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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
2/29
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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Rf`i Ahi ^rhkf -/!Bbi(
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Dalhd`i Krvof Ahi }
Rf`i Krvof Ahi }
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Hdof~fdofdt F#^{ Orhsf L`reft
Iawfr kallaohtx ~rhkf{ oaf{dt lf`d iawfr `kthshtx
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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_mf Oh{kaddfkt h{ Kaddfktfo
L#@ Hdtfgr`thad
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
9/29=
Ahi [frshkf Baal
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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2>>6{ L`jar Orhsfr{
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7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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[tradg Bvx{ # Bvx{
@lt$ A![
Kal~`dx Bado Of{krh~thad R`thdg{ V[O /LL X_W [_W Ovr`thad[_RADGF[_ BVX[:
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Fdfrgx Kar~$ ac @lfrhk` 8$6 [r$ [vb$ Dt{$ >7 K``; ! DR /82 86$; 00$=7& =3? 2$>
Krawd Kfdtr`i ^ftraifvl 0>$=76 [r$ Dt{$ >6 K` ! DR /026 83$> 007$=6& 8)2;6 >$>
Lh{{had Rf{avrkf{ 8$=76 [r$ Dt{$ 00 K``2 ! KKK /0;> 0>3$; =$;7& ?32 ?$>
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Vdhtfo Rfchdhdg 0>$6 [r$ Dt{$ 02 B; ! B, /2>> 0>6$6 8$20& 6?7 ?$>
BVX[:
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Bfiofd # Bi`ef =$76 [r$ [fk$ Dt{$,2do Ihfd 02 B; !*, ! KKK% /08; 0>2$6 =$0=& ??; ?$0
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Fdfrgx ^`rtdfr{ =$76 [r$ Dt{$ 0> B2 ! B% /06> 0>8$> 3$?;& ;>; 2$8Mhikar~ Fdfrgx 0>$6 [r$ Dt{$ 0> B; ! B /276 00;$= 3$6=& ;0= 2$2
J R`x LkOfrlatt 00 [r$ [fk$ Dt{$,2do Ihfd 0; K``0 ! KKK% /2>> 000$= =$30& ?=3 ;$2
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Dartm @lfrhk`d Fdfrgx =$76 [r$ Dt{$ 00 B2 ! B /2>> 0>2$> =$2?& ?60 ;$8
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[m`w Grav~ 0>$76 [r$ Dt{$ 0> B`; ! B% /26; 002$> 7$>2& ;3? 0$8
Sfdaka =$76 [r$ Dt{$ 00 K``0 ! KKK% /06> 0>;$> =$0>& ?;6 ?$3
^rhkf
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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[w`~ # [fii Hof`{
@lt$ A![
Kal~`dx Bado Of{krh~thad R`thdg{ V[O /LL X_W [_W Ovr`thad[W@^[:
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Hdta:
_hsfrtad!Rvlcaro ^awfr -K`i~hdf( 8 `{{ _mrv Kfrt{$ 0= B; ! B /;3? =2$> 0;$33& 78; ;$8
ar Hdta:
K`i~hdf Kar~$ 7$=2 [r$ [fk$ Dt{$,2do Ihfd >7 DR ! B /?8? 82$> 0?$;;& 0)027 0$6
ar Hdta:
K`i~hdf Kar~$ =$6 [r$ Dt{$ >= K``0 ! KKK% /2)>;> 76$> 08$>;& 0)633 2$3[FII[:
@br`}`{ ^ftraifvl 8$72 [r$ [fk$ Dt{$,0{t Ihfd >8 DR ! DR /026 88$> 0>$63& 3=6 ?$8
L`gdvl Mvdtfr 8$3 [r$ Dt{$ 02 B2 ! B% /086 00?$6 ?$32& 02; 0$8
Dfw~`re Rf{avrkf{ =$326 [r$ [vb$ Dt{$ >7 B2 ! B /026 0>0$= ?$2>& 0=? >$0
^rhkf
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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Dartmfrd Acc{marf Ito$ -DAC(
**[_RADGF[_ BVX **: /0?; LL 0>& [r$ Datf{ >6
Acc{marf Orhiihdg Rhg{ # C^C Rf{trvktvrhdg Chd`ihzfo E^LG `{ ^rash{had`i Ihpvho`tar rfkfdtix `ddavdkfo `
rf{trvktvrhdg ~i`d tm`t whii ~rashof V[O # DAE [r$ Datfmaiofr{ -/03; LL( 8=& acDFWKA{ fpvhtx `do f}h{thdg {m`rfmaiofr{ 2&$ V[O Datfmaiofr{ -0>{( whii rfkfhsf/0? LL k`{m ~`xlfdt car tmf k`dkfii`thad ac ` gv`r`dtff$
Wf shfw DAC `{ f}kfiifdt ~i`tcarl car grawtm tm`t h{ ofbt,crff whtm /0? LL hd k`{m
Krf`thdg kal~`dx `t 3} I_L FBH_O@ -/2? LL( `do ;$7} >6F -/?> LL( FBH_O@ s{$ 0>,06} FBH_O@ car kal~`r`bif{
[trfdgtmfdhdg o`xr`tf{ {v~~art bv{hdf{{ car tmf Fdfrgx [f`rkm -Orhii{mh~() Dartmfrd
^raovkfr -Cia`thdg ^raovkthad ^i`tcarl() `do G`i`}x Orhiifr -kaio {t`kefo( Hllfoh`tf K`t`ix{t , F}~fkt _`ih{l`d Fdfrgx -_IL( ta f}tfdo D$ ^raovkfr kadtr`kt
-f}~hrfo 0!3!>6 `do kadthdvf{ ta a~fr tf( `t /006e o`xr`tf whtm 2 ta ;,xf`r tfrl `dogfdfr`tf `~~ra}hl`tfix /26 ll hd `ddv`i FBH_O@
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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0;
_HSFR_AD
[_RADG BVX: /;3; LL 8& ^`{{ _mrv Kfrt$ 0=
K`i~hdf ^rajfkt Ofbt 2 D`tG`{ Dartmf`{t Gfdfr thdg ^i`dt{ [IAB , 0{t Ihfd ^a{hthad ad _wa Dartmf`{t gfdfr`thad `{{ft{ `do Kar~$ If`{f
Gv`r`dtff
Pv`ihtx Gfdfr`thad @{{ft{ _at`i ?80 LW{ Batm b`{fia`o D`tG`{ ~i`dt{ whtm7)>>> mf`t r`tf:
_HSFR_AD , _hsfrtad) Rmaof H{i`do -2?> LW(5 RVLCARO , Rvlcaro) L`hdf -260 LW(
[fic,@larthzhdg ?,xf`r ovr thad) 6,xf`r `sg$ ihcf
@ttr`kthsf Xhfio![~rf`o 0;$7&) %882 b~{ `sg$ ihcf {~rf`o
00$6& xhfio hd war{t,k`{f,{kfd`rha hd wmhkm K^D chif{ BE hd 2>>=
_hsfrtad `do Rvlcaro a~fr`tfo `t =>& `do 7>& K`~`khtx C`ktar{ hd 2>>;)rf{~fkthsfix
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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0?
[_RADG BVX: /026 LL 0>$=76& [r$ Datf{ 2!>6
Rfchdhdg # L`refthdg
Hllfoh`tf K`t`ix{t 2!0!>6 L tvrhtx
V~o`tf ^fd{had [fttifo car /?6 ll s{ /33 ll f{thl`tf `do ^`{`ofd`[aio car /?2 ll) hd ihdf whtm avr f{thl`tf
Rfl`hdhdg @{{ft{ , _xifr rfchdfrx `do krvof ahi `do ~raovkt{ hd hdsfdtarx
Wf f}~fkt ~`rth`i rfchd`dkhdg ac tmf [r$ Datf{ `do!ar Krvof Ahi^rakf{{hdg @glt$
Krf`thdg tmf rfchdhdg `{{ft{ `t `ttr`kthsf s`iv`thad -/;;!Kal~if}htx Bbi`do 2$0} >?F FBH_O@(
Crff K`{m Ciaw /07 ll 2M>?F CKC
Krawd Kfdtr`i ^ftraifvl -RA[FLA(
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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06
[fhtfi Hdk$ -[FI@(
[_RADG BVX: /08;LL 00$76& [r$ Datf{ 00
V[ I`do [fh{lhk ^rakf{{ar Rfi`thsf Xhfio ^i`x Dad,K`ii) 0>$2& %3;> b~{ tm`t kavio ga ta 0;> hc [FI@ wfrf `kpvhrfo
bx i`rgf ahi {frshkf fdthtx
_`} Rfcvdo , Rfkfhsfo /00 ll _`} Rfcvdo hd ?P>?) baa{thdg k`{m ta /28 LL `do tat`iihpvhohtx ta asfr /30 LL
[tradg Kasfd`dt{ 6>& CKC k`{m ciaw {wff~ `t Datfmaiofr{ a~thad) /36 ll K`~F}rf{trhkthad
Mf`itmx Chd`dkh`i Rf{vit{: /=7 LL I_L K`{m FBH_O@
F}kfiifdt Krfoht [t`th{thk{:
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BE(
Hdkrf`{hdg F#^ Bvogft{ F}~fkt %06,2>& XaX K`~F} ta bfdfcht [FI@ hd 2>>6
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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03
@^^FDOH]
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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07
V[ Rhg Kavdt Ahi!G`{ Lh}
Rhg Kavdt) V$[$ Ahi!G`{ Lh} -B`efr Mvgmf{(
6>>
0)>>>
0)6>>
2)>>>
2)6>>
8; 8? 86 83 87 8= 88 >> >0 >2 >; >?
Ahi G`{ Lh{kfii`dfav{
D`tG`{ orhiihdg rfl`hd{ F#^ cakv{) mawfsfr) wf {mavio ahi
bfkalf i`rgfr kal~adfdt whtm mhgmfr krvof ~rhkf{
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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0=
D`tvr`i G`{ [tar`gf
@{ rf{vit ac D`tG`{ orhiihdg cakv{) D`tG`{ {tar`gf %7& -%080
BKC( XaX `do %6& -%066 BKC( kal~`rfo ta 6,Xr$ @sg$
Wf f}~fkt D`tG`{ ta ora~ ta bfiaw /6!Lkc hd tmf df`r,tfrlcral ht{ kvrrfdt /7%
D`tvr`i G`{ [tar`gf -BKC(
?>>
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WE0 WE= WE06 WE22 WE28 WE;3 WE?; WE6>
2>>> 2>>0 2>>2 2>>; 2>>? 6,Xr @sg$ tmrv 2>>;
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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08
_mf Oh{kaddfkt
[fh{lhk Krfw{ ~ivllftfo ta ?=0 hd 2>>;) ,28& XaX) ,;;& s{$2>>0 `do tmf iawf{t {hdkf tmf {t`th{thk bfg`d bfhdg rfkarofo hd0877
Whiok`t{ wfii{ `rf 22& cral 2>>0 `do ,6?& cral 088>
Rfkaro Ahi # G`{ ^rhkf{) xft lftrhk{ ~ahdt ta ofkihdhdg V[
f}~iar`thad `kthshtx:
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2>
V[ Acc{marf Orhiihdg
Rhg Kavdt , Acc{marf Adix
2>
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3>
=>
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02>
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8; 8? 86 83 87 8= 88 >> >0 >2 >; >?
Acc{marf Rhg kavdt h{ ,7& cral i`{t xf`r `do ,?3& cral tmf 0=0
Acc{marf Rhg ~f`e hd J`dv`rx 2>>0) mawfsfr) wf `rf bfghddhdg tawhtdf{{ `d rfsfr{`i) mhgmihgmtfo bx {hgdhchk`dtix mhgmfr o`xr`tf{$
7/30/2019 Jefferies-High Yield-Energy & Power Presentation-Jan 2005-Greg Imbruce
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^f`e Xf`r Lhif{tadf{
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/;0$77
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[fh{lhk Krfw Kavdt 08=0 =)072Rat`rx Rhg{ @kthsf 08=0 ;)87>
F}~iar`tarx Wfii{ Orhiifo 08=0 07)?;>
Ahi Wfii{ Orhiifo 08=? ??)?72
G`{ Wfii{ Orhiifo 2>>0 22)27>
Orx Maif{ Orhiifo 08=0 23)872
_at`i Wfii{ Orhiifo 08=0 =8)2;?
^raovkhdg Ahi Wfii{ 08=6 3?3)323^raovkhdg G`{ Wfii{ 2>>2 ;67)600
Orhiihdg Ka{t{ -/_rhiihad( 08=2 /;8
Krvof Ahi raovkthad ->>>'{!b~o( 087> 22)3?=
[trh~~fr Wfii raovkthad ->>>'{!b~o( 08=; ??0)6>0
^ftraifvl Hl~art{ ->>>'{!b~o( 2>>0 00)=70^ftraifvl Ofl`do ->>>'{!b~o( 2>>2
D`tvr`i G`{ raovkthad -BKC( 087; 22)3?=D`tvr`i G`{ Kad{vl~thad -BKC( 2>>> 2;);3=
D`tvr`i G`{ Hl~art{ -BKC( 2>>2 ?)>>=
Ahi Wfiimf`o rhkf -/!Bbi( 08=0
G`{ Wfiimf`o rhkf -/!Lkc( 08=0
_at`i Hdov{trx Fl~iaxlfdt -LL( 08=0 0$8
^f`e Xf`r Lhif{tadf{
`ii akkvrrfo hd tmf f`rix08=>{ f}kf~t carofl`do,{hof o`t`)wmhkm wf {`w ~f`e hd
2>>2
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_mf Rf{vit , Ofkihdhdg ^raovkthad
2>>; _at`i ^raovkthad: ,>$7& XaX `do 0$8& {hdkf 2>>> `do
asfr 06& cral tmf ~f`e hd 0878 XaX D`tG`{ ^raovkthad %>$7&) mawfsfr) Ihpvho{ 2$;&
V[ Ihpvho{ # G`{ ^raovkthad -LLBAF^O(
6
0>
06
2>
26
73 77 7= 78 => =0 =2 =; =? =6 =3 =7 == =8 8> 80 82 8; 8? 86 83 87 8= 88 >> >0 >2 >;
LBAF^O
D`tG`{ ^raovkthad -BAF~o(
Ahi ^raovkthad -LB^O(
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2;
[tr`dofo D`tG`{ ta L`reft
IDG {mhcthdg L`jar{ cakv{) `b`doadhdg Dartm @lfrhk` ta cakv{
ad [tr`dofo G`{
L`jar{ m`sf bhggf{t hdkfdthsf ta cakv{ ad brhdghdg {tr`dofog`{ ta l`reft
J`~`d) _`hw`d `do [$ Earf` rfkfhsf 86& ac D`tG`{ cral IDG ht{ 2& hd tmf V[
F}~fkt {mhct ac Dartm @lfrhk`d ~ra~frthf{ cral L`jar{ ta tmfHdof~fdofdt F#^{
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2?
K`~`khtx ta F}~`do
MX F#^{ ^a{hthadfo car S`ivf Krf`thad , L#@ `do Orhiihdg:
/7$; hd _at`i Ihpvhohtx: K`{m /0$2 B % /3$0 B @s`hi`bif
FBH_O@: /;$> B Rfkfdt Pv`rtfr
I_L FBH_O@ ta~~fo ` rfkaro /0>$2 B
Mf`itmx Krfoht [t`th{thk{ ~rashof `{{ft f}~`d{had:
2$?} _at`i Ofbt Ifsfr`gf ! 0>$2} K`{m Hdtfrf{t Kasfr`gf
?6& _at`i Ofbt!Baae K`~
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L#@ F#^ Fsfdt Orhsfr
Mfoghdg Orhsf{ L#@ F}~fkt mhgm `kthshtx ifsfi ovf ta {~rf`o
bftwffd carw`ro kvrsf `do ~vrkm`{f ~rhkf{) `iiawhdg F#^{ ta iake,hd s`ivf `do {v~~art krfoht ~rachif{
Fsfdt K`t`ix{t{ , _`efavt{ whii trhggfr l`jar k`~ht`i g`hd{ hd dad,k`ii F#^ ~`~fr K`iiad) Fi ^`{a ^raovkthad) F^I) L`gdvl Mvdtfr)
Lh{{had) R`dgf) `do [whct `rf `ladg avr c`sarhtf t`efavt hof`{
Bft ad tmf Iawfr Pv`ihtx D`lf{ , Mhgmfr ka{t) iawfr pv`ihtxd`lf{ whii bf bhggf{t g`hdfr{ ovf ta rfkaro CKC g`hd{ `do `bhihtx tamfogf `t rfkaro mhgm ~rhkf{
Hdov{trx{ Hl~rasfo Mf`itm Rfi`thsfix iaw k`~ht`i ka{t{) mhgm{take s`ivf{ `{ kvrrfdkx) `do hllfd{f ihpvhohtx hl~rasflfdt{ whiiorhsf L#@ `do baa{t `{{ft s`iv`thad{
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Rfchdhdg Rfghad`i Kr`ke [~rf`o{
DXLF] ;,2,0 Kr`ke [~rf`o{
/2
/?
/3
/=
/0>
/02
/0?
/03
/0=
/2>
0882 088; 088? 0886 0883 0887 088= 0888 2>>> 2>>0 2>>2 2>>; 2>>?
/!Bbi
Wf{t Ka`{t
LhoWf{t
Gvic Ka`{t
Rfchdfrx [v~~art , I`ke ac K`~ht`i ta v~gr`of rfchdfrhf{ ta rvd
kmf`~fr) mf`shfr) `do mhgmfr [vicvr ahi Mhgm Ka{t ~raovkfr{ [ft Kr`ke [~rf`o{ , Rfchdhdg k`~`khtx
ofkihdf{ ovf ta F^@{ Iaw [vicvr Kadtfdt rfpvhrflfdt{
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Rfchdhdg D`thadwhof [~`re [~rf`o{
Kvlvi`thsf DXLF] ;,2,0 Kr`ke [~rf`o{
/6
/0>
/06
/2>
/26
/;>
/;6
/?>
0882 088; 088? 0886 0883 0887 088= 0888 2>>> 2>>0 2>>2 2>>; 2>>?
/!Bbi
Gvic Ka`{t
LhoWf{t
Wf{t Ka`{t
D`thadwhof Kr`ke [~rf`o{ `~~f`r ta m`sf battalfo hd 2>>2$
_`ie ac chr{t dfw rfchdfrx {hdkf 0873) ~i`ddfo ta bf kal~iftfobx 2>>8 hd @rhzad`) `kkf{{hdg K`ihcardh` l`reft
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