Evercore Investment Banking Pitch Book
Financial Analysis
Precedent Transactions - Valuation Summary
Metric
Gulf of Mexico Shelf
Proved Reserves (Bcfe)
Current Production (Mcfed)
Selected Gulf of Mexico Shelf Value Range
Gulf Coast Onshore
Proved Reserves (Bcfe)
Current Production (Mcfed)
Selected Gulf Coast Onshore Value Range
Total Conventional Asset Value Range
Ultra-Deep Assets
Precedent Asset Transactions - Valuation Summary
Net Risked Resources (Bcfe)
EVERCORE PARTNERS
Data
183.8
3.211
24.7
30,598
17,887
Relevant Multiples
Low
$2.50/Mcfe
$5,000/Mcf
$2.50 / Mcfe
$3,500/Mcfed
22
High
Implied Equity Value
$3.50/Mcfe
$7,000/Mcfed
$4.00 / Mcfe
$5,000/Mcfed
Various (See Previous Page)
Implied Enterprise Value Range
Add: Cash
Less: Debt
Less: Preferred Shares
Diluted Shares Outstanding
Implied Equity Value per Share
Value Range ($MM)
Low
High
$460
$516
$475
$62
$107
$75
$550
$2,756
$3,306
192
(568)
(700)
Confidential
$2.230
165.3
$13.49
$643
$722
$650
$99
$153
$125
$775
$4,168
$4,943
192
(300)
0
$4,835
232.1
$20.83
MCMoRanView entire presentation