MERCER CHANGING ENERGY INDUSTRY DYNAMICS SURVEY...Murphy Oil Company, Ltd. NAL Resources NCS Multistage, LLC Newﬁ eld Exploration Company Northern Blizzard Resources, Inc. North

MERCER CHANGING ENERGY INDUSTRY DYNAMICS SURVEYAPRIL 2015

CONTENTS

1. Overview .............................................................................................................................. 3

2. Participant Profile ................................................................................................................. 4

3. Participant List ...................................................................................................................... 5

4. Survey Results ...................................................................................................................... 7

5. US Survey Results ................................................................................................................. 8

6. North Dakota Survey Results .............................................................................................. 11

7. Canada Survey Results ........................................................................................................ 14

8. Mexico Survey Results ........................................................................................................ 17

9. US Salary Increase Budget .................................................................................................. 20

10. North Dakota Salary Increase Budget ................................................................................. 24

11. Canada Salary Increase Budget ........................................................................................... 28

12. Mexico Salary Increase Budget ........................................................................................... 32

2015 Mercer LLC. All rights reserved. 3

1. OVERVIEW

About the surveyMercer is pleased to present the results of the Mercer Changing Energy Industry Dynamics Survey. The survey was conducted between March 10, 2015, and April 3, 2015.

The primary purpose of this survey is to collect and consolidate meaningful data related to the actions and reactions by energy companies in North America prompted by the recent changes in oil prices. A total of 128 organizations submitted data for the survey. The detailed participant list is included in Section 3.

ConfidentialityTo ensure the confidentiality of all data, a minimum number of five observations is required in order forstatistics to be displayed. Five organizations must report at least five observations for a variable in orderfor the mean and median to be displayed. Seven organizations reporting at least seven observations arerequired to display 25th and 75th Percentiles. Where there has been insufficient data for analysis, thishas been indicated with “--“.

If you have questionsMercer would like to thank each of the participating companies for their efforts and cooperation in completing this survey. We trust the survey results will be helpful in your company’s compensation planning. If you have any questions regarding the survey, please contact either member of the survey team:

In Canada:Carolyn KildareEmail: [email protected]: 403-476-3341

In the US:Tahra TaylorEmail: [email protected]: 713-276-2312


2. PARTICIPANT PROFILE 2. Participant Profile

Percentage oforganizations

Canada 68.0%

United States 63.3%

Mexico 17.2%

N 128


Yes 41.3%

No 58.8%

N 80


Exploration & Production 45.3%Services & Equipment 14.8%Drilling 10.2%Engineering, Procurement & Construction 7.0%Pipeline/Midstream 6.3%Downstream (Refining, Petrochemical Manufacturing) 3.9%Fully Integrated 3.1%Utilities 3.1%Upgrading 1.6%Public Sector (Regulatory Agencies, Government) 0.8%Other 3.9%N 128

Number of total employees Percentage oforganizations

Less than 100 16.5%

100 to 500 26.0%

501 to 1,000 16.5%

1,001 to 5,000 22.0%

Greater than 5,000 18.9%

N 127

Geography of operations

Multiple responses allowed.

Type of operations

Number of total employees in Canada, the US and Mexico

Does your company have operations in North Dakota?

MERCER 2


3. PARTICIPANT LIST

ABSA

AECOM

Alberta Electric System Operator

Akastor

Anderson Energy, Inc.

Aramco Services Company

ARC Resources, Ltd.

ATCO Pipelines

Atlas Energy Group, LLC

Aux Sable Liquid Products, LP

Baker Hughes, Inc.

Bankers Petroleum, Ltd.

Bellatrix Exploration, Ltd.

BHP Billiton Petroleum

Bill Barrett Corporation

Black Swan Energy, Ltd.

Bonavista Energy

BP Canada

Breitburn Energy Partners, LP

Bristow Group

Calfrac Well Services

Cameron

Canadian Natural Resources Limited

CAPP

CB&I

Centrica Energy Canada

Ceona Services

C-FER Technologies

CH2M

Cimarex Energy Co.

Compass Well Services

ConocoPhillips

Continental Resources, Inc.

Crescent Point Energy

Discovery Natural Resources

Enbridge Employee Services, Inc.

Encana Services Company, Ltd.

Enerplus Corporation

Ensco

EP Energy

EPCOR

Explorer Pipeline

Expro

Exterran Holdings, Inc.

Fluor Canada, Ltd.

Freeport-McMoRan, Inc.

FT Services

Gibson Energy

Gran Tierra Energy, Inc.

Great River Energy

Grizzly Oil Sands

Halcon Resources

Harvard Energy

Helix ESG

Hess Corporation

Hunt Oil Company

Husky Energy Canadian Operations

Husky Energy US

INPEX Corporation

Inter Pipeline, Ltd.

Journey Energy, Inc.

Kemper Valve & Fittings Corporation

Keyera Corporation

Kiewit Energy Canada

K+S Potash Canada

Lightstream Resources, Ltd.

Long Run Exploration, Ltd.

LyondellBasell

Maersk Drilling

Marathon Oil Corporation

Matrix Solutions, Inc.

McDermott International, Inc.

Murphy Oil Company, Ltd.

NAL Resources

NCS Multistage, LLC

Newfi eld Exploration Company

Northern Blizzard Resources, Inc.

North West Redwater Partnership

National Oilwell Varco, Inc.

NOVA Chemicals

Nuverra Environmental Solutions

Occidental Petroleum Corporation

Oceaneering International, Inc.

OMERS Energy, Inc.

Orion Drilling Company, LLC

OTS


3. PARTICIPANT LIST (CONTINUED)

Paramount Resources, Ltd.

Parex Resources, Inc.

Payzone Directional Services

PrairieSky Royalty, Ltd.

Precision Drilling Corporation

PTTEP Canada, Ltd.

QEP Resources, Inc.

Qmax Solutions, Inc.

Range Resources

Rife Resources, Ltd.

RKI Exploration & Production, LLC

Rosetta Resources, Inc.

Rowan Companies, Inc.

Samson Energy Company, LLC

SandRidge Energy, Inc.

Sanjel Corporation

Sasol (USA) Corporation

Savanna Energy Services Corporation

Schlumberger

Seadrill

Serinus Energy, Inc.

SM Energy Company

Spectra Energy

Spyglass Resources Corporation

Sunshine Oilsands, Ltd.

Sirius Well Manufacturing Services

Syncrude Canada, Ltd.

Talisman Energy USA, Inc.

TAQA North, Ltd.

Technip

Tecpetrol

TGS

TMK IPSCO

Todd Energy Canada Limited

Toyo Engineering Corporation

TransCanada Corporation

Transocean, Ltd.

TriOil Resources, Ltd.

Twin Butte Energy, Ltd.

Vermilion Energy, Inc.

Weatherford

WPX Energy


4. SURVEY RESULTS

MERCER 5

4. Survey Results

% of organizations

Less than $50 14.5%$51- $60 35.5%$61- $70 11.3%$71- $80 4.8%$81- $90 0.8%$91- $100 0.8%Greater than $101 0.0%Don't know 31.5%Other 0.8%N 124

Low Confidence

Moderate Confidence

High Confidence

Very High Confidence N

Prospects for your organization are strong 14.6% 44.7% 32.5% 8.1% 123

Prospects for the energy sector are strong 35.5% 52.1% 12.4% 0.0% 121

Global economic growth will continue to strengthen 23.8% 58.2% 18.0% 0.0% 122

The regulatory environment will facilitate growth 40.5% 53.7% 5.0% 0.8% 121

Your firm's talent strategy will enhance long-term organizational performance 14.8% 36.9% 36.9% 11.5% 122

Your firm’s talent strategy will deliver on current business objectives 9.0% 32.0% 44.3% 14.8% 122

▪ Low Confidence includes responses 1-3▪ Moderate Confidence includes responses 4-6▪ High Confidence includes responses 7-8▪ Very High Confidence includes responses 9-10

The percentage of participants with low, high or very high confidence

Expected 2015 USD price range of a WTI barrel of oil

Note: This question was asked as a 10 point scale with 1 indicating very low confidence and 10 indicating very high confidence. Responses have been grouped as follows:


5. US SURVEY RESULTS5. US Survey Results


Reduction in capital expenditures 63.4%

Reduction in Selling, General & Administrative (SG&A)operating expenses 60.6%

Reduction in core (non SG&A) operating expenses 46.5%

Explore expansion opportunities (e.g. merger, acquisition, jointventure) 19.7%

Explore potential divestures of assets, business units, productsor geographies 16.9%

No change to strategy or operating plans 9.9%

Too early to tell 8.5%

Increase in capital expenditures 0.0%

Don't know 2.8%

Other 4.2%

N 71

Given the expectations of the USD price range of a WTI barrel, what impact has this had onyour company’s business strategy for 2015?


Other includes: "Reallocation of capital to economically feasible exploration", "Reduction in G&A expense."

MERCER 6

Other includes: “Reallocation of capital to economically feasible exploration”, “Reduction in G&A expense.”


5. US SURVEY RESULTS (CONTINUED)


Reducing external recruitment 59.2%

Downsizing or layoffs of permanent employees 57.7%

Reduction in or layoffs of contract employees 45.1%

Reorganization / restructuring of our organization 45.1%

Broad (across the entire workforce) salary freezes 35.2%

Focusing on internal training and skill-building for currentemployees 29.6%

Targeted strategic recruitment for specific skills/roles 21.1%

Considering how to enhance cost effectiveness of HR delivery 21.1%

Reductions or changes in variable compensation programs 19.7%

Targeted (focused on certain segments of the workforce) salaryfreezes 14.1%

Reductions or changes in long-term incentive compensationprograms 12.7%

No changes to existing human capital strategy/programs havebeen implemented yet 8.5%

Freezing, changing or eliminating one or more retirementbenefit programs 7.0%

Review of or reduction in guaranteed cash payments (e.g.allowances, premiums) 7.0%

Broad (across the entire workforce) reductions in basecompensation 5.6%

Targeted (focused on certain segments of the workforce)reductions in base compensation 4.2%

Changing, reducing or eliminating one or more health & welfarebenefit programs 2.8%

Moving to a healthcare exchange for active US employees 0.0%

Don't know 4.2%

Other 9.9%

N 71

Other includes: "Considering broad and/or targeted salary freezes", "Considering delay in annual salary adjustments","Replace expats with local staff", "RFP for new insurance broker", "Reduction in overtime in some field positions","Delayed decision for 2015 annual increase until mid-year", "Cost cutting measures such as conferences, lunch, travel,printing, etc."


5. US Survey Results ContinuedGiven the expectations of the USD price range of a WTI barrel, what impact has this had onyour company’s human capital strategy/programs for 2015?

MERCER 7

Other includes: “Considering broad and/or targeted salary freezes”, “Considering delay in annual salary adjustments”, “Replace expats with local staff”, “RFP for new insurance broker”, “Reduction in overtime in some field positions”, “Delayed decision for 2015 annual increase until mid-year”, “Cost cutting measures such as conferences, lunch, travel, printing, etc.”


5. US SURVEY RESULTS (CONTINUED)

Median Average NTotal number of contract employees affected 43 115 22

Percentage of total workforce affected 10.0% 11.0% 34


Restructuring and optimizing the organization 49.3%

Building internal capability and career development 38.0%

Enhancing supervisory, management and leadershipcapabilities 38.0%

Understanding and optimizing employee engagement 31.0%

Reshaping HR service delivery 29.6%

Developing strategic workforce plans leveraging analytics 15.5%

Assessing and reshaping your employer value proposition 14.1%

Developing a renewed total rewards program 11.3%

Retaining seasoned employees nearing retirement 11.3%

Up-skilling existing talent with targeted talent acquisitions 5.6%

Seeking delegated retirement solutions to de-risk theretirement portfolio of programs 0.0%

Don't know 14.1%

N 71

5. US Survey Results ContinuedReduction in or layoffs of employees in United States

Given the changing business context, from an HR leadership and governance perspective,where do you intend to focus your strategy for 2016 and beyond?


MERCER 8


6. NORTH DAKOTA SURVEY RESULTS6. North Dakota Survey Results










Don't know 0.0%

Other 0.0%

N 29



MERCER 9


6. NORTH DAKOTA SURVEY RESULTS (CONTINUED)



















Moving to a healthcare exchange for active US employees 0.0%

Don't know 3.4%

Other 6.9%

N 29


Given the expectations of the USD price range of a WTI barrel, what impact has this had onyour company’s human capital strategy/programs for 2015?

6. North Dakota Survey Results Continued

Other includes: "Review of insurance broker for cost savings", "Cost cutting measures such as travel, conferences,lunch, printing, etc."

MERCER 10

Other includes: “Review of insurance broker for cost savings”, “Cost cutting measures such as travel, conferences, lunch, printing, etc.”


6. NORTH DAKOTA SURVEY RESULTS (CONTINUED)


Percentage of total workforce affected -- -- 4













Don't know 34.5%

N 29


6. North Dakota Survey Results ContinuedReduction in or layoffs of employees in North Dakota


MERCER 11


7. CANADA SURVEY RESULTS7. Canada Survey Results










Don't know 3.8%

Other 5.1%

N 79



Other includes: "Create contingency ideas/plans to keep the company viable", "Dividend eliminated", "Delay someprojects."

MERCER 12

Other includes: “Create contingency ideas/plans to keep the company viable”, “Dividend eliminated”, “Delay some projects.”


7. CANADA SURVEY RESULTS (CONTINUED)



















Don't know 6.3%

Other 8.9%

N 79


7. Canada Survey Results ContinuedGiven the expectations of the USD price range of a WTI barrel, what impact has this had onyour company’s human capital strategy/programs for 2015?

Other includes: "Global Salary Freeze", "Executives took a reduction of base pay", "Contractors asked to revisit andpossibly lower their fees", "Contracts not renewed if not essential", "Reduction in non-guaranteed cash payment (forextended periods of international business travel)", "Contemplating other creative cost savings like furlough, etc.", "Costcutting measures such as travel, conferences, printing, lunches, etc."

MERCER 13

Other includes: “Global Salary Freeze”, “Executives took a reduction of base pay”, “Contractors asked to revisit and possibly lower their fees”, “Contracts not renewed if not essential”, “Reduction in non-guaranteed cash payment (for extended periods of international business travel)”, “Contemplating other creative cost savings like furlough, etc.”, “Cost cutting measures such as travel, conferences, printing, lunches, etc.”


7. CANADA SURVEY RESULTS (CONTINUED)


Percentage of total workforce affected 10.0% 13.6% 24













Don't know 17.7%

N 79

7. Canada Survey Results ContinuedReduction in or layoffs of employees in Canada



MERCER 14


8. MEXICO SURVEY RESULTS8. Mexico Survey Results










Don't know 9.5%

Other 0.0%

N 21



MERCER 15


8. MEXICO SURVEY RESULTS (CONTINUED)



















Don't know 19.0%

Other 4.8%

N 21

8. Mexico Survey Results ContinuedGiven the expectations of the USD price range of a WTI barrel, what impact has this had onyour company’s human capital strategy/programs for 2015?


Other includes: "Cost cutting measures such as travel, conferences, printing, lunches, etc."

MERCER 16

Other includes: “Cost cutting measures such as travel, conferences, printing, lunches, etc.”


8. MEXICO SURVEY RESULTS (CONTINUED)

Median Average NTotal number of contract employees affected -- -- 0

Percentage of total workforce affected -- -- 2













Don't know 47.6%

N 21

8. Mexico Survey Results ContinuedReduction in or layoffs of employees in Mexico



MERCER 17


9. US SALARY INCREASE BUDGET

Total Employees

9. US Salary Increase Budget

2015 salary increases budget 25thPercentile Median Average 75th

Percentile N

All Energy Industry Segments 0.0 1.2 1.5 3.0 63

E&P and Fully Integrated 0.8 2.0 2.2 4.0 22

Services & Equipment 0.0 0.0 0.2 0.0 14

Drilling 0.0 0.0 0.4 0.6 10

Pipeline/Midstream -- 3.0 2.7 -- 6

Utilities -- -- -- -- 1

Based on all responses.


Percentile N


E&P and Fully Integrated 2.0 3.0 2.9 4.0 17Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 3Pipeline/Midstream -- 3.0 3.2 -- 5Utilities -- -- -- -- 1

Based on positive responses (excluding zeros).

2015 salary increases budget N % of Orgs

All Energy Industry Segments 28 44.4%

E&P and Fully Integrated 5 22.7%

Services & Equipment 13 92.9%

Drilling 7 70.0%

Pipeline/Midstream 1 16.7%

Utilities 0 0.0%

Total Employees

2015 salary increase budget, as a percentage of total base salary payroll, for totalemployees (including zeros)

2015 salary increase budget, as a percentage of total base salary payroll, for totalemployees (excluding zeros)

Total salary increase budget freeze

MERCER 18


9. US SALARY INCREASE BUDGET (CONTINUED)

Office Employees

9. US Salary Increase Budget Continued


Percentile N




Drilling 0.0 0.0 0.5 0.5 10


Utilities -- -- -- -- 1



Percentile N


E&P and Fully Integrated 2.0 3.0 2.9 4.0 17Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 2Pipeline/Midstream -- 3.0 3.3 -- 5Utilities -- -- -- -- 1






Drilling 8 80.0%


Utilities 0 0.0%

Office Employees

2015 salary increase budget, as a percentage of total base salary payroll, for officeemployees (including zeros)

2015 salary increase budget, as a percentage of total base salary payroll, for officeemployees (excluding zeros)


MERCER 19


9. US SALARY INCREASE BUDGET (CONTINUED)

Field Employees

9. US Salary Increase Budget Continued


Percentile N




Drilling 0.0 0.0 0.3 0.0 10


Utilities -- -- -- -- 1



Percentile N

All Energy Industry Segments 2.0 3.0 2.9 3.5 31E&P and Fully Integrated 2.0 3.0 3.0 4.0 17Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 1Pipeline/Midstream -- 3.0 3.2 -- 5Utilities -- -- -- -- 1






Drilling 9 90.0%


Utilities 0 0.0%


2015 salary increase budget, as a percentage of total base salary payroll, for fieldemployees (including zeros)

2015 salary increase budget, as a percentage of total base salary payroll, for fieldemployees (excluding zeros)

Field Employees

MERCER 20


9. US SALARY INCREASE BUDGET (CONTINUED)9. US Salary Increase Budget

% oforganizations

Yes 68.1%No 31.9%N 69

% oforganizations

Higher than original projections 2.1%

Lower than original projections 97.9%

N 47

Have your projections regarding salary increase budgets for United States changedsince the price of oil began to decline?

How the projections changed

MERCER 21


10. NORTH DAKOTA SALARY INCREASE BUDGET

Total Employees

10. North Dakota Salary Increase Budget


Percentile N




Drilling -- -- -- -- 1

Pipeline/Midstream -- -- -- -- 3

Utilities -- -- -- -- 1



Percentile N


E&P and Fully Integrated 2.9 3.0 2.9 4.0 7Services & Equipment -- -- -- -- 0Drilling -- -- -- -- 0Pipeline/Midstream -- -- -- -- 2Utilities -- -- -- -- 1






Drilling 1 100.0%


Utilities 0 0.0%

Total Employees




MERCER 22


10. NORTH DAKOTA SALARY INCREASE BUDGET (CONTINUED)

Office Employees


Percentile N




Drilling -- -- -- -- 1


Utilities -- -- -- -- 1



Percentile N


E&P and Fully Integrated 2.9 3.0 2.9 3.8 7Services & Equipment -- -- -- -- 0Drilling -- -- -- -- 0Pipeline/Midstream -- -- -- -- 2Utilities -- -- -- -- 1






Drilling 1 100.0%


Utilities 0 0.0%

Office Employees


10. North Dakota Salary Increase BudgetContinued



MERCER 23


10. NORTH DAKOTA SALARY INCREASE BUDGET (CONTINUED)

Field Employees


Percentile N




Drilling -- -- -- -- 1


Utilities -- -- -- -- 1



Percentile N

All Energy Industry Segments 2.9 3.0 3.0 3.0 11E&P and Fully Integrated 3.0 3.0 3.3 3.4 7Services & Equipment -- -- -- -- 0Drilling -- -- -- -- 0Pipeline/Midstream -- -- -- -- 2Utilities -- -- -- -- 1






Drilling 1 100.0%


Utilities 0 0.0%


10. North Dakota Salary Increase BudgetContinuedField Employees



MERCER 24


10. NORTH DAKOTA SALARY INCREASE BUDGET (CONTINUED)10. North Dakota Salary Increase Budget

% oforganizations

Yes 82.8%No 17.2%N 29

% oforganizations



N 24

Have your projections regarding salary increase budgets for North Dakota changedsince the price of oil began to decline?


MERCER 25


11. CANADA SALARY INCREASE BUDGET

Total Employees

11. Canada Salary Increase Budget


Percentile N




Drilling -- -- -- -- 4


Utilities 2.1 3.4 2.9 3.5 8



Percentile N


E&P and Fully Integrated 2.0 3.0 3.1 4.5 15Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 1Pipeline/Midstream -- 3.0 3.5 -- 5Utilities 3.0 3.5 3.3 3.5 7






Drilling 3 75.0%


Utilities 1 12.5%

Total Employees




MERCER 26


11. CANADA SALARY INCREASE BUDGET (CONTINUED)

Office Employees


Percentile N




Drilling -- -- -- -- 4


Utilities 1.8 3.2 2.6 3.5 7



Percentile N


E&P and Fully Integrated 2.0 3.0 3.2 4.5 15Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 1Pipeline/Midstream -- 3.0 3.5 -- 5Utilities -- 3.4 3.1 -- 6






Drilling 3 75.0%


Utilities 1 14.3%

Office Employees

11. Canada Salary Increase BudgetContinued




MERCER 27


11. CANADA SALARY INCREASE BUDGET (CONTINUED)

Field Employees


Percentile N




Drilling -- -- -- -- 4


Utilities -- -- -- -- 4



Percentile N

All Energy Industry Segments 2.4 3.0 3.1 3.8 30E&P and Fully Integrated 2.0 3.0 2.9 3.9 15Services & Equipment -- -- -- -- 1Drilling -- -- -- -- 1Pipeline/Midstream -- 3.0 3.6 -- 5Utilities -- -- -- -- 2






Drilling 3 75.0%


Utilities 2 50.0%

Field Employees




11. Canada Salary Increase BudgetContinued

MERCER 28


11. CANADA SALARY INCREASE BUDGET (CONTINUED)11. Canada Salary Increase Budget

% oforganizations

Yes 73.4%No 26.6%N 79

% oforganizations



N 58

Have your projections regarding salary increase budgets for Canada changed since theprice of oil began to decline?


MERCER 29


12. MEXICO SALARY INCREASE BUDGET

Total Employees

12. Mexico Salary Increase Budget


Percentile N


E&P and Fully Integrated -- -- -- -- 1


Drilling -- -- -- -- 3


Utilities -- -- -- -- 0



Percentile N


E&P and Fully Integrated -- -- -- -- 0Services & Equipment -- -- -- -- 2Drilling -- -- -- -- 2Pipeline/Midstream -- -- -- -- 1Utilities -- -- -- -- 0






Drilling 1 33.3%


Utilities 0 0.0%

Total Employees




MERCER 30


12. MEXICO SALARY INCREASE BUDGET (CONTINUED)

Office Employees


Percentile N




Drilling -- -- -- -- 3


Utilities -- -- -- -- 0



Percentile N


E&P and Fully Integrated -- -- -- -- 0Services & Equipment -- -- -- -- 2Drilling -- -- -- -- 1Pipeline/Midstream -- -- -- -- 1Utilities -- -- -- -- 0






Drilling 2 66.7%


Utilities 0 0.0%


Office Employees

12. Mexico Salary Increase BudgetContinued



MERCER 31



Field Employees


Percentile N




Drilling -- -- -- -- 3


Utilities -- -- -- -- 0



Percentile N

All Energy Industry Segments 3.0 3.5 3.7 4.5 8E&P and Fully Integrated -- -- -- -- 0Services & Equipment -- -- -- -- 2Drilling -- -- -- -- 1Pipeline/Midstream -- -- -- -- 1Utilities -- -- -- -- 0






Drilling 2 66.7%


Utilities 0 0.0%



12. Mexico Salary Increase BudgetContinuedField Employees


MERCER 32



MERCER 33

12. Mexico Salary Increase Budget

% of organizations

Yes 42.9%No 57.1%N 21

% of organizations

Higher than original projections 0.0%Lower than original projections 100.0%

N 9

Have your projections regarding salary increase budgets for Mexico changed since the price of oil began to decline?


Documents

MERCER CHANGING ENERGY INDUSTRY DYNAMICS SURVEY...Murphy Oil Company, Ltd. NAL Resources NCS Multistage, LLC Newﬁ eld Exploration Company Northern Blizzard Resources, Inc. North