prompt oil price ($/bbl) $63.55 $1.87 3.0% prompt gas ... page document library/adlibrary... ·...

1

February 26, 2018

Oil ended last week up as OPEC leaders highlighted a quicker than expected draw down of supply.

Additionally, there was a bit of a jolt in oil prices following the EIA release reporting yet another inventory

draw of 2.66 mmbo on Cushing inventories, along with 867 mbo lower imports, and 722 mbo higher

exports. The near term contract closed up $1.87, or 3.0%, at $63.55

Natural gas ended last week up. There was a slightly bullish EIA report showing an inventory draw of 124

bcf as compared to the estimated draw of 122 bcf. The near-term contract closed up $0.06, or 2.5%,

at $2.63

Debt

Markets

S&P E&P(2) underperformed last week (0.5%) vs. SPX(2) 0.6%

The major US equity indexes finished higher last week (with help from a Friday rally). Tech was a

standout while consumer staples came under pressure. Treasuries were mixed in choppy trading with

some curve steepening. The 10-year yield ended below 2.90% after hitting a four-year high of 2.95%

earlier in the week. The dollar index gained 0.9%. Gold lost 1.7%. The S&P 500 consensus 2018 EPS

estimate is $157.0 for an implied P/E multiple of 17.5x (the 5-year historical average is 16.1x)

Eight issuers priced 11 issues to raise $7.2 billion last week

Year-to-date volume stands at $56.3 billion, compared to $57.9 billion in year-to-date 2017

Retail cash outflows from US high yield mutual funds totaled $335 million last week, compared to the prior

week’s outflows of $6.3 billion. This brings year-to-date outflows for 2018 to $12.5 billion, compared to

$1.6 billion of inflows in year-to-date 2017

No E&P HY issuances priced last week

Three Rivers Operating Company III, backed by Riverstone

Holdings, announced that it entered into an agreement to be

sold to Admiral Permian Resources

Concho Resources announced that it completed the sale of

~20,000 net acres in the Delaware Basin to Luxe Energy II

and Colgate for $280 million

Concho concurrently announced that it completed an

acreage swap (traded its Culberson County position for

Midland Basin assets) with Chevron

WPX Energy announced that in January it signed an

agreement to divest non-op mineral interests in the Williston

Basin for $20 million

EQT Corporation announced that its Board of Directors

approved a plan to separate its upstream and midstream

businesses, creating a standalone publicly traded corporation

that will focus on midstream operations

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 November 2017.

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

Key Industry Indicators

Quarterly Deal Activity

Equity

Markets

Commodities

$2.2

$8.1

$10.2

$10.0

$4.7

$17.2

$21.0 $20.5 $24.0

$19.4

$9.6 $9.4 $6.6

--

50

100

150

200

250

300

--

$5

$10

$15

$20

$25

$30

$35

$40

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

61% 82% 76% 79% 52% 55% 56% 71% 91% 31% 75% 78% 96%

Nu

mb

er

of

Tra

ns

ac

tio

ns

Tra

ns

ac

tio

n V

alu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $63.55 $1.87 3.0%

Prompt Gas Price ($/mmbtu) $2.63 $0.06 2.5%

Wkly Trans. Value ($mm) $280 ($786) (74%)

Wkly Trans. Count 7 3 75%

US Rig Count 978 3 0.3%

US Oil Prod'n (mmbbl/d) 10.3 (0.0) (0.0%)

US Gas Prod'n (bcf/d)(1) 95.8 -- --

US Oil Storage (mmbbl) 420.5 (1.6) (0.4%)

US Gas Storage (tcf) 1.8 (0.1) (6.6%)

Week in Review

In Commodities, ECM and DCM, let’s go to journalism standards, even

though that’s not how we get the text from those groups. Main change is

that any number below 10 is spelled out (one instead of 1). This does not

apply to statistical analyses, percentages, or money, of course.

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…

For the primary Commodities bullet points on oil and gas

prices, please start with “The near-term contract opened the

week at $___” and end that same bullet point with “The

near-term contract closed the week at $____, down(up)

$___, or ___%.” You don’t have to use exactly those words

as long as the opening and closing prices are included . For

example, you could write, “Opening the week at $45.21, the

near-term oil contract declined steadily based on …” – you

know, think like a journalist, be creative.

Covering the Week of February 17 to February 23, 2018

2

February 26, 2018

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

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

20-Feb-18 Luxe Energy II; Colgate Concho Resources Inc Permian 20,000 net acres in Delaware Basin $280 n.a. n.a. $14,000

15-Feb-18 Fieldwood Energy LLC Noble Energy Gulf of Mexico Deepwater GOM assets $710 $30.87 $35,500 $2,996

14-Feb-18 Scout Energy Partners Linn Energy LLC Permian Conventional Permian assets $120 $8.30 $18,968 $4,268

12-Feb-18 Tanos Exploration II LLC WildHorse Ark-La-Tex 90,000 net acres in North Louisiana $217 $3.16 $27,760 $2,411

06-Feb-18 Camino; Mach Resources Chesapeake Mid-Continent 238,000 net acres in Anadarko Basin $500 n.a. $21,739 $2,101

06-Feb-18 Halcon Resources Corp Shell Permian 10,524 net acres in Delaware Basin $200 n.a. $181,818 $19,004

06-Feb-18 Halcon Resources Corp Undisclosed Seller Permian 4,413 net acres in Delaware Basin $104 n.a. $462,222 $23,567

06-Feb-18 Viper Energy Partners LP Undisclosed Seller Permian 219 net royalty acres in Permian Basin $26 n.a. n.a. nmf

05-Feb-18 Enduring Resources IV LLC WPX Energy Inc Other Rockies 105,000 net acres in San Juan Basin $700 n.a. $43,750 $6,667

01-Feb-18 Viper Energy Partners LP Royal Resources Eagle Ford 681 net royalty acres in Eagle Ford $123 n.a. $136,667 nmf

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

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.

3. 100 transactions from June 2013 to 2017YTD 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.

Permian25%

Rockies (ex. Bakken)

17%

Bakken8%

Appalachia13%

Mid-Con10%

Eagle Ford7%

Ark-La-Tex4%

Gulf of Mexico1% Other

15%

LTM By Region

Oil62%

Gas38%

LTM By Commodity

Public Company

46%

PE / PE-Backed

21%

Private11%

MLP1%

Other21%

LTM By Buyer Type

R / P

Sales Value /

Proved Reserves

(15:1)

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

8x $21.90 $1.46

10x $18.99 $1.27

15x $13.30 $0.89

20x $9.31 $0.62

y = 38.733e-0.071x

R² = 0.3766

--

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

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

Sa

les

Pri

ce /

Pro

ve

d

Re

serv

es (

$/b

oe

@ 1

5:1

)

R / P

Asset descriptions are all hard-coded and need to be

adjusted if new deals are added

(2) (2) (2)

3

February 26, 2018

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

Industry Headlines

Riverstone Energy Limited Announces Sale

of Three Rivers III

Concho Resources Inc. Reports Fourth-

Quarter and Full-Year 2017 Results and

Provides 2018 Outlook (includes A&D

activity)

WPX Energy Reports 4Q and Full-Year 2017

Results (includes A&D activity)

Bakken

4 Deals Appalachia

4 Deals

Mid-Con

16 Deals

Eagle Ford

12 Deals

Permian

15 Deals

Other

10 Deals

Ark-La-Tex

5 Deals

Rockies

9 Deals

2/23/2018

Appalachia 4

Ark-La-Tex 5

Bakken 4

Eagle Ford 12

Mid-Con 15

Other 10

Permian 15

Rockies 9

74

BMO Deals (Status)

Texas American Eagle Ford (In Market) – See Page 4

Elk River Midland Basin (Post Bid)

Comstock Eagle Ford (Post Bid)

EOG Green River (Post Bid)

(Click headline to link to the full article)

A&D Headlines

U.S. Oil Boom Tempts Saudis to Consider

American Crude Sale

LNG In For Wild Ride Until China Builds

Storage

Saudi Aramco’s IPO: Will It Happen?

Chesapeake Energy Executive: 'Haynesville

Hot Again'

EQT Announces Plan to Separate Midstream

Business

http://www.riverstonerel.com/news-media/sale-of-three-rivers-iii/




https://www.businesswire.com/news/home/20180220006541/en/Concho-Resources-Reports-Fourth-Quarter-Full-Year-2017-Results










https://www.businesswire.com/news/home/20180221006228/en/WPX-Energy-Reports-4Q-Full-Year-2017-Results




https://www.bloomberg.com/news/articles/2018-02-22/u-s-oil-boom-tempts-saudis-to-consider-exporting-american-crude

https://www.bloomberg.com/news/articles/2018-02-22/u-s-oil-boom-tempts-saudis-to-consider-exporting-american-crude

https://www.chron.com/business/energy/article/LNG-in-for-wild-ride-until-China-builds-storage-12701218.php

https://www.chron.com/business/energy/article/LNG-in-for-wild-ride-until-China-builds-storage-12701218.php

https://www.oilandgasinvestor.com/saudi-aramcos-ipo-will-it-happen-1684586#p=full

https://www.oilandgasinvestor.com/chesapeake-energy-executive-haynesville-hot-again-1685421#p=full




https://www.businesswire.com/news/home/20180221005615/en/EQT-Announces-Plan-Separate-Midstream-Business

https://www.businesswire.com/news/home/20180221005615/en/EQT-Announces-Plan-Separate-Midstream-Business

4

February 26, 2018

Highly economic, large, contiguous, and de-risked acreage position in

the Eagle Ford black oil window

24,675 gross / 23,164 net largely undeveloped acres located in

southwest Atascosa and southeast Frio counties, Texas

100% operated with high average working interest of ~94%

Executable optimized development plan on 400' well spacing

supports 214 gross drilling locations in the Lower Eagle Ford

Development plan employs long laterals (~9,300’ average length),

higher intensity / modern completions, targeted lateral placement,

and drilling order to minimize parent well effects

Austin Chalk analogous to development in the Sugarkane Field

Rapidly growing oil-weighted net production estimated to be ~5,100

boe/d by April 2018

Appraisal strategy implemented through data gathering, targeting, and

completion modernization and optimization

Achieving robust performance with recent slickwater completion

wells outperforming 2013 / 2014 Bowman wells’ EUR/ft by over

66% with continuous improvement on subsequent wells

Excellent Eagle Ford reservoir quality with porosity up to 12% and rich

TOC values ranging from 3% to 6%

Ideal lease inventory (~20 leases) with easily managed continuous

development obligations

Favorable marketing contracts and no minimum volume commitments

Currently on the Market from BMO: Texas American Resources Eagle Ford Divestiture

VDR available late February

Bids due week of April 9th

Contact Chelsea Neville ([email protected] or 713-546-

9703) to request a Confidentiality Agreement, access to the VDR,

and/or a data room presentation

ASSET OVERVIEW

PACKAGE HIGHLIGHTS

Source: Texas American Resources 2018 Eagle Ford Divestiture announcement. https://datarooms.us.bmo.com/_layouts/15/Petris/LoginPageBMOUS.aspx?ClientId=79

1. NYMEX strip pricing as of 2-Feb-18. WTI oil price of $63.18, $57.95, $54.38, $52.29, $51.34 per bbl and Henry Hub gas price of $2.87, $2.84, $2.82, $2.86, $2.89 per

mmbtu for 2018, 2019, 2020, 2021, 2022 respectively. Prices are held flat thereafter.

PROCESS OVERVIEW

Growing

Production and

Cash Flow with

Advantaged

Position for Full

Development

April 2018E net production of 5,100 boe/d (83% oil) from 22 operated wells; rapid growth from January 2017 production of <300

boe/d

High degree of control as asset is 100% operated with easily managed continuous development obligations

NTM cash flow projected to be approximately $87 million at strip pricing(1)

Very favorable marketing contracts relative to other Eagle Ford operators; no minimum volume commitments

Extensive infrastructure with proximity to Gulf Coast refineries and international export markets

Premium oil price realizations with LLS pricing – positive differentials of ~$3.00 compared to WTI over the last three months

Positioned for full field development with company-owned gathering system and access to electricity and SWD systems

Largely

Undeveloped

Contiguous Eagle

Ford Position

Attractive entry vehicle or bolt-on acquisition with exposure to a highly economic part of the Eagle Ford Play

Contiguous 23,164 net acre position in the prolific black oil window located in southwest Atascosa and southeast Frio counties,

Texas ideal for future development

100% operational control with average working interest of ~94%

Optimal maturity and shallow depth to Eagle Ford target of 7,800’ to 8,700’ allows for lateral lengths in excess of 10,000’

Extensive and

Highly Economic

Drilling Inventory

through Modern

Completions

171 gross operated Lower Eagle Ford drilling locations at 500’ lateral spacing providing ample running room for years of

development

Assuming tighter well spacing, an optimized plan at 400’ supports 214 gross Lower Eagle Ford locations

Entire position de-risked by existing wells and extensive data gathering and seismic surveys

100% of locations have IRRs over 30% at strip pricing(1)

Significant performance uplift over historical results in the area due to modern completions

Lateral targeting, higher proppant/fluid loading, and tighter cluster spacing are resulting in 66% EUR/ft uplift over legacy

wells with continual improvement

High Quality

Subsurface

Attributes

Compact and well-contained 100’ to 80’ thick Lower Eagle Ford quality source rock with oil in place sufficient to fully support

significant uplifts in EUR and recovery per foot

Proven development plan supported by 70 square miles of 3-D seismic and 385’ of proprietary whole core through the entire

prospective Eagle Ford and Austin Chalk reservoir intervals

Favorable structural, fracture setting, high matrix porosity, and oil saturation of the Austin Chalk across TAR’s position supports

a viable secondary target with ~85 locations at 800’ spacing

Austin Chalk in Frio County is prolific in numerous offsets

Oil saturated proprietary core in Atascosa County

Austin Chalk well performance in Sugarkane Field a direct analog

mailto:[email protected]

https://datarooms.us.bmo.com/_layouts/15/Petris/LoginPageBMOUS.aspx?ClientId=79



5

February 26, 2018

--

$1

$2

$3

$4

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

($/m

mb

tu)

$20

$30

$40

$50

$60

$70

$80

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

($/b

bl)

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)

NYMEX WTI Futures as of 23-Feb-18 Close ($/bbl) NYMEX Gas Futures as of 23-Feb-18 Close ($/mmbtu)

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

12 Mo. Strip $61.34 $59.40 $49.13 $50.61

2018 $62.03 $59.85 $49.34 $54.13

2019 $57.69 $55.55 $49.62 $53.32

2020 $54.62 $52.84 $50.15 $52.88

2021 $52.87 $51.27 $50.95 $52.92

2022 $52.16 $50.62 $51.98 $53.43

NYMEX Gas Futures as of 23-Feb-18 Close ($/mmbtu)

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

12 Mo. Strip $2.80 $2.75 $3.03 $3.00

2018 $2.75 $2.70 $3.01 $2.92

2019 $2.78 $2.76 $2.84 $2.83

2020 $2.77 $2.77 $2.77 $2.83

2021 $2.82 $2.81 $2.78 $2.84

2022 $2.96 $2.95 $2.94 $3.00

Historical Prices as of 23-Feb-18 Close ($/gal)

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

Ethane $0.24 $0.24 $0.26 $0.24

Propane $0.92 $0.81 $0.76 $0.66

Butane $0.85 $0.76 $0.87 $0.99

Iso-butane $1.22 $0.94 $0.95 $0.87

Pentane+ $1.39 $1.34 $1.11 $1.14

25%

35%

45%

55%

65%

Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18

% o

f W

TI

NGL as % of WTI

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














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

February 26, 2018

$2.63

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 23-FEB-18

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 23-FEB-18

Clearbrook

Midland

Cushing

St. James

(LLS)

East Coast

U.S. (Brent)

Midland Sweet-

Sour Spread

EMS 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.

$63.55

$65.66

$2.11

$62.95

($0.60)

$58.72

($4.83)$61.55

($2.00)

$67.31

$3.76

($1.37)

$2.79

$0.16

$1.97

($0.66)

$2.39

($0.24)

MAPS IN

MASTER VIEW

$1.28

($1.35)

$2.16

($0.47)

$2.57

($0.06)

$2.61

($0.02)

$1.90

($0.73)

$2.11

($0.52)$2.07

($0.56)

$2.07

($0.56)

$2.34

($0.29)

7

February 26, 2018

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

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

20-Feb-18 Luxe Energy II; Colgate Concho Resources Inc 20,000 net acres in Delaware Basin $280 n.a. n.a. $14,000

14-Feb-18 Scout Energy Partners Linn Energy LLC Conventional Permian assets $120 $8.30 $18,968 $4,268

06-Feb-18 Halcon Resources Corp Shell 10,524 net acres in Delaware Basin $200 n.a. $181,818 $19,004

06-Feb-18 Halcon Resources Corp Undisclosed Seller 4,413 net acres in Delaware Basin $104 n.a. $462,222 $23,567

06-Feb-18 Viper Energy Partners LP Undisclosed Seller 219 net royalty acres in Permian Basin $26 n.a. n.a. nmf

Mean $146 $8.30 $221,003 $15,210

Median $120 $8.30 $181,818 $16,502



--

$10,000

$20,000

$30,000

$40,000

$50,000

1Q

14

2Q

14

3Q

14

4Q

14

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

3 6 8 4 1 3 8 7 5 5 11 13 15 7 2 2 4

$ /

acre

# Deals

$22,338

GROSS PRODUCTION

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 1-Jan-15. 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, and $40,000/boepd in 2018.

0%

10%

20%

30%

40%

50%

--

100

200

300

400

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

H V+D % of Total Rigs

-$1.20

-$0.60

$0.00

$0.60

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

-$4.00

-$2.00

$0.00

$2.00

$ /

mm

btu

$ /

bb

l

Midland Waha

--

$100,000

$200,000

$300,000

$400,000

1Q

14

2Q

14

3Q

14

4Q

14

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

3 7 9 6 1 3 8 8 5 9 12 14 15 8 0 1 5

$ /

bo

e/d

# Deals

$168,768

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

Rig Count 435 2 433 Oil Differential ($0.45) ($0.25) ($0.20)

Permitting Activity 141 (174) 315 Gas Differential ($0.68) ($0.08) ($0.61)

835

1087

702

930

1112

8871029

909 875

1126

818

1096

780

Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18

V+D H

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

1,300

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

mm

cf/

d

mb

bl/

d

Oil Gas

2,769

9,095



8

February 26, 2018

-$0.30

-$0.15

$0.00

$0.15

$0.30

$0.45

$0.60


-$4.00

-$2.00

$0.00

$2.00

$4.00

$6.00

$8.00

$ /

mm

btu

$ /

bb

l

LLS HSC


Rig Count 70 -- 70 Oil Differential $2.50 $0.35 $2.15

Permitting Activity 96 (56) 152 Gas Differential ($0.02) $0.00 ($0.03)

6,000

7,000

8,000

9,000

10,000

11,000

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,425

8,212

402476

389 356

496

353 349287

371 372320

417363


V+D H

0%

5%

10%

15%

20%

--

50

100

150

200

250



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

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

acre

# Deals

$14,979

--

$50,000

$100,000

$150,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e/d

# Deals

$60,424

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

01-Feb-18 Viper Energy Partners LP Royal Resources 681 net royalty acres in Eagle Ford $123 n.a. $136,667 nmf

02-Jan-18 Penn Virginia Hunt Oil 9,700 net acres in South TX Eagle Ford $86 n.a. $45,989 $8,866

20-Dec-17 Venado Oil & Gas Cabot Oil & Gas 74,500 net acres in South TX Eagle Ford $765 $13.38 $48,863 $10,268

12-Dec-17 EP Energy Corp Carrizo Oil & Gas 24,500 net acres in South TX Eagle Ford $245 n.a. $72,059 $10,000

17-Aug-17 Vitruvian Exploration IV Sanchez Energy Corp 68,000 net acres in Eagle Ford $105 n.a. n.a. $1,544

Mean $265 $13.38 $75,894 $7,670

Median $123 $13.38 $60,461 $9,433



Eagle Ford Snapshot

GROSS PRODUCTION



DIFFERENTIALS RIG COUNT









9

February 26, 2018


Rig Count 51 1 50 Oil Differential $2.50 $0.35 $2.15

Permitting Activity 12 (18) 30 Gas Differential -- -- --

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

5,000

6,000

7,000

8,000

9,000

80

90

100

110

120

130

140

150


mm

cf/

d

mb

bl/

d

Oil Gas

98

8,603

127

187148

124162

133 160

102

198

145

90126

94


V+D H

0%

2%

4%

6%

8%

10%

--

10

20

30

40

50

60



Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

12-Feb-18 Tanos Exploration II LLC WildHorse 90,000 net acres in North Louisiana $217 $0.53 $4,627 $2,411

06-Sep-17 Tellurian Inc Undisclosed Sellers 9,200 net acres in Haynesville $85 n.a. $21,264 $9,250

01-Aug-17 Rockcliff Energy II LLC Samson Resources II LLC 210,000 net acres in East TX & North LA $525 n.a. $5,833 $2,500

12-Jun-17 GEP Haynesville, LLC Sabine Oil & Gas 5,256 net acres in North LA Haynesville $45 n.a. $16,188 $8,562

08-Jun-17 Black Stone Minerals Undisclosed Haynesville / Bossier acreage in East TX $24 n.a. n.a. n.a.

Mean $179 $0.53 $11,978 $5,681

Median $85 $0.53 $11,011 $5,531



--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

acre

# Deals# Deals

$5,387

--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

mc

fe/d

# Deals

$7,072

Ark-La-Tex Snapshot

GROSS PRODUCTION








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




10

February 26, 2018

-$3.00

-$2.00

-$1.00

$0.00

$1.00

$2.00

$3.00


-$15.00

-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$ /

mm

btu

$ /

bb

l

Brent Dominion


Rig Count 77 (1) 78 Oil Differential $3.83 $0.67 $3.16


12,000

14,000

16,000

18,000

20,000

22,000

24,000

50

75

100

125

150


mm

cf/

d

mb

bl/

d

Oil Gas

68

20,226

393 415 390341

429

293

465

590

453395

356410

219


V+D H

0%

5%

10%

15%

20%

--

50

100

150



--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

ac

re

# Deals

$5,193

--

$10,000

$20,000

$30,000

$40,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

mcfe

/d

# Deals

$5,842

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

31-Jan-18 Diversified Gas & Oil Lake Fork Resources Entire share capital of Alliance Petroleum $95 $0.32 $1,799 n.a.

31-Jan-18 Diversified Gas & Oil CNX Resources Corp Appalachia Basin asset in PA and WV $85 $0.22 $1,574 n.a.

29-Jan-18 Undisclosed Buyer Blue Ridge Mountain Non-op WI in Marcellus / Utica $56 n.a. n.a. $6,667

21-Dec-17 Alta Resources LLC Ultra Petroleum 72,000 non-op net acres in Marcellus $115 n.a. $3,833 $1,597

12-Dec-17 Banpu Public Co Ltd Warren Resources Inc 5,200 net acres in PA Marcellus $105 $0.36 $1,826 $20,192

Mean $91 $0.30 $2,258 $9,485

Median $95 $0.32 $1,813 $6,667



Appalachia Snapshot

GROSS PRODUCTION








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




11

February 26, 2018


Rig Count 50 1 49 Oil Differential ($2.00) -- ($2.00)

Permitting Activity -- (36) 36 Gas Differential ($0.48) ($0.06) ($0.42)

-$0.90

-$0.45

$0.00

$0.45


-$9.00

-$4.50

$0.00

$4.50

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

--

$50,000

$100,000

$150,000

$200,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e/d

# Deals

$54,719

--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

acre

# Deals

$5,703

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

31-Jan-18 Undisclosed Buyer WPX Energy Inc Non-op mineral interests in Williston Basin $20 n.a. n.a. n.a.

22-Jan-18 Firehawk Oil and Gas LLC Samson Oil & Gas Limited Foreman Butte Project in Williston Basin $42 $6.66 n.a. $809

18-Jan-18 Undisclosed Buyer Vanguard Natural Resources Williston Basin properties $39 n.a. $38,500 n.a.

21-Nov-17 Energy Resources 12 LP Bruin E&P Partners LLC Non-op Bakken assets $88 n.a. n.a. n.a.

20-Nov-17 Statoil Earthstone Energy Inc 1,323 non-op acres in ND $27 n.a. $35,433 $20,408

Mean $43 $6.66 $36,967 $10,609

Median $39 $6.66 $36,967 $10,609



1,200

1,400

1,600

1,800

2,000

2,200

800

900

1,000

1,100

1,200

1,300

1,400


mm

cf/

d

mb

bl/

d

Oil Gas

1,148

2,079

47

97

62

116 113 111

145

101

150

120

73100

63


V+D H

0%

5%

10%

15%

20%

--

50

100

150

200



Bakken Snapshot

GROSS PRODUCTION












12

February 26, 2018

-$0.90

-$0.45

$0.00

$0.45


-$9.00

-$4.50

$0.00

$4.50

$ /

mm

btu

$ /

bb

l

Clearbrook CIG


Rig Count 75 1 74 Oil Differential ($2.00) -- ($2.00)


11,000

11,500

12,000

12,500

13,000

13,500

14,000

200

300

400

500

600

700

800


mm

cf/

d

mb

bl/

d

Oil Gas

655

12,088

934 874

1436

1082855 750

1748

695570 622 652

435 339


V+D H

0%

5%

10%

15%

20%

--

20

40

60

80

100

120



--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

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

3 7 2 2 0 0 3 3 0 1 0 0 1 0 1 5 3

$ /

acre

# Deals

$4,011

--

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e/d

# Deals

$39,645

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

05-Feb-18 Enduring Resources IV LLC WPX Energy Inc 105,000 net acres in San Juan Basin $700 n.a. $43,750 $6,667

16-Jan-18 Undisclosed Buyer LINN Energy 36,000 net acres in Uinta Basin $132 n.a. $91,034 $3,667

09-Jan-18 Northwoods Energy LLC SM Energy 112,200 net acres in Powder River Basin $500 nmf $227,273 $4,456

14-Dec-17 Undisclosed Buyer Samson Resources II LLC 11,300 net acres in Green River Basin $34 n.a. $22,667 $3,009

14-Dec-17 Undisclosed Buyer EP Energy Corp 23,330 net acres in Uinta Basin $180 n.a. $120,000 $7,715

Mean $309 n.a. $100,945 $5,103

Median $180 n.a. $91,034 $4,456



GROSS PRODUCTION



DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT









13

February 26, 2018

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

06-Feb-18 Camino; Mach Resources Chesapeake 238,000 net acres in Anadarko Basin $500 n.a. $21,739 $2,101

25-Jan-18 Revolution Resources LLC Gastar Exploration Inc 26,100 net acres in the Anadarko Basin $108 $5.60 $37,906 $4,119

27-Dec-17 Chaparral Energy Multiple 7,000 net acres in STACK $60 n.a. n.a. $8,500

14-Nov-17 Exponent Energy III Mid-Con Energy Partners LP 6,591 net acres in Southern Oklahoma $22 $8.09 $40,741 $3,338

13-Oct-17 Perdure Petroleum LLC Chaparral Burbank and TX Panhandle EOR assets $170 $2.35 $29,825 n.a.

Mean $172 $5.35 $32,552 $4,514

Median $108 $5.60 $33,865 $3,728



-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25


-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25

$ /

mm

btu

$ /

bb

l

Cushing Panhandle


Rig Count 93 2 91 Oil Differential -- -- --


5,000

7,000

9,000

11,000

13,000

15,000

200

300

400

500

600

700

800


mm

cf/

d

mb

bl/

d

Oil Gas

578

9,778

335371

303

371 373 352 347

236 257

355325

377

204


V+D H

0%

5%

10%

15%

20%

--

50

100

150

200



--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

acre

# Deals

$8,167

--

$50,000

$100,000

$150,000

$200,000

$250,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e/d

# Deals

$80,272

# Deals

$80,272

Mid-Continent Snapshot

GROSS PRODUCTION












14

February 26, 2018

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub


Rig Count 17 (1) 18 Oil Differential $2.50 $0.35 $2.15

Permitting Activity 2 (2) 4 Gas Differential -- -- --

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1,000

1,200

1,400

1,600

1,800

2,000


mm

cf/

d

mb

bl/

d

Oil Gas

1,759

3,100

19 17

0

31

24 26

17 16

10

23 21 22

7


0%

2%

4%

6%

8%

10%

--

20

40

60

80



--

$10

$20

$30

$40

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e

# Deals

$11.38

# Deals

--

$20,000

$40,000

$60,000

$80,000

$100,000

1Q

14

2Q

14

3Q

14

4Q

14

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

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

$ /

bo

e/d

# Deals

$29,387

# Deals

$29,387

Gulf of Mexico Snapshot

GROSS PRODUCTION


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 4. Red line denotes average since 1-Jan-15. Calculated as the

weighted average of each quarter’s transactions..

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



Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

15-Feb-18 Fieldwood Energy LLC Noble Energy Deepwater GOM assets $710 $30.87 $35,500 $2,996

12-Sep-16 Anadarko Freeport-McMoRan Inc Deepwater GOM assets $2,000 $15.88 $25,000 n.a.

29-Aug-16 EnVen Energy Ventures Shell Brutus and Glider fields $425 n.a. $17,000 n.a.

09-Nov-15 EnVen Energy Ventures Marathon Petronius and Neptune fields $205 n.a. $20,500 n.a.

11-Aug-15 Energy XXI M21K GOM Shelf assets $25 $1.94 $4,582 n.a.

Mean $673 $16.23 $20,516 $2,996

Median $425 $15.88 $20,500 $2,996



15

February 26, 2018

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





http://www.ipaa.org/events/leaders-industry-luncheon-november-2018/












http://www.ipaa.org/events/leaders-industry-luncheon-june-2018/














http://www.iadc.org/event/world-drilling-2018/





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






http://www.ipaa.org/events/midyear-meeting-2018/








http://www.ipaa.org/events/leaders-industry-luncheon-december-2018/













http://www.ipaa.org/events/private-capital-conference-2019/



https://www.hartenergyconferences.com/marcellus-utica-midstream







16

February 26, 2018

This

Week Change

Last

Week

Last

Year

Total Rigs 978 3 975 754

Oil 799 1 798 602

Gas 179 2 177 151

Miscellaneous -- -- -- 1

Directional 69 (2) 71 69

Horizontal 842 3 839 624

Vertical 67 2 65 61

Basin

Arkoma 7 -- 7 5

Barnett 2 -- 2 5

Cana 69 2 67 51

DJ-Niobrara 26 1 25 21

Eagle Ford 70 -- 70 64

Fayetteville -- -- -- 1

Granite Wash 12 -- 12 12

GOM 17 (1) 18 17

Haynesville 51 1 50 35

Marcellus 54 (2) 56 42

Mississippian 4 -- 4 3

Permian 435 2 433 306

Utica 23 1 22 21

Williston 50 1 49 35

Other 158 (2) 160 136

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.

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

Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc.

(Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised

and regulated by the Financial Conduct Authority) in Europe and Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital

Markets” is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license. ® Registered

trademark of Bank of Montreal in the United States, Canada and elsewhere.™ Trademark of Bank of Montreal in the United States and Canada.

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

affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client

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

other derivative instruments based thereon. BMO Capital Markets may act as financial advisor and/or underwriter for the issuers mentioned herein and may receive remuneration for

same. The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or

sell securities of issuers discussed herein.

All values in this document are in US$ unless otherwise specified.

Geoff Roberts

MD & Head of U.S. A&D

713-518-1268

[email protected]

Howard Barnwell

MD & Transactions Mgr.

713-546-9767

[email protected]

TRANSACTIONS NEWSLETTER

Contacts

Disclaimer

Source of rig count stats: Baker Hughes

Rig Count Summary

MAPS IN

MASTER VIEW

Rob Priske

Director & Transactions Mgr.

713-546-9727

[email protected]

Legend

Current

Change

Arkoma

Barnett

Cana

DJ-Niobrara

Eagle Ford

Haynesville

Fayetteville

Granite Wash

GOM

Permian

Marcellus

Mississippian

Utica

Williston

7

--

2

--

69

2

26

1

70

--

--

--

12

--

17

(1)

51

1

54

(2)

4

--

435

2

23

1

50

1

Chelsea Neville

Transactions Coordinator

713-546-9703

[email protected]

Rob Priske

Director & Transactions Mgr.

713-546-9727

[email protected]

Geoff Roberts

MD & Head of U.S. A&D

713-518-1268

[email protected]

Marshall Soper

Analyst

713-546-9706

[email protected]

Aaron Moeller

Analyst

713-518-1262

[email protected]

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