Evercore Investment Banking Pitch Book
Financial Analysis
Precedent Transactions - GOM Deepwater (Non-Proved) and Ultra-Deep Shelf
GOM Deepwater (Net Recoverable Resources)
Date
Maximum
Minimum
2-Jul-12 INPEX
1-Oct-10 Hess
BP
22-Dec-09 Maersk/Various Devon
Mean
Median
Buyer
Date
Seller
Buyer Seller
Anadarko
Trans. Net Recoverable
Value
Resources
(SMM)
(Befe)
$556
$40
$1,300
$1,300
$40
$632
$556
129.6
144.0
1,645.0
(Ice)
6.6
0.1
1,645.0
129.6
639.5
144.0
Ultra-Deep Shelf (Net Unrisked Potential)
Transaction Value /
Trans. Ultra-Deep Net
Value Unrisked Potential
(SMM)
Ultra-Deep Net Unrisked Potential
McMoRan Plains
$672(¹)
20-Sep-10
8-Sep-11 McMoRan Whitney $49
Source: IHS Herolds
(1) Represents $1% of the total transaction value which is the share McMoRan allocated to unevaluated oil and gas property
EVERCORE PARTNERS
Implied Value/
Net Recoverable Resources
(S/Mcfe)
$4.29
$0.28
$0.79
20
$4.29
$0.28
$1.79
$0.79
(5/Mcfe)
$0.10
$0.57
HHUB
12-Mo Strip
(S/MMBx)
$3.29
$4.28
$5.90
$5.90
$3.29
$4.49
$4.28
HHUB
12-Mo Strip
(S/MMBtx)
$4.44
$4.33
WTI
12-Mo Strip
($/bbl)
$87.14
$83.28
$76.43
$87.14
$76.43
$82.28
$83.28
WTI
12-Mo Strip
(3/bbl)
$79.08
$90.18
Confidential
McMoRanView entire presentation