energy & power industry update - harris williams · past month, bloomberg businessweek...

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Member FINRA/SIPC

Energy & Power Industry Update December 2011


What We’ve Been Reading

page 1

• Ahead of the U.S. State Department’s decision to delay its decision on Keystone XL pipeline this

past month, Bloomberg Businessweek published “Pipe Dreams,” which posited, “The Keystone XL

pipeline is a solution to the U.S. energy crunch. So why is it one of the most hotly contested

projects in decades? And is it even good business?” The article offers an excellent summation of

the issues at play and fairly presents both the pros and cons of the debate. On the second question

above, it suggests that the underlying oil to be transported in the pipeline may soon be

uneconomical to extract. Industry analysts estimate that once extraction in the Canadian tar sands

moves from mining to in situ extraction, production costs for the oil could reach as high as $115 per

barrel, nearly twice the $60 per barrel current estimated cost of extraction.

• The State Department’s non-decision was followed by a flurry of opinion pieces. Not to spoil any

surprises on the sources here, but The New York Times hailed the decision as “The Right Move on

Keystone,” while The Wall Street Journal decried the decision as the “Keystone Cop-Out.” One of

the more interesting responses was from Michael Levi of the Council on Foreign Relations who, in

The New York Times, proclaimed “A Shortsighted Victory in Delaying the Keystone XL Pipeline.”

Levi argues that the environmental lobby’s ultimate alliance with local opposition groups to halt the

project (rather than on their initial opposition based on increased greenhouse emissions) may come

to haunt other energy initiatives, particularly renewable energy projects and their respective

transmission lines often subject to the same type of local opposition.

• On his blog, Secret Formula, Matthew Nordan of Venrock Capital examines “The State of

Cleantech Venture Capital” in four parts and from several different perspectives. As of this writing,

“Part 1: The Money” and “Part 2: The Investors” had been released, both of which offer some

interesting insights and are well worth reading. In Part 1, Nordan reviews historical funding for

cleantech start-ups and extrapolates that the next several years will see an unprecedented need for

late-stage capital (more than $3 billion per year) for cleantech companies. Based on recent raises

for late-stage funds, Nordan believes the money will be there, but potentially to the detriment of

early stage cleantech companies seeking funds. In Part 2, Nordan notes the “conventional wisdom”

on cleantech investing as: “Cleantech VC must be performing much worse than VC overall. First,

very few exits have occurred relative to the large amount of money invested. Second, cleantech

companies are time-consuming to develop – so when exits do occur, they’ll take longer. Finally,

during the same time period that cleantech VC got under way, Internet VC investment yielded big

wins like LinkedIn and Groupon. Doubtless, cleantech returns must look awful by comparison.” He

then writes, “Every part of the statement above is incorrect,” which is followed by a point-by-point

rebuttal.

• Finally, Foreign Policy, in “The America Issue,” featured a concise review of U.S. energy

consumption from Valclav Smil, one of the world’s foremost experts on energy, titled “A Hummer

in Every Driveway.” Smil opens, “The problems that ail the U.S. economy and American society

are one and the same: Both consume too much and refuse to make badly needed changes. This is

true above all in the realm of energy. The United States doesn't need exotic biofuels or balloon-

borne wind turbines. Its real problems are wasteful private energy use and the near-total absence of

effective, down-to-earth, long-term policies.”

http://online.wsj.com/article/SB10001424052970204358004577030093417692560.html?KEYWORDS=keystone+xl









http://www.businessweek.com/magazine/keystone-xl-pipe-dreams-11102011.html



http://www.nytimes.com/2011/11/12/opinion/the-right-move-on-keystone-xl.html?ref=keystonepipeline














http://www.nytimes.com/2011/11/11/opinion/a-shortsighted-victory-in-delaying-the-keystone-pipeline.html?ref=keystonepipeline

















http://mnordan.com/

http://mnordan.com/

http://mnordan.com/

http://www.foreignpolicy.com/america_issue





http://www.foreignpolicy.com/articles/2011/10/11/a_hummer_in_every_driveway










LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Energy, Power, and Infrastructure and Industrial Services indices have stabilized following

recent momentum.

• The North American rig count continues to set record highs, eclipsing 2,500 total rigs.

• Many commodity prices have risen in recent months amid rising demand and uncertainty

regarding the Euro debt crisis.

– WTI Crude is trading above $100 per barrel, approaching its one-year high of $113.93.

– Gasoline, at $2.63 a gallon, is trading approximately 25% higher than December 2010

levels.

60

70

80

90

100

110

120

130

140

Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

S&P 500 Energy Power Industrial & Infrastructure Services

0

50

100

150

200

250

300

350

Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11

Energy Power Industrial & Infrastructure Services

page 2

Index

%

Change

S&P 4.95

Energy 9.48

Power (3.72)

I & IS 1.94

Index

%

Change

Energy 51.26

Power (2.70)

I & IS 123.67


Key Trading Statistics1

Current Valuations Versus Historical 5-Year Average1

Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EV /

LTM Sales.

5-Year

Average

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Storage and

Transportation

Independent Power

Producers

Electric Utilities

Industrial & Infrastructure

Services

Exploration and

Production

Mid-Cap Power

Energy Services and

Equipment

Integrateds Engineering and

Construction

Diversified Power

Refining Coal Producers

Cleantech Renewables

page 3

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Enegy Power Industrial & Infrastructure Services

Enegy Power Industrial & Infrastructure Services

Stock Price % Change TEV / 2011 P/E Ratio

Industry Segment 1 Month 12 Month 11/17/10 5/17/11 Current EBITDA Current 2009

Energy

Integrateds 3.1% 12.1% 4.8x 4.9x 3.9x 3.6x 9.2x 8.7x

Energy Services and Equipment 8.9% 11.7% 9.6x 9.5x 7.6x 5.6x 18.0x 9.9x

Exploration and Production 4.0% 0.8% 6.8x 9.6x 6.9x 5.6x 25.2x 14.4x

Coal Producers (3.3%) (39.9%) 9.6x 8.3x 6.5x 4.2x 16.3x 10.6x

Refining (4.8%) 43.9% 8.7x 6.5x 3.2x 3.0x NM 5.3x

Storage & Transportation 3.0% 9.1% 14.2x 13.4x 14.3x 10.6x 20.7x 18.4x

Power

Diversified Power (3.7%) (8.6%) 9.8x 9.8x 7.8x 7.2x 13.6x 10.8x

Mid-Cap Power 2.4% 5.4% 8.2x 9.4x 7.5x 6.4x 16.2x 13.3x

Independent Power Producers (2.1%) (1.4%) 6.9x 11.7x 11.2x 8.2x 19.7x 22.0x

Electric Utilities 0.7% 12.9% 7.7x 8.9x 9.1x 8.1x 14.7x 14.3x

Renewables (2.3%) (35.9%) 1.2x 1.4x 1.0x 0.8x 6.3x 11.2x

Cleantech 3.7% (35.5%) 1.7x 1.4x 0.9x 0.8x 15.0x 11.5x

Industrial & Infrastructure Services

Engineering & Construction 1.1% (0.4%) 7.7x 9.9x 7.9x 5.6x 16.6x 12.9x

Industrial & Infrastructure Services 0.1% 11.6% 8.9x 9.0x 6.6x 6.2x 14.7x 11.4x

2011 Revenue

TEV /

TEV / LTM EBITDA Multiple as of

LTM Revenue


Gasoline and Ethanol1

Oil1 Natural Gas1

North American Rig Counts3

Electricity Prices1 Coal1

0.00

20.00

40.00

60.00

80.00

100.00

120.00

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

($ p

er b

bl)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

($ p

er M

MB

tu)

0.00

0.75

1.50

2.25

3.00

3.75

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

($ p

er g

all

on

)

Gas oline Ethanol

0

500

1,000

1,500

2,000

2,500

3,000

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

(# r

igs)

0.0

40.0

80.0

120.0

160.0

0.0

20.0

40.0

60.0

80.0

100.0

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1 ($ p

er t

on

-R

ott

erd

am

)

($ p

er t

on

-C

en

tra

l

Ap

pa

lach

ian

)

Central Appalachian Rotterdam

0.00

20.00

40.00

60.00

80.00

100.00

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

($ p

er M

Wg

)

$102.60 per bbl

$50.90 per MWg

page 4

$3.48 per MMBtu

$2.47 per gallon

$2.63 per gallon

CAPP:

$69.95 per ton

Rotterdam:

$115.55 per ton

2,525rigs


Quarterly United States E&P M&A Activity1

Select Recently Announced Energy & Power Transactions1,2

-

10

20

30

40

50

60

70

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Nu

mb

er o

f T

ran

sact

ion

s

page 5

Date Target Business Description Acquirer

11/27/2011 ASCO plc UK based provider of outsourced logistics services and

solutions to the oil and gas industry

Doughty Hansen & Co.

11/23/2011 Seaboard International, Inc. US based provider of wellhead surface equipment and

services used in the production of oil and gas

The Weir Group Plc

11/15/2011 Powercorp Pty Limited Australia based provider of renewable power

automation systems and remote power solutions

ABB Ltd.

11/14/2011 Hazmasters Environmental Controls,

Inc.

Canada based provider of customized work

environment safety solutions

Trivest

11/10/2011 Kleen Soil US based provider of cleaning services for non-

hazardous petroleum-contaminated soils

Clean Earth

11/9/2011 Agilewaves, Inc. US based provider of building energy management

software and hardware products

Serious Energy, Inc.

11/3/2011 Summit Industrial Construction, LLC US based provider of heavy industrial construction

services

The Stephens Group, LLC

11/1/2011 X3M International - well intervention

tech. division

Oman based provider of down-hole intervention service

tools and technology products

Aker Solutions ASA

10/31/2011 GSE Consulting, LP US based provider of energy management and

consulting services

World Energy Solutions, Inc.

10/31/2011 Gryphon International Engineering

Services, Inc.

Canada based provider of consulting engineering

services

CHA Consulting, Inc.

10/28/2011 Delta Rigging & Tools - offshore

equip. rental division

US based provider of hoisting, winching, and rigging

products to industrial markets

Hertz Global Holdings, Inc.

10/18/2011 Oil Lift Technology, Inc. Canada based manufacturer of progressive cavity pump

products for the artificial lift market

Dover Corporation

10/17/2011 TEC, Inc. US based provider of environmental management

consulting services

Cardno Limited

10/13/2011 Kline Oilfield Equipment, Inc. US based manufacturer of completion and workover

tools used in the oil and gas industry

Logan International Inc.

Member FINRA/SIPC


page 6

Stock Performance Net Debt /

Current Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 11/17/11 Prior Month Prior Year LTM High 11/17/10 5/17/11 Current EBITDA Current 2011 5/17/2011


Energy

Integrateds

Exxon Mobil Corporation $387,081.5 $77.84 (1.3%) 12.8% 88.2% 7.4x 6.7x 5.5x 4.3x 9.4x 9.3x 0.1x

Chevron Corporation $191,432.5 $100.18 (2.7%) 21.5% 91.1% 4.5x 4.7x 3.8x 3.2x 7.5x 7.7x (0.3x)

ConocoPhillips $114,759.1 $69.56 0.5% 14.4% 85.0% 4.0x 4.4x 3.7x 3.8x 8.9x 8.2x 0.8x

Occidental Petroleum Corporation $81,061.6 $95.45 12.3% 11.4% 81.0% 6.8x 7.5x 6.1x 5.4x 12.8x 11.7x 0.2x

Hess Corporation $25,783.7 $61.55 5.7% (9.2%) 70.4% 4.1x 4.7x 4.0x 3.4x 11.2x 9.2x 0.8x

Marathon Oil Corporation $19,638.8 $26.81 7.9% (19.3%) 49.4% 5.2x 5.0x 2.3x 2.6x 8.7x 7.9x 0.0x

Median 3.1% 12.1% 83.0% 4.8x 4.9x 3.9x 3.6x 9.2x 8.7x 0.1x

Energy Services and EquipmentLarge Cap Diversified

Schlumberger Limited $105,898.8 $72.39 3.5% (2.7%) 75.7% 16.1x 14.7x 11.2x 8.4x 23.2x 15.1x 0.7x

Halliburton Company $37,553.4 $37.38 5.9% 5.3% 64.7% 9.7x 9.6x 6.7x 5.1x 13.2x 9.5x 0.4x

Baker Hughes Incorporated $28,554.8 $56.64 1.7% 18.3% 69.9% 10.7x 10.3x 7.1x 5.2x 14.4x 10.4x 1.0x

National Oilwell Varco, Inc. $26,746.6 $69.35 5.5% 17.2% 80.0% 7.8x 8.7x 8.2x 6.3x 16.1x 12.3x (1.1x)

Weatherford International Ltd. $19,467.9 $15.64 3.5% (20.2%) 55.6% 13.0x 10.8x 8.3x 5.7x 45.3x 10.3x 3.8x

Median 3.5% 5.3% 69.9% 10.7x 10.3x 8.2x 5.7x 16.1x 10.4x 0.7x

Mid and Small Cap Equipment and Service ProvidersMid and Small Cap Equipment and Service Providers

Cameron International Corporation $12,614.8 $49.54 (0.4%) 10.8% 78.4% 10.6x 11.1x 11.6x 8.6x 21.8x 13.9x 0.0x

Oil States International Inc. $4,710.2 $69.82 5.9% 24.4% 80.3% 7.8x 10.3x 7.8x 5.6x 14.6x 10.4x 2.2x

Complete Production Services, Inc. $3,194.8 $34.68 11.9% 27.1% 81.4% 9.2x 6.1x 5.7x 4.0x 14.5x 8.8x 1.0x

RPC Inc. $3,383.4 $21.46 15.1% 18.5% 73.9% 10.2x 7.5x 5.5x 4.0x 11.6x 8.2x 0.3x

Exterran Holdings, Inc. $2,681.2 $10.94 18.0% (52.4%) 43.0% 7.3x 7.7x 7.4x 6.1x NM NM 4.1x

Dril-Quip, Inc. $2,466.8 $66.82 6.4% (10.6%) 79.7% 15.6x 14.6x 16.3x 11.6x 31.0x 20.4x (1.5x)

Key Energy Services Inc. $3,023.0 $14.56 26.9% 45.9% 70.1% 15.3x 16.5x 9.0x 4.8x 42.2x 9.2x 4.3x

Basic Energy Services, Inc. $1,610.4 $21.76 16.2% 61.7% 57.6% 11.9x 9.3x 5.8x 4.0x 41.0x 8.9x 4.4x

Median 13.5% 21.4% 76.2% 10.4x 9.8x 7.6x 5.2x 21.8x 9.2x 1.6x

Member FINRA/SIPC






page 7

Construction and Equipment ContractorsConstruction and Equipment Contractors

Transocean Ltd. $23,735.4 $48.87 (4.5%) (27.6%) 56.8% 6.2x 8.2x 8.2x 5.9x NM 11.2x 2.2x

Noble Corp. $13,841.2 $35.56 9.8% (2.9%) 76.1% 6.9x 12.7x 14.4x 6.6x 27.2x 9.1x 3.5x

Diamond Offshore Drilling Inc. $9,255.9 $63.07 4.1% (7.3%) 77.7% 5.3x 6.2x 5.2x 6.7x 8.8x 12.9x 0.2x

Technip $7,903.8 $89.33 (0.2%) 8.5% 84.6% 7.4x 7.9x 7.1x NA 16.0x NA (1.6x)

Nabors Industries Ltd. $9,788.6 $19.06 23.3% (11.4%) 58.7% 7.9x 7.4x 5.7x 4.3x 20.4x 8.8x 2.6x

Subsea 7 SA $6,754.5 $19.01 (11.5%) (8.5%) 70.6% 8.5x 17.2x 13.4x NA 15.3x NA (0.1x)

Helmerich & Payne Inc. $5,985.6 $54.85 14.2% 21.0% 74.7% 7.2x 7.3x 6.0x 4.4x 13.9x 10.5x (0.2x)

Rowan Companies Inc. $4,625.9 $33.58 (0.3%) 11.3% 74.9% 7.6x 12.0x 12.2x 6.2x 29.4x 9.9x 0.5x

Oceaneering International, Inc. $4,749.5 $45.17 6.6% 31.3% 97.6% 7.8x 9.1x 10.0x 8.5x 22.0x 18.3x (0.4x)

Patterson-UTI Energy Inc. $3,937.4 $22.25 15.2% 12.2% 65.3% 7.9x 6.9x 4.5x 3.3x 12.4x 8.5x 0.6x

Hercules Offshore, Inc. $1,278.7 $3.83 12.6% 44.0% 54.8% 9.0x 8.3x 7.1x 8.2x NM NM 4.0x

Pioneer Drilling Co. $844.8 $11.36 30.0% 62.8% 63.1% 8.2x 6.9x 4.9x 3.5x NM 16.0x 1.7x

Cal Dive International Inc $406.4 $2.29 9.6% (55.6%) 28.0% 11.9x 10.7x 13.3x 3.4x NM 8.5x 2.6x

Median 9.6% 8.5% 70.6% 7.8x 8.2x 7.1x 5.9x 16.0x 10.2x 0.6x

Exploration and ProductionLarge Cap

Anadarko Petroleum Corporation $50,638.9 $76.95 (2.5%) 23.9% 90.0% 6.2x 8.5x 7.5x 5.6x NM 24.2x 1.9x

Apache Corp. $47,224.4 $99.51 10.1% (5.9%) 74.2% 5.5x 5.6x 4.0x 3.6x 10.0x 8.2x 0.7x

Chesapeake Energy Corporation $31,070.2 $24.82 (9.3%) 12.3% 69.0% 1.8x 10.7x 7.5x 5.6x 12.8x 10.0x 4.1x

Devon Energy Corporation $29,101.0 $64.48 4.8% (8.3%) 68.9% 5.1x 7.8x 4.4x 4.3x 13.4x 9.6x 0.5x

EOG Resources, Inc. $30,916.6 $98.44 14.4% 9.2% 81.1% 12.2x 13.3x 8.2x 5.6x 25.8x 22.6x 1.6x

Noble Energy, Inc. $19,228.2 $94.13 12.5% 16.4% 92.9% 7.4x 10.4x 8.7x 5.6x 21.3x 14.3x 1.6x

Southwestern Energy Co. $15,303.5 $38.87 (3.2%) 3.8% 78.9% 5.7x 9.9x 8.8x 7.2x 22.5x 18.0x 0.8x

Pioneer Natural Resources Co. $13,989.0 $91.50 15.5% 19.2% 86.3% 8.0x 13.4x 9.0x 6.9x 21.1x 19.5x 2.5x

Murphy Oil Corporation $10,158.2 $53.16 0.3% (19.0%) 68.0% 4.2x 4.3x 3.4x 3.1x 10.4x 9.3x (0.1x)

Newfield Exploration Co. $8,573.3 $41.47 0.8% (35.4%) 53.2% 6.3x 9.7x 5.4x 4.5x 11.6x 9.3x 2.5x

Ultra Petroleum Corp. $7,027.3 $33.78 12.9% (27.6%) 66.0% 4.0x 10.3x 7.5x 6.5x 14.7x 13.5x 2.2x

Quicksilver Resources Inc. $3,430.3 $7.93 (5.7%) (46.3%) 49.6% 8.4x 8.2x 6.8x 7.2x 3.6x 63.3x 3.8x

Median 2.8% (1.1% ) 71.6% 5.9x 9.8x 7.5x 5.6x 13.4x 13.9x 1.8x

Member FINRA/SIPC






page 8

Mid and Small Cap

Cabot Oil & Gas Corporation $10,043.9 $82.53 18.6% 147.4% 91.7% 8.3x 13.0x 18.3x 9.3x 62.2x 30.3x 2.2x

Plains Exploration & Production Company $8,713.1 $33.09 16.1% 14.4% 78.9% 7.7x 10.0x 7.2x 5.5x 57.1x 11.5x 4.6x

SandRidge Energy, Inc. $6,600.1 $7.28 5.2% 38.1% 54.6% 2.3x NM 6.4x 7.2x 13.2x 43.0x 30.3x

Forest Oil Corp. $3,343.2 $14.86 19.5% (55.6%) 36.9% 7.6x 8.6x 5.3x 5.6x 15.3x 12.9x 2.7x

Swift Energy Co. $1,694.9 $27.56 (0.3%) (20.7%) 57.2% 5.4x 6.9x 4.6x 3.8x 16.8x 15.1x 1.5x

PetroQuest Energy Inc. $583.9 $6.97 (2.7%) 2.7% 71.5% 4.2x 5.1x 5.7x 4.6x 97.1x 14.9x 1.2x

Delta Petroleum Corp. $394.8 $0.63 (73.2%) (91.8%) 4.7% 36.7x 48.1x 12.8x 17.2x NM NM 28.3x

Median 5.2% 2.7% 57.2% 7.6x 9.3x 6.4x 5.6x 37.0x 15.0x 2.7x

Coal Producers

CONSOL Energy Inc. $11,797.1 $38.19 (7.0%) (4.9%) 67.8% 10.2x 10.4x 7.1x 5.7x 16.8x 10.6x 2.0x

Peabody Energy Corp. $11,782.4 $37.39 (3.3%) (33.8%) 50.6% 10.1x 9.6x 6.3x 4.1x 11.3x 7.5x 0.6x

Arch Coal Inc. $7,080.6 $15.08 (10.9%) (46.0%) 40.8% 9.7x 8.5x 8.4x 4.6x 21.7x 5.8x 5.0x

Alpha Natural Resources, Inc. $7,593.3 $23.49 10.4% (49.2%) 34.5% 6.8x 7.6x 6.6x 4.2x 52.6x 12.8x 2.8x

Alliance Resource Partners LP $2,822.1 $72.70 3.2% 21.1% 86.4% 5.1x 5.0x 4.9x 4.5x 9.2x 9.0x 0.8x

Patriot Coal Corporation $1,158.4 $9.55 (2.5%) (31.5%) 32.7% 15.2x 34.3x 15.3x 3.3x NM 12.4x 3.3x

James River Coal Co. $648.0 $7.73 (14.5%) (57.6%) 28.6% 4.0x 7.0x 4.9x 3.7x 16.3x 147.0x 2.9x

Farmacol SA $189.5 $6.71 (3.3%) (51.4%) 52.4% 9.5x 8.1x 5.5x NA 7.6x NA 1.1x

Median (3.3% ) (39.9% ) 45.7% 9.6x 8.3x 6.5x 4.2x 16.3x 10.6x 2.4x

Refining

Valero Energy Corporation $17,462.4 $22.26 (4.8%) 16.5% 71.5% 5.7x 5.1x 3.2x 3.0x 5.8x 5.3x 1.3x

Sunoco, Inc. $6,591.8 $35.74 0.1% (7.2%) 76.1% 8.0x 6.1x 6.8x 7.7x NM 18.1x 1.8x

Tesoro Corporation $4,222.7 $23.69 (9.9%) 64.1% 80.0% 15.4x 5.5x 2.7x 2.7x 5.2x 5.7x 0.6x

Western Refining Inc. $1,881.8 $12.13 (31.0%) 43.9% 55.8% 8.9x 6.5x 3.1x 2.4x 7.0x 4.4x 1.8x

CVR Energy, Inc. $1,435.0 $17.66 (35.7%) 59.8% 59.6% 7.8x 6.9x 2.3x 1.8x 5.7x 4.0x (1.1x)

Hochschild Mining PLC $2,152.8 $7.01 (3.6%) (20.5%) 64.5% 9.4x 6.2x 4.2x NA 10.6x NA (0.9x)

Alon USA Energy, Inc. $1,482.0 $9.93 23.4% 85.3% 63.7% NM 15.4x 5.6x 3.6x 19.6x 4.3x 9.2x

Delek US Holdings Inc. $1,029.6 $12.42 (18.0%) 75.9% 71.0% 23.5x 9.3x 2.9x 3.0x 8.2x 5.8x 2.0x

Fortune Oil plc $335.0 $0.15 (2.5%) 32.0% 64.4% 8.6x 14.6x 10.9x NA 9.3x NA (1.0x)

Median (4.8% ) 43.9% 64.5% 8.7x 6.5x 3.2x 3.0x NM 5.3x 1.3x

Member FINRA/SIPC






page 9

Storage & Transportation

Kinder Morgan Energy Partners LP $38,935.5 $75.70 0.5% 8.8% 97.1% 14.1x 13.0x 14.7x 10.6x NM 34.7x 4.9x

El Paso Corp. $34,326.3 $24.78 0.5% 80.6% 96.3% 8.2x 12.5x 12.1x 10.0x NM 20.2x 5.0x

Plains All American Pipeline, L.P. $15,774.0 $64.12 3.0% 4.6% 96.0% 14.9x 13.8x 11.2x 10.6x 15.3x 15.0x 4.7x

Enbridge Energy Partners LP $14,086.3 $30.15 5.4% (0.1%) 87.2% 26.1x 28.5x 16.2x 10.8x 29.6x 18.8x 11.0x

Magellan Midstream Partners LP $9,201.0 $64.35 3.0% 16.0% 97.6% 16.2x 15.3x 15.0x 14.1x 18.5x 17.8x 3.6x

Buckeye Partners LP $8,683.0 $63.28 (4.2%) (4.3%) 91.8% 14.3x 22.1x 20.3x 14.4x 88.0x 18.0x 7.4x

Sunoco Logistics Partners L.P. $5,576.6 $105.90 11.8% 33.7% 98.5% 13.1x 11.1x 11.7x 10.5x 14.6x 14.7x 4.9x

Holly Energy Partners L.P $1,853.6 $56.37 3.8% 9.4% 92.3% 13.5x 12.0x 13.9x 10.4x 22.9x 19.2x 4.2x

Median 3.0% 9.1% 96.1% 14.2x 13.4x 14.3x 10.6x 20.7x 18.4x 4.9x

Power

Diversified Power

General Electric Company $545,467.7 $15.66 (6.3%) (0.9%) 72.3% 22.8x 18.6x 17.2x 17.8x 13.0x 10.2x 11.8x

Siemens AG $90,233.1 $97.53 (4.5%) (14.2%) 72.7% 7.6x 7.6x 6.4x 5.7x 9.5x 9.4x 0.2x

ABB Ltd. $41,779.4 $18.43 (3.0%) (8.5%) 70.5% 8.9x 11.7x 7.7x 6.6x 14.2x 11.4x (0.2x)

Emerson Electric Co. $40,704.5 $49.68 4.0% (8.6%) 79.8% 10.3x 9.2x 8.0x 7.4x 15.6x 12.4x 0.7x

Schneider Electric S.A. $34,442.5 $52.41 (14.7%) (24.9%) 62.8% 9.3x 9.3x 6.6x NA 11.7x NA 1.3x

Eaton Corporation $18,006.3 $43.77 3.4% (5.3%) 77.5% 10.9x 10.4x 8.4x 7.0x 12.2x 10.1x 1.6x

Alstom SA $14,087.7 $32.88 (7.2%) (27.5%) 53.7% 5.6x 6.7x 5.5x NA 17.0x NA 1.4x

Cooper Industries plc $9,371.8 $51.67 1.3% (0.5%) 73.8% 10.8x 12.4x 10.8x 9.3x 14.2x 12.4x 1.2x

Median (3.7% ) (8.6% ) 72.5% 9.8x 9.8x 7.8x 7.2x 13.6x 10.8x 1.2x

Mid-Cap Power

Ametek Inc. $7,491.6 $40.38 5.0% 10.7% 85.9% 13.5x 12.7x 10.9x 9.7x 18.4x 15.7x 1.5x

Thomas & Betts Corp. $2,821.8 $51.57 14.8% 19.8% 83.3% 8.2x 9.4x 7.9x 6.8x 16.2x 13.3x 0.4x

Valmont Industries, Inc. $2,413.9 $82.95 (4.5%) 5.3% 71.5% 10.2x 10.2x 7.5x 6.4x 14.8x 12.2x 0.6x

Littelfuse Inc. $1,023.9 $46.41 2.4% 5.4% 69.9% 6.5x 8.4x 6.5x 6.4x 11.7x 11.9x (0.5x)

Powell Industries, Inc. $228.6 $30.43 (8.0%) (8.8%) 73.1% 4.2x 6.0x 7.3x 5.4x 199.5x 19.6x (2.8x)

Median 2.4% 5.4% 73.1% 8.2x 9.4x 7.5x 6.4x 16.2x 13.3x 0.4x

Independent Power Producers

NRG Energy, Inc. $13,453.4 $20.70 (1.6%) 6.3% 80.7% 5.1x 6.0x 6.7x 6.8x 18.2x 22.0x 3.6x

Dynegy Inc. $4,885.1 $2.63 (26.5%) (48.0%) 38.0% 8.7x 17.4x 38.5x 11.2x NM NM 15.7x

GenOn Energy, Inc. $4,155.3 $2.75 (2.7%) NA 63.1% NA NA 11.2x 8.2x NM NA 9.0x

Mirrabooka Investments Limited $212.1 $1.72 2.9% (1.4%) 85.1% NM NM NM NA 21.1x NA NM

Median (2.1% ) (1.4% ) 71.9% 6.9x 11.7x 11.2x 8.2x 19.7x 22.0x 9.0x

Member FINRA/SIPC


page 10

Electric Utilities

Southern Company $58,580.0 $42.99 0.2% 13.4% 97.8% 9.2x 9.9x 9.6x 9.4x 17.6x 16.0x 3.6x

Dominion Resources, Inc. $48,569.6 $50.63 0.3% 19.3% 96.1% 10.6x 9.3x 9.7x 9.5x 19.4x 15.6x 3.9x

NextEra Energy, Inc. $45,571.0 $55.23 0.7% 5.8% 93.6% 7.7x 9.6x 9.6x 8.4x 15.3x 12.1x 4.7x

Duke Energy Corporation $44,995.2 $20.11 (0.0%) 14.3% 95.7% 7.7x 8.6x 9.1x 8.1x 14.7x 14.3x 3.6x

Exelon Corporation $42,477.0 $43.31 1.5% 8.3% 95.3% 5.3x 6.1x 6.4x 8.1x 12.0x 14.4x 2.0x

FirstEnergy Corp. $36,060.3 $43.88 (1.0%) 22.9% 94.3% 8.0x 12.3x 9.9x 8.1x 18.0x 13.4x 5.7x

American Electric Power Co., Inc. $35,855.9 $38.29 (0.7%) 7.2% 95.5% 7.4x 7.6x 7.5x 7.3x 12.1x 12.0x 3.6x

PPL Corporation $34,365.3 $29.13 1.5% 12.9% 96.2% 7.7x 9.5x 8.9x 8.4x 11.4x 11.9x 5.6x

Progress Energy Inc. $28,545.9 $52.18 1.7% 18.8% 97.0% 8.4x 8.9x 10.1x 9.4x 19.8x 16.3x 4.3x

Edison International $26,212.5 $39.50 2.4% 5.4% 95.0% 6.3x 6.7x 6.7x 6.8x 13.4x 15.1x 3.2x

Entergy Corporation $23,993.0 $68.29 2.2% (6.0%) 91.7% 6.2x 6.4x 6.7x 7.4x 8.8x 11.6x 3.1x

Median 0.7% 12.9% 95.5% 7.7x 8.9x 9.1x 8.1x 14.7x 14.3x 3.6x

Renewables 11/17/10 5/17/11 Current

Vestas Wind Systems A/S $3,885.5 $13.59 (17.3%) (57.2%) 32.2% 1.2x 0.7x 0.4x NA 33.3x NA 1.2x

First Solar, Inc. $3,654.7 $44.88 (19.7%) (63.5%) 25.6% 3.8x 4.1x 1.3x 0.9x 7.2x 6.1x (0.2x)

Suntech Power Holdings Co. Ltd. $2,266.3 $2.48 12.2% (67.1%) 22.9% 0.8x 0.9x 0.7x 0.8x 2.7x NM 4.7x

SunPower Corporation $1,321.7 $7.29 (22.6%) (45.2%) 31.2% 0.9x 1.1x 0.5x 0.5x NM 16.3x 2.0x

Clean Energy Fuels Corp. $1,055.5 $12.72 12.1% (9.0%) 71.3% 5.9x 4.1x 3.8x 3.0x NM NM 3.7x

GT Advanced Technologies Inc. $659.3 $8.00 7.4% 12.7% 45.7% 1.1x 1.4x 0.7x 0.6x 5.3x 5.6x (1.4x)

Rentech, Inc. $449.8 $1.59 16.1% 27.2% 80.3% 2.5x 1.7x 2.6x 2.3x NM 160.0x 17.6x

FuelCell Energy Inc. $156.7 $0.94 (5.1%) (26.6%) 39.0% 2.5x 2.3x 1.5x 1.0x NM NM 0.5x

Energy Conversion Devices, Inc. $152.2 $0.38 (19.1%) (91.9%) 7.0% 1.1x 0.7x 0.8x 0.6x NM NM (6.1x)

Ballard Power Systems Inc. $85.9 $1.30 0.4% (15.6%) 54.3% 1.2x 1.3x 1.1x 0.8x NM NM 0.7x

Median (2.3% ) (35.9% ) 35.6% 1.2x 1.4x 1.0x 0.8x 6.3x 11.2x 0.9x

Cleantech

Itron, Inc. $1,864.5 $35.85 11.6% (38.4%) 55.7% 1.4x 1.1x 0.8x 0.8x NM 9.2x 1.1x

ESCO Technologies Inc. $867.5 $28.47 (3.4%) (21.5%) 66.0% 1.8x 1.5x 1.3x 1.1x 15.0x 11.0x 0.8x

Ameresco, Inc. $786.6 $10.82 3.7% NA 62.0% 1.1x 1.3x 1.1x 1.0x 15.0x 12.0x 4.8x

Echelon Corporation $213.5 $5.71 (19.9%) (32.6%) 53.3% 2.7x 3.1x 1.4x 1.2x NM NM 1.9x

EnerNOC, Inc. $189.6 $9.99 8.7% (60.0%) 35.2% 1.7x 1.4x 0.7x 0.6x NM NM (3.3x)

PowerSecure International, Inc. $101.6 $6.08 39.8% (26.6%) 66.5% 1.7x 1.4x 0.9x 0.7x 7.1x 25.3x 14.6x

Comverge, Inc. $36.4 $1.42 (17.9%) (76.3%) 18.0% 1.0x 0.7x 0.3x 0.2x NM NM (0.1x)

Median 3.7% (35.5% ) 55.7% 1.7x 1.4x 0.9x 0.8x 15.0x 11.5x 1.1x

Revenue

TEV / LTM Revenue Multiple as of TEV / 2011





Member FINRA/SIPC






page 11


Engineering & Construction

Fluor Corporation $7,456.1 $53.39 0.8% (2.8%) 70.5% 8.2x 12.8x 7.6x 5.9x 17.4x 14.5x (2.6x)

Dresser-Rand Group Inc. $4,691.2 $49.13 0.8% 29.9% 86.9% 9.3x 14.6x 16.2x 8.9x 38.9x 15.6x 3.3x

Jacobs Engineering Group Inc. $5,047.7 $40.84 9.8% 1.5% 73.3% 7.7x 10.0x 8.3x 6.5x 15.9x 11.9x (0.4x)

Quanta Services, Inc. $3,892.3 $19.52 (2.6%) 10.1% 80.7% 7.7x 10.5x 11.6x 6.8x 42.8x 17.0x (0.7x)

KBR, Inc. $3,641.6 $28.52 1.3% 8.9% 72.5% 5.3x 8.2x 6.9x 5.1x 9.4x 10.8x (1.1x)

Chicago Bridge & Iron Company N.V. $3,398.9 $37.94 12.1% 36.6% 84.1% 7.2x 9.1x 8.6x 6.6x 15.8x 13.1x (1.3x)

URS Corporation $3,326.0 $35.44 5.2% (11.9%) 73.3% 6.0x 6.0x 5.5x 4.4x NM 9.4x 0.5x

McDermott International Inc. $2,327.9 $11.35 (20.0%) (34.4%) 43.4% 8.9x 9.9x 6.6x 5.9x 14.7x 12.7x (1.1x)

Shaw Group Inc. $1,563.5 $23.62 15.6% (22.9%) 56.8% 5.1x 8.3x 23.7x 4.4x NM 9.4x (0.6x)

MYR Group, Inc. $368.7 $17.95 (9.9%) 26.4% 67.6% 7.5x 9.2x 7.5x 5.4x 20.2x 13.0x 0.1x

Pike Electric Corporation $365.5 $6.77 (3.3%) (2.2%) 64.5% 10.7x 10.5x 6.3x 4.9x NM 14.2x 3.5x

ENGlobal Corp. $83.5 $2.30 2.7% (18.7%) 40.5% NM NM 41.2x 4.8x NM 7.2x (1.7x)

Median 1.1% (0.4% ) 71.5% 7.7x 9.9x 7.9x 5.6x 16.6x 12.9x (0.7x)


EMCOR Group Inc. $1,307.4 $24.01 4.3% (4.2%) 73.3% 4.5x 5.8x 4.7x 4.2x 13.2x 10.9x (1.2x)

Cape plc $766.3 $5.36 NA NA 56.7% NA NA 5.2x NA 8.8x NA 0.8x

Mistras Group, Inc. $651.0 $22.50 0.1% 96.3% 95.7% 8.6x 10.6x 12.7x 8.7x 34.3x 22.0x 0.6x

Team Inc. $582.0 $26.24 1.6% 32.9% 91.4% 9.1x 10.1x 9.3x 7.0x 18.6x 14.6x 1.0x

Furmanite Corporation $239.6 $6.45 (8.1%) 11.6% 75.0% 10.7x 9.0x 7.9x 6.2x 14.7x 11.4x 0.0x

Matrix Service Co. $235.0 $10.20 (5.6%) 5.5% 69.4% NA 6.9x 5.4x 3.9x 14.7x 9.6x NM

Median 0.1% 11.6% 74.2% 8.9x 9.0x 6.6x 6.2x 14.7x 11.4x 0.6x


page 12

Harris Williams & Co. is the premier middle market advisor

with a two-decade legacy of sell side excellence serving

clients worldwide.

Experience

Focus

Market Intelligence

Stability

Global Reach

Exceptional Results

Middle market leader – closed nearly 200 transactions in the last four years.

Execution focus with unparalleled senior-level attention.

Over 10,000 conversations with buyers and lenders each year.

Unparalleled retention of senior professionals.

Approximately 20% of our transactions are cross-border.

Best-in-class execution produces unmatched closing rate.

• Locations

London, UK

Richmond, VA

Boston, MA

Cleveland, OH

London, UK

Minneapolis, MN

Philadelphia, PA

San Francisco, CA


page 13

Harris Williams & Co.’s Energy & Power Group has a broad

range of experience including products, services, and

technologies that support or enhance the overall energy and

power infrastructure.

Key Niches:

• Cleantech, Energy Efficiency, and Renewables

• Power Products, Services, and Technologies

• Oil & Gas Products, Services, and Technologies

• Industrial & Infrastructure Services

• Engineering & Construction

For more information on Harris Williams & Co.’s Energy & Power Group as well as archived

copies of the Energy & Power Industry Update, please visit our website. Archived copies of the

Group’s industry whitepapers, including Transmission & Distribution Infrastructure and ESCOs

– Enabling Energy Efficiency, can also be found on the site.

http://www.harriswilliams.com/industry-energy.html


page 14

Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.’s second employee, joining the

firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transactional

experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers and

acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and power,

consumer products, building products, business services, distribution, retailing, specialty chemicals, and technology.

As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining Harris

Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. with a

concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chartered

Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG and is

currently a director of the Greater Richmond YMCA.

Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment banking

career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignments, as

well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in the

energy and power industries. Key niche focus areas have included demand response solutions, power quality

equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy and

power companies, Mr. Spitzer developed experience in numerous industries including industrial manufacturing,

chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining Harris

Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in the

Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Columbia

Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the University

of Virginia.

Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School at the

University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams & Co.,

working on mergers and acquisitions transactions in a broad range of industries, including general industrial,

consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. Lucas

worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience also

includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, with a

concentration in Finance from The McIntire School of Commerce at the University of Virginia.

Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Group at

SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wachovia

Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations. Mr.

White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Business

Administration from the University of North Carolina at Chapel Hill.

Tiff B. Armstrong

Managing Director [email protected]

+1 (804) 648-0072

Andrew G. Spitzer

Managing Director [email protected]

+1 (804) 915-0174

Brian S. Lucas

Director [email protected]

+1 (804) 932-1323

Matthew G. White

Vice President [email protected]

+1 (804) 915-0131

Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Within

energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficiency

and clean technology products and services, oilfield products and services, transmission distribution products and

services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at the

University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.

Luke R. Semple

Vice President [email protected]

+1 (804) 648-1158

Sources:

1. Capital IQ.

2. MergerMarket.

3. Baker Hughes.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc.

(NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving

clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition

advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of

FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which

is Authorised and Regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS

AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE

THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL

NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES,

FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND

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REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER

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MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE

CONTACT US AT +1 804-648-0072.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”).

It is not a research report, as such term is defined by applicable law and regulations, and is provided for

informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or

sell any financial instruments or to participate in any particular trading strategy. The information contained herein

is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or

completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act

as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and

also may provide, may have provided, or may seek to provide investment banking services for those companies. In

addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long

or short positions in the securities, options thereon or other related financial products of companies discussed

herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to

change without notice. The financial instruments discussed in this report may not be suitable for all investors, and

investors must make their own investment decisions using their own independent advisors as they believe

necessary and based upon their specific financial situations and investment objectives. Also, past performance is

not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by

any means, or redistributed, without Harris Williams’ prior written consent.

Copyright © 2011 Harris Williams & Co., all rights reserved.

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page 15

© 2011. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams &

Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the FSA. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.


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