1
April 24, 2017
Oil staged a decline last week despite DOE inventories showing an overall decline right in line with
expectations (reduction of 1 million barrels). Exports from Iran appear to have picked up in April, with the
first half of the month showing an increase of 158 mbo/d. The near-term contract closed the week down
$3.56, or 6.7%, at $49.62
Natural gas declined last week as weather remains mild and lacks any last ditch cold run. On the
supply/demand front, Mexico exports have tumbled over the past few days due to maintenance on the
NET Mexico pipeline (2.1 bcf/d capacity) and work at the Agua Dulce compressor station. The near-term
contract closed the week down $0.13, or 3.9%, at $3.10
Debt
Markets
Energy Week in Review
S&P E&P(2) underperformed last week (3.3%) vs. SPX(2) 0.9%
U.S. Markets closed higher this week as investors continue to digest earnings reports, comments around
pending tax reform, and the latest poll data for this weekend’s first round of French presidential elections.
As of Friday, 94 companies of the S&P 500 have reported quarterly results, 72% of which have topped
revenue estimates and 83% of which have beat earnings expectations
15 issuers priced 17 issues to raise $6.4 billion last week
Year-to-date volume stands at $150.0 billion, compared to $84.3 billion in year-to-date 2016
Retail cash outflows from U.S. high yield mutual funds totaled $362.2 million last week, compared to the
prior week’s outflow of $347.5 million. This brings year-to-date outflows for 2017 to $4.3 billion, compared
to $9.4 billion of inflows in year-to-date 2016
No E&P HY issues priced last week
California Resources Corporation announced that it
formed a joint venture with Macquarie Infrastructure &
Real Assets to develop assets in California for up to
$300 million
Ring Energy announced that it entered into an
agreement to acquire 33,000 net acres in the Central
Basin Platform for $16.6 million
TPG Pace Energy Holdings Corp, a special purpose
acquisition company, filed for an IPO of up to
$600 million
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA
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 January 2017.
2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index, ADTV = Average Daily Trading Volume.
Key Industry Indicators
Quarterly Deal Activity
Equity
Markets
Commodities
$27.0 $28.5
$30.8
$2.2
$8.1 $10.1 $10.0
$4.5
$16.9 $20.7 $20.4 $21.9
$3.4
--
50
100
150
200
250
300
--
$5
$10
$15
$20
$25
$30
$35
$40
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
52% 77% 21% 61% 82% 76% 79% 52% 56% 57% 71% 96% 12%
Nu
mb
er
of
Tra
ns
acti
on
s
Tra
ns
acti
on
Valu
e (
$b
n)
Asset Corporate Number of Transactions
% Oil
Indicator
Current
Value
Week's
Change
%
Change Direction
Prompt Oil Price ($/bbl) $49.62 ($3.56) (6.7%)
Prompt Gas Price ($/mmbtu) $3.10 ($0.13) (3.9%)
Wkly Trans. Value ($mm) $319 ($2,681) (89%)
Wkly Trans. Count 5 3 150%
US Rig Count 857 10 1.2%
US Oil Prod'n (mmbbl/d) 9.3 0.0 0.2%
US Gas Prod'n (bcf/d)(1) 88.1 -- --
US Oil Storage (mmbbl) 532.3 (1.0) (0.2%)
US Gas Storage (tcf) 2.1 0.1 2.6%
Covering the Week of April 15 – April 21, 2017
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.
2
April 24, 2017
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
1. Represents total enterprise value.
2. Calculated as percentage of total LTM transaction count.
3. 100 transactions from April 2013 to 2017YTD with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1
(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.
Permian35%
Gulf of Mexico 1%
Bakken6%
Appalachia11%
Mid-Con12%
Eagle Ford10%
Ark-La-Tex4%
Rockies (ex Bakken)
8%
Other14%
LTM By Region
Oil68%
Gas32%
LTM By Commodity
Public Company
49%PE / PE-Backed
19%
Private9%
MLP0%
Other23%
LTM By Buyer Type
Ann'd
Date Buyer Seller Area Asset Description Value(1)
Proved
Multiple
Prod.
Multiple
Net
Acres
($mm) ($/boe) ($/boe/d) ($/acre)
19-Apr-17 Macquarie Infrastructure Co LLCCalifornia Resources Corp California JV to develop San Joaquin basin assets $300 n.a. n.a. n.a.
13-Apr-17 Hilcorp Energy Co ConocoPhillips Other Rockies 1.3 million net acres in San Juan Basin $2,700 $4.50 $21,774 $2,077
10-Apr-17 Venado Oil & Gas EXCO Eagle Ford 50,860 net acres in South TX Eagle Ford $300 $11.61 $73,171 $5,899
04-Apr-17 Unit Corp Undisclosed Mid-Continent 8,335 net acres in Anadarko Basin $57 $17.73 $41,514 $6,809
03-Apr-17 Carbon Natural Gas Co Undisclosed Marcellus / Utica Appalachia Basin acreage in TN $20 n.a. $33,333 n.a.
28-Mar-17 Chesapeake Range Resources Corp Mid-Continent 19,300 net acres in STACK $26 n.a. n.a. $1,347
24-Mar-17 Oxy Vanguard Natural Resources Permian 3,048 net acres in Midland Basin $78 n.a. $385,862 $25,699
22-Mar-17 Gastar Exploration Inc Undisclosed Mid-Continent Working interest in STACK $51 n.a. $155,758 $9,065
21-Mar-17 Marathon Black Mountain; Undisclosed Permian 21,000 net acres in Delaware Basin $700 n.a. $1,750,000 $33,333
15-Mar-17 Undisclosed Buyer Pioneer Permian 20,500 net acres in Midland Basin $266 n.a. $177,333 $12,976
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
R / PSales Value /
Proved Reserves (15:1)
(ratio) ($ / boe) ($ / mcfe)
8x $19.60 $1.31
10x $17.23 $1.15
15x $12.49 $0.83
20x $9.05 $0.60
y = 34.352e-0.064x
R² = 0.2426
--
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
-- 5.0x 10.0x 15.0x 20.0x 25.0x
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
April 24, 2017
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: IHS, 1Derrick
Energy Headlines
Industry Headlines
California Resources Corporation and Macquarie
Announce Joint Venture to Invest up to $300 Million in
Oil & Gas Properties
Ring Energy Acquires Over 33,000 Acres in Central
Basin Platform
Energy SPAC TPG Pace Energy Holdings Files for a
$600 Million IPO
Bakken
2 Deals Appalachia
7 Deals
Mid-Con
14 Deals
Eagle Ford
6 Deals
Permian
20 Deals
Other
12 Deals
Ark-La-Tex
5 Deals
Rockies
9 Deals
4/21/2017
Appalachia 7
Ark-La-Tex 5
Bakken 2
Eagle Ford 6
Mid-Con 14
Other 12
Permian 20
Rockies 9
75
BMO Deals (Status)
EXCO Eagle Ford (Announced)
Barnett (Post Bid)
East Texas Haynesville (Post Bid)
North Louisiana Haynesville (Post Bid)
Rockies Gas (Coming Soon)
(Click headline to link to the full article)
Lighter Stuff
A&D Headlines
E&P Headlines Saudi Exports Fall as Production Cuts Take Hold
1Q Oil, Gas M&A Deals Hit Record $73 Billion
Oil and Gas Numbers Boom; ‘A New Cycle of
Expansion,’ Expert Says
EPA Moves to Block Obama’s Methane Rule for Oil
and Gas Wells
L48 Onshore Cost Inflation Could Be Massive
Challenge For Operators
Big Oil’s Rejection of Silicon Valley is Finally Coming
to an End
Pipeline CEO Kelcy Warren Approved for Texas Parks
& Wildlife Seat
TBU – Friday post close
4
April 24, 2017
--
$1
$2
$3
$4
Mar-16 Sep-16 Mar-17 Sep-17 Mar-18
($/m
mb
tu)
$20
$30
$40
$50
$60
$70
$80
Mar-16 Sep-16 Mar-17 Sep-17 Mar-18
($/b
bl)
NGL PRICING(2)
HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)
Commodity Prices
Source: BMO Transaction Database, Baker Hughes, 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 21-Apr-17 Close ($/bbl) NYMEX Gas Futures as of 21-Apr-17 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $50.86 $54.36 $52.43 $42.46
2017 $50.48 $54.16 $53.02 $46.66
2018 $51.38 $54.52 $54.74 $48.00
2019 $51.31 $53.88 $55.64 $49.07
2020 $51.64 $53.86 $56.39 $50.14
2021 $52.35 $54.36 $57.10 $51.03
NYMEX Gas Futures as of 21-Apr-17 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $3.32 $3.41 $3.37 $2.68
2017 $3.29 $3.40 $3.40 $2.92
2018 $3.11 $3.11 $3.11 $2.96
2019 $2.91 $2.87 $2.95 $2.99
2020 $2.91 $2.87 $2.94 $3.08
2021 $2.94 $2.89 $3.03 $3.21
Historical Prices as of 21-Apr-17 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
Ethane $0.24 $0.25 $0.24 $0.20
Propane $0.64 $0.69 $0.59 $0.46
Butane $0.71 $0.78 $0.78 $0.54
Iso-butane $0.79 $0.83 $0.93 $0.58
Pentane+ $1.10 $1.16 $1.13 $0.93
20%
30%
40%
50%
60%
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17
% 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
5
April 24, 2017
$3.10
AECO
Northern
California
Sumas
Southern
California
El Paso - SJ
Waha
HSC
Henry Hub
Panhandle
CIG Chicago
Dominion
Transco
NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 21-APR-17
Commodity Prices (cont’d)
OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 21-APR-17
Clearbrook
Midland
Cushing
St. James
(LLS)
East Coast
U.S. (Brent)
Midland Sweet-
Sour Spread
EMS Legend
Price
Diff.
Legend
Price
Diff.
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg
Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.
$49.62
$51.19
$1.57
$48.63
($0.99)
$47.39
($2.23)$49.12
($0.50)
$51.96
$2.34
($0.06)
$3.28
$0.18
$2.36
($0.74)
$2.96
($0.14)
MAPS IN
MASTER VIEW
$2.03
($1.07)
$2.67
($0.43)
$2.93
($0.17)
$3.06
($0.04)
$2.63
($0.47)
$2.58
($0.52)$2.65
($0.45)
$2.70
($0.40)
$2.79
($0.31)
6
April 24, 2017
--$20$40$60$80
$100$120
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
2 3 7 4 1 2 3 2 2 3 4 3 0 0
$ /
bo
e
# Deals
$28.07
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
24-Mar-17 Oxy Vanguard Natural Resources 3,048 net acres in Midland Basin $78 n.a. $385,862 $25,699
21-Mar-17 Marathon Black Mountain; Undisclosed 21,000 net acres in Delaware Basin $700 n.a. $1,750,000 $33,333
15-Mar-17 Undisclosed Buyer Pioneer 20,500 net acres in Midland Basin $266 n.a. $177,333 $12,976
09-Mar-17 Marathon BC Operating; Undisclosed 70,000 net acres in Delaware Basin $1,100 n.a. $220,000 $15,714
03-Mar-17 Resolute Energy Undisclosed 4,592 net acres in Delaware Basin $160 n.a. $200,000 $34,843
Mean $461 n.a. $546,639 $24,513
Median $266 n.a. $220,000 $25,699
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Permian Snapshot
RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
--
100
200
300
400
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
-$0.50
-$0.30
-$0.10
$0.10
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$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
3 7 9 6 1 3 8 8 5 9 11 14 14 0
$ /
bo
e/d
# Deals
$180,862
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 340 1 339 Oil Differential ($0.45) $1.00 ($1.45)
Permitting Activity 224 55 169 Gas Differential ($0.40) -- ($0.40)
655 582670
542 592 606732
553
783 725837
1151
591
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
4,000
5,000
6,000
7,000
8,000
1,000
1,500
2,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas2,125
7,365
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
7
April 24, 2017
-$0.30
-$0.10
$0.10
$0.30
$0.50
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$4.00
-$2.00
$0.00
$2.00
$4.00
$6.00
$8.00
$ /
mm
btu
$ /
bb
l
LLS HSC
--
$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
3 5 2 2 1 1 3 0 2 1 0 3 4 1
$ /
bo
e
# Deals
$13.55
--
$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
3 6 3 3 1 1 3 1 2 4 2 4 4 1
$ /
bo
e/d
# Deals
$57,225
6,000
8,000
10,000
12,000
1,000
1,500
2,000
2,500
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,384
8,238
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 78 3 75 Oil Differential $2.15 -- $2.15
Permitting Activity 132 25 107 Gas Differential ($0.01) $0.03 ($0.04)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
10-Apr-17 Venado Oil & Gas EXCO 50,860 net acres in South TX Eagle Ford $300 $11.61 $73,171 $5,899
31-Jan-17 EV Energy Partners Undisclosed East Texas Eagle Ford $59 $9.17 $58,700 n.a.
24-Jan-17 Hawkwood Energy LLC Halcon Resources Corp 80,500 net acres in East TX Eagle Ford $500 $22.94 $83,333 $6,211
12-Jan-17 Sanchez; Blackstone Anadarko 155,000 net acres in Eagle Ford $2,275 $7.58 $33,955 $14,677
03-Jan-17 Venado Oil & Gas SM Energy 37,500 net non-operated acres $800 $12.31 $29,347 $21,333
Mean $787 $12.72 $55,701 $12,030
Median $500 $11.61 $58,700 $10,444
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
300245
203238
323253
301267
424 415 403470
349
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
--
50
100
150
200
250
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Eagle Ford Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close TBU – Friday post close
TBU – Friday post close TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
8
April 24, 2017
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 38 -- 38 Oil Differential $2.15 -- $2.15
Permitting Activity 19 10 9 Gas Differential -- -- --
$0.0
$2.0
$4.0
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
3 2 1 2 0 0 4 0 2 2 0 0 0 0
$ /
mcfe
# Deals
$1.67
--
$5,000
$10,000
$15,000
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
1 3 2 3 0 0 4 1 1 2 1 2 0 0
$ /
mcfe
/d
# Deals
$6,369
5,000
7,000
9,000
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
104
6,975
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)
20-Dec-16 Covey Park Energy LLC Chesapeake 41,500 net acres in Haynesville $465 n.a. $9,300 $11,205
05-Dec-16 Indigo Minerals LLC Chesapeake 78,000 net acres in De Soto & Sabine $450 n.a. $15,000 $5,769
30-Sep-16 Castleton Commodities Int'l Anadarko 104,600 net acres in the Haynesville $1,000 n.a. $4,219 $9,560
26-Jul-16 Chesapeake Freeport-McMoRan 72,000 net acres and 1,450 wells $87 n.a. n.a. $1,208
06-Jun-16 Undisclosed Devon Energy Panola Co., TX $525 $1.01 $3,977 n.a.
Mean $505 $1.01 $8,124 $6,936
Median $465 $1.01 $6,760 $7,665
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
89 79 88105
133 127
102 94101
137
99
154
45
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
--
20
40
60
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Ark-La-Tex Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
9
April 24, 2017
-$2.00
-$1.00
$0.00
$1.00
$2.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$15.00
-$10.00
-$5.00
$0.00
$5.00
$10.00
$15.00
$ /
mm
btu
$ /
bb
l
Brent Dominion
12,000
14,000
16,000
18,000
20,000
22,000
24,000
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
61
18,092
--
$10
$20
$30
$40
$50
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
0 0 3 1 0 0 0 0 3 1 1 0 0 0
$ /
mcfe
# Deals
$8.95
--
$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
1 2 4 3 0 1 0 0 1 2 2 5 2 1
$ /
mcfe
/d
# Deals
$7,694
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 69 1 68 Oil Differential $2.68 ($0.03) $2.71
Permitting Activity 39 15 24 Gas Differential ($0.46) $0.07 ($0.53)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)
03-Apr-17 Carbon Natural Gas Co Undisclosed Appalachia Basin acreage in TN $20 n.a. $5,556 n.a.
08-Feb-17 EQT Corporation Stone Energy 85,400 net acres in WV Marcellus $527 n.a. $6,588 $6,171
02-Feb-17 EQT Corporation Undisclosed 14,000 net acres in WV Marcellus $130 n.a. n.a. $9,286
17-Jan-17 Banpu Public Co Ltd Chief Oil & Gas LLC Non-op wells in PA Marcellus $63 n.a. n.a. n.a.
04-Jan-17 Antero Resources Corp Rex Energy Corp 4,100 net acres in Ohio Utica $30 n.a. $3,333 $7,317
Mean $154 n.a. $5,159 $7,591
Median $63 n.a. $5,556 $7,317
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
308
236
311280 282
259285
319 295
203
380431
186
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Appalachia Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
10
April 24, 2017
1,000
1,250
1,500
1,750
2,000
600
800
1,000
1,200
1,400
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,063
1,853
-$0.80
-$0.60
-$0.40
-$0.20
$0.00
$0.20
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
$2.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
--
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
--
$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
4 2 6 2 0 0 1 4 0 3 3 3 0 0
$ /
bo
e/d
# Deals
$43,639
--
$10
$20
$30
$40
$50
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
3 1 4 1 0 0 1 2 0 2 1 1 0 0
$ /
bo
e
# Deals
$17.80
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 44 1 43 Oil Differential ($0.50) ($1.25) $0.75
Permitting Activity 7 (2) 9 Gas Differential ($0.42) ($0.01) ($0.41)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
10-Mar-17 Energy 11 LP Kaiser-Francis Oil Company Purchase of additional WI in ND $53 n.a. n.a. n.a.
12-Dec-16 Undisclosed Enerplus 5,800 net acres in ND $292 n.a. $73,000 $50,345
22-Nov-16 Salt Creek Oil and Gas LLC Undisclosed 1,795 net acres in Williston Basin $38 n.a. $69,273 $21,226
17-Oct-16 Oasis Petroleum Inc SM Energy 55,000 net acres in North Dakota $785 $15.64 $63,306 $14,273
27-Sep-16 New Emerald Energy LLC Emerald Oil Inc 86,000 net acres in ND and MT $127 n.a. $22,244 $1,471
Mean $259 $15.64 $56,956 $21,829
Median $127 $15.64 $66,290 $17,749
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
77
49
7383
102
6777 75
31
79
45
96
36
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
Bakken Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
11
April 24, 2017
--
$5
$10
$15
$20
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
1 7 3 0 1 0 2 3 0 1 0 0 1 1
$ /
bo
e
# Deals
$6.00
# Deals
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
13-Apr-17 Hilcorp Energy Co ConocoPhillips 1.3 million net acres in San Juan Basin $2,700 $4.50 $21,774 $2,077
12-Jan-17 Undisclosed Synergy Resources Corp 10,000 net acres in DJ Basin $71 n.a. $101,429 $7,100
04-Jan-17 Elk Petroleum Ltd Freeport-McMoRan Inc Non-op acreage in Wind River Basin $20 $1.55 $5,882 n.a.
12-Dec-16 Extraction Oil & Gas Undisclosed 16,800 net acres in DJ Basin $177 n.a. n.a. $10,536
04-Nov-16 Ute Energy III Exploration Western Uinta Basin acreage $52 n.a. n.a. n.a.
Mean $604 $3.02 $43,028 $6,571
Median $71 $3.02 $21,774 $7,100
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Rockies (excl. Bakken) Snapshot
RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
-$0.80
-$0.60
-$0.40
-$0.20
$0.00
$0.20
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
$2.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
--
$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
4 9 3 4 2 0 4 4 1 6 0 0 2 1
$ /
bo
e/d
# Deals
$39,846
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 59 2 57 Oil Differential ($0.50) ($1.25) $0.75
Permitting Activity 276 (27) 303 Gas Differential ($0.42) ($0.01) ($0.41)
791969
833 867 832 843 833736
568702
942 873 807
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
10,000
11,000
12,000
13,000
14,000
15,000
--
200
400
600
800
1,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
573
12,942
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – States to include
TBU – Friday post close
12
April 24, 2017
--
5,000
10,000
15,000
--
200
400
600
800
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
548
9,630
-$0.50
-$0.30
-$0.10
$0.10
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$0.40
-$0.20
$0.00
$0.20
$ /
mm
btu
$ /
bb
l
Cushing Panhandle
--$5
$10$15$20$25$30
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
1 1 4 1 0 3 0 0 0 2 0 1 0 1
$ /
bo
e
# Deals
$11.60
--
$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
2 2 5 4 0 3 1 2 1 6 4 2 2 1
$ /
bo
e/d
# Deals
$78,269
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 81 -- 81 Oil Differential -- -- --
Permitting Activity 60 (4) 64 Gas Differential ($0.41) ($0.02) ($0.38)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
04-Apr-17 Unit Corp Undisclosed 8,335 net acres in Anadarko Basin $57 $17.73 $41,514 $6,809
28-Mar-17 Chesapeake Range Resources Corp 19,300 net acres in STACK $26 n.a. n.a. $1,347
22-Mar-17 Gastar Exploration Inc Undisclosed Working interest in STACK $51 n.a. $155,758 $9,065
20-Jan-17 SandRidge Energy IOG Capital; Red Mountain 13,100 net acres in SCOOP/STACK $48 n.a. $68,571 $3,664
13-Dec-16 Gulfport Energy Corp Vitruvian Exploration II LLC 46,400 net surface acres in SCOOP $1,850 $9.69 $60,656 $39,871
Mean $406 $13.71 $81,625 $12,151
Median $51 $13.71 $64,614 $6,809
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
160198
230263 268
225 241 244294 273
316346
190
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
--
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Mid-Continent Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
13
April 24, 2017
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 20 (1) 21 Oil Differential $2.15 -- $2.15
Permitting Activity -- -- 0 Gas Differential -- -- --
--
$5
$10
$15
$20
$25
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
5 2 0 0 0 0 1 0 0 0 1 0 0 0
$ /
bo
e
# Deals
$9.06
# Deals
--
$20,000
$40,000
$60,000
$80,000
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
5 2 0 0 0 0 1 1 0 0 2 0 0 0
$ /
bo
e/d
# Deals
$19,234
2,000
3,000
4,000
5,000
1,000
1,500
2,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,721
3,390
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
22 22
17 16
6
1614
19 1820 19
17
0
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
--
20
40
60
80
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Gulf of Mexico Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. Red line denotes average since 1-Jan-15. Calculated
as the weighted average of each quarter’s transactions. 3. $/acre multiple not adjusted for value associated with production. 4. Permits include
directional and unidentified drilling permits.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
(4)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
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.
01-Jul-15 Undisclosed Energy XXI East Bay field $21 $2.23 $10,244 n.a.
Mean $663 $9.06 $18,186 n.a.
Median $315 $9.06 $18,750 n.a.
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
14
April 24, 2017
Energy Headlines
1/13/2017
Appalachia 4
Ark-La-Tex 4
Bakken 3
Eagle Ford 8
Mid-Con 18
Other 4
Permian 33
Rockies 6
Lighter Stuff
E&P Headlines
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Mar 5-9 CERA Week
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Mar 18 ADAM-Houston Monthly Luncheon
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TBU – Friday post close
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September 2017 (cont’d)
15
April 24, 2017
This
Week Change
Last
Week
Last
Year
Total Rigs 857 10 847 431
Oil 688 5 683 343
Gas 167 5 162 88
Miscellaneous 2 -- 2 --
Directional 60 (4) 64 48
Horizontal 718 12 706 332
Vertical 79 2 77 51
Basin
Arkoma 10 -- 10 3
Barnett 6 1 5 5
Cana 51 (1) 52 29
DJ-Niobrara 25 1 24 15
Eagle Ford 78 3 75 40
Fayetteville 1 -- 1 --
Granite Wash 10 1 9 4
GOM 20 (1) 21 25
Haynesville 37 -- 37 12
Marcellus 46 1 45 28
Mississippian 8 -- 8 4
Permian 340 1 339 136
Utica 23 -- 23 11
Williston 44 1 43 26
Other 158 3 155 93
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BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department.
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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
Howard Barnwell
Director & Transactions Mgr.
713-546-9767
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
Legend
Current
Change
Arkoma
Barnett
Cana
DJ-Niobrara
Eagle Ford
Haynesville
Fayetteville
Granite Wash
GOM
Permian
Marcellus
Mississippian
Utica
Williston
10
--
6
1
51
(1)
25
1
78
3
1
--
10
1
20
(1)
37
--
46
1
8
--
340
1
23
--
44
1
Chelsea Neville
Transactions Coordinator
713-546-9703
Rob Priske
Director & Transactions Mgr.
713-546-9727
Geoff Roberts
MD & Head of U.S. A&D
713-518-1268
Marshall Soper
Analyst
713-546-9706
Aaron Moeller
Analyst
713-518-1262