THE OIL & SERVICES CONFERENCE™ 14€¦ · · 2016-03-08the oil & services conference™ 14...

NETHERLAND, SEWELL& ASSOCIATES, INC.

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www.theoilandservicesconference.comSAN FRANCISCO, MARCH 9, 2016

THE OIL & SERVICES CONFERENCE™ 14



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JUNE

201

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Co-Documentation Agent

TRANSOCEAN INC. USA

FEBR

UARY

201

5

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APRI

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USD 650,000,000

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CARRIZO OIL & GAS

AUGU

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USD 2,500,000,000

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PBF HOLDING COMPANY LLC USA

energy financingsolutions

for the Americas

Choose a bank internationally recognized for global energy finance.

Our sector specialists draw on unrivalled expertise for financing value-creating corporate finance projects, and participating in the development of the real economy. Across all continents, we take an active role in the sustainable development of today’s economy.

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Energy Group 1100 Louisiana, Suite 4750,

Houston TX 77002 Tel.: 713-890-8600

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Co-Lead Arranger &Joint Bookrunner

ENERGY TRANSFER EQUITY, L.P.

MAR

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CHESAPEAKE ENERGY CORPORATIONUSA

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KOSMOS ENERGY LTD.

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USD 70,000,000

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SK PLYMOUTH, LLC

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Notes Due 2018

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USD 1,000,000,0004.950% Senior Unsecured

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Joint BookrunningManager

PBF HOLDING COMPANY LLC & PBF FINANCE CORPORATION

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RELIANCE HOLDING USA INC.

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& Syndication Agent

ARCHROCK

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www.preng.com

35YEARS

HOUSTON LONDON

O U R 7 0 0 C U R R E N T A N D PA S T C L I E N T SM A D E T H I S P O S S I B L E

T H A N K Y O U!

Hein has been delivering targeted value to energy companies for

over three decades. As one of the nation’s leading public accounting

firms serving the energy industry, Hein works with companies

to promote growth and improve operations.

For more information, visit www.heincpa.com or contact:

Focus and Precision.With keen focus, we’ve been helping our clients in the energy industry hit the mark for over 30 years.

Charles Grube, Partner

[email protected]

713.850.9814

Joe Blice, Head of O&G

[email protected]

972.458.2296

Patrick Hanley, Partner

[email protected]

303.298.9600

Bridging the Gap Between Operators & Oilfield ServicesPLS provides informative reports, premium databases, market access, transactional work, buy-side assistance and capital sourcing for the oilfield service sector.

PLS professionals have critical industry insight, key relationships, extensive deal experience, market knowledge and solid deal flow in the oilfield service sector.

• Core Reports & Regional Reports• Proprietary Databases• Advisory & Consulting Services• Transactional Services

To see how PLS can help your oil service company, call Chris George at 713-600-0129 or email [email protected]

Visit: www.plsx.com/oilfieldservices

“Opportunity is a reflection of information.”

Information. Transactions. Advisory.

Call Now For More Info

713-600-0129

WUNDERLICH As a leading full-service middle market investment bank, Wunderlich combines the senior-level attention and focus only a boutique can offer with resources and experience of larger investment banks. Our bankers are dedicated to building trusted relationships with our clients, before and beyond transactions.

Energy Investment Banking | Acquisitions & Divestitures

Tom Schaefer Managing Director

713-403-2112 [email protected]

Lenny Bianco Vice President 713-403-3975

[email protected]

Wunderlich Contacts

Kevin Andrews Managing Director

713-403-3975 [email protected]

The Energy Investment Banking Group provides a full range of strategic advisory and underwriting services to clients across the oilfield services and equipment, upstream, midstream and utilities and power sectors of the energy industry. We focus on small to mid-capitalized public companies as well as private companies within the energy sector, and our team has participated in transactions raising over $17 billion in capital since 2012. The strategic advisory services provided to our public and private energy clients include mergers, acquisitions & divestitures, leveraged buy-outs and fairness opinions. Additionally, the Energy Investment Banking Group offers capital raising advisory services for common and preferred equity offerings, mezzanine financings, high yield debt, and convertible securities.

Our primary areas of focus include:

Oilfield Services and Equipment

Exploration & Production

Upstream Master Limited Partnerships

Midstream Master Limited Partnerships

Infrastructure Services

Utilities and Power Generation

WUNDERLICH As a leading full-‐service middle market investment bank, Wunderlich combines the senior-‐level aBenCon and focus only a bouCque can offer with resources and experience of larger investment banks. Our bankers are dedicated to building trusted relaConships with our clients, before and beyond transacCons.

Energy Investment Banking | Acquisi6ons & Dives6tures

Tom Schaefer Managing Director

713-‐403-‐2112 [email protected]

Lenny Bianco Vice President 713-‐403-‐3975

[email protected]

Wunderlich Contacts

Kevin Andrews Managing Director

713-‐403-‐3979 [email protected]

The Energy Investment Banking Group provides a full range of strategic advisory and underwriCng services to clients across the oilfield services and equipment, upstream, midstream and uCliCes and power sectors of the energy industry. We focus on small to mid-‐capitalized public companies as well as private companies within the energy sector, and our team has parCcipated in transacCons raising over $17 billion in capital since 2012. The strategic advisory services provided to our public and private energy clients include mergers, acquisiCons & divesCtures, leveraged buy-‐outs and fairness opinions. AddiConally, the Energy Investment Banking Group offers capital raising advisory services for common and preferred equity offerings, mezzanine financings, high yield debt, and converCble securiCes.

Our primary areas of focus include:

Ø  Oilfield Services and Equipment

Ø  Explora7on & Produc7on

Ø  Upstream Master Limited Partnerships

Ø  Midstream Master Limited Partnerships

Ø  Infrastructure Services

Ø  U7li7es and Power Genera7on

Need an ally in the energy sector? Tap into this resource

Energy is a precious commodity, so working with the right financial professionals is

paramount. Our knowledge of the energy sector runs deep, whether your priority is

upstream, midstream or downstream. Collectively, we have more than 100 years of industry

experience in our energy group, including a technical team for value-added insight.

Look to Fifth Third Bank for lending, commodity & interest rate hedging, foreign exchange,

equipment financing/leasing, debt capital markets, syndication capabilities, purchasing

card, treasury management, trust & escrow services.

To Tap inTo our wealTh of knowledge,

please conTacT

Richard C. Butler, Senior Vice President

713.401.6101 or [email protected]

We look forward to working with you

in your energy sector pursuits.

www.53.com/commercial Lending is subject to credit review and approval. Deposit and credit products provided by Fifth Third Bank. Member FDIC.

Kelton GlasscockSenior Vice PresidentHead of Energy AmericasTel: [email protected]

Byron CooleySenior Vice PresidentTel: [email protected]

Rob DupreeSenior Vice President Tel: [email protected]

DNB Bank - Energy Americas333 Clay Street, Suite 3950, Houston, TX 77002

www.dnb.no

BANKING AND FINANCING

TAILORED FOR THE ENERGY INDUSTRY

www.gmpsecurities.com

Navigating Through ChangeGMP’s leadership position across all aspects of the small- to mid-cap segments of the Canadian capital markets has consistently been defined by our superior execution capabilities and the depth and breadth of our client relationships.

In the United States, we have continued to expand our global commodities footprint to include coverage of the exploration and production and oil service sectors and remain committed to providing our clients with world-class research, sales and trading, corporate finance and advisory services.

To learn more about GMP’s North American energy platform, please contact:

GMP Securities, L.P.: Toronto | Calgary | MontrealGMP Securities, LLC: New York | Houston | Dallas | Stamford | Miami

GMP Securities L.P. (GMP Securities) is a member of the Toronto, Montreal and TSX Venture stock exchanges, the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Griffiths McBurney Corp. and GMP Securities, LLC are registered as broker dealers in the United States and are members of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

CANADA

GMP Securities, L.P.525 – 8th Avenue SWSuite 4800Calgary, AB T2P 1G1Phone: 403.543.3030

Kevin OverstromManaging Director, Vice [email protected]

Robyn Hemminger Managing [email protected]

UNITED STATES

GMP Securities, LLC717 Texas Avenue Suite 3000Houston, Texas 77002Phone: 832.844.1800

Christian Gibson Managing [email protected]

Sameer ParasnisManaging [email protected]

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1 2

Daily 3 Mo AvgShare Shares Market Value Daily Short 3Q 2015 3Q 2015Price O/S Cap Traded Trading Vol Interest Debt Cash EV

2/19/2016 (MM) ($MM) ($MM) (000's) Ratio ($MM) ($MM) ($MM)Large Cap

APA Apache Corp $37.33 378.0 $14,111 $208 5,710 2.9 $8,777 $1,655 $23,396APC Anadarko Petroleum Corp $35.35 508.4 $17,973 $452 9,751 1.6 $15,925 $2,072 $34,799AR Antero Resources Corp $23.98 277.1 $6,644 $63 3,333 5.4 $4,407 $27 $12,358CLR Continental Resources Inc/OK $17.46 372.7 $6,507 $140 8,714 3.1 $7,111 $17 $13,601

5 CNQ CN Canadian Natural Resources Ltd $28.09 1094.7 $30,749 $203 6,844 1.6 $16,510 $30 $47,229COG Cabot Oil & Gas Corp $19.91 458.1 $9,120 $228 10,727 1.9 $2,037 $9 $11,148COP ConocoPhillips $32.87 1236.2 $40,634 $477 14,758 1.6 $24,891 $2,413 $63,457

5 COS CN Canadian Oil Sands Ltd $9.18 484.6 $4,449 $29 5,178 2.3 $2,341 $123 $6,6675 CPG CN Crescent Point Energy Corp $15.65 504.9 $7,902 $51 5,433 2.4 $4,399 $43 $12,2595 CVE CN Cenovus Energy Inc $14.53 833.2 $12,106 $58 4,532 2.8 $6,312 $4,401 $14,017

CXO Concho Resources Inc $92.29 129.1 $11,919 $2,205 2,686 3.1 $3,932 $0 $15,851DVN Devon Energy Corp $18.65 510.3 $9,517 $631 11,812 1.2 $11,900 $1,787 $24,004EOG EOG Resources Inc $69.71 549.7 $38,322 $246 5,207 2.8 $6,430 $743 $44,009EQT EQT Corp $58.89 159.7 $9,403 $514 2,520 1.4 $3,328 $1,663 $13,649FANG Diamondback Energy Inc $72.08 71.4 $5,146 $101 1,600 3.1 $489 $44 $5,825HES Hess Corp $42.31 314.8 $13,317 $256 6,436 1.1 $6,552 $3,013 $17,888

5 HSE CN Husky Energy Inc $13.26 1005.5 $13,332 $31 2,911 4.3 $6,842 $0 $21,048MRO Marathon Oil Corp $6.73 676.9 $4,555 $257 21,964 1.8 $8,358 $1,680 $11,233NBL Noble Energy Inc $29.85 428.8 $12,801 $158 5,339 2.7 $8,090 $1,028 $19,863

9 NFG National Fuel Gas Co $46.21 84.8 $3,918 $21 736 5.2 $2,099 $114 $5,904NFX Newfield Exploration Co $22.31 163.6 $3,651 $142 4,094 1.8 $2,498 $7 $6,142OXY Occidental Petroleum Corp $70.23 763.7 $53,638 $387 6,027 2.3 $8,332 $2,547 $59,423

5 PEY CN Peyto Exploration & Development Corp $29.42 159.1 $4,681 $37 1,135 0.6 $960 $0 $5,641PXD Pioneer Natural Resources Co $122.99 163.3 $20,080 $335 3,312 2.2 $2,675 $581 $22,181RRC Range Resources Corp $23.74 169.4 $4,021 $179 6,680 4.5 $3,587 $0 $7,607

5 TOU CN Tourmaline Oil Corp $26.79 221.3 $5,930 $35 1,316 4.9 $1,145 $0 $7,1035 VET CN Vermilion Energy Inc $35.35 112.0 $3,959 $28 753 1.1 $1,519 $149 $5,330

XEC Cimarex Energy Co $85.58 94.8 $8,115 $165 1,681 2.6 $1,500 $899 $8,715Average $13,446 $273 5,757 2.6 $6,177 $894 $19,298Median $9,262 $172 5,193 2.4 $4,403 $136 $13,625

Mid Cap5 AAV CN Advantage Oil & Gas Ltd $7.23 170.8 $1,235 $17 1,159 3.2 $286 $0 $1,5215 BIR CN Birchcliff Energy Ltd $5.05 152.3 $769 $12 1,265 3.8 $627 $0 $1,4375 BNE CN Bonterra Energy Corp $18.30 33.1 $607 $3 242 3.2 $336 $0 $9425 BTE CN Baytex Energy Corp $2.66 210.3 $559 $24 9,543 0.7 $1,764 $0 $2,323

CHK Chesapeake Energy Corp $2.00 665.0 $1,330 $41 29,511 5.6 $11,567 $1,759 $12,402CNX CONSOL Energy Inc $7.87 229.1 $1,803 $54 10,535 6.1 $3,734 $83 $5,609CPE Callon Petroleum Co $6.35 80.1 $509 $14 2,429 4.5 $399 $2 $985CRZO Carrizo Oil & Gas Inc $21.48 58.3 $1,253 $62 2,498 3.3 $1,412 $2 $2,663ECA Encana Corp $3.13 845.9 $2,648 $90 16,828 1.6 $6,141 $352 $8,437EGN Energen Corp $24.42 97.1 $2,370 $122 2,128 2.3 $750 $1 $3,119GPOR Gulfport Energy Corp $27.16 108.3 $2,942 $78 2,755 1.7 $965 $228 $3,679GTE Gran Tierra Energy Inc $2.12 274.5 $582 $2 1,165 1.7 $0 $187 $395

5 KEL CN Kelt Exploration Ltd $3.10 168.7 $523 $2 1,845 5.4 $148 $1 $670LPI Laredo Petroleum Inc $4.10 213.7 $876 $40 3,798 5.4 $1,416 $76 $2,216

5 MEG CN MEG Energy Corp $4.17 225.0 $938 $12 3,530 3.9 $5,041 $351 $5,629MTDR Matador Resources Co $15.00 85.6 $1,283 $26 1,819 4.5 $391 $14 $1,661MUR Murphy Oil Corp $15.76 172.0 $2,711 $108 4,840 3.5 $3,340 $879 $5,172

5 NVA CN NuVista Energy Ltd $4.12 153.3 $632 $1 903 18.6 $173 $0 $804OAS Oasis Petroleum Inc $4.80 180.6 $867 $34 13,374 2.9 $2,380 $12 $3,234PDCE PDC Energy Inc $48.70 40.3 $1,961 $86 1,218 5.2 $663 $4 $2,621

5 POU CN Paramount Resources Ltd $5.00 106.2 $531 $8 2,230 3.8 $1,776 $21 $2,2865 PWT CN Penn West Petroleum Ltd $1.29 502.2 $648 $2 4,013 9.8 $2,249 $0 $2,8975 PXT CN Parex Resources Inc $9.29 151.5 $1,407 $6 812 3.5 $0 $109 $1,298

QEP QEP Resources Inc $10.52 176.8 $1,859 $65 4,499 3.1 $2,219 $496 $3,582RICE Rice Energy Inc $8.50 136.4 $1,159 $30 3,415 5.1 $1,521 $216 $2,915

5 RRX CN Raging River Exploration Inc $9.21 213.4 $1,966 $31 1,818 3.6 $58 $0 $2,024RSPP RSP Permian Inc $20.31 101.7 $2,065 $37 1,790 5.4 $699 $57 $2,706SM SM Energy Co $8.24 68.1 $561 $46 3,721 4.1 $2,534 $0 $3,095

5 SPE CN Spartan Energy Corp $2.44 265.1 $647 $2 2,855 2.2 $82 $0 $729SWN Southwestern Energy Co $7.09 384.5 $2,726 $243 20,564 5.0 $4,664 $15 $9,100

6 SYRG Synergy Resources Corp $5.91 124.0 $733 $8 2,787 4.6 $78 $81 $7305 TOG CN TORC Oil & Gas Ltd $5.50 161.2 $887 $33 2,955 1.2 $224 $0 $1,1115 WCP CN Whitecap Resources Inc $6.93 300.6 $2,083 $32 5,359 0.7 $783 $0 $2,867

WLL Whiting Petroleum Corp $4.32 204.1 $882 $81 17,805 1.9 $5,255 $38 $6,107WPX WPX Energy Inc $4.00 275.3 $1,101 $41 9,646 4.1 $3,400 $99 $4,752

Average $1,304 $43 5,590 4.2 $1,916 $145 $3,192Median $1,101 $32 2,855 3.8 $965 $14 $2,663

13

Source: EnerCom, Company filings, Bloomberg L.P.Footnotes to the tables and glossary of terms can be found beginning on page 37.

EnerCom E&P WeeklyFebruary 19, 2016

14

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2/19/2016 (MM) ($MM) ($MM) (000's) Ratio ($MM) ($MM) ($MM)

Small CapBBEP BreitBurn Energy Partners LP $0.56 211.9 $119 $1 2,631 5.8 $3,044 $12 $3,698BBG Bill Barrett Corp $2.73 50.0 $136 $3 1,835 7.7 $804 $93 $848

5 BNP CN Bonavista Energy Corp $1.88 214.0 $402 $2 1,714 2.2 $1,246 $0 $1,6485 BXE CN Bellatrix Exploration Ltd $1.51 192.0 $290 $2 1,418 8.0 $672 $0 $9625 CR CN Crew Energy Inc $3.06 141.1 $432 $4 1,429 8.8 $214 $0 $646

CRC California Resources Corp $0.32 387.5 $124 $9 11,386 4.3 $6,420 $4 $6,540CWEI Clayton Williams Energy Inc $10.60 12.2 $129 $3 265 6.7 $750 $9 $870

5 DEE CN Delphi Energy Corp $0.74 155.5 $115 $0 278 24.4 $122 $2 $235DNR Denbury Resources Inc $1.01 355.5 $359 $17 12,667 5.0 $3,357 $12 $3,704ECR Eclipse Resources Corp $0.70 222.7 $156 $0 796 18.2 $539 $228 $467EPE EP Energy Corp $1.92 248.0 $476 $12 2,278 8.5 $4,931 $28 $5,379

8 EPM Evolution Petroleum Corp $4.24 32.9 $139 $1 83 12.1 $0 $16 $131ERN Erin Energy Corp $2.07 211.6 $438 $0 111 33.1 $231 $4 $665

5 GXO CN Granite Oil Corp $7.38 30.4 $224 $0 125 10.5 $45 $0 $269LINE Linn Energy LLC $0.47 355.0 $168 $2 4,521 1.7 $9,528 $345 $9,352MCF Contango Oil & Gas Co $5.44 19.4 $106 $0 149 7.9 $115 $0 $220NOG Northern Oil and Gas Inc $2.69 63.0 $169 $3 1,479 16.0 $868 $7 $1,030PGH Pengrowth Energy Corp $0.72 543.0 $392 $0 1,146 4.7 $2,069 $0 $2,461

9 PHX Panhandle Oil and Gas Inc $14.39 16.6 $239 $1 59 8.4 $65 $1 $3035 PNE CN Pine Cliff Energy Ltd $0.80 305.5 $244 $0 610 0.1 $44 $0 $2885 PPY CN Painted Pony Petroleum Ltd $3.87 100.0 $387 $3 1,522 3.2 $46 $0 $4335 PXX CN BlackPearl Resources Inc $0.55 335.6 $185 $0 393 19.1 $97 $5 $2775 RMP CN RMP Energy Inc $1.38 126.5 $175 $1 1,258 1.7 $131 $0 $305

SGY Stone Energy Corp $2.07 57.1 $118 $10 3,496 4.7 $1,052 $74 $1,096SN Sanchez Energy Corp $2.81 61.9 $174 $3 2,209 6.8 $1,747 $197 $1,992

5 TET CN Trilogy Energy Corp $2.99 105.3 $315 $2 864 1.4 $650 $0 $9655 TVE CN Tamarack Valley Energy Ltd $3.16 100.0 $316 $1 465 0.6 $94 $0 $410

UNT Unit Corp $5.95 50.4 $300 $9 1,233 5.2 $912 $1 $1,211WTI W&T Offshore Inc $1.56 76.0 $119 $2 1,284 11.8 $1,473 $7 $1,584XCO EXCO Resources Inc $0.94 282.1 $265 $2 3,754 11.4 $1,545 $21 $1,789

Average $240 $3 2,049 8.7 $1,427 $36 $1,659Median $204 $2 1,271 7.2 $711 $4 $916

Micro CapANFC Black Ridge Oil and Gas Inc $0.06 48.0 $3 $0 39 0.9 $57 $0 $60AREX Approach Resources Inc $0.76 40.5 $31 $0 644 15.5 $516 $0 $546AXAS Abraxas Petroleum Corp $0.93 106.3 $99 $1 978 11.4 $127 $0 $226

5 BBI CN Blackbird Energy Inc $0.15 357.9 $52 $0 606 0.0 $0 $21 $31BCEI Bonanza Creek Energy Inc $1.58 49.8 $79 $3 3,003 6.6 $876 $25 $929

5 CKE CN Chinook Energy Inc $0.43 215.3 $93 $0 163 0.1 $0 $46 $465 CLC CN Connacher Oil and Gas Ltd $0.20 28.3 $6 $0 46 0.0 $252 $73 $1855 CQE CN Cequence Energy Ltd $0.34 211.0 $72 $0 351 0.0 $58 $22 $108

CRK Comstock Resources Inc $1.04 47.7 $50 $2 1,476 7.0 $1,297 $164 $1,183EGY VAALCO Energy Inc $1.10 58.4 $64 $1 262 4.7 $15 $41 $39EOX Emerald Oil Inc $0.73 8.7 $6 $0 193 14.0 $311 $5 $312

8 EXXI Energy XXI Ltd $0.47 95.5 $45 $1 2,130 9.4 $4,013 $491 $3,766GST Gastar Exploration Inc $0.98 78.9 $77 $0 829 26.8 $397 $10 $619HK Halcon Resources Corp $0.43 121.0 $52 $0 1,844 8.1 $3,111 $6 $3,313JONE Jones Energy Inc $1.37 30.5 $42 $0 300 4.6 $837 $23 $1,393LGCY Legacy Reserves LP $0.84 69.5 $58 $0 567 10.3 $1,452 $2 $1,746

5 LRE CN Long Run Exploration Ltd $0.37 193.5 $72 $0 1,559 0.7 $665 $0 $7365 LTS CN Lightstream Resources Ltd $0.35 198.3 $69 $0 706 2.9 $1,554 $0 $1,6235 MEI CN Manitok Energy Inc $0.13 161.1 $21 $0 175 8.1 $80 $0 $1015 MQL CN Marquee Energy Ltd $0.32 123.2 $39 $0 109 NA $53 $0 $925 PMT CN Perpetual Energy Inc $0.05 1047.7 $47 $0 2,240 0.3 $375 $0 $422

PQ PetroQuest Energy Inc $0.49 70.2 $35 $0 423 14.2 $350 $159 $2265 RE CN Rock Energy Inc $1.06 47.5 $50 $0 196 0.2 $61 $0 $112

REN Resolute Energy Corp $0.49 77.5 $38 $0 298 23.7 $716 $1 $753REXX Rex Energy Corp $0.56 55.7 $31 $1 2,611 11.0 $745 $3 $934

5 SOG CN Strategic Oil & Gas Ltd $0.12 542.3 $62 $0 190 0.1 $52 $2 $112SPP Sanchez Production Partners LP $14.00 3.0 $43 $0 25 2.9 $106 $9 $156

5 TBE CN Twin Butte Energy Ltd $0.07 354.1 $23 $0 2,955 1.0 $210 $0 $2337 TPLM Triangle Petroleum Corp $0.38 75.7 $28 $0 652 18.5 $815 $36 $8075 TVL CN Traverse Energy Ltd $0.32 71.9 $23 $0 42 0.0 $0 $3 $20

UPL Ultra Petroleum Corp $0.20 153.3 $30 $10 7,470 3.8 $3,408 $26 $3,413USEG US Energy Corp Wyoming $0.39 28.4 $11 $0 178 0.6 $6 $4 $13WRES Warren Resources Inc $0.11 85.2 $9 $0 919 2.3 $449 $10 $449

5 YGR CN Yangarra Resources Ltd $0.59 67.7 $40 $0 72 0.0 $56 $0 $965 YO CN Yoho Resources Inc $0.22 61.2 $13 NA 69 NA $29 $0 $42

YUMA Yuma Energy Inc $0.21 71.7 $15 $0 114 0.3 $30 $5 $515 ZAR CN Zargon Oil & Gas Ltd $0.41 30.4 $12 $0 144 7.0 $52 $0 $64ZAR CN

Average $42 $1 935 6.2 $625 $32 $675Median $40 $0 351 3.8 $252 $4 $226



1 2


2/19/2016 (MM) ($MM) ($MM) (000's) Ratio ($MM) ($MM) ($MM)

Small CapBBEP BreitBurn Energy Partners LP $0.56 211.9 $119 $1 2,631 5.8 $3,044 $12 $3,698BBG Bill Barrett Corp $2.73 50.0 $136 $3 1,835 7.7 $804 $93 $848

5 BNP CN Bonavista Energy Corp $1.88 214.0 $402 $2 1,714 2.2 $1,246 $0 $1,6485 BXE CN Bellatrix Exploration Ltd $1.51 192.0 $290 $2 1,418 8.0 $672 $0 $9625 CR CN Crew Energy Inc $3.06 141.1 $432 $4 1,429 8.8 $214 $0 $646

CRC California Resources Corp $0.32 387.5 $124 $9 11,386 4.3 $6,420 $4 $6,540CWEI Clayton Williams Energy Inc $10.60 12.2 $129 $3 265 6.7 $750 $9 $870

5 DEE CN Delphi Energy Corp $0.74 155.5 $115 $0 278 24.4 $122 $2 $235DNR Denbury Resources Inc $1.01 355.5 $359 $17 12,667 5.0 $3,357 $12 $3,704ECR Eclipse Resources Corp $0.70 222.7 $156 $0 796 18.2 $539 $228 $467EPE EP Energy Corp $1.92 248.0 $476 $12 2,278 8.5 $4,931 $28 $5,379

8 EPM Evolution Petroleum Corp $4.24 32.9 $139 $1 83 12.1 $0 $16 $131ERN Erin Energy Corp $2.07 211.6 $438 $0 111 33.1 $231 $4 $665

5 GXO CN Granite Oil Corp $7.38 30.4 $224 $0 125 10.5 $45 $0 $269LINE Linn Energy LLC $0.47 355.0 $168 $2 4,521 1.7 $9,528 $345 $9,352MCF Contango Oil & Gas Co $5.44 19.4 $106 $0 149 7.9 $115 $0 $220NOG Northern Oil and Gas Inc $2.69 63.0 $169 $3 1,479 16.0 $868 $7 $1,030PGH Pengrowth Energy Corp $0.72 543.0 $392 $0 1,146 4.7 $2,069 $0 $2,461

9 PHX Panhandle Oil and Gas Inc $14.39 16.6 $239 $1 59 8.4 $65 $1 $3035 PNE CN Pine Cliff Energy Ltd $0.80 305.5 $244 $0 610 0.1 $44 $0 $2885 PPY CN Painted Pony Petroleum Ltd $3.87 100.0 $387 $3 1,522 3.2 $46 $0 $4335 PXX CN BlackPearl Resources Inc $0.55 335.6 $185 $0 393 19.1 $97 $5 $2775 RMP CN RMP Energy Inc $1.38 126.5 $175 $1 1,258 1.7 $131 $0 $305

SGY Stone Energy Corp $2.07 57.1 $118 $10 3,496 4.7 $1,052 $74 $1,096SN Sanchez Energy Corp $2.81 61.9 $174 $3 2,209 6.8 $1,747 $197 $1,992

5 TET CN Trilogy Energy Corp $2.99 105.3 $315 $2 864 1.4 $650 $0 $9655 TVE CN Tamarack Valley Energy Ltd $3.16 100.0 $316 $1 465 0.6 $94 $0 $410

UNT Unit Corp $5.95 50.4 $300 $9 1,233 5.2 $912 $1 $1,211WTI W&T Offshore Inc $1.56 76.0 $119 $2 1,284 11.8 $1,473 $7 $1,584XCO EXCO Resources Inc $0.94 282.1 $265 $2 3,754 11.4 $1,545 $21 $1,789

Average $240 $3 2,049 8.7 $1,427 $36 $1,659Median $204 $2 1,271 7.2 $711 $4 $916

Micro CapANFC Black Ridge Oil and Gas Inc $0.06 48.0 $3 $0 39 0.9 $57 $0 $60AREX Approach Resources Inc $0.76 40.5 $31 $0 644 15.5 $516 $0 $546AXAS Abraxas Petroleum Corp $0.93 106.3 $99 $1 978 11.4 $127 $0 $226

5 BBI CN Blackbird Energy Inc $0.15 357.9 $52 $0 606 0.0 $0 $21 $31BCEI Bonanza Creek Energy Inc $1.58 49.8 $79 $3 3,003 6.6 $876 $25 $929

5 CKE CN Chinook Energy Inc $0.43 215.3 $93 $0 163 0.1 $0 $46 $465 CLC CN Connacher Oil and Gas Ltd $0.20 28.3 $6 $0 46 0.0 $252 $73 $1855 CQE CN Cequence Energy Ltd $0.34 211.0 $72 $0 351 0.0 $58 $22 $108

CRK Comstock Resources Inc $1.04 47.7 $50 $2 1,476 7.0 $1,297 $164 $1,183EGY VAALCO Energy Inc $1.10 58.4 $64 $1 262 4.7 $15 $41 $39EOX Emerald Oil Inc $0.73 8.7 $6 $0 193 14.0 $311 $5 $312

8 EXXI Energy XXI Ltd $0.47 95.5 $45 $1 2,130 9.4 $4,013 $491 $3,766GST Gastar Exploration Inc $0.98 78.9 $77 $0 829 26.8 $397 $10 $619HK Halcon Resources Corp $0.43 121.0 $52 $0 1,844 8.1 $3,111 $6 $3,313JONE Jones Energy Inc $1.37 30.5 $42 $0 300 4.6 $837 $23 $1,393LGCY Legacy Reserves LP $0.84 69.5 $58 $0 567 10.3 $1,452 $2 $1,746

5 LRE CN Long Run Exploration Ltd $0.37 193.5 $72 $0 1,559 0.7 $665 $0 $7365 LTS CN Lightstream Resources Ltd $0.35 198.3 $69 $0 706 2.9 $1,554 $0 $1,6235 MEI CN Manitok Energy Inc $0.13 161.1 $21 $0 175 8.1 $80 $0 $1015 MQL CN Marquee Energy Ltd $0.32 123.2 $39 $0 109 NA $53 $0 $925 PMT CN Perpetual Energy Inc $0.05 1047.7 $47 $0 2,240 0.3 $375 $0 $422

PQ PetroQuest Energy Inc $0.49 70.2 $35 $0 423 14.2 $350 $159 $2265 RE CN Rock Energy Inc $1.06 47.5 $50 $0 196 0.2 $61 $0 $112

REN Resolute Energy Corp $0.49 77.5 $38 $0 298 23.7 $716 $1 $753REXX Rex Energy Corp $0.56 55.7 $31 $1 2,611 11.0 $745 $3 $934

5 SOG CN Strategic Oil & Gas Ltd $0.12 542.3 $62 $0 190 0.1 $52 $2 $112SPP Sanchez Production Partners LP $14.00 3.0 $43 $0 25 2.9 $106 $9 $156

5 TBE CN Twin Butte Energy Ltd $0.07 354.1 $23 $0 2,955 1.0 $210 $0 $2337 TPLM Triangle Petroleum Corp $0.38 75.7 $28 $0 652 18.5 $815 $36 $8075 TVL CN Traverse Energy Ltd $0.32 71.9 $23 $0 42 0.0 $0 $3 $20

UPL Ultra Petroleum Corp $0.20 153.3 $30 $10 7,470 3.8 $3,408 $26 $3,413USEG US Energy Corp Wyoming $0.39 28.4 $11 $0 178 0.6 $6 $4 $13WRES Warren Resources Inc $0.11 85.2 $9 $0 919 2.3 $449 $10 $449

5 YGR CN Yangarra Resources Ltd $0.59 67.7 $40 $0 72 0.0 $56 $0 $965 YO CN Yoho Resources Inc $0.22 61.2 $13 NA 69 NA $29 $0 $42

YUMA Yuma Energy Inc $0.21 71.7 $15 $0 114 0.3 $30 $5 $515 ZAR CN Zargon Oil & Gas Ltd $0.41 30.4 $12 $0 144 7.0 $52 $0 $64ZAR CN

Average $42 $1 935 6.2 $625 $32 $675Median $40 $0 351 3.8 $252 $4 $226

1 2

Large CapAPA Apache CorpAPC Anadarko Petroleum CorpAR Antero Resources CorpCLR Continental Resources Inc/OK

5 CNQ CN Canadian Natural Resources LtdCOG Cabot Oil & Gas CorpCOP ConocoPhillips

5 COS CN Canadian Oil Sands Ltd5 CPG CN Crescent Point Energy Corp5 CVE CN Cenovus Energy Inc

CXO Concho Resources IncDVN Devon Energy CorpEOG EOG Resources IncEQT EQT CorpFANG Diamondback Energy IncHES Hess Corp

5 HSE CN Husky Energy IncMRO Marathon Oil CorpNBL Noble Energy Inc

9 NFG National Fuel Gas CoNFX Newfield Exploration CoOXY Occidental Petroleum Corp

5 PEY CN Peyto Exploration & Development CorpPXD Pioneer Natural Resources CoRRC Range Resources Corp

5 TOU CN Tourmaline Oil Corp5 VET CN Vermilion Energy Inc

XEC Cimarex Energy CoAverageMedian

Mid Cap5 AAV CN Advantage Oil & Gas Ltd5 BIR CN Birchcliff Energy Ltd5 BNE CN Bonterra Energy Corp5 BTE CN Baytex Energy Corp

CHK Chesapeake Energy CorpCNX CONSOL Energy IncCPE Callon Petroleum CoCRZO Carrizo Oil & Gas IncECA Encana CorpEGN Energen CorpGPOR Gulfport Energy CorpGTE Gran Tierra Energy Inc

5 KEL CN Kelt Exploration LtdLPI Laredo Petroleum Inc

5 MEG CN MEG Energy CorpMTDR Matador Resources CoMUR Murphy Oil Corp

5 NVA CN NuVista Energy LtdOAS Oasis Petroleum IncPDCE PDC Energy Inc

5 POU CN Paramount Resources Ltd5 PWT CN Penn West Petroleum Ltd5 PXT CN Parex Resources Inc

QEP QEP Resources IncRICE Rice Energy Inc

5 RRX CN Raging River Exploration IncRSPP RSP Permian IncSM SM Energy Co

5 SPE CN Spartan Energy CorpSWN Southwestern Energy Co

6 SYRG Synergy Resources Corp5 TOG CN TORC Oil & Gas Ltd5 WCP CN Whitecap Resources Inc

WLL Whiting Petroleum CorpWPX WPX Energy Inc

AverageMedian

2014TTM 3Q 2015 TTM 2016E Proved ReserveProd Prod Change in Prod(2) Reserves Life

(MBoe/d) (MBoe) Prod(1)(%) (Mboe/d) (MMBoe) (Years)

595 49,882 -15% 524 2,396 11.0855 72,404 -7% 772 2,858 9.2221 16,560 0% 296 2,114 26.2214 21,002 25% 201 1,351 17.3775 73,324 15% 854 5,511 19.5274 23,517 7% 284 1,233 12.3

1,587 142,968 5% 1,525 8,906 15.492 7,651 1% 91 696 20.7

132 13,367 26% 163 528 10.9253 25,139 0% 270 2,379 25.8138 13,736 32% 145 637 12.6676 62,560 1% 632 2,754 11.2582 52,400 -7% 572 2,497 11.8258 26,049 16% 320 1,790 19.030 3,136 65% 36 113 10.3

376 34,960 19% 339 1,431 10.4317 28,607 3% 346 1,279 11.1436 40,940 7% 394 2,198 13.8326 34,868 25% 393 1,404 11.872 6,273 -18% 74 391 14.9

146 14,300 16% 150 645 12.1660 63,388 -8% 645 2,820 11.779 7,141 7% 86 347 12.1

197 19,385 13% 227 799 11.1226 22,156 20% 232 1,718 20.8135 13,064 45% 154 472 9.648 4,816 17% 55 151 8.6

163 15,010 4% 158 522 8.8352 32,450 11% 355 1,784 13.9239 22,836 7% 277 1,378 11.9

22 2,178 12% 23 192 24.439 3,405 16% 41 282 19.812 1,122 3% 13 63 14.568 5,922 189% 84 283 11.4

696 61,300 -8% 619 2,469 9.7139 14,346 33% 175 1,138 22.5

9 896 73% 10 33 10.336 3,307 7% 38 151 11.5

409 36,644 -15% 351 1,278 8.668 5,893 -11% 58 373 15.180 9,922 155% 121 170 5.818 1,990 5% 20 37 5.516 1,562 44% 19 61 10.845 4,124 36% 42 247 15.275 7,669 25% 82 1,501 54.524 2,405 62% 26 69 7.8

223 19,105 -9% 188 757 9.321 1,959 29% 22 111 14.250 4,650 10% 49 272 14.837 4,326 84% 57 250 18.540 4,484 132% 44 227 15.583 7,008 -12% 86 368 12.125 2,337 13% 27 40 4.4

150 14,450 9% 146 655 12.082 9,339 146% 111 218 7.212 1,126 27% 14 50 11.519 2,208 114% 26 106 15.3

179 16,054 23% 152 548 8.47 620 8% 9 25 9.3

424 41,596 27% 447 1,791 11.69 959 27% 11 57 16.7

12 1,331 53% 16 39 9.335 3,355 21% 41 154 12.2

157 14,774 38% 144 780 13.6161 15,389 -6% 125 727 12.3100 9,364 39% 98 443 13.640 4,326 25% 44 227 12.0

15



16

1 2

Large CapSmall CapBBEP BreitBurn Energy Partners LPBBG Bill Barrett Corp

5 BNP CN Bonavista Energy Corp5 BXE CN Bellatrix Exploration Ltd5 CR CN Crew Energy Inc

CRC California Resources CorpCWEI Clayton Williams Energy Inc

5 DEE CN Delphi Energy CorpDNR Denbury Resources IncECR Eclipse Resources CorpEPE EP Energy Corp

8 EPM Evolution Petroleum CorpERN Erin Energy Corp

5 GXO CN Granite Oil CorpLINE Linn Energy LLCMCF Contango Oil & Gas CoNOG Northern Oil and Gas IncPGH Pengrowth Energy Corp

9 PHX Panhandle Oil and Gas Inc5 PNE CN Pine Cliff Energy Ltd5 PPY CN Painted Pony Petroleum Ltd5 PXX CN BlackPearl Resources Inc5 RMP CN RMP Energy Inc

SGY Stone Energy CorpSN Sanchez Energy Corp

5 TET CN Trilogy Energy Corp5 TVE CN Tamarack Valley Energy Ltd

UNT Unit CorpWTI W&T Offshore IncXCO EXCO Resources Inc

AverageMedian

Micro CapANFC Black Ridge Oil and Gas IncAREX Approach Resources IncAXAS Abraxas Petroleum Corp

5 BBI CN Blackbird Energy IncBCEI Bonanza Creek Energy Inc

5 CKE CN Chinook Energy Inc5 CLC CN Connacher Oil and Gas Ltd5 CQE CN Cequence Energy Ltd

CRK Comstock Resources IncEGY VAALCO Energy IncEOX Emerald Oil Inc

8 EXXI Energy XXI LtdGST Gastar Exploration IncHK Halcon Resources CorpJONE Jones Energy IncLGCY Legacy Reserves LP

5 LRE CN Long Run Exploration Ltd5 LTS CN Lightstream Resources Ltd5 MEI CN Manitok Energy Inc5 MQL CN Marquee Energy Ltd5 PMT CN Perpetual Energy Inc

PQ PetroQuest Energy Inc5 RE CN Rock Energy Inc

REN Resolute Energy CorpREXX Rex Energy Corp

5 SOG CN Strategic Oil & Gas LtdSPP Sanchez Production Partners LP

5 TBE CN Twin Butte Energy Ltd7 TPLM Triangle Petroleum Corp5 TVL CN Traverse Energy Ltd

UPL Ultra Petroleum CorpUSEG US Energy Corp WyomingWRES Warren Resources Inc

5 YGR CN Yangarra Resources Ltd5 YO CN Yoho Resources Inc

YUMA Yuma Energy Inc5 ZAR CN Zargon Oil & Gas LtdZAR CN

AverageMedian



52 4,980 46% 55 315 16.517 1,699 -36% 18 122 19.473 6,602 9% 79 276 10.436 3,408 20% 41 161 12.116 1,381 -11% 19 107 17.8

162 14,536 -1% 160 768 12.916 1,433 0% 16 75 12.59 657 -12% 9 43 12.6

74 6,570 -3% 67 438 16.329 3,453 163% 38 59 5.5

105 10,533 13% 99 622 16.22 156 278% NA 12 22.02 571 202% NA 9 15.97 233 -74% 7 35 14.3

207 18,369 -4% 199 1,217 16.116 1,393 -11% 15 46 7.717 1,458 -4% 16 101 16.464 6,214 13% 60 310 13.36 537 -15% NA 30 13.1

11 1,064 89% 13 26 6.415 1,391 10% 16 123 22.77 557 -21% 8 66 26.5

10 847 -11% 12 26 6.844 3,662 1% 34 153 9.449 4,862 37% 52 135 7.529 2,166 -25% 28 96 9.27 714 55% 8 17 6.7

55 5,053 10% 50 179 8.948 4,302 0% 47 120 6.958 5,217 -5% 57 211 10.041 3,801 24% 45 197 13.123 1,932 0% 34 113 12.8

1 99 41% NA 5 13.415 1,525 17% 15 146 26.16 552 -15% 6 42 18.90 0 -91% 1 1 87.9

28 2,664 14% 28 90 8.96 430 -25% 6 18 7.9

13 1,272 3% NA 219 44.59 795 2% 10 57 16.8

29 2,881 5% 30 103 9.75 406 80% 5 8 5.15 523 49% 5 26 14.8

59 5,419 1% 56 183 8.513 1,249 39% 14 102 21.643 3,748 -6% 41 189 12.125 2,324 3% 25 115 12.635 3,786 28% 47 139 10.832 2,819 0% 33 104 8.829 2,487 -18% 31 103 9.63 292 16% 4 6 4.85 381 -7% 5 13 7.6

18 1,579 1% 20 56 8.518 1,239 -36% 16 66 10.34 339 7% 4 9 6.0

13 1,144 -2% 14 74 15.433 2,979 15% 33 223 18.83 165 -29% 2 7 7.84 367 -3% NA 17 11.3

16 1,318 -14% 17 36 6.214 1,259 12% 13 59 11.61 85 -1% 1 1 3.7

131 12,562 21% 129 895 18.71 81 -43% NA 5 13.3

16 1,460 173% NA 71 12.42 197 -25% 2 20 22.22 161 24% 1 17 27.72 166 2% NA 20 30.64 352 -21% 5 14 9.5

17 1,597 6% 20 88 15.813 1,144 2% 14 56 11.6



1 2











AverageMedian














AverageMedian



52 4,980 46% 55 315 16.517 1,699 -36% 18 122 19.473 6,602 9% 79 276 10.436 3,408 20% 41 161 12.116 1,381 -11% 19 107 17.8

162 14,536 -1% 160 768 12.916 1,433 0% 16 75 12.59 657 -12% 9 43 12.6

74 6,570 -3% 67 438 16.329 3,453 163% 38 59 5.5

105 10,533 13% 99 622 16.22 156 278% NA 12 22.02 571 202% NA 9 15.97 233 -74% 7 35 14.3

207 18,369 -4% 199 1,217 16.116 1,393 -11% 15 46 7.717 1,458 -4% 16 101 16.464 6,214 13% 60 310 13.36 537 -15% NA 30 13.1

11 1,064 89% 13 26 6.415 1,391 10% 16 123 22.77 557 -21% 8 66 26.5

10 847 -11% 12 26 6.844 3,662 1% 34 153 9.449 4,862 37% 52 135 7.529 2,166 -25% 28 96 9.27 714 55% 8 17 6.7

55 5,053 10% 50 179 8.948 4,302 0% 47 120 6.958 5,217 -5% 57 211 10.041 3,801 24% 45 197 13.123 1,932 0% 34 113 12.8

1 99 41% NA 5 13.415 1,525 17% 15 146 26.16 552 -15% 6 42 18.90 0 -91% 1 1 87.9

28 2,664 14% 28 90 8.96 430 -25% 6 18 7.9

13 1,272 3% NA 219 44.59 795 2% 10 57 16.8

29 2,881 5% 30 103 9.75 406 80% 5 8 5.15 523 49% 5 26 14.8

59 5,419 1% 56 183 8.513 1,249 39% 14 102 21.643 3,748 -6% 41 189 12.125 2,324 3% 25 115 12.635 3,786 28% 47 139 10.832 2,819 0% 33 104 8.829 2,487 -18% 31 103 9.63 292 16% 4 6 4.85 381 -7% 5 13 7.6

18 1,579 1% 20 56 8.518 1,239 -36% 16 66 10.34 339 7% 4 9 6.0

13 1,144 -2% 14 74 15.433 2,979 15% 33 223 18.83 165 -29% 2 7 7.84 367 -3% NA 17 11.3

16 1,318 -14% 17 36 6.214 1,259 12% 13 59 11.61 85 -1% 1 1 3.7

131 12,562 21% 129 895 18.71 81 -43% NA 5 13.3

16 1,460 173% NA 71 12.42 197 -25% 2 20 22.22 161 24% 1 17 27.72 166 2% NA 20 30.64 352 -21% 5 14 9.5

17 1,597 6% 20 88 15.813 1,144 2% 14 56 11.6

1 2





















AverageMedian

TTM TTMNatural Asset CapEx EBITDA

PUD Gas Intensity 9/30/2015 9/30/2015(%) (%) (%) ($MM) ($MM)

31% 43% 225% $8,417 $4,95931% 51% NA $7,080 $2,30870% 83% 31% $2,960 $1,15763% 36% 41% $3,992 $2,65133% 18% 74% $5,803 $7,16439% 96% 47% $1,335 $98637% 38% 149% $12,269 $8,1080% 0% NA $482 $597

39% 7% 65% $1,996 $2,04675% 6% 55% $2,074 $3,78141% 42% 85% $3,032 $1,52025% 47% 136% $6,941 $5,67746% 36% 78% $6,177 $5,26355% 91% 35% $2,745 $1,21441% 16% 71% $978 $37647% 22% 207% $4,950 $2,77037% 35% -5382% $3,798 $3,63533% 20% 113% $4,469 $1,50437% 69% 107% $3,805 $2,08135% 91% 123% $1,018 $85148% 42% 123% $1,978 $1,32929% 24% 91% $5,597 $15,33542% 87% 44% $611 $61219% 35% 543% $2,857 $2,35048% 67% 45% $1,240 $97058% 85% 51% $1,872 $1,15034% 41% 84% $727 $59523% 53% 100% $1,322 $96640% 46% -102% $3,590 $2,92738% 41% 81% $2,909 $1,783

73% 96% 38% $263 $13560% 89% 51% $328 $21047% 29% 27% $70 $13655% 18% 56% $932 $75725% 72% 395% $4,952 $3,50953% 93% 42% $1,214 $1,47845% 22% 134% $222 $10757% 24% 57% $831 $45733% 72% 399% $2,812 $2,06229% 32% 150% $1,319 $74455% 70% 139% $1,673 $53421% 0% 807% NA $15153% 65% 85% $226 $6857% 43% 91% $890 $55486% 0% 53% $574 $41655% 65% 91% $542 $23437% 38% 109% $2,848 $1,86161% 69% 49% $310 $5646% 13% 82% $1,142 $82970% 36% 42% $667 $38074% 52% 137% $684 $14929% 27% 37% $618 $48143% 0% 72% $185 $18644% 59% 215% $1,392 $1,04151% 100% 101% $1,248 $33062% 3% 30% $264 $18161% 14% 103% $811 $25548% 45% 67% $2,011 $1,19536% 4% 29% $95 $6245% 91% 83% $7,602 $1,98973% 51% 12% $284 $8234% 18% 15% $94 $13639% 24% 45% $500 $70347% 11% 103% $2,984 -$1,12938% 72% 146% $1,372 $1,01250% 43% 117% $1,234 $61048% 38% 82% $747 $380

17



18

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AverageMedian














AverageMedian



23% 37% 124% $763 $47966% 21% 74% $414 $19537% 66% 64% $500 $54953% 68% 67% $409 $20366% 75% 30% $321 $14728% 17% 224% $774 $97344% 17% 119% $266 $12853% 71% 67% $58 $4723% 17% 42% $727 $1,11845% 72% 343% $651 $7162% 33% 48% $1,691 $1,54941% 0% 24% $12 $14

100% 0% NA $152 -$8850% 26% 46% $110 $25720% 58% 88% $842 $2,08124% 65% 454% $104 $6449% 12% 57% $365 $28736% 32% 80% $425 $52540% 67% 55% $31 $463% 96% 91% $8 $29

74% 90% 70% $235 $2584% 0% 32% $125 $5242% 63% 88% $147 $10549% 54% 112% $595 $31252% 26% 94% $836 $26617% 63% 103% $116 $20632% 42% 117% $97 $6424% 60% 72% $785 $46328% 35% 287% $366 $29253% 91% 223% $369 $25544% 46% 114% $410 $35743% 48% 80% $366 $205

62% 10% 39% $25 $1959% 34% 59% $245 $12658% 22% 61% $108 $470% 54% NA $28 -$9

48% 35% 202% $573 $26111% 69% 531% $47 $4091% 0% -142% $23 -$4858% 85% 84% $105 $4032% 80% NA $365 $2459% 3% 973% $96 -$743% 13% 87% $264 $2232% 25% NA $512 $55771% 47% 61% $180 $7159% 9% 131% $890 $68248% 42% 240% $413 $2579% 50% 638% $606 $228

42% 58% 77% $144 $21033% 23% 152% $218 $36425% 47% 98% $47 -$229% 50% 65% $61 $2857% 91% 120% $101 $18940% 78% 124% $118 $9340% 4% 99% $82 $3244% 8% 220% $112 $10856% 63% 175% $287 $8532% 25% 3866% $72 $1225% 90% NA $2 $1127% 23% 61% $104 $20539% 11% 45% $374 $16814% 41% 126% $15 $1554% 90% 118% $1,441 $70656% 11% 102% $9 -$341% 76% 190% $69 $5269% 54% 29% $48 $2468% 65% 144% $35 $582% 30% NA $19 $06% 12% 64% $29 $57

44% 41% 276% $213 $12643% 41% 110% $104 $47



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AverageMedian














AverageMedian



23% 37% 124% $763 $47966% 21% 74% $414 $19537% 66% 64% $500 $54953% 68% 67% $409 $20366% 75% 30% $321 $14728% 17% 224% $774 $97344% 17% 119% $266 $12853% 71% 67% $58 $4723% 17% 42% $727 $1,11845% 72% 343% $651 $7162% 33% 48% $1,691 $1,54941% 0% 24% $12 $14

100% 0% NA $152 -$8850% 26% 46% $110 $25720% 58% 88% $842 $2,08124% 65% 454% $104 $6449% 12% 57% $365 $28736% 32% 80% $425 $52540% 67% 55% $31 $463% 96% 91% $8 $29

74% 90% 70% $235 $2584% 0% 32% $125 $5242% 63% 88% $147 $10549% 54% 112% $595 $31252% 26% 94% $836 $26617% 63% 103% $116 $20632% 42% 117% $97 $6424% 60% 72% $785 $46328% 35% 287% $366 $29253% 91% 223% $369 $25544% 46% 114% $410 $35743% 48% 80% $366 $205

62% 10% 39% $25 $1959% 34% 59% $245 $12658% 22% 61% $108 $470% 54% NA $28 -$9

48% 35% 202% $573 $26111% 69% 531% $47 $4091% 0% -142% $23 -$4858% 85% 84% $105 $4032% 80% NA $365 $2459% 3% 973% $96 -$743% 13% 87% $264 $2232% 25% NA $512 $55771% 47% 61% $180 $7159% 9% 131% $890 $68248% 42% 240% $413 $2579% 50% 638% $606 $228

42% 58% 77% $144 $21033% 23% 152% $218 $36425% 47% 98% $47 -$229% 50% 65% $61 $2857% 91% 120% $101 $18940% 78% 124% $118 $9340% 4% 99% $82 $3244% 8% 220% $112 $10856% 63% 175% $287 $8532% 25% 3866% $72 $1225% 90% NA $2 $1127% 23% 61% $104 $20539% 11% 45% $374 $16814% 41% 126% $15 $1554% 90% 118% $1,441 $70656% 11% 102% $9 -$341% 76% 190% $69 $5269% 54% 29% $48 $2468% 65% 144% $35 $582% 30% NA $19 $06% 12% 64% $29 $57

44% 41% 276% $213 $12643% 41% 110% $104 $47

1 2





















AverageMedian

ECI Value Drivers3-Yr F&D TTM TTM 3-Year

Costs OPEX & GA Capital Prod Debt / P/CFPS($/Boe) ($/Boe) Efficiency Repl Mkt Cap 2016E(3)

$37.32 $14.17 61% 115% 62% 4.5x$16.12 $13.84 46% 162% 89% 6.3x$3.96 $12.09 362% 1635% 66% 6.5x

$13.06 $10.23 260% 673% 109% 3.9x$16.82 $27.28 150% 188% 54% 5.5x$4.10 $6.85 240% 475% 22% 17.0x

$21.56 $17.55 65% 153% 61% 6.7xNA $59.21 NA NA 53% 16.4x

$27.89 $20.76 152% 290% 56% 3.9x$11.97 $38.38 342% 258% 52% 12.4x$19.38 $15.35 155% 374% 33% 8.6x$29.06 $14.31 79% 120% 125% 5.5x$18.66 $14.97 133% 201% 17% 9.9x$4.35 $4.82 296% 599% 35% 9.1x

$28.51 $14.39 120% 894% 10% 19.7x$36.39 $30.48 55% 140% 49% 8.3x$30.26 $20.31 104% 133% 51% 4.0x$16.74 $17.24 56% 200% 183% 3.2x$21.22 $11.46 82% 210% 63% 6.5x$6.56 $10.19 493% 350% 54% 4.8x

$27.89 $15.22 90% 149% 68% 3.1x$19.84 $19.94 321% 169% 16% 13.0x$9.03 $3.37 236% 286% 21% 8.4x

$102.29 $16.83 32% 45% 13% 14.2x$4.40 $8.08 268% 653% 89% 5.6x$8.42 $7.95 278% 495% 19% 6.9x

$24.42 $22.08 139% 217% 38% 7.8x$15.59 $11.53 104% 258% 18% 15.2x$21.33 $17.10 175% 350% 55% 8.5x$18.66 $14.68 139% 217% 52% 6.8x

$6.14 $3.48 279% 360% 23% 10.0x$6.47 $8.96 228% 529% 81% 5.2x$7.99 $15.78 392% 400% 55% 5.4x

$19.14 $21.60 159% 363% 315% 1.0x$29.31 $6.17 47% 115% 870% 0.8x$4.07 $11.87 718% 693% 207% 3.5x

$31.68 $19.41 106% 539% 78% 4.9x$17.74 $14.19 196% 462% 113% 3.0x$85.81 $16.09 16% 41% 232% 1.8x$31.47 $17.79 96% 164% 32% 8.8x$17.09 $5.69 107% 800% 33% 8.6x

$153.97 $25.28 15% 131% 0% 5.8x$11.92 $18.23 100% 1113% 28% 8.3x$19.40 $14.92 175% 449% 162% 3.3x$5.96 $59.21 253% 1752% 537% -7.5x

$26.40 $16.12 100% 371% 30% 6.0x$23.70 $14.47 97% 230% 123% 2.8x$7.17 $17.44 99% 461% 27% 5.0x

$21.36 $19.70 211% 642% 275% 1.1x$9.91 $11.60 284% 690% 34% 4.6x

$10.15 $13.53 100% 934% 334% 5.2x$3.31 $26.30 480% 96% 347% 3.1x

$21.96 $35.84 94% 291% 0% 10.7x$23.41 $16.11 81% 187% 119% 1.9x$9.61 $8.95 114% 831% 131% 3.4x

$11.94 $15.94 348% 924% 3% 11.0x$28.70 $14.80 128% 968% 34% 7.7x$12.02 $13.81 152% 358% 452% 0.6x$9.37 $26.83 247% 821% 13% 10.6x$9.58 $6.33 134% 351% 171% 1.9x

$10.68 $16.41 227% 957% 11% 10.3x$6.02 $23.67 536% 665% 25% 6.0x

$19.66 $15.83 283% 656% 38% 4.1x$19.16 $17.10 NA 562% 596% 0.8x$20.85 $13.34 82% 87% 309% 1.3x$21.52 $17.22 197% 543% 167% 4.6x$17.09 $15.94 143% 462% 81% 4.6x

19



20

ECI Value Driver Quartile ChartsLarge Cap

ECI Value Driver Quartile ChartsMid Cap

175%

0%

100%

200%

300%

400%

500%

600%

TTM Capital Efficiency

$17.10

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

TTM OPEX & GA

$21.33

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

3-Year F&D

350%

0%200%400%600%800%

1000%1200%1400%1600%1800%

3-Year Production Replacement

55%

0%20%40%60%80%

100%120%140%160%180%200%

Debt/Mkt Cap

8.5x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

P/CFPS 2016E

197%

0%

100%

200%

300%

400%

500%

600%

700%

800%


$17.22

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

TTM OPEX & GA

$21.52

$0.00$20.00$40.00$60.00$80.00

$100.00$120.00$140.00$160.00$180.00

3-Year F&D

543%

0%200%400%600%800%

1000%1200%1400%1600%1800%2000%


167%

0%100%200%300%400%500%600%700%800%900%

1000%

Debt/Mkt Cap

4.6x

0.0x2.0x4.0x6.0x8.0x

10.0x12.0x14.0x16.0x18.0x20.0x

P/CFPS 2016E

1st Quartile2nd Quartile3rd Quartile

4th QuartileAverage





175%

0%

100%

200%

300%

400%

500%

600%


$17.10

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

TTM OPEX & GA

$21.33

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

3-Year F&D

350%

0%200%400%600%800%

1000%1200%1400%1600%1800%


55%

0%20%40%60%80%

100%120%140%160%180%200%

Debt/Mkt Cap

8.5x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

P/CFPS 2016E

197%

0%

100%

200%

300%

400%

500%

600%

700%

800%


$17.22

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

TTM OPEX & GA

$21.52

$0.00$20.00$40.00$60.00$80.00

$100.00$120.00$140.00$160.00$180.00

3-Year F&D

543%

0%200%400%600%800%

1000%1200%1400%1600%1800%2000%


167%

0%100%200%300%400%500%600%700%800%900%

1000%

Debt/Mkt Cap

4.6x

0.0x2.0x4.0x6.0x8.0x

10.0x12.0x14.0x16.0x18.0x20.0x

P/CFPS 2016E


4th QuartileAverage

1 2











AverageMedian














AverageMedian

ECI Value Drivers3-Yr F&D TTM TTM 3-Year

Costs OPEX & GA Capital Prod Debt / P/CFPS($/Boe) ($/Boe) Efficiency Repl Mkt Cap 2016E(3)

$25.49 $29.67 98% 592% 2566% 0.4x$23.18 $18.30 133% 207% 590% 0.6x$9.57 $10.99 216% 183% 310% 1.1x$7.64 $13.46 200% 542% 232% 2.8x$4.95 $16.13 494% 381% 50% 5.3x

$33.63 $26.31 49% 123% 5161% 0.2x$20.06 $20.15 106% 345% 581% 2.0x$9.27 $15.52 148% 314% 106% 3.0x

$25.78 $30.50 161% 226% 935% 1.6x$30.86 $13.46 21% 1360% 345% 2.6x$16.46 $14.76 245% 257% 1036% 0.6x$7.15 $31.24 343% 268% 0% 12.8x

$215.48 $161.16 NA 156% 53% NA$18.01 $17.24 579% 437% 20% 4.1x$15.18 $19.35 181% 615% 5668% 0.2x$39.88 $11.91 27% 117% 109% 1.9x$22.28 $16.53 210% 485% 512% 0.7x$18.32 $23.08 124% 242% 528% 0.8x$10.92 $8.74 184% 236% 27% NA$7.51 $11.62 95% 624% 18% 8.3x$6.04 $11.89 76% 999% 12% 12.1x$7.64 $32.12 271% 593% 53% 3.9x

$26.95 $13.36 104% 208% 75% 1.9x$18.55 $16.94 104% 229% 890% 0.4x$19.57 $12.87 76% 927% 1004% 0.7x$16.99 $14.72 117% 185% 207% 3.5x$27.29 $18.84 91% 459% 30% 4.9x$19.31 $11.05 119% 251% 304% 0.8x$36.29 $18.46 46% 108% 1243% 0.8x$13.87 $11.26 88% 187% 584% 1.9x$25.14 $22.39 162% 395% 775% 2.9x$18.43 $16.33 119% 263% 307% 1.9x

$15.77 $22.12 299% 1254% 2177% NA$12.15 $13.30 186% 693% 1676% 0.3x$10.36 $20.77 202% 653% 129% 2.4x$12.98 $314.52 NA 1712% 0% -36.3x$27.44 $17.41 94% 363% 1114% 0.4x$31.06 $25.62 56% 79% 0% 10.8x$3.63 $60.50 NA 416% 4562% NA$9.67 $13.65 120% 373% 80% 2.8x

NA $11.15 NA NA 2614% 1.4x$36.19 $31.25 NA 144% 23% 3.1x$29.08 $32.05 43% 1339% 4895% 0.2x$40.05 $26.05 65% 251% 8945% -0.4x$7.55 $10.09 198% 1048% 513% 2.4x

$34.96 $20.81 125% 782% 5961% 0.2x$25.63 $9.86 110% 267% 2003% 0.4x$16.98 $20.30 104% 440% 2487% 0.7x$12.76 $17.31 140% 421% 929% 0.5x$38.04 $19.35 89% 123% 2239% 0.4x$26.07 $25.13 NA 226% 384% 0.3x$10.58 $24.20 157% 483% 133% 1.9x$4.24 $16.86 670% 245% 795% 15.0x

$14.72 $10.42 98% 236% 1008% 1.4x$21.89 $22.25 101% 210% 122% 1.6x$39.20 $30.00 57% 246% 1887% 0.5x$6.26 $12.71 114% 946% 2380% 0.9x

$43.19 $34.96 31% 228% 83% 11.5xNA $32.64 NA NA 248% NA

$20.39 $26.62 172% 183% 914% 0.1x$17.73 $29.90 187% 984% 2869% 0.3x$32.53 $18.23 123% 283% 0% 3.6x$14.70 $8.37 100% 186% 11214% 0.2x$22.83 $41.18 NA 275% 55% NA$10.55 $12.35 85% 716% 4967% NA$8.32 $12.02 316% 795% 141% 1.7x$9.30 $17.86 80% 461% 216% 3.7x$4.77 $43.22 NA 1096% 201% NA

$14.91 $32.29 259% 84% 418% 0.5x$19.61 $30.74 151% 521% 1848% 1.0x$15.77 $20.81 114% 373% 914% 0.7x

21



22

0 3 4 7 8 9 38 39.0 11 12 13

ECI Value Driver Quartile ChartsSmall Cap

ECI Value Driver Quartile ChartsMicro Cap

162%

0%

100%

200%

300%

400%

500%

600%

700%


$22.39

$0.00$20.00$40.00$60.00$80.00

$100.00$120.00$140.00$160.00$180.00

TTM OPEX & GA

$25.14

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

3-Year F&D

395%

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%


775%

0%

1000%

2000%

3000%

4000%

5000%

6000%

Debt/Mkt Cap

2.9x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

P/CFPS 2016E

151%

0%

100%

200%

300%

400%

500%

600%

700%

800%


$30.74$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

TTM OPEX & GA

$19.61

$0.00$5.00

$10.00$15.00$20.00$25.00$30.00$35.00$40.00$45.00$50.00

3-Year F&D

521%

0%200%400%600%800%

1000%1200%1400%1600%1800%


1848%

0%

2000%

4000%

6000%

8000%

10000%

12000%

Debt/Mkt Cap

1.0x0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

P/CFPS 2016E


4th QuartileAverage



0 3 4 7 8 9 38 39.0 11 12 13



162%

0%

100%

200%

300%

400%

500%

600%

700%


$22.39

$0.00$20.00$40.00$60.00$80.00

$100.00$120.00$140.00$160.00$180.00

TTM OPEX & GA

$25.14

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

3-Year F&D

395%

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%


775%

0%

1000%

2000%

3000%

4000%

5000%

6000%

Debt/Mkt Cap

2.9x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

P/CFPS 2016E

151%

0%

100%

200%

300%

400%

500%

600%

700%

800%


$30.74$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

TTM OPEX & GA

$19.61

$0.00$5.00

$10.00$15.00$20.00$25.00$30.00$35.00$40.00$45.00$50.00

3-Year F&D

521%

0%200%400%600%800%

1000%1200%1400%1600%1800%


1848%

0%

2000%

4000%

6000%

8000%

10000%

12000%

Debt/Mkt Cap

1.0x0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

P/CFPS 2016E


4th QuartileAverage

1 2





















AverageMedian

TTM TTM EV / EV /EBITDA / Cash Margin/ 2014 TTM

Boe Mcfe(4) Reserves Prod Performance($/Boe) ($/Mcfe) ($/ Mcfe) ($/Mcfe/d) Week 1Q'16 YTD

$22.83 $22.71 $9.76 $39,314 2% -16% -16%$7.40 $14.52 $12.18 $40,704 -7% -27% -27%

$14.32 $5.28 $5.85 $55,812 -8% 10% 10%$34.01 $23.07 $10.07 $63,685 -10% -24% -24%$25.31 $19.98 $8.57 $60,906 1% -7% -7%$9.85 $6.80 $9.04 $40,660 1% 13% 13%

$14.00 $41.54 $7.13 $39,983 0% -30% -30%$17.75 $14.71 $9.58 $72,329 6% 11% 11%$42.31 $30.50 $23.21 $92,526 8% -3% -3%$40.96 $13.63 $5.89 $55,428 0% -17% -17%$30.09 $21.37 $24.88 $114,513 6% -1% -1%$23.02 $9.23 $8.72 $35,532 -14% -42% -42%$24.77 $20.17 $17.62 $75,582 3% -2% -2%$12.87 $8.21 $7.63 $52,819 0% 13% 13%$34.19 $25.68 $51.62 $193,510 4% 8% 8%$20.17 $23.27 $12.50 $47,542 5% -13% -13%$31.45 $25.43 $16.46 $66,463 9% -7% -7%$9.45 $18.14 $5.11 $25,751 -10% -47% -47%

$17.47 $13.92 $14.15 $60,860 4% -9% -9%$32.38 $12.55 $15.11 $81,949 4% 8% 8%$24.97 $13.62 $9.52 $42,122 -8% -31% -31%$63.69 $49.47 $21.07 $90,085 5% 4% 4%$21.30 $17.61 $16.24 $71,671 0% 18% 18%$32.63 $14.32 $27.74 $112,423 7% -2% -2%$11.77 $3.97 $4.43 $33,668 -13% -4% -4%$23.41 $13.01 $15.05 $52,763 5% 20% 20%$33.88 $32.13 $35.18 $110,819 5% -6% -6%$16.28 $15.66 $16.69 $53,609 1% -4% -4%$24.73 $18.95 $15.04 $67,251 0% -7% -7%$23.22 $16.64 $12.34 $58,336 2% -4% -4%

$17.14 $12.63 $7.92 $70,557 -4% 3% 3%$14.75 $12.70 $5.09 $36,796 -9% 25% 25%$31.33 $29.32 $15.01 $79,390 14% 6% 6%$30.45 $18.24 $8.20 $34,103 7% -41% -41%$13.80 $12.90 $5.02 $17,808 26% -56% -56%$29.20 $2.60 $4.93 $40,443 1% 0% 0%$33.53 $18.70 $30.00 $112,261 1% -24% -24%$34.69 $19.06 $17.63 $73,781 -8% -27% -27%$13.83 $10.05 $6.60 $20,650 -12% -39% -39%$30.08 $16.12 $8.37 $46,030 7% -40% -40%$18.22 $19.58 $21.62 $45,822 -5% 11% 11%$22.66 $22.93 $10.66 $21,591 -1% -2% -2%$11.94 $12.01 $10.97 $43,086 1% -27% -27%$34.02 $10.85 $8.96 $49,652 -24% -49% -49%$15.09 $7.79 $3.75 $74,564 13% -48% -48%$26.47 $17.81 $24.18 $68,460 2% -24% -24%$22.88 $26.87 $6.84 $23,207 -6% -30% -30%$7.11 $11.62 $7.25 $37,518 1% 1% 1%

$45.10 $17.52 $11.89 $64,241 6% -35% -35%$28.11 $11.74 $10.48 $70,765 3% -9% -9%$10.18 $6.60 $10.08 $57,029 12% -18% -18%$15.87 $10.59 $7.87 $34,890 13% 10% 10%$20.67 $22.26 $32.79 $52,649 3% -9% -9%$19.01 $9.43 $5.47 $23,869 -1% -21% -21%$10.98 $5.44 $13.39 $35,390 -12% -22% -22%$41.58 $41.02 $40.54 $169,681 5% 10% 10%$36.77 $21.25 $25.43 $142,404 4% -17% -17%$18.26 $11.26 $5.65 $17,265 -18% -58% -58%$23.16 $28.48 $29.09 $99,149 3% 3% 3%$12.86 $8.25 $5.08 $21,471 -21% 0% 0%$24.24 $15.44 $12.88 $78,407 6% -31% -31%$32.28 $26.74 $28.41 $96,427 5% 7% 7%$55.71 $27.07 $18.59 $82,930 9% -24% -24%

($19.67) $18.64 $7.83 $38,842 -4% -54% -54%$17.20 $4.45 $6.54 $29,474 -9% -30% -30%$22.84 $16.23 $13.57 $57,446 0% -19% -19%$22.66 $15.44 $10.08 $46,030 1% -22% -22%

Stock

23



24

1 2











AverageMedian














AverageMedian



Stock

$25.01 ($2.81) $11.73 $70,520 4% -16% -16%$30.88 $7.33 $6.93 $49,051 -11% -31% -31%$20.63 $7.39 $5.98 $22,611 4% 3% 3%$15.28 $8.63 $5.99 $26,375 6% -9% -9%$24.47 $10.09 $6.06 $39,358 1% -24% -24%$16.41 $11.18 $8.52 $40,256 -43% -86% -86%$21.35 $15.14 $11.53 $52,828 -12% -64% -64%$13.74 $7.70 $5.47 $25,189 4% -17% -17%$41.62 $17.00 $8.46 $50,338 -10% -50% -50%$6.59 $2.15 $7.87 $15,843 -1% -62% -62%

$40.31 $13.38 $8.65 $51,095 -19% -56% -56%$24.55 $24.58 $10.53 $84,348 -5% -12% -12%

($153.85) ($137.63) $73.51 $425,306 0% -35% -35%$104.33 $32.01 $7.60 $39,766 -4% -9% -9%$27.50 $1.10 $7.68 $45,107 24% -63% -63%$10.76 $11.98 $4.80 $13,482 -6% -15% -15%$46.69 $16.67 $10.22 $61,104 -10% -30% -30%$22.63 $8.74 $7.95 $38,735 -4% -2% -2%$20.14 $11.57 $10.10 $48,324 -1% -11% -11%$7.09 $6.57 $11.04 $25,628 -2% -14% -14%$4.60 $6.03 $3.53 $29,200 4% 11% 11%

$20.71 $9.33 $4.19 $40,457 0% -29% -29%$28.01 $24.87 $11.92 $29,765 -1% -10% -10%$19.34 $17.34 $7.19 $24,756 -14% -52% -52%$14.90 $10.35 $14.79 $40,680 -2% -35% -35%$19.80 $14.84 $10.10 $33,830 3% -18% -18%$24.96 $19.10 $23.95 $58,524 -4% 6% 6%$23.03 $11.15 $6.76 $21,994 -15% -51% -51%$16.67 $10.54 $13.21 $33,018 -4% -32% -32%$12.13 $2.38 $8.49 $31,107 3% -24% -24%$18.34 $6.62 $11.16 $52,287 -4% -28% -28%$20.67 $10.44 $8.48 $39,562 -2% -24% -24%

$47.13 $5.54 $11.21 $54,800 -23% 10% 10%$22.60 $11.12 $3.73 $35,634 -18% -59% -59%$20.89 $16.63 $5.33 $36,712 6% -12% -12%

N/A N/A $41.96 N/A 12% -3% -3%$25.89 $13.95 $10.38 $33,663 -21% -70% -70%$17.44 $4.96 $2.58 $7,412 5% -26% -26%($9.84) ($19.07) $0.84 $13,676 18% 44% 44%$11.65 $7.58 $1.89 $11,591 1% 13% 13%$2.21 $9.04 $11.44 $40,341 -8% -44% -44%

($4.24) $20.02 $4.54 $8,500 4% -31% -31%$12.64 $5.69 $11.86 $64,137 22% -35% -35%$25.87 $2.23 $20.53 $63,865 0% -53% -53%$14.96 $4.49 $6.06 $47,849 -2% -25% -25%$43.63 $8.33 $17.52 $77,416 -4% -66% -66%$28.14 $8.98 $12.08 $55,566 -1% -64% -64%$17.67 $3.12 $12.56 $49,416 -17% -52% -52%$17.88 $9.48 $7.11 $22,894 6% 3% 3%$33.85 $15.79 $15.77 $55,158 11% 35% 35%($1.50) $9.01 $17.80 $31,052 4% -13% -13%$16.60 $9.70 $7.17 $20,001 2% -17% -17%$28.42 ($6.58) $7.47 $23,182 0% -10% -10%$14.37 $6.42 $3.42 $12,792 1% -1% -1%$22.02 $22.73 $12.89 $28,025 0% -27% -27%$22.46 ($0.69) $10.15 $57,066 -1% -44% -44%$7.15 $0.79 $4.19 $28,708 -11% -47% -47%

$13.36 $4.80 $15.55 $44,378 -12% 64% 64%$7.72 $4.09 $9.35 $38,704 1% -2% -2%

$35.13 $16.61 $6.44 $14,605 8% -28% -28%$33.14 $4.49 $13.70 $57,919 -7% -51% -51%$39.99 $22.21 $14.73 $19,814 0% -20% -20%$14.76 $8.36 $3.81 $26,046 -67% -92% -92%($7.78) ($2.71) $2.81 $13,651 -10% 138% 138%$9.00 $3.24 $6.29 $28,453 -1% -49% -49%

$26.25 $16.43 $4.83 $39,056 20% 7% 7%$7.45 $6.25 $2.54 $25,615 10% -8% -8%

($0.45) $6.01 $2.57 $28,689 -16% 11% 11%$38.66 $11.71 $4.61 $15,940 2% -53% -53%$18.20 $7.52 $9.40 $34,231 -2% -18% -18%$17.56 $7.00 $7.17 $29,880 0% -25% -25%



1 2











AverageMedian














AverageMedian



Stock

$25.01 ($2.81) $11.73 $70,520 4% -16% -16%$30.88 $7.33 $6.93 $49,051 -11% -31% -31%$20.63 $7.39 $5.98 $22,611 4% 3% 3%$15.28 $8.63 $5.99 $26,375 6% -9% -9%$24.47 $10.09 $6.06 $39,358 1% -24% -24%$16.41 $11.18 $8.52 $40,256 -43% -86% -86%$21.35 $15.14 $11.53 $52,828 -12% -64% -64%$13.74 $7.70 $5.47 $25,189 4% -17% -17%$41.62 $17.00 $8.46 $50,338 -10% -50% -50%$6.59 $2.15 $7.87 $15,843 -1% -62% -62%

$40.31 $13.38 $8.65 $51,095 -19% -56% -56%$24.55 $24.58 $10.53 $84,348 -5% -12% -12%

($153.85) ($137.63) $73.51 $425,306 0% -35% -35%$104.33 $32.01 $7.60 $39,766 -4% -9% -9%$27.50 $1.10 $7.68 $45,107 24% -63% -63%$10.76 $11.98 $4.80 $13,482 -6% -15% -15%$46.69 $16.67 $10.22 $61,104 -10% -30% -30%$22.63 $8.74 $7.95 $38,735 -4% -2% -2%$20.14 $11.57 $10.10 $48,324 -1% -11% -11%$7.09 $6.57 $11.04 $25,628 -2% -14% -14%$4.60 $6.03 $3.53 $29,200 4% 11% 11%

$20.71 $9.33 $4.19 $40,457 0% -29% -29%$28.01 $24.87 $11.92 $29,765 -1% -10% -10%$19.34 $17.34 $7.19 $24,756 -14% -52% -52%$14.90 $10.35 $14.79 $40,680 -2% -35% -35%$19.80 $14.84 $10.10 $33,830 3% -18% -18%$24.96 $19.10 $23.95 $58,524 -4% 6% 6%$23.03 $11.15 $6.76 $21,994 -15% -51% -51%$16.67 $10.54 $13.21 $33,018 -4% -32% -32%$12.13 $2.38 $8.49 $31,107 3% -24% -24%$18.34 $6.62 $11.16 $52,287 -4% -28% -28%$20.67 $10.44 $8.48 $39,562 -2% -24% -24%

$47.13 $5.54 $11.21 $54,800 -23% 10% 10%$22.60 $11.12 $3.73 $35,634 -18% -59% -59%$20.89 $16.63 $5.33 $36,712 6% -12% -12%

N/A N/A $41.96 N/A 12% -3% -3%$25.89 $13.95 $10.38 $33,663 -21% -70% -70%$17.44 $4.96 $2.58 $7,412 5% -26% -26%($9.84) ($19.07) $0.84 $13,676 18% 44% 44%$11.65 $7.58 $1.89 $11,591 1% 13% 13%$2.21 $9.04 $11.44 $40,341 -8% -44% -44%

($4.24) $20.02 $4.54 $8,500 4% -31% -31%$12.64 $5.69 $11.86 $64,137 22% -35% -35%$25.87 $2.23 $20.53 $63,865 0% -53% -53%$14.96 $4.49 $6.06 $47,849 -2% -25% -25%$43.63 $8.33 $17.52 $77,416 -4% -66% -66%$28.14 $8.98 $12.08 $55,566 -1% -64% -64%$17.67 $3.12 $12.56 $49,416 -17% -52% -52%$17.88 $9.48 $7.11 $22,894 6% 3% 3%$33.85 $15.79 $15.77 $55,158 11% 35% 35%($1.50) $9.01 $17.80 $31,052 4% -13% -13%$16.60 $9.70 $7.17 $20,001 2% -17% -17%$28.42 ($6.58) $7.47 $23,182 0% -10% -10%$14.37 $6.42 $3.42 $12,792 1% -1% -1%$22.02 $22.73 $12.89 $28,025 0% -27% -27%$22.46 ($0.69) $10.15 $57,066 -1% -44% -44%$7.15 $0.79 $4.19 $28,708 -11% -47% -47%

$13.36 $4.80 $15.55 $44,378 -12% 64% 64%$7.72 $4.09 $9.35 $38,704 1% -2% -2%

$35.13 $16.61 $6.44 $14,605 8% -28% -28%$33.14 $4.49 $13.70 $57,919 -7% -51% -51%$39.99 $22.21 $14.73 $19,814 0% -20% -20%$14.76 $8.36 $3.81 $26,046 -67% -92% -92%($7.78) ($2.71) $2.81 $13,651 -10% 138% 138%$9.00 $3.24 $6.29 $28,453 -1% -49% -49%

$26.25 $16.43 $4.83 $39,056 20% 7% 7%$7.45 $6.25 $2.54 $25,615 10% -8% -8%

($0.45) $6.01 $2.57 $28,689 -16% 11% 11%$38.66 $11.71 $4.61 $15,940 2% -53% -53%$18.20 $7.52 $9.40 $34,231 -2% -18% -18%$17.56 $7.00 $7.17 $29,880 0% -25% -25%

0 3 4 7 8 9 38 39.0 11

-1.7%

-10.7%

-4.2%

-27.5%

-8.2%

-42.1%

-5.1%

-25.3%

-45.0%

-40.0%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%Week YTD

%C

hang

e

Stock Performance By Market Cap

Large Cap Mid Cap Small Cap Micro Cap

1.5%

-40.0%

-3.4%

-32.3%

2.2%

-23.8%

-4.6%

-30.8%

-45.0%

-40.0%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%5 Day YTD

%C

hang

e

Stock Performance By Region

Bakken Midcon/Ark-La-Tex Diversified GOM

2.8%

-8.7%

-2.2%

-13.9%

-16.0%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%Week YTD

%C

hang

e

Performance of Oil and Gas Indexes

XOI XNG

25



26

Daily 3 Mo AvgShare Shares Value Daily Short 3Q 2015 3Q 2015Price O/S Mkt Cap Traded Trading Vol Interest Cash Debt EV

Segment 2/19/2016 (MM) ($MM) ($MM) (000's) Ratio ($MM) ($MM) ($MM)Large Cap

BHI * Baker Hughes Inc Services $42.14 437.9 $18,451 $108 3,836 1.9 $2,324 $4,041 $20,252CAM * Cameron International Corp Equipment $66.33 191.6 $12,709 $124 2,454 0.9 $1,775 $2,826 $14,596CBI Chicago Bridge & Iron Co NV Construction $33.20 104.9 $3,482 $46 1,687 5.1 $424 $2,519 $5,738CLB * Core Laboratories NV Services $107.29 42.4 $4,547 $97 749 9.4 $22 $431 $4,960DO * Diamond Offshore Drilling Inc Offshore Drilling $19.62 137.2 $2,691 $61 2,588 6.4 $119 $2,281 $4,853DRQ Dril-Quip Inc Equipment $52.38 38.4 $2,009 $36 510 3.7 $397 $0 $1,612FI Frank's International NV Services $13.19 155.1 $2,046 $4 466 10.6 $507 $0 $1,781FLR * Fluor Corp Construction $45.38 138.9 $6,304 $190 1,783 5.0 $1,950 $993 $5,463FTI * FMC Technologies Inc Equipment $25.17 226.9 $5,711 $106 4,252 1.7 $916 $1,156 $5,970HAL * Halliburton Co Services $31.37 858.3 $26,926 $286 12,960 2.9 $10,077 $15,346 $32,228HP * Helmerich & Payne Inc Land Drilling $51.58 108.0 $5,571 $88 2,650 7.5 $848 $532 $5,255KEX * Kirby Corp Services $54.48 53.8 $2,931 $34 899 6.2 $6 $779 $3,715NOV * National Oilwell Varco Inc Equipment $29.30 375.8 $11,011 $112 6,738 4.5 $2,080 $3,930 $12,938OII * Oceaneering International Inc Services $28.11 97.9 $2,751 $66 1,787 2.4 $385 $796 $3,161PTEN * Patterson-UTI Energy Inc Land Drilling $15.00 147.2 $2,208 $72 5,023 3.5 $113 $855 $2,949PWR Quanta Services Inc Services $18.68 152.9 $2,856 $54 3,486 1.8 $49 $351 $3,172RES RPC Inc Services $12.90 217.0 $2,799 $30 2,319 5.3 $8 $20 $2,811RIG * Transocean Ltd Offshore Drilling $8.33 364.1 $3,033 $125 11,482 10.6 $2,339 $8,490 $9,502SLB * Schlumberger Ltd Services $72.87 1,253.2 $91,323 $604 10,180 4.5 $2,793 $18,999 $107,801

5,6 SPM IM Saipem SpA Services $0.33 10,149.9 $3,357 $42 47,944 NA $1,429 $7,001 $8,9874 TKPPY Technip SA Services $10.93 476.1 $5,204 $0 129 0.0 $3,802 $2,501 $3,920

TS Tenaris SA Services $20.84 590.3 $12,301 $62 2,911 1.3 $498 $999 $12,957WFT * Weatherford International Ltd Equipment $6.20 779.5 $4,833 $90 14,852 2.7 $467 $7,461 $11,888

Average $10,220 $106 6,160 4.5 $1,449 $3,579 $12,457Median $4,547 $72 2,650 4.1 $507 $1,156 $5,463

Mid CapCKH SEACOR Holdings Inc Offshore Supply $45.20 17.4 $784 $8 155 13.3 $457 $961 $1,403

3 ESI CN Ensign Energy Services Inc Land Drilling $5.29 153.1 $810 $2 584 3.6 $44 $797 $1,563ESV Ensco PLC Offshore Drilling $8.22 235.5 $1,936 $58 7,304 2.5 $240 $5,903 $7,609FET Forum Energy Technologies Inc Services $9.39 90.4 $849 $13 1,347 5.5 $76 $403 $1,176KBR KBR Inc Construction $12.19 144.3 $1,759 $18 1,410 2.9 $768 $66 $1,049MDR * McDermott International Inc Construction $2.43 239.0 $581 $5 3,498 11.0 $665 $844 $820MTZ MasTec Inc Construction $14.39 79.9 $1,150 $9 1,082 6.6 $7 $1,177 $2,324NBR Nabors Industries Ltd Land Drilling $6.88 283.5 $1,950 $59 8,346 1.9 $251 $3,747 $5,455NE * Noble Corp plc Offshore Drilling $7.58 243.2 $1,843 $56 8,365 4.6 $512 $4,489 $6,543OIS * Oil States International Inc Equipment $24.38 51.4 $1,254 $42 1,180 2.1 $36 $129 $1,347

3 PD CN * Precision Drilling Corp Land Drilling $4.34 292.9 $1,271 $12 3,600 1.5 $445 $2,181 $3,007PGSVY * Petroleum Geo-Services ASA Services $2.40 239.6 $575 $0 2 1.1 $82 $1,125 $1,618

3 PSI CN Pason Systems Inc Seismic $16.68 84.1 $1,402 $5 317 12.0 $198 $0 $1,204RDC Rowan Cos Plc Offshore Drilling $11.45 124.8 $1,429 $36 3,796 3.2 $290 $2,807 $3,945

3 SES CN Secure Energy Services Inc Services $6.75 137.7 $930 $3 960 4.6 $3 $275 $1,202SLCA US Silica Holdings Inc Services $16.86 53.4 $900 $28 1,763 8.0 $254 $495 $1,141SPN Superior Energy Services Inc Services $9.13 150.7 $1,376 $30 3,662 2.3 $534 $1,643 $2,485SUBCY Subsea 7 SA Services $5.88 327.4 $1,924 $0 59 1.8 $657 $553 $1,782THR * Thermon Group Holdings Inc Services $16.82 32.2 $542 $4 200 6.4 $79 $103 $570

6 VK FP * Vallourec SA Services $4.07 135.7 $553 $17 3,682 NA $631 $2,150 $2,464Average $1,191 $20 2,566 5.0 $311 $1,492 $2,435Median $1,202 $12 1,379 3.6 $253 $903 $1,590


EnerCom OilService WeeklyFebruary 19, 2016

Daily 3 Mo AvgShare Shares Value Daily Short 3Q 2015 3Q 2015Price O/S Mkt Cap Traded Trading Vol Interest Cash Debt EV

Segment 2/19/2016 (MM) ($MM) ($MM) (000's) Ratio ($MM) ($MM) ($MM)

Small CapATW * Atwood Oceanics Inc Offshore Drilling $6.63 64.8 $429 $25 4,469 4.2 $116 $1,608 $1,922BRS * Bristow Group Inc Offshore Supply $14.07 35.0 $492 $9 853 2.6 $132 $1,223 $1,591

3 CFW CN * Calfrac Well Services Ltd Services $1.24 115.6 $143 $1 957 2.8 $124 $944 $9604 CGG CGG SA Seismic $0.65 708.3 $460 $0 61 1.9 $335 $2,873 $3,043

CJES * C&J Energy Services Ltd Services $2.20 120.4 $265 $1 2,211 9.7 $26 $1,156 $1,395CRR CARBO Ceramics Inc Services $18.15 23.3 $423 $6 668 8.0 $91 $88 $420FTK * Flotek Industries Inc Equipment $6.89 53.6 $369 $3 1,015 14.9 $2 $51 $418GEOS * Geospace Technologies Corp Equipment $9.18 13.3 $122 $1 222 17.3 $17 $0 $105GIFI Gulf Island Fabrication Inc Offshore Supply $9.06 14.6 $132 $0 69 3.3 $45 $0 $87HCLP Hi-Crush Partners LP Services $4.20 37.0 $155 $1 324 2.7 $5 $252 $404HLX Helix Energy Solutions Group Inc Services $2.82 106.1 $299 $4 1,253 3.1 $469 $776 $607HOS Hornbeck Offshore Services Inc Offshore Supply $6.53 35.8 $234 $13 1,250 7.7 $303 $1,081 $1,012

7 LAYN Layne Christensen Co Services $5.77 19.8 $114 $1 189 21.4 $70 $163 $207NR * Newpark Resources Inc Services $3.54 84.1 $298 $2 930 4.5 $107 $179 $369PKD Parker Drilling Co Land Drilling $1.20 123.2 $148 $1 689 4.3 $105 $585 $633POWL * Powell Industries Inc Services $26.19 11.4 $297 $1 80 2.5 $59 $2 $241

3 PSD CN Pulse Seismic Inc Seismic $2.46 56.3 $138 $0 44 146.3 $1 $1 $1393 SVY CN Savanna Energy Services Corp Services $1.23 90.3 $111 $0 185 4.9 $18 $309 $4193 TCW CN Trican Well Service Ltd Services $1.52 148.9 $226 $1 2,132 0.6 $76 $759 $9093 TDG CN Trinidad Drilling Ltd Land Drilling $1.68 222.1 $373 $1 1,027 3.1 $25 $680 $1,029

TDW * Tidewater Inc Offshore Supply $5.10 47.0 $240 $7 1,822 4.3 $48 $1,452 $1,649TESO Tesco Corp Services $6.51 39.0 $254 $1 293 8.9 $57 $0 $197TTI TETRA Technologies Inc Services $5.15 80.2 $413 $3 929 1.2 $25 $919 $1,679

3 XDC CN Xtreme Drilling & Coil Services Corp Land Drilling $1.44 83.1 $120 $0 99 0.2 $17 $110 $213Average $261 $3 907 11.7 $95 $634 $819Median $247 $1 771 4.2 $58 $447 $513

Micro CapAETI American Electric Technologies Inc Services $2.41 8.3 $20 $0 30 1.3 $9 $5 $21BAS * Basic Energy Services Inc Services $1.86 42.2 $78 $1 1,667 19.0 $47 $887 $919DWSN Dawson Geophysical Co Seismic $3.21 21.6 $69 $0 53 1.9 $39 $12 $42EMES Emerge Energy Services LP Services $3.80 24.1 $92 $1 502 2.7 $6 $273 $359ENSV Enservco Corp Services $0.40 38.1 $15 $0 77 2.7 $1 $20 $34FES Forbes Energy Services Ltd Services $0.27 22.2 $6 $0 59 3.1 $85 $303 $238GLF Gulfmark Offshore Inc Offshore Supply $3.06 25.7 $79 $1 506 12.6 $31 $524 $571GRH GreenHunter Resources Inc Services $0.10 42.3 $4 $0 147 0.2 $0 $20 $73ICD Independence Contract Drilling Inc Land Drilling $3.87 24.4 $94 $0 57 18.9 $5 $60 $150IO * ION Geophysical Corp Services $3.31 10.6 $35 $0 72 5.6 $85 $186 $136KEG Key Energy Services Inc Services $0.23 157.6 $37 $1 1,698 12.8 $199 $965 $803

3 LII CN Logan International Inc Services $1.43 33.7 $48 NA 2 0.5 $1 $52 $99PES * Pioneer Energy Services Corp Land Drilling $1.18 64.5 $76 $1 1,041 4.1 $14 $395 $457

3 PHX CN PHX Energy Services Corp Services $1.49 41.6 $62 $0 71 12.5 $3 $70 $129SAEX SAExploration Holdings Inc Seismic $1.69 17.4 $29 $0 6 22.5 $17 $141 $157SDPI Superior Drilling Products Inc Equipment $1.67 17.4 $29 $0 106 0.1 $2 $21 $48

3 SDY CN Strad Energy Services Ltd Services $1.77 37.3 $66 $0 83 0.1 $0 $25 $91SSE Seventy Seven Energy Inc Equipment $0.46 59.3 $27 $0 760 8.2 $156 $1,595 $1,466WG Willbros Group Inc Construction $1.42 62.1 $88 $0 222 6.6 $48 $216 $256

Average $50 $0 377 7.1 $39 $304 $318Median $48 $0 83 4.1 $14 $141 $150

27



28

SegmentLarge Cap

BHI * Baker Hughes Inc ServicesCAM * Cameron International Corp EquipmentCBI Chicago Bridge & Iron Co NV ConstructionCLB * Core Laboratories NV ServicesDO * Diamond Offshore Drilling Inc Offshore DrillingDRQ Dril-Quip Inc EquipmentFI Frank's International NV ServicesFLR * Fluor Corp ConstructionFTI * FMC Technologies Inc EquipmentHAL * Halliburton Co ServicesHP * Helmerich & Payne Inc Land DrillingKEX * Kirby Corp ServicesNOV * National Oilwell Varco Inc EquipmentOII * Oceaneering International Inc ServicesPTEN * Patterson-UTI Energy Inc Land DrillingPWR Quanta Services Inc ServicesRES RPC Inc ServicesRIG * Transocean Ltd Offshore DrillingSLB * Schlumberger Ltd Services

5,6 SPM IM Saipem SpA Services4 TKPPY Technip SA Services

TS Tenaris SA ServicesWFT * Weatherford International Ltd Equipment

AverageMedian

Mid CapCKH SEACOR Holdings Inc Offshore Supply

3 ESI CN Ensign Energy Services Inc Land DrillingESV Ensco PLC Offshore DrillingFET Forum Energy Technologies Inc ServicesKBR KBR Inc ConstructionMDR * McDermott International Inc ConstructionMTZ MasTec Inc ConstructionNBR Nabors Industries Ltd Land DrillingNE * Noble Corp plc Offshore DrillingOIS * Oil States International Inc Equipment

3 PD CN * Precision Drilling Corp Land DrillingPGSVY * Petroleum Geo-Services ASA Services

3 PSI CN Pason Systems Inc SeismicRDC Rowan Cos Plc Offshore Drilling

3 SES CN Secure Energy Services Inc ServicesSLCA US Silica Holdings Inc ServicesSPN Superior Energy Services Inc ServicesSUBCY Subsea 7 SA ServicesTHR * Thermon Group Holdings Inc Services

6 VK FP * Vallourec SA ServicesAverageMedian

TTM TTM TTMEBITDA EBITDA Net Inc

Days Sales 9/30/2015 9/30/2014 9/30/2015Outstanding ($MM) ($MM) ($MM) ROA(1)

100.1 $1,469 $4,673 -$1,967 6%57.3 $1,571 $1,577 $501 14%41.1 $1,267 $1,104 -$288 13%78.5 $211 $373 $115 34%65.6 $1,067 $1,029 -$274 15%

128.1 $298 $294 $203 21%99.2 $344 $393 $106 20%26.9 $1,135 $1,409 $412 15%

104.7 $911 $1,359 $393 14%99.5 $4,156 $7,223 -$671 11%77.9 $826 $1,663 $235 12%60.2 $579 $657 $227 14%90.8 $2,397 $4,333 -$769 9%82.9 $651 $858 $231 19%85.2 $748 $1,002 -$294 16%84.1 $612 $670 $383 11%98.3 $303 $566 $16 24%86.5 $3,457 -$254 $791 13%

102.6 $9,527 $11,813 $2,072 14%77.8 $360 $1,396 -$1,286 2%NA $1,129 $1,010 $23 7%

65.1 $1,138 $2,752 $129 7%92.8 $1,633 $1,876 -$1,985 11%82.1 $1,556 $2,077 -$74 14%84.7 $1,067 $1,104 $115 14%

62.3 $171 $272 $28 5%76.1 $365 $499 -$94 10%66.7 $1,883 $1,664 -$2,575 11%65.4 $200 $304 $90 9%55.9 $102 $92 -$1,080 3%20.9 $310 $121 -$18 9%99.7 $312 $415 $20 10%92.8 $1,266 $1,746 -$1,100 13%58.1 $1,656 $1,161 $511 13%

116.2 $197 NA $29 12%106.7 $494 $674 -$363 10%71.8 $596 $703 -$528 20%87.1 $181 $214 $33 33%84.3 $1,004 $606 -$358 12%41.6 $131 $185 -$87 9%52.0 $157 $197 $60 14%78.0 $668 $858 -$1,551 13%NA $1,339 $1,330 -$563 16%

77.1 $65 $83 $30 14%81.1 -$29 -$350 -$865 0%73.4 $553 $567 -$419 12%76.1 $311 $415 -$90 12%



SegmentLarge Cap




AverageMedian









100.1 $1,469 $4,673 -$1,967 6%57.3 $1,571 $1,577 $501 14%41.1 $1,267 $1,104 -$288 13%78.5 $211 $373 $115 34%65.6 $1,067 $1,029 -$274 15%

128.1 $298 $294 $203 21%99.2 $344 $393 $106 20%26.9 $1,135 $1,409 $412 15%

104.7 $911 $1,359 $393 14%99.5 $4,156 $7,223 -$671 11%77.9 $826 $1,663 $235 12%60.2 $579 $657 $227 14%90.8 $2,397 $4,333 -$769 9%82.9 $651 $858 $231 19%85.2 $748 $1,002 -$294 16%84.1 $612 $670 $383 11%98.3 $303 $566 $16 24%86.5 $3,457 -$254 $791 13%

102.6 $9,527 $11,813 $2,072 14%77.8 $360 $1,396 -$1,286 2%NA $1,129 $1,010 $23 7%

65.1 $1,138 $2,752 $129 7%92.8 $1,633 $1,876 -$1,985 11%82.1 $1,556 $2,077 -$74 14%84.7 $1,067 $1,104 $115 14%

62.3 $171 $272 $28 5%76.1 $365 $499 -$94 10%66.7 $1,883 $1,664 -$2,575 11%65.4 $200 $304 $90 9%55.9 $102 $92 -$1,080 3%20.9 $310 $121 -$18 9%99.7 $312 $415 $20 10%92.8 $1,266 $1,746 -$1,100 13%58.1 $1,656 $1,161 $511 13%

116.2 $197 NA $29 12%106.7 $494 $674 -$363 10%71.8 $596 $703 -$528 20%87.1 $181 $214 $33 33%84.3 $1,004 $606 -$358 12%41.6 $131 $185 -$87 9%52.0 $157 $197 $60 14%78.0 $668 $858 -$1,551 13%NA $1,339 $1,330 -$563 16%

77.1 $65 $83 $30 14%81.1 -$29 -$350 -$865 0%73.4 $553 $567 -$419 12%76.1 $311 $415 -$90 12%

SegmentLarge CapSmall Cap

ATW * Atwood Oceanics Inc Offshore DrillingBRS * Bristow Group Inc Offshore Supply

3 CFW CN * Calfrac Well Services Ltd Services4 CGG CGG SA Seismic

CJES * C&J Energy Services Ltd ServicesCRR CARBO Ceramics Inc ServicesFTK * Flotek Industries Inc EquipmentGEOS * Geospace Technologies Corp EquipmentGIFI Gulf Island Fabrication Inc Offshore SupplyHCLP Hi-Crush Partners LP ServicesHLX Helix Energy Solutions Group Inc ServicesHOS Hornbeck Offshore Services Inc Offshore Supply

7 LAYN Layne Christensen Co ServicesNR * Newpark Resources Inc ServicesPKD Parker Drilling Co Land DrillingPOWL * Powell Industries Inc Services

3 PSD CN Pulse Seismic Inc Seismic3 SVY CN Savanna Energy Services Corp Services3 TCW CN Trican Well Service Ltd Services3 TDG CN Trinidad Drilling Ltd Land Drilling

TDW * Tidewater Inc Offshore SupplyTESO Tesco Corp ServicesTTI TETRA Technologies Inc Services

3 XDC CN Xtreme Drilling & Coil Services Corp Land DrillingAverageMedian

Micro CapAETI American Electric Technologies Inc ServicesBAS * Basic Energy Services Inc ServicesDWSN Dawson Geophysical Co SeismicEMES Emerge Energy Services LP ServicesENSV Enservco Corp ServicesFES Forbes Energy Services Ltd ServicesGLF Gulfmark Offshore Inc Offshore SupplyGRH GreenHunter Resources Inc ServicesICD Independence Contract Drilling Inc Land DrillingIO * ION Geophysical Corp ServicesKEG Key Energy Services Inc Services

3 LII CN Logan International Inc ServicesPES * Pioneer Energy Services Corp Land Drilling

3 PHX CN PHX Energy Services Corp ServicesSAEX SAExploration Holdings Inc SeismicSDPI Superior Drilling Products Inc Equipment

3 SDY CN Strad Energy Services Ltd ServicesSSE Seventy Seven Energy Inc EquipmentWG Willbros Group Inc Construction

AverageMedian



62.7 $755 $572 $425 16%52.6 $254 $268 -$32 8%90.7 $41 $345 -$222 2%NA $2,391 $922 -$1,861 43%NA $32 NA -$873 1%

80.8 $17 $161 -$59 2%69.8 $19 $99 -$13 5%61.3 -$35 $26 -$38 -12%57.1 $21 $45 -$11 6%51.5 $107 $128 $55 26%63.7 $173 $414 $35 6%70.4 $243 $285 $89 8%50.3 -$2 $9 -$51 0%

141.5 $22 $173 -$91 3%110.8 $188 $264 -$52 13%59.1 $40 $29 $9 9%

119.8 $18 $25 -$5 31%68.2 $132 $103 -$241 12%

NA $77 $180 -$516 4%99.5 $202 $244 -$90 8%91.6 $260 $171 -$87 6%

102.6 $42 $97 -$57 8%67.2 $246 $77 -$130 13%67.1 $67 $75 -$49 13%78.0 $221 $205 -$161 10%68.2 $72 $161 -$51 8%

62.7 -$1 $0 -$1 -2%79.1 $24 $276 -$242 2%41.3 $3 $16 -$27 1%19.1 $75 $110 $25 18%26.1 $10 $9 $2 22%73.6 $39 $74 -$31 9%84.8 $77 $195 -$191 5%57.6 -$1 -$2 -$7 -4%58.1 $22 NA -$27 7%

130.7 -$26 -$26 -$25 -6%77.6 $25 $68 -$818 2%

101.4 $6 $44 -$23 2%62.0 $109 $207 -$155 13%88.4 $48 $66 -$37 15%89.5 $41 $44 -$16 23%70.4 $0 $5 -$5 1%90.9 $33 $52 -$16 17%84.0 $227 $335 -$170 11%

NA -$15 $64 -$82 -3%72.1 $37 $85 -$97 7%75.6 $24 $58 -$27 5%

29



30

SegmentLarge Cap




AverageMedian







Op Debt/ P/CFPSROIC(1) ROPPE(1) Profit % MktCap ROE(1) 2016E(2)

8% 22% -15% 22% 9% 11.9x24% 91% 6% 22% 29% 14.4x29% 210% -1% 72% 57% 13.7x55% 147% 20% 9% N/A 23.9x17% 17% -12% 85% 26% 3.5x32% 102% 30% 0% 23% 9.3x36% 53% 21% 0% 23% 10.6x53% 127% 4% 16% 36% 8.4x33% 66% 9% 20% 36% 7.5x20% 38% -1% 57% 27% 8.9x18% 15% 15% 10% 17% 5.0x19% 21% 18% 27% 25% 6.7x13% 77% -3% 36% 15% 6.6x33% 51% 12% 29% 41% 5.4x23% 19% -22% 39% 29% 3.1x17% 54% 5% 12% 19% 9.3x30% 40% 2% 1% 31% 10.9x16% 17% 19% 280% 23% 1.1x18% 71% 8% 21% 27% 10.5x4% 3% -105% 209% 11% -5.9x

36% 18% 3% 48% 26% 8.5x9% 21% 6% 8% 9% 13.3x

14% 29% -16% 154% 37% 6.5x24% 57% 0% 51% 26% 8.4x20% 40% 5% 22% 26% 8.5x

9% 11% 7% 123% 12% NA13% 11% -3% 98% 17% 2.4x13% 14% -40% 305% 21% 1.2x11% 102% 9% 47% 14% 5.6x38% 52% -11% 4% 10% 18.1x18% 19% 3% 145% 20% 6.2x14% 53% 2% 102% 30% 3.7x16% 17% -14% 192% 28% 2.5x15% 14% 27% 244% 22% 1.3x15% 31% 5% 10% 16% 5.4x13% 13% -30% 172% 23% 3.1x24% 43% -45% 196% 41% 1.1x61% 86% 25% 0% 37% 16.4x14% 13% -13% 196% 22% 1.8x11% 15% -2% 30% 14% 9.5x25% 28% 11% 55% 40% 16.8x19% 28% -45% 119% 27% 2.7x24% 28% -11% 29% 23% 2.4x21% 163% 15% 19% 23% 9.0x-1% -1% -22% 389% -1% 45.3x19% 37% -7% 124% 22% 8.1x15% 24% -2% 111% 22% 3.7x

ECI Value Drivers



SegmentLarge Cap




AverageMedian








8% 22% -15% 22% 9% 11.9x24% 91% 6% 22% 29% 14.4x29% 210% -1% 72% 57% 13.7x55% 147% 20% 9% N/A 23.9x17% 17% -12% 85% 26% 3.5x32% 102% 30% 0% 23% 9.3x36% 53% 21% 0% 23% 10.6x53% 127% 4% 16% 36% 8.4x33% 66% 9% 20% 36% 7.5x20% 38% -1% 57% 27% 8.9x18% 15% 15% 10% 17% 5.0x19% 21% 18% 27% 25% 6.7x13% 77% -3% 36% 15% 6.6x33% 51% 12% 29% 41% 5.4x23% 19% -22% 39% 29% 3.1x17% 54% 5% 12% 19% 9.3x30% 40% 2% 1% 31% 10.9x16% 17% 19% 280% 23% 1.1x18% 71% 8% 21% 27% 10.5x4% 3% -105% 209% 11% -5.9x

36% 18% 3% 48% 26% 8.5x9% 21% 6% 8% 9% 13.3x

14% 29% -16% 154% 37% 6.5x24% 57% 0% 51% 26% 8.4x20% 40% 5% 22% 26% 8.5x

9% 11% 7% 123% 12% NA13% 11% -3% 98% 17% 2.4x13% 14% -40% 305% 21% 1.2x11% 102% 9% 47% 14% 5.6x38% 52% -11% 4% 10% 18.1x18% 19% 3% 145% 20% 6.2x14% 53% 2% 102% 30% 3.7x16% 17% -14% 192% 28% 2.5x15% 14% 27% 244% 22% 1.3x15% 31% 5% 10% 16% 5.4x13% 13% -30% 172% 23% 3.1x24% 43% -45% 196% 41% 1.1x61% 86% 25% 0% 37% 16.4x14% 13% -13% 196% 22% 1.8x11% 15% -2% 30% 14% 9.5x25% 28% 11% 55% 40% 16.8x19% 28% -45% 119% 27% 2.7x24% 28% -11% 29% 23% 2.4x21% 163% 15% 19% 23% 9.0x-1% -1% -22% 389% -1% 45.3x19% 37% -7% 124% 22% 8.1x15% 24% -2% 111% 22% 3.7x

ECI Value Drivers

53 2 47 4 3 5 52 50 51.0 6 7 9



24%

0%

10%

20%

30%

40%

50%

60%

ROIC

57%

0%

50%

100%

150%

200%

250%

ROPPE

0%

-150%

-100%

-50%

0%

50%

100%

150%

Op Profit %

51%

0%

50%

100%

150%

200%

250%

300%

Debt/Mkt Cap

26%

0%

10%

20%

30%

40%

50%

60%

ROE

8.4x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

P/CFPS 2016E

19%

0%

10%

20%

30%

40%

50%

60%

70%

ROIC

37%

0%20%40%60%80%

100%120%140%160%180%

ROPPE

-7%

-60%

-40%

-20%

0%

20%

40%

60%

80%

Op Profit %

124%

0%50%

100%150%200%250%300%350%400%450%

Debt/Mkt Cap

22%

0%5%

10%15%20%25%30%35%40%45%

ROE

8.1x

0.0x5.0x

10.0x15.0x20.0x25.0x30.0x35.0x40.0x45.0x50.0x

P/CFPS 2016E

1st Quartile

2nd Quartile

3rd Quartile

4th QuartileAverage

31



32













AverageMedian


ECI Value Drivers

17% 18% 37% 375% 25% 0.7x10% 11% 1% 249% 17% 1.9x3% 3% -17% 659% 7% 10.2x

58% 252% -63% 624% 150% 0.3x2% 3% -274% 436% 5% 2.7x2% 3% -19% 21% 2% 6.1x6% 21% -6% 14% 7% 15.3x

-14% -39% -76% 0% -13% -20.1x9% 10% -4% 0% 8% 4.4x

29% 41% 17% 162% 84% 1.9x9% 9% 8% 259% 10% 2.7x

11% 10% 32% 462% 17% 1.4x-1% -2% -7% 143% -1% 23.1x4% 7% -15% 60% 4% 10.9x

17% 22% 4% 396% 31% 1.1x15% 27% 3% 1% 12% NA38% 34% -122% 1% 38% NA14% 14% -61% 278% 20% 1.2x5% 7% -9% 336% 9% -9.4x

10% 11% -14% 182% 14% 2.6x7% 7% 1% 606% 11% 0.7x

10% 23% -9% 0% 9% -29.1x15% 22% 3% 223% 33% 2.3x14% 15% -16% 92% 17% 2.6x12% 22% -25% 232% 21% 1.5x10% 11% -8% 202% 12% 2.1x

-3% -9% -3% 27% -3% NA3% 3% -38% 1130% 22% 2.2x2% 2% -20% 18% 2% NA

21% 32% 4% 298% 88% 1.6x27% 27% 9% 130% 55% 2.5x12% 14% -5% 5057% 39% 0.1x6% 6% -44% 665% 11% 2.4x

-2% -5% -22% 493% -18% NA8% 8% -91% 64% 9% 4.0x

-12% -36% -45% 533% -23% NA2% 2% -96% 2607% 8% -1.4x3% 12% -10% 108% 3% 15.9x

15% 16% -31% 519% 32% 0.6x18% 27% -6% 114% 24% 7.8x38% 62% 7% 480% N/A NA1% 3% -27% 72% 2% -23.9x

20% 21% -11% 38% 23% 3.7x14% 14% -88% 5844% 133% 0.2x-6% -23% -93% 245% -15% -1.9x9% 9% -32% 971% 22% 1.0x6% 8% -22% 298% 10% 1.9x















AverageMedian


ECI Value Drivers

17% 18% 37% 375% 25% 0.7x10% 11% 1% 249% 17% 1.9x3% 3% -17% 659% 7% 10.2x

58% 252% -63% 624% 150% 0.3x2% 3% -274% 436% 5% 2.7x2% 3% -19% 21% 2% 6.1x6% 21% -6% 14% 7% 15.3x

-14% -39% -76% 0% -13% -20.1x9% 10% -4% 0% 8% 4.4x

29% 41% 17% 162% 84% 1.9x9% 9% 8% 259% 10% 2.7x

11% 10% 32% 462% 17% 1.4x-1% -2% -7% 143% -1% 23.1x4% 7% -15% 60% 4% 10.9x

17% 22% 4% 396% 31% 1.1x15% 27% 3% 1% 12% NA38% 34% -122% 1% 38% NA14% 14% -61% 278% 20% 1.2x5% 7% -9% 336% 9% -9.4x

10% 11% -14% 182% 14% 2.6x7% 7% 1% 606% 11% 0.7x

10% 23% -9% 0% 9% -29.1x15% 22% 3% 223% 33% 2.3x14% 15% -16% 92% 17% 2.6x12% 22% -25% 232% 21% 1.5x10% 11% -8% 202% 12% 2.1x

-3% -9% -3% 27% -3% NA3% 3% -38% 1130% 22% 2.2x2% 2% -20% 18% 2% NA

21% 32% 4% 298% 88% 1.6x27% 27% 9% 130% 55% 2.5x12% 14% -5% 5057% 39% 0.1x6% 6% -44% 665% 11% 2.4x

-2% -5% -22% 493% -18% NA8% 8% -91% 64% 9% 4.0x

-12% -36% -45% 533% -23% NA2% 2% -96% 2607% 8% -1.4x3% 12% -10% 108% 3% 15.9x

15% 16% -31% 519% 32% 0.6x18% 27% -6% 114% 24% 7.8x38% 62% 7% 480% N/A NA1% 3% -27% 72% 2% -23.9x

20% 21% -11% 38% 23% 3.7x14% 14% -88% 5844% 133% 0.2x-6% -23% -93% 245% -15% -1.9x9% 9% -32% 971% 22% 1.0x6% 8% -22% 298% 10% 1.9x

53 2 47 4 3 5 52 50 51.0 6 7 9



9%

-60%-40%-20%

0%20%40%60%80%

100%120%

ROPPE

-32%

-60%

-40%

-20%

0%

20%

40%

60%

Op Profit %

12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

ROIC

22%0%

20%40%60%80%

100%120%140%160%180%200%

ROPPE

-25%

-400%-300%-200%-100%

0%100%200%300%400%

Op Profit %

232%

0%

100%

200%

300%

400%

500%

600%

700%

Debt/Mkt Cap

21%

0%20%40%60%80%

100%120%140%160%180%

ROE

1.5x0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

P/CFPS 2016E

9%

-20%

-10%

0%

10%

20%

30%

40%

50%

ROIC

971%

0%

1000%

2000%

3000%

4000%

5000%

6000%

7000%

Debt/Mkt Cap

22%

-30%

-10%

10%

30%

50%

70%

90%

ROE1.0x0.0x

5.0x10.0x15.0x20.0x25.0x30.0x35.0x40.0x45.0x

P/CFPS 2016E

1st Quartile

2nd Quartile3rd Quartile

4th QuartileAverage

33



34

SegmentLarge Cap




AverageMedian







TTMEBITDA Unlevered EV/ Book Value Capital Margin% FCF/Shr EBITDA per Share Intensity Week Q1'16 YTD

9% $1.15 13.8 x $37.30 66% 6% -9% -9%18% $6.71 9.3 x $23.82 18% 3% 5% 5%10% $10.83 4.5 x $19.87 10% 2% -15% -15%26% $4.44 23.5 x N/A 11% 8% -1% -1%44% $1.72 4.5 x $29.99 78% 16% -7% -7%33% $7.03 5.4 x $34.31 9% 3% -12% -12%32% $1.33 5.2 x $7.90 40% -3% -21% -21%6% $6.44 4.8 x $21.56 21% 4% -4% -4%

14% $2.91 6.6 x $11.07 28% 9% -13% -13%18% $2.30 7.8 x $18.06 53% 8% -8% -8%32% -$0.49 6.4 x $44.72 106% 9% -4% -4%27% $5.10 6.4 x $42.23 53% 1% 4% 4%16% $5.17 5.4 x $43.60 19% 6% -13% -13%21% $4.61 4.9 x $16.13 31% 4% -25% -25%40% $0.03 3.9 x $17.40 99% 14% -1% -1%

8% $2.36 5.2 x $20.38 41% 6% -8% -8%19% $0.07 9.3 x $4.55 95% 0% 8% 8%47% $4.00 2.7 x $39.83 58% -6% -33% -33%27% $5.68 11.3 x $28.37 25% 4% 4% 4%3% -$0.05 25.0 x $0.94 234% 10% -96% -96%9% $1.71 3.5 x NA 28% -2% -13% -13%

14% -$0.13 11.4 x NA 106% 0% -12% -12%17% $1.22 7.3 x $5.53 42% -4% -26% -26%21% $3.22 8.2 x $23.38 55% 4% -13% -13%18% $2.36 6.4 x $20.97 41% 4% -9% -9%

15% -$6.07 8.2 x $76.97 161% 6% -14% -14%21% $0.37 4.3 x $14.02 84% -2% -28% -28%43% $0.49 4.0 x $38.26 94% -2% -47% -47%15% $1.75 5.9 x $15.83 21% 10% -25% -25%2% $0.60 10.3 x $6.81 15% 2% -28% -28%

10% $0.87 2.6 x $6.22 33% 2% -27% -27%7% $2.79 7.4 x $12.78 29% 9% -17% -17%

26% $0.23 4.3 x $15.88 95% 15% -19% -19%49% $4.89 4.0 x $27.69 28% 3% -28% -28%18% $1.60 6.8 x $24.64 58% 5% -11% -11%32% $0.12 6.1 x $7.24 93% 10% -21% -21%62% $1.80 2.7 x NA 27% -1% -40% -40%50% $1.18 6.6 x $5.92 45% 3% -14% -14%47% -$2.09 3.9 x $37.22 126% -2% -32% -32%8% -$0.42 9.2 x $6.65 145% 8% -19% -19%

21% $1.47 7.3 x $7.45 50% 5% -10% -10%20% $0.83 3.7 x $16.27 81% 3% -32% -32%26% $1.73 1.3 x NA 58% 1% -16% -16%23% $0.67 8.7 x $8.70 67% 2% -1% -1%-1% -$2.44 NA $20.26 NA 14% -53% -53%25% $0.52 5.7 x $19.38 69% 5% -24% -24%21% $0.75 5.9 x $14.92 58% 3% -23% -23%

StockPerformance



SegmentLarge Cap




AverageMedian








9% $1.15 13.8 x $37.30 66% 6% -9% -9%18% $6.71 9.3 x $23.82 18% 3% 5% 5%10% $10.83 4.5 x $19.87 10% 2% -15% -15%26% $4.44 23.5 x N/A 11% 8% -1% -1%44% $1.72 4.5 x $29.99 78% 16% -7% -7%33% $7.03 5.4 x $34.31 9% 3% -12% -12%32% $1.33 5.2 x $7.90 40% -3% -21% -21%6% $6.44 4.8 x $21.56 21% 4% -4% -4%

14% $2.91 6.6 x $11.07 28% 9% -13% -13%18% $2.30 7.8 x $18.06 53% 8% -8% -8%32% -$0.49 6.4 x $44.72 106% 9% -4% -4%27% $5.10 6.4 x $42.23 53% 1% 4% 4%16% $5.17 5.4 x $43.60 19% 6% -13% -13%21% $4.61 4.9 x $16.13 31% 4% -25% -25%40% $0.03 3.9 x $17.40 99% 14% -1% -1%

8% $2.36 5.2 x $20.38 41% 6% -8% -8%19% $0.07 9.3 x $4.55 95% 0% 8% 8%47% $4.00 2.7 x $39.83 58% -6% -33% -33%27% $5.68 11.3 x $28.37 25% 4% 4% 4%3% -$0.05 25.0 x $0.94 234% 10% -96% -96%9% $1.71 3.5 x NA 28% -2% -13% -13%

14% -$0.13 11.4 x NA 106% 0% -12% -12%17% $1.22 7.3 x $5.53 42% -4% -26% -26%21% $3.22 8.2 x $23.38 55% 4% -13% -13%18% $2.36 6.4 x $20.97 41% 4% -9% -9%

15% -$6.07 8.2 x $76.97 161% 6% -14% -14%21% $0.37 4.3 x $14.02 84% -2% -28% -28%43% $0.49 4.0 x $38.26 94% -2% -47% -47%15% $1.75 5.9 x $15.83 21% 10% -25% -25%2% $0.60 10.3 x $6.81 15% 2% -28% -28%

10% $0.87 2.6 x $6.22 33% 2% -27% -27%7% $2.79 7.4 x $12.78 29% 9% -17% -17%

26% $0.23 4.3 x $15.88 95% 15% -19% -19%49% $4.89 4.0 x $27.69 28% 3% -28% -28%18% $1.60 6.8 x $24.64 58% 5% -11% -11%32% $0.12 6.1 x $7.24 93% 10% -21% -21%62% $1.80 2.7 x NA 27% -1% -40% -40%50% $1.18 6.6 x $5.92 45% 3% -14% -14%47% -$2.09 3.9 x $37.22 126% -2% -32% -32%8% -$0.42 9.2 x $6.65 145% 8% -19% -19%

21% $1.47 7.3 x $7.45 50% 5% -10% -10%20% $0.83 3.7 x $16.27 81% 3% -32% -32%26% $1.73 1.3 x NA 58% 1% -16% -16%23% $0.67 8.7 x $8.70 67% 2% -1% -1%-1% -$2.44 NA $20.26 NA 14% -53% -53%25% $0.52 5.7 x $19.38 69% 5% -24% -24%21% $0.75 5.9 x $14.92 58% 3% -23% -23%

StockPerformance













AverageMedian


StockPerformance

56% $4.90 2.5 x $46.07 58% 18% -35% -35%14% -$5.48 6.3 x $43.84 175% 10% -46% -46%3% -$1.03 23.3 x $5.43 390% 5% -46% -46%

99% $3.16 1.3 x NA 7% -4% -77% -77%8% -$1.12 43.9 x $5.25 523% 16% -54% -54%4% -$2.77 24.4 x $30.14 475% 19% 6% 6%6% -$0.02 21.7 x $5.49 106% 10% -40% -40%

-46% -$3.09 NA $20.80 NA -11% -35% -35%6% $1.03 4.1 x $18.74 29% 2% -13% -13%

27% $1.11 3.8 x $3.40 62% -3% -29% -29%23% -$2.26 3.5 x $15.77 239% 7% -46% -46%44% -$1.73 4.2 x $40.34 126% 12% -34% -34%0% -$1.25 NA $6.80 NA 14% -9% 10%3% -$0.56 16.5 x $6.19 311% -2% -33% -33%

23% $0.72 3.4 x $4.92 53% 8% -34% -34%6% $2.07 6.0 x $26.72 41% 0% 1% 1%

74% $0.24 7.8 x $0.82 22% 12% 11% 11%24% -$0.02 3.2 x $7.10 101% 12% 0% 0%4% $0.23 11.8 x $5.69 55% 3% 138% 138%

29% $0.07 5.1 x $6.47 93% 11% -21% -21%23% -$0.54 6.4 x $50.46 110% 9% -27% -27%11% $0.61 4.7 x $11.65 42% 11% -10% -10%21% $1.28 6.8 x $4.76 58% 5% -32% -32%27% $0.46 3.2 x $4.65 42% -3% -16% -16%20% -$0.17 9.7 x $16.15 142% 7% -20% -19%17% $0.02 5.6 x $6.80 77% 9% -30% -30%

-1% -$0.18 NA $2.57 NA -1% 15% 15%3% -$0.71 38.6 x $2.52 226% 6% -31% -31%2% -$0.09 12.9 x $9.96 159% 9% -7% -7%9% $1.32 4.8 x $3.50 57% 9% -18% -18%

21% -$0.12 3.4 x $0.49 146% 0% -26% -26%13% $0.51 6.0 x $3.95 71% 8% -7% -7%23% $1.15 7.4 x $28.33 62% 0% -34% -34%-7% -$0.21 NA N/A NA -5% -9% -9%25% -$2.59 6.8 x $9.71 388% 12% -23% -23%

-12% -$4.30 NA $10.46 NA 11% -56% -56%2% -$0.43 32.5 x $1.86 374% 11% -51% -51%5% $0.02 17.7 x $5.06 87% -1% -5% -5%

20% -$0.78 4.2 x $5.31 146% 0% -46% -46%13% $0.45 2.7 x $4.86 62% 23% -37% -37%14% $1.30 3.9 x N/A 44% 3% -17% -17%3% -$0.19 101.7 x $1.45 801% -2% 65% 65%

22% $0.39 2.8 x $3.74 56% -1% 9% 9%16% -$1.17 6.5 x $2.99 131% 59% -56% -56%-1% -$0.34 NA $1.58 NA 8% -47% -47%9% -$0.31 16.8 x $5.78 187% 8% -20% -20%9% -$0.18 6.5 x $3.74 131% 6% -23% -23%

35



36

6.2%

-10.0%-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%5 Day YTD

%C

hang

ePerformance of Oil Service Index

OSX

7.9%

-13.4%

7.3%

-21.2%

4.5%

-30.4%

5.3%

-18.3%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%5 Day YTD

%C

hang

e

Stock Performance By Market Sector

Equipment Land Drilling Offshore Drilling Services / Other

4.3%

-12.9%

4.6%

-24.1%

6.7%

-19.3%

7.8%

-20.1%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%5 Day YTD

%C

hang

e

Stock Performance By Market Cap

Large Cap Mid Cap Small Cap Micro Cap



Footnotes

General Values are in currency as reported by the company. Exchange Rates: 1 CAD = 0.74 USD; 1 AUD = 0.72 USD as of 2/19/2016. E&P Weekly (1) Change in Quarterly Production form 9/30/2014 to 9/30/2015, does not include adjustments for acquisitions or divestitures. (2) Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NA." (3) Current price / Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NA." (4) TTM oil and gas sales less LOE, production taxes, G&A and net interest, all divided by TTM production as of Q3 2015. (5) In Canadian Dollars. Production replacement and 3-year F&D costs based on gross reserves with forecast prices. (6) Reserves data as of 8/31/2015. TTM Data as of 11/30/15. (7) Reserves data as of 1/31/2015, quarterly data as of 10/31/2015. (8) Reserve data as of 6/30/2015. (9) Reserve data as of 9/30/2015.

37

38

OilService Weekly * Financial Data as of 12/31/2015 (1) Returns metrics are calculated using EBITDA. (2) Current price / Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NA". (3) In Canadian Dollars. (4) Trading data in USD, financial data in Euros including EV. (5) Financial statement data reported on semi-annual basis as of 6/30/2015. (6) Trading and financial data in Euros. (7) Balance Sheet, TTM data and returns as of 10/31/15.

Glossary of Terms General EBITDA: Calculated as operating income plus DD&A and impairment expense. Enterprise Value (EV): The sum of market capitalization, debt, preferred equity and minority interest, less cash. Short Interest Ratio: Number of days of average daily trading volume needed to cover the short interest in a given stock. TTM: Trailing twelve months as of 9/30/15 unless otherwise noted. E&P Weekly 3-Yr F&D: Costs incurred in oil and gas activities excluding abandonment costs, divided by the sum of extensions, discoveries, revisions and purchases of proved reserves over a three-year period. The measurement period in this report is 2012-2014. 3-Yr Production Replacement: Percentage of production replaced through extensions, discoveries, revisions and purchases of proved reserves over a three-year period. The measurement period in this report is 2012-2014. Asset Intensity: An indicator of an E&P company’s future growth potential. Calculated as trailing twelve month production multiplied by 3-Year F&D cost all divided by trailing twelve month cash flow from operations. Capital Efficiency: A metric that approximates cash flow generated for each investment dollar. Calculated as (trailing twelve month EBITDA / trailing twelve month production)/ 3-Year F&D cost per Mcfe. EV/2014 Reserves: Enterprise value divided by proved reserves. A valuation metric that assigns a market-based valuation per unit of SEC proved reserves. EV/TTM Production: Enterprise value divided by trailing twelve month production per day. A metric that assigns a market-based valuation per flowing unit of production.

GA: General and administrative expense, includes stock-based compensation. Natural Gas %: The percentage of total proved reserves that are natural gas reserves. Operating Expense: Includes lease operating expense, production tax and transportation expense. PUD %: The percentage of total proved reserves that are categorized proved undeveloped. Reserve Life: Proved reserves divided by trailing twelve month production. TTM Cash Margin/Mcfe: TTM oil and gas sales minus LOE, production taxes, transportation expense, G&A and net interest all divided by TTM production. TTM EBITDA/Mcfe: A metric that assigns an earnings-based valuation per unit of production. Calculated as trailing twelve month EBITDA for all business units divided by TTM production. TTM OPEX & GA: Trailing twelve month operating and general and administrative expense. OilService Weekly Capital Intensity: Trailing twelve month capital expenditures divided by trailing twelve month EBITDA. Capital Intensity is a key performance metric we use to compare OilService company performance and long-term return potential. This metric provides an estimate of the investment needed to generate $1.00 in EBITDA. Days Sales Outstanding: A measure of efficiency of a company’s collection efforts. Calculated as number of days in the period divided by (sales/accounts receivable). Unlevered FCF/Shr: Trailing twelve month free cash flow per share. Calculated as trailing twelve month EBITDA less trailing twelve month capital expenditures all divided by shares outstanding. Op Profit %: Operating profit percentage. Calculated as trailing twelve month gross margin less trailing twelve month general and administrative expense, divided by trailing twelve month revenue. ROA: Return on Assets. Calculated as trailing twelve month EBITDA divided by total assets. ROE: Return on Equity. Calculated as trailing twelve month EBITDA divided by shareholders’ equity. ROIC: Return on Invested Capital. Calculated as trailing twelve month EBITDA divided by the sum of total equity and net debt. ROPPE: Return on Property Plant and Equipment. Calculated as trailing twelve month EBITDA divided by net property plant and equipment.

39

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41

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riptio

n, p

rodu

ctio

n en

hanc

emen

t, an

d re

serv

oir m

anag

emen

t ser

vice

s. Th

e Co

mpa

ny's

cust

omer

s inc

lude

maj

or, n

atio

nal,

and

inde

pend

ent o

il an

d ga

s pro

duce

rs. C

ore

also

man

ufac

ture

s and

sells

pe

trol

eum

rese

rvoi

r roc

k an

d flu

id a

naly

sis in

stru

men

tatio

n an

d ot

her i

nteg

rate

d sy

stem

s.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

050100

150

200

250

CLO

SE P

RICE

200D

MAV

G50

D M

AVG

SPX

Stock Price

SPX

Evol

utio

n Pe

trol

eum

Cor

pDo

mic

ile: H

oust

on, T

XTi

cker

: EPM

Exch

ange

: NYS

E M

KT L

LCSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 32

.88

MM

Mkt

Cap

: $13

8.43

MM

Fina

ncia

l Det

ails

2010

2011

2012

2013

2014

2015

Dec

15Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

Dec

15EP

S ($

)-0

.09

-0.0

10.

160.

210.

090.

13-4

1%EP

S ($

)0.

040.

030.

030.

020.

050.

090.

02CF

/SHR

($)

0.09

0.11

0.37

0.42

0.26

0.32

DIVI

DEND

0.05

CF/S

HR ($

)0.

080.

020.

120.

060.

110.

070.

07PR

ETAX

MAR

GIN

-71%

3%49

%50

%31

%30

%W

ACC

11%

55%

46%

28%

17%

35%

59%

18%

RETU

RN O

N EQ

UITY

-8%

-1%

11%

13%

8%11

%BE

TA1.

08RE

TURN

ON

EQUI

TY8%

8%10

%10

%11

%12

%12

%SA

LES

% C

HANG

E-1

8%50

%13

9%19

%-1

7%58

%AL

PHA

-0.9

9SA

LES

% C

HANG

E-2

0%-1

4%75

%63

%11

0%10

6%-1

4%SA

LES

(MIL

$)5.

027.

5317

.96

21.3

517

.67

27.8

4SA

LES

(MIL

$)4.

314.

007.

717.

069.

068.

256.

62

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E35

K32

K38

K94

K75

K81

KM

OM

ENTU

M-2

994.

99-1

117.

90-3

91.6

68.

116.

202.

84YE

ARRA

TE O

F CH

ANGE

72.7

613

3.55

36.7

231

9.62

118.

56-7

.18

2013

RELA

TIVE

STR

ENGT

H1.

181.

231.

271.

351.

351.

3520

14W

ILLI

AMS'

%R

-99.

92-9

9.83

-99.

73-9

9.64

-99.

04-9

8.39

2015

MAC

D-9

92.6

2-9

53.3

2-9

11.5

6-8

68.2

5-8

24.4

2-7

81.0

320

16

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec

14De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

83%

84%

1%%

OF

FLO

AT H

ELD

121%

93%

-23%

# O

F HO

LDER

S12

512

1-3

%#

OF

BUYE

RS37

370%

# O

F SE

LLER

S42

35-1

7%#

OF

NEW

BUY

ERS

1312

-8%

# O

F SE

LLO

FFS

1213

8%

De

c 14

Dec

15Ch

ange

% O

F SH

ARES

HEL

D28

%11

%-6

2%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

2%7%

230%

# O

F HO

LDER

S12

8-3

3%

1JV

L AD

VISO

RS L

LC2

ADVI

SORY

RES

EARC

H IN

CORP

ORA

TED

3RI

VER

ROAD

ASS

ET M

ANAG

EMEN

T LL

C4

BLAC

KRO

CK5

HERL

IN R

OBE

RT S

6BE

LRID

GE E

NERG

Y AD

VISO

RS F

UND

7AR

ROW

POIN

T AS

SET

MAN

AGEM

ENT

LLC

8TH

OM

SON

HORS

TMAN

N &

BRY

ANT

INC

9FE

NIM

ORE

ASS

ET M

ANAG

EMEN

T IN

C10

NANT

AHAL

A CA

PITA

L MAN

AGEM

ENT

1,30

0,87

9

1,

204,

112

1,05

5,26

3

954,

155

92

7,78

4

1,69

1,38

1

0.09

0.02

0.03

8 E

0.02

E

Top

10 H

olde

rs (S

hare

s Hel

d)4,

089,

848

3,21

3,08

0

2,

503,

780

1,91

5,66

5


Q1

Q2

Q3

Q4

0.04

0.06

0.08

0.03

0.04

0.03

0.03

0.02

0.05

0.05

-0.0

20.

02

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

2.73

2.28

0.18

1.68

2.66

2.23

3.09

2.40

4.54

3.94

1.03

3.37

7 E

2.28

7 E

4.39

4.34

4.31

Estimates

Q1

Q2

Q3

Q4

8.25

6.62

6.85

7 E

5.67

E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

2.24

3.39

3.69

4.00

7.71

7.06

9.06

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

4.29

5.65

6.01

5.40

4.63

Evol

utio

n Pe

trol

eum

Cor

p

Evol

utio

n Pe

trol

eum

Cor

p is

a pe

trol

eum

com

pany

eng

aged

prim

arily

in th

e de

velo

pmen

t of p

rope

rtie

s for

the

prod

uctio

n of

crud

e oi

l and

nat

ural

gas

ons

hore

in th

e Un

ited

Stat

es a

nd in

reco

very

of b

ypas

sed

oil a

nd n

atur

al g

as th

roug

h ou

r pa

tent

ed a

rtifi

cial

lift

tech

nolo

gy.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0246810121416CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

43

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Evol

utio

n Pe

trol

eum

Cor

pDo

mic

ile: H

oust

on, T

XTi

cker

: EPM

Exch

ange

: NYS

E M

KT L

LCSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 32

.88

MM

Mkt

Cap

: $13

8.43

MM

Fina

ncia

l Det

ails

2010

2011

2012

2013

2014

2015

Dec

15Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

Dec

15EP

S ($

)-0

.09

-0.0

10.

160.

210.

090.

13-4

1%EP

S ($

)0.

040.

030.

030.

020.

050.

090.

02CF

/SHR

($)

0.09

0.11

0.37

0.42

0.26

0.32

DIVI

DEND

0.05

CF/S

HR ($

)0.

080.

020.

120.

060.

110.

070.

07PR

ETAX

MAR

GIN

-71%

3%49

%50

%31

%30

%W

ACC

11%

55%

46%

28%

17%

35%

59%

18%

RETU

RN O

N EQ

UITY

-8%

-1%

11%

13%

8%11

%BE

TA1.

08RE

TURN

ON

EQUI

TY8%

8%10

%10

%11

%12

%12

%SA

LES

% C

HANG

E-1

8%50

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9%19

%-1

7%58

%AL

PHA

-0.9

9SA

LES

% C

HANG

E-2

0%-1

4%75

%63

%11

0%10

6%-1

4%SA

LES

(MIL

$)5.

027.

5317

.96

21.3

517

.67

27.8

4SA

LES

(MIL

$)4.

314.

007.

717.

069.

068.

256.

62

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E35

K32

K38

K94

K75

K81

KM

OM

ENTU

M-2

994.

99-1

117.

90-3

91.6

68.

116.

202.

84YE

ARRA

TE O

F CH

ANGE

72.7

613

3.55

36.7

231

9.62

118.

56-7

.18

2013

RELA

TIVE

STR

ENGT

H1.

181.

231.

271.

351.

351.

3520

14W

ILLI

AMS'

%R

-99.

92-9

9.83

-99.

73-9

9.64

-99.

04-9

8.39

2015

MAC

D-9

92.6

2-9

53.3

2-9

11.5

6-8

68.2

5-8

24.4

2-7

81.0

320

16

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec

14De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

83%

84%

1%%

OF

FLO

AT H

ELD

121%

93%

-23%

# O

F HO

LDER

S12

512

1-3

%#

OF

BUYE

RS37

370%

# O

F SE

LLER

S42

35-1

7%#

OF

NEW

BUY

ERS

1312

-8%

# O

F SE

LLO

FFS

1213

8%

De

c 14

Dec

15Ch

ange

% O

F SH

ARES

HEL

D28

%11

%-6

2%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

2%7%

230%

# O

F HO

LDER

S12

8-3

3%

1JV

L AD

VISO

RS L

LC2

ADVI

SORY

RES

EARC

H IN

CORP

ORA

TED

3RI

VER

ROAD

ASS

ET M

ANAG

EMEN

T LL

C4

BLAC

KRO

CK5

HERL

IN R

OBE

RT S

6BE

LRID

GE E

NERG

Y AD

VISO

RS F

UND

7AR

ROW

POIN

T AS

SET

MAN

AGEM

ENT

LLC

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OM

SON

HORS

TMAN

N &

BRY

ANT

INC

9FE

NIM

ORE

ASS

ET M

ANAG

EMEN

T IN

C10

NANT

AHAL

A CA

PITA

L MAN

AGEM

ENT

1,30

0,87

9

1,

204,

112

1,05

5,26

3

954,

155

92

7,78

4

1,69

1,38

1

0.09

0.02

0.03

8 E

0.02

E

Top

10 H

olde

rs (S

hare

s Hel

d)4,

089,

848

3,21

3,08

0

2,

503,

780

1,91

5,66

5


Q1

Q2

Q3

Q4

0.04

0.06

0.08

0.03

0.04

0.03

0.03

0.02

0.05

0.05

-0.0

20.

02

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

2.73

2.28

0.18

1.68

2.66

2.23

3.09

2.40

4.54

3.94

1.03

3.37

7 E

2.28

7 E

4.39

4.34

4.31

Estimates

Q1

Q2

Q3

Q4

8.25

6.62

6.85

7 E

5.67

E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

2.24

3.39

3.69

4.00

7.71

7.06

9.06

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

4.29

5.65

6.01

5.40

4.63

Evol

utio

n Pe

trol

eum

Cor

p

Evol

utio

n Pe

trol

eum

Cor

p is

a pe

trol

eum

com

pany

eng

aged

prim

arily

in th

e de

velo

pmen

t of p

rope

rtie

s for

the

prod

uctio

n of

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e oi

l and

nat

ural

gas

ons

hore

in th

e Un

ited

Stat

es a

nd in

reco

very

of b

ypas

sed

oil a

nd n

atur

al g

as th

roug

h ou

r pa

tent

ed a

rtifi

cial

lift

tech

nolo

gy.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0246810121416CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

44

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

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itok

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alga

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BTi

cker

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CN

Exch

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Sect

or: O

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Gas

Pro

duce

rsFl

oat:

161.

08 M

MM

kt C

ap: $

24.1

6 M

M

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Sep

15M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-0.6

7-0

.27

-0.1

5-0

.04

0.05

-0.0

540

%EP

S ($

)0.

00-0

.13

0.12

-0.0

4-0

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90.

10CF

/SHR

($)

-0.0

60.

020.

030.

260.

530.

71DI

VIDE

NDN/

ACF

/SHR

($)

0.25

0.20

0.11

0.13

0.12

0.11

0.07

PRET

AX M

ARGI

N--

-99%

-92%

-3%

12%

-3%

WAC

C4%

8%-6

0%75

%-2

1%-2

8%-2

19%

69%

RETU

RN O

N EQ

UITY

---2

4%-1

1%1%

11%

29%

BETA

1.36

RETU

RN O

N EQ

UITY

14%

2%2%

34%

30%

40%

35%

SALE

S %

CHA

NGE

----

255%

303%

85%

13%

ALPH

A-2

.19

SALE

S %

CHA

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71%

11%

11%

-20%

-30%

-10%

19%

SALE

S (M

IL$)

0.00

2.39

8.49

34.2

363

.49

71.6

8SA

LES

(MIL

$)22

.43

18.0

214

.17

17.0

515

.70

16.1

516

.84

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E--

--1K

23K

65K

634K

MO

MEN

TUM

----

----

----

YEAR

RATE

OF

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----

---4

0.56

-64.

2120

13RE

LATI

VE S

TREN

GTH

----

----

----

2014

WIL

LIAM

S' %

R--

----

----

--20

15M

ACD

0.00

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5-0

.20

-0.2

0-0

.27

-0.4

120

16

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

13%

10%

-21%

% O

F FL

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HEL

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8%#

OF

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ERS

74

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# O

F BU

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# O

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5Ch

ange

% O

F SH

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9%%

CHA

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(6 M

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# O

F HO

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%

1TR

APEZ

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SET

MGM

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SPO

LETI

NI T

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INO

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AND

DENN

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5GE

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IA M

ASSI

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MAR

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MAC

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KEIT

H7

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ANT

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TERS

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REG

10M

ARTI

N DO

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R

260,

000

25

5,19

8

230,

851

19

7,21

2

145,

642

Top

10 H

olde

rs (S

hare

s Hel

d)27

,474

,616

1,64

4,47

5

1,

132,

300

1,00

0,00

0

575,

001

N/A

N/A

N/A

N/A

Institution Inside

0.00

-0.1

30.

12-0

.04

-0.0

5-0

.39

0.10

N/A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

Estimates

Q1

Q2

Q3

Q4

0.00

0.07

0.00

-0.0

2

8.35

-13.

057.

92N/

AN/

AN/

AN/

AN/

A

7.48

10.9

57.

9211

.03

15.5

6-2

.47

8.84

24.6

7

N/A

N/A

N/A

N/A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

Estimates

Q1

Q2

Q3

Q4

21.3

722

.43

18.0

214

.17

17.0

515

.70

16.1

516

.84

N/A

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

13.1

016

.22

12.8

0

Man

itok

Ener

gy In

c

Man

itok

Ener

gy In

c. is

a p

ublic

oil

and

gas e

xplo

ratio

n an

d de

velo

pmen

t com

pany

focu

sing

on co

nven

tiona

l oil

and

gas r

eser

voirs

in th

e Ca

nadi

an F

ooth

ills a

nd S

outh

east

Alb

erta

. The

Cor

pora

tion

deve

lops

the

unta

pped

conv

entio

nal o

il an

d liq

uids

-ric

h na

tura

l gas

poo

ls in

bot

h th

e Fo

othi

lls a

nd S

outh

east

Alb

erta

are

as o

f the

Wes

tern

Can

adia

n Se

dim

enta

ry B

asin

.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0

0.51

1.52

2.53

3.54

CLO

SE P

RICE

200D

MAV

G50

D M

AVG

SPX

Stock Price

SPX

Panh

andl

e O

il an

d Ga

s Inc

Dom

icile

: Okl

ahom

a Ci

ty, O

KTi

cker

: PHX

Exch

ange

: New

Yor

kSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 16

.58

MM

Mkt

Cap

: $25

4.31

MM

Fina

ncia

l Det

ails

2010

2011

2012

2013

2014

2015

Dec 1

5Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

Dec 1

5EP

S ($

)0.

680.

510.

440.

841.

490.

5634

%EP

S ($

)0.

310.

550.

610.

04-0

.04

-0.0

5-0

.17

CF/S

HR ($

)1.

671.

741.

522.

243.

152.

76DI

VIDE

ND0.

04CF

/SHR

($)

0.89

0.98

0.92

0.76

0.59

0.50

0.46

PRET

AX M

ARGI

N34

%25

%22

%34

%44

%25

%W

ACC

12%

39%

57%

76%

5%-4

%-8

%-4

5%RE

TURN

ON

EQUI

TY12

%14

%10

%15

%73

%3%

BETA

1.46

RETU

RN O

N EQ

UITY

24%

24%

22%

15%

10%

3%-1

%SA

LES

% C

HANG

E18

%-3

%5%

27%

35%

-32%

ALPH

A-0

.04

SALE

S %

CHA

NGE

27%

28%

5%-4

0%-3

3%-5

3%-4

1%SA

LES

(MIL

$)47

.40

45.9

648

.43

61.5

683

.27

56.5

4SA

LES

(MIL

$)19

.67

23.8

019

.55

12.6

913

.11

11.2

011

.48

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E21

K68

K35

K24

K21

K13

KM

OM

ENTU

M10

.22

11.0

612

.96

11.0

824

.52

4.91

YEAR

RATE

OF

CHAN

GE37

.17

14.8

67.

1332

.40

141.

8013

.92

2013

RELA

TIVE

STR

ENGT

H73

.90

76.3

977

.81

72.8

985

.70

59.3

820

14W

ILLI

AMS'

%R

-39.

56-3

0.04

-24.

09-3

0.50

-13.

92-5

5.40

2015

MAC

D3.

013.

273.

533.

604.

864.

7020

16

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

43%

50%

18%

% O

F FL

OAT

HEL

D42

%50

%19

%#

OF

HOLD

ERS

123

123

0%#

OF

BUYE

RS37

5241

%#

OF

SELL

ERS

4521

-53%

# O

F NE

W B

UYER

S19

13-3

2%#

OF

SELL

OFF

S17

170%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D6%

5%-1

5%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

-2%

10%

-513

%#

OF

HOLD

ERS

1110

-9%

1TR

IGRA

N IN

VEST

MEN

TS IN

C2

BLAC

KRO

CK3

T RO

WE

PRIC

E AS

SOCI

ATES

4RO

BOTT

I RO

BERT

5DI

MEN

SION

AL F

UND

ADVI

SORS

LP

6VA

NGUA

RD G

ROUP

INC

7DI

SCIP

LINE

D GR

OW

TH IN

VEST

ORS

LLC

8CO

FFM

AN M

ICHA

EL C

9CA

LIFO

RNIA

PUB

LIC

EMP

- CAL

PERS

10ST

ATE

STRE

ET C

ORP

494,

278

33

8,28

7

305,

172

25

1,30

0

231,

406

54

7,06

3

-0.1

7N/

AN/

AN/

A

Top

10 H

olde

rs (S

hare

s Hel

d)1,

447,

392

1,02

3,51

2

930,

760

80

3,25

1


Q1

Q2

Q3

Q4

0.13

0.06

0.31

0.34

0.55

0.61

0.04

-0.0

4-0

.05

0.30

0.34

0.31

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

13.7

612

.74

14.7

614

.24

16.2

59.

974.

866.

973.

392.

17N/

AN/

AN/

A

21.1

319

.67

23.8

0

Estimates

Q1

Q2

Q3

Q4

11.4

8N/

AN/

AN/

A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

7.37

9.89

10.2

8

19.5

512

.69

13.1

111

.20

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

13.0

914

.45

15.4

918

.52

18.6

7

Panh

andl

e O

il an

d Ga

s Inc

Panh

andl

e O

il &

Gas

, Inc

. exp

lore

s for

and

dev

elop

s oil

and

gas p

rope

rtie

s, an

d pr

oduc

es a

nd se

lls o

il an

d na

tura

l gas

. Th

e Co

mpa

ny's

oil a

nd g

as h

oldi

ngs a

re lo

cate

d pr

imar

ily in

the

sout

h-ce

ntra

l and

wes

tern

Uni

ted

Stat

es.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0510152025303540CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

45

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Panh

andl

e O

il an

d Ga

s Inc

Dom

icile

: Okl

ahom

a Ci

ty, O

KTi

cker

: PHX

Exch

ange

: New

Yor

kSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 16

.58

MM

Mkt

Cap

: $25

4.31

MM

Fina

ncia

l Det

ails

2010

2011

2012

2013

2014

2015

Dec 1

5Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

Dec 1

5EP

S ($

)0.

680.

510.

440.

841.

490.

5634

%EP

S ($

)0.

310.

550.

610.

04-0

.04

-0.0

5-0

.17

CF/S

HR ($

)1.

671.

741.

522.

243.

152.

76DI

VIDE

ND0.

04CF

/SHR

($)

0.89

0.98

0.92

0.76

0.59

0.50

0.46

PRET

AX M

ARGI

N34

%25

%22

%34

%44

%25

%W

ACC

12%

39%

57%

76%

5%-4

%-8

%-4

5%RE

TURN

ON

EQUI

TY12

%14

%10

%15

%73

%3%

BETA

1.46

RETU

RN O

N EQ

UITY

24%

24%

22%

15%

10%

3%-1

%SA

LES

% C

HANG

E18

%-3

%5%

27%

35%

-32%

ALPH

A-0

.04

SALE

S %

CHA

NGE

27%

28%

5%-4

0%-3

3%-5

3%-4

1%SA

LES

(MIL

$)47

.40

45.9

648

.43

61.5

683

.27

56.5

4SA

LES

(MIL

$)19

.67

23.8

019

.55

12.6

913

.11

11.2

011

.48

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E21

K68

K35

K24

K21

K13

KM

OM

ENTU

M10

.22

11.0

612

.96

11.0

824

.52

4.91

YEAR

RATE

OF

CHAN

GE37

.17

14.8

67.

1332

.40

141.

8013

.92

2013

RELA

TIVE

STR

ENGT

H73

.90

76.3

977

.81

72.8

985

.70

59.3

820

14W

ILLI

AMS'

%R

-39.

56-3

0.04

-24.

09-3

0.50

-13.

92-5

5.40

2015

MAC

D3.

013.

273.

533.

604.

864.

7020

16

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

43%

50%

18%

% O

F FL

OAT

HEL

D42

%50

%19

%#

OF

HOLD

ERS

123

123

0%#

OF

BUYE

RS37

5241

%#

OF

SELL

ERS

4521

-53%

# O

F NE

W B

UYER

S19

13-3

2%#

OF

SELL

OFF

S17

170%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D6%

5%-1

5%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

-2%

10%

-513

%#

OF

HOLD

ERS

1110

-9%

1TR

IGRA

N IN

VEST

MEN

TS IN

C2

BLAC

KRO

CK3

T RO

WE

PRIC

E AS

SOCI

ATES

4RO

BOTT

I RO

BERT

5DI

MEN

SION

AL F

UND

ADVI

SORS

LP

6VA

NGUA

RD G

ROUP

INC

7DI

SCIP

LINE

D GR

OW

TH IN

VEST

ORS

LLC

8CO

FFM

AN M

ICHA

EL C

9CA

LIFO

RNIA

PUB

LIC

EMP

- CAL

PERS

10ST

ATE

STRE

ET C

ORP

494,

278

33

8,28

7

305,

172

25

1,30

0

231,

406

54

7,06

3

-0.1

7N/

AN/

AN/

A

Top

10 H

olde

rs (S

hare

s Hel

d)1,

447,

392

1,02

3,51

2

930,

760

80

3,25

1


Q1

Q2

Q3

Q4

0.13

0.06

0.31

0.34

0.55

0.61

0.04

-0.0

4-0

.05

0.30

0.34

0.31

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

13.7

612

.74

14.7

614

.24

16.2

59.

974.

866.

973.

392.

17N/

AN/

AN/

A

21.1

319

.67

23.8

0

Estimates

Q1

Q2

Q3

Q4

11.4

8N/

AN/

AN/

A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

7.37

9.89

10.2

8

19.5

512

.69

13.1

111

.20

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

13.0

914

.45

15.4

918

.52

18.6

7

Panh

andl

e O

il an

d Ga

s Inc

Panh

andl

e O

il &

Gas

, Inc

. exp

lore

s for

and

dev

elop

s oil

and

gas p

rope

rtie

s, an

d pr

oduc

es a

nd se

lls o

il an

d na

tura

l gas

. Th

e Co

mpa

ny's

oil a

nd g

as h

oldi

ngs a

re lo

cate

d pr

imar

ily in

the

sout

h-ce

ntra

l and

wes

tern

Uni

ted

Stat

es.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0510152025303540CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

46

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Petr

oQue

st E

nerg

y In

cDo

mic

ile: L

afay

ette

, LA

Tick

er: P

QEx

chan

ge: N

ew Y

ork

Sect

or: O

il &

Gas

Pro

duce

rsFl

oat:

70.2

4 M

MM

kt C

ap: $

31.6

8 M

M

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Dec 1

5M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-1.7

20.

670.

08-2

.20

0.14

0.39

72%

EPS

($)

0.15

0.15

0.07

0.03

-1.8

9-0

.94

-0.8

0CF

/SHR

($)

2.20

2.14

1.92

1.42

0.95

2.78

DIVI

DEND

N/A

CF/S

HR ($

)0.

710.

900.

360.

810.

36-0

.27

0.28

PRET

AX M

ARGI

N-4

8%27

%5%

-92%

8%13

%W

ACC

6%19

%18

%10

%1%

-364

%-1

78%

-188

%RE

TURN

ON

EQUI

TY3%

22%

12%

0%12

%22

%BE

TA1.

71RE

TURN

ON

EQUI

TY19

%22

%23

%22

%-5

6%--

--SA

LES

% C

HANG

E-3

0%-1

8%-1

0%-1

2%29

%23

%AL

PHA

-1.6

9SA

LES

% C

HANG

E67

%59

%2%

-10%

-44%

-46%

-52%

SALE

S (M

IL$)

218.

8717

9.26

160.

7014

1.59

182.

8022

5.02

SALE

S (M

IL$)

59.9

760

.58

56.4

947

.99

33.4

532

.55

26.8

7

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E71

2K71

1K1,

202K

609K

956K

336K

MO

MEN

TUM

4.16

2.59

-2.3

9-1

.90

-0.0

6-2

.11

YEAR

RATE

OF

CHAN

GE-2

5.97

-40.

89-5

3.85

-26.

78-2

9.53

-50.

3320

13RE

LATI

VE S

TREN

GTH

53.8

256

.38

54.2

350

.54

49.1

747

.88

2014

WIL

LIAM

S' %

R-8

0.02

-75.

16-7

8.39

-84.

12-8

7.01

-89.

0420

15M

ACD

1.66

1.60

1.46

1.21

0.94

0.68

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

67%

59%

-12%

% O

F FL

OAT

HEL

D77

%66

%-1

4%#

OF

HOLD

ERS

195

106

-46%

# O

F BU

YERS

6719

-72%

# O

F SE

LLER

S67

37-4

5%#

OF

NEW

BUY

ERS

2212

-45%

# O

F SE

LLO

FFS

2863

125%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D13

%11

%-1

4%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

-4%

2%-1

42%

# O

F HO

LDER

S15

11-2

7%

1SE

GALL

BRY

ANT

& H

AMIL

L2

GOOD

SON

CHAR

LES

T3

KENN

EDY

CAPI

TAL M

ANAG

EMEN

T4

CENT

RAL S

QUA

RE M

ANAG

EMEN

T LL

C5

COLU

MBI

A M

ANAG

EMEN

T IN

VEST

MEN

T6

VANG

UARD

GRO

UP7

OPP

ENHE

IMER

& C

O IN

C8

BLAC

KRO

CK9

DIM

ENSI

ONAL

FUN

D AD

VISO

RS L

P10

RUCK

S IV

WIL

LIAM

W

2,08

7,16

1

2,

082,

111

1,78

6,75

1

1,

589,

926

1,36

8,67

9

2,

490,

903

-0.1

76 E

-0.1

65 E

-0.1

64 E

-0.1

41 E

Top

10 H

olde

rs (S

hare

s Hel

d)4,

616,

416

3,27

8,46

3

3,

095,

345

3,01

5,71

6


Q1

Q2

Q3

Q4

0.04

0.06

0.01

0.04

0.03

-1.8

9-0

.94

-0.8

0-0

.146

E0.

150.

150.

07

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

33.5

839

.20

39.7

534

.72

31.0

1-9

3.52

-30.

90-2

8.49

10.2

03 E

6.48

1 E

7.25

5 E

8.61

3 E

10.6

8 E

60.5

856

.49

47.9

9

Estimates

Q1

Q2

Q3

Q4

19.3

8 E

19.5

8 E

21.2

6 E

23.3

8 E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

20.1

821

.08

32.0

0

33.4

532

.55

26.8

723

.783

E

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

35.9

838

.08

55.5

853

.17

59.9

7

Petr

oQue

st E

nerg

y In

c

Petr

oQue

st E

nerg

y, In

c. is

an

inde

pend

ent e

nerg

y co

mpa

ny e

ngag

ed in

the

expl

orat

ion,

dev

elop

men

t, ac

quisi

tion

and

prod

uctio

n of

oil

and

natu

ral g

as re

serv

es in

Tex

as, O

klah

oma,

Loui

siana

and

the

shal

low

wat

ers o

f the

Gul

f of M

exic

o.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

024681012CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

Reso

lute

Ene

rgy

Corp

Dom

icile

: Den

ver,

COTi

cker

: REN

Exch

ange

: New

Yor

kSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 77

.50

MM

Mkt

Cap

: $38

.28

MM

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Dec 1

5M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-0.9

30.

120.

530.

30-1

.67

-0.3

059

%EP

S ($

)-0

.05

-0.2

20.

20-0

.23

-2.8

0-3

.46

-2.4

4CF

/SHR

($)

-0.2

61.

171.

751.

291.

951.

94DI

VIDE

NDN/

ACF

/SHR

($)

0.85

-0.0

10.

910.

200.

410.

130.

41PR

ETAX

MAR

GIN

-166

%5%

23%

13%

-57%

-8%

WAC

C4%

-5%

-28%

28%

-27%

-353

%-3

90%

-300

%RE

TURN

ON

EQUI

TY-3

%3%

4%0%

-1%

-4%

BETA

2.65

RETU

RN O

N EQ

UITY

-1%

-2%

-1%

-4%

-6%

-40%

--SA

LES

% C

HANG

E--

321%

25%

14%

33%

3%AL

PHA

-1.7

7SA

LES

% C

HANG

E20

%-1

%18

%-1

6%-2

4%-1

8%-2

3%SA

LES

(MIL

$)39

.22

165.

1220

6.11

235.

3531

3.97

324.

38SA

LES

(MIL

$)86

.13

81.1

679

.09

78.0

165

.32

66.3

861

.00

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E10

1K42

8K24

7K89

0K54

0K23

6KM

OM

ENTU

M--

----

----

--YE

ARRA

TE O

F CH

ANGE

----

17.5

2-1

1.15

-21.

61-9

1.06

2013

RELA

TIVE

STR

ENGT

H--

----

----

--20

14W

ILLI

AMS'

%R

----

----

----

2015

MAC

D0.

180.

590.

580.

350.

24-0

.46

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

100%

54%

-46%

% O

F FL

OAT

HEL

D11

1%65

%-4

1%#

OF

HOLD

ERS

158

68-5

7%#

OF

BUYE

RS49

13-7

3%#

OF

SELL

ERS

5734

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# O

F NE

W B

UYER

S16

5-6

9%#

OF

SELL

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%

De

c 14

Dec 1

5Ch

ange

% O

F SH

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HEL

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%%

CHA

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IN H

OLD

INGS

(6 M

O)

-1%

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-158

4%#

OF

HOLD

ERS

1313

0%

1SP

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CO

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GOFF

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LP

4VA

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RD G

ROUP

5SU

TTO

N NI

CHO

LAS

J6

BLAC

KRO

CK7

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ORG

AN C

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& C

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CAST

LETO

N IN

VEST

MEN

T M

ANAG

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T9

CALI

FORN

IA P

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P - C

ALPE

RS10

RR A

DVIS

ORS

LLC

2,10

2,16

1

1,

938,

671

1,71

7,14

8

1,

595,

200

1,32

2,00

0

2,

215,

426

-0.0

52 E

-0.0

5 E

-0.0

47 E

-0.0

5 E

Top

10 H

olde

rs (S

hare

s Hel

d)14

,754

,356

6,17

9,32

5

5,

076,

011

2,37

2,02

9


Q1

Q2

Q3

Q4

-0.0

50.

14-0

.04

-1.7

2-0

.23

-2.8

0-3

.46

-2.4

4-0

.04

E-0

.05

-0.2

20.

20

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

-141

.83

38.2

331

.25

30.6

9-8

5.68

-188

.23

-177

.31

-170

.58

28.7

17 E

25.3

75 E

25.2

75 E

25.7

75 E

25.5

75 E

81.1

679

.09

78.0

1

Estimates

Q1

Q2

Q3

Q4

46.4

5 E

47.0

25 E

48.0

75 E

49.0

5 E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

28.0

036

.64

23.8

5

65.3

266

.38

61.0

056

.3 E

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

72.0

182

.23

67.2

492

.49

86.1

3

Reso

lute

Ene

rgy

Corp

Reso

lute

Ene

rgy

is en

gage

d in

the

acqu

isitio

n, d

evel

opm

ent a

nd p

rodu

ctio

n of

ons

hore

dom

estic

hyd

roca

rbon

s, pr

inci

pally

crud

e oi

l. Re

solu

te’s

prod

ucin

g as

sets

are

Ane

th F

ield

in th

e Pa

rado

x Ba

sin o

f Uta

h an

d in

the

Perm

ian

Basin

of W

est T

exas

.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

02468101214161820CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

47

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Reso

lute

Ene

rgy

Corp

Dom

icile

: Den

ver,

COTi

cker

: REN

Exch

ange

: New

Yor

kSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 77

.50

MM

Mkt

Cap

: $38

.28

MM

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Dec 1

5M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-0.9

30.

120.

530.

30-1

.67

-0.3

059

%EP

S ($

)-0

.05

-0.2

20.

20-0

.23

-2.8

0-3

.46

-2.4

4CF

/SHR

($)

-0.2

61.

171.

751.

291.

951.

94DI

VIDE

NDN/

ACF

/SHR

($)

0.85

-0.0

10.

910.

200.

410.

130.

41PR

ETAX

MAR

GIN

-166

%5%

23%

13%

-57%

-8%

WAC

C4%

-5%

-28%

28%

-27%

-353

%-3

90%

-300

%RE

TURN

ON

EQUI

TY-3

%3%

4%0%

-1%

-4%

BETA

2.65

RETU

RN O

N EQ

UITY

-1%

-2%

-1%

-4%

-6%

-40%

--SA

LES

% C

HANG

E--

321%

25%

14%

33%

3%AL

PHA

-1.7

7SA

LES

% C

HANG

E20

%-1

%18

%-1

6%-2

4%-1

8%-2

3%SA

LES

(MIL

$)39

.22

165.

1220

6.11

235.

3531

3.97

324.

38SA

LES

(MIL

$)86

.13

81.1

679

.09

78.0

165

.32

66.3

861

.00

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E10

1K42

8K24

7K89

0K54

0K23

6KM

OM

ENTU

M--

----

----

--YE

ARRA

TE O

F CH

ANGE

----

17.5

2-1

1.15

-21.

61-9

1.06

2013

RELA

TIVE

STR

ENGT

H--

----

----

--20

14W

ILLI

AMS'

%R

----

----

----

2015

MAC

D0.

180.

590.

580.

350.

24-0

.46

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

100%

54%

-46%

% O

F FL

OAT

HEL

D11

1%65

%-4

1%#

OF

HOLD

ERS

158

68-5

7%#

OF

BUYE

RS49

13-7

3%#

OF

SELL

ERS

5734

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# O

F NE

W B

UYER

S16

5-6

9%#

OF

SELL

OFF

S25

3332

%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

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8%25

%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

-1%

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-158

4%#

OF

HOLD

ERS

1313

0%

1SP

O A

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CO

RP2

GOFF

JOHN

C3

SAGE

VIEW

CAP

ITAL

LP

4VA

NGUA

RD G

ROUP

5SU

TTO

N NI

CHO

LAS

J6

BLAC

KRO

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JPM

ORG

AN C

HASE

& C

O8

CAST

LETO

N IN

VEST

MEN

T M

ANAG

EMEN

T9

CALI

FORN

IA P

UBLI

C EM

P - C

ALPE

RS10

RR A

DVIS

ORS

LLC

2,10

2,16

1

1,

938,

671

1,71

7,14

8

1,

595,

200

1,32

2,00

0

2,

215,

426

-0.0

52 E

-0.0

5 E

-0.0

47 E

-0.0

5 E

Top

10 H

olde

rs (S

hare

s Hel

d)14

,754

,356

6,17

9,32

5

5,

076,

011

2,37

2,02

9


Q1

Q2

Q3

Q4

-0.0

50.

14-0

.04

-1.7

2-0

.23

-2.8

0-3

.46

-2.4

4-0

.04

E-0

.05

-0.2

20.

20

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

-141

.83

38.2

331

.25

30.6

9-8

5.68

-188

.23

-177

.31

-170

.58

28.7

17 E

25.3

75 E

25.2

75 E

25.7

75 E

25.5

75 E

81.1

679

.09

78.0

1

Estimates

Q1

Q2

Q3

Q4

46.4

5 E

47.0

25 E

48.0

75 E

49.0

5 E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

28.0

036

.64

23.8

5

65.3

266

.38

61.0

056

.3 E

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

72.0

182

.23

67.2

492

.49

86.1

3

Reso

lute

Ene

rgy

Corp

Reso

lute

Ene

rgy

is en

gage

d in

the

acqu

isitio

n, d

evel

opm

ent a

nd p

rodu

ctio

n of

ons

hore

dom

estic

hyd

roca

rbon

s, pr

inci

pally

crud

e oi

l. Re

solu

te’s

prod

ucin

g as

sets

are

Ane

th F

ield

in th

e Pa

rado

x Ba

sin o

f Uta

h an

d in

the

Perm

ian

Basin

of W

est T

exas

.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

02468101214161820CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

48

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Sanc

hez E

nerg

y Co

rpDo

mic

ile: H

oust

on, T

XTi

cker

: SN

Exch

ange

: New

Yor

kSe

ctor

: Oil

& G

as P

rodu

cers

Floa

t: 61

.91

MM

Mkt

Cap

: $19

2.24

MM

Fina

ncia

l Det

ails

2010

2011

2012

2013

2014

2015

Dec 1

5Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

Dec 1

5EP

S ($

)--

0.09

-0.5

60.

22-1

.06

-25.

7010

2%EP

S ($

)-0

.38

0.77

-1.1

8-8

.83

-9.9

1-7

.33

0.30

CF/S

HR ($

)--

0.25

0.88

5.20

7.94

--DI

VIDE

NDN/

ACF

/SHR

($)

1.53

2.34

2.55

1.12

1.50

1.38

--PR

ETAX

MAR

GIN

-61%

14%

-38%

10%

-5%

-234

%W

ACC

6%-1

3%37

%-5

1%-3

50%

-333

%-2

71%

15%

RETU

RN O

N EQ

UITY

-16%

2%-6

%3%

0%--

BETA

2.15

RETU

RN O

N EQ

UITY

1%1%

0%-1

4%--

----

SALE

S %

CHA

NGE

1788

%21

9%19

5%61

4%12

0%-8

%AL

PHA

-1.7

2SA

LES

% C

HANG

E15

1%13

2%46

%6%

16%

-25%

-17%

SALE

S (M

IL$)

4.55

14.5

242

.85

305.

8067

1.66

618.

25SA

LES

(MIL

$)14

6.32

205.

7218

7.74

139.

9516

9.27

154.

0115

5.02

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E--

----

--14

9K35

8KM

OM

ENTU

M--

----

----

--YE

ARRA

TE O

F CH

ANGE

----

----

-75.

03--

2013

RELA

TIVE

STR

ENGT

H--

----

----

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14W

ILLI

AMS'

%R

----

----

----

2015

MAC

D0.

000.

060.

62-0

.15

-1.1

6--

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

96%

90%

-7%

% O

F FL

OAT

HEL

D10

4%10

1%-3

%#

OF

HOLD

ERS

252

181

-28%

# O

F BU

YERS

118

76-3

6%#

OF

SELL

ERS

6554

-17%

# O

F NE

W B

UYER

S38

23-3

9%#

OF

SELL

OFF

S54

50-7

%

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Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D6%

9%54

%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

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OF

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ERS

912

33%

1FR

ANKL

IN R

ESO

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S2

VANG

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JR A

NTO

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4ST

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IS J

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ERE

& C

OM

PANY

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OCK

6SC

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DER

INVE

STM

ENT

MGM

T GR

OUP

7BA

UPO

ST G

ROUP

LLC

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VEST

EC A

SSET

MAN

AGEM

ENT

LTD

9FO

RTUN

E SG

AM F

UND

MAN

AGEM

ENT

CO10

GRT

CAPI

TAL P

ARTN

ERS

LLC

2,44

7,28

9

2,

000,

000

1,51

1,48

7

1,

463,

241

1,44

0,62

0

2,

972,

570

-0.3

75 E

-0.3

71 E

-0.3

45 E

-0.3

32 E

Top

10 H

olde

rs (S

hare

s Hel

d)5,

683,

133

3,74

6,33

0

3,

120,

523

3,04

3,27

8


Q1

Q2

Q3

Q4

-0.0

60.

10-0

.05

0.19

-1.1

8-8

.83

-9.9

1-7

.33

0.30

-0.3

1-0

.38

0.77

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

95.1

286

.26

95.7

014

7.60

-66.

78-3

65.8

1-3

65.5

8-3

59.8

586

.93

73.8

73 E

72.6

36 E

73.8

27 E

73.9

27 E

146.

3220

5.72

187.

74

Estimates

Q1

Q2

Q3

Q4

120.

938

E12

3.08

8 E

125.

963

E12

9.25

E

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

17.2

435

.52

56.9

9

139.

9516

9.27

154.

0115

5.02

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

30.2

958

.37

88.6

712

8.47

131.

88

Sanc

hez E

nerg

y Co

rp

Sanc

hez E

nerg

y Co

rpor

atio

n is

an in

depe

nden

t exp

lora

tion

and

prod

uctio

n co

mpa

ny fo

cuse

d on

the

acqu

isitio

n an

d de

velo

pmen

t of u

ncon

vent

iona

l oil

reso

urce

s in

the

onsh

ore

U.S.

Gul

f Coa

st, w

ith a

curr

ent f

ocus

on

the

Eagl

e Fo

rd S

hale

in S

outh

Te

xas.

The

Com

pany

also

has

a p

ositi

on in

the

Tusc

aloo

sa M

arin

e Sh

ale

in M

ississ

ippi

and

Loui

siana

.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

051015202530354045CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

Tam

arac

k Va

lley

Ener

gy L

tdDo

mic

ile: C

alga

ry, A

BTi

cker

: TVE

CN

Exch

ange

: Tor

onto

Sect

or: O

il &

Gas

Pro

duce

rsFl

oat:

99.9

7 M

MM

kt C

ap: $

309.

91 M

M

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Dec 1

5M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-0.6

0-1

.20

-0.2

4-0

.16

0.44

-0.4

025

%EP

S ($

)0.

030.

090.

11-0

.50

-0.0

7-0

.03

-0.1

5CF

/SHR

($)

0.03

-0.0

50.

660.

540.

981.

06DI

VIDE

NDN/

ACF

/SHR

($)

0.30

0.20

0.28

0.26

0.22

0.11

0.12

PRET

AX M

ARGI

N-1

22%

-193

%-2

5%-1

5%28

%-2

9%W

ACC

18%

13%

27%

28%

-184

%-2

6%-2

3%-6

2%RE

TURN

ON

EQUI

TY-1

2%-2

0%-8

%-5

%6%

4%BE

TA2.

18RE

TURN

ON

EQUI

TY7%

10%

10%

4%1%

0%-3

%SA

LES

% C

HANG

E-3

5%65

%14

4%10

1%91

%78

%AL

PHA

0.14

SALE

S %

CHA

NGE

76%

98%

112%

39%

29%

-7%

-12%

SALE

S (M

IL$)

3.90

6.43

15.7

131

.59

60.3

610

7.54

SALE

S (M

IL$)

20.2

427

.11

32.9

227

.28

26.2

025

.20

29.0

2

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E2K

1K19

K41

K15

K32

KM

OM

ENTU

M--

----

-4.7

7-5

.24

-6.9

4YE

ARRA

TE O

F CH

ANGE

-75.

83-2

5.00

4.55

41.6

711

6.09

-54.

7220

13RE

LATI

VE S

TREN

GTH

----

----

----

2014

WIL

LIAM

S' %

R--

----

----

--20

15M

ACD

-0.7

9-0

.60

-0.6

9-0

.88

-0.9

2-0

.99

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

35%

43%

24%

% O

F FL

OAT

HEL

D36

%45

%22

%#

OF

HOLD

ERS

3231

-3%

# O

F BU

YERS

1110

-9%

# O

F SE

LLER

S7

814

%#

OF

NEW

BUY

ERS

84

-50%

# O

F SE

LLO

FFS

33

0%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D4%

3%-2

8%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

1%-1

%-1

79%

# O

F HO

LDER

S13

12-8

%

1GM

T CA

PITA

L CO

RP2

FIER

A CA

PITA

L CO

RPO

RATI

ON3

NATC

AN IN

VEST

MEN

T M

ANAG

EMEN

T IN

C4

AGF

INVE

STM

ENTS

INC

5CI

INVE

STM

ENTS

INC

6SE

I INV

ESTM

ENTS

CO

7BO

YCE

JEFF

REY

S8

FRAN

KLIN

RES

OUR

CES

9CI

BC G

LOBA

L ASS

ET M

ANAG

EMEN

T10

SENT

RY S

ELEC

T CA

PITA

L CO

RP

1,25

7,47

0

1,

201,

719

1,10

6,27

1

755,

410

74

4,36

6

1,49

1,70

0

-0.0

5 E

-0.0

55 E

-0.0

5 E

-0.0

3 E

Top

10 H

olde

rs (S

hare

s Hel

d)15

,890

,600

11

,373

,074

4,05

3,00

7

3,

715,

684


Q1

Q2

Q3

Q4

0.01

0.00

0.13

0.24

-0.5

0-0

.07

-0.0

3-0

.15

-0.0

3 E

0.03

0.09

0.11

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

11.0

013

.39

18.2

218

.97

-14.

3413

.70

13.8

8-1

3.56

17.6

E15

.8 E

14.9

E16

.2 E

19 E

27.1

132

.92

27.2

8

Estimates

Q1

Q2

Q3

Q4

N/A

N/A

N/A

N/A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

7.10

9.04

10.3

5

26.2

025

.20

29.0

2N/

A

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

11.4

713

.71

15.5

319

.65

20.2

4

Tam

arac

k Va

lley

Ener

gy Lt

d

Tam

arac

k Va

lley

Ener

gy Lt

d. e

xplo

res f

or o

il an

d na

tura

l gas

in th

e w

este

rn C

anad

ian

sedi

men

tary

bas

in.

The

Com

pany

ow

ns C

ardi

um li

ght o

il pr

oper

ties i

n Al

bert

a, a

nd n

atur

al g

as p

rope

rtie

s in

Albe

rta

and

Briti

sh C

olum

bia.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0123456789CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

49

Sour

ce: E

nerC

om, C

ompa

ny fi

lings

, Blo

ombe

rg L

.P.,

as o

f Feb

ruar

y, 20

16

Tam

arac

k Va

lley

Ener

gy L

tdDo

mic

ile: C

alga

ry, A

BTi

cker

: TVE

CN

Exch

ange

: Tor

onto

Sect

or: O

il &

Gas

Pro

duce

rsFl

oat:

99.9

7 M

MM

kt C

ap: $

309.

91 M

M

Fina

ncia

l Det

ails

2009

2010

2011

2012

2013

2014

Dec 1

5M

ar 1

4Ju

n 14

Sep

14De

c 14

Mar

15

Jun

15Se

p 15

EPS

($)

-0.6

0-1

.20

-0.2

4-0

.16

0.44

-0.4

025

%EP

S ($

)0.

030.

090.

11-0

.50

-0.0

7-0

.03

-0.1

5CF

/SHR

($)

0.03

-0.0

50.

660.

540.

981.

06DI

VIDE

NDN/

ACF

/SHR

($)

0.30

0.20

0.28

0.26

0.22

0.11

0.12

PRET

AX M

ARGI

N-1

22%

-193

%-2

5%-1

5%28

%-2

9%W

ACC

18%

13%

27%

28%

-184

%-2

6%-2

3%-6

2%RE

TURN

ON

EQUI

TY-1

2%-2

0%-8

%-5

%6%

4%BE

TA2.

18RE

TURN

ON

EQUI

TY7%

10%

10%

4%1%

0%-3

%SA

LES

% C

HANG

E-3

5%65

%14

4%10

1%91

%78

%AL

PHA

0.14

SALE

S %

CHA

NGE

76%

98%

112%

39%

29%

-7%

-12%

SALE

S (M

IL$)

3.90

6.43

15.7

131

.59

60.3

610

7.54

SALE

S (M

IL$)

20.2

427

.11

32.9

227

.28

26.2

025

.20

29.0

2

Trad

ing

and

Capi

tal S

truc

ture

Qua

rter

ly A

naly

st E

stim

ates

AVG

DAIL

Y VO

LUM

E2K

1K19

K41

K15

K32

KM

OM

ENTU

M--

----

-4.7

7-5

.24

-6.9

4YE

ARRA

TE O

F CH

ANGE

-75.

83-2

5.00

4.55

41.6

711

6.09

-54.

7220

13RE

LATI

VE S

TREN

GTH

----

----

----

2014

WIL

LIAM

S' %

R--

----

----

--20

15M

ACD

-0.7

9-0

.60

-0.6

9-0

.88

-0.9

2-0

.99

2016

YEAR

2013

2014

2015

2016

YEAR

2013

2014

2015

2016

Ow

ners

hip

Dec 1

4De

c 15

Chan

ge%

OF

SHAR

ES H

ELD

35%

43%

24%

% O

F FL

OAT

HEL

D36

%45

%22

%#

OF

HOLD

ERS

3231

-3%

# O

F BU

YERS

1110

-9%

# O

F SE

LLER

S7

814

%#

OF

NEW

BUY

ERS

84

-50%

# O

F SE

LLO

FFS

33

0%

De

c 14

Dec 1

5Ch

ange

% O

F SH

ARES

HEL

D4%

3%-2

8%%

CHA

NGE

IN H

OLD

INGS

(6 M

O)

1%-1

%-1

79%

# O

F HO

LDER

S13

12-8

%

1GM

T CA

PITA

L CO

RP2

FIER

A CA

PITA

L CO

RPO

RATI

ON3

NATC

AN IN

VEST

MEN

T M

ANAG

EMEN

T IN

C4

AGF

INVE

STM

ENTS

INC

5CI

INVE

STM

ENTS

INC

6SE

I INV

ESTM

ENTS

CO

7BO

YCE

JEFF

REY

S8

FRAN

KLIN

RES

OUR

CES

9CI

BC G

LOBA

L ASS

ET M

ANAG

EMEN

T10

SENT

RY S

ELEC

T CA

PITA

L CO

RP

1,25

7,47

0

1,

201,

719

1,10

6,27

1

755,

410

74

4,36

6

1,49

1,70

0

-0.0

5 E

-0.0

55 E

-0.0

5 E

-0.0

3 E

Top

10 H

olde

rs (S

hare

s Hel

d)15

,890

,600

11

,373

,074

4,05

3,00

7

3,

715,

684


Q1

Q2

Q3

Q4

0.01

0.00

0.13

0.24

-0.5

0-0

.07

-0.0

3-0

.15

-0.0

3 E

0.03

0.09

0.11

BLO

OM

BERG

BES

T ES

TIM

ATES

- EP

S

11.0

013

.39

18.2

218

.97

-14.

3413

.70

13.8

8-1

3.56

17.6

E15

.8 E

14.9

E16

.2 E

19 E

27.1

132

.92

27.2

8

Estimates

Q1

Q2

Q3

Q4

N/A

N/A

N/A

N/A

BLO

OM

BERG

BES

T ES

TIM

ATES

- EB

ITDA

7.10

9.04

10.3

5

26.2

025

.20

29.0

2N/

A

Trading Data

BLO

OM

BERG

BES

T ES

TIM

ATES

- RE

VENU

E

Estimates

Q1

Q2

Q3

Q4

11.4

713

.71

15.5

319

.65

20.2

4

Tam

arac

k Va

lley

Ener

gy Lt

d

Tam

arac

k Va

lley

Ener

gy Lt

d. e

xplo

res f

or o

il an

d na

tura

l gas

in th

e w

este

rn C

anad

ian

sedi

men

tary

bas

in.

The

Com

pany

ow

ns C

ardi

um li

ght o

il pr

oper

ties i

n Al

bert

a, a

nd n

atur

al g

as p

rope

rtie

s in

Albe

rta

and

Briti

sh C

olum

bia.

Annual

Corporate

NET

DEBT

TO

CAP

ITAL

Quarter

PRET

AX M

ARGI

N

0500

1000

1500

2000

2500

0123456789CL

OSE

PRI

CE20

0D M

AVG

50D

MAV

GSP

X

Stock Price

SPX

THE OIL & GASCONFERENCE®

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THE OIL & SERVICES CONFERENCE™ 14€¦ · · 2016-03-08the oil & services conference™ 14...

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Transcript of THE OIL & SERVICES CONFERENCE™ 14€¦ · · 2016-03-08the oil & services conference™ 14...