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Oilfield Services Newsletter | August 2016
Oil & Gas Team
Duane Donnerddonner@foundersib.com
Joe Bradyjbrady@foundersib.com
John Sullivanjsullivan@foundersib.com
John Ortstadtjortstadt@foundersib.com
Vaughn McCraryvmccrary@foundersib.com
Jackson Poejpoe@foundersib.com
Matt Rodenmroden@foundersib.com
Recent Market Trends
With another recent dive in oil prices to $40 a barrel on August 1, some were once againmaking a run for cover, but hope is not as fleeting this time around. Oil prices haverecovered and the industry is showing more signs of a recovery as many industry leadershave called bottom and noted the worst is in the rear view mirror. David Lesar, CEO ofHalliburton noted on their Q2 earnings call, “Despite these continuing headwinds, basedon the recent improvements to North American activity, I believe that this secondquarter will mark the trough for our earnings…Today our customers are thinking aboutgrowing their business again rather than being focused on survival.” With that said, wemust hedge our thoughts using a notable quote from former oil executive Bill Dore’Founder and former CEO of Global Industries Ltd., also Duane Donner’s father-in-law,“There are two types of people when it comes to predicting oil prices, those who don’tknow, and those who know they don’t know.” Keeping that in mind, we will share anM&A update and some of the recent projections that Founders and Spears & Associatesproduced, in this August edition of the Oilfield Services Newsletter.
Market Fundamentals OutlookOFS Newsletter | August 2016
Source: Mergers&Acquisitions
“Dealmakers predict M&A in the energy
industry will accelerate over the next 12
months, according to Mergers and
Acquisitions’ Market Pulse, a forward-looking sentiment
indicator”
- Mergers&Acquisitions
Improving Sentiment for Energy M&A
The following chart can be viewed as a barometer for the outlook of M&A activity andconditions from the perspective of approximately 250 executives, collectively, fromvarious private equity, investment banking, lending, and other advisory firms. Note thatEnergy, of all industries polled, has the most favorable 12-month outlook.
52.347.3
53.8
67.3
48
76.271.4 69.3
74.1
62.1
0
20
40
60
80
100
Energy Technology Healthcare Consumer Goods Manufacturing
3 - Month Forecast 12 - Month Forecast
M&A Sentiment by Industry
Oilfield Services Newsletter | August 2016
Market Fundamentals Outlook
“Dealmakers predict M&A in the energy
industry will accelerate over the
next 12 months, according to Mergers and
Acquisitions’ Market Pulse, a forward-looking sentiment
indicator”
“We have won 8 of the last 8 bids for
projects, raising our prices for each
subsequent project.”- OFS CEO (Former
Founders client)
Recent M&A Trends
With increasing positive sentiment has come a more aggressive posture from buyers inthe energy market. Bloomberg recently reported that more than $100 billion has beenraised targeting the Energy industry. Most of these dollars have been held back as peoplewait for more uncertainty to fade, but now most feel like that has already happened or ishappening. Joe Brady commented on a recent call, “Many quality OFS companies arecontinuing to get pinched from financing they placed during the shale boom. Due to thelongevity of the downturn, there has been a steady erosion of balance sheets. Thesecompanies sought to survive so that they could grow market share, drive revenue, andincrease profitability when the market returns, but they now face financing challenges togrow. With a deficiency of traditional lending options, we are working with a number ofopen mandate, unitranche capital providers looking to back good teams and companiesin the oilfield. These capital providers are willing to underwrite risk in a way that alignsinterest as the recovery manifests. We have seen a shift in their posturing andaggressiveness to focus on putting money to work instead of waiting, as they feel anundercurrent of momentum in the energy markets building over the next 12-18 months”Although chatter is building, Q2 2016 represented the lowest deal count in the Energysector since at least 2010 according to Pitchbook, as shown by the chart below.
Market Fundamentals Outlook
Of course, the recent sentiment change is a function of the outlook on market fundamentals. Notably, supply and demandhave begun to tighten and as many global supply chains near peak output levels, fears that supply could get way ahead ofdemand have diminished. This coupled with a continued resiliency in global markets supporting demand bode well. Spears &Associates evaluated a status quo case in line with the DOE’s 2016 Annual Energy Outlook “Reference Case” in which oilprices trend upwards to $80 a barrel in 2020. Under this scenario, new domestic oil well counts rise to 20k by 2020 based onSpears’ model. While these figures may not be overly exciting, most business owners left standing are optimistic about theirshare of the market increasing in the coming cycle as so many of their competitors have been washed out.
“The Thawing is underway”
- James Row, CEO of The Oil & Gas Asset
Clearinghouse
Energy M&A Stats
Source: Pitchbook
$1
9
$3
8
$3
7
$4
2
$3
7
$3
1
$4
3
$1
11
$5
9
$6
2
$2
3
$7
2
$7
7
$1
5
186204
233 240
218
269
251
257
213201
181
206
150131
0
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 2014 2015 2016
Deal Value ($B)
Deal Count
Oilfield Services Newsletter | August 2016
Market Fundamentals Outlook
3
Recent M&A Activity
Conclusion
Improving market fundamentals have given many industry constituents hope that conditions will significantly improve in thenext 12 months, but as we recently wrote about in our last newsletter – projections are quite prone to error. Hopefully theindustry consensus is more right than wrong this time around. If you still remain hopeless, we would like to point you to arecent article by Richard Spears of Spears & Associates that we thoroughly enjoyed – The Boom of 2017.
Source: CapitalIQ
Domestic Oil Production and New Oil Wells
Source: Spears & Associates, EIA
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
(Wel
l Co
un
t)
(Mil
lio
ns
of B
arr
els
per
Da
y)
Lower - 48 Onshore Alaska Offshore New Domestic Oil Wells
Announced Date
Target Buyers / InvestorsTransaction Value ($M)
7/28/2016 GRS Inc. National Oilwell Varco, Inc. -
7/28/2016 DJ Oilfield Services Co., Ltd. National Oilwell Varco, Inc. -
7/18/2016 Ulterra Drilling Technologies, L.P. American Securities -
7/14/2016 Managed Pressure Operations LLC AFGlobal Corporation $75.00
7/13/2016 Redneck Oilfield Services Ltd. Strad Energy Services Ltd. $6.77
7/1/2016 AmSpec Services, LLC Olympus Partners; Olympus Growth Fund VI, L.P. -
6/2/2016 Omron Oilfield & Marine, Inc. Schlumberger Limited -
6/1/2016 Trican Well Service Ltd., Completion Tools BusinessDreco Energy Services ULC; National Oilwell Varco Norway AS; National Oilwell Varco Eurasia, LLC
$40.90
5/19/2016 FMC Technologies, Inc. Technip SA $5,269.02
5/11/2016 FMC Technologies, Inc., North American Wireline Assets Reliance Oilfield Services, LLC -
4/28/2016 Team Oil Tools, Inc., Wholesale Completion Packer Business Forum Energy Technologies, Inc. -
4/13/2016 Davy Crockett's Oilfield Services Ltd. Hallmark Tubulars Ltd. -
3/10/2016 Tolteq Group, LLC National Oilwell Varco, Inc. -
3/9/2016 Marlin Services LLC Gulf Coast Specialty Energy Services, LLC -
2/22/2016 Industrial Action Services, Inc. RelaDyne, Inc. -
Oilfield Services Newsletter | August 2016
Trading Statistics
4
FOUNDERS INVESTMENT BANKING, LLC
Public Comparables
(In millions, except per share data)
Stock Price % of 52-Week Market Enterprise 2016P Enterprise Value / 2017P Enterprise Value /
Ticker Company Name 8/18/16 High Low Cap Value Revenue EBITDA 2016 Revenue 2016 EBITDA Revenue EBITDA 2017 Revenue 2017 EBITDA
Integrated Equipment & Service Providers
NYSE: SLB Schlumberger Limited $ 83.86 99.9% 140.7% $ 116,623.6 $ 127,458.6 $ 29,163.0 $ 6,783.8 4.4x 18.8x $ 33,208.2 $ 8,265.6 3.8x 15.4x
NYSE: HAL Halliburton Company $ 46.46 99.5% 168.1% $ 40,006.8 $ 49,799.8 $ 15,971.0 $ 2,012.9 3.1x 24.7x $ 19,075.9 $ 3,277.5 2.6x 15.2x
NYSE: BHI Baker Hughes Incorporated $ 52.05 89.4% 138.5% $ 22,272.3 $ 21,471.3 $ 9,940.6 $ 326.9 2.2x 65.7x $ 11,146.8 $ 1,281.1 1.9x 16.8x
NYSE: WFT Weatherford International plc $ 5.91 51.4% 125.5% $ 5,296.3 $ 12,141.3 $ 5,913.0 $ 346.1 2.1x 35.1x $ 6,727.8 $ 890.4 1.8x 13.6x
Min $ 5.91 51.4% 125.5% $ 5,296.3 $ 12,141.3 $ 5,913.0 $ 326.9 2.1x 18.8x $ 6,727.8 $ 890.4 1.8x 13.6x
Median $ 49.26 94.4% 139.6% $ 31,139.5 $ 35,635.5 $ 12,955.8 $ 1,179.5 2.6x 29.9x $ 15,111.3 $ 2,279.3 2.3x 15.3x
Mean $ 47.07 85.0% 143.2% $ 46,049.7 $ 52,717.7 $ 15,246.9 $ 2,367.4 2.9x 36.1x $ 17,539.7 $ 3,428.6 2.5x 15.3x
Max $ 83.86 99.9% 168.1% $ 116,623.6 $ 127,458.6 $ 29,163.0 $ 6,783.8 4.4x 65.7x $ 33,208.2 $ 8,265.6 3.8x 16.8x
Equipment & Technology
NYSE: NOV National Oilwell Varco, Inc. $ 36.09 84.7% 140.2% $ 13,628.7 $ 15,315.7 $ 7,309.5 $ 270.2 2.1x 56.7x $ 7,611.2 $ 600.7 2.0x 25.5x
NYSE: FTI FMC Technologies, Inc. $ 28.55 79.5% 128.0% $ 6,441.6 $ 6,708.9 $ 4,655.6 $ 533.5 1.4x 12.6x $ 4,427.0 $ 547.7 1.5x 12.2x
NYSE: OII Oceaneering International, Inc. $ 29.29 60.9% 115.6% $ 2,872.2 $ 3,271.3 $ 2,395.3 $ 378.2 1.4x 8.6x $ 2,249.7 $ 334.3 1.5x 9.8x
NYSE: DRQ Dril-Quip, Inc. $ 58.64 84.5% 120.0% $ 2,203.1 $ 1,711.4 $ 542.1 $ 144.0 3.2x 11.9x $ 419.9 $ 77.0 4.1x 22.2x
NYSE: OIS Oil States International Inc. $ 33.15 90.3% 154.6% $ 1,702.0 $ 1,734.2 $ 688.0 $ 47.3 2.5x 36.7x $ 744.5 $ 77.5 2.3x 22.4x
NYSE: FET Forum Energy Technologies, Inc. $ 18.41 95.3% 220.7% $ 1,681.7 $ 1,941.4 $ 600.2 $ (24.2) 3.2x N/A $ 733.8 $ 50.1 2.6x 38.7x
Min $ 18.41 60.9% 115.6% $ 1,681.7 $ 1,711.4 $ 542.1 $ (24.2) 1.4x N/A $ 419.9 $ 50.1 1.5x 9.8x
Median $ 31.22 84.6% 134.1% $ 2,537.7 $ 2,606.4 $ 1,541.7 $ 207.1 2.3x 12.2x $ 1,497.1 $ 205.9 2.2x 22.3x
Mean $ 34.02 82.5% 146.5% $ 4,754.9 $ 5,113.8 $ 2,698.5 $ 224.8 2.3x 7.7x $ 2,697.7 $ 281.2 2.3x 21.8x
Max $ 58.64 95.3% 220.7% $ 13,628.7 $ 15,315.7 $ 7,309.5 $ 533.5 3.2x 56.7x $ 7,611.2 $ 600.7 4.1x 38.7x
Service Providers
NYSE: SPN Superior Energy Services, Inc. $ 18.36 92.6% 222.5% $ 2,785.2 $ 3,833.2 $ 1,504.0 $ 119.2 2.5x 32.2x $ 1,850.2 $ 282.1 2.1x 13.6x
NYSE: FI Frank's International N.V. $ 12.75 70.3% 112.3% $ 1,991.6 $ 1,630.5 $ 491.8 $ 13.0 3.3x 125.0x $ 482.8 $ 40.2 3.4x 40.6x
TSX: ESI Ensign Energy Services Inc. $ 6.00 72.4% 162.5% $ 918.9 $ 1,439.1 $ 673.6 $ 138.7 2.1x 10.4x $ 830.7 $ 171.4 1.7x 8.4x
TSX: CFW Calfrac Well Services Ltd. $ 2.72 70.0% 327.4% $ 313.9 $ 947.3 $ 592.4 $ (16.6) 1.6x N/A $ 826.7 $ 50.4 1.1x 18.8x
TSX: TCW Trican Well Service Ltd. $ 1.84 84.8% 701.5% $ 353.9 $ 527.8 $ 261.4 $ (36.3) 2.0x N/A $ 445.2 $ 34.5 1.2x 15.3x
NasdaqGS: TESO Tesco Corporation $ 7.45 76.3% 145.4% $ 345.7 $ 245.0 $ 129.6 $ (34.0) 1.9x N/A $ 162.7 $ (15.3) 1.5x N/A
NYSE: BAS Basic Energy Services, Inc. $ 0.69 12.3% 113.1% $ 29.5 $ 947.7 $ 510.9 $ (40.0) 1.9x N/A $ 687.0 $ 32.8 1.4x 28.9x
NYSE: RES RPC Inc. $ 16.21 96.3% 191.8% $ 3,526.4 $ 3,385.1 $ 667.4 $ (57.4) 5.1x N/A $ 1,035.5 $ 96.7 3.3x 35.0x
NYSE: TTI TETRA Technologies, Inc. $ 6.67 70.7% 144.4% $ 618.3 $ 1,580.0 $ 750.2 $ 131.1 2.1x 12.1x $ 883.0 $ 188.9 1.8x 8.4x
Min $ 0.69 12.3% 112.3% $ 29.5 $ 245.0 $ 129.6 $ (57.4) 1.6x N/A $ 162.7 $ (15.3) 1.1x N/A
Median $ 6.67 72.4% 162.5% $ 618.3 $ 1,439.1 $ 592.4 $ (16.6) 2.1x N/A $ 826.7 $ 50.4 1.7x 15.3x
Mean $ 8.08 71.7% 235.7% $ 1,209.3 $ 1,615.1 $ 620.2 $ 24.2 2.5x 2.0x $ 800.4 $ 98.0 1.9x 17.0x
Max $ 18.36 96.3% 701.5% $ 3,526.4 $ 3,833.2 $ 1,504.0 $ 138.7 5.1x 125.0x $ 1,850.2 $ 282.1 3.4x 40.6x
Offshore Drillers
NYSE: RIG Transocean Ltd. $ 10.62 61.8% 138.6% $ 3,880.5 $ 10,266.5 NA NA N/A N/A $ 3,112.0 $ 1,166.4 3.3x 8.8x
NYSE: ESV Ensco plc $ 8.99 47.5% 124.0% $ 2,710.0 $ 5,822.3 $ 2,602.3 $ 1,221.6 2.2x 4.8x $ 2,012.1 $ 818.1 2.9x 7.1x
NYSE: DO Diamond Offshore Drilling, Inc. $ 20.31 76.0% 143.3% $ 2,785.9 $ 4,990.2 $ 1,639.6 $ 686.4 3.0x 7.3x $ 1,579.2 $ 679.7 3.2x 7.3x
NYSE: NE Noble Corporation plc $ 6.50 44.4% 104.7% $ 1,580.9 $ 5,610.1 $ 2,104.8 $ 942.7 2.7x 6.0x $ 1,499.7 $ 575.8 3.7x 9.7x
NYSE: RDC Rowan Companies plc $ 14.45 66.2% 135.4% $ 1,812.3 $ 3,696.3 $ 1,731.7 $ 798.6 2.1x 4.6x $ 1,422.9 $ 566.0 2.6x 6.5x
Min $ 6.50 44.4% 104.7% $ 1,580.9 $ 3,696.3 $ 1,639.6 $ 686.4 2.1x 4.6x $ 1,422.9 $ 566.0 2.6x 6.5x
Median $ 10.62 61.8% 135.4% $ 2,710.0 $ 5,610.1 $ 1,918.3 $ 870.6 2.5x 5.4x $ 1,579.2 $ 679.7 3.2x 7.3x
Mean $ 12.17 59.2% 129.2% $ 2,553.9 $ 6,077.1 $ 2,019.6 $ 912.3 2.5x 5.7x $ 1,925.2 $ 761.2 3.1x 7.9x
Max $ 20.31 76.0% 143.3% $ 3,880.5 $ 10,266.5 $ 2,602.3 $ 1,221.6 3.0x 7.3x $ 3,112.0 $ 1,166.4 3.7x 9.7x
Land Drillers
NYSE: HP Helmerich & Payne, Inc. $ 64.67 92.0% 161.6% $ 6,988.6 $ 6,564.4 $ 1,525.6 $ 438.6 4.3x 15.0x $ 1,414.3 $ 362.5 4.6x 18.1x
NYSE: NBR Nabors Industries Ltd. $ 10.31 83.6% 209.1% $ 2,921.6 $ 6,176.0 $ 2,239.6 $ 595.9 2.8x 10.4x $ 2,504.6 $ 680.7 2.5x 9.1x
NasdaqGS: PTEN Patterson-UTI Energy Inc. $ 21.17 95.7% 193.6% $ 3,127.6 $ 3,744.8 $ 878.9 $ 192.1 4.3x 19.5x $ 1,203.9 $ 255.1 3.1x 14.7x
NYSE: PES Pioneer Energy Services Corp. $ 3.76 74.5% 395.7% $ 243.1 $ 616.1 $ 272.4 $ 15.5 2.3x 39.8x $ 377.6 $ 45.5 1.6x 13.5x
Min $ 3.76 74.5% 161.6% $ 243.1 $ 616.1 $ 272.4 $ 15.5 2.3x 10.4x $ 377.6 $ 45.5 1.6x 9.1x
Median $ 15.74 87.8% 201.4% $ 3,024.6 $ 4,960.4 $ 1,202.2 $ 315.4 3.5x 17.2x $ 1,309.1 $ 308.8 2.8x 14.1x
Mean $ 24.98 86.4% 240.0% $ 3,320.2 $ 4,275.3 $ 1,229.1 $ 310.5 3.4x 21.1x $ 1,375.1 $ 336.0 3.0x 13.8x
Max $ 64.67 95.7% 395.7% $ 6,988.6 $ 6,564.4 $ 2,239.6 $ 595.9 4.3x 39.8x $ 2,504.6 $ 680.7 4.6x 18.1x
Source: CapitalIQ
Oilfield Services Newsletter | August 2016
Recent Trends
5
Crude Oil (NYMEX: CL)
Domestic Oil and Natural Gas Rig Count
Domestic Crude Oil Production
Source: CapitalIQ, EIA
200
250
300
350
400
450
500
550
600
650
700
(Rig
Co
un
t)
250
255
260
265
270
275
280
285
290
295
300
(Mill
ion
s o
f Bar
rels
)
$20
$30
$40
$50
$60
$70
$80
$90
$100
(Pri
ce p
er B
arre
l)
Oilfield Services Newsletter | August 2016
Domestic Oil Trends
6
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Oil Price
Avg. Rig Count
New Wells Drilled
Production (M b/d)
$94.18 $98.02 $93.22 $48.59 $42.20 $52.25 $62.00 $70.00 $80.00
1,335 1,334 1,485 728 380 500 630 810 965
New Wells Drilled per Rig
31,425 32,150 33,150 19,250 8,650 11,100 13,300 17,000 20,000
5.2 6.1 7.3 7.9 6.9 7.4 7.4 7.7 8.0
23.5 24.1 22.3 26.4 22.8 22.2 22.1 21.0 20.7
Source: CapitalIQ, EIA, Spears & Associates
Domestic New Oil Well Count and Production
Crude Oil Price and Rig Count
$-
$20
$40
$60
$80
$100
$120
0
200
400
600
800
1,000
1,200
1,400
1,600
(Pri
ce p
er B
arre
l)
(Rig
Co
un
t)
Rig Count Oil Price
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1
2
3
4
5
6
7
8
9
(New
Wel
ls D
rille
d)
(Pro
du
ctio
n -
M b
/d)
Production (M b/d) New Wells Drilled
Oilfield Services Newsletter | August 2016
Domestic Natural Gas Trends
7
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Nat. Gas Price
Avg. Rig Count
New Wells Drilled
Production (Mcf/d)
$2.75 $3.73 $4.32 $2.62 $2.35 $3.13 $3.25 $3.40 $3.60
534 368 318 219 105 140 180 220 255
New Wells Drilled per Rig
9,500 7,800 7,150 4,850 2,450 3,450 4,375 6,000 7,750
767.5 772.5 823.8 864.2 NA NA NA NA NA
17.8 21.2 22.5 22.2 23.3 24.6 24.3 27.3 30.4
Natural Gas Price and Rig Count
Source: CapitalIQ, EIA, Spears & Associates
Domestic Natural Gas Production
$- $1 $2 $3 $4 $5 $6 $7 $8 $9 $10
0
200
400
600
800
1,000
1,200
1,400
1,600
(Pri
ce p
er M
BTU
)
(Rig
Co
un
t)
Rig Count Natural Gas Price
0
100
200
300
400
500
600
700
800
900
1,000
(Gro
ss W
ith
dra
wal
s -M
cf/d
)
Oilfield Services Newsletter | August 2016
Trends by Basin
8
YTD Change in Rig Count
Current Natural Gas and Oil Rig Count
Oil Production Natural Gas Production
0 1 2 3 5 9 14 14 18 24 27 32 36
110
196
0
50
100
150
200
250
(Rig
Co
un
t)
0.0
0.5
1.0
1.5
2.0
2.5
(Pro
du
ctio
n -
M b
/d)
Sep-15 Sep-16
02,0004,0006,0008,000
10,00012,00014,00016,00018,00020,000(P
rod
uct
ion
-M
cf/d
)
Sep-15 Sep-16
-1 -1 -6 -9 -2 -6 -11 -1 -5 -17 -26 -6 -40 -55 -21
-60
-50
-40
-30
-20
-10
0
(Rig
Co
un
t)
Oilfield Services Newsletter | August 2016
Offshore Trends
9
Crude Oil Price and Rig Count
Source: CapitalIQ, EIA, Spears & Associates
Offshore U.S. Production
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Oil Price
Avg. Rig Count
Wells Drilled
Production (M b/d)
$94.18 $98.02 $93.22 $48.59 $42.20 $52.25 $62.00 $70.00 $80.00
24 38 41 26 NA NA NA NA NA
Wells Drilled per Rig
375 440 450 275 210 275 350 400 430
1.3 1.3 1.4 1.6 1.7 1.9 2.0 2.1 2.2
15.6 11.5 10.9 10.6 NA NA NA NA NA
$-
$20
$40
$60
$80
$100
$120
0
5
10
15
20
25
30
35
40
45
(Pri
ce p
er B
arre
l)
(Rig
Co
un
t)
Rig Count Crude Oil Price
0.0
0.5
1.0
1.5
2.0
2.5
(Pro
du
ctio
n -
M b
/d)
Oilfield Services Newsletter | August 2016
Global Trends
10
Crude Oil Production
Source: CapitalIQ, EIA, Spears & Associates
Crude Oil Short Term Price Uncertainty
Liquid Fuels Production and Consumption Balance Top 5 Petroleum & Other Liquid Producers - 2015
1. United States of America 15.04 M b/d
2. Saudi Arabia 11.95 M b/d
3. Russia 11.03 M b/d
4. China 4.72 M b/d
5. Canada 4.51 M b/d
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
90
91
92
93
94
95
96
97
98
(Pro
du
ctio
n -
M b
/d)
Production Consumption Stock Change
$-
$20
$40
$60
$80
$100
$120
(Pri
ce p
er B
arre
l)
Historical Price
EIA Price Forecast
NYMEX Futures Price
Lower Bound - 95% Confidence
Upper Bound - 95% Confidence
0%
2%
4%
6%
8%
10%
12%
50
55
60
65
70
75
80
85
90
(% o
f To
tal G
lob
al P
rod
uct
ion
)
(Pro
du
ctio
n -
M b
/d)
International U.S. Onshore U.S. Onshore % of Total
Oilfield Services Newsletter | August 2016
Contact
For more information, visit www.foundersib.com, call us at 205.949.2043, or contact the oil and gas team directly by email:
About Founders Investment Banking
11
people make all the difference
meet the founders investment banking TEAM
Founders Investment Banking (Founders) is a merger, acquisition & strategic advisory firm serving middle-market companies.
Founders’ focus is on oil and gas, industrials, software, internet, digital media and healthcare companies located nationwide,
as well as companies based in the Southeast across a variety of industries. Founders’ Skilled professionals, proven expertise
and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute
liquidity events to achieve specific financial goals. In order to provide securities-related services discussed herein, certain
principals of Founders are licensed with M&A Securities Group, Inc. or Founder M&A Advisory, LLC, both members FINRA &
SiPC. Founders M&A Advisory is a wholly owned subsidiary of Founders. M&A Securities Group and Founders are not
affiliated entities. For more information, visit www.foundersib.com.
Duane P. Donner, II, Managing Director ddonner@foundersib.com
John W. Sullivan, Vice Presidentjsullivan@foundersib.com
Vaughn R. McCrary, Associatevmccrary@foundersib.com
Matt Roden, Analystmroden@foundersib.com
Joe H. Brady, III, Directorjbrady@foundersib.com
John F. Ortstadt, Business Developmentjortstadt@foundersib.com
Jackson Poe, Analystjpoe@foundersib.com
In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founders M&A Advisory, LLC, both members FINRA & SiPC. M&A Securities Group and Founders are unaffiliated entities. Founders M&A Advisory is a wholly owned subsidiary of Founders.
BIRMINGHAM2204 Lakeshore Drive, Suite 425
Birmingham, AL 35209-8855Phone: 205.949.2043
Fax: 205.871.0010
DALLAS5605 N. MacArthur Blvd, Suite 1000
Irving, TX 75038Phone: 214.295.1055
Fax: 214.295.1047
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