Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent Transactions - Gulf of Mexico Shelf
Date
18-Od-12 NGP/Northstar
26-Sep-12 Arena Energy
17-Sep-12 EPL
7-Sep-12 Renaissance
15-May-12 Energy Partners
2-Feb-12 Sand Ridge
1-Dec-11 KNOC/SCL/STX/Samchully
1-Nov-11 Apache
1-Nov-11 Energy Partners
25-Aug-11 Dynamic Offshore
29-Jul-11 Dynamic Offshore
1-May-11 Dynamic Offshore
7-Apr-11 TRT/Tana
9-Mar-11 Undisdosed
Buyer
13-Jan-11 Energy Partners
21-Nov-10 Energy XXI (Bermuda)
20-Sep-10 McMo Ran
3-Nov-10 W&T
Maximum
Minimum
Mean
Median
Selected Precedent Gulf of Mexico Shelf M&A Transactions
Seller
Undisclosed Private
McMoRan
Hilcorp
McMoRan
W&T
Dynamic/Riverstone
NGP/Northstar
Stone
Stone
Moreno/SPN
Exxon Mobil
Gryphon/Woodside
Mantech/TETRA
National Fuel/Seneca
Anglo-Suisse
Exxon Mobil
Plains
Shell
Trans.
Reserves
Value Proved Res. % Gas % Dev.
(SMM) (Befe) (%) (%)
$160
$37
$550
$28
$32
$1,256
$201
$38
7.8
$38
7.8
$68
21.3
$183
81.0
$28
126
$150
54.6
$70
34.4
$201
48.6
$1,012 296.7
$158(1)
60.0
54.4
$37
$1,256
$28
$240
$70
15.2
217.8
7.4
6.0
375.0
64.8
375.0
6.0
78.3
46.5
Source: IHS Herold
(1) Represents 19% of the total transaction value which is the share McMoRan allocated to proved reserves
EVERCORE PARTNERS
78% 22%
46%
42%
23%
49% 84%
50%
50%
4%
100%
4% 100%
35% 92%
61%
72%
88% 100%
37% 89%
74% 75%
16% 76%
39% 68%
85%
72%
Production
Prod.
(Mcfed)
12,600
10,000
60,000
Implied Value /
HHUB
WTI
% Gas R/P Proved Res. Production 12-Mo Strip 12-Mo Strip
(%) (Years) ($/Mcfe) (S/Mcfed) (S/MMBru) ($/bbl)
70%
50%
5,760 48%
150,000 50%
28,200 30%
2,460
2,460
8,214
42,000
88% 100% 150,000
22%
2,460
4%
47% 75%
37,346
46%
76%
26,700
1%
35%
60%
28,793
18,000
120,000 47%
45,000
26,700
85%
73%
76%
85%
1%
45%
9.7
4.2
9.9
2,9
6.8
6.3
8.7
8.7
7.1
5.3
6.8
3.7
5.6
9.9
2.9
6.4
6.8
$3.60
$2.42
$2.53
$3.81
$5,40
$3.35
$3.10
$4.92
$4.92
$3.19
$2.25
$2.18
$2.75
$2.03
$3.41
$2.63
$0.67
$5.40
$0.67
$3.18
$3.15
$12,698
$3,680
$9,167
$5,621
$8,371
$7,128
$15,610
$15,610
$8,279
$4,345
$2,431
$11,150
$8,433
$3,501
$1,375
$15,610
$1,375
Confidential
$7,827
$8,279
$3.91
$3.49
$3.42
$3.26
$3.02
$2.89
$3.75
$4.09
$4.09
$4.20
$4.52
$4.98
$4.57
$4.28
$4.72
$4.37
$4.44
$4.21
$4.98
$2.89
$4.01
$4.15
$94.01
$92,50
$99.87
$96.84
$95.94
$99.10
$99.69
$92.81
$92.81
$87.47
$99.76
$114.41
$110.21
$106.32
$94.89
$83.60
$79.08
$86.18
$114.41
$79.08
$95.86
$95.41
MOMORANView entire presentation