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IPAA Private Capital Conference – Credit Suisse

Credit Suisse · Jan 25, 2018 · 13 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA Private Capital Conference – Credit Suisse – slide 1
    IPAA Private Capital Conference Confidential January 25, 2018 PRELIMINARY SUBJECT TO FURTHER REVIEW AND EVALUATION These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written…
  2. IPAA Private Capital Conference – Credit Suisse – slide 2
    The generalists have moved towards tech but they are beginning to return Price performance since 12/ 1/ 17 WTI Crude Oil 8.6% S&P 500 6.4% XOP 6.3% FANG Stocks 6.1% NYMEX Natural Gas 4.1% Source: Factset as of 1/21/18. Note:…
  3. IPAA Private Capital Conference – Credit Suisse – slide 3
    Strong performance across markets over the past year Source: Factset as of 1/21/18. Confidential 2 Credit Suisse Group AG and/or its affiliates. All rights reserved.
  4. IPAA Private Capital Conference – Credit Suisse – slide 4
    US Independents are the drivers of A&D acquisitions Value of U.S. E&P asset transactions since 2013 ( in billions) Total value Total deals Private equity backed deals 59 160.0 70 43 64 43 140.0 50 120.0 30 25 25…
  5. IPAA Private Capital Conference – Credit Suisse – slide 5
    A&D market has recently slowed Value of U.S. E&P asset transactions since Q4 2016 ( in billions) Total value Total deals Private equity backed deals 20 40.0 30 15 13 20 8 7 35.0 10 30.0 13 6 4 25.0 2…
  6. IPAA Private Capital Conference – Credit Suisse – slide 6
    Returns focus wins the day in stock performance 1 year stock price performance COG Research perspectives A doubling, or tripling of the dividend (it tripled last year) to 0.48- 0.72/year would leave 1.2-1.5 billion available for a…
  7. IPAA Private Capital Conference – Credit Suisse – slide 7
    Most IPO candidates have sold prior to IPO Historical E&P IPO Deal size ( in millions) 5,169 2016 companies which sold just prior to IPO: 2,443 2,060 1,175 474 0 2012 2013 2014 2015 2016 Jan 2017 Confidential 6 Credit…
  8. IPAA Private Capital Conference – Credit Suisse – slide 8
    A record IPO backlog for a recovering market IPO backlog Recent Energy C-corp IPOs Pricing Base % mkt % File/ Offer/ Offer/ date Issuer size val. sold Second. offer 1-day current Approx. / File Expected Company Size (MM) Pricing…
  9. IPAA Private Capital Conference – Credit Suisse – slide 9
    Dual-track technique Create increased competitive tension Particularly attractive in a weak A&D market and good IPO environment Run parallel to IPO track, full sale process Creates a sense of urgency for buyers to act before its too…
  10. IPAA Private Capital Conference – Credit Suisse – slide 10
    Private companys strategic combination with public company All stock Merger of Equals Transaction summary Pro forma acreage dedications n On December 5, 2017, Bill Barrett Corporation BBG agreed to a strategic combination with Fifth…
  11. IPAA Private Capital Conference – Credit Suisse – slide 11
    HoldCo dividend recapitalization overview Strategic rationale HoldCo dividend recapitalization schematic n A HoldCo dividend provides monetization to current owners without reducing their ownership stake Dividend to current owners…
  12. IPAA Private Capital Conference – Credit Suisse – slide 12
    CrownRocks dividend recapitalization Preferred stock and HY notes issuance Perpetual preferred transaction highlights n Magnetar Capital and EIG Global Energy Partners made a 475 million perpetual preferred equity investment in a…
  13. IPAA Private Capital Conference – Credit Suisse – slide 13
    Summary of observations n Market is in recovery mode Fundamentals have improved significantly through improved pricing while maintaining control over capital Focus on returns and production growth within cash flow n A&D market…

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