Energy Weekly Update

Energy Weekly Update
March 2020
1000 Louisiana Street

Suite 5250
Houston, TX 77002
Phone: (713) 840-1439
Table of Contents
I. E&P Recent Market Performance

II. E&P Trading Comps
III. OFS Trading Comps
IV. E&P Capital Markets Update
V. E&P M&A Activity Update
VI. PDP Value Estimation
Disclaimer:
The information and statistical data contained herein have been obtained from sources that
Stifel believes are reliable, but Stifel makes no representation or warranty as to the accuracy
or completeness of any such information or data and expressly disclaims any and all liability
relating to or resulting from your use of these materials. The information and data contained
herein are current only as of the date(s) indicated, and Stifel has no intention, obligation, or
duty to update these materials after such date(s). These materials do not constitute an offer to
sell or the solicitation of an offer to buy any securities. Stifel may be a market-maker in certain
of these securities, and Stifel may have provided investment banking services to certain of the
companies listed herein. Stifel and/or its respective officers, directors, employees, and
affiliates may at any time hold a long or short position in any of these securities and may from
time-to-time purchase or sell such securities. This material was prepared by Stifel Investment
Banking and is intended solely for the use of Stifel's investment banking clients. It is not the
product of the Stifel Research Department, is not a research report, and should not be
construed as such. This material may not be distributed without Stifel's prior written consent.
Independence of Research
Stifel prohibits its employees from directly or indirectly offering a favorable research rating or
specific price target, or offering to change a rating or price target, as consideration or
inducement for the receipt of business or for compensation.
Basis of Presentation
References herein to “Stifel” collectively refer to Stifel, Nicolaus & Company, Incorporated and
other affiliated broker-dealer subsidiaries of Stifel Financial Corp. References herein to “Stifel
Financial” refer to Stifel Financial Corp. (NYSE: SF), the parent holding company of Stifel and
such other affiliated broker-dealer subsidiaries. Unless otherwise indicated, information
presented herein with respect to the experience of Stifel also includes transactions effected
and matters conducted by companies acquired by Stifel (including pending acquisitions
publicly announced by Stifel), or by Stifel personnel while at prior employers.
I. E&P Recent Market Performance
E&P Recent Market Performance
Market Overview
Equity Indices v WTI: One Year Trading History
• asfad
Debt Indices: One Year Trading History
• Recent Market Performance
Source: FactSet
4
Basin Specific Performance
Stifel Basin Indices: One Year Trading History
Stifel Basin Indices: Last Three Months Trading History
Source: FactSet
5
Oil Performance
WTI Forward Curves ($/bbl)
$70.00
$65.00
West Texas Intermediate ($/bbl)
$60.00
$55.00
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
Contract Month
6m Range 6m Average Current Price Deck I/B/E/S Consensus Price Deck
Oil Strip Pricing

Quarterly Averages(1) Yearly Averages
as of Mar 13, 2020 1Q20 2Q20 3Q20 4Q20 2020 2021 2022 2023 2024
Current Forward Strip:

WTI ($/bbl) $49.14 $32.14 $33.75 $35.57 $37.65 $38.64 $42.24 $44.80 $46.73
Brent ($/bbl) $54.12 $35.35 $38.65 $40.47 $42.15 $43.51 $47.27 $50.07 $52.08
WTI Performance:
Δ One Month Ago ($/bbl) ($3.93) ($19.52) ($18.33) ($16.43) ($14.56) ($12.77) ($8.79) ($6.35) ($4.65)
% (7%) (38%) (35%) (32%) (28%) (25%) (17%) (12%) (9%)
Δ One Year Ago ($/bbl) ($10.55) ($27.03) ($24.82) ($22.50) ($21.23) ($18.18) ($13.05) ($9.79) ($7.69)
% (18%) (46%) (42%) (39%) (36%) (32%) (24%) (18%) (14%)
Brent Performance:
Δ One Month Ago ($/bbl) ($3.91) ($20.70) ($17.62) ($15.67) ($14.47) ($12.24) ($8.28) ($5.71) ($4.13)
% (7%) (37%) (31%) (28%) (26%) (22%) (15%) (10%) (7%)
Δ One Year Ago ($/bbl) ($12.26) ($30.55) ($26.77) ($24.38) ($23.49) ($20.17) ($14.98) ($11.55) ($9.42)
% (18%) (46%) (41%) (38%) (36%) (32%) (24%) (19%) (15%)
Source: FactSet, Bloomberg, I/B/E/S Consensus Price Median

(1) Includes spot prices when available
6
Oil Price Performance (Cont’d)
Oil Differentials: 52w Range v Current Level
$12.00
$10.00
$8.00
Basin diff. to WTI ($/bbl)
$6.00
$4.00
$2.00 $2.12
- $0.40 $0.25
($1.50) ($1.20)
($2.00) ($2.00) ($2.00) ($1.80)
($2.50)
($3.18)
($4.00)
($6.00)
($8.00)
Alaska Bakken Bonito Heavy Light Offshore Thunder WTI West Texas Brent
North Sour Louisiana Louisiana Blend Horse Midland Sour
Slope Sweet Sweet
52w range Current level
Oil Differentials: 30d Moving Average
$15.00
$10.00
Basin diff. to WTI ($/bbl)
$5.00
($5.00)
($10.00)
($15.00)
($20.00)
Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20
Alaska North Slope Bakken Bonito Sour Heavy Louisiana Sweet

Light Louisiana Sweet Offshore Blend Thunder Horse WTI Midland
West Texas Sour Brent
Source: Bloomberg
7
Gas Performance
Henry Hub Forward Curves ($/mmbtu)
$3.00
$2.80
Henry Hub ($/mmBtu)
$2.60
$2.40
$2.20
$2.00
$1.80
$1.60
Contract Month
6m Range 6m Average Current Price Deck I/B/E/S Consensus Price Deck
Gas Strip Pricing

Quarterly Averages(1) Yearly Averages
as of Mar 13, 2020 1Q20 2Q20 3Q20 4Q20 2020 2021 2022 2023 2024
Current Forward Strip:

Henry Hub ($/mmbtu) $1.90 $1.91 $2.09 $2.33 $2.06 $2.36 $2.34 $2.38 $2.42
Mont Belvieu Butane ($/gal) $0.72 $0.42 $0.42 $0.45 $0.50 $0.46 $0.48 $0.66 $0.60
Henry Hub Performance:

Δ One Month Ago ($/mmbtu) ($0.01) ($0.02) ($0.01) $0.02 ($0.00) ($0.02) ($0.08) ($0.08) ($0.05)
% (0%) (1%) (1%) 1% (0%) (1%) (3%) (3%) (2%)
Δ One Year Ago ($/mmbtu) ($1.20) ($0.71) ($0.55) ($0.40) ($0.72) ($0.30) ($0.34) ($0.38) ($0.44)
% (39%) (27%) (21%) (15%) (26%) (11%) (13%) (14%) (15%)
Mont Belvieu Butane Perf.:
Mont Belvieu % of WTI 62% 54% 52% 53% 56% 50% 48% 62% 54%
Δ One Month Ago ($/gal) 3% (13%) (12%) (11%) (8%) (9%) (6%) (1%) (6%)
% $0.05 ($0.24) ($0.22) ($0.20) ($0.14) ($0.16) ($0.12) ($0.02) ($0.09)
Source: FactSet, Bloomberg, I/B/E/S Consensus Price Median

(1) Includes spot prices when available
8
II. E&P Trading Comps
E&P Trading Comps
E&P Comp Universe Summary
A Share Daily Avg. Trading (30d)
Price (USD) Volume Value Market Enterprise FCF Yield RSI Share Price Performance (% chg)
(in $ in millions except as indicated) (3/13/20) (mm shares) Cap Value 2020E 2021E (14 days) 7 day 30 day 180 day LTM
Appalachia Levered (page 12)
Antero $1.26 13.2 $22 $315 $4,074 (35%) (3%) 37.5 (9%) (29%) (65%) (85%)
Cabot 18.37 10.7 158 6,732 7,756 4% 5% 69.9 12% 23% (2%) (29%)
CNX 6.72 5.9 37 1,032 4,581 14% 19% 54.5 31% 10% (18%) (38%)
Montage 2.68 0.6 2 93 720 34% 15% 35.1 (8%) (23%) (35%) (82%)
EQT 9.53 11.0 64 1,804 7,133 10% 12% 86.2 49% 80% (22%) (51%)
Gulfport 2.74 6.5 8 81 2,077 NA 14% 74.4 446% 130% (8%) (64%)
Range 2.82 13.3 39 599 3,803 8% 9% 46.9 8% (7%) (39%) (74%)
Southwestern 1.77 24.9 38 828 3,071 (21%) (9%) 57.1 35% 12% (21%) (60%)
Appalachia Mean 2% 8% 57.7
Bakken Levered (page 14)

Northern Oil & Gas $0.95 6.8 $10 $329 $984 33% 37% 25.5 (27%) (41%) (53%) (62%)
Oasis 1.00 13.4 26 110 3,018 (5%) 58% 33.3 16% (54%) (73%) (83%)
Whiting 1.30 12.5 39 74 2,882 NA 14% 28.6 (2%) (55%) (83%) (95%)
Bakken Mean 14% 36% 29.1
Diversified Gas (page 16)

Comstock Resources $4.23 0.4 $2 $893 $3,785 21% 25% 28.8 (16%) (28%) (56%) (41%)
Contango 1.58 0.4 2 183 328 2% 5% 15.1 (48%) (57%) 17% (54%)
Goodrich Petroleum 3.73 0.0 0 49 154 12% 26% 32.0 (26%) (35%) (67%) (71%)
Diversified Gas Mean 12% 19% 25.3
Diversified Oil (page 18)

Abraxas $0.13 2.1 $0 $21 $108 37% NA 28.4 (16%) (50%) (76%) (90%)
Cimarex Energy 18.10 3.6 140 1,539 3,507 7% 22% 21.5 (26%) (56%) (62%) (74%)
Crescent Point Energy 0.97 4.7 14 644 2,455 35% 23% 11.0 (56%) (70%) (77%) (68%)
Devon 8.70 8.5 171 3,205 6,188 8% 15% 18.9 (35%) (63%) (65%) (70%)
Earthstone 2.25 0.3 1 160 275 (8%) (3%) 27.3 (35%) (51%) (41%) (68%)
Marathon 4.53 22.6 228 2,889 7,567 16% 23% 20.8 (34%) (61%) (64%) (74%)
Murphy Oil 7.60 2.9 60 1,397 4,256 8% 26% 15.0 (52%) (66%) (63%) (75%)
Noble Energy 7.19 7.8 141 4,469 12,278 12% 19% 13.8 (46%) (63%) (71%) (68%)
Ovinitiv 3.09 6.0 85 577 7,395 47% 12% 14.6 (61%) (81%) (87%) (92%)
SM 2.33 5.1 40 167 2,939 39% 67% 17.5 (39%) (74%) (76%) (86%)
Diversified Oil Mean 20% 23% 18.9
Eagle Ford Levered (page 20)

Lonestar $0.86 0.1 $0 $15 $512 20% (40%) 39.0 (11%) (42%) (71%) (80%)
Magnolia Oil & Gas 4.98 2.0 18 1,304 1,521 18% 17% 22.5 (20%) (48%) (54%) (60%)
Penn Virginia 4.10 0.3 5 84 639 1% 18% 23.8 (62%) (78%) (87%) (93%)
Silverbow 2.09 0.1 1 21 499 (28%) (33%) 30.3 (21%) (51%) (81%) (90%)
Sundance 2.00 0.0 0 26 358 34% 36% 18.0 (74%) (79%) (84%) (92%)
Eagle Ford Mean 9% (0%) 26.7
Gulf of Mexico Levered (page 22)

Kosmos $1.12 9.3 $42 $324 $2,150 (10%) (19%) 11.4 (43%) (79%) (82%) (82%)
Talos 6.80 0.5 9 541 1,544 10% 27% 10.9 (43%) (63%) (69%) (70%)
W&T Offshore 1.42 3.6 13 220 917 (4%) (36%) 14.2 (29%) (63%) (69%) (76%)
Gulf of Mexico Mean (2%) (9%) 12.2
Source: FactSet, company filings, Wall Street Research, and I/B/E/S consensus estimates
Notes: I/B/E/S consensus represents the median level from reports published both within 90 days and subsequent to the latest earnings release
LTM defined as the twelve months including and preceding the latest reported quarter
The Relative Strength Index (RSI) is a technical indicator used in the analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.
Free Cash Flow Yield defined as I/B/E/S consensus estimates of cash flow from operations less capital expenditures divided by market capitalization
30d Avg. Trading Value defined as 30d trading volumes multipled by the 30d VWAP
10
E&P Trading Comps
E&P Comp Universe Summary (Cont’d)
Share Daily Avg. Trading (30d)
Price (USD) Volume Value Market Enterprise FCF Yield RSI Share Price Performance (% chg)
(in $ in millions except as indicated) (3/13/20) (mm shares) Cap Value 2020E 2021E (14 days) 7 day 30 day 180 day LTM
Mid-Continent Levered (page 24)

Chaparral $0.58 0.2 $0 $28 $438 1% 30% 44.2 (1%) (39%) (66%) (88%)
Continental 9.82 6.4 136 3,649 9,302 (8%) 4% 23.6 (34%) (63%) (69%) (77%)
Mid-Continent Mean (3%) 17% 33.9
Permian - Delaware Levered (page 26)

Centennial $0.56 8.7 $23 $171 $1,317 (68%) (58%) 15.7 (63%) (80%) (87%) (94%)
Concho 46.87 2.5 182 9,401 13,322 5% 8% 26.4 (19%) (41%) (36%) (54%)
Lilis Energy 0.16 3.4 1 18 145 NA NA 14.5 (31%) (33%) (52%) (89%)
Matador 2.64 4.7 58 274 1,952 (73%) 11% 10.5 (60%) (80%) (84%) (86%)
Rosehill 0.55 0.1 0 30 756 9% NA 32.0 (34%) (44%) (69%) (84%)
WPX 4.50 9.4 102 1,468 3,646 15% 38% 20.1 (31%) (62%) (59%) (64%)
Permian - Delaware Mean (22%) 0% 19.9
Permian - Midland Levered (page 28)

Callon $0.66 19.0 $50 $165 $3,352 (8%) NA 18.5 (49%) (77%) (85%) (91%)
Diamondback 27.19 3.4 236 4,255 11,174 10% 20% 12.1 (44%) (63%) (72%) (74%)
Laredo 0.74 6.6 9 100 1,234 (5%) 51% 36.2 6% (53%) (72%) (76%)
Parsley Energy 6.55 7.7 118 2,416 5,363 11% 17% 17.8 (38%) (61%) (65%) (64%)
QEP 0.86 9.6 25 141 2,007 94% 86% 21.0 (40%) (70%) (79%) (89%)
Permian - Midland Mean 20% 43% 21.1
Permian - Other Levered (page 30)

Pioneer $70.68 2.1 $271 $11,051 $12,646 6% 11% 23.4 (33%) (49%) (48%) (48%)
Ring Energy 0.87 0.9 2 45 404 (33%) (51%) 19.7 (18%) (56%) (41%) (85%)
Permian - Other Mean (13%) (20%) 21.5
Rockies Levered (page 32)

Bonanza Creek $10.84 0.3 $5 $215 $284 (4%) (21%) 33.9 (30%) (38%) (54%) (50%)
Extraction 0.28 2.0 2 42 2,078 (11%) NA 18.7 (31%) (76%) (91%) (93%)
High Point Resources 0.25 1.3 1 60 808 (41%) (50%) 11.6 (39%) (76%) (82%) (90%)
PDC Energy 9.50 1.9 39 1,012 2,898 27% 37% 25.3 (33%) (57%) (71%) (76%)
Rockies Mean (7%) (11%) 22.4
Yield Focused (page 34)

Amplify $0.84 0.3 $2 $57 $328 48% 29% 6.2 (60%) (85%) (86%) (90%)
Berry 2.44 0.8 6 326 728 22% 24% 9.6 (54%) (68%) (75%) (79%)
Black Stone 6.67 0.6 6 1,454 2,140 20% 20% 21.7 (16%) (37%) (55%) (62%)
California Resources 3.14 3.1 21 197 6,052 (31%) NA 21.6 (44%) (53%) (73%) (87%)
Denbury 0.37 14.6 13 178 2,523 44% 81% 17.9 (37%) (62%) (70%) (80%)
Diversified Gas & Oil 0.78 2.8 2 420 1,041 35% 32% 20.0 (17%) (30%) (43%) (49%)
Falcon 2.24 0.5 2 232 387 23% 30% 8.2 (37%) (53%) (67%) (72%)
Kimbell 7.66 0.3 3 573 1,114 15% 18% 9.3 (24%) (45%) (46%) (58%)
Brigham 10.03 0.4 7 572 521 17% 19% 28.9 (33%) (40%) (50%) NA
Permrock 2.54 0.1 0 37 36 NA NA 20.9 (43%) (48%) (64%) (67%)
TPLT 436.90 0.0 17 3,625 3,322 NA NA 20.2 (30%) (45%) (34%) (40%)
Viper 8.57 0.9 19 548 2,361 61% 72% 10.2 (42%) (62%) (71%) (75%)
Yield Mean 25% 36% 16.2
The Relative Strength Index (RSI) is a technical indicator used in the analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.
Free Cash Flow Yield defined as I/B/E/S consensus estimates of cash flow from operations less capital expenditures divided by market capitalization
30d Avg. Trading Value defined as 30d trading volumes multipled by the 30d VWAP
11
E&P Trading Comps
Appalachia Levered Operators
(in $ in millions except as indicated) Cabot EQT CNX Antero Range Gulfport Southwestern Montage
Trading information:
Ticker COG EQT CNX AR RRC GPOR SWN MR Median
Stock price (as of Mar 13, 2020) $18.37 $9.53 $6.72 $1.26 $2.82 $2.74 $1.77 $2.68
Current price % 52w high 66% 44% 60% 14% 24% 33% 36% 15% 35%
Market capitalization $7,322 $2,434 $1,254 $361 $718 $438 $73 $96
Enterprise value 8,346 7,764 4,803 4,120 3,923 2,434 2,329 715
Dividend yield 2.2% 1.3% NA NA 2.8% NA NA NA 2.2%
Reserves metrics:
Total 1P reserves (bcfe) 12,902 17,469 8,426 18,773 15,928 4,528 12,721 2,730
% Oil 0% 0% 0% 1% 2% 2% 3% 7% 1%
% NGLs - 4% 5% 38% 34% 8% 29% 15% 12%
% Gas 100% 95% 94% 61% 64% 89% 68% 78% 84%
% Prv. dev. 62% 71% 57% 63% 53% 43% 50% 55% 56%
PV-10% Pre-tax $7,528 $9,934 $4,176 $10,175 $7,561 $1,862 $3,735 $1,471
Total 1P reserves / production Current 14.4 yrs 11.8 yrs 14.8 yrs 16.0 yrs 18.6 yrs 9.2 yrs 15.4 yrs 12.0 yrs 14.6 yrs
2020E 14.7 yrs 11.9 yrs 15.6 yrs 14.7 yrs 19.0 yrs 10.9 yrs 15.0 yrs 13.3 yrs 14.7 yrs
Proved Developed Value $4,200 $3,775 $2,775 $2,750 $2,025 $200 $1,325 $550
Net Acres (in 000's) 1,082 680 4,235 541 1,045 302 462 322
Net Locations 2,900 1,685 4,346 2,385 4,400 1,387 4,630 871
Production metrics:
Latest production (mmcfed) 2,457.6 4,059.7 1,558.7 3,211.6 2,345.2 1,346.4 2,267.1 623.4
% Oil - 0% - 2% 3% 2% 4% 9% 2%
% NGLs - 4% 7% 28% 27% 5% 19% 13% 10%
% Gas 100% 96% 93% 70% 70% 92% 77% 78% 85%
20E - 21E production growth % 3% 1% 4% 8% (0%) (0%) 3% (3%) 2%
21E - 22E production growth % 0% 0% 1% (7%) (21%) (2%) (6%) (24%) (4%)
Cash flow yield:

2020E 2% 7% 12% (45%) (18%) 17% (359%) (8%) (3%)
2021E 5% 9% 15% (59%) (12%) 0% (100%) (7%) (3%)
Current price to:

Cash flow 2020E 9.6x 1.8x 1.7x 0.4x 1.9x 1.2x 1.5x 0.6x 1.6x
2021E 6.9 1.9 1.6 0.4 1.6 1.2 1.4 0.7 1.5
Enterprise value to:

EBITDAX 2020E 10.1x 4.9x 5.2x 3.5x 6.9x 4.9x 3.2x 3.0x 4.9x
2021E 7.3 4.8 5.3 3.5 6.5 5.5 2.9 3.0 5.1
Total 1P reserves ($/mcfe) (6:1) $0.65 $0.43 $0.52 $0.22 $0.25 $0.54 $0.18 $0.26 $0.34
(16:1) 0.65 0.40 0.47 0.13 0.15 0.46 0.12 0.19 0.30
Proved developed reserves ($/mcfe) (6:1) $1.04 $0.60 $0.91 $0.35 $0.47 $1.24 $0.36 $0.48 $0.54
(16:1) 1.04 0.55 0.81 0.21 0.29 1.05 0.26 0.36 0.45
2020E production ($/mcfed) (6:1) $3,477 $1,850 $2,962 $1,178 $1,704 $2,146 $1,005 $1,270 $1,777
(16:1) 3,477 1,706 2,710 769 1,131 1,909 731 947 1,418
2021E production ($/mcfed) (6:1) $3,363 $1,837 $2,840 $1,093 $1,708 $2,154 $973 $1,312 $1,773
(16:1) 3,322 1,684 2,606 710 1,131 1,886 702 944 1,408
PV-10% Pre-tax 1.1x 0.8x 1.0x 0.4x 0.5x 1.3x 0.6x 0.5x 0.7x
Adj. EV / Net Acres ($/acre) $3,831 $5,438 $379 $2,530 $1,816 $7,397 $2,174 $511 $2,352
Adj. EV / Net Locations ($m/location) 1,430 2,194 369 574 431 1,611 217 189 502.85
Corporate Rating (Moody's / S&P) NR / NR Ba1 / BB+ B1 / B+ Ba3 / B+ Ba3 / BB- B2 / B Ba2 / BB B2 / B-
Indicative note information:
Type NA Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec.
Issue rating NA Baa3 / BB+ B3 / BB- Ba3 / BB- B1 / BB- B3 / B Ba3 / BB B3 / B
Par amount NA $750 $895 $953 $750 $329 $639 $511
Coupon NA 3.000% 5.875% 5.375% 4.875% 6.625% 7.500% 8.875%
Maturity NA 10/1/2022 4/15/2022 11/1/2021 5/15/2025 5/1/2023 4/1/2026 7/15/2023
Indicative note trading levels:

Current price NA $80.00 $87.15 $66.00 $56.50 $42.13 $63.76 $51.04 $63.76
Current YTW NA 12.356% 13.048% 34.194% 18.198% 41.022% 17.424% 34.660% 18.198%
Current Z-spread NA 1,177 1,248 3,364 1,747 4,040 1,665 3,403 1,747
Credit statistics:
Total liquidity $1,700 $2,205 $1,451 $1,465 $2,223 $642 $1,899 $353
Total debt to:
Capitalization 36% 35% 36% 35% 62% 60% 41% 39% 38%
EBITDAX LTM 0.9x 2.6x 2.9x 3.0x 5.5x 2.5x 2.3x 2.0x 2.5x
Production ($/mcfed) LTM $498 $1,314 $1,773 $1,170 $1,601 $1,487 $997 $1,011 $1,242
Reserves ($/mcfe) Total 1P $0.09 $0.31 $0.33 $0.20 $0.24 $0.44 $0.18 $0.23 $0.23
Prv. dev. 0.15 0.43 0.57 0.32 0.45 1.02 0.35 0.42 0.43
Pre-tax PV-10% to total debt 6.2x 1.9x 1.5x 2.7x 2.0x 0.9x 1.7x 2.3x 1.9x
Net debt to net capitalization 32% 35% 36% 35% 58% 60% 41% 38% 37%
LTM cash operating cost ($/mcfe) Unlevered $0.82 $1.41 $1.30 $2.83 $2.25 $0.89 $3.61 $1.85 $1.63
Levered 0.88 1.56 1.52 3.04 2.48 1.18 3.70 2.14 1.85
EBITDAX interest coverage LTM 25.6x 9.3x 7.9x 5.5x 3.5x 5.6x 15.0x 5.3x 6.8x
Illustrative oil:gas ratio of 6:1 and 16:1 based on thermal and price equivalents, respectively (NTM WTI average: ~$35.00; NTM HH average: ~$2.20)
Non-reserve assets are netted out of enterprise value when calculating EV to reserve/production metrics
12
E&P Trading Comps
Appalachia Levered Operators (Cont’d)
One Year Equity Trading History
One Year Debt Trading History(1)
Source: FactSet
(1) Excludes notes that have issuance ratings of D from Moody’s and S&P
13
E&P Trading Comps
Bakken Levered Operators
(in $ in millions except as indicated) Oasis Whiting Northern
Ticker OAS WLL NOG Median
Stock price (as of Mar 13, 2020) $1.00 $1.30 $0.95
Current price % 52w high 14% 4% 32% 14%
Market capitalization $333 $120 $384
Enterprise value 3,241 2,928 1,569
Dividend Yield NA NA NA NA
Reserves metrics:
Total 1P reserves (mmboe) 286 485 163
% Oil 70% 55% 81%
% NGLs - 19% -
% Gas 30% 25% 19%
% Prv. dev. 58% 74% 59%
PV-10% Pre-tax $2,934 $3,742 $1,822
Total 1P reserves / production Current 9.0 yrs 10.8 yrs 10.2 yrs 10.2 yrs
2020E 9.3 yrs 11.8 yrs 11.0 yrs 11.0 yrs
Proved Developed Value $800 $1,025 $550
Net Acres (in 000's) 433 638 183
Net Locations 1,559 1,680 459
Production metrics:
Latest production (mboed) 87.4 123.0 43.9
% Oil 69% 65% 80%
% NGLs - 17% -
% Gas 31% 18% 20%
20E - 21E production growth % 1% (4%) (2%) (2%)
21E - 22E production growth % (2%) (8%) 41% (2%)
Cash flow yield:

2020E (6%) (62%) 40% (6%)
2021E 6% (79%) 24% 6%
Current price to:

Cash flow 2020E 0.6x 0.2x 1.1x 0.6x
2021E 0.8 0.3 1.2 0.8

EBITDAX 2020E 4.0x 4.3x 3.5x 4.0x
2021E 4.2 4.0 4.2 4.2
Total 1P reserves ($/boe) (6:1) $9.19 $6.03 $9.61 $9.19
(16:1) 11.29 7.17 10.92 10.92
Proved developed reserves ($/boe) (6:1) $15.88 $8.16 $16.24 $15.88
(16:1) 19.76 9.79 18.57 18.57
2020E production ($/boed) (6:1) $31,323 $25,978 $38,739 $31,323
(16:1) 38,898 29,583 44,450 38,898
(16:1) 38,698 30,854 44,897 38,698
PV-10% Pre-tax 0.9x 0.8x 0.9x 0.9x
Adj. EV / Net Acres ($/acre) $4,229 $2,984 $5,572 $4,229
Adj. EV / Net Locations ($m/location) 1,175 1,133 2,221 1,175
Corporate Rating (Moody's / S&P) B1 / B+ B1 / BB- B3 / B-
Type Senior Unsec. Senior Unsec. NA
Issue rating B2 / B+ B2 / CCC+ NA
Par amount $352 $408 NA
Coupon 6.875% 6.250% NA
Maturity 1/15/2023 4/1/2023 NA

Current price $25.18 $18.75 NA $21.97
Current YTW 71.927% 82.399% NA 77.163%
Current Z-spread 7,132 8,179 NA 7,655
Credit statistics:
Total liquidity $768 $1,382 $236
Total debt to:
Capitalization 42% 41% 62% 42%
EBITDAX LTM 2.6x 2.9x 2.3x 2.6x
Production ($/boed) LTM $31,203 $22,900 $23,924 $23,924
Reserves ($/boe) Total 1P $9.52 $5.80 $6.44 $6.44
Prv. dev. 16.46 7.85 10.88 10.88
Pre-tax PV-10% to total debt 1.1x 1.3x 1.7x 1.3x
Net debt to net capitalization 41% 41% 62% 41%
LTM cash operating cost ($/boe) Unlevered $17.88 $13.84 $13.65 $13.84
Levered 23.73 18.01 19.27 19.27
EBITDAX interest coverage LTM 5.5x 5.1x 5.7x 5.5x
14
E&P Trading Comps
Bakken Levered Operators (Cont’d)
Source: FactSet
15
E&P Trading Comps
Diversified Gas Levered Operators
Comstock Goodrich
(in $ in millions except as indicated) Resources Contango Petroleum
Ticker CRK MCF GDP Median
Enterprise value 3,696 286 151
Dividend yield NA NA NA NA
Reserves metrics:
Total 1P reserves (bcfe) 5,429 378 517
% Oil 2% 31% 1%
% NGLs 1% 26% 0%
% Gas 97% 43% 99%
% Prv. dev. 36% 45% 28%
PV-10% Pre-tax $5,708 $595 $297
2020E 11.0 yrs NA 10.0 yrs 10.5 yrs
Proved Developed Value $1,525 $275 $125
Net Acres (in 000's) 383 569 175
Net Locations 1,983 464 91
Production metrics:
Latest production (mmcfed) 1,358.5 143.5 144.7
% Oil 3% 28% 2%
% NGLs - 26% -
% Gas 97% 46% 98%
20E - 21E production growth % (0%) NA 0% 0%
21E - 22E production growth % (10%) NA 12% 1%
Cash flow yield:

2020E 20.5% 2.1% 22.5% 20.5%
2021E 24.4% 7.1% 20.3% 20.3%
Current price to:

Cash flow 2020E 2.0x 6.3x 0.8x 2.0x
2021E 1.8 4.5 0.8 1.8

EBITDAX 2020E 4.6x NA 2.1x 3.4x
2021E 4.4 NA 2.0 3.2
Total 1P reserves ($/mcfe) (6:1) $0.68 $0.76 $0.29 $0.68
(16:1) 0.65 0.39 0.29 0.39
Proved developed reserves ($/mcfe) (6:1) $1.88 $1.69 $1.04 $1.69
(16:1) 1.67 0.99 0.97 0.99
2020E production ($/mcfed) (6:1) $2,737 NA $1,072 $1,905
(16:1) 2,634 NA 1,061 1,847
2021E production ($/mcfed) (6:1) $2,738 NA $1,072 $1,905
(16:1) 2,644 NA 1,060 1,852
PV-10% Pre-tax 0.6x 0.5x 0.5x 0.5x
Adj. EV / Net Acres ($/acre) $5,673 $19 $150 $150
Adj. EV / Net Locations ($m/location) 1,095 23 288 288
Corporate Rating (Moody's / S&P) B2 / B NR / NR WR / NR
Type Senior Unsec. NA NA
Issue rating B3 / B NA NA
Par amount $850 NA NA
Coupon 9.750% NA NA
Maturity 8/15/2026 NA NA

Current price $69.00 NA NA $69.00
Current YTW 18.084% NA NA 18.084%
Current Z-spread 1,731 NA NA 1,731
Credit statistics:
Total liquidity $269 $29 $34
Total debt to:
Production ($/mcfed) LTM $1,859 $992 $732 $992
Reserves ($/mcfe) Total 1P $0.47 $0.31 $0.20 $0.31
Prv. dev. 1.28 0.69 0.73 0.73
LTM cash operating cost ($/mcfe) Unlevered $0.66 $0.92 $1.05 $0.92
Levered 0.99 1.03 1.28 1.03
16
E&P Trading Comps
Diversified Gas Levered Operators (Cont’d)
Source: FactSet
17
E&P Trading Comps
Diversified Oil Levered Operators
Crescent Earthstone
(in $ in millions except as indicated) Noble Energy Marathon Ovinitiv Devon Murphy Oil Cimarex Energy SM Point Energy Energy Abraxas
Ticker NBL MRO OVV DVN MUR XEC SM CPG-CA ESTE AXAS Median
Stock price (as of Mar 13, 2020) $7.19 $4.53 $3.09 $8.70 $7.60 $18.10 $2.33 $0.97 $2.25 $0.13
Current price % 52w high 25% 24% 8% 25% 24% 25% 12% 20% 28% 8% 24%
Market capitalization $3,440 $3,605 $803 $3,331 $1,164 $1,849 $263 $509 $146 $21
Enterprise value 11,249 8,283 7,621 6,314 4,023 3,816 3,035 2,320 302 108
Dividend yield 6.7% 4.4% 2.4% 5.1% 13.2% 4.9% 4.3% 3.0% NA NA 4.6%
Reserves metrics:
Total 1P reserves (mmboe) 2,050 1,205 2,189 1,334 825 620 462 423 94 67
% Oil 20% 54% 33% 35% 51% 27% 40% 78% 56% 63%
% NGLs 14% 19% 27% 28% 7% 31% 16% 13% 25% 15%
% Gas 66% 27% 40% 37% 42% 41% 44% 9% 19% 22%
% Prv. dev. 73% 60% 48% 87% 57% 86% 53% 66% 58% 37%
PV-10% Pre-tax $19,114 $11,555 $12,782 $6,061 $7,078 $3,997 $4,441 $5,769 $820 $685
Total 1P reserves / production Current 15.0 yrs 8.0 yrs 10.1 yrs 10.8 yrs 11.0 yrs 5.8 yrs 9.1 yrs 8.0 yrs 14.7 yrs 18.6 yrs 10.4 yrs
2020E 14.3 yrs 8.1 yrs 10.4 yrs 10.9 yrs 11.6 yrs 6.1 yrs 9.8 yrs 8.3 yrs 17.1 yrs 19.2 yrs 10.6 yrs
Proved Developed Value $5,600 $2,850 $2,750 $1,075 $2,000 $1,400 $2,275 $525 $200 $125
Net Acres (in 000's) 3,358 1,366 1,077 1,848 9,054 6,264 276 89 44 57
Net Locations 4,951 4,720 11,070 2,995 922 1,011 1,479 3,125 310 581
Production metrics:
Latest production (mboed) 373.3 410.5 592.7 339.7 206.4 292.7 138.9 145.2 17.6 9.9
% Oil 37% 51% 29% 47% 61% 31% 49% 77% 66% 66%
% NGLs 21% 16% 25% 22% 7% 27% 15% 15% 20% 16%
% Gas 42% 33% 46% 31% 32% 42% 37% 9% 15% 18%
20E - 21E production growth % 5% (2%) (2%) 1% 5% (3%) - (5%) (9%) 12% (1%)
21E - 22E production growth % 6% 6% 6% 1% 6% 1% (8%) (5%) 54% 15% 6%
Cash Flow Yield:

2020E 11.6% 13.8% 30.3% 8.8% 9.3% 0.7% (0%) 60% 28% 32% 12.7%
2021E 15.8% 24.8% (19.9%) 19.9% 21.3% 6.3% (5%) 13% (0%) (98%) 9.9%
Current Price to:

Cash Flow 2020E 1.8x 1.7x 0.4x 2.2x 0.8x 1.8x 0.3x 0.7x 1.0x 0.3x 0.9x
2021E 1.8 1.5 0.4 2.2 0.8 1.6 0.4 1.0 1.5 0.4 1.2

EBITDAX 2020E 4.8x 3.5x 2.8x 3.4x 2.5x 3.2x 3.1x 3.1x 2.0x 1.2x 3.1x
2021E 4.9 3.1 3.4 3.0 2.5 2.8 3.4 4.2 2.7 1.3 3.1
Total 1P reserves ($/boe) (6:1) $5.49 $6.87 $3.48 $4.73 $4.88 $6.16 $6.57 $5.48 $3.20 $1.61 $5.18
(16:1) 9.35 8.28 4.64 6.14 6.59 8.29 9.06 5.81 3.63 1.87 6.37
Proved developed reserves ($/boe) (6:1) $7.48 $11.49 $7.32 $5.41 $8.52 $7.16 $12.29 $8.25 $5.53 $4.40 $7.40
(16:1) 14.24 14.59 10.18 7.10 11.85 9.64 17.53 8.77 5.61 5.39 9.91
2020E production ($/boed) (6:1) $28,599 $20,270 $13,165 $18,848 $20,632 $13,723 $23,401 $16,665 $19,988 $11,318 $19,418
(16:1) 40,675 25,106 18,205 23,031 25,879 18,412 30,111 17,657 22,259 12,583 22,645
2021E production ($/boed) (6:1) $27,133 $20,763 $13,473 $18,654 $19,716 $14,135 $23,401 $17,500 $22,031 $10,079 $19,185
(16:1) 39,509 25,858 18,709 22,624 24,644 18,796 29,816 18,570 24,813 11,126 23,634
PV-10% Pre-tax 0.6x 0.7x 0.6x 1.0x 0.6x 1.0x 0.7x 0.4x 0.4x 0.2x 0.6x
Adj. EV / Net Acres ($/acre) $1,682 $3,977 $4,523 $2,835 $223 $386 $2,757 $20,284 $2,338 ($291) $2,547
Adj. EV / Net Locations ($m/location) 1,141 1,151 440 1,749 2,194 2,390 514 574 328 (29) 858
Corporate Rating (Moody's / S&P) Baa3 / BBB Baa3 / BBB Ba1 / NR Ba1 / BBB- Ba2 / NR Baa3 / BBB- B1 / BB- NR / NR NR / NR WR / NR
Type Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. NA NA NA
Issue rating Baa3 / BBB Baa3 / BBB Ba1 / BBB Ba1 / BBB- Ba2 / BB+ Baa3 / BBB- B1 / BB- NA NA NA
Par amount $850 $1,000 $1,000 $485 $550 $750 $500 NA NA NA
Coupon 5.050% 2.800% 5.625% 5.850% 6.875% 4.375% 6.750% NA NA NA
OID $99.265 $99.757 $100.000 $99.955 $100.000 $100.000 $100.000 NA NA NA
Maturity 11/15/2044 11/1/2022 7/1/2024 12/15/2025 8/15/2024 6/1/2024 9/15/2026 NA NA NA

Current price $68.42 $83.79 $77.43 $97.39 $70.96 $85.05 $34.70 NA NA NA $77.43
Current YTW 8.001% 9.946% 12.574% 6.396% 16.347% 8.670% 30.281% NA NA NA 9.946%
Current STW 667 935 1,189 563 1,566 799 2,950 NA NA NA 935
Credit statistics:
Total liquidity $4,484 $3,858 $3,492 $4,462 $307 $95 $1,087 $1,734 $169 $48
Total debt to:
Capitalization 45% 31% 41% 42% 33% 35% 50% 35% 17% 54% 38%
EBITDAX LTM 3.1x 1.7x 2.1x 1.8x 1.8x 1.4x 2.8x 2.1x 1.2x 2.5x 1.9x
Production ($/boed) LTM $20,202 $13,486 $11,825 $12,745 $13,706 $6,833 $19,948 $15,430 $9,676 $19,712 $13,596
Reserves ($/boe) Total 1P $3.68 $4.59 $3.20 $3.24 $3.43 $3.23 $6.00 $5.29 $1.80 $2.99 $3.34
Prv. dev. 5.02 7.68 6.73 3.71 5.99 3.75 11.22 7.97 3.11 8.18 6.36
Pre-tax PV-10% to total debt 2.5x 2.1x 1.8x 1.4x 2.5x 2.0x 1.6x 2.6x 4.8x 3.4x 2.3x
Net debt to net capitalization 44% 28% 41% 33% 30% 34% 50% 31% 16% 53% 33%
LTM cash operating cost ($/boe) Unlevered $16.17 $12.74 $14.11 $37.04 $14.54 $7.84 $12.61 $12.01 $12.36 $13.49 $13.11
Levered 18.91 14.59 15.88 39.16 17.78 8.76 15.91 14.17 13.70 16.47 15.89
EBITDAX interest coverage LTM 6.7x 11.9x 8.8x 9.8x 7.3x 15.7x 6.2x 8.1x 22.3x 7.1x 8.5x
18
E&P Trading Comps
Diversified Oil Levered Operators (Cont’d)
Source: FactSet
19
E&P Trading Comps
Eagle Ford Levered Operators
Magnolia Oil &
(in $ in millions except as indicated) Gas Penn Virginia Lonestar Silverbow Sundance
Ticker MGY PVAC LONE SBOW SNDE Median
Stock price (as of Mar 13, 2020) $4.98 $4.10 $0.86 $2.09 $2.00
Current price % 52w high 35% 7% 18% 9% 5% 9%
Market capitalization $1,261 $62 $21 $25 $14
Enterprise value 1,478 617 519 502 345
Dividend yield NA NA NA NA NA NA
Reserves metrics:
Total 1P reserves (mmboe) 105 133 93 1,420 93
% Oil 50% 74% 57% 7% 63%
% NGLs 23% 14% 21% 11% 18%
% Gas 27% 11% 21% 82% 19%
% Prv. dev. 78% 42% 29% 41% 29%
PV-10% Pre-tax $2,330 $1,600 $1,140 $976 $1,110
Total 1P reserves / production Current 4.2 yrs 12.4 yrs 14.1 yrs 16.6 yrs 18.8 yrs 14.1 yrs
2020E 4.2 yrs 14.8 yrs 14.4 yrs 17.9 yrs 17.4 yrs 14.8 yrs
Proved Developed Value $625 $500 $200 $425 $100
Net Acres (in 000's) 451 87 57 128 42
Net Locations 76 441 204 520 585
Production metrics:
Latest production (mboed) 68.3 29.3 18.1 234.2 13.6
% Oil 52% 76% 44% 12% 64%
% NGLs 20% 14% 23% 13% 16%
% Gas 28% 10% 33% 75% 20%
20E - 21E production growth % (5%) (15%) 2% (10%) 1% (5%)
21E - 22E production growth % 19% 59% (5%) NA NA 19%
Cash flow yield:

2020E 10.7% 42.5% (23.3%) 160.1% (29.1%) 10.7%
2021E 13.6% 3.7% (51.3%) 26.3% (3.6%) 3.7%
Current price to:

Cash flow 2020E 2.7x 0.2x 0.2x 0.2x 0.2x 0.2x
2021E 2.5 0.4 0.3 0.2 0.2 0.3

EBITDAX 2020E 2.9x 2.2x 3.5x 2.6x 2.7x 2.7x
2021E 3.1 3.6 3.7 3.3 2.9 3.3
Total 1P reserves ($/boe) (6:1) $14.08 $4.63 $5.55 $0.35 $3.70 $4.63
(16:1) 16.94 4.98 6.41 0.27 4.21 4.98
Proved developed reserves ($/boe) (6:1) $17.93 $10.92 $19.27 $0.87 $12.69 $12.69
(16:1) 21.76 11.83 22.22 0.67 14.53 14.53
2020E production ($/boed) (6:1) $21,347 $24,971 $29,216 $2,310 $23,558 $23,558
(16:1) 25,701 26,998 35,839 1,635 26,860 26,860
(16:1) 27,353 31,612 35,265 1,735 26,603 27,353
PV-10% Pre-tax 0.6x 0.4x 0.5x 0.5x 0.3x 0.5x
Adj. EV / Net Acres ($/acre) $1,892 $1,336 $5,541 $602 $5,860 $1,892
Adj. EV / Net Locations ($m/location) 11,222 265 1,562 149 419 419
Corporate Rating (Moody's / S&P) NR / B+ NR / NR Caa1 / B- NR / NR NR / NR
Type Senior Unsec. NA Senior Unsec. NA NA
Issue rating B1 / BB- NA Caa2 / B NA NA
Par amount $400 NA $250 NA NA
Coupon 6.000% NA 11.250% NA NA
Maturity 8/1/2026 NA 1/1/2023 NA NA

Current price $65.00 NA $62.00 NA NA $63.50
Current YTW 14.600% NA 32.936% NA NA 23.768%
Current Z-spread 1,381 NA 3,234 NA NA 2,307
Credit statistics:
Total liquidity $183 $145 $48 $122 $106
Total debt to:
Capitalization 13% 52% 72% 55% 49% 52%
EBITDAX LTM 0.6x 1.6x 3.6x 2.1x 2.4x 2.1x
Production ($/boed) LTM $5,854 $19,187 $35,554 $2,045 $27,543 $19,187
Reserves ($/boe) Total 1P $3.81 $4.22 $5.36 $0.34 $3.89 $3.89
Prv. dev. 4.85 9.96 18.60 0.83 13.34 9.96
Pre-tax PV-10% to total debt 5.8x 2.8x 2.3x 2.0x 3.1x 2.8x
Net debt to net capitalization 7% 52% 72% 55% 47% 52%
LTM cash operating cost ($/boe) Unlevered $9.87 $11.44 $12.00 $0.96 $16.43 $11.44
Levered 11.04 14.97 19.61 1.39 23.68 14.97
EBITDAX interest coverage LTM 24.5x 9.8x 3.5x 6.4x 4.3x 6.4x
20
E&P Trading Comps
Eagle Ford Levered Operators (Cont’d)
Source: FactSet
21
E&P Trading Comps
Gulf of Mexico Levered Operators
(in $ in millions except as indicated) Kosmos Talos Energy W&T Offshore
Ticker KOS TALO WTI Median
Enterprise value 2,279 1,395 899
Dividend yield 16.1% NA NA 16.1%
Reserves metrics:
Total 1P reserves (mmboe) 169 181 157
% Oil 89% 74% 24%
% NGLs 2% 5% 16%
% Gas 9% 21% 60%
% Prv. dev. 69% 72% 85%
PV-10% Pre-tax $3,828 $3,627 $1,288
2020E 7.2 yrs 7.8 yrs 8.7 yrs 7.8 yrs
Proved Developed Value $1,250 $1,500 $475
Net Acres (in 000's) NA NA NA
Net Locations NA NA NA
Production metrics:
Latest production (mboed) 81.8 72.6 52.8
% Oil 94% 71% 45%
% NGLs 2% 6% 9%
% Gas 4% 23% 46%
20E - 21E production growth % 4% 8% 3% 4%
21E - 22E production growth % 14% 9% 14% 14%
Cash flow yield:

2020E (27%) 4% 3% 3%
2021E (65%) (13%) (22%) (22%)
Current price to:

Cash flow 2020E 1.0x 1.0x 1.9x 1.0x
2021E 1.3 1.2 2.3 1.3

EBITDAX 2020E 3.1x 2.6x 5.5x 3.1x
2021E 2.8 3.0 5.9 3.0
Total 1P reserves ($/boe) (6:1) $13.51 $7.69 $5.71 $7.69
(16:1) 14.32 8.86 9.16 9.16
Proved developed reserves ($/boe) (6:1) $19.70 $10.65 $6.72 $10.65
(16:1) 21.02 12.40 11.04 12.40
(16:1) 36,769 25,523 26,321 26,321
(16:1) 35,336 23,646 24,220 24,220
PV-10% Pre-tax 0.6x 0.4x 0.7x 0.6x
Adj. EV / Net Acres ($/acre) NA NA NA NA
Adj. EV / Net Locations ($m/location) NA NA NA NA
Corporate Rating (Moody's / S&P) B1 / B+ NR / NR B3 / B-
Type Senior Unsec. Senior Secured Senior Secured
Issue rating B1 / BB- NA / NR B3 / B+
Par amount $650 $391 $625
Coupon 7.125% 11.000% 9.750%
Maturity 4/4/2026 4/3/2022 11/1/2023

Current price $61.00 4/3/2022 $39.50 $50.25
Current YTW 17.936% 4/15/2020 8.256% 13.096%
Current Z-spread 1,717 102 40 102
Credit statistics:
Total liquidity $425 $582 $172
Total debt to:
Production ($/boed) LTM $25,065 $10,283 $13,833 $13,833
Reserves ($/boe) Total 1P $12.15 $4.12 $4.64 $4.64
Prv. dev. 17.71 5.70 5.45 5.70
LTM cash operating cost ($/boe) Unlevered $19.26 $12.04 $17.81 $17.81
Levered 25.10 15.78 21.83 21.83
22
E&P Trading Comps
Gulf of Mexico Levered Operators (Cont’d)
Source: FactSet
23
E&P Trading Comps
MidCon Levered Operators
(in $ in millions except as indicated) Continental Chaparral
Ticker CLR CHAP Median
Stock price (as of Mar 13, 2020) $9.82 $0.58
Current price % 52w high 19% 7% 13%
Market capitalization $3,649 $28
Enterprise value 9,302 438
Dividend yield 2.0% NA 2.0%
Reserves metrics:
Total 1P reserves (mmboe) 1,475 253
% Oil 46% 11%
% NGLs - 87%
% Gas 54% 2%
% Prv. dev. 46% 69%
PV-10% Pre-tax $11,061 $523
Total 1P reserves / production Current 11.2 yrs 23.3 yrs 17.3 yrs
2020E 11.3 yrs 24.7 yrs 18.0 yrs
Proved Developed Value $4,225 $75
Net Acres (in 000's) 1,685 210
Net Locations 1,283 2,549
Production metrics:
Latest production (mboed) 361.4 29.7
% Oil 56% 32%
% NGLs - 31%
% Gas 44% 37%
20E - 21E production growth % 4% (8%) (2%)
21E - 22E production growth % 7% NA 7%
Cash flow yield:

2020E (8%) 1% (3%)
2021E 4% 30% 17%
Current price to:

Cash flow 2020E 1.7x 0.3x 1.0x
2021E 1.4 0.6 1.0

EBITDAX 2020E 3.3x 3.8x 3.5x
2021E 3.1 5.6 4.3
Total 1P reserves ($/boe) (6:1) $6.31 $1.73 $4.02
(16:1) 9.51 1.75 5.63
Proved developed reserves ($/boe) (6:1) $13.65 $2.51 $8.08
(16:1) 20.33 2.54 11.44
2020E production ($/boed) (6:1) $25,962 $15,564 $20,763
(16:1) 35,760 20,237 27,998
(16:1) 34,354 21,923 28,139
PV-10% Pre-tax 0.8x 0.8x 0.8x
Adj. EV / Net Acres ($/acre) $3,014 $1,726 $2,370
Adj. EV / Net Locations ($m/location) 3,957 142 2,050
Corporate Rating (Moody's / S&P) Ba1 / BBB- B3 / CCC+
Type Senior Unsec. Senior Unsec.
Issue rating Ba1 / BBB- Caa1 / CCC
Par amount $1,099 $300
Coupon 5.000% 8.750%
Maturity 9/15/2022 7/15/2023

Current price $76.47 $17.06 $46.77
Current YTW 16.903% 89.971% 53.437%
Current Z-spread 1,632 8,934 5,283
Credit statistics:
Total liquidity $1,484 $218
Total debt to:
Capitalization 43% 51% 47%
EBITDAX 2020E 1.5x 2.8x 2.2x
Production ($/boed) 2020E $14,740 $14,528 $14,634
Reserves ($/boe) Total 1P $3.61 $1.70 $2.66
Prv. dev. 7.82 2.48 5.15
Pre-tax PV-10% to total debt 2.1x 1.2x 1.6x
Net debt to net capitalization 43% 50% 46%
LTM cash operating cost ($/boe) Unlevered $9.43 $10.07 $9.75
Levered 9.43 13.17 11.30
EBITDAX interest coverage LTM NA 5.2x 5.2x
24
E&P Trading Comps
MidCon Levered Operators (Cont’d)
Source: FactSet
25
E&P Trading Comps
Permian – Delaware Basin Levered Operators
(in $ in millions except as indicated) Concho WPX Matador Centennial Rosehill Lilis Energy
Ticker CXO WPX MTDR CDEV ROSE LLEX Median
Stock price (as of Mar 13, 2020) $46.87 $4.50 $2.64 $0.56 $0.55 $0.16
Current price % 52w high 38% 29% 12% 5% 10% 10% 11%
Market capitalization $9,220 $1,877 $308 $170 $26 $15
Enterprise value 13,141 4,055 1,986 1,317 752 142
Dividend Yield 1.7% NA NA NA NA NA 1.7%
Reserves metrics:
Total 1P reserves (mmboe) 1,002 528 253 301 48 43
% Oil 62% 56% 59% 50% 69% 50%
% NGLs - 21% - 22% 16% 20%
% Gas 38% 23% 41% 28% 15% 31%
% Prv. dev. 74% 62% 42% 49% 56% 31%
PV-10% Pre-tax $10,628 $4,351 $2,248 $2,198 $743 $328
Total 1P reserves / production Current 8.1 yrs 8.1 yrs 9.4 yrs 10.3 yrs 6.4 yrs 30.3 yrs 8.8 yrs
2020E 8.1 yrs 5.8 yrs 9.1 yrs 10.9 yrs 6.4 yrs 26.9 yrs 8.6 yrs
Proved Developed Value $4,525 $1,275 $775 $1,000 $175 $50
Net Acres (in 000's) 550 272 175 78 14 20
Net Locations 12,762 5,623 2,658 1,590 431 1,175
Production metrics:
Latest production (mboed) 337.3 179.1 73.8 79.7 20.6 3.9
% Oil 64% 62% 57% 56% 74% 53%
% NGLs - 17% - 18% 14% 13%
% Gas 36% 21% 43% 26% 13% 34%
20E - 21E production growth % 8% 7% 18% (6%) 6% 41% 7%
21E - 22E production growth % 7% (5%) (4%) 13% NA 134% 7%
Cash flow yield:

2020E 4% (0%) (65%) (88%) (143%) NM (65%)
2021E 5% 3% 2% (46%) (105%) NM 2%
Current price to:

Cash flow 2020E 3.3x 1.5x 0.6x 0.6x 0.2x 0.7x 0.7x
2021E 3.3 1.9 0.5 0.5 0.2 0.7 0.6

EBITDAX 2020E 4.5x 2.1x 3.4x 3.3x 4.2x 5.7x 3.8x
2021E 4.4 2.1 2.6 2.6 3.5 3.9 3.1
Total 1P reserves ($/boe) (6:1) $13.12 $7.69 $2.83 $4.37 $15.55 $3.33 $6.03
(16:1) 17.22 9.00 3.81 5.29 17.19 4.11 7.14
Proved developed reserves ($/boe) (6:1) $17.63 $12.44 $6.75 $8.95 $27.53 $10.57 $11.51
(16:1) 23.61 14.56 9.27 10.75 30.58 13.36 13.96
2020E production ($/boed) (6:1) $38,813 $16,336 $9,431 $17,385 $36,321 $32,653 $25,019
(16:1) 49,860 18,538 12,729 20,722 40,013 39,772 30,247
2021E production ($/boed) (6:1) $36,045 $15,224 $7,998 $18,548 $34,330 $23,096 $20,822
(16:1) 46,267 17,473 10,794 22,097 37,956 27,843 24,970
PV-10% Pre-tax 1.2x 0.9x 0.3x 0.6x 1.0x 0.4x 0.8x
Adj. EV / Net Acres ($/acre) $15,665 $10,214 ($349) $4,053 $41,800 $4,512 $7,363
Adj. EV / Net Locations ($m/location) 675 494 (23) 199 1,339 78 347
Corporate Rating (Moody's / S&P) Baa3 / BBB- Ba3 / BB- B1 / B+ NR / B+ NR / NR NR / NR
Type Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. NA NA
Issue rating Baa3 / BBB- B1 / BB- B2 / BB- B1 / BB- NA NA
Par amount $600 $406 $1,050 $400 NA NA
Coupon 4.375% 8.250% 5.875% 5.375% NA NA
Maturity 1/15/2025 8/1/2023 9/15/2026 1/15/2026 NA NA

Current price $97.98 $85.00 $41.88 $46.25 NA NA $65.63
Current YTW 4.847% 13.951% 23.934% 22.248% NA NA 18.100%
Current Z-spread 413 1,332 2,314 2,148 NA NA 1,740
Credit statistics:
Total liquidity $70 $1,532 $423 $634 $34 $4
Total debt to:

Capitalization 18% 33% 45% 25% 47% 32% 33%
EBITDAX LTM 1.3x 1.6x 2.6x 1.8x 1.8x 3.5x 1.8x
Production ($/boed) LTM $11,833 $12,496 $21,445 $13,438 $17,568 $19,959 $15,503
Reserves ($/boe) Total 1P $3.98 $4.24 $6.27 $3.56 $7.61 $2.58 $4.11
Prv. dev. 5.36 6.87 14.97 7.28 13.47 8.19 7.73
Pre-tax PV-10% to total debt 2.7x 1.9x 1.4x 2.1x 2.0x 3.0x 2.0x
Net debt to net capitalization 18% 33% 44% 24% 47% 31% 32%
LTM cash operating cost ($/boe) Unlevered $11.76 $14.84 $11.22 $11.96 $11.07 $24.91 $11.86
Levered 13.45 17.45 14.59 14.13 14.36 32.40 14.47
EBITDAX interest coverage LTM 15.1x 8.6x 7.5x 10.1x 8.1x 2.1x 8.3x
26
E&P Trading Comps
Permian – Delaware Basin Levered Operators (Cont’d)
Source: FactSet
27
E&P Trading Comps
Permian – Midland Basin Levered Operators
Parsley
(in $ in millions except as indicated) Diamondback Energy Callon QEP Laredo
Ticker FANG PE CPE QEP LPI Median
Stock price (as of Mar 13, 2020) $27.19 $6.55 $0.66 $0.86 $0.74
Current price % 52w high 24% 30% 8% 10% 20% 20%
Market capitalization $4,304 $2,473 $263 $204 $176
Enterprise value 11,223 5,420 3,450 2,070 1,310
Dividend Yield 5.5% 3.1% NA 9.3% NA 5.5%
Reserves metrics:
Total 1P reserves (mmboe) 1,039 592 540 382 293
% Oil 63% 55% 64% 67% 27%
% NGLs 20% 25% 12% 17% 35%
% Gas 16% 20% 23% 16% 38%
% Prv. dev. 66% 64% 43% 50% 83%
PV-10% Pre-tax $9,870 $5,656 $5,370 $3,107 $1,672
Total 1P reserves / production Current 9.4 yrs 11.1 yrs 31.7 yrs 11.4 yrs 9.6 yrs 11.1 yrs
2020E 9.2 yrs 8.1 yrs 13.5 yrs 11.7 yrs 9.4 yrs 9.4 yrs
Proved Developed Value $4,100 $2,850 $1,550 $775 $950
Net Acres (in 000's) 350 258 200 144 135
Net Locations 8,100 7,600 1,815 1,240 740
Production metrics:
Latest production (mboed) 301.3 146.2 46.6 92.0 84.0
% Oil 65% 61% 75% 67% 33%
% NGLs 18% 21% 3% 16% 32%
% Gas 17% 17% 21% 17% 35%
20E - 21E production growth % 2% 2% 4% (6%) (8%) 2%
21E - 22E production growth % 11% 9% (18%) (0%) (6%) (0%)
Cash flow yield:

2020E 12% 5% (0%) 69% (0%) 5%
2021E 15% 10% 1% 7% 8% 8%
Current price to:

Cash flow 2020E 1.6x 1.7x 0.3x 0.3x 0.4x 0.4x
2021E 1.6 1.8 0.4 0.4 0.5 0.5

EBITDAX 2020E 3.8x 2.9x 3.3x 2.6x 2.5x 2.9x
2021E 3.3 3.2 3.0 3.2 2.9 3.2
Total 1P reserves ($/boe) (6:1) $6.79 $9.15 $6.39 $5.42 $3.47 $6.39
(16:1) 7.57 10.45 7.48 6.03 4.56 7.48
Proved developed reserves ($/boe) (6:1) $10.22 $14.20 $14.91 $10.88 $4.18 $10.88
(16:1) 11.51 16.29 17.42 12.34 5.62 12.34
(16:1) 25,595 30,370 38,292 25,714 15,276 25,714
(16:1) 25,426 29,771 33,816 27,365 16,349 27,365
PV-10% Pre-tax 0.7x 1.0x 0.6x 0.7x 0.6x 0.7x
Adj. EV / Net Acres ($/acre) $8,444 $9,960 $9,502 $9,011 $515 $9,011
Adj. EV / Net Locations ($m/location) 365 338 1,047 1,045 94 365
Corporate Rating (Moody's / S&P) Ba1 / BBB- Ba2 / NR B1 / B+ Ba3 / B+ B1 / B+
Type Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec. Senior Unsec.
Issue rating Ba1 / BBB- Ba3 / BB B2 / BB- Ba3 / BB- B3 / B+
Par amount $1,200 $700 $600 $650 $400
Coupon 3.500% 5.625% 6.125% 5.250% 10.125%
Maturity 12/1/2029 10/15/2027 10/1/2024 5/1/2023 1/15/2028

Current price $72.87 $72.38 $30.00 $49.00 $37.80 $49.00
Current YTW 7.474% 11.103% 41.563% 32.285% 32.309% 32.285%
Current Z-spread 651 1,025 4,087 3,167 3,151 3,151
Credit statistics:
Total liquidity $2,448 $1,014 $728 $1,413 $923
Total debt to:
Capitalization 27% 25% 50% 43% 63% 43%
EBITDAX LTM 6.5x 1.6x 6.4x 3.1x 2.6x 3.1x
Production ($/boed) LTM $17,890 $15,063 $68,624 $22,097 $17,228 $17,890
Reserves ($/boe) Total 1P $5.19 $3.72 $5.93 $5.32 $4.93 $5.19
Prv. dev. 7.81 5.77 13.83 10.68 5.94 7.81
Pre-tax PV-10% to total debt 1.8x 2.6x 1.7x 1.5x 1.2x 1.7x
Net debt to net capitalization 26% 25% 50% 41% 57% 41%
LTM cash operating cost ($/boe) Unlevered $8.54 $9.26 $11.27 $14.21 $11.19 $11.19
Levered 10.84 11.87 16.67 18.19 13.32 13.32
EBITDAX interest coverage LTM 3.5x 10.6x 6.2x 5.2x 8.9x 6.2x
28
E&P Trading Comps
Permian – Midland Basin Levered Operators (Cont’d)
Source: FactSet
29
E&P Trading Comps
Permian – Other Levered Operators
(in $ in millions except as indicated) Pioneer Ring Energy
Ticker PXD REI Median
Stock price (as of Mar 13, 2020) $70.68 $0.87
Current price % 52w high 40% 14% 27%
Market capitalization $11,779 $60
Enterprise value 13,374 419
Dividend Yield 3.1% NA 3.1%
Reserves metrics:
Total 1P reserves (mmboe) 1,136 71
% Oil 53% 79%
% NGLs 25% 6%
% Gas 22% 16%
% Prv. dev. 95% 55%
PV-10% Pre-tax $10,830 $542
Total 1P reserves / production Current 8.7 yrs 30.1 yrs 19.4 yrs
2020E 8.0 yrs 18.2 yrs 13.1 yrs
Proved Developed Value $3,250 $150
Net Acres (in 000's) 692 139
Net Locations 17,073 901
Production metrics:
Latest production (mboed) 359.4 6.5
% Oil 61% 91%
% NGLs 22% -
% Gas 17% 9%
20E - 21E production growth % 10% (3%) 4%
21E - 22E production growth % 10% 76% 43%
Cash flow yield:

2020E 4% (32%) (14%)
2021E 5% (39%) (17%)
Current price to:

Cash flow 2020E 3.9x 0.9x 2.4x
2021E 3.4 0.7 2.1

EBITDAX 2020E 4.0x 4.4x 4.2x
2021E 3.6 4.0 3.8
Total 1P reserves ($/boe) (6:1) $11.78 $5.91 $8.84
(16:1) 13.65 6.54 10.10
Proved developed reserves ($/boe) (6:1) $12.41 $10.75 $11.58
(16:1) 14.39 11.90 13.14
(16:1) 38,865 42,416 40,640
(16:1) 35,337 43,507 39,422
PV-10% Pre-tax 1.2x 0.8x 1.0x
Adj. EV / Net Acres ($/acre) $14,630 $1,938 $8,284
Adj. EV / Net Locations ($m/location) 593 299 446
Corporate Rating (Moody's / S&P) Baa2 / BBB NR / NR

Type Senior Unsec. NA
Issue rating Baa2 / BBB NA
Par amount $600 NA
Coupon 3.950% NA
Maturity 7/15/2022 NA

Current price $97.49 NA $97.49
Current YTW 5.100% NA 5.100%
Current Z-spread 453 NA 453
Credit statistics:
Total liquidity $2,205 $65
Total debt to:
Capitalization 16% 41% 28%
EBITDAX LTM 0.6x 4.2x 2.4x
Production ($/boed) LTM $6,399 $36,356 $21,377
Reserves ($/boe) Total 1P $2.03 $5.17 $3.60
Prv. dev. 2.13 9.41 5.77
Pre-tax PV-10% to total debt 4.7x 1.5x 3.1x
Net debt to net capitalization 12% 41% 26%
LTM cash operating cost ($/boe) Unlevered $10.93 $18.34 $14.63
Levered 11.89 21.04 16.46
EBITDAX interest coverage LTM 30.2x 8.8x 19.5x
30
E&P Trading Comps
Permian – Other Levered Operators (Cont’d)
Source: FactSet
31
E&P Trading Comps
Rocky Mountain Levered Operators
Extraction Oil High Point
(in $ in millions except as indicated) PDC Energy & Gas Resources Bonanza Creek
Ticker PDCE XOG HPR BCEI Median
Stock price (as of Mar 13, 2020) $9.50 $0.28 $0.25 $10.84
Current price % 52w high 20% 5% 8% 41% 14%
Market capitalization $1,317 $38 $53 $224
Enterprise value 3,203 2,025 802 293
Dividend yield NA NA NA NA NA
Reserves metrics:
Total 1P reserves (mmboe) 917 254 127 122
% Oil 31% 36% 58% 53%
% NGLs 27% 26% 18% 18%
% Gas 42% 38% 24% 29%
% Prv. dev. 37% 56% 41% 45%
PV-10% Pre-tax $6,981 $1,912 $1,843 $1,948
Total 1P reserves / production Current 12.5 yrs 6.3 yrs 9.2 yrs 13.7 yrs 10.8 yrs
2020E 12.6 yrs 7.8 yrs 11.7 yrs 13.4 yrs 12.1 yrs
Proved Developed Value $1,925 $625 $325 $300
Net Acres (in 000's) 408 295 199 67
Net Locations 4,334 146 64 189
Production metrics:
Latest production (mboed) 200.7 111.1 38.0 24.3
% Oil 39% 45% 58% 57%
% NGLs 21% 20% 18% 17%
% Gas 40% 35% 24% 26%
20E - 21E production growth % 12% (10%) (6%) (4%) (5%)
21E - 22E production growth % 0% (18%) (10%) 8% (5%)
Cash flow yield:

2020E 15% (87%) (40%) 35%
2021E 13% 78% (122%) (24%)
Current price to:

Cash flow 2020E 0.9x 0.1x 0.3x 1.3x 0.6x
2021E 0.9 0.1 0.4 1.4 0.6

EBITDAX 2020E 2.9x 3.6x 3.3x 1.7x 3.1x
2021E 2.9 4.6 4.1 1.8 3.5
Total 1P reserves ($/boe) (6:1) $3.49 $7.97 $6.29 $2.40 $4.89
(16:1) 4.75 10.44 7.38 2.93 6.07
Proved developed reserves ($/boe) (6:1) $9.38 $14.14 $15.49 $5.36 $11.76
(16:1) 12.79 18.96 18.86 6.71 15.83
2020E production ($/boed) (6:1) $16,011 $22,676 $26,878 $11,713 $19,343
(16:1) 21,452 29,147 31,636 13,839 25,299
2021E production ($/boed) (6:1) $14,273 $25,280 $28,540 $12,186 $19,777
(16:1) 18,723 31,421 33,258 14,468 25,072
PV-10% Pre-tax 0.5x 1.1x 0.4x 0.2x 0.4x
Adj. EV / Net Acres ($/acre) $3,132 $4,739 $2,391 ($108) $2,761
Adj. EV / Net Locations ($m/location) 295 9,589 7,453 (38) 3,874
Corporate Rating (Moody's / S&P) Ba2 / BB B2 / B- B3 / B WR / NR
Type Senior Unsec. Senior Unsec. Senior Unsec. NA
Issue rating Ba2 / BB B3 / B- B3 / B NA
Par amount $600 $400 $350 NA
Coupon 5.750% 7.375% 7.000% NA
Maturity 5/15/2026 5/15/2024 10/15/2022 NA

Current price $64.90 $21.00 $65.00 NA $64.90
Current YTW 14.552% 62.056% 26.455% NA 26.455%
Current Z-spread 1,377 6,139 2,587 NA 2,587
Credit statistics:
Total liquidity $1,766 $463 $350 $281
Total debt to:
Capitalization 32% 70% 41% 8% 37%
EBITDAX LTM 1.4x 2.5x 2.3x 0.4x 1.8x
Production ($/boed) LTM $9,513 $14,136 $20,109 $3,288 $11,824
Reserves ($/boe) Total 1P $2.08 $6.18 $6.00 $0.66 $4.04
Prv. dev. 5.59 10.97 14.77 1.47 8.28
Pre-tax PV-10% to total debt 3.7x 1.2x 2.4x 24.3x 3.0x
Net debt to net capitalization 31% 69% 41% 7% 36%
LTM cash operating cost ($/boe) Unlevered $7.40 $8.51 $8.41 $13.12 $8.46
Levered 8.34 10.96 13.05 13.71 12.00
EBITDAX interest coverage LTM 19.6x 8.0x 5.8x 40.3x 13.8x
32
E&P Trading Comps
Rocky Mountain Levered Operators (Cont’d)
Source: FactSet
33
E&P Trading Comps
Yield Focused Operators
California Diversified
(in $ in millions except as indicated) Resources TPLT Denbury Viper Black Stone Gas & Oil Kimbell Berry Brigham Falcon Amplify Permrock
Ticker CRC TPL DNR VNOM BSM DGOC-GB KRP BRY MNRL FLMN AMPY PRT Median
Stock price (as of Mar 13, 2020) $3.14 $436.90 $0.37 $8.57 $6.67 $0.63 $7.66 $2.44 $10.03 $2.24 $0.84 $2.54
Current price % 52w high 10% 48% 14% 25% 36% 47% 41% 18% 43% 24% 6% 27% 26%
Market capitalization $154 $3,390 $186 $581 $1,374 $406 $486 $199 $571 $193 $32 $31
Enterprise value 6,009 3,086 2,531 2,395 2,060 1,027 1,027 600 519 347 317 30
Dividend yield NA 3.7% NA 21.0% 18.0% 22.2% 19.8% 19.7% 15.2% 24.1% 47.4% 15.2% 20%
Reserves metrics:
Total 1P reserves (mmboe) 644 NA 230 89 69 563 44 138 33 28 163 6
% Oil 75% NA 98% 61% 25% 1% 28% 94% 51% 55% 43% 89% 55%
% NGLs 8% NA - 21% - 12% 15% 1% 18% 11% 18% - 11%
% Gas 17% NA 2% 18% 75% 87% 57% 5% 31% 34% 39% 11% 31%
% Prv. dev. 76% NA 90% 78% 89% 100% 94% 59% 54% 30% 80% 55% 78%
PV-10% Pre-tax $6,847 NA $2,616 $1,318 $851 $2,062 $415 $1,815 $547 $659 $917 $166
Total 1P reserves / production Current 14.3 yrs NA 10.9 yrs 9.3 yrs 4.1 yrs 18.3 yrs 9.3 yrs 12.1 yrs 9.4 yrs 15.7 yrs 17.8 yrs 9.7 yrs 10.9 yrs
2020E 14.5 yrs NA 11.5 yrs 8.7 yrs 4.4 yrs 17.0 yrs 7.8 yrs 12.3 yrs 8.7 yrs 14.3 yrs 16.0 yrs NA 11.9 yrs
Proved Developed Value $825 NA $475 $850 $550 $2,062 $275 $200 $200 $75 $150 $25
Net Acres (in 000's) 2,164 24 512 24 153 7,800 144 115 72 21 342 NA
Production metrics:
Latest production (mboed) 123.0 13.6 58.0 26.1 46.2 84.1 12.8 31.3 9.6 4.8 25.2 1.8
% Oil 63% 47% 97% 63% 27% 1% 25% 89% 58% 50% 38% 85% 54%
% NGLs 12% - - 20% - 9% 12% 1% 15% 20% 15% - 10%
% Gas 26% 53% 3% 17% 73% 90% 63% 10% 27% 30% 48% 15% 29%
20E - 21E production growth % 2% 21% (3%) 8% (8%) (5%) 9% 2% 10% 17% (11%) NA 2%
21E - 22E production growth % NA 22% (4%) 13% (9%) (7%) 3% (2%) NA 21% NA NA 1%
Cash flow yield:

2020E (39%) NA 41% 49% 21% 39% 17% 45% 17% 20% 48% NA 30%
2021E NA NA 31% 56% 21% 35% 21% 14% 19% 25% 34% NA 25%
Current price to:

Cash flow 2020E 0.5x 9.2x 0.7x 6.4x 5.1x NA 5.9x 0.8x 8.0x 5.7x 0.5x 2.4x 5.1x
2021E 0.5 7.7 1.1 5.0 5.8 NA 4.9 1.1 7.8 4.2 0.8 3.1 4.2

EBITDAX 2020E 8.6x 8.4x 6.7x 7.9x 6.6x 4.8x 11.0x 2.5x 6.6x 9.1x 4.0x 1.7x 6.6x
2021E 10.1 7.1 9.4 6.9 8.2 5.7 9.3 3.6 5.1 7.1 5.7 2.2 7.0
Total 1P reserves ($/boe) (6:1) $9.33 NA $10.99 $26.92 $30.05 $1.82 $23.57 $4.34 $15.70 $12.52 $1.94 $4.71 $10.99
(16:1) 10.43 NA 11.12 30.31 56.47 3.98 36.51 4.49 19.47 15.85 2.56 5.04 11.12
Proved developed reserves ($/boe) (6:1) $12.20 NA $12.23 $34.55 $33.79 $1.82 $25.10 $7.40 $28.93 $42.00 $2.43 $8.58 $12.23
(16:1) 13.78 NA 12.38 39.30 61.29 3.98 39.10 7.75 35.81 54.88 3.26 9.19 13.78
2020E production ($/boed) (6:1) $49,483 $166,829 $46,263 $85,263 $48,689 $11,349 $66,815 $19,486 $49,708 $65,504 $11,335 NA $49,483
(16:1) 58,672 202,235 46,936 94,832 87,349 25,686 106,089 20,817 59,845 80,635 17,239 NA 59,845
2021E production ($/boed) (6:1) $48,561 $137,783 $47,568 $78,894 $52,944 $11,985 $61,327 $19,120 $45,367 $55,995 $12,770 NA $48,561
(16:1) 57,197 166,952 48,274 87,686 93,859 27,125 97,564 20,278 54,510 68,930 20,922 NA 57,197
PV-10% Pre-tax 0.9x NA 1.0x 1.8x 2.4x 0.5x 2.5x 0.3x 1.0x 0.5x 0.3x 0.2x 0.9x
Adj. EV / Net Acres ($/acre) $2,396 $129,489 $4,018 $63,553 $9,871 ($133) $5,220 $3,479 $4,468 $13,222 $487 NA $4,619
Corporate Rating (Moody's / S&P) Caa1 / CCC+ NR / NR B3 / CCC+ Ba3 / BBB- NR / NR NR / NR NR / NR B3 / B NR / NR NR / NR NR / NR NR / NR
Type Senior Unsec. NA Senior Sub. Senior Unsec. NA NA NA Senior Unsec. NA NA NA NA
Issue rating Caa3 / CC NA Caa2 / CCC- B1 / BBB- NA NA NA B3 / B+ NA NA NA NA
Par amount $100 NA $136 $500 NA NA NA $400 NA NA NA NA
Coupon 5.500% NA 4.625% 5.375% NA NA NA 7.000% NA NA NA NA
Maturity 9/15/2021 NA 7/15/2023 11/1/2027 NA NA NA 2/15/2026 NA NA NA NA

Current price $12.50 NA $17.50 $83.45 NA NA NA $61.71 NA NA NA NA $39.60
Current YTW 225.026% NA 74.374% 8.347% NA NA NA 17.669% NA NA NA NA 46.022%
Current Z-spread 22,447 NA 7,374 749 NA NA NA 1,690 NA NA NA NA 4,532
Credit statistics:
Total liquidity $334 $304 $1 $682 $264 $215 $76 $391 $231 $70 $163 $1
Total debt to:
Capitalization 91% - 62% 21% 26% 40% 16% 29% - 13% 40% - 24%
EBITDAX LTM 4.4x - 3.9x 2.1x 1.0x 2.3x 1.8x 1.3x - 0.5x 3.1x - 1.6x
Production ($/boed) LTM $40,463 - $40,430 $22,542 $8,531 $7,403 $11,384 $12,859 - $5,322 $11,331 - $9,931
Reserves ($/boe) Total 1P $7.73 NA $10.19 $6.62 $5.75 $1.11 $3.35 $2.90 - $1.37 $1.75 - $2.90
Prv. dev. 10.11 NA 11.33 8.50 6.46 1.11 3.57 4.95 - 4.60 2.18 - 4.60
Pre-tax PV-10% to total debt 1.4x NA 1.1x 2.2x 2.2x 3.3x 2.8x 4.5x NA 17.3x 3.2x NA 2.8x
Net debt to net capitalization 91% (146%) 62% 21% 26% 40% 17% 29% (7%) 12% 40% (1%) 23%
LTM cash operating cost ($/boe) Unlevered $28.08 $13.12 $32.83 $3.15 $6.83 $8.27 $6.87 $33.40 $8.61 $6.32 $22.94 $19.80 $10.87
Levered 36.50 13.12 38.39 5.83 6.83 8.27 8.16 36.76 10.68 7.23 24.77 19.80 11.90
EBITDAX interest coverage LTM 2.9x NA 5.1x 13.1x NA NA 13.9x 9.4x 13.9x 35.2x 5.5x NA 11.2x
34
E&P Trading Comps
Yield Focused Operators (Cont’d)
Source: FactSet
35
E&P Trading Comps
E&P Trading Comp Universe
EV / 2020E EBITDAX
Median: 2.9x
KRP 11.5x
TPL 9.0x
CRC 8.6x
COG 8.3x
BSM 6.7x
VNOM 6.5x
FLMN 6.3x
MNRL 5.9x
LLEX 5.8x
RRC 5.2x
DGOC 5.1x
CNX 4.9x
CRK 4.7x
DNR 4.6x
EQT 4.5x
NBL 4.4x
CXO 4.1x
GPOR 4.0x
REI 3.9x
SWN 3.9x
ROSE 3.7x
WLL 3.7x
XOG 3.7x
OAS 3.5x
LONE 3.4x
HPR 3.3x
FANG 3.2x
WTI 3.2x
AR 3.2x
PXD 3.1x
BRY 2.9x
MTDR 2.9x
SM 2.8x
CPE 2.8x
CHAP 2.7x
DVN 2.7x
SNDE 2.7x
CLR 2.6x
PE 2.5x
MUR 2.5x
KOS 2.5x
MR 2.5x
QEP 2.5x
MRO 2.5x
MGY 2.4x
XEC 2.4x
TALO 2.3x
CPG 2.3x
SBOW 2.3x
LPI 2.3x
CDEV 2.2x
OVV 2.2x
PRT 2.1x
PDCE 2.0x
GDP 2.0x
NOG 1.9x
PVAC 1.8x
WPX 1.7x
ESTE 1.7x
BCEI 1.4x
AXAS 1.2x
– 5.0x 10.0x 15.0x 20.0x
Appalachia Focused Bakken Focused Diversified Gas Focused Diversified Oil Focused
Eagle Ford Focused Gulf of Mexico Focused MidCon Focused Permian Focused - Delaware
Permian Focused - Midland Permian Focused - Other Rockies Focused Yield Focused
Median
Source: FactSet
36
E&P Trading Comps
E&P Trading Comp Universe
EV / 2020E Production (6:1 Mboe)
Median: $21,769
TPL $179,541
VNOM $83,713
KRP $72,474
FLMN $67,843
BSM $50,587
CRC $49,831
MNRL $49,634
DNR $45,950
CXO $39,181
ROSE $36,171
REI $35,888
LLEX $33,341
KOS $32,846
PXD $32,186
NBL $30,711
CPE $29,027
LONE $28,850
OAS $28,042
HPR $27,019
PE $26,147
WLL $25,061
SNDE $24,234
BRY $23,264
CLR $23,054
SM $22,601
TALO $22,600
XOG $22,444
QEP $22,330
PVAC $21,866
FANG $21,810
MGY $21,728
MUR $21,714
NOG $20,856
COG $19,387
MRO $18,322
DVN $18,313
CPG $17,286
ESTE $17,100
CNX $16,978
CDEV $16,880
CRK $16,821
WTI $16,736
WPX $14,525
PDCE $13,809
SBOW $13,560
CHAP $13,286
OVV $12,576
XEC $12,418
DGOC $11,505
LPI $11,055
GPOR $10,931
AXAS $10,885
EQT $10,189
BCEI $10,133
RRC $9,908
MTDR $8,955
SWN $7,953
MR $7,538
AR $6,988
GDP $6,152
– $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Appalachia Focused Bakken Focused Diversified Gas Focused Diversified Oil Focused
Eagle Ford Focused Gulf of Mexico Focused MidCon Focused Permian Focused - Delaware
Permian Focused - Midland Permian Focused - Other Rockies Focused Yield Focused
Median
Source: FactSet
37
III. OFS Trading Comps
OFS Trading Comps
Equity Comps
Stock Price Enterprise Value /
% 52
% Week Market Total Enterprise LTM 2020E 2021E 2022E
(in $ in millions except as indicated) 3/13/2020 12/13/2019 Change High Cap Debt Value EBITDA EBITDA EBITDA EBITDA
Offshore Drilling
Borr Drilling Ltd. $0.60 $7.98 (93%) 4% $66 $1,586 $1,505 NM 13.6x 6.4x 4.1x
Diamond Offshore 3.76 6.14 (39%) 30% 522 1,976 2,342 29.1x 35.5x 22.7x 13.7x
Valaris 0.82 5.33 (85%) 4% 163 6,048 6,112 NM 28.3x 12.8x 7.0x
Noble Corporation 0.29 0.93 (69%) 9% 73 3,842 3,810 7.1x 13.1x 10.3x 8.5x
Pacific Drilling 0.75 3.20 (77%) 5% 58 1,074 847 NM NM NM 7.2x
Seadrill Limited 0.73 1.39 (47%) 7% 73 6,862 5,611 23.5x 28.2x 15.3x 6.4x
Shelf Drilling 0.99 1.97 (50%) 20% 138 909 1,001 6.5x 3.8x 3.5x 3.0x
Transocean 1.55 6.09 (75%) 16% 960 9,261 9,014 11.4x 9.1x 7.9x 6.7x
Offshore Drilling Mean 15.5x 18.8x 11.3x 7.1x
Offshore Transportation
Era Group $6.67 $9.44 (29%) 54% $142 $160 $188 5.1x 2.3x 0.8x NM
SEACOR Marine Holdings Inc. 6.56 13.13 (50%) 43% 146 398 472 12.3x NM NM NM
Tidewater 6.68 17.01 (61%) 27% 271 289 338 6.5x 4.2x 3.2x NM
Offshore Transportation Mean 8.0x 3.3x 2.0x NM
Onshore Drilling
Helmerich & Payne $17.51 $42.09 (58%) 27% $1,938 $479 $2,005 2.6x 3.3x 3.3x 3.4x
Independence Contract Drilling 1.21 20.40 (94%) 2% 8 130 128 2.2x 4.5x 3.9x 2.5x
Nabors Industries 0.37 2.47 (85%) 9% 140 3,333 3,520 4.2x 4.5x 4.4x 4.4x
Patterson-UTI Energy 2.46 10.05 (76%) 15% 480 1,003 1,309 2.2x 3.7x 3.2x 3.1x
Precision Drilling Corporation 0.45 1.30 (65%) 15% 134 1,068 1,149 3.7x 4.3x 4.2x 3.6x
Onshore Drilling Mean 3.0x 4.1x 3.8x 3.4x
Sand Focused
Covia Holdings Corp. $0.90 $1.73 (48%) 12% $121 $1,619 $1,401 8.1x 12.4x 13.6x NM
Hi-Crush Inc. 0.33 0.69 (52%) 7% 34 448 424 6.3x 7.3x 6.0x NM
Smart Sand 1.03 2.62 (61%) 22% 47 34 79 0.9x 2.1x 3.3x 1.6x
U.S. Silica 1.26 5.37 (77%) 7% 95 1,232 1,153 4.0x 7.2x 5.9x 4.3x
Sand Focused Mean 4.8x 7.2x 7.2x 2.9x
Production & Well Services

Basic Energy Services $0.08 $0.21 (61%) 2% $2 $327 $293 9.4x NM NM NM
Civeo Corp 0.71 1.03 (31%) 28% 126 357 573 5.2x 5.3x 4.5x NM
FRANK's International 2.98 5.64 (47%) 44% 682 – 485 8.4x 5.2x 4.4x NM
KLX Energy Services 1.45 6.48 (78%) 5% 34 243 184 1.9x 2.9x NM NM
Mammoth Energy Services 0.70 1.66 (58%) 3% 32 80 106 1.4x 10.6x 3.8x NM
Newpark Resources 1.25 5.86 (79%) 13% 115 160 226 2.8x 3.4x 2.4x NM
Nine Energy Services 0.95 6.56 (86%) 4% 29 395 331 2.9x 6.5x 5.4x 3.5x
Quintana Energy Services Inc. 1.47 2.90 (49%) 28% 52 29 67 2.4x 2.2x 2.9x NM
Ranger Energy Services 4.77 7.00 (32%) 54% 78 51 122 2.4x 3.2x 2.3x 2.4x
Select Energy Services 3.39 8.90 (62%) 27% 355 0 276 1.5x 1.9x 1.9x NM
Solaris Oilfield Infrastructure 5.47 13.15 (58%) 28% 256 0 189 1.7x 2.2x 2.1x 2.0x
Superior Energy Services 1.81 3.31 (45%) 3% 266 1,286 1,292 4.3x 5.7x 5.4x 4.5x
Target Hospitality 1.77 4.37 (59%) 15% 187 405 586 3.7x 4.0x 3.9x 3.9x
Tervita Corporation 3.62 5.68 (36%) 60% 423 578 984 5.4x 6.3x 5.8x 6.3x
TETRA Technologies 0.42 1.37 (69%) 16% 53 858 1,005 5.9x 6.5x 5.7x NM
Production & Well Services Mean 4.0x 4.7x 3.9x 3.8x
Pressure Pumping
Calfrac Well Services $0.21 $0.80 (74%) 7% $30 $777 $775 6.5x 11.4x 8.4x 8.6x
FTS International 0.28 1.03 (73%) 2% 31 457 265 2.1x 2.2x 2.1x 1.2x
NexTier Oilfield Solutions 1.18 6.37 (81%) 9% 252 347 344 1.1x 2.2x 1.6x 0.7x
Liberty Oilfield Services 2.98 10.62 (72%) 17% 342 155 384 1.4x 1.8x 1.6x 1.3x
ProPetro 3.76 10.00 (62%) 15% 378 165 463 1.0x 1.2x 1.2x 1.3x
RPC Inc 2.05 4.43 (54%) 16% 445 – 395 2.1x 3.5x 3.0x 2.3x
U.S. Well Services Inc. 0.45 1.38 (67%) 5% 32 315 345 2.9x 5.7x 4.7x NM
Pressure Pumping Mean 2.4x 4.0x 3.2x 2.6x
Source: FactSet, company filings, and I/B/E/S consensus estimates

39
OFS Trading Comps
Equity Comps (Cont’d)
Stock Price % 52 Enterprise Value /
% Week Market Total Enterprise LTM 2020E 2021E 2022E
(in $ in millions except as indicated) 3/13/2020 12/13/2019 Change High Cap Debt Value EBITDA EBITDA EBITDA EBITDA
Equipment Manufacturers
Apergy Corp $6.66 $28.92 (77%) 15% $522 $565 $1,055 4.6x 4.6x 4.3x 1.5x
Cactus Wellhead 12.85 32.48 (60%) 32% 976 11 784 3.5x 3.6x 3.5x 3.2x
DMC Global Inc. 22.38 52.71 (58%) 29% 338 14 332 3.5x 6.0x 5.0x NM
Dril-Quip 31.63 45.51 (30%) 56% 1,155 – 756 13.6x 10.4x 8.0x 6.6x
Flowserve 25.72 48.41 (47%) 47% 3,410 1,378 4,143 7.9x 7.1x 6.5x 6.2x
Forum Energy Technologies 0.43 1.66 (74%) 6% 51 400 393 5.4x 6.7x 5.6x 4.0x
Gardner Denver Holdings, Inc. 23.00 35.54 (35%) 59% 4,808 1,611 5,913 9.8x 10.9x 10.0x 9.2x
National Oilwell Varco 10.18 23.80 (57%) 35% 3,993 2,269 5,159 5.8x 5.3x 4.7x 4.1x
NCS Multistage Holding 0.90 2.20 (59%) 16% 44 13 65 2.3x 3.2x 2.5x NM
Oil States International, Inc. 2.42 16.62 (85%) 11% 149 248 388 3.9x 4.3x 3.3x 2.8x
Equipment Manufacturers Mean 6.0x 6.2x 5.3x 4.7x
Large Diversified
Baker Hughes $12.73 $23.64 (46%) 44% $13,294 $6,622 $16,667 5.2x 5.0x 4.4x 3.9x
Halliburton 7.15 23.99 (70%) 22% 6,549 10,316 14,610 3.8x 4.2x 3.9x 3.8x
Schlumberger 16.16 39.00 (59%) 33% 22,565 15,294 36,108 5.2x 5.7x 5.3x 4.9x
Large Diversified Mean 4.7x 4.9x 4.5x 4.2x

40
OFS Trading Comps
Offshore Drilling
Offshore Transportation
Source: FactSet
41
OFS Trading Comps
One Year Equity Trading History (Cont’d)
Onshore Drilling
Sand Focused
Source: FactSet
42
OFS Trading Comps
Production & Well Services
Pressure Pumping
Source: FactSet
43
OFS Trading Comps
Equipment Manufacturers
Large Diversified
Source: FactSet
44
OFS Trading Comps
High Yield Debt Comps
Maturity Issue 3/13/2020 Total Debt / EBITDA EBITDA / Interest
Issuer Date Amount Security Coupon Rating Price YTM YTW LTM 2020E 2021E LTM 2020E 2021E
Apergy Corp 5/1/2026 $300 Senior Unsecured 6.375% B1 / B $101.77 6.023% 5.883% 2.4x 2.5x 2.3x 8.2x 8.2x 8.8x
Transocean 10/15/2024 412 Senior Secured 7.750% NR / B 93.00 11.200% 11.200% 11.7x 9.4x 8.2x 1.4x 1.7x 2.0x
Transocean 12/1/2024 412 Senior Secured 6.250% NR / B 87.50 11.307% 11.307% 11.7x 9.4x 8.2x 1.4x 1.7x 2.0x
Transocean 2/1/2027 57 Senior Unsecured 8.000% Caa2 / B- 52.30 23.876% 23.876% 11.7x 9.4x 8.2x 1.4x 1.7x 2.0x
Welltec 12/1/2022 340 Senior Secured 9.500% B2 / B- 94.63 11.854% 11.854% NA NA NA NA NA NA
Precision Drilling Corporation 12/15/2021 91 Senior Unsecured 6.500% B2 / BB- 90.00 13.029% 13.029% 3.5x 4.0x 3.9x 4.0x 3.5x 3.5x
Shelf Drilling 2/15/2025 889 Senior Unsecured 8.250% Caa1 / B- 76.00 15.353% 15.353% 5.9x 3.5x 3.1x 2.1x 3.6x 3.9x
Target Hospitality 3/15/2024 340 Senior Secured 9.500% B2 / B 80.00 16.517% 16.517% 2.5x 2.8x 2.7x 4.4x 4.0x 4.1x
Vantage Drilling International 11/15/2023 350 Senior Secured 9.250% Caa1 / B 72.50 20.180% 20.180% 0.7x NA NA 15.0x NA NA
TETRA Technologies 8/15/2022 291 Senior Unsecured 7.250% Caa2 / CCC+ 75.17 20.779% 20.779% 5.1x 5.5x 4.8x 2.7x 2.5x 2.8x
Nabors Industries 1/15/2028 400 Senior Unsecured 7.500% NR / BB- 48.75 23.376% 23.376% 4.0x 4.3x 4.1x 5.7x 5.3x 5.4x
Nabors Industries 1/15/2026 600 Senior Unsecured 7.250% Ba2 / BB- 47.00 24.929% 24.929% 4.0x 4.3x 4.1x 5.7x 5.3x 5.4x
Nabors Industries 2/1/2025 782 Senior Unsecured 5.750% B1 / B+ 27.00 39.391% 39.391% 4.0x 4.3x 4.1x 5.7x 5.3x 5.4x
KLX Energy Services 11/1/2025 250 Senior Secured 11.500% B3 / B- 61.00 24.617% 24.617% 2.5x 3.8x NA 3.4x 2.2x NA
Basic Energy Services 10/15/2023 300 Senior Secured 10.750% Caa2 / CCC+ 63.00 27.584% 27.584% 10.5x NA NA 0.9x NA NA
KCA Deutag Alpha Limited 4/1/2023 400 Senior Secured 9.625% Caa1 / CCC+ 55.00 38.028% 38.028% 10.6x NA NA 1.4x NA NA
Forum Energy Technologies 10/1/2021 400 Senior Unsecured 6.250% B3 / B- 62.57 38.431% 38.431% 5.5x 6.9x 5.7x 2.9x 2.3x 2.8x
Valaris 6/15/2025 329 Senior Unsecured 7.375% Caa2 / B- 50.00 42.071% 42.071% NA 28.0x 12.7x 0.3x 0.6x 1.3x
Pacific Drilling 10/1/2023 748 Senior Secured 8.375% Caa1 / B 45.75 42.293% 42.293% NA NA NA NA NA 0.1x
Pacific Drilling 4/1/2024 326 Senior Secured 11.000% Caa3 / CCC- 15.00 96.166% 96.166% NA NA NA NA NA 0.1x
Hi-Crush Inc. 8/1/2026 450 Senior Unsecured 9.500% Caa2 / CCC+ 26.00 46.248% 46.248% 6.6x 7.7x 6.4x 1.6x 1.4x 1.6x
Superior Energy Services 9/15/2024 500 Senior Unsecured 7.750% Caa1 / B- 32.00 52.748% 52.748% 4.3x 5.6x 5.4x 3.5x 2.6x 2.8x
Superior Energy Services 12/15/2021 800 Senior Unsecured 7.125% Caa1 / CC 30.00 97.715% 97.715% 4.3x 5.6x 5.4x 3.5x 2.6x 2.8x
Calfrac Well Services 6/15/2026 650 Senior Unsecured 8.500% Caa3 / CC 19.00 55.791% 55.791% 6.5x 11.4x 8.4x 2.0x 1.1x 1.5x
FTS International 5/1/2022 370 Senior Secured 6.250% Caa2 / CCC+ 39.13 59.138% 59.138% 3.7x 3.8x 3.6x 4.4x 4.3x 4.6x
Nine Energy Services 11/1/2023 400 Senior Unsecured 8.750% B3 / B- 34.00 64.498% 64.498% 3.5x 7.7x 6.4x 3.2x 1.5x 1.7x
Max 11.7x 28.0x 12.7x 15.0x 8.2x 8.8x

Mean 5.3x 7.1x 5.5x 3.7x 3.0x 3.1x
Median 4.3x 5.5x 5.1x 3.0x 2.5x 2.8x
Min 0.7x 2.5x 2.3x 0.3x 0.6x 0.1x

45
IV. E&P Capital Markets Update
E&P Capital Markets Update
LTM U.S. E&P Equity Transactions
Shares offered (mm) Post-deal, incl. overallotment
Offer
Deal value price Overallotment Market value ($ In Gross fee Dilution
Pricing date Issuer name ($ mm) ($) Total Primary Deal type Bookrunner exercised? mm) Shares out (mm) range? % (disc) (%)
CS (52.35%); RJ (24.8%); RBC (7.62%); GS (5.71%);
1/9/2020 Kimbell Royalty Partners LP $78 $15.50 5.0 0.0 Follow-on No $533 30.7 4.00% 27.27%
UBS (5.71%)
12/11/2019 Brigham Minerals Inc 229 18.10 12.7 44.7 Follow-on CS (32.5%); GS (29.5%); RBC (10.5%) Yes 520 28.0 5.00% 129.75%
9/13/2019 Contango Oil & Gas Co 42 0.95 44.7 14.5 Follow-on COWEN (50%); INTRP (50%) No 79 79.2 6.00% 42.52%
CS (35%); GS (25%); BAR (7.5%); RBC (7.5%); UBS

4/17/2019 Brigham Minerals Inc 261 18.00 14.5 10.9 Initial Public Offering No 875 48.6 in range 2.50% 21.16%
(7.5%); WLF (7.5%)
Source: Dealogic and Stifel databases

47
LTM U.S. E&P Equity Transactions (Cont’d)
U.S. E&P Equity Capital Markets Activity 2015 - Current
Year Deal value ($mm) Deal count
Total value IPO Follow-on Bought Total count IPO Follow-on Bought
YTD $78 - $78 - 1 - 1 -
LTM $610 $261 $349 – 4 1 3 -
2019 882 261 621 - 4 1 3 -
2018 2,268 183 946 1,139 15 1 9 5
2017 8,956 474 2,718 5,764 19 1 7 11
2016 34,467 1,046 8,141 25,280 61 2 23 36
2015 16,644 5 5,673 10,967 43 1 14 28
2019 transactions value by type ($mm) 2019 transaction count by type (#)
$261 1
$621 3
IPO Follow-on
IPO Follow-on
LTM transaction value by type ($mm) LTM transaction count by type (#)
$261
$349
4
IPO Follow-on IPO Follow-on
Source: Dealogic and Stifel databases

48
LTM E&P Bond Transactions
Moody's S&P
Pricing Face Value Coupon Offer Price Years to Maturity
(1)
Date Issuer Deal Type ($mm) (%) (%) Maturity Date Issuer Launch Issuer Launch Use of proceeds
2/6/2020 Parsley Energy LLC Bond: HY $400 4.13% 100.0% 8.01 Feb 2028 Ba2 Ba3 BB BB Refinancing
1/15/2020 EQT Corp Bond: IG 1,000 6.13% 100.0% 5.03 Feb 2025 Ba1 Ba1 BBB- BBB- General Corporate Purposes
1/15/2020 EQT Corp Bond: IG 750 7.00% 100.0% 10.03 Feb 2030 Ba1 Ba1 BBB- BBB- General Corporate Purposes
1/9/2020 Laredo Petroleum Inc Bond: HY 600 9.50% 100.0% 5.02 Jan 2025 B1 B3 B+ B+ General Corporate Purposes
1/9/2020 Laredo Petroleum Inc Bond: HY 400 10.13% 100.0% 7.97 Jan 2028 B1 B3 B+ B+ General Corporate Purposes
1/8/2020 Range Resources Corp Bond: HY 550 9.25% 100.0% 6.02 Feb 2026 Ba3 B1 BB BB Refinancing
1/7/2020 WPX Energy Inc Bond: HY 900 4.50% 100.0% 10.01 Jan 2030 Ba3 B1 BB- BB- Acquisitions
General Corporate Purposes

11/20/2019 Diamondback Energy Inc Bond: IG 1,000 2.88% 100.0% 4.99 Dec 2024 Ba1 Ba1 BBB- BBB-
Refinancing
11/20/2019 Diamondback Energy Inc Bond: IG 800 3.25% 99.9% 6.99 Dec 2026 Ba1 Ba1 BBB- BBB-
Refinancing
11/20/2019 Diamondback Energy Inc Bond: IG 1,200 3.50% 99.7% 9.99 Dec 2029 Ba1 Ba1 BBB- BBB-
Refinancing
11/13/2019 Murphy Oil Corp Bond: HY 550 5.88% 100.0% 8.01 Dec 2027 Ba2 Ba2 BB+ BB+ Refinancing
11/12/2019 Endeavor Energy Resources LP Bond: HY 500 5.75% 104.0% 8.21 Jan 2028 Ba3 BB- General Corporate Purposes
10/10/2019 Viper Energy Partners LP Bond: HY 500 5.38% 100.0% 8.04 Nov 2027 B1 BB+ BB+ Refinancing
9/24/2019 Noble Energy Inc Bond: IG 500 3.25% 100.0% 10.04 Oct 2029 Baa3 Baa3 BBB BBB Repay Debt
9/24/2019 Noble Energy Inc Bond: IG 500 4.20% 99.9% 30.04 Oct 2049 Baa3 Baa3 BBB BBB Repay Debt

9/10/2019 WPX Energy Inc Bond: HY 600 5.25% 100.0% 8.06 Oct 2027 Ba3 B1 BB- BB-
Repay Debt
8/6/2019 Occidental Petroleum Corp Bond: IG 500 3-mth Libor +95 100.0% 1.50 Feb 2021 Baa3 Baa3 A A Acquisitions
8/6/2019 Occidental Petroleum Corp Bond: IG 500 3-mth Libor +125 100.0% 2.01 Aug 2021 Baa3 Baa3 A A Acquisitions
8/6/2019 Occidental Petroleum Corp Bond: IG 1,500 2.60% 99.9% 2.01 Aug 2021 Baa3 Baa3 A A Acquisitions
8/6/2019 Occidental Petroleum Corp Bond: IG 1,500 3-mth Libor +145 100.0% 3.02 Aug 2022 Baa3 Baa3 A A Acquisitions
8/6/2019 Occidental Petroleum Corp Bond: IG 750 4.30% 99.5% 20.02 Aug 2039 Baa3 Baa3 A A Acquisitions
8/6/2019 Occidental Petroleum Corp Bond: IG 750 4.40% 98.5% 30.02 Aug 2049 Baa3 Baa3 A A Acquisitions
General Corporate Purposes;

6/5/2019 Apache Corp Bond: IG 600 4.25% 99.8% 10.57 Jan 2030 Baa3 Baa3 BBB BBB
Refinancing
General Corporate Purposes;
6/5/2019 Apache Corp Bond: IG 400 5.35% 99.4% 30.03 Jul 2049 Baa3 Baa3 BBB BBB
Refinancing
3/21/2019 Kosmos Energy Ltd Bond: HY 650 7.13% 100.0% 7.00 Apr 2026 B+ BB- Refinancing
Source: Dealogic and Stifel Databases

(1) HY and IG denote high-yield and investment grade, respectively
49
LTM E&P Bond Transactions (Cont’d)
U.S. E&P Debt Capital Markets Activity 2015 - Current
Year Deal value Deal count
Total value High Yield Investment Grade Convertible Total count High Yield Investment Grade Convertible
YTD $7,350 $3,850 $3,500 - 7 5 2 -
LTM 29,150 $6,650 $22,500 - 29 10 19 -
2019 23,300 3,800 19,500 - 25 7 18 -
2018 20,205 15,005 5,200 - 32 28 4 -
2017 50,962 31,412 19,550 - 61 51 10 -
2016 46,536 12,286 34,250 - 41 26 15 -
2015 53,581 19,375 34,200 6 53 32 20 1
2019 transactions value by type ($mm) 2019 transaction count by type (#)
$3,800
18
$19,500
High Yield Investment Grade High Yield Investment Grade
LTM transaction value by type ($mm) LTM transaction count by type (#)
$6,650
10
$22,500 19
High Yield Investment Grade High Yield Investment Grade

Source: Dealogic and Stifel Databases
50
V. E&P M&A Activity Update
E&P M&A Activity Update
LTM U.S. E&P transactions
NYMEX 12-Month
Proved Daily Net TTV / Strip Prices
TTV Reserves Production Acres Proved Reserves Production Net Acres Gas Oil
Date Buyer Seller US Region ($mm) (mmboe) (boed) ($/boe) ($/boed) ($/acre) ($/Mmbtu) ($/bbl)
2/4/2020 Alpine Energy Capital Approach Operating LLC Permian $193 180.1 9,380 113,000 $1.07 $20,522 $1,704 $1.89 $49.80
Springbok Energy Partners LLC, Springbok Energy Partners II
1/9/2020 Kimbell Royalty Partners LP Multi Region $175 2,533 2,160 $69,088 $81,019 $2.32 $57.86
LLC
12/31/2019 BCE-Mach III LLC Alta Mesa Resources Midcontinent $225 69.1 35,100 128,000 $3.25 $6,403 $1,756 $2.33 $58.78
12/17/2019 Banpu Public Co Ltd Devon Energy Midcontinent $770 666.7 99,500 300,000 $1.15 $7,739 $2,567 $2.31 $58.44
12/16/2019 WPX Energy Felix Energy Holdings II LLC Permian $2,500 60,000 58,500 $41,667 $42,735 $2.33 $58.23
ILX Holdings, ILX Holdings II, ILX Holdings III, Castex Energy
12/10/2019 Talos Energy Gulf of Mexico $640 43.5 19,000 $14.71 $33,684 $2.29 $57.27
2014 LLC, Castex Energy 2016 LP, Venari Resources LLC
12/10/2019 DowDuPont Inc Devon Energy Midcontinent $100 $2.29 $57.27
ILX Holdings, ILX Holdings II, ILX Holdings III, Castex Energy
12/10/2019 Talos Energy Gulf of Mexico $640 43.5 19,000 $14.71 $33,684 $2.29 $57.27
2014 LLC, Castex Energy 2016 LP, Venari Resources LLC
12/9/2019 YTEF Drilling Capital LLC Bayswater Exploration & Production LLC Rockies $125 $2.27 $57.00
12/6/2019 Revolution Resources LLC Jones Energy II Inc Midcontinent $202 68.0 21,400 170,000 $2.96 $9,416 $1,185 $2.31 $57.03
HighPeak Energy Holdings LLC, Grenadier Energy Partners II
11/27/2019 Pure Acquisition Corp Permian $1,575 672.0 12,000 73,000 $2.34 $131,250 $21,575 $2.51 $55.94
LLC
11/13/2019 Undisclosed Buyer Occidental Petroleum Multi Region $200 $2.51 $55.94
11/7/2019 Repsol Equinor Gulf Coast $325 34,000 69,000 $9,559 $4,710 $2.55 $55.45
11/6/2019 Marathon Oil Rocky Creek Resources LLC, Delago Resources LLC Gulf Coast $185 7,000 18,000 $26,429 $10,278 $2.57 $54.73
11/5/2019 Laredo Petroleum Stronghold Resource Partners LLC Permian $130 7,360 $17,697 $2.59 $55.77
10/21/2019 Heritage Resources Inc Range Resources Corp Eastern $150 1,630 1,750 $92,025 $85,714 $2.42 $52.82
10/14/2019 Parsley Energy Jagged Peak Energy Permian $2,270 118.9 38,259 78,000 $19.09 $59,332 $29,103 $2.36 $54.05
10/1/2019 Citizen Energy III LLC Roan Resources LLC Midcontinent $1,014 306.0 50,800 182,000 $3.31 $19,964 $5,572 $2.40 $52.35
9/27/2019 Contango White Star Petroleum LLC Midcontinent $133 84.4 15,000 314,800 $1.57 $8,833 $421 $2.43 $54.14
9/13/2019 Viper Energy Partners LP Santa Elena Minerals LP Permian $153 1,400 1,358 $109,395 $112,778 $2.58 $53.45
9/3/2019 Spur Energy Partners LLC Concho Resources Inc Permian $925 25,000 70,000 $37,000 $13,214 $2.41 $52.42
8/28/2019 Scout Energy Partners Riviera Resources Inc Midcontinent $295 128.5 17,333 1,000,000 $2.30 $17,020 $295 $2.37 $54.24
8/27/2019 Hilcorp Energy Co BP Alaska $5,600 74,000 $75,676 $2.33 $54.10
8/26/2019 PDC SRC Energy Inc Rockies $1,700 305.7 60,800 86,000 $5.56 $27,961 $19,767 $2.36 $52.45
7/31/2019 Ecopetrol Oxy Permian $1,500 47,530 $31,559 $2.43 $57.03
7/30/2019 Viper Energy Partners LP Diamondback Energy Permian $700 4,000 5,090 $175,000 $137,525 $2.37 $57.48
7/29/2019 Osaka Gas Sabine Oil & Gas Corp Ark-La-Tex $610 35,000 66,768 $17,429 $9,136 $2.32 $56.47
7/19/2019 Franco Nevada Corp; Undisclosed Buyer Range Resources Corp Eastern $600 6,333 7,000 $94,742 $85,714 $2.41 $55.53
7/15/2019 Callon Carrizo Multi Region $3,200 329.4 64,700 46,000 $9.71 $49,459 $69,565 $2.52 $58.46
7/8/2019 NextEra Energy Inc EnCana Midcontinent $165 12,833 140,000 $12,857 $1,179 $2.53 $56.97
6/28/2019 Oil Search Armstrong Oil & Gas Inc; GMT Exploration Co LLC Alaska $450 $2.46 $57.22
6/27/2019 W&T Offshore ExxonMobil Gulf of Mexico $200 74.0 19,800 $2.70 $10,101 $2.47 $58.17
6/24/2019 Alliance Resource Partners LP Wing Resources LLC; Wing Resources II LLC Permian $145 460 1,125 $315,217 $128,889 $2.44 $56.79
6/10/2019 Comstock Covey Park Energy LLC Ark-La-Tex $2,185 490.0 117,500 248,830 $4.46 $18,596 $8,781 $2.52 $53.51
5/13/2019 Equinor ASA Shell Gulf of Mexico $965 15,400 $62,662 $2.74 $60.38
5/7/2019 Sabinal Energy LLC; Undisclosed Buyer Diamondback Energy Permian $322 6,500 6,589 $49,538 $48,869 $2.69 $60.61
5/6/2019 Midstates Petroleum Co Inc Amplify Energy Corp Multi Region $512 140.2 23,750 193,377 $3.65 $21,575 $2,650 $2.66 $61.78
5/2/2019 Undisclosed Buyer California Resources Corp West Coast $203 2,307 $88,000 $2.72 $60.88
4/24/2019 Oxy Anadarko Multi Region $57,000 1,473.0 701,000 240,000 $38.70 $81,312 $237,500 $2.67 $64.41
4/23/2019 Murphy LLOG Bluewater LLC Gulf of Mexico $1,375 66.0 38,000 $20.83 $36,184 $2.65 $64.70
4/22/2019 Northern Oil and Gas Flywheel Energy LLC Rockies $310 6,600 18,000 $47,014 $17,238 $2.71 $64.43
4/17/2019 Public Brigham Minerals LLC Multi Region $300 $2.71 $63.30
4/12/2019 Chevron Anadarko Multi Region $50,000 1,473.0 701,000 240,000 $33.94 $71,327 $208,333 $2.84 $63.23
4/11/2019 Delek Group Shell Gulf of Mexico $965 15,449 $62,464 $2.85 $63.06
4/8/2019 Sequitur Energy Resources LLC Callon Permian $260 4,000 9,850 $65,000 $26,396 $2.87 $63.16
3/31/2019 Red Wolf Natural Resources LLC Apache Midcontinent $245 13,300 56,000 $18,421 $4,375 $2.86 $60.24
3/27/2019 Diversified Gas & Oil Plc HG Energy II LLC Eastern $400 20,657 $19,364 $2.90 $59.56
Source: 1Derrick
52
VI. PDP Value Estimation
PDP Value Estimation
Illustrative PDP Value Calculation
1 Calculation of Legacy Reserve Cash Flows
Legacy Reserve Cash Flows
($ in millions) Revenue OPEX Operating CF
Prv. Dev. Reserves C $1,200 ($200) $1,000 A
Undev. Reserves 1,800 (300) 1,500
Total B $3,000 ($500) $2,500
A PDP operating CF is the B Total revenue and OPEX are C PDP revenue is estimated as using the
PV0% of the PDP reserves the future cash inflows and same percentage that PDP operating CF
as reported in the Company future production costs from is of total operating CF. In this example,
reserve report the Company reported PDP operating CF is 40% of total
Standardized Measure operating CF (1,000/2,500 = 40%),
therefore PDP revenue is implied to be
$1,200 (40%*3,000)
2 Adjustment for Current Pricing

Oil (mmbbl) Gas (bcf) NGL (mmbbl) Total
Reserve composition: A 25.0 120.0 10.0 55.0
Price Decks WTI Henry Hub NGL Wtd. Avg. Price Price Adj.
($ per unit) ($/bbl) ($/mmBtu) ($/bbl) ($/boe) Factor
Current NYMEX Strip Deck $65.00 $2.80 $65.00 A $47.47
A
Reserve Report NYMEX Deck $51.34 $2.98 $51.34 $39.17 121.2% A
Reserve Report Realized Prices $50.00 $2.50 $20.00
Conversion ratio to boe 1.0x 20.0x 2.5x A A volume weighted average price is
calculated using the YE reported reserves on
both the SEC reserve and NYMEX strip price
3 Adjustment for Current Production deck. The NYMEX strip weighted average
price is divided by the SEC reserve deck
weighted average price to get a price
adjustment factor. This factor is used to adjust
Quarterly Production at FYE 12/31/17 Days in qtr
legacy reserve cash flows to get a pro-forma
Total Daily 92 PDP value
Oil prod (mmbbl) 5.0 54.3
NGL prod (mmbbl) 10.0 108.7 Current Daily Prod. Adj.
Gas prod (bcf) 2.0 21.7 Prod Levels Factor
Thermal Basis Prod (mmboe) 15.3 166.7 170.0 102.0%
A A
Economic Basis Prod (mmboe) 9.1 98.9 100.0 101.1%
A Production from Q4 is calculated on both an

economic and thermal basis. This is compared to
the most recent reported production, adjusted for
acquisitions and divestitures to calculate current
proforma production as a % of FYE production. This
production adjustment factor is used to adjust legacy
reserve cash flows
Note: For gas weighted comp universes, this calculation is done on an mcfe basis
PDNP reserves are classified as PDP for this calculation
54
PDP Value Estimation
Illustrative PDP Value Calculation cont.
4 Adjustment of Legacy Reserve Cash Flows to get PDP Value
Legacy Reserve Cash Flows
($ in millions) Revenue OPEX Operating CF
Prv. Dev. Reserves A $1,200 B ($200) $1,000
Undev. Reserves 1,800 (300) 1,500
Total $3,000 ($500) $2,500
Price Decks WTI Henry Hub NGL Wtd. Avg. Price Price Adj.
($ per unit) ($/bbl) ($/mmBtu) ($/bbl) ($/boe) Factor
From 2 Current NYMEX Strip Deck $65.00 $2.80 $65.00 $47.47
Reserve Report NYMEX Deck $51.34 $2.98 $51.34 $39.17 121.2% A
Quarterly Production at FYE 12/31/17 Current Daily Prod. Adj.

From 3 Total Daily Prod Levels Factor
Economic Basis Prod (mmboe) 9.1 98.9 100.0 101.1% A B
Reported Discounted Cash Flow Calculations at 12/31/17

($ in millions)
PV0% PV10% Discount factor
Prv. Dev. Reserves $1,000 $800 80% C
Undev. Reserves 1,000 700 70%
Total 1P Reserves $2,000 $1,500 75%
Pro-Forma PDP Cash Flows

($ in millions) PV0% PV10%
Revenue A $1,470 $1,176
C
OPEX B (202) (162)
Operating CF $1,268 $1,014
SF Est. Value of Prv. Dev. Reserves: D $1,025
A Legacy PDP revenue is multiplied by the B Legacy PDP OPEX is multiplied by the
pricing and production adjustment factors production adjustment factor calculated
calculated on the previous page in Steps in Step 3 on the previous page to get an
2 and 3 to get an estimated pro-forma estimated pro-forma PV0% PDP OPEX
PV0% PDP revenue
C Pro-forma PDP PV0% numbers are D Proforma estimated PDP PV10%

multiplied by the implied discount factor operating CF is rounded up to the
from the Company reserve report to get nearest $25mm
an estimated proforma PDP PV10%
operating CF
55

Energy Weekly Update

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Energy Weekly Update

Uploaded by

Copyright:

Available Formats

Energy Weekly Update

1000 Louisiana Street

I. E&P Recent Market Performance

Debt Indices: One Year Trading History

• Recent Market Performance

Stifel Basin Indices: Last Three Months Trading History

6m Range 6m Average Current Price Deck I/B/E/S Consensus Price Deck

Oil Strip Pricing

Current Forward Strip:

Source: FactSet, Bloomberg, I/B/E/S Consensus Price Median

52w range Current level

Oil Differentials: 30d Moving Average

Alaska North Slope Bakken Bonito Sour Heavy Louisiana Sweet

6m Range 6m Average Current Price Deck I/B/E/S Consensus Price Deck

Gas Strip Pricing

Current Forward Strip:

Henry Hub Performance:

Source: FactSet, Bloomberg, I/B/E/S Consensus Price Median

Appalachia Mean 2% 8% 57.7

Bakken Levered (page 14)

Bakken Mean 14% 36% 29.1

Diversified Gas (page 16)

Diversified Gas Mean 12% 19% 25.3

Diversified Oil (page 18)

Diversified Oil Mean 20% 23% 18.9

Eagle Ford Levered (page 20)

Eagle Ford Mean 9% (0%) 26.7

Gulf of Mexico Levered (page 22)

Gulf of Mexico Mean (2%) (9%) 12.2

Mid-Continent Levered (page 24)

Mid-Continent Mean (3%) 17% 33.9

Permian - Delaware Levered (page 26)

Permian - Delaware Mean (22%) 0% 19.9

Permian - Midland Levered (page 28)

Permian - Midland Mean 20% 43% 21.1

Permian - Other Levered (page 30)

Permian - Other Mean (13%) (20%) 21.5

Rockies Levered (page 32)

Rockies Mean (7%) (11%) 22.4

Yield Focused (page 34)

Yield Mean 25% 36% 16.2

Cash flow yield:

Current price to:

Enterprise value to:

Indicative note trading levels:

One Year Debt Trading History(1)

Cash flow yield:

Current price to:

Enterprise value to:

Indicative note trading levels:

One Year Debt Trading History(1)

Cash flow yield:

Current price to:

Enterprise value to:

Indicative note trading levels:

One Year Debt Trading History(1)

Cash Flow Yield:

Current Price to:

Enterprise value to:

Indicative note trading levels:

One Year Debt Trading History(1)

Cash flow yield:

Current price to:

Enterprise value to: