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Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
Upstream A&D Trends
Chris Atherton EnergyNet, Inc. - President
(832) 654-6612 [email protected]
A&D Strategies and Opportunities Workshop October 13th 2017
2016 Key Stats:
$743MM in Asset Sales
Closed 8 Transactions Valued Individually Between $20MM and $80MM
950 Total Closed Transactions
Facilitated Government Lease Sales for 8 Agencies
2017 YTD Key Stats as of 10/10/17:
$1.15B in Asset Sales
975 Total Transactions
Closed 25 Transactions Valued Individually Greater than $10MM
EN 2017 Transactions
975 Individual Transactions
• Transforming E&P Companies
• Post-Emergence E&P Plans
• Private Equity’s Impact on the Market
• Laser-Focused Strategies
A&D Drivers and Motivations:
Top 20 Transactions Q1 2017
SOURCE: ShaleExperts
Top 20 Transactions Q1 2017
Eagle Ford10%
ETX Eagle Ford5%
STACK5%
Appalachia10%
Permian 5%
Midland25%
Delaware 40%
Top 20 Transactions Q2 2017
SOURCE: ShaleExperts
Top 20 Transactions Q2 2017
West Coast4%
Marcellus48%
Eagle Ford8%
Rockies25%
Midland6%
Delaware 9%
2015 thru 2017 YTD Deal Flow
Num
ber o
f Dea
ls
0
72
144
216
288
360
$ in
Billi
ons
0
18
36
54
72
90
2015 2016 2017YTD
$51.8B$63.9B
$30.4B
222
320304304
320
222
2017 YTD Deal Flow
0
25
50
75
100$
in B
illion
s
0
25
50
75
100
Q1 2017 Q2 2017 Q3 2017
$7.8
$19.1$24.3
47
79
9191
79
47
$24.3
$19.1
$7.8
Num
ber o
f Dea
ls
Transforming E&P Companies
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Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
Transforming E&P Companies
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Transforming E&P Companies
• Marathon • Halcon Resources • PDC Energy • QEP Resources • SM Energy • Range Resources • Resolute
• Gulfport • Apache • WPX Energy • Noble Energy • Callon Petroleum • Jones Energy • Carrizo
Transforming E&P Companies
Marathon Oil PDC Energy
Transforming E&P Companies
Range Resources Gulfport Energy
Halcon Resources Transformation
SOLD for $1.4B
Noble Energy Transformation
Private Equity’s Impact on the Market
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Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
Private Equity’s Impact on the Market
t
Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
• Hilcorp / Carlyle——————————$2.7B • Bruin E&P————————————-$1.4B • HG Energy———————————-$1.1B • Venado———————————-$800MM • Oak Ridge Energy—————- $740MM • Caerus Oil & Gas——————$735MM • Chisholm Oil————————$625MM • Jonah Energy——————- $581MM • Rockcliff Energy————— $525MM • RimRock Energy————— $500MM
Energy Private Equity Sponsors
Private Equity Sponsored Companies
UpCurve Energy Olifant Energy
Black Mountain Rover Petroleum
Rimrock Resource Partners
Red Bluff Holdings Resource Energy
Partners Element Petroleum
III Balidor Oil and Gas
Terra Energy Partners
Luxe Energy Monadnock Resources
Bison Oil and Gas
Colgate Energy Partners
Percussion Petroleum LLC
PCORE II Torrent Oil & Gas
Scala Energy Guidon
Rebellion Energy Laurel Mountain Channel Energy Tecolote Energy Krewe Energy Rio Oil & Gas
Cantera Energy EXL Energy
Tall City Exploration II
Protege Energy Rockcliff Energy
Haymaker Minerals Adventure
Exploration III Verdun Oil
Invictus Energy HRM Resources II Endless Mountain Oak Ridge Energy
Riverbend Oil & Gas Treadstone Energy
Partners Council Oaks
OneEnergy Partners Brigadier Oil & Gas
Advance Energy Partners
Eclipse Energy Marlin Energy
QStar II Plantation Petroleum
Tracker Resources Travis Peak
Felix Energy II EnergyQuest Blackbeard Operating
Tug Hill PayRock Energy II Wishbone Energy
Partners Newark E&P
LOGOS Resources Talos Energy
Grenadier Energy Renaissance
Kraken Oil & Gas Atlantic Resource
Company Fortuna Resources
Sabinal Energy Covey Park
Ursa Resource Group
Wild Wind Petroleum
Craton Energy Juniper Resources
Stanolind Boaz Energy Windy Cove Bluestone
Alamo Resources PetroEdge
Saxet Minerals Exponential Resource
Crown Oil Partners CP Exploration
Battlecat Oil & Gas Capstone Natural
Resources Titanium
Exploration Teal Natural Resources
Admiral Permian Shot Hollow
Valorem Resources Escondido
Private Equity Sponsored Companies (cont’d)
Phoenix Natural Resources
Crimson Resources Native Exploration Chisholm Energy
Holdings Titan Rock
Ameredev II Moriah Henry
Partners TMN Resources
Carbon Appalachian
Valorem Middle Fork Energy
Silverback II SLANT Energy
Lola Energy
Weatherly Exaro Energy III Sabinal Energy
Vitruvian IV Antioch Energy
Hibernia Chisholm Oil & Gas
Canyon Creek Resources
Grit Oil & Gas Corterra Casillas Roxo Oil
River Boat Gamblers
Oregon Trail Holdings
Shenanigans
Laser-Focused Strategies
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Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
Laser Focused A&D Strategies Powder River
Basin Eagle Ford
Non-Op Strategy
Marcellus Utica
Wattenberg Bakken
Arkoma Basin Piceance
Mancos Shale Anadarko
Basin Gulf of Mexico
Distressed Buyers
East Texas San Juan
Basin Ark-La-Tex Eaglebine
Royalty / ORRI Strategy Woodford
Shale Granite Wash Haynesville
Central Basin Platform
Smackover
Texas Gulf Coast
CO2 / EOR Strategy Woodford DJ Basin Royalty
Aggregators Fayetteville
Shale Deep Water
GOM Arbitrage Players
CBM Buyers Mineral Buyers
Niobrara / Codell
South Texas Woodbine
Shale Waterflood
Buyers Appalachian
Basin Wind River
ROZ STACK
Paradox Basin Hugoton Gas
Land / Acreage Players
South Louisiana Long Oil Players
Delaware Basin
California Players
Midland Basin SCOOP Uinta
Alpine High Cline Shale Tuscaloosa
Marine Long Gas Players
Acquire & Exploit Kansas
Horizontal San Andreas Miss Lime
MERGE Williston
Basin Alaska
Mississippi/Alabama Barnett
Frontier / Muddy
Southeastern New Mexico
2525
A&D Overview Forward Looking
• Inventory of tens of thousands of horizontal producers (not strippers) but lower-rate
• That whole inventory is going to be looking for lower-end income buyers
• Buyers will be adept at artificial lift, re-stimulation, clean-outs—all the things you do later in well’s life
• Operators will be producers we really haven’t seen in the horizontal world
• Divestments-source of liquidity for companies to keep funding drilling
• The conversation will shift from spectacular IP headlines to focus, instead, on scale, operational efficiency, reservoir management, workovers, cleanouts, refracs
• Companies that excel at this will start blocking up acreage
• Resulting in low-cost, high-margin production
Post-Emergence E&P Plans
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Continuous Onl ine Auction • Rapid-Cycle Sealed Bid Sales Negotiated Sales • Government Lease Sales
• Linn Energy • Halcon Resources • Samson Resources II • Energy XXI • Goodrich Petroleum • Breitburn Energy • Vanguard Natural Resources • SandRidge Energy • Bonanza Creek • Stone Energy • Amplify Energy (previously Memorial Production) • Sabine Energy • SilverBow Resources (previously Swift Energy)
Post-Emergence E&P Plans
