Member FINRA/SIPC · Energy & Power Industry Update ... Egypt, with oil futures reaching $97.88 per barrel last week. As the future of many OPEC regimes ... Q1 2008 Q2 2008 Q3 2008

Member FINRA/SIPC

Energy & Power Industry UpdateMarch 2011


What We’ve Been Reading

page 1

• Bloomberg Businessweek provides an interesting comparison of the energy efficiency and

renewables sectors. An earlier E&P Industry Update highlighted the prediction that 2011 would be

the “year of energy efficiency,” which this article supports. As clean energy subsidies are cut to

meet government budget shortfalls, the investment payback disparity for alternative energy projects

versus “quick win” energy efficiency projects, already separated by years of payback, widens

substantially. As the graphic “Woes for Renewables” highlights, the market weighed in and the

FTSE EO Energy Efficiency Index significantly outperformed its FTSE EO Renewable and

Alternative Energy counterpart. Read the article here.

• The New York Times provides an update on the “nuclear renaissance” that the industry and its

observers are still waiting for. In 2009, the Energy Department cited four likely candidates for its

$36 billion loan guarantee program, but less than two years later only two of those projects are

moving forward. In the “U.S. Pushes, but Reactors Still Lagging,” Matthew Wald examines the

difficulty in kick starting new nuclear facilities in the U.S. despite increasingly stable government

and political support. Read the article here.

• For those concerned with nuclear safety issues, Outside Magazine features an in-depth exploration

of Chernobyl twenty-five years after the infamous meltdown. “The world beyond the apocalypse

may not be so great for humans, but for the other denizens of the planet it looks like a

bonanza…Out of the disaster comes a paradise of wildlife. The Garden of Eden is regenerating.”

Read the article here.

• The Wall Street Journal provides an update on political unrest in the Middle East and its effect on

global oil prices. The price per barrel has risen steadily following the turmoil in Tunisia, Libya, and

Egypt, with oil futures reaching $97.88 per barrel last week. As the future of many OPEC regimes

becomes increasingly uncertain, “geopolitical risk now is massive.” Read the story here.

• FERC released its Annual Assessment of Demand Response & Advanced Metering this past month

with a survey covering the 2009 time period (their last report analyzed data as of 2007). Of note

since the last report, Advanced Metering penetration increased to 8.7% from 4.7%, reaching as high

as 25% across electric cooperatives. Demand response programs also exhibited strong growth,

representing 58,000 MW of resource potential in 2009 versus 41,000 MW in 2007. Read the report

here.

• Last month, we noted the aggressive target set by President Obama in his State of the Union for the

U.S. to derive 80% of its energy from “clean” sources by 2035. The White House budget unveiled

this past month provided some detail as to how the administration intends to get there. The

proposed budget throws its weight behind renewables, energy efficiency, and nuclear, while ending

subsidies for oil, gas, and coal. A summary of the budget can be found here. The Oil & Gas

Journal provides a more detailed review of the planned subsidy cuts here.

http://www.businessweek.com/magazine/content/11_07/b4215052206329.htm

http://query.nytimes.com/gst/fullpage.html?res=9D0CE1DD1439F932A35751C0A9679D8B63&scp=2&sq=U.S. Pushes but Reactors are Lagging&st=cse

http://outsideonline.com/adventure/travel-pf-201103-chernobyl-wildlife-refuge-sidwcmdev_154483.html

http://www4.economist.com/node/18231320

http://www.ferc.gov/legal/staff-reports/2010-dr-report.pdf

http://gigaom.com/cleantech/what-you-need-to-know-about-obamas-budget-energy/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+earth2tech+(GigaOM:+Cleantech)

http://www.ogj.com/index/article-display/6813044860/articles/oil-gas-journal/general-interest-2/government/20100/february-2011/obama-keeps_pledge.html


LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Infrastructure and Industrial Services, Energy, and Power Stock Indices have exhibited

strong momentum following early 2010 lows.

• Many commodity prices have risen in recent months amid rising demand and social unrest in

the Middle East.

– Crude Oil is trading at its highest level in the last twelve months.

– The North American Rotary Rig Count, reaching 2,108 rigs in February, continued to

climb.

– Gasoline, at $2.91 per gallon, is trading over 30% higher than February 2010 levels.

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Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11

S&P 500 Energy Power Industrial & Infrastructure Services

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Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11

Energy Power Industrial & Infrastructure Services

page 2

Index

%

Change

S&P 19.67

Energy 34.99

Power 25.08

I & IS 33.40

Index

%

Change

Energy 0.09

Power (0.19)

I & IS (0.45)


Key Trading Statistics1

Current Valuations Versus Historical 5-Year Average1

Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EV /

LTM Sales.

5-Year

Average

0.0%

20.0%

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120.0%

140.0%

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200.0%

Refining Energy Services and

Equipment

Storage and

Transportation

Integrateds Exploration and

Production

Mid-Cap Power

Coal Producers

Engineering and

Construction

Electric Utilities

Diversified Power

Independent Power

Producers

Industrial & Infrastructure

Services

Cleantech Renewables

page 3

0.0%

20.0%

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60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Enegy Power Industrial & Infrastructure Services

Enegy Power Industrial & Infrastructure Services

Stock Price % Change TEV / 2011 P/E Ratio

Industry Segment 1 Month 12 Month 2/25/09 2/25/10 Current EBITDA Current 2009

Energy

Integrateds 6.9% 41.2% 2.8x 5.7x 5.3x 4.1x 13.1x 10.2x

Energy Services and Equipment 8.8% 45.8% 3.1x 8.9x 11.1x 6.9x 23.5x 14.9x

Exploration and Production 7.3% 19.8% 3.1x 9.5x 8.5x 5.9x 25.3x 15.6x

Coal Producers (3.5%) 37.7% 3.8x 8.4x 9.4x 4.9x 22.0x 10.0x

Refining 27.8% 99.5% 4.4x 9.3x 10.9x 5.9x NM 11.6x

Storage & Transportation 3.9% 30.0% 9.2x 12.4x 13.8x 10.4x 21.8x 17.7x

Power

Diversified Power 1.3% 34.8% 5.2x 10.6x 10.9x 8.3x 19.5x 13.4x

Mid-Cap Power 2.6% 46.0% 5.2x 9.7x 8.6x 6.4x 22.1x 13.7x

Independent Power Producers (4.6%) (11.1%) 5.5x 7.0x 5.9x 6.2x 10.5x 8.3x

Electric Utilities (2.4%) 6.8% 7.5x 8.1x 8.1x 7.4x 12.3x 12.3x

Renewables (0.8%) (20.5%) 1.9x 1.9x 1.4x 1.1x 16.5x 8.3x

Cleantech (7.8%) (6.6%) 1.4x 2.0x 1.2x 1.0x 22.1x 15.2x

Industrial & Infrastructure Services

Engineering & Construction 2.3% 52.7% 4.5x 6.5x 8.3x 7.2x 21.2x 15.4x

Industrial & Infrastructure Services 1.9% 37.5% 3.3x 7.0x 11.7x 7.0x 85.5x 16.2x

2011 Revenue

TEV /

TEV / LTM EBITDA Multiple as of

LTM Revenue


Gasoline and Ethanol1

Oil1 Natural Gas1

U.S. Rig Counts3

Electricity Prices1Coal1

0.00

20.00

40.00

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100.00

Feb

-10

Ma

r-1

0

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r-1

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($ p

er b

bl)

0.00

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Feb

-10

Ma

r-1

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r-1

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-11

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-11

($ p

er M

MB

tu)

0.75

1.25

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2.25

2.75

Feb

-10

Ma

r-1

0

Ap

r-1

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Ma

y-1

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-10

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g-1

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-10

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v-1

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Jan

-11

Feb

-11

($ p

er g

all

on

)

Gasoline Ethanol

800

1,300

1,800

2,300

2,800

Feb

-10

Ma

r-1

0

Ap

r-1

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y-1

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-10

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-11

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-11

(# r

igs)

0.0

40.0

80.0

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160.0

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80.0

Feb

-10

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r-1

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-10

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Dec-1

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Jan

-11

Feb

-11 ($

per t

on

-R

ott

erd

am

)

($ p

er t

on

-C

en

tra

l

Ap

pa

lach

ian

)

Central Appalachian Rotterdam

0.00

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-10

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r-1

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-10

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Sep

-10

Oct-

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v-1

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Dec-1

0

Jan

-11

Feb

-11

($ p

er M

Wg

)

$97.88 per bbl

$44.48 per MWg

page 4

$4.01 per MMBtu

$2.54 per gallon

$2.91 per gallon

$66.72 per ton

$118.65 per ton

2,347 rigs


Quarterly United States E&P M&A Activity1

Select Recently Announced Energy & Power Transactions1,2

page 5

0

10

20

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Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011

Nu

mb

er o

f T

ran

sact

ion

s

Date Target Business Description Acquirer

02/22/2011 CLEAResult Consulting, Inc US based provider of utility program design and

evaluation services in the United States

General Catalyst Partners

02/13/2011 John Wood Group Well Support

Division

US based provider of well support services General Electric Company

02/02/2011 Sun Well Services, Inc. US based provider of well servicing and work-over

solutions to the Oil & Gas industry

BNS Holding, Inc.

02/01/2011 Bahnson Holdings, Inc. US based mechanical contractor, fabricator, and

industrial general contractor

EMCOR Group, Inc.

01/28/2011 RTL, LLC US based provider of crane rental services TNT Crane & Rigging

01/27/2011 Building Knowledge Networks US based real-time building energy management

services provider

Advantage IQ, Inc.

01/26/2011 M2M Communications Corp. US based provider of wireless technology solutions for

energy management with a focus on agricultural DR

EnerNOC, Inc.

01/25/2011 Turbine Control Service Associates,

Inc.

US based provider of generator excitation control

systems for power plants

Emerson Electric Co.

01/18/2011 Energy Contractors, LLC US based provider of drilling and production services

to the Oil & Gas industry

Nabors Well Services

01/14/2011 International Oilfield Services US based provider of oilfield inspection services Calvert Street Capital Partners

01/13/2011 Lineage Power Corporation US based power conversion products manufacturer to

communications and data networking companies

General Electric Company

01/11/2011 Empire Holdings, Inc. US based provider of scaffold rental, erection and

dismantlement services

Ashtead Group PLC

01/11/2011 MicroSeismic. Inc. US based provider of microseismic monitoring and

imaging for the exploration of hydrocarbon resources

Madrone Capital Partners, TA

Associates

01/11/2011 Remote Energy Monitoring UK based energy monitoring company allowing

consumers and utilities to manage their energy usage

General Electric Company

Member FINRA/SIPC


Energy

Integrateds

Exxon Mobil Corporation $439,648.6 $86.02 8.0% 32.1% 97.5% 4.0x 7.8x 6.6x 5.0x 13.8x 10.6x 0.2x

Chevron Corp. $201,627.1 $101.73 7.5% 41.1% 97.9% 2.8x 5.6x 5.3x 3.8x 10.8x 8.6x (0.1x)

ConocoPhillips $123,112.2 $77.18 11.5% 59.8% 97.0% 2.5x 5.8x 5.3x 4.0x 10.1x 9.8x 0.7x

Occidental Petroleum Corporation $83,254.5 $102.58 5.8% 29.8% 95.4% 2.9x 8.3x 7.4x 5.1x 18.1x 11.7x 0.1x

Marathon Oil Corporation $40,467.0 $48.23 6.3% 66.7% 95.4% 2.6x 4.9x 5.1x 3.7x 13.3x 9.1x 1.1x

Hess Corporation $31,501.7 $82.86 4.4% 41.3% 96.2% 2.8x 4.9x 4.1x 4.2x 12.9x 11.3x 0.9x

Median 6.9% 41.2% 96.6% 2.8x 5.7x 5.3x 4.1x 13.1x 10.2x 0.4x

Energy Services and EquipmentLarge Cap Diversified

Schlumberger Limited $125,360.1 $91.31 4.4% 50.2% 95.5% 5.1x 11.2x 17.2x 10.0x 26.5x 17.8x 0.5x

Halliburton Company $43,390.4 $46.57 7.3% 55.2% 95.4% 3.5x 9.7x 10.5x 6.8x 23.1x 13.3x 0.6x

Baker Hughes Incorporated $31,911.0 $70.58 7.0% 47.4% 98.2% 3.0x 9.8x 12.6x 6.5x 33.5x 14.8x 1.4x

National Oilwell Varco, Inc. $30,465.2 $78.51 9.8% 81.9% 95.8% 3.1x 5.6x 10.3x 8.3x 19.6x 15.7x (0.8x)

Weatherford International Ltd. $24,059.4 $23.89 4.1% 45.1% 91.0% 4.7x 11.7x 12.0x 7.1x NM 12.9x 3.9x

Median 7.0% 50.2% 95.5% 3.5x 9.8x 12.0x 7.1x 24.8x 14.8x 0.6x

Mid and Small Cap Equipment and Service ProvidersMid and Small Cap Equipment and Service Providers

Cameron International Corporation $13,449.2 $59.28 11.1% 45.6% 98.5% 3.6x 9.7x 12.7x 9.6x 25.4x 16.7x (0.6x)

Oil States International Inc. $4,406.4 $72.06 9.9% 74.8% 94.5% 2.0x 6.4x 11.4x 7.5x 22.1x 13.3x 2.5x

Exterran Holdings, Inc. $3,586.8 $22.08 (8.0%) (4.2%) 72.9% 5.5x 6.7x 8.2x 6.3x NM 56.3x 3.4x

Dril-Quip, Inc. $2,801.6 $77.66 3.4% 37.4% 92.7% 4.3x 12.7x 16.1x 14.6x 27.9x 24.9x (1.6x)

Complete Production Services, Inc. $2,665.0 $27.70 2.6% 99.1% 84.7% 2.2x 11.1x 7.1x 4.1x 25.2x 9.2x 3.5x

Key Energy Services Inc. $2,392.9 $15.60 22.2% 53.5% 103.4% 1.9x 14.5x 19.9x 5.7x NM 15.6x 3.1x

Median 6.6% 49.6% 93.6% 2.9x 10.4x 12.0x 6.9x 25.3x 16.2x 2.8x

page 6

Stock Performance Net Debt /

Current Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 2/25/11 Prior Month Prior Year LTM High 2/25/09 2/25/10 Current EBITDA Current 2011 2/25/2010


Member FINRA/SIPC


Construction and Equipment ContractorsConstruction and Equipment Contractors

Transocean Ltd. $33,568.3 $81.78 2.2% 3.2% 88.2% 4.9x 6.1x 8.2x 6.8x 10.5x 11.2x 1.3x

Noble Corp. $13,540.3 $43.55 15.0% 2.8% 97.4% 3.0x 4.5x 9.3x 6.7x 14.4x 10.9x 1.0x

Nabors Industries Ltd. $11,616.9 $28.12 20.2% 27.8% 97.7% 3.3x 7.2x 9.7x 5.7x 74.7x 12.4x 2.9x

Diamond Offshore Drilling Inc. $11,029.4 $76.63 3.6% (12.2%) 82.0% 3.9x 5.7x 6.2x 7.2x 11.1x 13.8x 0.2x

Technip $9,192.2 $97.57 2.9% 42.0% 93.0% 1.2x 4.5x 9.0x NA 18.6x NA (1.5x)

Pride International Inc. $8,520.3 $41.00 22.7% 44.5% 100.4% 3.9x 8.6x 18.5x 8.5x 29.4x 12.4x 2.2x

Subsea 7 SA $8,517.1 $25.05 5.4% 58.4% 90.9% 1.6x 5.9x 17.8x 7.3x 20.5x 15.0x (0.1x)

Helmerich & Payne Inc. $6,761.5 $63.73 23.0% 54.0% 100.0% 3.0x 6.5x 8.6x 6.3x 20.4x 14.7x 0.2x

Rowan Companies Inc. $5,818.8 $42.61 22.5% 66.3% 104.8% 2.0x 4.6x 10.1x 6.7x 16.9x 12.2x 1.1x

Patterson-UTI Energy Inc. $4,459.1 $27.25 27.7% 77.4% 100.1% 1.5x 9.4x 8.7x 4.6x 34.9x 13.4x 1.5x

Oceaneering International, Inc. $3,968.7 $79.60 7.4% 31.7% 95.2% 4.4x 7.9x 8.6x 7.5x 21.3x 17.5x (0.6x)

Hercules Offshore, Inc. $1,230.2 $4.89 50.0% 32.2% 100.6% 2.7x 8.6x 9.9x 7.9x NM (NM) 5.5x

Basic Energy Services, Inc. $1,180.5 $19.02 10.5% 91.5% 92.8% 2.4x 23.5x 10.4x 5.0x NM 25.1x 12.7x

Pioneer Drilling Co. $851.7 $11.37 33.7% 57.8% 98.6% 2.2x 8.2x 8.3x 4.2x NM 23.3x 3.3x

Cal Dive International Inc $781.9 $6.51 5.2% (10.6%) 81.7% 3.1x 4.6x 14.7x 6.1x NM 18.5x 0.9x

eServGlobal Ltd. $129.4 $0.64 1.3% 33.0% 88.7% 4.5x NM NM NA NM NA (0.2x)

Median 12.8% 37.5% 96.3% 3.0x 6.5x 9.3x 6.7x 20.4x 13.8x 1.1x

Exploration and ProductionLarge Cap

Apache Corp. $54,038.0 $122.15 0.0% 18.4% 95.6% 2.5x 6.4x 6.3x 4.3x 14.2x 9.9x 1.4x

Anadarko Petroleum Corporation $48,865.6 $80.50 4.8% 15.5% 97.1% 3.2x 16.1x 7.6x 5.4x 51.4x 21.9x 3.4x

Devon Energy Corporation $40,931.2 $89.69 4.6% 30.3% 99.5% 2.8x 8.7x 6.9x 5.6x 16.7x 11.3x 0.6x

Chesapeake Energy Corporation $35,000.0 $34.99 24.7% 30.9% 97.7% 3.4x 7.8x 8.1x 6.2x 22.9x 12.0x 3.2x

EOG Resources, Inc. $32,448.4 $111.37 8.9% 19.5% 96.7% 2.8x 11.2x 14.5x 5.6x 174.9x 19.8x 1.9x

Noble Energy, Inc. $16,501.8 $87.68 1.3% 23.0% 95.1% 3.0x 11.6x 8.5x 5.6x 21.2x 14.8x 1.1x

Murphy Oil Corporation $14,421.4 $73.52 0.4% 42.6% 95.8% 2.3x 4.7x 5.2x 4.0x 17.6x 10.4x 0.2x

Pioneer Natural Resources Co. $14,146.5 $101.95 11.6% 118.5% 100.3% 3.9x 11.1x 10.6x 6.9x 25.3x 21.9x 3.4x

Southwestern Energy Co. $14,135.5 $38.59 (3.1%) (10.2%) 85.2% 7.5x 11.6x 8.8x 7.1x 21.4x 16.9x 0.8x

Newfield Exploration Co. $11,545.3 $71.95 2.9% 43.5% 94.0% 2.3x 7.7x 7.3x 5.4x 17.7x 12.2x 2.0x

Ultra Petroleum Corp. $8,076.3 $44.70 (3.6%) (1.9%) 83.0% 6.8x 13.1x 8.0x 7.0x 14.7x 13.9x 2.3x

Quicksilver Resources Inc. $5,083.4 $15.64 4.3% 10.0% 96.8% 6.4x 8.7x 8.6x 10.5x 17.9x 46.3x 4.2x

Median 3.6% 21.2% 96.3% 3.1x 9.9x 8.1x 5.6x 19.5x 14.4x 2.0x





page 7

Member FINRA/SIPC


Mid and Small Cap

Petrohawk Energy Corporation $8,781.2 $21.07 11.0% (1.4%) 88.5% 7.1x 13.1x 9.0x 5.0x 26.1x 14.0x 3.8x

Plains Exploration & Production Company $8,621.5 $37.92 9.5% 14.7% 94.7% 1.8x 11.9x 9.0x 6.1x 31.0x 16.7x 5.5x

SandRidge Energy, Inc. $6,637.9 $10.25 40.8% 22.0% 109.2% 3.5x 12.1x 17.8x 7.3x NM 29.5x 8.2x

Forest Oil Corp. $5,625.3 $35.96 (3.8%) 34.0% 89.4% 2.9x 7.6x 7.5x 6.3x 15.4x 14.7x 2.7x

Cabot Oil & Gas Corporation $5,577.0 $45.20 11.1% 11.8% 95.5% 5.2x 9.0x 10.6x 7.2x 45.0x 39.8x 1.7x

Swift Energy Co. $2,367.0 $45.83 13.5% 56.0% 95.1% 1.4x 7.0x 8.6x 5.2x 35.6x 17.5x 1.8x

Delta Petroleum Corp. $777.0 $0.87 16.5% (38.0%) 44.8% 39.4x NM 13.9x 26.4x NM (NM) (9.0x)

PetroQuest Energy Inc. $613.7 $8.44 6.7% 64.2% 91.3% 1.9x 3.0x 4.7x 4.2x NM 14.6x 0.6x

Median 11.0% 18.3% 93.0% 3.2x 9.0x 9.0x 6.2x 31.0x 16.7x 2.3x

Coal Producers

Peabody Energy Corp. $18,479.7 $64.59 2.3% 42.1% 96.5% 5.3x 10.8x 10.7x 6.1x 22.0x 10.1x 1.1x

CONSOL Energy Inc. $14,703.1 $48.78 (5.3%) (1.7%) 88.1% 5.8x 8.4x 11.7x 6.3x 30.5x 11.2x 3.0x

Massey Energy Co. $7,456.7 $63.67 15.2% 48.8% 94.8% 2.8x 8.4x 20.2x 6.4x NM 12.3x 1.9x

Arch Coal Inc. $6,805.6 $33.15 0.2% 49.7% 90.8% 4.3x 11.7x 10.0x 5.0x 33.5x 8.4x 3.3x

Alpha Natural Resources, Inc. $6,456.1 $54.33 (6.1%) 18.8% 79.8% 2.8x 10.2x 8.0x 4.3x 67.2x 8.8x (0.0x)

Alliance Resource Partners LP $2,857.0 $76.04 12.0% 85.5% 99.1% 3.4x 4.8x 5.7x 4.7x 8.6x 9.4x 1.1x

Patriot Coal Corporation $2,380.1 $23.39 (7.9%) 37.7% 80.1% 2.1x 4.7x NM 4.2x NM 9.9x 0.7x

James River Coal Co. $681.3 $21.58 (3.7%) 26.9% 79.7% NM 4.5x 4.7x 4.0x 12.1x 10.1x 0.6x

Farmacol SA $337.6 $12.83 (3.5%) (3.8%) 77.5% 5.9x 9.1x 8.9x NA 11.0x NA 1.0x

Median (3.5% ) 37.7% 88.1% 3.8x 8.4x 9.4x 4.9x 22.0x 10.0x 1.1x

Refining

Valero Energy Corp. $20,858.5 $28.00 10.7% 60.4% 92.0% 2.4x 9.1x 6.3x 4.6x 16.5x 8.5x 3.3x

Sunoco, Inc. $6,676.9 $41.98 (0.9%) 59.2% 94.5% 3.4x 9.6x 6.0x 6.6x 19.3x 15.1x 1.6x

Tesoro Corporation $4,802.1 $23.90 28.0% 99.5% 92.2% 4.4x 9.5x 8.6x 4.3x NM 9.5x 4.8x

Holly Corporation $3,950.7 $57.39 27.8% 121.2% 92.7% 6.7x 12.8x 10.5x 6.6x 79.5x 11.3x 3.1x

Frontier Oil Corp. $2,638.9 $27.68 46.5% 120.6% 94.6% 3.0x NM 16.0x 5.9x NM 12.9x 5.8x

Western Refining Inc. $2,373.3 $16.17 47.0% 272.6% 88.5% 5.5x 6.7x 12.2x 4.9x NM 11.9x 4.9x

CVR Energy, Inc. $1,908.9 $18.71 13.9% 129.6% 86.3% 2.1x 4.9x 11.3x 0.0x 72.0x 0.0x 1.5x

Alon USA Energy, Inc. $1,502.7 $11.22 57.6% 57.4% 98.2% 17.4x NM NM 8.6x NM (NM) 51.4x

Delek US Holdings Inc. $821.9 $10.70 26.3% 42.7% 87.6% 4.6x NM 30.1x 7.5x NM 44.2x (24.9x)

Median 27.8% 99.5% 92.2% 4.4x 9.3x 10.9x 5.9x NM 11.6x 3.3x





page 8

Member FINRA/SIPC






page 9

Storage & Transportation

Kinder Morgan Energy Partners LP $35,299.4 $72.93 0.1% 14.4% 99.8% 10.0x 13.0x 14.0x 9.9x 51.0x 32.3x 5.2x

El Paso Corp. $28,664.7 $18.30 26.7% 78.7% 98.8% 5.2x 7.3x 9.1x 8.5x 13.9x 15.1x 4.4x

Enbridge Energy Partners LP $14,126.9 $66.38 6.5% 29.4% 99.0% 8.5x 12.1x 31.5x 11.1x NM 20.3x 5.8x

Plains All American Pipeline, L.P. $13,907.2 $64.74 0.3% 17.9% 98.6% 9.8x 11.6x 13.6x 10.6x 26.7x 17.9x 4.6x

Magellan Midstream Partners LP $8,481.8 $59.76 8.2% 33.6% 99.8% 6.9x 16.4x 16.7x 13.6x 20.8x 17.4x 4.6x

Buckeye Partners LP $7,086.8 $64.18 (4.0%) 11.6% 89.5% 10.4x 12.7x 20.7x 12.5x 38.2x 16.8x 4.7x

Sunoco Logistics Partners L.P. $4,350.3 $88.32 1.2% 30.5% 98.9% 8.5x 9.5x 13.0x 9.8x 9.4x 14.8x 4.3x

Holly Energy Partners L.P $1,642.1 $58.82 13.1% 38.1% 100.2% 11.2x 13.0x 13.5x 10.3x 21.8x 21.1x 5.2x

Median 3.9% 30.0% 99.0% 9.2x 12.4x 13.8x 10.4x 21.8x 17.7x 4.7x

Power

Diversified Power

General Electric Co. $580,274.1 $20.60 3.4% 29.4% 95.1% 22.0x 36.2x 21.5x 17.1x 17.9x 12.7x 20.9x

Siemens AG $114,556.7 $129.53 0.2% 53.4% 95.4% 6.2x 6.5x 8.0x 6.4x 19.5x 11.7x 0.1x

ABB Ltd. $48,912.2 $24.01 0.2% 21.0% 92.6% 3.8x 8.3x 10.5x 7.5x 21.5x 14.2x (1.4x)

Emerson Electric Co. $48,478.2 $59.77 1.2% 25.3% 92.6% 5.2x 10.4x 10.9x 8.8x 22.1x 15.4x 0.9x

Schneider Electric S.A. $47,141.0 $161.38 1.4% 54.4% 97.8% 4.8x 8.7x 10.1x NA 17.9x NA 1.0x

Eaton Corporation $19,982.7 $106.86 2.2% 59.6% 94.6% 5.2x 10.8x 11.6x 7.8x 19.2x 12.0x 1.8x

Cooper Industries plc $10,693.1 $63.11 2.2% 40.2% 95.7% 4.3x 11.2x 12.7x 10.1x 23.7x 14.3x 0.5x

Areva SA $10,541.0 $47.58 (2.0%) 9.4% 86.5% 44.9x 16.0x NM NA NM NA 8.6x

Median 1.3% 34.8% 94.9% 5.2x 10.6x 10.9x 8.3x 19.5x 13.4x 1.0x

Mid-Cap Power

Ametek Inc. $7,622.2 $41.82 2.6% 61.7% 93.3% 7.3x 11.5x 13.8x 10.8x 23.4x 17.5x 2.3x

Thomas & Betts Corp. $2,972.3 $55.15 14.1% 53.5% 95.5% 4.0x 7.9x 9.6x 7.1x 20.8x 13.7x 0.5x

Littelfuse Inc. $1,075.2 $51.88 0.8% 46.0% 96.4% 5.0x 13.2x 7.7x 6.3x 14.5x 11.9x (0.6x)

Powell Industries, Inc. $324.8 $37.58 (2.7%) 29.6% 91.9% 5.5x 3.7x 5.6x 6.4x 24.6x 19.3x (1.5x)

Chapmans Ltd. $2.8 $0.02 16.7% 22.8% 80.0% NM NM NM 0.0x NM 0.0x (2.5x)

Median 2.6% 46.0% 93.3% 5.2x 9.7x 8.6x 6.4x 22.1x 13.7x (0.6x)

Independent Power Producers

NRG Energy, Inc. $12,690.5 $19.61 (6.9%) (11.1%) 77.8% 4.7x 3.8x 5.9x 6.5x 10.5x 16.5x 2.4x

Dynegy Inc. $4,813.0 $5.76 (2.2%) (24.2%) 71.6% 6.3x 10.2x 8.9x 10.6x NM (NM) 6.9x

GenOn Energy, Inc. $3,506.0 $3.91 (6.9%) NA 89.9% NA NA 4.0x 5.9x 1.9x NA 0.6x

Mirrabooka Investments Limited $244.1 $1.97 0.8% 19.4% 98.7% NM NM NM 0.0x 21.1x 0.0x NM

Median (4.6% ) (11.1% ) 83.9% 5.5x 7.0x 5.9x 6.2x 10.5x 8.3x 2.4x

Member FINRA/SIPC






page 10

Electric Utilities

Southern Company $51,707.5 $37.81 (0.9%) 18.1% 97.5% 8.3x 8.8x 9.2x 8.4x 15.9x 13.9x 3.7x

NextEra Energy, Inc. $43,146.0 $54.69 0.9% 16.7% 97.2% 8.0x 8.3x 8.1x 7.9x 11.5x 11.5x 4.5x

Duke Energy Corporation $40,438.8 $17.85 (1.4%) 9.0% 96.0% 7.3x 8.2x 8.3x 7.4x 17.8x 13.0x 3.7x

Exelon Corp. $38,574.8 $41.24 (4.2%) (5.9%) 90.1% 6.4x 5.8x 5.6x 7.4x 10.6x 13.6x 1.7x

American Electric Power Co., Inc. $34,413.5 $35.24 (3.2%) 4.6% 92.9% 6.9x 7.4x 7.3x 7.0x 13.2x 10.8x 3.9x

Progress Energy Inc. $25,357.0 $45.33 (0.0%) 17.8% 97.5% 8.1x 7.9x 8.1x 8.0x 15.3x 13.9x 4.1x

FirstEnergy Corp. $25,346.5 $38.25 (1.7%) (2.1%) 93.8% 7.7x 9.4x 8.2x 7.0x 14.8x 12.7x 5.0x

PPL Corporation $24,054.5 $24.71 (3.4%) (14.3%) 84.3% 7.8x 11.7x 9.1x 7.4x 11.2x 10.8x 7.6x

Entergy Corporation $23,486.3 $70.94 (3.0%) (7.3%) 84.1% 7.0x 7.4x 6.3x 6.9x 10.6x 11.5x 3.1x

Edison International $22,821.0 $36.18 (3.0%) 10.5% 91.9% 5.0x 5.5x 6.1x 5.7x 9.0x 11.9x 2.7x

Median (2.4% ) 6.8% 93.3% 7.5x 8.1x 8.1x 7.4x 12.3x 12.3x 3.8x

Renewables 2/25/09 2/25/10 Current

First Solar, Inc. $13,420.2 $156.39 3.0% 51.9% 89.1% 6.6x 4.0x 5.2x 2.8x 21.9x 15.1x (0.8x)

Vestas Wind Systems A/S $7,519.9 $33.13 (3.6%) (33.7%) 47.3% 0.9x 1.4x 0.8x NA 31.3x NA 1.3x

Suntech Power Holdings Co. Ltd. $2,649.2 $10.13 17.4% (22.5%) 65.1% 1.2x 1.9x 1.0x 0.8x NM 8.3x 3.2x

SunPower Corporation $2,011.0 $17.77 29.7% (4.3%) 80.1% 1.9x 1.3x 0.9x 0.6x 11.2x 7.8x 1.4x

GT Solar International, Inc. $1,149.0 $10.89 (4.4%) 80.2% 91.1% 1.0x 1.4x 1.4x 1.2x 10.0x 7.9x (1.7x)

Clean Energy Fuels Corp. $1,035.8 $14.29 11.2% (20.5%) 60.3% 2.2x 7.7x 6.1x 3.4x NM 81.3x 28.3x

Evergreen Solar Inc. $403.5 $2.08 (22.4%) (68.8%) 26.3% 3.7x 1.7x 1.2x 0.8x NM (NM) 82.3x

Rentech, Inc. $331.2 $1.27 (0.8%) 23.3% 85.8% 0.9x 1.5x 2.3x 1.5x NM (NM) 3.6x

Energy Conversion Devices, Inc. $299.0 $3.98 (7.2%) (45.3%) 45.2% 2.8x 2.0x 1.0x 0.8x NM (NM) (172.7x)

FuelCell Energy Inc. $236.2 $1.70 (11.0%) (41.4%) 50.0% 1.9x 3.2x 3.4x 1.5x NM (NM) 0.8x

Ballard Power Systems Inc. $107.4 $1.99 20.8% (10.1%) 59.6% 1.0x 3.1x 1.8x 1.0x NM (NM) 1.7x

Median (0.8% ) (20.5% ) 60.3% 1.9x 1.9x 1.4x 1.1x 16.5x 8.3x 1.4x

Cleantech

Itron, Inc. $2,730.5 $57.08 (3.8%) (14.7%) 69.7% 1.4x 2.0x 1.2x 1.2x 22.1x 13.3x 2.2x

ESCO Technologies Inc. $1,114.4 $38.16 5.1% 19.1% 88.4% 1.7x 1.7x 1.7x 1.5x 18.3x 15.3x 1.4x

Ameresco, Inc. $747.6 $14.27 (12.4%) NA 81.7% 0.0x 0.0x 1.2x 0.9x 20.6x 15.1x 4.8x

Echelon Corporation $331.0 $8.84 (7.8%) 7.8% 82.2% 1.4x 2.7x 3.0x 2.0x NM (NM) 1.6x

EnerNOC, Inc. $314.3 $18.99 (21.0%) (29.4%) 51.7% 1.7x 2.7x 1.1x 0.9x 50.7x 23.5x (25.5x)

PowerSecure International, Inc. $137.2 $7.45 0.0% 1.5% 63.1% 0.5x 1.2x 1.1x 1.0x 29.8x 15.2x (0.5x)

Comverge, Inc. $109.7 $5.13 (22.2%) (48.2%) 41.8% 0.9x 2.3x 0.9x 0.7x NM (NM) 6.7x

Median (7.8% ) (6.6% ) 69.7% 1.4x 2.0x 1.2x 1.0x 22.1x 15.2x 1.6x

Revenue

TEV / LTM Revenue Multiple as of TEV / 2011

Member FINRA/SIPC






page 11


Engineering & Construction

Fluor Corporation $9,638.0 $68.78 (4.5%) 52.7% 90.8% 3.4x 4.5x 13.1x 7.2x 32.0x 17.6x (1.9x)

Jacobs Engineering Group Inc. $5,221.6 $49.43 (6.8%) 25.5% 88.7% 4.5x 6.1x 9.7x 7.5x 25.7x 16.0x (1.5x)

McDermott International Inc. $4,689.0 $22.72 11.1% (0.4%) 78.4% 2.8x 6.9x 6.4x 9.7x 11.8x 17.2x (0.9x)

URS Corporation $4,090.6 $46.28 4.2% (1.0%) 86.9% 6.7x 7.8x 6.7x 5.5x 14.2x 12.3x 0.4x

KBR, Inc. $4,090.6 $32.65 (0.1%) 60.5% 92.6% 1.8x 4.1x 6.1x 5.8x 15.9x 13.4x (1.2x)

Dresser-Rand Group Inc. $3,663.9 $49.77 10.4% 56.3% 100.0% 5.2x 6.9x 11.6x 8.2x 27.8x 15.4x (0.1x)

Chicago Bridge & Iron Company N.V. $3,003.8 $34.76 1.9% 60.5% 95.2% 8.2x 5.5x 8.3x 6.1x 16.6x 12.6x (1.1x)

Shaw Group Inc. $2,770.5 $40.03 4.6% 14.7% 96.3% 6.2x 6.5x 8.3x 6.3x 35.1x 14.9x (2.0x)

ENGlobal Corp. $139.2 $4.97 2.3% 70.8% 87.5% 3.1x 11.7x NM 7.4x NM 16.1x 1.6x

Median 2.3% 52.7% 90.8% 4.5x 6.5x 8.3x 7.2x 21.2x 15.4x (1.1x)


EMCOR Group Inc. $1,445.6 $30.96 2.4% 31.4% 95.1% 2.9x 3.2x 5.5x 4.6x NM 12.9x (1.7x)

Cape plc $920.5 $6.43 (8.6%) 93.0% 83.9% 2.8x 4.4x 6.6x NA NM NA 1.1x

Team Inc. $573.9 $26.44 1.5% 43.5% 92.1% 5.6x 10.4x 12.3x 8.5x 29.9x 17.6x 1.6x

Pike Electric Corporation $407.2 $9.64 10.0% 15.9% 87.2% 4.3x 6.5x 12.6x 7.0x NM 33.1x 1.5x

Matrix Service Co. $321.0 $14.01 24.5% 28.5% 97.8% 2.7x 7.6x 11.1x 5.7x 85.5x 13.5x NM

Furmanite Corporation $246.5 $7.06 (10.1%) 92.4% 87.4% 3.7x 17.5x 14.2x 7.9x 170.6x 16.2x (1.3x)

Median 1.9% 37.5% 89.7% 3.3x 7.0x 11.7x 7.0x 85.5x 16.2x 1.1x


page 12

Harris Williams & Co. is one of the largest mergers and

acquisitions firms focused exclusively on the middle market.

Experience

Focus

Market Intelligence

Stability

Global Reach

Exceptional Results

Middle market leader – closed nearly 200 transactions in the last four years.

Execution focus with unparalleled senior-level attention.

Over 10,000 conversations with buyers and lenders each year.

Unparalleled retention of senior professionals.

Approximately 20% of our transactions are cross-border.

Best-in-class execution produces unmatched closing rate.

• Locations

London, UK

Richmond, VA

Boston, MA

Cleveland, OH

London, UK

Minneapolis, MN

Philadelphia, PA

San Francisco, CA


page 13

Harris Williams & Co.’s Energy & Power Group has a broad

range of experience including products, services, and

technologies that support or enhance the overall energy and

power infrastructure.

Key Niches:

• Cleantech, Energy Efficiency, and Renewables

• Power Products, Services, and Technologies

• Oil & Gas Products, Services, and Technologies

• Industrial & Infrastructure Services

• Engineering & Construction

For more information on Harris Williams & Co.’s Energy & Power Group as well as archived

copies of the Energy & Power Industry Update, please visit our website. Archived copies of the

Group’s industry whitepapers, including Transmission & Distribution Infrastructure and ESCOs

– Enabling Energy Efficiency, can also be found on the site.

http://www.harriswilliams.com/industry-energy.html


page 14

Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.’s second employee, joining the

firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transactional

experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers and

acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and power,

consumer products, building products, business services, distribution, retailing, specialty chemicals, and technology.

As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining Harris

Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. with a

concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chartered

Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG and is

currently a director of the Greater Richmond YMCA.

Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment banking

career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignments, as

well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in the

energy and power industries. Key niche focus areas have included demand response solutions, power quality

equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy and

power companies, Mr. Spitzer developed experience in numerous industries including industrial manufacturing,

chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining Harris

Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in the

Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Columbia

Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the University

of Virginia.

Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School at the

University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams & Co.,

working on mergers and acquisitions transactions in a broad range of industries, including general industrial,

consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. Lucas

worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience also

includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, with a

concentration in Finance from The McIntire School of Commerce at the University of Virginia.

Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Group at

SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wachovia

Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations. Mr.

White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Business

Administration from the University of North Carolina at Chapel Hill.

Tiff B. Armstrong

Managing [email protected]

(804) 648-0072

Andrew G. Spitzer

Managing [email protected]

(804) 915-0174

Brian S. Lucas

[email protected]

(804) 932-1323

Matthew G. White

Vice [email protected]

(804) 915-0131

Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Within

energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficiency

and clean technology products and services, oilfield products and services, transmission distribution products and

services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at the

University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.

Luke R. Semple

Vice [email protected]

(804) 648-1158


page 15

Sources:

1. Capital IQ.

2. MergerMarket.

3. Baker Hughes.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc.

(NYSE:PNC), is the premier middle market advisor with a two decade legacy of sell side excellence serving

clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition

advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of

FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP,

which is Authorized and Regulated by the Financial Services Authority. Harris Williams & Co. is a trade name

under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe,

respectively.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE

MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE

OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND

SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES,

FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND

SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN

THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR

OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE

REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD

PARTIES, PLEASE CONTACT US AT THE BELOW ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”).

It is not a research report, as such term is defined by applicable law and regulations, and is provided for

informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy

or sell any financial instruments or to participate in any particular trading strategy. The information contained

herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the

accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or

specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies

mentioned herein and also may provide, may have provided, or may seek to provide investment banking services

for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and

employees may hold long or short positions in the securities, options thereon or other related financial products

of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’

judgment and are subject to change without notice. The financial instruments discussed in this report may not be

suitable for all investors, and investors must make their own investment decisions using their own independent

advisors as they believe necessary and based upon their specific financial situations and investment objectives.

Also, past performance is not necessarily indicative of future results. No part of this material may be copied or

duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2011 Harris Williams & Co., all rights reserved.


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© 2011. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams

& Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the FSA. Harris Williams & Co. is a trade name

under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

page 16

Documents

Member FINRA/SIPC · Energy & Power Industry Update ... Egypt, with oil futures reaching $97.88 per barrel last week. As the future of many OPEC regimes ... Q1 2008 Q2 2008 Q3 2008