Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent Transactions - GOM Deepwater (Non-Proved) and Ultra-Deep Shelf
Date
Maximum
Minimum
Mean
Median
Buyer
2-Jul-12 INPEX
Anadarko
1-Oct-10 Hess
BP
22-Dec-09 Maersk/Various Devon
Date
GOM Deepwater (Net Recoverable Resources)
Implied Value /
Resources Net Recoverable Resources
(Bcfe)
($/Mcfe)
$4.29
$0.28
$0.79
Buyer Seller
Seller
Trans. Net Recoverable
Value
(SMM)
20-Sep-10 McMoRan Plains
$6720)
8-Sep-11 McMoran Whitney $49
$556
$40
$1,300
$1,300
$40
$632
$556
129.6
144.0
1,645.0
(Tcfe)
6.6
0.1
1,645.0
129.6
639.5
144.0
$4.29
$0.28
Source: IHS Hecolds
(1) Represents 81% of the total transaction value which is the share MeMo Ran allocated to unevaluated oil and gas property
EVERCORE PARTNERS
32
$1.79
$0.79
Ultra-Deep Shelf (Net Unrisked Potential)
Trans. Ultra-Deep Net
Transaction Value /
HHUB
Value Unrisked Potential Ultra-Deep Net Unrisked Potential 12-Mo Strip
(SMM)
($/MMBtu)
$4.44
$4.33
HHUB
WTI
12-Mo Strip 12-Mo Strip
(S/MMBtu)
($/bbl)
$3.29
$87.14
$4.28
$83.28
$5.90
$76.43
($/Mcfe)
$0.10
$0.57
$5.90
$3.29
$4.49
$4.28
$87.14
$76.43
$82.28
$83.28
WTI
12-Mo Strip
($/bbl)
$79.08
$90.18
Confidential
MOMORALView entire presentation