prompt oil price ($/bbl) $39.62 ($1.03) (2.5%) let’s ...jul 13, 2020 · 5 july 13, 2020...

1

July 13, 2020

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $39.62 ($1.03) (2.5%)

Prompt Gas Price ($/mmbtu) $1.78 $0.04 2.6%

Wkly Trans. Value ($mm) $21 ($12) (38%)

Wkly Trans. Count 1 (2) (67%)

US Rig Count 258 (5) (1.9%)

US Oil Prod'n (mmbbl/d) 11.0 -- --

US Gas Prod'n (bcf/d)(1) 112.3 -- --

US Oil Storage (mmbbl) 539.2 5.7 1.1%

US Gas Storage (tcf) 3.1 0.1 1.8%

$2.2

$8.0

$9.9 $10.7

$4.9

$15.8

$21.2 $21.9 $24.1

$17.0

$9.1 $9.2

$20.8

$8.2

$31.6

$19.5

$1.7

$17.0

$9.0

$0.9 $2.6

--

50

100

150

200

250

300

350

400

450

500

--

$5

$10

$15

$20

$25

$30

$35

$40

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 78% 67% 43%

Nu

mb

er

of

Tra

ns

acti

on

s

Tra

nsacti

on

Valu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil% Oil% Oil

$64.3

Harvest Oil & Gas announced it sold its Appalachian Basin

assets for $20.5 million to an undisclosed buyer

Dominion Energy announced it sold their gas transmission

and storage assets for $9.7 billion to Berkshire Hathaway

Energy

The July issue of BMO Calgary’s A&D (Canadian) Market

Monitor went live last week – read here

BMO Capital Markets has launched a new digital resource to

help clients navigate the impact of the pandemic, with new

insights on the reopening published every two weeks – read

more here

Debt

Markets

9 issuers priced 10 tranches for approximately $7.4 billion in proceeds last week

U.S. high yield funds reported an inflow of $2.1 billion

ETFs reported an inflow of $1.2 billion, while mutual funds reported an inflow of $947 million

High yield index yield was 6.52%; high yield energy index yield was 10.28%

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS

Note: Current quarter’s data is through the week covered by this issue.

1. EIA U.S. natural gas gross withdrawals and production reported monthly as of Mar 2020.

2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.

Key Industry Indicators

Quarterly Deal Activity

S&P E&P(2) underperformed last week (8.3)% vs. SPX(2) 0.7%

The U.S. equity indexes mostly finished down last week. Real estate, industrials, materials, healthcare,

and financials finished down. Consumer discretionary, consumer staples, and tech finished up

Equity

Markets

Oil ended last week down. Traders anticipated an increase in oil prices due to an improvement in U.S.

gasoline consumption. However, prices were limited by rising rates of coronavirus infections and rising

crude inventories. Both Brent and WTI crude futures remained unaffected by news that OPEC member

Libya added to global supplies by reopening its Es Sider oil terminal for exports. According to the EIA,

U.S. gasoline inventories decreased by 4.8 mmbbl as demand increased to 8.8 mmbbl/d, the highest

since March. The near-term contract closed down $1.03, or 2.5%, at $39.62

Gas ended last week up. The EIA lowered its estimates for natural gas marketed production for the rest

of 2020 due to production curtailments and low oil and gas prices. However, it anticipated production

increases in the second half of 2021. Global Energy Monitor stated that through a combination of

oversupply, low prices, and the pandemic, billions of dollars of LNG projects have halted. The near-term

contract closed up $0.04, or 2.6%, at $1.78

Commodities

Week in Review

Let’s follow these guidelines when sorting articles:

• First priority: Domestic A&D, ranked by size

• Next: Domestic M&A

• Then: US companies doing international deals (like

Noble’s Tamar)

• Then: Others (Cabot’s Lackawanna)

• Then: Prices, rig count, completions, etc.

To paste the arrows with colors,

• FactSet

• Settings

• Presentation Linking and Formatting

• Import

• Colors

• Change Color Font Covering the Week of July 3 to July 9, 2020

This is the final issue for 2018. The Market Monitor will

return on Monday, January 7th. Happy Holidays from the

BMO Capital Markets team!

BMO is marketing PayRock Energy’s divestiture of South

Texas Eagle Ford assets (see page [x])

The October issue of BMO Calgary’s A&D (Canadian) Market

Monitor went live last week – read more here

One E&P deal priced last week

WPX Energy (b1/BB-) priced $600 million of x% Senior

Notes due 2027

One E&P issuer priced last week

Noble Energy priced $500 million of 3.25% senior notes

due 2029 and $500 million of 4.20% senior notes due

2049. BMO Capital Markets acted as a Joint

Bookrunner on this transaction

All references to last week in the comments below are through Thursday

Better international/demand data and promise for strict quota adherence by Russia

Demand signals continue to trend positively, with China’s total oil demand is nearly back to the pre-COVID levels of 13.4MM. U.S. real-time

mobility data indicated that driving activity has also recovered much of the April losses. Markets were also affected by greater than expected

Lower 48 shut-ins announced during earnings season. Jet-fuel market remains extremely weak thought travel started to tick higher off historic

lows.

Fighting in Libya intensified

The EIA announced a smaller-than-expected natural gas storage build. EQT confirmed that they had shut-in a large percentage of production

due to pricing, with management noting that sales were being deferred to take advantage of an expected significant improvement in price in the

coming months. LNG cancellations continued. Temperatures across the southern states expected to increase.

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http://click.bmocapitalmarkets.bmo.com/?qs=fadfe8730a8d37041296487fe4c71f522f1947d5f0e11c7c3797a30ad47d1993dae6632dc6f7498698ab1e4f7da45146d212d7e6ef2a804290aa798783f88dd0

https://capitalmarkets.bmo.com/en/search/?keywords=Road to Recovery

http://click.bmocapitalmarkets.bmo.com/?qs=06431ffcb9e46ff9ceb552c71599979cce1497589a985c6f6db2bcdad857fec824bec1ef9245eef7759c94d656a26e446b38de2e8b6d3a20

2

July 13, 2020

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)

08-Jul-20 Undisclosed Buyer Harvest Oil & Gas Corp Marcellus/Utica 713,401 net acres in Appalachia $21 $1.23 $4,201 $29

26-Jun-20 MP III Echo LLC Echo Energy Partners Mid-Continent 19,989 net acres in Anadarko Basin $33 n.a. $4,198 $1,649

22-Jun-20 Talos Energy Castex Energy Gulf of Mexico Gulf of Mexico assets $65 $3.69 $10,156 n.a.

22-Jun-20 Tapstone Energy LLC Templar Energy LLC Mid-Continent 273,400 net acres in Anadarko Basin $65 $1.27 $3,611 $238

15-Jun-20 Sixth Street Partners Antero Resources Marcellus/Utica Overriding royalty interests in Appalachia $402 n.a. n.a. nmf

04-Jun-20 Undisclosed Buyer Black Stone Minerals Permian Midland Basin mineral and royalty assets $55 n.a. n.a. nmf

04-Jun-20 Pegasus Resources LLC Black Stone Minerals Permian Permian Basin mineral and royalty assets $100 n.a. n.a. nmf

11-May-20 Diversified Gas & Oil EQT Marcellus/Utica Appalachia Basin asset in PA and WV $125 $2.60 $13,889 n.a.

11-May-20 Morning Star Oil Co Southland Royalty Co Other Rockies 205,000 net acres in San Juan Basin $53 n.a. $3,635 $260

04-May-20 National Fuel Gas Shell Marcellus/Utica 450,000 net acres in Appalachia $541 $4.57 $12,983 $1,202

Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services

Purple = BMO provided both transaction advisory services and acquisition financing or related services

Permian21%

Rockies (ex. Bakken)

9%

Bakken4%

Appalachia9%

Mid-Con10%

Eagle Ford6%

Ark-La-Tex4%

Gulf of Mexico8%

Other30%

LTM By Region

y = 22.573e-0.061x

R² = 0.2785

--

$10

$20

$30

$40

$50

$60

-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Sa

les

Pri

ce

/ P

rove

d R

es

erv

es

($

/bo

e @

15

:1)

R / P

R / P

Sales Value /

Proved Reserves

(15:1)

(ratio) ($ / boe) ($ / mcfe)

8x $13.81 $0.92

10x $12.21 $0.81

15x $8.99 $0.60

20x $6.61 $0.44

Oil45%

Gas55%

LTM By Commodity

Public Company

45%

PE / PE-Backed

14%

Private12%

Other29%

LTM By Buyer Type

$15.4 $26.2

$17.7 $6.4 $2.6

$7.2

$14.9

$11.4

$59.8

$0.9

$22.6

$41.1

$29.1

$66.2

$3.5

2016 2017 2018 2019 2020

549 911 618 111 64

Asset Corporate

Deal Count

The 10 Most Recent Asset Transactions Over $20 Million

A&D Valuation Trends(3)

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS

1. Represents total enterprise value. 2. Calculated as percentage of total LTM transaction count (number of transactions, not dollar value).

3. 68 transactions from January 2015 to 2019 with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1

(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.

4. Year-to-date data is through this week’s date for each respective year.

(2) (2) (2)

Confirm number of transactions weekly --->

Deal Activity – YTD ($bn)(4)

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3

July 13, 2020

7/9/2020

Appalachia 5

Ark-La-Tex 2

Bakken --

Eagle Ford 4

Mid-Con --

Other 1

Permian --

Rockies 1

13

Select Significant Deals on the Market

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

Source of Select Significant Deals on the Market: BMO Transaction Database

Source of Headlines: Press releases

Industry Headlines

(Click headline to link to the full article)

M&A&D Headlines

Appalachia

5 Deals

Mid-Con

0 Deals

Eagle Ford

4 Deals

Permian

0 Deals

Other

1 Deal

Rockies

1 Deal

Bakken

0 Deals

Ark-La-Tex

2 Deals

BMO Deals (Status)

Siltstone Appalachia (In Market) – See page 6

Oil Prices Look to Improve Due to Increase in U.S.

Gasoline Demand

Saudis Hike Oil Prices to Key Markets On Rising

Energy Demand

China's June Crude Oil Imports Hit Record High

Court Orders Dakota Access Pipeline to Shut Down

Supreme Court Reinstates Fast-Track Pipeline

Permitting Except for Keystone XL

Energy Companies Cancel Atlantic Coast Pipeline

House Democrats Unveil Proposal to Frame Climate

Legislation in 2021

Harvest Oil & Gas Announces Sale of Appalachian

Assets

Dominion Energy Sells Natural Gas Assets for $9.7

Billion

Talos Energy Announces Full Year 2019 Operating

and Financial Guidance (includes A&D

announcement)

+ the EQT mineral/JV Deal

+ Antero ORRI deal

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https://www.reuters.com/article/us-global-oil/oil-settles-higher-on-improving-u-s-gasoline-demand-idUSKBN24904A

https://www.reuters.com/article/us-global-oil/oil-settles-higher-on-improving-u-s-gasoline-demand-idUSKBN24904A

https://www.worldoil.com/news/2020/7/6/saudis-hike-oil-prices-to-key-markets-on-rising-energy-demand



https://oilprice.com/Energy/Crude-Oil/Chinas-June-Crude-Oil-Imports-Hit-Record-High.html

https://thehill.com/policy/energy-environment/505981-court-orders-dakota-access-pipeline-to-shut-down

https://thehill.com/policy/energy-environment/505981-court-orders-dakota-access-pipeline-to-shut-down

https://thehill.com/policy/energy-environment/506112-supreme-court-reinstates-fast-track-pipeline-permitting-except-for




https://thehill.com/policy/energy-environment/505940-duke-energy-dominion-energy-cancel-atlantic-coast-pipeline

https://www.akingump.com/en/news-insights/house-democrats-unveil-proposal-to-frame-climate-legislation-in-2021.html

https://www.akingump.com/en/news-insights/house-democrats-unveil-proposal-to-frame-climate-legislation-in-2021.html

http://www.globenewswire.com/news-release/2020/07/08/2059180/0/en/Harvest-Oil-Gas-Announces-Entry-into-a-Material-Definitive-Agreement-for-the-Sale-of-Its-Appalachian-Basin-Assets.html

http://www.globenewswire.com/news-release/2020/07/08/2059180/0/en/Harvest-Oil-Gas-Announces-Entry-into-a-Material-Definitive-Agreement-for-the-Sale-of-Its-Appalachian-Basin-Assets.html

https://www.prnewswire.com/news-releases/dominion-energy-agrees-to-sell-gas-transmission-storage-assets-to-berkshire-hathaway-energy-strategic-repositioning-toward-pure-play-state-regulated-sustainability-focused-utility-operations-301088176.html



https://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2019-operating-and-financial-guidance-300779250.html



4

July 13, 2020

Market Insight: Assessing the Impact on Form of M&A&D Transaction

Consideration from 1998 through Q1 2020

Source: FactSet

Note: The CBOE Volatility Index (VIX) is used as a proxy for equity volatility; ‘low volatility’ defined as periods with VIX levels below 20 and ‘high volatility’ defined as periods

with VIX levels above 20.

1. Median of North American transactions over $50mm from 1998 through Q1 2020.

2. Other category is comprised of all-stock transactions and mixed (cash and stock) consideration.

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TRANSACTION CONSIDERATION(1)

Cash scarcity and absolute valuation issues lead to fewer all-cash transactions in periods of market

dislocation

--

25%

50%

75%

100%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

All-Cash Transactions All Other Transactions Long-Term Average

Long-Term Average: 61%

(2)

Dot Com

Bubble

Financial

Crisis 9/11

Attack

OBSERVATIONS ALL-CASH DEALS(1)

The likelihood of an all-cash transaction is

negatively impacted by an increase in equity

volatility

All-cash transactions are less likely in a

volatile market, impacted in part by a greater

need for acquirers to preserve liquidity and

restricted access to debt and equity markets

In a distressed environment, target

shareholders may view a stock-based

transaction as more favorable due to relative

valuation considerations

Equity consideration may also alleviate Board

of Director fiduciary focus of maximizing

shareholder value at unsustainably low oil

prices

65%

53%

Low Volatility High Volatility

5

July 13, 2020

Historical Prices as of 09-Jul-20 Close ($/gal)NGLsCurrentLast Wk.6 Mo. Ago1 Yr. AgoEthane$0.22$0.20$0.16$0.14Propane$0.48$0.47$0.46$0.47Butane$0.49$0.46$0.71$0.47Iso-butane$0.59$0.54$0.81$0.62Pentane+$0.71$0.60$1.20$1.13

$10

$20

$30

$40

$50

$60

$70

Jul-19 Jan-20 Jul-20 Jan-21 Jul-21

($/b

bl)

$1

$2

$3

$4

$5

Jul-19 Jan-20 Jul-20 Jan-21 Jul-21

($/m

mb

tu)

25%

35%

45%

55%

65%

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

% o

f W

TI

NGL as % of WTI

Historical Prices as of 09-Jul-20 Close ($/gal)

NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago

Ethane $0.22 $0.20 $0.16 $0.14

Propane $0.48 $0.47 $0.46 $0.47

Butane $0.49 $0.46 $0.71 $0.47

Iso-butane $0.59 $0.54 $0.81 $0.62

Pentane+ $0.71 $0.60 $1.20 $1.13

NYMEX WTI Futures as of 09-Jul-20 Close ($/bbl)NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$40.63$41.20$57.79$57.132020$40.01$40.89$58.00$56.372021$41.43$41.61$54.07$54.562022$42.82$42.47$52.10$53.992023$44.10$43.48$51.46$54.162024$45.30$44.52$51.61$54.60

NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$2.41$2.42$2.33$2.562020$2.12$2.09$2.29$2.592021$2.61$2.63$2.43$2.582022$2.45$2.45$2.43$2.612023$2.41$2.40$2.47$2.682024$2.43$2.42$2.51$2.77 NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$2.41$2.42$2.33$2.562020$2.12$2.09$2.29$2.592021$2.61$2.63$2.43$2.582022$2.45$2.45$2.43$2.612023$2.41$2.40$2.47$2.682024$2.43$2.42$2.51$2.77

Historical Prices as of 09-Jul-20 Close ($/gal)NGLsCurrentLast Wk.6 Mo. Ago1 Yr. AgoEthane$0.22$0.20$0.16$0.14Propane$0.48$0.47$0.46$0.47Butane$0.49$0.46$0.71$0.47Iso-butane$0.59$0.54$0.81$0.62Pentane+$0.71$0.60$1.20$1.13

NYMEX WTI Futures as of 09-Jul-20 Close ($/bbl)NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$40.63$41.20$57.79$57.132020$40.01$40.89$58.00$56.372021$41.43$41.61$54.07$54.562022$42.82$42.47$52.10$53.992023$44.10$43.48$51.46$54.162024$45.30$44.52$51.61$54.60

NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $2.41 $2.42 $2.33 $2.56

2020 $2.12 $2.09 $2.29 $2.59

2021 $2.61 $2.63 $2.43 $2.58

2022 $2.45 $2.45 $2.43 $2.61

2023 $2.41 $2.40 $2.47 $2.68

2024 $2.43 $2.42 $2.51 $2.77

NYMEX WTI Futures as of 09-Jul-20 Close ($/bbl) NYMEX Gas Futures as of 09-Jul-20 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $40.63 $41.20 $57.79 $57.13

2020 $40.01 $40.89 $58.00 $56.37

2021 $41.43 $41.61 $54.07 $54.56

2022 $42.82 $42.47 $52.10 $53.99

2023 $44.10 $43.48 $51.46 $54.16

2024 $45.30 $44.52 $51.61 $54.60

NGL PRICING(2)

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

Commodity Prices

Source: BMO Commodity Products Group, Bloomberg, FactSet

1. Future prices are calendar year average unless stated otherwise.

2. Assumes typical Gulf Coast barrel composition.

WTI OIL (HISTORICAL / FORECAST)

Links:

http://www.nasdaq.com/markets/crude-oil.aspx

http://www.bloomberg.com/quote/CL1:COM

http://www.nasdaq.com/markets/natural-gas.aspx

http://www.bloomberg.com/quote/NG1:COM

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

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http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html



http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html



6

July 13, 2020

Clearbrook

Midland

Cushing

St. James

(LLS)

East Coast

U.S. (Brent)

Midland Sweet-

Sour Spread

EMS

AECO

Northern

California

Sumas

Southern

California

El Paso - SJ

Waha

HSC

Henry Hub

Panhandle

CIG Chicago

Dominion

Transco

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 9-JUL-20

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 9-JUL-20

Legend

Price

Diff.

Legend

Price

Diff.

Source: BMO Commodity Products Group, Bloomberg

Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.

$1.41

($0.37)

$35.12

($4.50)

$1.60

($0.18)

$1.58

($0.20)

$1.55

($0.23)

$41.13

$1.51

$1.58

($0.20)

$1.67

($0.11)

$1.98

$0.20

$1.75

($0.03)

$42.35

$2.73

($0.06)

$39.62

$40.08

$0.46

$1.44

($0.34)

$1.78

--

$1.78

$1.47

($0.31)

$37.77

($1.85)

MAPS IN

MASTER VIEW

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$0.69

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July 13, 2020

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 125 (1) 126 Oil Differential $0.45 $0.10 $0.35

Permitting Activity 58 (91) 149 Gas Differential ($0.30) $0.01 ($0.31)

0%

10%

20%

30%

40%

50%

60%

--

100

200

300

400

500

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

H V+D % of Total Rigs

-$4.80

-$3.20

-$1.60

$0.00

$1.60

2015 2016 2017 2018 2019 2020

-$18.00

-$12.00

-$6.00

$0.00

$6.00

$ /

mm

btu

$ /

bb

l

Midland Waha

4,000

8,000

12,000

16,000

20,000

1,000

2,000

3,000

4,000

5,000

Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

mm

cf/

d

mb

bl/

d

Oil Gas4,723

16,675

784 753596

851744

803967

843706

544

296

492

114

Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20

H V+D

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

04-Jun-20 Undisclosed Buyer Black Stone Minerals Midland Basin mineral and royalty assets $55 n.a. n.a. nmf

04-Jun-20 Pegasus Resources LLC Black Stone Minerals Multi-Permian mineral and royalty assets $100 n.a. n.a. nmf

14-Apr-20 Undisclosed Buyer Ring Energy 19,998 net acres in Delaware Basin $32 $3.15 $34,615 $1,575

31-Mar-20 Viper Energy Partners Undisclosed Sellers 410 net royalty acres in Permian Basin $63 n.a. n.a. nmf

14-Feb-20 Undisclosed Buyer Lilis Energy Inc 1,185 net acres in Delaware Basin $25 n.a. n.a. $21,013

Mean $55 $3.15 $34,615 $11,294

Median $55 $3.15 $34,615 $11,294



--

$20,000

$40,000

$60,000

$80,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

1 2 8 8 6 6 121315 7 2 2 7 2 5 4 1 2 0 3 0 2

$ /

acre

# Deals

$23,957

--

$50,000

$100,000

$150,000

$200,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2 4 3 0 1

$ /

bo

e/d

# Deals

$86,402

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

PERMITTING ACTIVITY BY MONTH

DIFFERENTIALS

Permian Snapshot

RIG COUNT

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS


1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.

3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.

4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, $40,000/boepd in 2018 & 2019, and $30,000/boepd in 2020.

GROSS PRODUCTION (THROUGH 29-FEB-20)

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

[TBU] [TBU]

[TBU]

[TBU]

[TBU]

[TBU]

8

July 13, 2020



Permitting Activity 9 2 7 Gas Differential $0.00 $0.01 ($0.01)

0%

5%

10%

15%

20%

--

100

200

300



-$0.30

-$0.20

-$0.10

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

2015 2016 2017 2018 2019 2020

-$6.00

-$4.00

-$2.00

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

MEH HSC

6,000

6,500

7,000

7,500

8,000

1,000

1,200

1,400

1,600

1,800


mm

cf/

d

mb

bl/

d

Oil Gas

1,412

7,368

173201 192

221 204 204

302

170180

7843 28 9


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

21-Feb-20 Magnolia Oil & Gas Corp Undisclosed Seller Non-op Eagle Ford assets $71 n.a. $39,176 n.a.

12-Nov-19 Kimbell Royalty Partners Buckhorn Resources 400 net royalty acres in Eagle Ford $32 n.a. $117,752 nmf

07-Nov-19 Repsol Equinor 100% ownership in former Eagle Ford JV $325 n.a. $9,559 $7,476

06-Nov-19 Marathon Rocky Creek & Delago 18,000 net acres in Eagle Ford $185 n.a. $26,429 $10,278

17-Jul-19 Undisclosed Buyer Sundance Energy 6,100 net acres in Dimmit County $30 n.a. $28,069 $4,836

Mean $129 n.a. $44,197 $7,530

Median $71 n.a. $28,069 $7,476



--$10,000$20,000$30,000$40,000$50,000$60,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

0 1 2 1 2 2 0 4 2 3 1 2 4 2 1 3 0 0 0 0 0

$ /

acre

# Deals

$8,045

--

$50,000

$100,000

$150,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

1 1 3 1 2 2 2 4 4 3 1 2 7 2 0 3 0 0 1 3 1

$ /

bo

e/d

# Deals

$64,626

Eagle Ford Snapshot



DIFFERENTIALS RIG COUNT







[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

9

July 13, 2020

0%

5%

10%

15%

20%

--

20

40

60

80




Rig Count 33 -- 33 Oil Differential $1.85 $0.45 $1.40

Permitting Activity 1 (11) 12 Gas Differential -- -- --

-$10.00

-$5.00

$0.00

$5.00

$10.00

2015 2016 2017 2018 2019 2020

-$10.00

-$5.00

$0.00

$5.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

5,000

6,500

8,000

9,500

11,000

12,500

14,000

60

70

80

90

100

110

120


mm

cf/

d

mb

bl/

d

Oil Gas

74

12,650

108

197218

96

168

81 8289 90

42 34 43

6


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

20-Dec-19 Undisclosed Buyer Riviera Operating LLC 75,873 net acres in East Texas $34 $0.17 $1,213 $448

29-Jul-19 Osaka Gas Sabine Oil & Gas Corp 175,000 net acres in East TX $610 n.a. $2,905 $9,136

19-Dec-18 Comstock Shelby Shale LLC 6,023 net acres in Haynesville $21 n.a. n.a. $3,404

19-Nov-18 Aethon III QEP Resources Inc 49,700 net acres in Haynesville $735 $0.77 $2,475 $14,789

05-Sep-18 Viking Energy Group Multiple Sellers Texas and Louisiana assets $100 n.a. n.a. n.a.

Mean $300 $0.47 $2,198 $6,944

Median $100 $0.47 $2,475 $6,270



--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

0 0 3 1 1 2 1 3 0 1 2 0 1 1 1 1 0 1 1 0 0

$ /

acre

# Deals

$3,180

--$2,000$4,000$6,000$8,000

$10,000$12,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

0 0 5 1 1 3 2 3 0 2 2 0 1 1 2 1 0 1 1 1 0

$ /

mcfe

/d

# Deals

$3,983

Ark-La-Tex Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, 2019, and 2020.



[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

10

July 13, 2020

0%

5%

10%

15%

20%

--

50

100

150






-$3.00

-$2.00

-$1.00

$0.00

$1.00

$2.00

$3.00

2015 2016 2017 2018 2019 2020

-$15.00

-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$ /

mm

btu

$ /

bb

l

Brent Dominion

15,000

20,000

25,000

30,000

35,000

80

100

120

140

160


mm

cf/

d

mb

bl/

d

Oil Gas

153

33,528347302 295

258232

188157

226253

186

92131

22


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

08-Jul-20 Undisclosed Buyer Harvest Oil & Gas Corp 713,401 net acres in Appalachia $21 $0.21 $700 $29

15-Jun-20 Sixth Street Partners Antero Resources Overriding royalty interests in Appalachia $402 n.a. n.a. nmf

11-May-20 Diversified Gas & Oil EQT Appalachia Basin asset in PA and WV $125 $0.43 $2,315 n.a.

04-May-20 National Fuel Gas Shell 450,000 net acres in Appalachia $541 $0.76 $2,164 $1,202

08-Apr-20 Diversified Gas & Oil Carbon Energy Corp (USA) 1,553,754 net acres in Appalachia $110 $0.25 $1,852 $71

Mean $240 $0.41 $1,758 $434

Median $125 $0.34 $2,008 $71



--$2,000$4,000$6,000$8,000

$10,000$12,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

0 1 0 0 1 2 2 4 2 4 1 3 1 3 2 0 0 0 0 0 0 1 0

$ /

acre

# Deals

$497

--$5,000

$10,000$15,000$20,000$25,000$30,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

0 1 0 0 1 2 2 3 2 5 1 4 3 4 3 1 1 0 2 1 1 3 1

$ /

mcfe

/d

# Deals

$4,521

Appalachia Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, 2019, and 2020.


[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

GROSS PRODUCTION (THROUGH 31-DEC-19)

[TBU]

[TBU]

[TBU]

11

July 13, 2020

0%

5%

10%

15%

20%

--

50

100

150

200




Rig Count 10 -- 10 Oil Differential ($1.85) ($0.25) ($1.60)

Permitting Activity 12 (13) 25 Gas Differential ($0.31) ($0.08) ($0.23)

-$1.00

-$0.50

$0.00

$0.50

2015 2016 2017 2018 2019 2020

-$20.00

-$10.00

$0.00

$10.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

1,500

1,800

2,100

2,400

2,700

3,000

3,300

3,600

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600


mm

cf/

d

mb

bl/

d

Oil Gas 1,443

3,147

154138

110

157

8380

7867 76 67 61

80

27


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

22-Apr-19 Northern Oil and Gas Flywheel Energy LLC 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238

31-Jul-18 Northern Oil and Gas W Energy Partners 10,600 net acres in Williston Basin $288 n.a. $42,708 $27,196

18-Jul-18 Northern Oil and Gas Pivotal Petroleum Partners LP Producing assets in Williston Basin $152 n.a. $37,032 n.a.

12-Jul-18 PetroShale Inc Slawson Exploration Co 1,981 net acres in Williston Basin $55 $6.04 $100,000 $27,764

06-Jul-18 Energy Resources 12 LP Bruin E&P Partners LLC 2.8% non-operated WI in Bakken assets $83 n.a. n.a. n.a.

Mean $178 $6.04 $56,688 $24,066

Median $152 $6.04 $44,861 $27,196



--

$20,000

$40,000

$60,000

$80,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

0 1 1 4 0 2 3 3 0 1 3 3 0 6 3 0 0 1 0 0 0

$ /

bo

e/d

# Deals

$45,752

--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

0 0 1 2 0 0 2 3 1 0 3 2 0 5 2 0 0 1 0 0 0

$ /

acre

# Deals

$1,751

Bakken Snapshot










[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

12

July 13, 2020

0%

5%

10%

15%

20%

--

50

100

150




Rig Count 6 -- 6 Oil Differential ($1.85) ($0.25) ($1.60)

Permitting Activity 22 3 19 Gas Differential ($0.31) ($0.08) ($0.23)

-$1.00

-$0.50

$0.00

$0.50

2015 2016 2017 2018 2019 2020

-$20.00

-$10.00

$0.00

$10.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

13,000

13,500

14,000

14,500

15,000

15,500

500

600

700

800

900

1,000


mm

cf/

d

mb

bl/

d

Oil Gas 934

13,643

286

434

327297

168213

268199

286

210 225197

22


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

11-May-20 Morning Star Oil Co Southland Royalty Co 205,000 net acres in San Juan Basin $53 n.a. $3,635 $260

31-Jan-20 Undisclosed Buyer ConocoPhillips 98,000 net acres in DJ Basin $380 $27.14 $34,545 $3,878

09-Dec-19 YTEF Drilling Capital LLC Bayswater E&P LLC DJ Basin JV $125 n.a. n.a. n.a.

03-Sep-19 Undisclosed Buyer Crescent Point 224,000 net undeveloped acres in Uinta $525 n.a. $32,051 $2,344

14-Feb-19 Undisclosed Buyer Harvest Oil & Gas Corp San Juan Basin assets $43 $1.57 $10,835 n.a.

Mean $225 $14.36 $20,267 $2,160

Median $125 $14.36 $21,443 $2,344



--$20,000$40,000$60,000$80,000

$100,000$120,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

2 0 4 4 1 6 2 0 1 6 3 9 3 1 3 1 1 0 2 0 1 1

$ /

bo

e/d

# Deals

$33,614

--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

0 0 3 3 0 1 1 0 1 0 1 5 2 0 2 1 0 0 0 0 1 0

$ /

acre

# Deals

$2,069



DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT







[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

13

July 13, 2020

0%

5%

10%

15%

20%

--

100

200

300

400




Rig Count 11 (1) 12 Oil Differential -- -- --


-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25

2015 2016 2017 2018 2019 2020

-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25

$ /

mm

btu

$ /

bb

l

Cushing Panhandle

12,000

13,200

14,400

15,600

16,800

18,000

600

650

700

750

800

850


mm

cf/

d

mb

bl/

d

Oil Gas733

13,102

356329 348 344 347

296 283261

202

73 81105

31


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

26-Jun-20 MP III Echo LLC Echo Energy Partners 19,989 net acres in Anadarko Basin $33 n.a. $4,198 $1,649

22-Jun-20 Tapstone Energy LLC Templar Energy LLC 273,400 net acres in Anadarko Basin $65 $1.27 $3,611 $238

03-Apr-20 BCE-Mach III LLC Alta Mesa Resources 130,000 net acres in STACK $160 $2.22 $5,317 $1,227

10-Dec-19 Dow Devon Energy STACK Basin JV $100 n.a. n.a. n.a.

27-Sep-19 Contango White Star Petroleum LLC 314,800 net acres in Mid-Con $133 $1.57 $8,833 $421

Mean $98 $1.69 $5,490 $884

Median $100 $1.57 $4,758 $824



--

$50,000

$100,000

$150,000

$200,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

1 4 1 3 1 6 3 1 4 2 4 5 2 2 5 4 2 0 4 2 0 3

$ /

bo

e/d

# Deals

$17,535

--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

1 3 1 2 0 3 3 2 4 1 2 1 0 0 0 1 0 0 0 0 0 0

$ /

acre

# Deals

$4,284

Mid-Continent Snapshot










[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

14

July 13, 2020

0%

5%

10%

15%

20%

--

10

20

30

40


Deep Water Shelf % of Total Rigs


Rig Count 12 -- 12 Oil Differential $1.85 $0.45 $1.40

Permitting Activity 9 4 5 Gas Differential -- -- --

-$10.00

-$5.00

$0.00

$5.00

$10.00

2015 2016 2017 2018 2019 2020

-$10.00

-$5.00

$0.00

$5.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

3027

21 2123

16

22 2220

1115

1113


--

$10

$20

$30

$40

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

0 0 1 0 0 0 2 1 0 0 0 1 2 1 0 1 1 2 0 2 0 1

$ /

bo

e

# Deals

$14.65

--

$15,000

$30,000

$45,000

$60,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

0 0 1 1 0 0 2 0 0 0 0 1 2 2 2 1 1 3 0 2 0 1

$ /

bo

e/d

# Deals

$29,229

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

22-Jun-20 Talos Energy Castex Energy Gulf of Mexico assets $65 $3.69 $10,156 n.a.

12-Dec-19 W&T Offshore ConocoPhillips Deepwater GOM assets $20 $4.88 $8,696 n.a.

10-Dec-19 Talos Energy Multiple GOM assets and exploration prospects $640 $14.71 $33,684 n.a.

27-Jun-19 W&T Offshore ExxonMobil Mobile Bay assets $200 $2.70 $10,101 n.a.

13-May-19 Equinor Shell 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.

Mean $378 $6.49 $24,590 n.a.

Median $200 $4.29 $10,156 n.a.



Gulf of Mexico Snapshot

PERMITTING ACTIVITY BY MONTH(1)




1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20 million.

3. $/acre multiple not adjusted for value associated with production.




TRANSACTION PRODUCTION MULTIPLES(4) TRANSACTION PROVED RESERVE MULTIPLES(4)

[TBU]

2,000

2,500

3,000

3,500

4,000

4,500

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,962

2,851

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

15

July 13, 2020

Upcoming Industry Events

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

Click event to open

2021

November 2020 Nov 3-4 Executive Oil Conference & Exhibition (Midland)

Nov 11 IPAA Leaders in Industry Luncheon

Nov 17 Houston Producers Forum Luncheon

Nov 20 ADAM-Houston Monthly Luncheon

April 2021 Apr 14 IPAA Leaders in Industry Luncheon

Apr 16 ADAM-Houston Monthly Luncheon

Apr 19-21 DUG Permian (Fort Worth)

Apr 20 Houston Producers Forum Luncheon

July 2020 Jul 20-22 SPE Unconventional Resources Tech. (virtual)

August 2020 Aug 10-11 Mineral & Royalty Conference (virtual)

Aug 11-27 Summer NAPE (virtual)

Aug 17-19 Enercom Oil & Gas Conference (virtual)

Aug 18 Houston Producers Forum Luncheon

Aug 18-19 DUG Midcontinent (virtual)

Aug 21 ADAM-Houston Monthly Luncheon

September 2020 Sep 9 IPAA Leaders in Industry Luncheon

Sep 8-10 DUG Permian Basin & Eagle Ford (San Antonio)

Sep 15 Houston Producers Forum Luncheon

Sep 18 ADAM-Houston Monthly Luncheon

October 2020 Oct 13-14 DUG Haynesville (Shreveport)

Oct 14 IPAA Leaders in Industry Luncheon

Oct 14-15 OilComm Conference & Exposition

Oct 16 ADAM-Houston Monthly Luncheon

Oct 20 Houston Producers Forum Luncheon

Oct 27-28 A&D Strategies and Opportunities Conference

December 2020 Dec 1-3 DUG East (Pittsburgh)

Dec 3 IPAA Texas Hold'Em Tournament

Dec 9 IPAA Leaders in Industry Luncheon

Dec 15 Houston Producers Forum Luncheon

January 2021 Jan 13 IPAA Leaders in Industry Luncheon

Jan 15 ADAM-Houston Monthly Luncheon

Jan 18-22 API E&P Winter Standards Meeting

Jan 19 Houston Producers Forum Luncheon

February 2021 Feb DUG Energy ESG Conference

Feb 8-12 NAPE Summit

Feb 10 IPAA Leaders in Industry Luncheon

Feb 16 Houston Producers Forum Luncheon

Feb 19 ADAM-Houston Monthly Luncheon

March 2021 Mar 10 IPAA Leaders in Industry Luncheon

Mar 16 Houston Producers Forum Luncheon

Mar 19 ADAM-Houston Monthly Luncheon

Mar 25-26 DUG Bakken and Rockies (Denver)

May 2021 May 12 IPAA Leaders in Industry Luncheon

May 18 Houston Producers Forum Luncheon

May 21 ADAM-Houston Monthly Luncheon

May 26-27 DUG Haynesville (Shreveport)

https://www.hartenergyconferences.com/executive-oil-conference





https://www.ipaa.org/events/leaders-industry-luncheon-november-2020/



http://www.houstonproducersforum.org/Luncheons.aspx




http://adamhouston.org/events





https://www.ipaa.org/events/




https://adamhouston.org/events/





https://www.hartenergyconferences.com/future-events-updated






https://houstonproducersforum.org/luncheons.aspx





https://urtec.org/2020





https://mineralconference.com/






http://napeexpo.com/summer/





https://www.theoilandgasconference.com/










https://www.hartenergyconferences.com/dug-midcontinent











https://www.ipaa.org/events/leaders-industry-luncheon-september-2020/



https://www.hartenergyconferences.com/dug-eagle-ford














https://www.hartenergyconferences.com/dug-haynesville






https://www.ipaa.org/events/leaders-industry-luncheon-october-2020/



https://www.ipaa.org/events/ogis-new-york-2020/

https://10times.com/offshore-communications-exhibition















https://www.hartenergyconferences.com/ad-strategies-and-opportunities





https://www.hartenergyconferences.com/dug-east





https://www.ipaa.org/events/texas-holdem-tournament-2020/






https://www.ipaa.org/events/leaders-industry-luncheon-december-2020/














https://www.api.org/products-and-services/events/calendar?page=2&pageSize=10









https://www.hartenergyconferences.com/energy-esg




http://napeexpo.com/summit




























































16

July 13, 2020

SCOOP/STACK/Merge

DJ-Niobrara

Eagle Ford

Haynesville

Granite Wash

GOM

Permian

Marcellus

Utica

Williston

Gulf Coast Onshore

Piceance

Powder River Green River

Legend

Current

Change

This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of

BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department. No part of this

publication or its contents may be copied, downloaded, stored in a retrieval system, further transmitted, or otherwise reproduced, stored, disseminated, transferred or used, in any form or

by any means by any third parties, except with the prior written permission of BMO Capital Markets.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal

Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer

business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker broker dealer businesses of BMO Nesbitt Burns Inc. (Member

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Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.

The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital

Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and

complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained

herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO Capital Markets or its

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objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or

the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or

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sell securities of issuers discussed herein. All values in this document are in US$ unless otherwise specified.

Source of rig count stats: Baker Hughes

Rig Count Summary MAPS IN

MASTER VIEW

Contacts

Disclaimer

Jason Martinez

MD & Head of U.S. A&D

713-546-9771

[email protected]

Howard Barnwell

MD & Transactions Mgr.

713-546-9767

[email protected]

Rob Priske

MD & Transactions Mgr.

713-546-9727

[email protected]

Dan Schockling

MD & Head of Commercial

713-518-1223

[email protected]

Michael Hackett

Vice President

Marian Yu

Associate

Aaron Moeller

Associate

BMO uses updated basin outlines, and the resulting rig counts, to more accurately represent current basin knowledge. The data below reflect these changes

and is different than those shown by Baker Hughes. The totals are the same.

125

(1)

10

--

8

--

27

(1)4

--

12

--

--

--9

--

33

--

12

(3)

5

1

1

--

--

--1

--

Michelle Tankimovich

Analyst

This

Week Change

Last

Week

Last

Year

Total Rigs 258 (5) 263 958

Oil 181 (4) 185 784

Gas 75 (1) 76 172

Miscellaneous 2 -- 2 2

Directional 19 (1) 20 70

Horizontal 220 (6) 226 831

Vertical 19 2 17 57

Basin

Permian 125 (1) 126 437

SCOOP/STACK/Merge 9 -- 9 79

Granite Wash -- -- -- 9

Eagle Ford 12 (3) 15 82

Haynesville 33 -- 33 58

Marcellus 27 (1) 28 59

Utica 8 -- 8 18

Williston 10 -- 10 55

DJ-Niobrara 4 -- 4 27

Green River 1 -- 1 15

Powder River -- -- -- 21

Piceance 1 -- 1 6

Gulf Coast Onshore 5 1 4 24

GOM 12 -- 12 26

Alaska 3 -- 3 8

Other 8 (1) 9 34

Mid-Con 2 (1) 3 15

Rockies -- -- -- 2

Western 5 -- 5 17

Eastern 1 -- 1 --

[TBU]

[TBU]

prompt oil price ($/bbl) $39.62 ($1.03) (2.5%) let’s ...jul 13, 2020 · 5 july 13, 2020...

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