Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent Transactions - Valuation Summary
Metric
Gulf of Mexico Shelf
Proved Reserves (Befe)
Production - Current (Mcfed)
Selected Gulf of Mexico Shelf Value Range
Gulf Coast Onshore
Proved Reserves (Befe)
Production - Current (Mcfed)
Selected Gulf Coast Onshore Value Range
Total Conventional Asset Value Range
Ultra-Deep Assets
Net Risked Resources (Befe)
Precedent Asset Transactions - Valuation Summary
EVERCORE PARTNERS
Data
183.8
103,211
24.7
30,598
17,260
Relevant Multiples
Low
$2.50 / Mcfe
$5,000 / Mcfed
$2.50 / Mcfe
$3,500/Mcfed
High
$3.50 / Mafe
$7,000/ Mcfed
Implied Equity Value
$3.75 / Mafe
$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
34
Value Range (SMM)
Low
High
$460
$516
$488
$62
$107
$84
$572
$2,443
Confidential
$3,015
191.9
(567.8)
(700.0)
$1,939
164.3
$11.80
$643
$722
$683
$93
$153
$123
$806
$3,698
$4,504
191.9
(300.0)
0.0
$4,396
228.8
$19.21
MCMORARView entire presentation