Houston’s 8th Annual ASA Energy Valuation Conference … · · 2018-04-19s Recognized as a thought leader in oil & gas valuation ... With constant regulatory scrutiny and fluctuating

Houston’s 8th Annual ASA Energy Valuation Conference

Thursday May 3, 2018

Continuing Education Credits: 10 hours http://www.appraisersofhouston.org/home/energy_valuation_seminar

Federal Reserve Bank of Dallas – Houston Branch 1801 Allen Parkway, Houston, TX 77019

8 am - 7 pm

HOSTED BY THE AMERICAN SOCIETY OF APPRAISERS’

HOUSTON CHAPTER

What We Offer

Why Stout?

Fair Market Value Opinions (Tax & Bankruptcy)

Fair Value Opinions (Financial Reporting)

Fairness Opinions

Upstream s Mineral & royalty properties (producing & non-producing)s Working or leasehold interests (operated & non-op)

s Recognized as a thought leader in oil & gas valuations Consistently recognized as one of the top U.S. fairness opinion providers1

s Dedicated petroleum engineers Broad experience base with public and private entities located throughout the U.S. and internationallys Credentialed staff with relevant valuation experiences Offices in Houston, Dallas, and Denver provide access to key industry resources and clientss Access to leading energy industry databases & information servicess Extensive testimony experience

M&A Advisory and Capital Raise

Midstreams Gathering & producings MLPs

Downstreams Refining & distributions Petrochemicals

1Based on the total number of deals reported by more than 20 companies since 2012 in the Thomson Reuters Mergers and Acquisitions Review. Individual yearly rankings:

2017 (2), 2016 (3), 2015 (2), 2014 (1), 2013 (3), 2012 (1)

stoutadvisory.com

Investment Banking | Valuation Advisory | Dispute Consulting | Management Consulting1000 Main Street, Suite 3200, Houston, TX 77002

Oilfield Services& Equipment

E N E R G YV A L U A T I O N & T R A N S A C T I O NS E R V I C E S

[PREMIER SPONSOR]

HOUSTON 2018 ENERGY VALUATION CONFERENCE


[PREMIER SPONSOR]

LAURIE-LEIGH WHITE CPA*/ABV, ASA Partner Direct 713.457.3132 Mobile 832.904.5477 [email protected]

JESUS RIOS, JR. CPA* Vice President Direct 713.457.3128 Mobile 713.410.0607 [email protected]

OUR FIRM

Founded in 1974, BVA Group is a nationally recognized litigation, valuation, and financial advisory firm. BVA professionals have experience in Big Four accounting, investment banking, and strategy consulting. BVA has valued business interests ranging from small family-owned businesses to multinational corporations valued in the billions, and evaluated damages in litigation matters ranging from small commercial disputes to conflicts with over $25 billion at stake. BVA professionals have testifying experience in a wide variety of jurisdictions including federal district courts, bankruptcy courts, state courts, and domestic and international arbitration. OUR SERVICES

Valuation - Transaction Advisory Services - Financial Reporting - Tangible Assets - Gift and Estate Tax - Employee Stock Ownership Plans - Corporate Tax

Dispute and Investigations - Economic Damages - Valuation Disputes - Securities Litigation - Intellectual Property - Antitrust/Competition Economics - Financial Forensics and Investigations

Restructuring and Advisory - Debtor Advisory/CRO - Liquidity and Cash Management - Lender/Creditor Advisory - Trustee/Receivership - Bankruptcy-Related Litigation - Deal Process and Dynamics

OUR CLIENTS

BVA’s clients include Fortune 100 companies, private equity firms and other privately funded enterprises, family-owned businesses, accounting firms, and law firms. Our clients seek our help resolving issues in diverse industries and circumstances, both nationally and globally. Client references are available upon request. bvagroup.com *Although BVA employs CPAs, it is not a CPA firm.

May 3, 2018 Page 1


[PREMIER LUNCH SPONSOR]

crowehorwath.com

Laura Edwards Partner +1 214 777 5256 [email protected] Kellie Adkins Managing Director +1 214 777 5289 [email protected]

Crowe Services for Oil and Gas Companies

With constant regulatory scrutiny and fluctuating market conditions, oil and gas companies need industry specialists to help navigate their audit, tax, and advisory needs. No matter where your company falls along the energy value chain, Crowe Horwath LLP provides high-quality services delivered by knowledgeable professionals.

About Us

Crowe Horwath LLP is one of the largest public accounting, consulting, and technology firms in the United States. Our dedicated professionals create value for our clients by connecting deep industry knowledge with innovative technology, while maintaining a commitment to independence, integrity, and objectivity. By listening to our clients, we learn about their businesses and the unique challenges they face. We forge each relationship with the intention of delivering exceptional client service while upholding our core values and our strong professional standards. We invest in tomorrow because we know smart decisions build lasting value for our clients, people, and profession.

Crowe Horwath LLP provides audit, tax, risk, and consulting services. The firm offers assurance, reviews, benefit plan auditing, tax planning and accounting, internal audit, and enterprise risk management services. Additionally, it provides alternative dispute resolution, business intelligence, performance improvement, estate planning, program management, bankruptcy and insolvency, forensic, business management, investment banking, restructuring, and valuation advisory services. The firm caters to food and agriculture, healthcare, construction, financial services, manufacturing, and educational sectors.Audit Financial statement audits and reviews Employee benefit plan audits Joint venture accounting assistance Agreed-upon procedure projects Technical accounting assistance Initial public offering

Tax Income tax compliance, planning, and consulting & support (ASC 740) Sales and use tax compliance, Merger and acquisition due diligence (buy-side and sell-side) Entity structuring, dispositions, and best practices Technology solutions

Advisory Due diligence Merger and acquisition integration planning and execution assistance Valuations for financial, tax, and business planning purposes Forensic investigations – litigation, fraud, alternative dispute resolution

May 3, 2018 Page 2


[BREAKFAST SPONSOR]

opportune.com

713.490.5050

Opportune is a leading global energy consulting firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services.

711 Louisiana Street, Suite 3100, Houston, TX 77002

[COCKTAIL SPONSOR]

www.rsmus.com

713.625.3500

RSM US LLP is a leading provider of audit, tax and consulting services. RSM has valued the assets and operations of many of the largest upstream, downstream, and midstream oil and gas companies, and assets and operations of oilfield services companies.

1330 Post Oak Boulevard, Suite 2400, Houston, TX 77056

[LANYARDS SPONSOR] CAROL AKERS KLUG ASA.BV

Ms. Klug provides business valuation services for sale of interests in closely held entities, litigation support, dissenting shareholder matters, marital dissolutions, and tax matters (gift & estate), including valuations of closely held businesses, expert testimony and mediation support. Carol also serves as an industry arbitrator for the Financial Industry Regulatory Authority (FINRA).

[email protected] 713-664-KLUG (5584) May 3, 2018 Page 3


[STANDARD SPONSOR]

www.davischambers.com 713.552.1333

Davis/Chambers & Company, Ltd. specializes in providing Business Valuations and has extensive experience valuing companies in the Oil & Gas Industry, from Upstream to Midstream to Downstream. Davis/Chambers provides Business Valuations & Appraisals for numerous purposes including Corporate Tax, Share-Based Compensation, Financial Reporting and Estate & Gift Tax purposes and also prepares valuations of Intellectual Property. In addition, Davis/Chambers provides Fairness Opinions and assists in Mergers & Acquisitions.

50 Briar Hollow, Suite 490E, Houston, TX 77027

[STANDARD SPONSOR]

www.pkf.com 713.860.1400

PKF International is a global family of legally independent firms with a shared commitment to quality and integrity. It consists of >400 offices in 150 countries, specializing in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic entities. Advisory services include counter fraud services, financial planning, forensic, insolvency, IT consulting, management consultancy, network penetration testing, restructuring & cyber security. PKF also provides assurance, taxation, business solutions & corporate finance.

5847 San Felipe Street, Suite 2600, Houston, Texas 77057

May 3, 2018 Page 4


Houston’s 8th Annual Energy Valuation Conference AGENDA

PREMIER SPONSORS: BVA Group STOUT

8:00-8:30 Breakfast & Introduction Breakfast Sponsor: Opportune

8:30-9:30 Permian Basin Asset Development Activity Stephen Rives, Chevron Corporation

9:30-10:30 Mineral & Royalty Valuation Issues Benton Love, Black Stone Minerals

10:30-10:45 Break

10:45-11:50 Big 4 Panel Discussion: Observations on Financial Reporting Valuations

Juan Boza, Deloitte Fabio Leal, EY Runar Sigmarsson, KPMG Joe Neilson, PwC Tim Stuhlreyer, Moderator, PwC

11:50-12:00 Buffet Lunch Lunch Sponsor: Crowe Horwath

12:00-1:00 Lunch Speaker: State of the LNG Market

Dr. Ken Medlock, Rice University’s Baker Institute for Public Policy

1:00-1:15 Break

1:15-2:15 Upstream Capital Raising Environment & Valuation Implications

Damon Box, Simmons & Co.

2:15-3:15 Upstream Valuations in U.S. Onshore Unconventional Shale

Travis Nichols, Tudor Pickering Holt & Co.

3:15-3:30 Break

3:30-4:30 Midstream Valuations: Considerations & Approaches

Joseph Mease, Grant Thornton

4:30-5:30 Oilfield Services & Equipment: M&A and Valuation Trends

Todd Parsapour, STOUT

5:30-7:00 Cocktail Reception Reception Sponsor: RSM US

Standard Sponsors Davis/Chambers & Co. PKF Texas

Lanyards Sponsor Carol Akers Klug ASA MBA

May 3, 2018 Page 5


8:30-9:30 Permian Basin Asset Development Activity

Stephen Rives, Chevron Corporation

Stephen Rives Chevron Permian Basin Characterize and Define Manager [email protected] Office Phone: (713) 372-6347

Stephen Rives is the Permian Basin Characterize and Define Manager for Chevron U.S.A. Inc. He manages the creation of full field development plans for Chevron’s most prospective acreage in the Permian Basin. He joined Chevron in 2005 after serving multiple asset development and operations leadership roles at Unocal and ARCO. Over the last 37 years, Stephen has leveraged his diverse engineering, operations and facilities experience to create fully integrated solutions for asset development, operational performance and business challenges. He has extensive industry experience in the Gulf of Mexico, Texas, Louisiana and the Rocky Mountain Region. He was actively involved in offshore production operations, application of technology to increase recovery from Louisiana brown fields and prioritization of unconventional reservoir development opportunities in the Permian Basin. Stephen has also held positions in Strategic Planning and Mergers and Acquisitions. Stephen received a BSc in Petroleum Engineering from Colorado School of Mines. ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________

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9:30-10:30 Mineral & Royalty Valuation Issues

Benton Love, Black Stone Minerals

Benton Love

Black Stone Minerals Director, Business Development [email protected] Phone: (713) 929-1634

Mr. Love joined Black Stone in 2010 and has served as Director, Business Development since 2014. Prior to that, he worked at Calpine Corporation in project finance and origination from 2008-2010. Mr. Love has a B.A. from Vanderbilt University and an M.B.A. from the University of Texas at Austin. ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________

May 3, 2018 Page 7


10:45-11:50

Big 4 Panel Discussion: Observations on Financial Reporting Valuations

Juan Boza, Deloitte Fabio Leal, EY Runar Sigmarsson, KPMG Joe Neilson, PwC Tim Stuhlreyer, Moderator, PwC

Juan C. Boza, Senior Manager Deloitte Advisory Energy & Resources, Deloitte Transactions and Business Analytics LLP 713.982.4971 [email protected]

Juan C. Boza is a Deloitte Advisory Specialist Leader in Deloitte Transactions and Business Analytics LLP (DTBA) who provides financial consulting services to energy clients. Juan has ten years of financial advisory experience. He performs valuations of businesses and business interests for clients in the energy sectors of exploration/production; refining/marketing; natural gas transmission, distribution, storage, gathering, fractionation, processing; and mining. Juan has provided valuations for tax planning and reporting, valuation consulting on equity interests in a privately held company, stock option valuations, purchase price allocation for GAAP and tax purposes, and goodwill impairment studies.

Fabio A. Leal, Senior Manager Direct: 713.750.5995 713.859.1133 [email protected]

Runar Sigmarsson, KPMG Manager - Business Valuation 713.319.2000 [email protected]

Fabio Leal is a Senior Manager in EY’s Transaction Advisory Services practice - Houston office. He is primarily responsible for providing valuation services to clients for financial and tax reporting purposes as well as assisting clients with strategic decisions around valuation. He has more than 10 years of experience advising companies on multiple significant transactions in the energy sector, some of which exceed $30.0 billion in enterprise value. Fabio holds a Bachelor of Science in Economics from Universidad de los Andes in Bogota, Colombia and a Master of Science in Finance from The University of Texas at San Antonio. He is also a member of the CFA Institute and American Society of Appraisers.

Runar Sigmarsson is a Manager of business valuation engagements for KPMG for public and private clients in connection with M&A, strategic planning, pre-deal analysis, tax and financial reporting purposes. Runar has conducted business valuations for M&A, strategic planning, financial reporting and tax. His background includes fundamental and technical analysis of equities, REITs, startup ventures, and established companies.

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May 3, 2018 Page 8


Joe Neilson, ASA Director, PwC Direct: 713.356.4531 [email protected]

Joe Neilson is a Director in the Houston office of PwC with 18 years experience in diverse tangible asset valuation services. Joe’s expertise includes the valuation of machinery and equipment in the oil & gas industry – crude oil refining/terminals, pipelines, rights of way, natural gas processing and oil field services sectors. Other experience includes industrial real estate, construction cost analyses, useful life studies and other related engineering services. His engagements include financial reporting, federal income tax reporting, internal planning and management, ad valorem taxation, insurance, leasing and collateral based financing.

Tim Stuhlreyer, ASA, CPA/ABV Deals Director, PwC Direct: 713.356.5958 Cell: 832.642.8645 [email protected]

Tim Stuhlreyer is a Director in PwC’s Deals Valuation practice with ten years experience valuing businesses and intangible assets. Tim consults with clients on valuation issues for buy-side, sell-side, tax and financial reporting purposes, and has completed numerous engagements for tax planning, purchase price allocations / impairment tests. He brings significant industry experience, and serves as industry sector lead director for valuation. Mr. Stuhlreyer has performed valuation analyses in the oil & gas industry including the following assets and entities: upstream assets, midstream assets, oil field services firms and downstream entities.

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May 3, 2018 Page 9


12:00-1:00 Lunch Speaker: State of the LNG Market

Dr. Ken Medlock, Rice University’s Baker Institute for Public Policy

Kenneth B. Medlock III Rice University’s Baker Institute for Public Policy Senior Director, Center for Energy Studies [email protected] Phone: 713.348.3757

Kenneth B. Medlock III, Ph.D., is the James A. Baker, III, and Susan G. Baker Fellow in Energy and Resource Economics at the Baker Institute and the senior director of the Center for Energy Studies. He is also director of the Masters of Energy Economics program, holds adjunct professor appointments in the Department of Economics and the Department of Civil and Environmental Engineering, and is the chair of the faculty advisory board at the Energy and Environment Initiative at Rice University. Medlock is a principal in the development of the Rice World Natural Gas Trade Model, which is aimed at assessing the future of international natural gas trade. Medlock is the past vice president for conferences for the United States Association for Energy Economics (USAEE), and previously served as vice president for academic affairs. In 2001, he won (joint with Ron Soligo) the International Association for Energy Economics Award for Best Paper of the Year in the Energy Journal. In 2011, he was given the USAEE’s Senior Fellow Award, and in 2013 he accepted on behalf of the Center for Energy Studies the USAEE’s Adelman-Frankel Award. In 2012, Medlock received the prestigious Haydn Williams Fellowship at Curtin University in Perth, Australia. He is also an active member of the American Economic Association and an academic member of the National Petroleum Council. Medlock has served as an advisor to the U.S. Department of Energy and the California Energy Commission in their respective energy modeling efforts. Medlock received his Ph.D. in economics from Rice University in May 2000.

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May 3, 2018 Page 10


1:15-2:15 Upstream Capital Raising Environment and Valuation Implications

Damon Box Simmons & Co.

Damon Box Simmons & Co. International Managing Director [email protected] Phone: 713.546.7224

Damon Box serves as a managing director in energy investment banking. Box rejoined Simmons & Company International®, Energy Specialists of Piper Jaffray® in 2011 from Halliburton, where he worked as a director in the M&A group. Prior to Halliburton, Box was with Simmons from 2006 to 2010. Box’s prior experience includes energy corporate and investment banking with KeyBanc Capital Markets and Wachovia Securities. Box graduated from the University of Texas at Austin with a bachelor’s degree in finance.

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May 3, 2018 Page 11


2:15-3:15 Upstream Valuations in U.S. Onshore Unconventional Shale

Travis Nichols, Tudor Pickering Holt & Co.

Travis Nichols Tudor Pickering Holt & Co. Managing Director, Investment Banking [email protected] Ph: 713.333.7124

Travis Nichols serves as a Managing Director in Investment Banking. Nichols was previously a regional planning advisor and business unit coordinator at ExxonMobil Upstream Ventures. Nichols began his career in the United States Army serving as a Captain with the 911th Engineer Company and a First Lieutenant with the Second Engineer Battalion. Nichols holds a BS and Masters in Science from Pennsylvania State University and an MBA from The Wharton School at the University of Pennsylvania. ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ________________________________________________________________________________________________________________________

May 3, 2018 Page 12


3:30-4:30 Midstream Valuations: Considerations & Approaches

Joseph Mease, ASA Grant Thornton

Joe Mease, ASA Grant Thornton Director, Transaction Services 700 Milam Street, Ste. 300, H.Tx 77002 [email protected] Ph: 832.476.5056

Joe Mease is a Director of the Corporate Finance group in Grant Thornton’s Houston office, responsible for the management, execution and review of fixed asset valuations. Joe is also actively engaged in the valuation of business enterprises and intangible assets. Joe has 10 years’ experience advising clients with issues related to valuation and corporate finance. He has provided services to clients ranging from Fortune 100 to private companies and individuals in a broad range of industries. His appraisal assignments have included individual assets, operational manufacturing facilities, intangible assets and business enterprises with premises of value ranging from forced liquidation value to value in continued use. Joe has extensive experience in tangible asset valuations relating to financial reporting, including purchase allocation and impairment testing. Joe has also served as a witness in state personal property tax appeal and provided insurable replacement cost new studies. He has inspected, managed and executed assignments across North America and has international experience appraising assets in Asia, South America, and Europe. Joe is an Accredited Senior Appraiser (ASA) with the American Society of Appraisers in Machinery & Technical Specialties. He has an extensive background in the Energy industry and has performed analyses of assets in the upstream, midstream, downstream and oilfield services segments. Specific examples include terminals, gathering and transport pipelines, water disposal facilities, oilfield services businesses, downstream fuel delivery businesses, refineries and petrochemical manufacturing facilities. ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ May 3, 2018 Page 13


4:30-5:30 Oilfield Services & Equipment: M&A and Valuation Trends

Todd Parsapour, STOUT

Todd Parsapour STOUT Managing Director, Head of Energy [email protected] 713.221.5174

Todd Parsapour is a Managing Director and Head of the Energy practice within STOUT’s Investment Banking group. He has more than 14 years of experience providing advice on a wide range of corporate finance transactions including 12 years within the energy sector.

Prior to joining STOUT, Todd spent more than 11 years at Simmons & Company International in Houston, where he was a senior executive in the Energy Services & Equipment Corporate Finance Group and helped originate, execute and close more than 45 transactions totaling approximately $36 billion in aggregate transaction value. Todd provided a variety of corporate advisory and underwriting services including sell-side and buy-side advisory services, strategic reviews, fairness opinions, public and private equity and debt capital raises, and restructuring advisory services.

Prior to Simmons & Company International, Todd was involved in the creation and development of several technology businesses in Seattle. He began his career as a Financial Analyst in SG Cowen Securities Corporation’s Leveraged Finance Group.

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Chapter Officers for 2017-2018 President -- Elizabeth H. Hurst, ASA 1st Vice President -- Walter B. Turville, Candidate 2nd Vice President -- Steven Hu ASA, CFA 3rd Vice President --Horacio Correa, Candidate Secretary -- Sumeet Sahnan, ASA Treasurer -- David H. DuMay, ASA

Chapter Directors & Committee Chairs Immediate Past President -- John B. Gilmore III, ASA Director -- Scott Miller, ASA Director -- David Fisher, ASA Director -- Sharon Graham, Candidate Meetings & Membership Chair -- J. David Smith, ASA Website Chair -- Pamela Bensoussan, ASA Energy Valuation Conference Co-Chairs - Oliver Warnke & Carol Akers Klug, ASA USPAP Course Co-Chairs -- Walter B. Turville & Steven Hu, ASA, CFA Appraisal Review & Management Chair -- Melanie Modica, ASA, PP/ARM Business Valuation Chair -- Paula F. Lindsey, ASA Machinery & Technical Chair -- Horacio Correa, Candidate Real Property Chair -- Richard L. Hurt Jr, ASA Personal Property Chair -- Melanie Modica, ASA, ARM-PP Region Three Governor -- Mark J. Sandler, ASA Find Appraisers on ASA’s National website: www.appraisers.org

Business Valuation Machinery & Technical Specialties Personal Property

Real Property Gems and Jewelry Appraisal Review and Management

American Society of Appraisers -- Houston Chapter

7941 Katy Frwy, #428 Houston, Texas 77024


Energy Valuation Conference Planning Committee Co-Chairs - Oliver Warnke, ASA & Carol Akers Klug, ASA

Immediate Past Chair - Laurie-Leigh White, CPA/ABV, ASA

Speakers - Alan B. Harp, CFA, ASA

Marketing - Michael J. Morgan, CPA/ABV, CFE

Federal Reserve Bank Liaison - Paula F. Lindsey, ASA

RIOT Creative Imaging Coordinator - Jesus Rios Jr., CPA

Support - Atiba Henry

Speakers - Ray T. Garcia, ASA

Big 4 Panel Organizer – Tim Stuhlreyer, CPA/ABV

Ex Officio, Website - Pamela Bensoussan, ASA

Ex Officio, Treasurer – David H. DuMay, ASA

Ex Officio, Communication–Sumeet Sahnan, ASA & Mark Sandler, ASA

Special thanks to our host, printer & sponsor: Federal Reserve Bank of Dallas – Houston Branch dallasfed.org

RIOT Creative Imaging – riotcolor.com

Learn about free annual USPAP and monthly meetings: American Society of Appraisers -- Houston Chapter

Website: www.appraisersofhouston.org Email: [email protected]

Documents

Houston’s 8th Annual ASA Energy Valuation Conference … · · 2018-04-19s Recognized as a thought leader in oil & gas valuation ... With constant regulatory scrutiny and fluctuating