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EnCap Investments L.P.
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2012 IPAA TIPRO Leaders in Industry Luncheon
| D. Martin Phillips | Page 14 of 11 |
April 25, 2024
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"2012 IPAA TIPRO Leaders in Industry Luncheon"
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Compelling Market Factors Confirm Significance of Unconventional Resource Plays ? Numerous large JV transactions and acquisitions reinforce the desire of the Majors and Internationals to gain exposure to resource plays ? >$100.0 billion of publicly announced transactions since 2008 Recent Publicly Announced Domestic Shale Play Transactions Value Deal Acres Value Deal Acres Ye ar Buyer Seller ($MM) Structure Play (000's) $/Acre Ye ar Buyer Seller ($MM) Structure Play (000's) $/Acre 2008 Plains E&P Chesapeake $3,300 Joint Venture Haynesville 110 $30,000 2010 Chevron Atlas $4,315 Acquisition Marcellus 486 $8,879 2008 BP Chesapeake $1,900 Joint Venture Fayetteville 135 $14,074 2010 Hess TRZ Energy $1,050 Acquisition Bakken 167 $6,287 2008 StatOil Chesapeake $3,375 Joint Venture Marcellus 585 $5,769 2010 Occidental Private $1,400 Acquisition Bakken 180 $7,778 2009 BG Exco Resources $1,055 Acquisition Haynesville 42 25119 2011 Hess Marquette $750 Acquisition Utica 85 $8,824 2009 Exxon XTO Energy $41,000 Acquisition Numerous (1) 1,647 N/A 2011 CNOOC Chesapeake $1,267 Joint Venture Niobrara 266 $4,756 2010 Total Chesapeake $2 250 Joint Venture Barnett 68 $33 333 2011 BHP Billiton Chesapeake $4 750 Acquisition Fayetteville 487 $9 754,25 ntur ,33 BH Bill ,75 ,75 2010 Mitsui Anadarko $1,400 Joint Venture Marcellus 100 $14,000 2011 KNOC Anadarko $1,550 Joint Venture Eagle Ford 80 $18,000 2010 Reliance Atlas Energy $1,700 Joint Venture Marcellus 120 $14,166 2011 Marathon Hilcorp $3,500 Acquisition Eagle Ford 141 $24,823 2010 BG Exco Resources $950 Joint Venture Marcellus 93 $10,200 2011 Mitsui SM Energy $750 Joint Venture Eagle Ford 39 $13,000 2010 Exco/BG Common Resources $446 Acquisition Haynesville 29 $14,397 2011 Exxon Phillips Resources $1,690 Acquisition Marcellus 317 $5,331 2010 Talisman Common Resources $359 Acquisition Eagle Ford 37 $8,840 2011 BHP Billiton Petrohawk $15,200 Acquisition Numerous 1,002 N/A 2010 Shell East Resources $4,700 Acquisition Marcellus 650 $7,231 2011 Noble CONSOL $3,100 Joint Venture Marcellus 314 $9,873 2010 Shell Private $1,000 Acquisition Eagle Ford 100 $10,000 2011 Statoil Brigham Exploration $4,800 Acquisition Bakken 376 N/A ? Public markets placing a premium on companies with significant exposure to resource plays 2010 Reliance Pioneer $1,150 Joint Venture Eagle Ford 95 $12,105 2011 CHK/Enervest Total $2,440 Acquisition Utica 163 $15,015 2010 EnerVest Talon Oil & Gas $967 Acquisition Barnett 20 N/A (2) 2012 Apache Cordillera III (3) $2,845 Acquisition Granite Wash 254 $11,201 2010 StatOil/Talisman Enduring $1,325 Acquisition Eagle Ford 122 $10,900 2012 Williams Caiman Energy (3) $2,500 Acquisition Marcellus N/A N/A Total Transactions $118,784 ? Resource plays are commanding a premium in M&A market ? Conventional assets are trading largely at PDP values while unconventional assets are trading at multiples of PDP value with substantial value attributed to acreage and resource potential ? It is estimated that the U.S. oil and gas industry will require annual capital of >$40 billion to finance the development of gy pp shale assets (4) 14 (1) Includes Marcellus, Bakken, Barnett, Fayetteville, Woodford and Haynesville acreage (2) Reserves comprised the majority of the deal value (3) Under PSA, expected to close in Q2 2012 (4) Source: ITG Investment Research