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PacWest Consulting Partners 7941 Katy Freeway, Suite 309
Houston, TX 77024
Supply Chain & Infrastructure Challenges LatAm UCG Presentation
Buenos Aires, Argentina
13 September 2011
Alexander Robart
arobart@pacwestcp.com
+1 202 670 8027
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 2
Agenda
1) Introduction
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 3
PacWest is a boutique strategy consultancy and market intelligence firm that specializes in unconventional oil & gas
PacWest Business Overview
Provide strategy consulting and advisory services to unconventional O/G operators and suppliers, including:
- Super Majors
- Independents (incl. international)
- Big 4 service companies
- Independent pressure pumpers
- Frac equipment manufacturers
Strength in supply market
- Often work with operator procurement and supply chain groups, helping analyze supply/demand, develop sourcing strategies, building capabilities, etc.
With suppliers, often work at CXO or business lead level
Offer unique market intelligence capabilities
Consulting & Advisory Launched market intelligence business 6
months ago due to lack of information on unconventional supply market
Core product: Shale Supply Market Service
- Analysis of unconventional supply/demand and supplier database
- Emphasis on frac market
- Includes ground-breaking Pressure Pumping Monitoring Service: granular North American fleets/capacity detail by region
Nearing completion of proprietary Frac Database that includes detailed data set of North American fracs – unique in market
- Launching monthly Frac Analysis product
- Frac Database subscriptions available
Market Intelligence Products
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 4
Agenda
1) Introduction
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 5
US Shale Gas Production (bcm)
Since 1990, shale gas production has exploded from zero to close to 90 bcm – it now accounts for nearly one-quarter of US production
Source: EIA, Annual Outlook for 2011
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 6
North American Shale Gas Production Additions (Bcfpd)
North American natural gas production is forecast to be driven largely by eight US and Canadian plays
Source: Macquarie Tristone
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 7
US Dry Gas Production (Tcf/year)
Source: EIA, Annual Outlook for 2011
By 2030, shale gas is forecast to make up nearly half of US natural gas production
Shale + Tight Gas = 67%
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 8
Today’s US Hot Spots
Source: PacWest
There are now dozens of active plays in the US, but demand is straining the existing supply chain and infrastructure in five hot spots
Bakken DJ Basin/Niobrara
Eagle Ford
Permian Basin Granite Wash
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 9
These five hot spots have a several characteristics in common, but one most importantly: liquids-rich!!
US Unconventional Trends
Liquids-rich
■ Oily or “liquids-rich” formations are the primary driver of US unconventional activity today; why? Oil and gas price divergence
- Driven by simple economics: WTI = $88 / Gas = $4; associated gas med-term low gas price
Increasing Service Intensity
■ Liquids formations demanding ever greater services: equipment, frac stages, proppant, chemicals, etc.
Pressure Pumping Market Growing
■ Oil economics and increased service intensity driving major NA pressure pumping market growth
■ International unconventional potential means 3-yr NA upmarket cycle could extend to 5+ yrs
Supply Markets Tight
■ Strong demand means that supply of critical products/services tight, particularly in hot plays
Service Companies Have Leverage
■ With tight markets, relationship between operators and suppliers shifting
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 10
0
500
1,000
1,500
2,000
2,500
Au
g-0
9
Sep
-09
Oct
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v-0
9
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Lan
d R
igs
US Land Rig Count (Aug 2009 – Aug 2011)
Source: Baker Hughes
On the demand side, US Land rig count has rebounded dramatically since 2009 lows, driving demand of pressure pumping services
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 11
The focus on oily plays is evident in the US Land rig count: oil drilling activity finally overtook gas drilling activity in early 2011
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Au
g-0
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Sep
-09
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-11
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-11
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Pe
rce
nta
ge o
f La
nd
Rig
s
Oil
Gas
US Land Rig Count – Oil vs. Gas (Aug 2009 – Aug 2011)
Source: Baker Hughes
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 12
The dominance of unconventionals is also evident in the US Land rig count: increases in directional drilling has driven the rig count
0
500
1,000
1,500
2,000
2,500
Au
g-0
9
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-09
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-11
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-11
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Lan
d R
igs
Directional/Horizontal
Vertical
US Land Rig Count – Dir/Hor vs. Vert (Aug 2009 – Aug 2011)
Source: Baker Hughes
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 13
1,709
1,950 2,020 2,089
0
500
1,000
1,500
2,000
2,500
2011 2012 2013 2014
Lan
d R
igs
US Land Average Rig Count Forecast (2011-2014)
Source: PacWest Analysis; Macquarie
Most analysts expect the rig count to increase through 2014
Current: 1,740 rigs (8/19/11)
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 14
2011 Supply and Demand Balance – US Land Pressure Pumping
Source: CIBC World Markets; Macquarie; PacWest analysis
The US Land pressure pumping market is significantly under-supplied
100% 131%
9%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
Supply Demand
Pre
ssu
re P
um
pin
g C
apac
ity
Uti
lizat
ion
Backlog New Completions
8,534,250 HHP
735,890 HHP
11,935,890 HHP
11,200,000 HHP
The under-supply is not expected to be relieved until late 2012 or early 2013
3,401,640 HHP
GAP PRESENTS CHALLENGE
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 15
Agenda
1) About PacWest
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 16
Unconventional O/G carries with it significant supply chain and infrastructure implications
Unconventional Supply Chain & Infrastructure Implications
Competition & Innovation Key
■ Technology and innovation made shale a reality; requires entrepreneurial supply chain to optimize for each unique unconventional formation
■ US has deepest and most entrepreneurial O/G supply chain, competitive environment
Higher Service Intensity
■ Shale demands increased products/services, requiring more people, more equipment, more consumables (water, proppant, chemicals), more transportation infrastructure
Advanced Equipment and Experience Required
■ Most equipment and people will be imported initially; how friendly is import regime?
Infrastructure Availability Key
■ Production profile of shale gas wells is shorter and steeper than for conventional, so drilling campaigns have to be closely coordinated with evacuation/take-away projects
- Delay in infrastructure can significantly impact economics
NA Supply Markets Tight Today
■ NA rewards high; opportunity cost deploying equipment to uncertain region?
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 17
39%
11% 9% 8%
4% 4% 4% 3% 3% 3% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% 0% 0% 0
0
0
0
0
0
0
0
0
0
% o
f To
tal 3
-Yr
Spe
nd
Operator 3rd Party Spend by Category (3-yr)
Source: PacWest Analysis; Macquarie
A NA unconventional operator forecasts that pressure pumping, rigs, and water will drive nearly 60% of 3-year 3rd party costs across 3 plays
Stimulation/Completion = 39%
Drilling Rigs = 11% Water Treatment/Disposal = 9%
OCTG = 8% D&C Fluids= 4%
Contract Labor = 4%
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 18
Global pressure pumping capacity is the single largest supply limitation to a rapid ramp up of global shale development
Unconventional Supply Chain & Infrastructure Implications
Source: Halliburton Analysis;, Barclay’s CEO Energy-Power Conference, Sep 2011
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 19
Pressure pumping demands significant quantities of consumables, which complicate sourcing and logistics
Pressure Pumping Consumables
Average Eagle Ford frac requires 3-5 million gallons (80,000-120,000 bbls) of water
Water must be sourced, potentially pre-treated, and transported to frac site via trucks or pipes
10-40% of water flows back over 30-day period – what do you do with flowback?
- Treat it?
- Dispose it?
Water
Average Bakken frac requires 1.5 million lbs of sand – equivalent to 15 rail cars
North American supply is already extremely tight, though many new projects coming online over next 18 months
Logistics costs 50+% of sand costs within NA
What are economic sources of proppant in Argentina?
Proppant
Huge volumes of chemicals used during completion
Chemicals blends used are highly specific to a particular formation – key elements of innovation
There are already shortages of some key chemical inputs
Logistics of getting chemicals to site challenging in areas with limited infrastructure
Chemicals
Source: PacWest analysis
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 20
Agenda
1) About PacWest
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 21
A recent study on global shale gas resources sized up resources across 14 regions outside the US
Global Shale Resources
Source: EIA, World Shale Gas Resources Report
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 22
A new study by the Baker Institute forecasts shale gas production across key regions through 2040
Global Shale Resource Estimates & Production Forecasts
Source: EIA, World Shale Gas Resources Report; Baker Institute, Shale Gas and US National Security
1,275
862
774
681
485
388
290
231
226
187
180
63
- 200 400 600 800 1,000 1,200 1,400
China
USA
Agentina
Mexico
S Africa
Canada
Libya
Algeria
Brazil
Poland
France
India
0
10
20
30
40
50
60
70
2010 2015 2020 2025 2030 2035 2040
India
France
Poland
Brazil
Algeria
Libya
Canada
Mexico
Argentina
USA
China
Global Shale Resource Estimates (bcf) Gas Production Forecasts (tcf)
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 23
Ind
ire
ct
Ind
ire
ct
Ind
ire
ct
Dir
ect
D
ire
ct
However, more than just technically recoverable resources are required to successfully produce unconventionals; many critical risk factors
Non-Technical Risks Factors
Source: PacWest Analysis
Demand
Supply Chain
Domestic E&P Industry
Markets
Regulatory Frameworks
Infrastructure
Development Constraints
The level of natural gas demand within the country and neighboring countries that can serve as consumers
Water, population densities, political/social acceptance, etc.
Quality of existing supply chain, number of rigs currently in-country, ease of entry for new players, etc.
Number of existing domestic E&P firms, level of unconventional experience, ease of entry, etc.
Regulatory structure, midstream/downstream demand dynamics, etc.
Fragmentation, tax policies, government incentives for unconventional development, etc.
Quality of existing midstream, ease of developing new infrastructure, etc.
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 24
Besides Argentina, China and Poland have made the most progress in exploring their shale acreage
Shale Status: China & Poland
Multiple US majors active in China under JVs
Early exploration work progressing in target basins
Promising frac equipment JV relationships set up to supply manufacture frac pumps in China (Weir SPM and Shengli Highland)
Strong incentives to encourage production
Proven capability and commitment to building infrastructure
China
Multiple wells drilled by key operators (i.e. PGNiG) with gas shows from multiple wells
SLB recently completed 13-stage frac for 3Legs Resources
Exploration programs on-going with many more wells to drill under concession minimum requirements
Capital beginning to flow to develop domestic supply chain
Logistics/ transportation issues already emerging
Poland
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 25
Australia has made significant progress on CBM, while India has a long way to go on shale
Shale Status: Australia & India
Strong geology, economic incentives, regulatory framework
Making significant progress towards significant CBM production
Numerous domestic and international operators participating
Significant supply chain bottlenecks emerging across multiple products/ services – need for greater supply chain support
Infrastructure availability inland poses challenges
Shale exploration still early stage
Water sourcing for fracing will present challenges
Australia
Geology still uncertain – SLB fraced wells for ONGC in West Bengal (Damodar Valley Basin) and Assam
Economic incentives and regulatory framework still TBD
DGH has delayed shale concession round several times – currently targeted for 2012 Q1
Resources relatively small, but growing energy demand and limited domestic resources mean they are important
Major challenges developing infrastructure in the country do not bode well for pace of development
Will likely be 3-5 years behind China
India
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 26
There have been some recent roadblocks to shale production in select countries around the world
Global Shale Resources
Source: EIA, World Shale Gas Resources Report
■ Canada: Quebec put temporary moratorium in place
■ France: Recently put a shale moratorium in place, putting exploration activity in the highly promising Paris Basin on hold for now
■ UK: Has seen protests, then embrace by government; Cuadrilla put its exploration activities on hold after minor seismic activities during drilling
■ Sweden: Has seen protests to Shell’s exploration activity
■ India: Licensing round delayed until 2012 Q1
■ South Africa: Temporary moratorium in place pending assessment of environmental impact report – government recently requested a new version of the report, delaying release another 6 months
■ EU: Considering stricter shale guidelines to the protests of Poland
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 27
One thing to keep in mind is how supply chain needs differ for exploration versus development phases
Exploration vs. Development Phase
Data collection exercise
Goal: collect enough data to prove that hydrocarbons are present
Priorities: speed, logistical simplicity
Willingness-to-pay: relatively high
Staffing: in-country team small
Exploration Phase
Supply chain development and mgmt
Goal: build a long-term supply base that will help you reduce costs and optimize production, while minimizing risks
Priorities: cost management, diversification
Willingness-to-pay: low to moderate
Staffing: build local resources
Development Phase
Bundling strategies are common to simplify logistics, mgmt, admin
Work with local equipment providers (i.e. rigs) if possible for speed
Big 4 and majors often best positioned
More likely to distribute work between majors and local players
Willing to invest time/effort in building local supply base
Fwd-looking sourcing strategies
Implications
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 28
Agenda
1) About PacWest
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 29
The US Bakken play has boomed over last two years, placing significant strains on existing infrastructure and supply chain
The Bakken Formation
Source: Continental Resources
Formation
Huge contiguous oil accumulation spanning North Dakota and Wyoming in the US, Saskatchewan and Manitoba in Canada
- ~14,700 square-miles; largest ever assessed by USGS
Challenges
Existing infrastructure limited
Has seen tremendous growth over last two years
Growth has placed major strains on the supply chain
Effectively starting from zero
US Analogue: Bakken
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 30
Since late-2009, the rig count has increased 2.5-times with counts forecast at 200+ rigs beyond this year
0
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Directional/Horizontal
Vertical
Bakken Rig Count & Forecast
Rig Count – Dir/Hor vs. Vertical Average Rig Count Forecast Land Rigs Land Rigs
180 200
210 220
0
50
100
150
200
250
2011 2012 2013 2014
Current: 184 rigs (8/19/11)
Source: PacWest Analysis; Macquarie; Baker Hughes
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 31
Overwhelming demand in the Bakken is expected to lead to a significant under-supply of pressure pumping capacity for 2011
100% 133%
166%
199% 21%
28%
35%
42%
0%
50%
100%
150%
200%
250%
15 20 25 30
Pre
ssu
re P
um
pin
g C
apac
ity
Uti
lizat
ion
Average Stages per Well
2011 completions + backlog
2011 completions
121%
161%
201%
241%
Sensitivity Analysis of 2011 Bakken Pressure Pumping Capacity Utilization
Sources: CIBC World Markets; Macquarie; PacWest analysis
100%
utilization of
2011
capacity
The Bakken will be 61% under-supplied in 2011, conservatively assuming 20 stages/well
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 32
114% 109% 104% 100%
45% 43% 42% 40%
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
30% 40% 50% 60%
Pre
ssu
re P
um
pin
g C
apac
ity
Uti
lizat
ion
Capacity Growth (2011 – 2012)
2012 completions + backlog2012 completions
159% 152% 146% 140%
Sensitivity Analysis of 2012 Bakken Pressure Pumping Capacity Utilization
100% utilization
of 2012
capacity
Source: CIBC World Markets; Macquarie; PacWest analysis
Demand will continue to outpace supply for pressure pumping capacity into 2012 in the Bakken
Note: Sensitivity analysis assumes an average of 20 frac stages / well in 2012, a conservative estimate
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 33
Staffing experienced crews is a critical challenge faced by pressure pumping service providers
■ Completion increases = HHP increases = Frac crew increases = Need for trained staff!!
■ North American pressure pumping industry is expanding rapidly (~20% YoY increase 2010-2011) and needs to add new hires to meet expansion targets
■ Major increases in completions require major increases in frac crews, for example:
- Typical 25K HHP frac fleet in the Bakken requires 2-3 crews of 30 staff = 60 – 90 experienced employees
- PacWest forecasts an increase in frac fleets in the Bakken from 38 fleets (May 2011) to 52 fleets (year-end 2011) = 840-1,260 experienced employees
■ Fact: Critical driver of oilfield safety = experienced staff
■ Problem: There are no more experienced field workers left; pumpers are forced to manage deployment of large numbers of inexperienced employees
The Quality vs. Quantity Dilemma
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 34
Supply chain constraints are holding back the deployment of new equipment and the ability to consistently supply pumping services
Logistics ■ Railway (primarily BNSF) import capacity into the Bakken is limited for all products,
particularly proppant due to the large volumes required (1 railcar has capacity of 200K lbs of proppant; average 3 million lbs frac job requires 15 railcars)
Proppant ■ Global proppant consumption has reached unprecedented levels and most domestic
producers are essentially sold out of product
■ Greatest constraint is in 20/40 raw sand
Guar ■ Demand has reached record highs and the guar supply chain is not highly responsive
due to its length (90% of raw guar seed grown in rural India)
Equipment ■ Manufacturers of pumping equipment reporting order backlogs of up to 1 year
Labor ■ Local labor force in the Bakken is limited and unemployment is extremely low
Bakken Supply Chain Constraints
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 35
Bakken pressure pumping supply has been unable to keep pace with demand so well completion backlogs are growing
90 67
85 76 50
87 72
96
57 81
67 82
80 81 103
99 95 98 103 107
93 118
172
0
60
120
180
Day
s b
etw
ee
n W
ell
Spu
d a
nd
Co
mp
leti
on
Uncompleted Drilling Permitted
Bakken 429 162 413
Montana 57 6 67
North Dakota 372 156 346
0
100
200
300
400
500
Nu
mb
er
of
We
lls
Sources: Montana Board of Oil & Gas; North Dakota Industrial Commission; PacWest analysis
Days Required for D&C in North Dakota
Bakken Well Count (May 2011)
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 36
Operator D&C performance varies, in some cases depending on contracting practices
Sources: Montana Board of Oil & Gas; North Dakota Industrial Commission; PacWest analysis
4.5
3.6
3.4
3.0
2.8
2.7
2.6
2.4
2.0
1.9
1.8
1.0
0 1 2 3 4 5
Oasis Petroleum
Marathon
EOG Resources
Newfield
Slawson
Hess
ConocoPhillips
Brigham Oil & Gas
Zenergy
Whiting Oil & Gas
Continental Resources
Anschutz/OXY
Bakken Ratio of Uncompleted Wells to Active Rigs (May 2011)
7
45
29
12
17
13
48
17
15
34
25
27
Well
Backlog 7
25
15
6
7
5
18
6
5
10
7
6
Rigs
Note: Well backlog is best estimate based on data from Montana and North Dakota oil/gas regulators; rig count is from April 2011
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 37
Agenda
1) Introduction
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 38
A sampling of some of PacWest’s recent projects demonstrate our depth of experience in North American and international shale
Sample of Recent PacWest Consulting Projects
■ Conducted a study of operator sourcing strategies for a large independent North American unconventional E&P operator with a focus on 6 categories: drilling rigs, workover/service rigs, logistics, OCTG, water, and pressure pumping
■ Conducted an innovative economic and strategic analysis of operator all-in shale water management costs over 20-year timeframe, from sourcing all the way through to treatment/disposal, for Bakken and Eagle Ford acreage
■ Conducted a study of the frac pump market focused on supplier strategic plans, manufacturing capabilities, and supply chain structure
■ Analyzed Bakken and Eagle Ford supply/demand and conducted demand planning exercise to develop new pressure pumping sourcing and contract strategy to avoid continued completion delays for a large independent E&P operator
■ Developed Poland unconventional market entry, product/service, and JV strategy for a potential shale service company for a private equity client
We have resources in every major unconventional country/region to support international shale needs
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 39
PacWest unique combination of strategic and analytical capabilities with strong market intelligence offer a unique service
PacWest Market Intelligence Capabilities
Key differentiator: turning market data and intelligence into meaningful and actionable information
Transform volumes of disparate market data, industry insider activity, and field-level intelligence and expert input into strategic and actionable recommendations for decision-makers
Aggregate, organize and distill a wide range of data and intelligence to provide information to our clients that is comprehensive, focused, and strategic
Analyze this information to assess its strategic implications and provide a clear path of action for each stakeholder
PacWest Difference
Subscription-based market intelligence product with quarterly releases
Includes multiple components:
- Unconventional Supplier Database: 100+ suppliers
- Supplier Market Insights report
- Monthly Frac Analysis report
- Pressure Pumping Monitoring report
- D&C Cost Escalation report
All components are also available as stand-alone products
Frac Database high value frac data set – first product of its kind available on market
Shale Supply Market Service
LATAM UCG CONFERENCE PRESENTATION
© PacWest 2011 | All rights reserved | 40
Agenda
1) Introduction
2) NA Unconventional Story & Current State of Market
3) Supply Chain & Infrastructure Implications
4) International Unconventional Development
5) US Analogue: Bakken
6) About PacWest
7) Questions