecast period, model assumes LP DPU growth steps down in 4% increments per annum through 2027. Model extended through 2027 because Series B units in IDR LLC become redeemable on 31-Dec-2026. 13 Supplemental Information Distributions GP Distributions$ 70 LP Distributions247 $ 143$ 236$ 355$ 462$ 589 320414533640767 $ 711$ 817$ 895$ 937$ 937 8899951,0731,1151,115 Total Distributions$ 317 $ 463$ 649$ 889$ 1,102$ 1,356 $ 1,600$ 1,811$ 1,968$ 2,052$ 2,052 % Cash Flow to GP22 % Weighted Average LP Units Outstanding185 31 %36 %40 %42 %43 % 187187187187187 44 %45 %45 %46 %46 % 187187187187187 Total Dist. Per Unit$ 1.70 LP Distributions Per Unit1.33 $ 2.48$ 3.47$ 4.75$ 5.89$ 7.25 1.722.212.853.424.10 $ 8.55$ 9.68$ 10.52$ 10.96$ 10.96 4.755.325.735.965.96 LP Dist Growth Arkose IDR Holding LLC 29 %29 %29 %20 %20 % 16 %12 %8 %4 %0 % Cash Flow from Midstream$ 70 $ 143$ 236$ 355$ 462$ 589 $ 711$ 817$ 895$ 937$ 937 Cash Flow to / Reserved for Series B Units1(2) (7)(12)(20)(26)(34) (41)(47)(52)(54) Cash Flow Available to GP LP$ 67 $ 136$ 223$ 336$ 436$ 556 $ 670$ 770$ 843$ 882$ 937 Arkose Midstream GP LP ("GP") Cash Flow Available to GP$ 67 G&A(2) Interest Expense0 $ 136$ 223$ 336$ 436$ 556 (2)(2)(2)(2)(2) 00000 $ 670$ 770$ 843$ 882$ 937 (2)(2)(2)(2)(2) 00000 Taxable Cash Flow to GP$65 $134$221$334$434$554 $668$768$841$880$935 Cash Taxes Effective Tax rate (34)(56)(85)(110)(140) (25)%(25)%(25)%(25)%(25)% (169)(194)(213)(223)(237) (25)%(25)%(25)%(25)%(25)% Distributable Cash Flow to GP $100$165$249$324$413 $499$573$628$657$698 DCF Coverage Ratio 1.0 x1.0 x1.0 x1.0 x1.0 x 1.0 x1.0 x1.0 x1.0 x1.0 x Total Distributions $ 100$ 165$ 249$ 324$ 413 $ 499$ 573$ 628$ 657$ 698 Shares Outstanding1 186186186186186 186186186186194 DPS $ 0.54$ 0.89$ 1.34$ 1.74$ 2.22 $ 2.68$ 3.08$ 3.37$ 3.53$ 3.60

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Extension of Management Model Through 2027 No Growth Case | ($ in millions, except per share / unit data) 1 Management Projections Illustrative Extension of Projections 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Source: Arkose Projections Note: At end of management forecast period, model assumes LP DPU does not grow after 2022. Model extended through 2027 because Series B units in IDR LLC become redeemable on 31-Dec-2026. 14 Supplemental Information Distributions GP Distributions$ 70 LP Distributions247 $ 143$ 236$ 355$ 462$ 589 320414533640767 $ 589$ 589$ 589$ 589$ 589 767767767767767 Total Distributions$ 317 $ 463$ 649$ 889$ 1,102$ 1,356 $ 1,356$ 1,356$ 1,356$ 1,356$ 1,356 % Cash Flow to GP22 % Weighted Average LP Units Outstanding185 31 %36 %40 %42 %43 % 187187187187187 43 %43 %43 %43 %43 % 187187187187187 Total Dist. Per Unit$ 1.70 LP Distributions Per Unit1.33 $ 2.48$ 3.47$ 4.75$ 5.89$ 7.25 1.722.212.853.424.10 $ 7.25$ 7.25$ 7.25$ 7.25$ 7.25 4.104.104.104.104.10 LP Dist Growth Arkose IDR Holding LLC 29 %29 %29 %20 %20 % 0 %0 %0 %0 %0 % Cash Flow from Midstream$ 70 $ 143$ 236$ 355$ 462$ 589 $ 589$ 589$ 589$ 589$ 589 Cash Flow to / Reserved for Series B Units1(2) (7)(12)(20)(26)(34) (34)(34)(34)(34) Cash Flow Available to GP LP$ 67 $ 136$ 223$ 336$ 436$ 556 $ 556$ 556$ 556$ 556$ 589 Arkose Midstream GP LP ("GP") Cash Flow Available to GP$ 67 G&A(2) Interest Expense 0 $ 136$ 223$ 336$ 436$ 556 (2)(2)(2)(2)(2) 00000 $ 556$ 556$ 556$ 556$ 589 (2)(2)(2)(2)(2) 00000 Taxable Cash Flow to GP$65 $134$221$334$434$554 $554$554$554$554$587 Cash Taxes Effective Tax rate (34)(56)(85)(110)(140) (25)%(25)%(25)%(25)%(25)% (140)(140)(140)(140)(149) (25)%(25)%(25)%(25)%(25)% Distributable Cash Flow to GP $100$165$249$324$413 $413$413$413$413$438 DCF Coverage Ratio 1.0 x1.0 x1.0 x1.0 x1.0 x 1.0 x1.0 x1.0 x1.0 x1.0 x Total Distributions $ 100$ 165$ 249$ 324$ 413 $ 413$ 413$ 413$ 413$ 438 Shares Outstanding1 186186186186186 186186186186192 DPS $ 0.54$ 0.89$ 1.34$ 1.74$ 2.22 $ 2.22$ 2.22$ 2.22$ 2.22$ 2.28

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Impact of Early Series B Vesting Illustrative 10% Cost of Equity | Assumes Vesting In Equal Increments at Year End 2017, 2018, and 2019 | ($ in millions) 2017A 2018E 2019E 2020E 2021E 2022E Status Quo Series B Claim on IDR Cash Flow Vested At: 1-Jan 31-Dec Tranche 1 - '17 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Tranche 2 - '18 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Tranche 3 - '19 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Total "Mid-Year" Cash Flows Total Year End Cash Flows $ 4 $ 7 $ 12 $ 20 $ 26 $ 34 0 % 33 33 % 67 67 % 100 100 % 100 % 100 % $ 2 0 $ 4 0 $ 7 0 $ 9 0 $ 11 0 $ 0 4 4 0 7 0 9 0 11 0 $ 0 0 $ 2 4 $ 0 8 $ 8 8 7 0 $ 20 0 9 0 $ 26 0 11 0 $ 34 0 Early Vesting (100% Vested Today) Tranche 1-3 "Mid Year" Cash Flow PV of Cash Flows (+) Tranche 2-3 2017 Cash Due Upon Vesting (Undiscounted) $ 7 6 3 $ 12 11 $ 20 15 $ 26 19 $ 34 22 Source: Arkose Projections, Arkose GP 2017 10-K 15 Supplemental Information Incremental Value of Early Vesting $ 1 Total PV of Cash Flows $ 9 $ 11 $ 15 $ 19 $ 22 NPV of Early Vesting 76 PV of Cash Flows $ 6 $ 14 $ 15 $ 19 $ 22 NPV of Status Quo 75

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Market Implied Perpetuity Growth Rates DDM Based on 2018-2020E DPU/DPS | Illustrative 10% Cost of Equity 3 % 2 % 1 % 0 % (0)% (0)% (0)% (1)% (2)% (3)% (4)% Implied Terminal NTM Yield Source: Arkose Projections, IBES/ Wall Street research, and Bloomberg market data as of 4-Apr-2018 Note: Summit Midstream Partners not shown; analysis indicates a -11% implied PGR and 23.7% implied terminal yield for Summit. 16 Supplemental Information PSXP VLP BPMP TRGP DCP SHLX ENBL CNXM HEP WES EQM ANDX CEQP TEP Arkose Midstream DM ENLK 7.8 % 7.6 % NA 8.5 % 9.1 % 9.9 % 10.5 % 11.2 % 9.8 % 10.4 % 10.7 % 10.6 % 10.6 % 11.1 % 13.3 % 9.0 % 13.0 % 2 % 2 % 2 % 1 % 1 %1 % (0)%(0)% (1)%(1)% (1)% (1)% (2)% (3)%

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Basis of Analysis for Illustrative Market Implied Perpetuity Growth Rates 2018 2019 2020 2021 Arkose Mistream DPU PV of DPU Current Unit Price (-) PV of DPU $ 1.72 1.64 $ 25.10 (5.80) $ 2.21 1.92 $ 2.85 2.25 $ 3.42 Implied PV of Terminal Value Implied FV of TV (PGR) Implied FV of TV (EMM) $ 19.30 24.50 25.69 0.5 ( Rate ) Terminal Year Cash Flow Discount Implied Perpetuity Growth Rate = 0.5 (1 ) + Terminal Value1 Terminal Year Cash Flow Discount Rate X + Source: Arkose Projections, IBES/ Wall Street research, and Bloomberg market data as of 4-Apr-2018 1 Terminal value as calculated by the exit multiple method / year end discounting 17 Supplemental Information Implied NTM Yield at Exit 13 % Implied PGR at Exit (1.5)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis Midstream | As of 03-Apr-2018 ($ in millions) WACC Calculation - Midstream WACC Sensitivity Analysis Target Capital Structure Debt / Total Capitalization Total Debt / Cap Equity / Cap 20.3 % 79.7 10.0 % 15.0 % 20.0 % 25.0 % 30.0 % 4.0 % 4.5 5.0 5.5 6.0 Risk Free Rate Equity Beta Equity Risk Premium 2.8 % 1.23 6.9 % Pre-Tax Cost of Debt Marginal Tax Rate Afer-Tax Cost of Debt 5.2 % 5.2 Source: Arkose management, Midstream public filings, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-Apr-2018 Supplemental Information 18 WACC10.0 % Cost of Equity11.3 % Debt / Equity Ratio25.5 % 10.5 %10.2 %9.8 %9.4 %9.1 % 10.610.29.99.59.2 10.610.310.09.79.4 10.710.410.19.89.5 10.710.510.29.99.7 Pre-Tax Cost of Debt

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis GP | As of 04-Apr-2018 ($ in millions) WACC Calculation WACC Sensitivity Analysis Buyer Capital Structure Debt / Total Capitalization 0.0 % 100.0 Total Debt / Cap Equity / Cap 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 4.0 % 4.5 5.0 5.5 6.0 Risk Free Rate Equity Beta Equity Risk Premium 2.8 % 0.91 6.9 % Pre-Tax Cost of Debt Marginal Tax Rate Afer-Tax Cost of Debt NA 25.3 % NA Source: Arkose Management, GP public filings, Axioma Historical Betas, Ibbotson and Bloomberg market data as of 04-Apr-2018 Note: GP Beta calculated based on median of GP peers’ historical betas due to limited trading history. Supplemental Information 19 WACC9.1 % Cost of Equity9.1 % Implied Debt / Equity Ratio0.0 % 9.1 %8.8 %8.5 %8.2 %7.9 % 9.18.88.58.27.9 9.18.88.68.38.0 9.18.88.68.38.1 9.18.98.68.48.2 Pre-Tax Cost of Debt

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY GP Historical & Predicted Beta Last 2 Years | Based of Selected Public General Partners Peers 1.80 1.60 1.40 1.20 0.95 x 0.91 x 1.00 0.80 Apr-2016 Jun-2016Aug-2016 Oct-2016Dec-2016 Feb-2017Apr-2017 Jun-2017Aug-2017 Oct-2017 Dec-2017 Feb-2018 Historical Peer Median Predicted Peer Median Source: Axioma as of 04-Apr-2018 Note: Peer median taken due to lack of GP Historical and Predicted Beta; Peers include ENLC, EQGP, ETE, TEGP and WGP. 20 Supplemental Information Beta

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Historical & Predicted Beta Last Two Years | Based on Midstream’s Market Performance 1.80 1.70 1.60 1.50 1.40 1.30 1.23x 1.20 1.10 1.00 0.90 0.89x 0.80 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Dec-2017 Apr-2018 Historical Beta Predicted Beta Source: Axioma as of 04-Apr-2018 21 Supplemental Information Beta

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Research Analyst DDM Cost Midstream and GP of Equity for Midstream Cost of Equity GP Cost of Equity Midstream Median: 10.3% GP Median: 10.1% 12.1% 12.0% 12.0% 12.0% .5% .5% Source: Bloomberg, IBES and Wall Street research as of 04-Apr-2018 Note: Dotted line for Ladenburg Thalmann represents long term equity discount rate; solid bar represents equity discount rate used during forecast period. Supplemental Information 22 10.7% 10.3%10.0% 8.5% 9.4% 7 10.3%10.2% 9.5% 8 9.3%

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Additional Details on Research Analyst Assumptions for Dividend Discount Models Midstream and GP DPU CAGR Discount Rate Terminal Growth Rate Date Firm ’18-’20 ’18-’22 ’18-’27 WACC Terminal Ke JPM1 27 % 24 % 10 % 10.3 % 10.5 % 0.0 % 14-Mar-18 17-Feb-18 Ladenburg Thalmann 21 15 10 9.0 9.9 0.0 16-Feb-18 Wells Fargo 28 20 NA 8.5 8.5 1.0 15-Feb-18 Raymond James 28 24 15 12.0 12.0 1.0 14-Feb-18 Guggenheim 24 20 9 12.0 12.0 1.0 14-Feb-18 Baird NA NA NA 9.5 9.5 2.0 12.0 12.0 1.0 14-Feb-18 Morgan Stanley NA NA NA Memo: Management 10 % DPS CAGR Discount Rate Terminal Growth Rate Date Firm ’18-’20 ’18-’22 ’18-’27 WACC Terminal Ke JPM1 14-Mar-18 58 % 41 % 18 % 10.3 % 10.3 % 0.0 % 43 29 18 9.0 9.9 0.0 17-Feb-18 Ladenburg Thalmann 16-Feb-18 Wells Fargo 56 36 NA 8.5 8.5 1.0 14-Feb-18 Raymond James 56 42 24 10.0 10.0 1.0 14-Feb-18 Baird NA NA NA 7.5 7.5 2.0 14-Feb-18 Morgan Stanley NA NA NA 12.0 12.0 1.0 Memo: Management 17 % Source: Bloomberg, IBES and Wall Street research as of 09-Apr-2018 Note: 18-27 management forecast and extension CAGRS reflect the 2% Gradual Taper, Rapid Taper, and No Growth cases, respectively. 1 JPM DPU CAGR calculated based on LP DCF / Unit and coverage ratio assumptions as detailed in research. Supplemental Information 23 Median57 %41 %18 %9.5 %10.0 %1.0 % 28 % Forecast & Extension64 %44 %24 % GP Median23 %19 %9 %10.3 %10.3 %1.0 % 18 % Forecast & Extension29 %24 %15 % Midstream

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Peer Price Performance vs. Broker Price Current Prices vs. Broker Median Price Targets Targets Midstream and Peers (19)% (19)% (19)% (40)% DM AM HEP TEP DCP PSXP TRGP BPMP ANDX ENBL CEQP CNXM ENLK HESM NBLX WES SMLP EQM VLP GP and Peers (35)% AMGP ENLC EQGP TEGP WGP ETE Source: Wall Street Research, Bloomberg market data as of 04-Apr-2018 Supplemental Information 24 (20)%(21)% (23)% (27)%(29)% (8)% (15)% (16)% (16)% (17)% (18)% (25)% (25)% (26)% (26)% (27)% (27)% (27)% (28)% (33)%