Baird Investment Banking Pitch Book
AR BENCHMARKING
Footnotes
Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018.
(1) Where applicable, Baird utilizes the following conversion ratios for oil and NGLs, respectively: 17.5 to 1.0 and 8.75 to 1.0.
(2) Wall Street research.
(3) Wall Street consensus estimates.
(4) Pro forma the $765 million sale of Eagle Ford assets as announced in December 2017.
(5)
E&P statistics adjusted to remove contribution of EQGP, EQM and RMP. EQT E&P firm value adjusted to remove public
ownership of EQGP, EQM and RMP at a 10% discount to equity value.
Confidential
(6)
E&P statistics adjusted to remove contribution of Fayetteville midstream assets. SWN E&P firm value adjusted to remove
value of midstream assets based on 7.0x EV / 2019E EBITDA and a 10% discount to equity value.
(7)
(8)
E&P statistics adjusted to remove contribution of VNOM. SWN E&P firm value adjusted to remove public ownership of
VNOM at a 10% discount to equity value.
E&P EBITDAX and DACF based on management's base case projections. AR E&P firm value adjusted to remove public
ownership of AM at a 10% discount to equity value.
BAIRD
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