Baird Investment Banking Pitch Book
COMPARATIVE COMPANY ANALYSIS (CONT.)
Select Permian-focused Operators
($ in millions, except per
share data)
Permion-Focused
CENTENNIAL
Pi
CIMAREX
-NU
CONCHO
DIAMONDBACK
ENERGEN
JaggedPeak.....k
LAREDO
PERLE, INC.
witing
Matador
PARSLEY ENERGY
PIONEER
NATURAL RESOURCES
RSPAPERMIAN
Share
Price
03/16/18
$18.22
11.76
92.48
148.49
125.51
57.32
12.41
8.53
28.87
26.57
169.34
39.05
Median
% of 52-
Week
High
82% $5,029
71%
93%
95%
91% 22,135
75%
56%
85%
Equity
Market
Cap
90%
2,375
85%
8,826
12,321
5,583
2,642
2,069
3,154
88% 28,839
8,417
6,226
$5,905
Market Data
Net
Debt
$219
59.2
1,086
2.527
1.365
78.2
31
680
478
1,571
1,836
1,471
$934
Total
Enterprise
2018E
Value EBITDA (2)
$5,418
2,967
9,913
24,662
14,013
6.366
2,674
2,749
3,733
11,156
30,680
7,697
$7,031
$633
414
1,575
2,271
1,463
995
427
584
465
1,206
3,288
936
$966
2019E
EBITDA (2)
$901
563
1,845
2,760
1,907
1,276
600
660
571
1,688
3,979
1,212
$1,244
Current
2018E
'17-'18E
Prod.
Prod.
Prod.
[Mmde/d) (2) (Mmde/d) (2) Growth (2)
598
400
2,052
2,760
1,383
1,303
337
725
546
1,130
4,068
913
1,021
802
471
2,274
3,047
1,690
1,334
519
773
591
1,461
4,334
1,102
1,218
Operational Metrics (1)
93%
40%
18%
34%
93%
11%
25%
53%
21%
35%
2018E
Prod.
% Gas
12%
9%
27%
14%
Confiden
22%
7%
Proved Reserves
Befe
17% 10,792
2,365
5% 4,844
Source: Company fillings, 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.
2,053
5,356
5,869
2,394
1,914
5,612
10% 12,044
5% 5,441
%
PDP
5,100
41%
587 39%
49%
83%
69%
61%
57%
88%
49%
92%
42%
53%
%
Gas
BAIRD
14%
30%
19%
6%
10%
3%
17%
21%
85
15%
5%
12%
2017E
R/P Ratio
(Years)
15.6
16.7
7.6
11.8
11.3
16.1
6.0
9.4
11.1
16.1
9.2
18.2
11.6
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