Evercore Investment Banking Pitch Book
McMoran Situation Analysis
Overview
Share Price
Fully Diluted Shares Outstanding
Market Capitalization
Plus: 5.75% Convertible Perpetual Preferred Stock
Plus: 11.875% Senior Notes Due 2016
Key Company Data & Implied Metrics
As of 11/08/12
Plus: 4.00% Convertible Senior Notes Due 2017
Plus: 5.25% Convertible Notes Due 2013
Less: Cash
Total Enterprise Value
Estimates and Implied Metrics
Price / Cash Flow Per Share
2012E
2013E
EV / EBITDAX
2012E
2013E
EV/ Proved Reserves ($/Mcfe)
EV/Production ($/Mcfed)
Current
2012E
2013E
Net Debt + Pref. / Net Book Capitalization
Net Debt + Pref. / 2012E EBITDAX
Net Debt + Pref / Proved Reserves (S/Mde)
Net Debt + Pref/ Proved Developed Reserves (S/Mcfe)
Data
$0.64
$0.59
$179.0
$169.5
208.5
133,809
140,369
148,635
$2,674.4
$179.0
208.5
170.6
$12.51
164.4
$2,056.1
700.0
300.0
200.0
67.8
(191.9)
$3,132.0
Metric
19.6x
21.2x
17.5x
185x
$15.02
$23,406
$22,313
$21,072
40.2%
6.0x
$5.16
$6.31
Share Price
200%
Two Year Price Performance (11/9/10-11/8/12)
150%
100%
50%
0%
Current Price
Mas
Meas
Median
Min
1 Week
1 Month
6 Months
1 Year
2 Years
11/9/10
Source: Public filings, FactSet, Equity Research
(1) Peer Group includes Cobalt, Energy XXI, EPL Oil & Gas, Stone Energy and W&T Offshore
(2) Includes conversion of 12.118 million 80% convertible perpetual preferred shares ($6.84 conversion price per share) into 1.8 million shares
EVERCORE PARTNERS
6
($ in millions, except per share amounts)
$12.51
18.74
13.93
13.74
7.99
$12.48
11.96
12.35
11.77
12:25
13.92
4/4/11
8/28/11
MeMoRan Exploration Co.
Confidential
www.
1/21/12
-Peer Group)
6/15/12
143%
Natural Gas
89%
75%
11/8/12
MOMORANView entire presentation