Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Net Asset Value Analysis - Discount Rate Sensitivity
NAV Summary(¹)
Proved Developed Producing
Proved Developed Behind-Pipe
Proved Undeveloped
Proved Reserves
Probable
Proved plus Probable Reserves
Possible
3P Reserves
Ultra Deep Upside (Risked)
P&A (Developed Properties)
Gross Asset Value
Less: G&A
Less: Insurance
Less: Sulphur Reclaimation Expense
Pre-Tax Net Asset Value
Less: Cash Taxes
After-Tax Net Asset Value
Add: Cash
Less: Debt
Less: Preferred Shares
Equity Value
Fully Diluted Shares
$/Share
6.0%
$259
632
78
$969
262
$1,231
233
$1,463
9,482
(238)
$10,707
(1,094)
(477)
(19)
$9,117
(2,655)
$6,462
192
(300)
0
$6,354
232.2
$27.36
7.0%
$256
608
73
$937
246
$1,183
222
$1,405
7,822
(231)
$8,996
8.0%
192
(300)
0
$253
585
$907
231
$1,139
212
$1,351
6,537
(224)
$7,663
(843)
(358)
(19)
$5,312
230.8
$4,493
229.1
$23.02 $19.61
9.0%
(1) NAVs based on NYMEX strip pricing as of November 1, 2012 for five years and held flat thereafter
EVERCORE PARTNERS
$251
564
65
$880
218
$1,098
203
(953)
(410)
(19)
$7,614 $6,442 $5,506 $4,741
(2,194) (1,842) (1,567) (1,346)
$5,420 $4,601 $3,939 $3,394
192
192
192
(300)
(300)
(568)
0
0
(700)
$246
525
58
$829
195
$1,024
187
$1,301 $1,254
$1,211
5,515
4,687
4,002
(218)
(212)
(207)
$6,598 $5,729 $5,006 $4,398
(685)
(625)
(575)
(284) (257)
(234)
(19)
(19)
(19)
(756)
(318)
(19)
10.0%
$3,831
227.1
$16.87
Discount Rate
11.0%
26
$248
544
61
$853
206
$1,060
194
$2,318
164.9
$14.06
12.0%
192
(568)
(700)
$243
507
56
$806
185
$991
180
$1,170
3,429
(202)
$1,862
1643
$11.34
15.0%
$1,475
164.0
$8.99
$236
459
48
$744
159
$903
161
$1,064
2,169
(189)
$4,105 $3,569 $2,379
(1,167) (1,019)
$2,938
$2,551
192
(568)
(700)
$3,044
(463)
(183)
(19)
(700)
$1,679
192
(568)
(712)
$591
161.9
$3.65
20.0%
$226
394
39
$660
128
$788
136
$924
951
(171)
$1,704
(349)
(133)
$1,203
(401)
$802
Confidential
($ in millions)
30.0%
$209
303
27
$540
89
$629
102
$731
(92)
(147)
$492
(234)
(83)
(19)
$156
(154)
$3
192
(568)
(712)
192
(568)
(712)
($286) ($1,085)
161.9
161.9
($1.77)
($6.70)
40.0%
$195
244
20
$459
67
$526
80
$606
(450)
(132)
$24
(177)
(59)
(19)
($231)
(66)
($297)
192
(568)
(712)
($1,385)
161.9
($8.56)
MOMORANView entire presentation