ep reader march 2012
TRANSCRIPT
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8/2/2019 EP Reader March 2012
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www.harriswilliams.com
Member FINRA/SIPC
Energy & Power Industry UpdatMarch 201
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Energy & Power Industry UpdateMarch 2012
What Weve Been Reading
page 1
In The Oil Drum, Arthur Berman relies on his well-by-well analysis of production trends
suggest that U.S. natural gas resources may be overstated in After The Gold Rush:
Perspective on Future U.S. Natural Gas Supply and Price. As he puts simply, The U
does not have 100 years of natural gas supply. There is a difference between resources an
reserves that many outside the energy industry fail to grasp. A resource refers to the gas
oil in-place that can be produced, while a reserve must be commercially producible. B
his current estimates, the oft-quoted 100 years becomes just 23 years. For Berman, tdata does not point to an end to shale gas extraction (it is necessary to offset require
reserves). In fact, the data further supports the long-term services and equipment sto
Well life appears to be shorter than initial expectations. This means that an increasin
number of wells must be drilled in order to maintain supply. What it most likely means
higher prices and the more judicious use of the word abundance. This point was echo
in Jeremy Granthams most recent missive, The Longest Quarterly Letter Ever. Notin
that natural gas is at just 14% BTU equivalency relative to oil, the lowest in almost 5
years, Grantham writes, Everyone who has a brain should be thinking of how to mak
money on this in the longer term.
Juliet EilperinsWhy the Clean Tech Boom Went Bust in Wiredoffers a detailed revie
of the last several years in the clean tech sector and sets the stage early for why the boo
went bust. Eilperin, the national environmental reporter for The Washington Post, write
In 2005, VC investment in clean tech measured in the hundreds of millions of dolla
The following year, it ballooned to $1.75 billion, according to the National Venture Capit
Association. By 2008, it had leaped to $4.1 billion. And the federal government followe
Through a mix of loans, subsidies, and tax breaks, it directed roughly $44.5 billion into th
sector between late 2009 and late 2011. Avarice, altruism, and policy had aligned to fue
spectacular boom.
President Obamas budget garnered headlines this past month, and Greentech Media does
nice job summarizing the highlights of the energy portion of the budget. For those seekin
to comparison shop, GTM also provides an overview of energy plans currently on off
from Rick Santorum, Mitt Romney, and Newt Gingrich, respectively.
http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/What-Are-the-Santorum-Romney-and-Gingrich-Plans-for-Energy-in-the-US/http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.greentechmedia.com/articles/read/presidents-2013-budget-extends-1603-eliminates-4b-in-tax-subsidies-to-fossi/http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.wired.com/magazine/2012/01/ff_solyndra/all/1http://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.gmo.com/websitecontent/JGLetter_LongestLetterEver_4Q11.pdfhttp://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914http://www.theoildrum.com/node/8914 -
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Energy & Power Industry UpdateMarch 2012
LTM EBITDA Multiples1
Industry Observations
LTM Indexed Stock Performance1
Indexed LTM EBITDA Multiples1
Equity markets have performed strongly during the first two months of 2012.
Over the past 12 months, the S&P outperformed the Energy, Power, and Infrastructure andIndustrial Services indices.
The North American rig count increased by 4.5% in February, supported by a ramp up in oil
prices near $110 per barrel and stable natural gas prices near $2.70 per MMBtu.
Electricity prices are down 32.0% compared with February 2011.
Gasoline prices have increased nearly 15% in the past month and are 31.1% above the
February 2011 price.
60
65
70
75
80
85
90
95
100
105
110
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb
S&P 500 Energy Power Industrial & Infrastructure Services
0
50
100
150
200
250
300
350
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar
Energy Power Industria l & Infra structure Services
page 2
Index
%
Change
&P 3.04
Energy (5.21)
Power (10.68)
& IS (5.64)
Index
%
Change
Energy 78.94
Power 11.92
& IS 133.79
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Energy & Power Industry UpdateMarch 2012
Key Trading Statistics1
Current Valuations Versus Historical 5-Year Average1
Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EVLTM Sales.
5-Y
Ave
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
200.0%
Storagean d
Transportation
IndependentPower
Producers
Industrial &Infrastructure
Services
Engineeringand
Construction
ElectricUtilities
Mid-CapPower
Explorationan d
Production
I ntegra teds EnergyServices a nd
Equipment
Ref ining Divers if iedPower
CoalProducers
Cleantech Renewable
page 3
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Enegy Power Industrial & Infrastructure Services
Stock Price % Change TEV / 2011 P/E Ratio
Industry Segment 1 Month 12 Month 2/28/11 8/31/11 Current EBITDA Current 2009
Energy
Integrateds (0.6%) (7.3%) 5.4x 4.1x 3.8x 3.7x 8.7x 8.4
Energy Services and Equipment (0.7%) (16.9%) 11.1x 8.2x 8.0x 5.2x 19.0x 9.4
Exploration and Production (2.7%) (23.2%) 8.9x 7.8x 6.4x 4.9x 23.2x 11.5
Coal Producers (3.8%) (52.4%) 10.2x 8.3x 7.3x 5.3x 13.1x 9.3
Refining (0.5%) 1.5% 10.5x 5.3x 4.7x 3.5x NM 7.6
Storage & Transportation 0.7% 13.3% 14.8x 13.3x 14.1x 10.7x 20.7x 18.1
Power
Diversified Power (1.2%) (14.2%) 10.9x 8.5x 8.3x 7.4x 15.4x 11.6Mid-Cap Power 0.9% 2.9% 9.8x 9.0x 9.9x 6.9x 19.3x 15.1
Independent Power Producers (0.6%) (15.5%) 6.9x 9.7x 10.0x 8.4x 19.1x 19.1
Electric Utilities (0.0%) 10.3% 8.2x 9.0x 9.1x 8.0x 13.8x 13.7
Renewables (2.1%) (45.7%) 2.1x 1.4x 1.0x 0.9x 14.8x 5.8
Cleantech 0.3% (36.2%) 1.2x 0.9x 0.9x 0.9x 15.3x 14.9
Industrial & Infrastructure Services
Engineering & Construction (0.8%) (11.3%) 10.5x 8.4x 8.3x 6.4x 17.6x 14.1
Industrial & Infrastructure Services 0.2% 6.2% 9.7x 8.0x 7.6x 7.1x 16.5x 13.6
2011 Revenue
TEV /
TEV / LTM EBITDA Multiple as of
LTM Revenue
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Energy & Power Industry UpdateMarch 2012
Gasoline and Ethanol1
Oil1 Natural Gas1
North American Rig Counts3
Electricity Prices1Coal1
0.00
20.00
40.00
60.00
80.00
100.00
120.00
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
($perbbl)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
($perMMBtu)
0.00
0.75
1.50
2.25
3.00
3.75
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
J a n - 1 2
($perg
allon)
Gasoline Ethanol
0
500
1,000
1,500
2,000
2,500
3,000
Dec-10
Jan-11
Feb-11
ar-11
pr-11
ay-11
Jun-11
Jul-11
Aug-11
Sep-11
ct-11
ov-11
ec-11
Jan-12
Feb-12
(#rigs)
0.0
40.0
80.0
120.0
160.0
0.0
20.0
40.0
60.0
80.0
100.0
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12 ($
perton-Rotterdam)
($perton-Central
Appalachian)
Central Appalachian Rotterdam
0.00
20.00
40.00
60.00
80.00
100.00
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Fb12
($perMWg)
$109.48 per bbl
$34.99 per MWg
page 4
$2.71 per MMBtu
$2.26 per gallon
$3.30 per gallon
CAPP:$62.28 per ton
Rotterdam:
$100.75 per ton
2,697 rigs
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Energy & Power Industry UpdateMarch 2012
Quarterly United States E&P M&A Activity1
Select Recently Announced Energy & Power Transactions1,2
page 5
Date Target Business Description Acquirer
2/27/2012 Zenith Oilfield Technology Ltd. Scotland based provider of technology and products
used to monitor and analyze down-hole data
Lufkin Indus tries, Inc.
2/20/2012 Flin t Energy Serv ices Ltd. Canada based p rovider of in tegrated p roducts and
services for the oil and gas industry
URS Corporation
2/13/2012 Directional Rentals, Inc. US based provider of tool rental services primarily to
directional drilling companies
Hicks Equity Partners LLC
2/13/2012 AmerCable Holdings Inc. US based provider of industria l cables for the mining,
oil and gas, and marine industries
Nexans SA
2/8/2012 National Response Corporation US based provider of oil spill emergency response,environmental, and industrial services
J.F. Lehman & Company
2/7/2012 W arren and Chris tian US bas ed provider of drilling, completion, and
production services to the oil and gas industry
Reservoir Group Ltd.
2/3/2012 NKT Flexibles I/S Denmark bas ed provider of flexible pipe products and
sys tems for the offshore oil and gas industry
National Oilwell Varco Inc
2/2/2012 Complete Production - Canadian
Wireline Business
Canada based provider of specialized completion and
production services
SCF Partners LP
2/1/2012 ThermaSys Corporat ion US based provider o f heat exchan gers and heat
exchange equipment
Wellspring Capital Management
1/31/2012 Dura-Line Holdings US bas ed provider of communication and energy
infrastructure products and sys tems
CHS Capital
1/30/2012 RuggedCom Inc. Canada bas ed provider of rugged communications
networking solutions for harsh environments
Siemens AG
1/23/2012 NRG Manufacturing, Inc. US based provider of drilling system componen ts ,
pressure vessels, s ubstructures, and FRAC equipment
Not Disclosed
1/30/2012 Aquilex Hold ings LLC US based provider o f main tenance, repair, overhau l, and
industrial cleaning services
Centerbridge Partners
1/30/2012 Thomas & Bet ts Co rp . US based provider o f elect rical co mpo nent s for t he
indust rial, construction, and u tility markets
ABB Ltd.
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10
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40
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Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
NumberofTransactions
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Energy & Power Industry UpMarch 2
Stock Performance Ne
Current Price Change from Change from % of TEV / 2011 P/ERatio E
TEV 1/31/12 Prior Month Prior Year LTM High 1/31/11 7/31/11 Current EBITDA Current 2011 7/
TEV / LTM EBITDA Multiple as of
Energy
IntegratedsExxon Mobil Corporation $421,784.4 $83.85 (2.3%) (2.0%) 95.0% 8.0x 5.7x 6.1x 4.5x 10.3x 9.6x
Chevron Corporation $196,132.4 $103.12 (0.8%) (0.6%) 92.9% 5.3x 4.2x 3.8x 3.4x 7.7x 8.2x
ConocoPhillips $113,378.2 $68.21 (1.7%) (12.4%) 83.4% 4.8x 4.0x 3.6x 3.9x 7.7x 8.5x
Occidental Petroleum Corporation $82,701.4 $99.81 (0.4%) (2.1%) 84.7% 8.1x 5.9x 5.8x 5.0x 12.2x 10.9x
Hess Corporation $24,172.6 $56.31 1.9% (35.3%) 64.4% 5.4x 3.5x 3.7x 3.2x 0.0x 8.4x
Marathon Oil Corporation $21,982.2 $31.44 0.6% (36.6%) 57.9% 5.2x 2.3x 3.2x 2.7x 9.8x 8.1x
Median (0.6% ) (7.3% ) 84.0% 5.4x 4.1x 3.8x 3.7x 8.7x 8.4x
Energy Services and EquipmentLarge Cap Diversified
Schlumberger Limited $107,470.0 $75.18 (1.9%) (19.5%) 78.6% 17.9x 12.8x 10.8x 7.8x 21.7x 13.7x
Halliburton Company $35,732.5 $36.82 (0.8%) (21.6%) 63.7% 10.8x 8.6x 5.9x 4.4x 11.2x 8.3x
National Oilwell Varco, Inc. $28,726.0 $74.06 (4.3%) (6.9%) 85.4% 10.6x 8.2x 8.2x 6.7x 17.1x 12.2x
Baker Hughes Incorporated $24,589.1 $49.13 (0.4%) (30.9%) 92.8% 12.7x 8.3x 5.8x 4.3x 12.4x 8.6x
Weatherford International Ltd. $20,139.0 $16.76 (0.3%) (30.7%) 59.6% 13.3x 9.6x 8.6x 4.9x 47.8x 8.4x
Median (0.8% ) (21.6% ) 78.6% 12.7x 8.6x 8.2x 4.9x 17.1x 8.6x
Mid and Small Cap Equipment an d Service Providers
Cameron International Corporation $13,107.7 $53.23 (0.4%) (10.0%) 84.3% 13.1x 12.0x 11.7x 8.7x 22.7x 12.7x
Oil States International Inc. $4,999.7 $79.59 (1.0%) 9.3% 91.5% 11.9x 8.5x 7.2x 5.7x 15.8x 10.5x
Complete Production Services, Inc. $3,013.0 $33.76 7,582.2% 13,929.3% 79.2% NM NM NM 0.0x 12.0x 0.0x
Key Energy Services Inc. $2,938.6 $14.50 (2.3%) (6.5%) 69.8% 20.3x 10.8x 7.0x 4.3x 40.7x 8.5x
Exterran Holdings, Inc. $2,547.1 $9.29 (3.2%) (59.1%) 36.5% 7.8x 7.1x 6.7x 5.4x NM NM
RPC Inc. $2,482.9 $15.25 0.1% (22.1%) 52.5% 8.2x 7.5x 3.8x 3.6x 7.6x 8.0x
Dril-Quip, Inc. $2,402.7 $66.03 (2.1%) (13.9%) 78.8% 16.2x 15.0x 15.3x 9.5x 30.3x 16.9x
Basic Energy Services, Inc. $1,444.5 $18.02 1.8% (6.0%) 47.7% 10.6x 6.9x 4.3x 3.4x 33.5x 7.1x
Median (0.7% ) (8.2% ) 74.3% 11.9x 8.5x 7.0x 4.9x 2 2.7x 8.5x
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Stock Performance Ne
Current Price Change from Change from % of TEV / 2011 P/ERatio E
TEV 1/31/12 Prior Month Prior Year LTM High 1/31/11 7/31/11 Current EBITDA Current 2011 7/
TEV / LTM EBITDA Multiple as of
Construction and Equipment ContractorsTransocean Ltd. $24,999.6 $47.25 (1.8%) (44.2%) 55.0% 8.4x 7.9x 13.5x 6.4x NM 11.3x
Noble Corp. $13,594.6 $34.85 (1.5%) (22.1%) 74.6% 10.3x 14.1x 12.1x 6.2x 23.8x 9.2x
Nabors Industries Ltd. $9,386.0 $18.63 3.9% (34.6%) 57.4% 8.4x 5.6x 5.8x 4.2x 18.9x 7.9x
Diamond Offshore Drilling Inc. $8,936.1 $62.32 (0.7%) (20.3%) 76.8% 6.3x 5.5x 5.4x 6.6x 8.5x 13.2x
Technip $8,444.1 $93.82 0.4% (5.0%) 91.8% 8.4x 7.8x 7.4x NA 17.3x NA
Subsea 7 SA $7,163.7 $20.26 (1.8%) (21.1%) 80.2% 17.3x 16.3x 14.2x NA 16.5x NA
Helmerich & Payne Inc. $6,474.2 $61.75 1.9% (5.0%) 84.1% 9.0x 6.6x 6.0x 4.6x 13.9x 10.8x
Oceaneering International, Inc. $5,086.6 $48.62 0.2% 16.3% 98.7% 9.2x 9.9x 10.5x 8.6x 23.5x 17.3x
Rowan Companies Inc. $4,523.5 $34.02 (3.1%) (20.3%) 75.9% 10.6x 12.0x 11.9x 7.6x 28.7x 12.7x
Patterson-UTI Energy Inc. $3,310.8 $18.87 0.6% (31.0%) 55.4% 8.9x 5.3x 3.5x 3.0x 10.2x 8.0x
Hercules Offshore, Inc. $1,361.4 $4.50 (5.7%) (8.9%) 64.4% 7.7x 7.5x 8.8x 5.9x NM NM
Pioneer Drilling Co. $703.6 $8.94 (1.2%) (21.0%) 49.7% 8.4x 6.2x 3.7x 3.1x NM 10.5x
Cal Dive International Inc $452.9 $3.02 (0.5%) (56.2%) 36.8% 13.2x 7.1x 15.0x 4.4x NM 13.9x
Median (0.7% ) (21.0% ) 7 4.6% 8.9x 7.5x 8.8x 5.9x 17.3x 11.1x
Exploration and ProductionLarge Cap
Anadarko Petroleum Corporation $51,176.7 $80.77 1.8% (1.3%) 94.5% 8.0x 7.5x 6.4x 5.4x NM 18.3x
Apache Corp. $45,811.1 $98.95 1.0% (20.6%) 73.8% 6.4x 4.4x 3.7x 3.4x 9.6x 7.9x
EOG Resources, Inc. $32,158.7 $106.25 2.0% (5.4%) 87.5% 12.3x 9.2x 6.6x 5.0x 27.0x 17.2x
Chesapeake Energy Corporation $28,658.9 $21.14 (4.1%) (40.6%) 58.8% 8.1x 9.8x 6.4x 4.2x 10.9x 7.8x
Devon Energy Corporation $28,475.0 $63.83 (1.8%) (30.2%) 68.2% 7.0x 5.2x 4.1x 4.3x 13.1x 9.8x
Noble Energy, Inc. $20,381.6 $100.70 0.2% 8.7% 97.6% 9.1x 9.3x 8.9x 5.0x 22.8x 12.2x
Pioneer Natural Resources Co. $14,399.7 $99.42 2.1% (2.9%) 93.7% 10.4x 10.5x 7.0x 5.5x 21.8x 14.8x
Southwestern Energy Co. $12,364.6 $31.13 (2.8%) (21.1%) 63.2% 9.2x 8.5x 6.9x 7.4x 17.8x 21.0x
Murphy Oil Corporation $11,143.2 $59.64 (2.9%) (18.9%) 76.3% 4.9x 3.7x 3.5x 3.2x 15.7x 9.4x
Newfield Exploration Co. $8,072.4 $37.81 (5.0%) (48.1%) 48.5% 7.5x 6.8x 4.8x 4.2x 10.6x 8.4x
Ultra Petroleum Corp. $5,634.5 $24.06 (3.6%) (46.9%) 47.0% 8.2x 7.4x 5.0x 6.5x 10.7x 14.5x
Quicksilver Resources Inc. $2,965.8 $5.03 (4.9%) (67.5%) 31.5% 7.9x 6.9x 5.9x 7.6x 2.4x NM
Median (2.3% ) (20.9% ) 7 1.0% 8.0x 7.4x 6.2x 5.0x 13.1x 12.2x
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Stock Performance Ne
Current Price Change from Change from % of TEV / 2011 P/ERatio E
TEV 1/31/12 Prior Month Prior Year LTM High 1/31/11 7/31/11 Current EBITDA Current 2011 7/
TEV / LTM EBITDA Multiple as of
Mid and Small Cap
Plains Exploration & Production Company $9,116.4 $37.72 (0.4%) (3.7%) 89.9% 9.8x 8.3x 6.7x 4.5x 61.8x 10.7x
Cabot Oil & Gas Corporation $7,925.8 $31.88 (3.0%) 39.6% 70.8% 10.8x 16.6x 13.5x 7.0x 47.4x 24.9x
SandRidge Energy, Inc. $6,747.8 $7.78 (4.9%) (28.0%) 58.3% 20.2x 23.6x 8.4x 4.8x 13.9x 19.3x
Forest Oil Corp. $3,115.0 $13.01 (6.1%) (63.3%) 32.3% 8.8x 6.2x 5.5x 4.8x 13.3x 9.8x
Swift Energy Co. $1,873.7 $33.14 (3.1%) (22.8%) 68.8% 8.0x 5.2x 4.7x 3.1x 19.2x 10.6x
PetroQuest Energy Inc. $535.2 $6.42 (2.2%) (25.6%) 65.8% 5.4x 5.2x 5.2x 4.8x 86.7x 26.4x
Delta Petroleum Corp. $383.6 $0.25 (10.4%) (97.9%) 1.9% 23.1x 18.5x 12.4x NA NM 0.0x
Median (3.1% ) (25.6% ) 65.8% 9.8x 8.3x 6.7x 4.8x 33.3x 10.7x
Coal Producers
Peabody Energy Corp. $15,460.9 $34.12 (5.6%) (47.9%) 46.1% 11.0x 7.6x 7.5x 5.5x 9.4x 7.6x
CONSOL Energy Inc. $11,044.1 $35.76 (1.9%) (29.5%) 63.5% 12.1x 9.0x 6.7x 5.8x 13.1x 11.2x
Alpha Natural Resources, Inc. $6,828.4 $20.14 (7.0%) (62.9%) 32.1% 8.3x 10.2x 7.8x 4.3x 45.2x 12.2x
Arch Coal Inc. $6,809.7 $14.42 (0.6%) (57.0%) 39.0% 10.2x 10.1x 7.4x 5.6x 19.9x 9.3x
Alliance Resource Partners LP $3,029.7 $79.37 1.4% 2.8% 94.4% 5.8x 5.1x 5.3x 4.2x 9.5x 9.1x
Patriot Coal Corporation $963.0 $7.59 (11.1%) (67.8%) 26.0% NM 19.7x 13.7x 4.3x NM NM
James River Coal Co. $602.2 $6.29 (8.6%) (70.0%) 24.6% 4.3x 5.6x 4.6x 5.3x 13.7x NM
Farmacol SA $201.2 $8.20 (0.8%) (36.4%) 67.1% 10.3x 7.3x 7.2x NA 9.4x NA
Median (3.8% ) (52.4% ) 42.6% 10.2x 8.3x 7.3x 5.3x 13.1x 9.3x
Refining
Valero Energy Corporation $18,425.2 $23.99 (0.5%) (14.9%) 77.1% 6.4x 4.1x 3.5x 3.7x 6.6x 5.9x
Sunoco, Inc. $6,896.1 $38.37 0.0% (8.3%) 81.7% 5.9x 7.1x 9.6x 10.1x NM 25.2x
Tesoro Corporation $4,410.5 $25.05 (1.6%) 5.3% 84.6% 12.0x 4.4x 3.2x 3.5x 5.4x 7.6x
Hochschild Mining PLC $2,419.7 $7.79 (2.0%) (18.9%) 71.8% 9.7x 5.0x 4.7x NA 11.8x NA
Western Refining Inc. $2,160.6 $16.51 0.9% 1.5% 75.9% 9.0x 5.3x 3.6x 3.2x 8.6x 6.3x
CVR Energy, Inc. $1,995.1 $24.95 0.3% 32.0% 84.3% 11.2x 5.2x 13.2x 3.0x 7.7x 7.7x
Alon USA Energy, Inc. $1,469.1 $9.66 (2.0%) (12.8%) 62.0% NM 9.2x 5.5x 4.1x 19.1x 5.4x
Delek US Holdings Inc. $944.3 $12.57 4.5% 11.7% 71.8% 15.9x 6.5x 2.6x 3.5x 7.3x 7.9x
Fortune Oil plc $379.8 $0.17 (2.8%) 4.0% 74.6% 11.5x 12.7x 12.3x NA 10.8x NA
Median (0.5% ) 1.5% 75.9% 10.5x 5.3x 4.7x 3.5x NM 7.6x
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Stock Performance Ne
Current Price Change from Change from % of TEV / 2011 P/ERatio E
TEV 1/31/12 Prior Month Prior Year LTM High 1/31/11 7/31/11 Current EBITDA Current 2011 7/
TEV / LTM EBITDA Multiple as of
Storage & TransportationKinder Morgan Energy Partners LP $41,732.8 $85.07 (0.4%) 15.5% 94.5% 14.2x 13.7x 15.4x 9.8x NM 33.6x
El Paso Corp. $35,737.5 $26.85 1.2% 44.4% 99.0% 10.0x 12.1x 12.5x 11.2x NM 23.9x
Plains All American Pipeline, L.P. $17,770.0 $77.95 1.7% 19.1% 100.5% 15.3x 12.8x 11.4x 9.8x 18.3x 17.3x
Enbridge Energy Partners LP $15,335.5 $32.41 (2.8%) (3.3%) 93.7% 31.8x 27.4x 17.6x 11.9x 32.9x 21.4x
Magellan Midstream Partners LP $9,511.0 $67.09 0.2% 11.0% 96.4% 17.1x 15.8x 14.9x 14.0x 19.3x 17.6x
Buckeye Partners LP $8,550.2 $62.25 (0.5%) (4.0%) 90.3% 20.7x 19.8x 18.3x 12.6x 86.0x 16.6x
Sunoco Logistics Partners L.P. $5,720.3 $37.28 2.4% 26.4% 93.2% 12.6x 10.7x 10.4x 10.2x 14.5x 16.4x
Holly Energy Partners L.P $1,880.5 $55.35 1.8% (7.2%) 90.7% 13.8x 11.3x 13.2x 9.9x 22.1x 18.5x
Median 0.7% 13.3% 94.1% 14.8x 13.3x 14.1x 10.7x 20.7x 18.1x
Power
Diversified Power
General Electric Company $522,733.9 $18.72 (1.6%) (10.5%) 86.5% 23.2x 17.4x 18.5x 15.4x 15.4x 10.9x
Siemens AG $89,835.3 $94.34 (1.8%) (29.9%) 72.6% 9.2x 6.2x 7.2x 6.3x 10.0x 10.2x
ABB Ltd. $47,393.3 $20.89 (1.5%) (14.5%) 80.2% 10.9x 9.1x 8.1x 6.9x 16.1x 12.3x
Emerson Electric Co. $41,329.5 $51.39 (0.5%) (13.9%) 82.6% 10.9x 7.9x 8.4x 7.6x 16.0x 12.8x
Schneider Electric S.A. $39,490.6 $62.11 (1.3%) (24.9%) 76.8% 10.4x 8.2x 8.2x NA 14.3x NA
Eaton Corporation $19,308.4 $49.04 (1.1%) (11.5%) 86.8% 12.3x 8.8x 8.8x 7.2x 12.6x 10.2x
Alstom SA $15,484.6 $38.12 (1.0%) (36.1%) 64.3% 7.2x 5.6x 6.0x NA 20.4x NA
Cooper Industries plc $10,207.0 $59.13 (0.2%) (8.1%) 84.5% 13.1x 9.6x 11.5x 9.1x 15.5x 12.5x
Median (1.2% ) (14.2% ) 81.4% 10.9x 8.5x 8.3x 7.4x 15.4x 11.6x
Mid-Cap Power
Ametek Inc. $8,628.2 $46.97 0.9% 12.0% 98.4% 14.0x 11.2x 11.9x 9.9x 19.9x 15.8x
Thomas & Betts Corp. $3,734.2 $71.43 23.3% 29.0% 100.1% 9.8x 7.1x 9.9x 8.1x 19.8x 15.1x
Valmont Industries, Inc. $3,010.2 $105.00 1.2% 2.9% 90.5% 11.5x 9.0x 9.0x 6.8x 18.8x 13.2x
Littelfuse Inc. $1,091.1 $50.73 (1.2%) (4.0%) 76.4% 8.1x 6.0x 7.1x 6.9x 12.4x 12.4x
Powell Industries, Inc. $289.1 $34.71 (0.2%) (7.2%) 83.4% 5.5x 10.7x 12.1x 5.6x NM 16.5x
Median 0.9% 2.9% 90.5% 9.8x 9.0x 9.9x 6.9x 19.3x 15.1x
Independent Power ProducersNRG Energy, Inc. $12,517.5 $16.90 1.3% (15.5%) 65.8% 5.9x 6.6x 6.3x 6.7x 14.7x 19.1x
Dynegy Inc. $4,567.6 $1.86 (6.5%) (67.9%) 26.9% 7.9x 12.7x 22.8x 11.1x NM NM
GenOn Energy, Inc. $3,707.7 $2.13 (0.5%) NA 49.7% NA NA 10.0x 8.4x NM NA
Mirrabooka Investments Limited $237.8 $1.87 (0.7%) (8.3%) 87.6% NM NM NM NA 23.6x NA
Median (0.6% ) (15.5% ) 57.7% 6.9x 9.7x 10.0x 8.4x 19.1x 19.1x
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Electric UtilitiesSouthern Company $59,169.2 $45.52 1.1% 19.4% 97.5% 9.4x 9.7x 9.4x 9.0x 17.5x 15.8x
NextEra Energy, Inc. $47,912.6 $59.86 (0.1%) 7.9% 97.8% 8.2x 9.0x 9.1x 8.4x 13.1x 12.3x
Dominion Resources, Inc. $47,612.6 $50.05 1.0% 9.7% 93.2% 8.8x 9.0x 10.6x 9.4x 18.8x 14.9x
Duke Energy Corporation $46,194.6 $21.31 0.6% 18.5% 96.3% 8.1x 8.6x 9.3x 8.2x 15.3x 14.3x
Exelon Corporation $39,844.9 $39.74 0.5% (4.8%) 87.4% 5.7x 6.2x 5.9x 7.3x 10.6x 13.7x
American Electric Power Co., Inc. $36,256.7 $39.57 (1.0%) 10.6% 94.3% 8.0x 8.0x 8.0x 7.3x 12.4x 11.8x
FirstEnergy Corp. $34,968.8 $42.25 (0.0%) 10.3% 90.8% 8.2x 11.6x 9.6x 8.0x 16.9x 13.4x
PPL Corporation $33,301.3 $27.79 (0.0%) 9.3% 91.8% 9.4x 9.6x 7.9x 7.8x 10.6x 11.6x
Progress Energy Inc. $28,953.0 $54.37 0.6% 18.9% 96.4% 8.2x 9.3x 11.8x 9.2x 20.4x 16.2x
Edison International $26,535.0 $41.04 (0.0%) 10.6% 97.9% 6.5x 6.6x 6.8x 7.1x 13.8x 16.9x
Entergy Corporation $24,179.7 $69.37 (1.8%) (2.6%) 93.1% 6.3x 6.4x 6.8x 7.4x 9.3x 12.4x
Median (0.0% ) 10.3% 94.3% 8.2x 9.0x 9.1x 8.0x 1 3.8x 13.7x
Renewables 2 /2 8/ 11 8 /3 1/ 11 Cur re ntFirst Solar, Inc. $3,632.3 $42.31 (7.1%) (71.3%) 24.1% 4.7x 3.4x 1.3x 0.8x 7.2x 8.6x
Vestas Wind Systems A/S $3,381.0 $11.28 0.2% (67.3%) 27.6% 0.8x 0.5x 0.4x NA 28.5x NA
Suntech Power Holdings Co. Ltd. $2,537.3 $3.23 (7.5%) (66.0%) 29.8% 0.9x 0.8x 0.7x 1.0x 22.4x NM
SunPower Corporation $1,328.6 $6.84 (5.7%) NA 79.5% NA NA 0.6x 0.4x NM NM
Clean Energy Fuels Corp. $1,170.9 $14.94 (1.0%) 6.4% 83.7% 4.7x 3.9x 4.2x 5.5x NM NM
GT Advanced Technologies Inc. $712.7 $8.64 (1.3%) (19.2%) 49.4% 1.6x 1.1x 0.8x 0.8x 5.6x 5.8x
Rentech, Inc. $465.6 $1.75 2.3% 36.7% 88.4% 2.4x 1.8x 2.6x 3.1x NM 14.6x
Energy Conversion Devices, Inc. $205.6 $1.02 (94.6%) (96.1%) 20.1% NM NM NM 0.0x NM 0.0x
FuelCell Energy Inc. $156.2 $0.98 (3.0%) (44.0%) 43.9% 3.0x 1.7x 1.3x 1.4x NM NM
Ballard Power Systems Inc. $76.9 $1.17 4.1% (45.7%) 48.2% 1.9x 1.2x 1.0x 0.9x NM 0.0x
Median (2.1% ) (45.7% ) 4 6.1% 2.1x 1.4x 1.0x 0.9x 14.8x 5.8x
CleantechItron, Inc. $1,980.6 $38.79 (3.6%) (31.6%) 60.2% 1.2x 0.9x 0.8x 0.9x NM 11.0x
ESCO Technologies Inc. $886.9 $30.11 1.0% (21.4%) 69.8% 1.7x 1.3x 1.3x 1.3x 15.3x 13.6x
Ameresco, Inc. $864.2 $13.14 0.5% NA 75.2% 1.2x 1.0x 1.2x 1.1x 17.2x 14.9x
Echelon Corporation $188.8 $5.18 (3.4%) (40.9%) 48.3% 2.9x 2.3x 1.2x 1.0x NM NM
EnerNOC, Inc. $159.8 $9.18 0.0% (52.4%) 32.4% 1.2x 0.8x 0.6x 0.5x NM 86.3x
PowerSecure International, Inc. $103.2 $6.36 0.3% (14.1%) 69.6% 1.4x 0.7x 0.9x 0.7x 7.2x 24.5x
Comverge, Inc. $34.9 $1.35 0.7% (73.5%) 17.2% 0.9x 0.4x 0.3x 0.2x NM NM
Median 0.3% (36.2% ) 60.2% 1.2x 0.9x 0.9x 0.9x 1 5.3x 14.9x
Revenue
TEV / LTM Revenue Multiple as of TEV / 2011
Stock Performance Ne
Current Price Change from Change from % of TEV / 2011 P/ERatio E
TEV 1/31/12 Prior Month Prior Year LTM High 1/31/11 7/31/11 Current EBITDA Current 2011 7/
TEV / LTM EBITDA Multiple as of
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Energy & Power Industry UpdateMarch 2012
page 12
Harris Williams & Co. is a preeminent middle marketinvestment bank focused on the advisory needs of clients
worldwide.
Experience
Focus
arket Intelligence
Stability
Global Reach
xceptional Results
Middle market leaderclosed nearly 200 transactions in the last four years.
Execution focus with unparalleled senior-level attention.
Over 10,000 conversations with buyers and lenders each year.
Unparalleled retention of senior professionals.
Approximately 20% of our transactions are cross-border.
Best-in-class execution produces unmatched closing rate.
Locations
London, UK
Richmond, VA
Boston, MACleveland, OH
London, UK
Minneapolis, MN
Philadelphia, PA
San Francisco, CA
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Energy & Power Industry UpdateMarch 2012
page 13
Harris Williams & Co.s Energy & Power Group has a broa
range of experience including products, services, an
technologies that support or enhance the overall energy an
power infrastructure.
Key Niches:
Cleantech, Energy Efficiency, and Renewables
Power Products, Services, and Technologies Oil & Gas Products, Services, and Technologies
Industrial & Infrastructure Services
Engineering & Construction
For more information on Harris Williams & Co.s Energy & Power Group as well as archived
copies of the Energy & Power Industry Update, please visit our website. Archived copies of t
Groups industry whitepapers, including Transmission & Distribution Infrastructure andESC
Enabling Energy Efficiency, can also be found on the site.
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Energy & Power Industry UpdateMarch 2012
page 14
Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.s second employee, joining
firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transacti
experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers
acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and po
consumer products, building products, business services, distribution, retailing, specialty chemicals, and technol
As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining H
Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. wi
concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chart
Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG an
currently a director of the Greater Richmond YMCA.
Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment ban
career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignment
well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in
energy and power industries. Key niche focus areas have included demand response solutions, power qu
equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy
power companies, Mr. Spitzer developed experience in numerous industries including industrial manufactur
chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining H
Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in
Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Colu
Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the Unive
of Virginia.
Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School a
University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams &
working on mergers and acquisitions transactions in a broad range of industries, including general indus
consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. L
worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience
includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, w
concentration in Finance from The McIntire School of Commerce at the University of Virginia.
Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Grou
SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wach
Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations.
White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Busi
Administration from the University of North Carolina at Chapel Hill.
Tiff B. Armstrong
Managing [email protected]
+1 (804) 648-0072
Andrew G. Spitzer
Managing [email protected]
+1 (804) 915-0174
Brian S. Lucas
+1 (804) 932-1323
Matthew G. White
Vice [email protected]+1 (804) 915-0131
Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Wi
energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficie
and clean technology products and services, oilfield products and services, transmission distribution products
services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at
University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.
Luke R. Semple
Vice [email protected]
+1 (804) 648-1158
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Sources:
1. Capital IQ.
2. MergerMarket.
3. Baker Hughes.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, I
(NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldw
The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellen
Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, priv
placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member
FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial ServiAuthority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Ha
Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MAR
AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF T
THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHA
NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITI
FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, A
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REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTH
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MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEA
CONTACT US AT +1 804-648-0072.
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It is not a research report, as such term is defined by applicable law and regulations, and is provided
informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to bu
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is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accurac
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Copyright 2012 Harris Williams & Co., all rights reserved.
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conduct business in the U S and Europe respectively
Energy & Power Industry UpdateMarch 2012