Baird Investment Banking Pitch Book
VALUATION MULTIPLES ACROSS THE E&P LANDSCAPE
Selected median trading multiples over the cycle
EV / NTM EBITDA
(1)
(2)
(3)
16.0x
14.0x
12.0x
10.0x
8.0x
6.0x
4.0x
2.0x
0.0x
Large Cap (1)
5.4x
Flight-to-quality and the Permian
8.6x
9.9x
2014
13.0x
Permian (2)
9.0x
10.9x
Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018.
Note: multiples are unadjusted for non-E&P assets.
9.7x
2015
11.2x
Large Cap index includes: APA, APC, CLR, DVN, FOG, HES, MRO, NBL and OXY.
Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC.
Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN.
11.4x
13.9x
11.0x
2016
Appalachia (3)
9.8x
Multiple Normalization
8.6x
10.1x
7.0x 7.1x
2017
Confidentia?
7.2x
24
8.4x
Antero Resources
6.6x
Current
BAIRD
Project Bronco
6.0x
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