Baird Investment Banking Pitch Book
COMPARATIVE COMPANY ANALYSIS (CONT.)
Bakken and Niobrara-focused Operators
($ in millions, except per
share data)
Bakken-Focused
OASIS
Niobrara-Focused
HighPoint
BONANZA
CREEK
EXTRACTION
Share
Price
03/16/18
30.66
Median
$8.25 $2,620 $2,583
27.47
12.80
Equity
Market
Cap
$4.82 $1,014
9.31
Median
2,788
562
$2,704 $2,265
2,211
Market Data
2,251
Net
Debt
$1,613
1,946
$318
(13)
947
$404
Total
Enterprise 2018E
Value
$5,203
4,734
$4,969
$1,332
549
3,316
2.740
$2,036
EBITDA (2)
$934
1,206
$1,070
$326
130
774
504
$415
2019E
EBITDA (2)
$1,180
1,250
$1,215
$568
192
1,076
$605
Financial / Valuation Metrics (1)
Total Enterprise Value /
Proved
Current
2018E
Reserves
Prod.
Prod.
(S/Mce) (2) (S/Mde/d) (2) (S/Mcfe/d) (2)
$1.17
0.59
$0.88
$0.50
1.17
$0.76
$4,741
2,566
$3,653
$4,266
2,861
3,864
$3,954
$4,246
2,576
$3,411
$3,160
2,338
3,002
4,475
$3,081
2018E
EBITDA (2)
Confidential
5.6x
4.7%
4.1x
4.3x
5.4x
4.3x
Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018.
Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings.
(1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1.
(2)
Wall Street consensus estimates.
2019E
EBITDA (2)
3.8x
4.1x
2.3x
3.1x
3.0x
BAIRD
Net Debt /
2018E
EBITDA (2)
1.6x
2.2x
1.0x
NM
1.2x
1.0x
1.0x
Project Bronco | Page 29View entire presentation