prompt oil price ($/bbl) $52.28 ($0.31) (0.6%) let’s ... · 6/17/2019 · 1q15 2q15 3q15 4q15...

1

June 17, 2019

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $52.28 ($0.31) (0.6%)

Prompt Gas Price ($/mmbtu) $2.33 $0.01 0.4%

Wkly Trans. Value ($mm) $2,241 $2,241 nmf

Wkly Trans. Count 5 5 nmf

US Rig Count 969 (6) (0.6%)

US Oil Prod'n (mmbbl/d) 12.3 (0.1) (0.8%)

US Gas Prod'n (bcf/d)(1) 108.5 -- --

US Oil Storage (mmbbl) 485.5 2.2 0.5%

US Gas Storage (tcf) 2.1 0.1 5.1%

$2.2 $8.0

$9.9 $10.7 $4.9

$15.8 $21.2 $21.9 $24.1

$17.0

$9.1 $9.2

$20.8

$8.2

$31.6

$19.5

$1.7

$63.3

--

50

100

150

200

250

300

350

400

450

500

--

$10

$20

$30

$40

$50

$60

$70

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 96%

Nu

mb

er

of

Tra

ns

acti

on

s

Tra

ns

acti

on

Valu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil

Debt

Markets

Nine issuers priced nine tranches for $5.3 billion in proceeds

U.S. high yield funds reported an inflow of $1.7 billion

ETFs reported an inflow of $1.35 billion, while mutual funds reported an outflow of $368 million

High yield index yield was 6.32%; high yield energy index yield was 8.68%

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS

Note: Current quarter’s data is through the week covered by this issue.

1. EIA U.S. natural gas gross withdrawals and production reported monthly as of February 2019.

2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.

Key Industry Indicators

Quarterly Deal Activity

S&P E&P(2) underperformed last week (1.2)% vs. SPX(2) 1.7%

The major U.S. equity indexes all finished up last week as the markets continued to rebound. Consumer

discretionary, consumer staples, financials, health care, industrials, materials, real estate, and tech all

finished higher

Equity

Markets

Oil ended last week down. Russia and Saudi Arabia reiterated that they would coordinate their actions to

prevent a supply glut and support prices. The Trump administration once again threatened sanctions

against Iran’s Special Trade and Finance Institute, the financial entity set up to trade with Europe in order

to avoid U.S. sanctions. Two tankers were attacked in the Gulf of Oman. The U.S. administration blamed

Iran for the attacks. If these attacks continue, U.S. military escorts for tankers passing through the region

might occur, which would signal an escalation and likely cause higher prices in crude oil. The near-term

contract closed down $0.31, or 0.6%, at $52.28

Natural gas ended last week up. The build in natural gas storage was right on market consensus. There

were mixed weather reports but overall sentiment was supportive. The near-term contract closed up

$0.01, or 0.4%, at $2.33

Commodities

Week in Review

Let’s follow these guidelines when sorting articles:

• First priority: Domestic A&D, ranked by size

• Next: Domestic M&A

• Then: US companies doing international deals (like

Noble’s Tamar)

• Then: Others (Cabot’s Lackawanna)

• Then: Prices, rig count, completions, etc.

To paste the arrows with colors,

• FactSet

• Settings

• Presentation Linking and Formatting

• Import

• Colors

• Change Color Font Covering the Week of June 7 to June 13, 2019

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

This is the final issue for 2018. The Market Monitor will

return on Monday, January 7th. Happy Holidays from the

BMO Capital Markets team!

The October issue of BMO Calgary’s A&D (Canadian) Market

Monitor went live last week – read more here

Comstock Resources entered into an agreement to acquire

Covey Park Energy in a cash and stock transaction valued at

approximately $2.2 billion. BMO Capital Markets served as

Financial Advisor to Comstock and also served as Lead

Left Arranger, Lead Left Bookrunner, and Administrative

Agent on Comstock’s pro forma $2.5 billion senior

secured credit facility (see page 4 for details)

TPG Sixth Street Partners and Glendale Energy Ventures

announced a new oil and gas investment partnership with an

initial $500 million in capital commitments. The partnership

has already deployed funds with the completion of $55 million

in acquisitions

Prime Rock Resources and New Dawn Energy announced a

joint development agreement in Louisiana targeting the Austin

Chalk

All references to last week in the comments below are through Thursday

Russia and Saudi Arabia reiterated that they would coordinate their actions to prevent a

supply glut and support prices. Tariffs on Mexico were postponed. The legislature in Mexico

has to finalize the agreement or the tariffs could go back into effect. The Trump

administration once again threatened sanctions against Iran’s Special Trade and Finance

Institute, the financial entity set up to trade with Europe in order to avoid U.S. sanctions.

Two tankers were attacked in the Gulf of Oman. The U.S. administration blamed Iran for the

attacks. If these attacks continue, U.S. military escorts for tankers passing through the

region might occur, which would signal an escalation and likely cause higher prices in crude

oil

The build in natural gas storage was right on market consensus. There were mixed weather

reports but overall sentiment was supportive

http://click.bmocapitalmarkets.bmo.com/?qs=06431ffcb9e46ff9ceb552c71599979cce1497589a985c6f6db2bcdad857fec824bec1ef9245eef7759c94d656a26e446b38de2e8b6d3a20

2

June 17, 2019

R / P

Sales Value /

Proved Reserves

(15:1)

(ratio) ($ / boe) ($ / mcfe)

8x $18.08 $1.21

10x $15.78 $1.05

15x $11.21 $0.75

20x $7.97 $0.53

Permian25%

Rockies (ex. Bakken)

11%

Bakken6%Appalachia

4%

Mid-Con16%

Eagle Ford6%

Ark-La-Tex6%

Gulf of Mexico3%

Other21%

LTM By Region

y = 31.222e-0.068x

R² = 0.3404

--

$10

$20

$30

$40

$50

$60

-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Sa

les

Pri

ce

/ P

rove

d R

es

erv

es

($

/bo

e @

15

:1)

R / P

Oil66%

Gas34%

LTM By Commodity

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)

12-Jun-19 Glendale Energy; TPG Undisclosed Seller Mid-Continent Non-op interests in STACK $55 n.a. n.a. n.a.

23-May-19 Riverside Energy Riviera Resources Inc Other 1,400 net wells in Michigan $45 $1.38 n.a. n.a.

13-May-19 Equinor Shell Gulf of Mexico 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.

07-May-19 Sabinal; Undisclosed Diamondback Energy Permian CBP, NW Shelf, & Midland Basin $322 n.a. $49,538 $2,927

02-May-19 Undisclosed Buyer California Resources Corp California 50% WI in assets in San Joaquin Basin $203 n.a. $88,000 n.a.

29-Apr-19 Undisclosed Buyer Riviera Resources Inc Mid-Continent Non-op Hugoton Basin $31 n.a. n.a. n.a.

23-Apr-19 Murphy LLOG Bluewater LLC Gulf of Mexico Mississippi Canyon & Green Canyon $1,375 $20.83 $36,184 n.a.

22-Apr-19 Northern Oil and Gas Flywheel Energy LLC Bakken 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238

08-Apr-19 Sequitur Energy Resources Callon Permian 9,850 net acres in Reagan & Upton, TX $260 n.a. $65,000 $26,396

02-Apr-19 Dorchester Minerals, L.P. H. Huffman & Co. Multi-Region Mineral & royalty assets across the U.S. $44 n.a. $139,419 nmf

Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services

Purple = BMO provided both transaction advisory services and acquisition financing or related services

Public Company

43%

PE / PE-Backed

20%

Private10%

Other27%

LTM By Buyer Type

The 10 Most Recent Asset Transactions Over $20 Million

A&D Valuation Trends(3)

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS

1. Represents total enterprise value. 2. Calculated as percentage of total LTM transaction count (number of transactions, not dollar value).

3. 65 transactions from January 2015 to 2019 with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1

(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.

4. Year-to-date data is through this week’s date for each respective year.

(2) (2) (2)

Confirm number of transactions weekly --->

[TBU]

[TBU]

[TBU]

YTD Deal Activity ($bn)(4)

$12.4 $23.4

$14.6 $5.3

$4.4

$8.8

$11.1

$59.8

$16.8

$32.2

$25.7

$65.1

2016 2017 2018 2019

433 768 571 95

Asset Corporate

Deal Count

3

June 17, 2019

Select Significant Deals on the Market

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

Source of Select Significant Deals on the Market: BMO Transaction Database

Source of Headlines: Press releases

Industry Headlines

Appalachia

1 Deals

Mid-Con

8 Deals

Eagle Ford

8 Deals

Permian

17 Deals

Other

10 Deals

Rockies

4 Deals

(Click headline to link to the full article)

M&A&D Headlines

Bakken

4 Deals

Ark-La-Tex

5 Deals

BMO Deals (Status)

Enerplus Elm Coulee (In Market) – See page 6

Bulls Beware: The 2020 Oil Market Is Quickly Turning

Ugly

Russia Warns of $40 Oil Even as It Holds Out on

OPEC+ Deal

OPEC Warns That Trade Tensions Are Hurting Global

Oil Demand

Oil Demand Signals Are Flashing Red as Price Dives

Toward $50

The U.S. Will Maintain Oil Production Despite Falling

Prices, Says Deputy Energy Secretary

Texas Producers Experiment, Pumping Gas Down

Wells Amid Glut

Drilling Down: Spraberry Play Heats Up in West Texas

Comstock Resources to Become Haynesville Basin

Leader With Acquisition of Covey Park Energy for

$2.2 Billion

Prime Rock Resources and New Dawn Energy

Announce Joint Development Agreement in Louisiana

Targeting the Austin Chalk

TPG Sixth Street Partners and Glendale Energy

Ventures Form $500 Million Partnership to Fund

Acquisitions of Non-Operated Oil and Gas Properties

Talos Energy Announces Full Year 2019 Operating

and Financial Guidance (includes A&D

announcement)

BMO Deals (Status)

Juno Permian (In Market) – See page 4

Rio Glasscock County (In Market) – See page 5

[TBU]

[TBU] [TBU]

6/12/2019

Appalachia 1

Ark-La-Tex 5

Bakken 4

Eagle Ford 8

Mid-Con 8

Other 10

Permian 17

Rockies 4

57

https://www.chron.com/business/energy/article/Bulls-Beware-The-2020-Oil-Market-Is-Quickly-13964800.php?cmpid=ffcp

https://www.chron.com/business/energy/article/Bulls-Beware-The-2020-Oil-Market-Is-Quickly-13964800.php?cmpid=ffcp

https://www.worldoil.com/news/2019/6/10/russia-warns-of-40-oil-even-as-it-holds-out-on-opecplus-deal

https://www.worldoil.com/news/2019/6/10/russia-warns-of-40-oil-even-as-it-holds-out-on-opecplus-deal

https://www.worldoil.com/news/2019/6/13/opec-warns-that-trade-tensions-are-hurting-global-oil-demand

https://www.worldoil.com/news/2019/6/13/opec-warns-that-trade-tensions-are-hurting-global-oil-demand

https://www.worldoil.com/news/2019/6/12/oil-demand-signals-are-flashing-red-as-price-dives-toward-50

https://www.worldoil.com/news/2019/6/12/oil-demand-signals-are-flashing-red-as-price-dives-toward-50

https://www.cnbc.com/2019/06/12/us-deputy-energy-secretary-dan-brouillette-on-us-oil-and-natural-gas.html

https://www.cnbc.com/2019/06/12/us-deputy-energy-secretary-dan-brouillette-on-us-oil-and-natural-gas.html

https://www.worldoil.com/news/2019/6/9/texas-producers-experiment-pumping-gas-down-wells-amid-glut

https://www.worldoil.com/news/2019/6/9/texas-producers-experiment-pumping-gas-down-wells-amid-glut

https://www.chron.com/business/energy/article/Drilling-Down-Spraberry-play-heats-up-in-West-13964593.php?cmpid=ffcp




http://phx.corporate-ir.net/phoenix.zhtml?c=101568&p=irol-newsArticle&ID=2401000



https://markets.businessinsider.com/news/stocks/prime-rock-resources-and-new-dawn-energy-announce-joint-development-agreement-in-louisiana-targeting-the-austin-chalk-1028273835



https://www.businesswire.com/news/home/20190612005474/en/TPG-Sixth-Street-Partners-Glendale-Energy-Ventures





https://www.prnewswire.com/news-releases/talos-energy-announces-full-year-2019-operating-and-financial-guidance-300779250.html





4

June 17, 2019

On June 10, 2019, Comstock Resources, Inc.

(“Comstock”) announced that it entered into an

agreement to acquire Covey Park Energy, LLC

(“Covey Park”) in a cash and stock transaction valued

at approximately $2.2 billion

Includes the assumption of Covey Park’s

outstanding debt and the retirement of Covey

Park’s existing preferred units which in aggregate

total approximately $1.1 billion

Covey Park will receive $700 million cash, $210

million of newly issued perpetual convertible

preferred stock, and 28.8 million shares of newly

issued Comstock common stock

Jerry Jones, owner of the Dallas Cowboys Football

Club Ltd., will invest an additional $475 million in cash

for 50 million of newly issued shares of Comstock

common stock to be issued at an agreed upon price of

$6.00 per share and $175 million of newly issued

shares of perpetual convertible preferred stock

The transaction is expected to close on or before July

31, 2019

BMO Capital Markets served as Financial Advisor

to Comstock on this transaction and also served

as Lead Left Arranger, Lead Left Bookrunner, and

Administrative Agent on Comstock’s pro forma

$2.5 billion senior secured credit facility

TRANSACTION SUMMARY

Source: Press releases, company presentations

1. Based on $2,000/mcfe/d production multiple.

ASSET SUMMARY

248,830 total net acres, with 205,946 net acres in the

Haynesville/Bossier

Q1 2019 net production of 705 mmcfe/d

1,180 net drilling locations

SEC proved reserves of 2,940 bcfe

SEC proved PV-10 of $2,357 million

Includes approximately 500 miles of gathering

systems

BMO Deal of the Week:

Comstock Resources Acquires Covey Park Energy for $2.2 Billion

ACQUIRED ASSETS TRANSACTION METRICS

Rockies

Permian

Gulf of Mexico

Algeria

Ghana

Mozambique

Covey Park Assets

OBSERVATIONS

Transforms Comstock into the basin leader of the

Haynesville

Over $25 million in annual corporate overhead

savings

Pro forma the transaction, Jerry Jones will own 75%

and Denham Capital will own 16% interest

Purchase Price (US$ mm)

Total Consideration $2,200

Metrics

Net Haynesville/Bossier Acres 205,946

Q1 2019 Net Production (mcfe/d) 705,000

Net Locations 1,180

Proved Reserves (bcfe) 2,940

SEC Proved PV-10 $2,357

Multiples

TEV / Net Haynesville/Bossier Acres($/acre) $10,682

TEV / Adj. Net Haynesville/Bossier Acres ($/acre)(1) $3,836

TEV / Q1 2019 Net Production ($/mcfe/d) $3,121

TEV / Net Location ($mm/location) $1.9

TEV / Adj. Net Location ($mm/location)(1) $0.7

TEV / Proved Reserves ($/mcfe) $0.75

TEV / SEC Proved PV-10 0.93x

Financial Co-Advisor Pending

Acquisition of

$2.2 billion

Lead Left Arranger, Lead

Left Bookrunner, and

Administrative Agent Pending

Senior Secured Credit

Facility

$2.5 billion

5

June 17, 2019

$20

$30

$40

$50

$60

$70

$80

Jun-18 Dec-18 Jun-19 Dec-19 Jun-20

($/b

bl)

$1

$2

$3

$4

$5

Jun-18 Dec-18 Jun-19 Dec-19 Jun-20

($/m

mb

tu)

25%

35%

45%

55%

65%

Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19

% o

f W

TI

NGL as % of WTI

Historical Prices as of 13-Jun-19 Close ($/gal)

NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago

Ethane $0.16 $0.19 $0.29 $0.33

Propane $0.42 $0.42 $0.70 $0.89

Butane $0.38 $0.35 $0.73 $0.97

Iso-butane $0.49 $0.48 $0.80 $1.37

Pentane+ $1.02 $0.99 $1.09 $1.52

NYMEX Gas Futures as of 13-Jun-19 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $2.50 $2.51 $3.15 $2.93

2019 $2.40 $2.41 $3.15 $2.80

2020 $2.61 $2.60 $2.70 $2.70

2021 $2.63 $2.64 $2.61 $2.66

2022 $2.79 $2.80 $2.79 $2.80

2023 $2.79 $2.80 $2.79 $2.80

NYMEX WTI Futures as of 13-Jun-19 Close ($/bbl) NYMEX Gas Futures as of 13-Jun-19 Close ($/mmbtu)


12 Mo. Strip $52.59 $52.44 $53.75 $65.14

2019 $52.66 $52.72 $53.75 $63.89

2020 $52.25 $51.82 $54.09 $61.00

2021 $51.52 $50.89 $53.42 $58.80

2022 $51.55 $50.71 $52.82 $57.10

2023 $52.09 $51.10 $52.58 $55.90

NGL PRICING(2)

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

Commodity Prices

Source: BMO Commodity Products Group, Bloomberg, FactSet

1. Future prices are calendar year average unless stated otherwise.

2. Assumes typical Gulf Coast barrel composition.

WTI OIL (HISTORICAL / FORECAST)

Links:

http://www.nasdaq.com/markets/crude-oil.aspx

http://www.bloomberg.com/quote/CL1:COM

http://www.nasdaq.com/markets/natural-gas.aspx

http://www.bloomberg.com/quote/NG1:COM

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

[TBU]

[TBU]

[TBU]

Historical Prices as of 06-Jun-19 Close ($/gal)

NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago

Ethane $0.19 $0.22 $0.31 $0.32

Propane $0.42 $0.52 $0.72 $0.87

Butane $0.35 $0.51 $0.70 $0.91

Iso-butane $0.48 $0.60 $0.90 $1.35

Pentane+ $0.99 $1.11 $1.03 $1.49

NYMEX Gas Futures as of 06-Jun-19 Close ($/mmbtu)


12 Mo. Strip $2.51 $2.67 $3.22 $2.89

2019 $2.41 $2.63 $3.22 $2.78

2020 $2.60 $2.68 $2.69 $2.69

2021 $2.64 $2.65 $2.64 $2.66

2022 $2.80 $2.81 $2.81 $2.81

2023 $2.80 $2.81 $2.81 $2.81

NYMEX WTI Futures as of 06-Jun-19 Close ($/bbl) NYMEX Gas Futures as of 06-Jun-19 Close ($/mmbtu)


12 Mo. Strip $52.44 $56.26 $52.68 $63.48

2019 $52.72 $56.69 $52.68 $62.18

2020 $51.82 $55.24 $53.50 $59.22

2021 $50.89 $53.43 $53.35 $56.89

2022 $50.71 $52.57 $53.12 $55.20

2023 $51.10 $52.40 $53.14 $53.97














http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html



http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html



6

June 17, 2019

Clearbrook

Midland

Cushing

St. James

(LLS)

East Coast

U.S. (Brent)

Midland Sweet-

Sour Spread

EMS

AECO

Northern

California

Sumas

Southern

California

El Paso - SJ

Waha

HSC

Henry Hub

Panhandle

CIG Chicago

Dominion

Transco

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 13-JUN-19

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 13-JUN-19

Legend

Price

Diff.

Legend

Price

Diff.

Source: BMO Commodity Products Group, Bloomberg

Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.

MAPS IN

MASTER VIEW

TBU

[TBU]

[TBU]

$52.28

($0.41) $58.65

$6.37

$1.96

($0.37)

$1.71

($0.62)

$2.33

$2.13

($0.20)

$52.34

$0.06

$61.31

$9.03

$53.28

$1.00

$45.90

($6.38)

$2.05

($0.28)

$2.36

$0.03

$0.28

($2.05)

$1.52

($0.81)$1.81

($0.52)$2.77

$0.44

$0.62

($1.71)$2.19

($0.14)

$2.81

$0.48

7

June 17, 2019

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 441 (5) 446 Oil Differential ($0.80) ($0.45) ($0.35)

Permitting Activity 178 (44) 222 Gas Differential ($2.05) ($0.02) ($2.03)

0%

10%

20%

30%

40%

50%

--

100

200

300

400

500

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

H V+D % of Total Rigs

-$4.80

-$3.20

-$1.60

$0.00

$1.60


-$18.00

-$12.00

-$6.00

$0.00

$6.00

$ /

mm

btu

$ /

bb

l

Midland Waha

1,0911,1481,223

993

1,212

1,010868

1,247

1,0651,207

1,050

1,256

345

Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19

H V+D

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

mm

cf/

d

mb

bl/

d

Oil Gas

3,846

12,871

--$10,000$20,000$30,000$40,000$50,000$60,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

1 2 8 8 6 6 12 13 15 7 3 2 7 2 5 4 1 2

$ /

acre

# Deals

$25,753

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

07-May-19 Sabinal; Undisclosed Diamondback Energy CBP, NW Shelf, & Midland Basin $322 n.a. $49,538 $2,927

08-Apr-19 Sequitur Energy Resources Callon 9,850 net acres in Reagan & Upton, TX $260 n.a. $65,000 $26,396

27-Mar-19 Undisclosed Buyer Rosehill Resources ~880 net acres in Lea Co., NM $22 n.a. n.a. $25,000

26-Feb-19 Ring Energy Inc Wishbone Energy Partners 37,206 net Central Basin Platform acres $300 $8.75 $50,000 $8,063

19-Feb-19 Undisclosed Buyer Noble Energy Non-core acreage in the Delaware Basin $63 n.a. n.a. n.a.

Mean $193 $8.75 $54,846 $15,597

Median $260 $8.75 $50,000 $16,532



--

$50,000

$100,000

$150,000

$200,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2

$ /

bo

e/d

# Deals

$117,551

GROSS PRODUCTION

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

PERMITTING ACTIVITY BY MONTH

DIFFERENTIALS

Permian Snapshot

RIG COUNT

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS


1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.

3. Red line denotes average since 01-Jan-17. Calculated as the weighted average of each quarter’s transactions.

4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.

[TBU]

[TBU]

[TBU] [TBU]

[TBU] [TBU]

[TBU]

8

June 17, 2019


Rig Count 90 1 89 Oil Differential $7.00 ($0.10) $7.10

Permitting Activity 76 25 51 Gas Differential $0.03 $0.01 $0.02

0%

5%

10%

15%

20%

--

100

200

300



-$0.30

-$0.20

-$0.10

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50


-$6.00

-$4.00

-$2.00

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

MEH HSC

440379

455

329402

350315

398 353

472

351401

104


H V+D

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

10,000

10,500

1,000

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,535

8,472

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

19-Nov-18 Lonestar Resources Inc Sabine Oil & Gas Corp 2,706 net acres in Eagle Ford $39 $2.98 $48,375 $14,302

20-Sep-18 WildHorse Undisclosed Seller 20,305 net Eagle Ford/Austin Chalk acres $35 n.a. n.a. $1,743

07-Sep-18 Undisclosed Buyer Viking Minerals LLC 1,191 net royalty acres in Eagle Ford $28 n.a. n.a. nmf

31-Jul-18 EP Energy Corp Undisclosed Seller Additional working interests in Eagle Ford $31 n.a. n.a. n.a.

26-Jul-18 BP BHP Billiton Permian, Eagle Ford, and Haynesville $10,500 n.a. n.a. n.a.

Mean $2,127 $2.98 $48,375 $8,022

Median $35 $2.98 $48,375 $8,022



--

$50,000

$100,000

$150,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

1 1 3 1 2 2 2 4 4 3 1 2 7 2 0 3 0 0

$ /

bo

e/d

# Deals

$70,217

--$10,000$20,000$30,000$40,000$50,000$60,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 1 2 1 2 2 0 4 2 3 1 2 4 2 1 3 0 0

$ /

acre

# Deals

$6,130

Eagle Ford Snapshot



DIFFERENTIALS RIG COUNT







GROSS PRODUCTION

9

June 17, 2019


Rig Count 60 (1) 61 Oil Differential $7.70 $0.10 $7.60

Permitting Activity 17 7 10 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

20

40

60

80



--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

154 163 168 177 180

115105

174

113116 116

132

25


H V+D

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

80

90

100

110

120

130

140


mm

cf/

d

mb

bl/

d

Oil Gas

95

11,355

--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 3 1 1 2 1 3 0 1 2 0 1 1 1 1 0 0

$ /

acre

# Deals

$3,349

--$2,000$4,000$6,000$8,000

$10,000$12,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 5 1 1 3 2 3 0 2 2 0 1 1 2 1 0 0

$ /

mcfe

/d

# Deals

$5,209

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

19-Dec-18 Comstock Shelby Shale LLC 6,023 net acres in Haynesville $21 n.a. n.a. $3,404

19-Nov-18 Aethon III QEP Resources Inc 49,700 net acres in Haynesville $735 $0.77 $2,475 $14,789

05-Sep-18 Viking Energy Group Multiple Sellers Texas and Louisiana assets $100 n.a. n.a. n.a.

05-Sep-18 Equinor Texegy LLC 60,000 net acres in Austin Chalk $75 n.a. n.a. $1,250

06-Aug-18 Mission Creek Resources Bonanza Creek Energy Inc 11,132 net acres in the Cotton Valley $117 $1.69 $6,500 $10,510

Mean $210 $1.23 $4,487 $7,488

Median $100 $1.23 $4,487 $6,957



Ark-La-Tex Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.


GROSS PRODUCTION

10

June 17, 2019


Rig Count 76 -- 76 Oil Differential $9.03 ($0.05) $9.08


0%

5%

10%

15%

20%

--

50

100

150



-$3.00

-$2.00

-$1.00

$0.00

$1.00

$2.00

$3.00


-$15.00

-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$ /

mm

btu

$ /

bb

l

Brent Dominion

299 269

493

373 370305

258

397

276

382419

384

86


H V+D

14,000

19,000

24,000

29,000

34,000

50

70

90

110

130

150


mm

cf/

d

mb

bl/

d

Oil Gas

105

29,561

--$5,000

$10,000$15,000$20,000$25,000$30,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 1 0 0 1 2 2 3 2 5 1 4 3 4 3 1 1 0

$ /

mcfe

/d

# Deals

$4,758

--$2,000$4,000$6,000$8,000

$10,000$12,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 1 0 0 1 2 2 4 2 4 1 3 1 3 2 0 0 0

$ /

acre

# Deals

$2,083

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

27-Mar-19 Diversified Gas & Oil HG Energy II LLC Huckleberry assets in Appalachia $400 n.a. $3,227 n.a.

15-Oct-18 Undisclosed Buyer Range Resources Corp Overriding royalty interests in Appalachia $300 n.a. $17,649 nmf

27-Aug-18 PennEnergy Resources Rex Energy Corp 141,026 net acres in PA and OH $601 $0.58 $2,781 $4,258

26-Jul-18 Encino Acquisition Partners Chesapeake 938,000 net acres in the Utica $1,900 $0.66 $2,960 $2,026

29-Jun-18 Ascent Resources LLC Utica Minerals; Undisclosed 35,400 acres in the Utica $700 n.a. $15,217 $19,774

Mean $780 $0.62 $8,367 $8,686

Median $601 $0.62 $3,227 $4,258



Appalachia Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.


GROSS PRODUCTION

11

June 17, 2019


Rig Count 56 -- 56 Oil Differential $1.00 $1.85 ($0.85)


0%

5%

10%

15%

20%

--

50

100

150

200



-$1.00

-$0.50

$0.00

$0.50


-$20.00

-$10.00

$0.00

$10.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

126

171 164

127

201

12896

133114

144 138 145

37


H V+D

1,100

1,300

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

800

900

1,000

1,100

1,200

1,300

1,400

1,500


mm

cf/

d

mb

bl/

d

Oil Gas

1,425

2,806

--

$20,000

$40,000

$60,000

$80,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 1 1 4 0 2 3 3 0 1 3 3 0 6 3 0 0 1

$ /

bo

e/d

# Deals

$43,737

--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 1 2 0 0 2 3 1 0 3 2 0 5 2 0 0 1

$ /

acre

# Deals

$2,702

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

22-Apr-19 Northern Oil and Gas Flywheel Energy LLC 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238

31-Jul-18 Northern Oil and Gas W Energy Partners 10,600 net acres in Williston Basin $288 n.a. $42,708 $27,196

18-Jul-18 Northern Oil and Gas Pivotal Petroleum Partners LP Producing assets in Williston Basin $152 n.a. $37,032 n.a.

12-Jul-18 PetroShale Inc Slawson Exploration Co 1,981 net acres in Williston Basin $55 $6.04 $100,000 $27,764

06-Jul-18 Energy Resources 12 LP Bruin E&P Partners LLC 2.8% non-operated WI in Bakken assets $83 n.a. n.a. n.a.

Mean $178 $6.04 $56,688 $24,066

Median $152 $6.04 $44,861 $27,196



Bakken Snapshot










GROSS PRODUCTION

12

June 17, 2019


Rig Count 71 -- 71 Oil Differential $1.00 $1.85 ($0.85)


0%

5%

10%

15%

20%

--

50

100

150



-$1.00

-$0.50

$0.00

$0.50


-$20.00

-$10.00

$0.00

$10.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

558683

526 512

689829

812

352402

494

328

164

29


H V+D

11,500

12,000

12,500

13,000

13,500

14,000

400

500

600

700

800

900


mm

cf/

d

mb

bl/

d

Oil Gas

858

12,941

--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 3 3 0 1 1 0 1 0 1 5 2 0 2 1 0 0

$ /

acre

# Deals

$4,655

--$20,000$40,000$60,000$80,000

$100,000$120,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

2 0 4 4 1 6 2 0 1 6 3 9 3 1 3 1 1 0

$ /

bo

e/d

# Deals

$37,548

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

14-Feb-19 Undisclosed Buyer Harvest Oil & Gas Corp San Juan Basin assets $43 $1.57 $10,835 n.a.

31-Jan-19 Undisclosed Buyer Extraction Oil & Gas 5,000 net acres in Powder River $22 n.a. n.a. $4,480

01-Oct-18 DJR Energy LLC Encana 182,000 net acres in San Juan Basin $480 n.a. $88,889 $2,637

28-Aug-18 Vermilion Energy Inc Massif Oil & Gas LLC 55,000 acres in Powder River Basin $150 n.a. $56,604 $2,727

28-Aug-18 Rebellion Energy II LLC Liberty Resources II LLC 19,000 net acres in Powder River Basin $100 n.a. n.a. $5,263

Mean $159 $1.57 $52,109 $3,777

Median $100 $1.57 $56,604 $3,604





DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT







GROSS PRODUCTION

13

June 17, 2019


Rig Count 105 -- 105 Oil Differential -- -- --

Permitting Activity 84 6 78 Gas Differential ($0.80) ($0.14) ($0.66)

0%

5%

10%

15%

20%

--

100

200

300

400



-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25


-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25

$ /

mm

btu

$ /

bb

l

Cushing Panhandle

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

12-Jun-19 Glendale Energy; TPG Undisclosed Seller Non-op interests in STACK $55 n.a. n.a. n.a.

29-Apr-19 Undisclosed Buyer Riviera Resources Inc Non-op Hugoton Basin $31 n.a. n.a. n.a.

31-Mar-19 Red Wolf Apache 56k net acres in SCOOP/STACK/Merge $245 n.a. $18,421 $4,375

19-Feb-19 Mid-Con Energy Partners Scout Energy Partners Caddo, Grady, and Osage cos., OK $28 n.a. $20,960 n.a.

31-Dec-18 Unit Corp Undisclosed Seller ~8,700 net acres in Western OK $30 $11.38 n.a. $3,402

Mean $78 $11.38 $19,691 $3,889

Median $31 $11.38 $19,691 $3,889



496 465497

449405 382 355 403 339

435389

298

147


H V+D

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

400

450

500

550

600

650

700


mm

cf/

d

mb

bl/

d

Oil Gas

573

7,897

--

$50,000

$100,000

$150,000

$200,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

1 4 1 3 1 6 3 1 4 2 4 5 2 2 5 4 2 0

$ /

bo

e/d

# Deals

$43,516

--

$5,000

$10,000

$15,000

$20,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

1 3 1 2 0 3 3 2 4 1 2 1 0 0 0 1 0 0

$ /

acre

# Deals

$5,760

Mid-Continent Snapshot










GROSS PRODUCTION

14

June 17, 2019


Rig Count 24 1 23 Oil Differential $7.70 $0.10 $7.60

Permitting Activity 9 (2) 11 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

10

20

30

40


Deep Water Shelf % of Total Rigs

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

29 2932 33

39

32 30 32 33

26 2926

16

Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-192,000

2,500

3,000

3,500

4,000

4,500

1,000

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,915

2,971

--

$15,000

$30,000

$45,000

$60,000

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 1 1 0 0 2 0 0 0 0 1 2 2 2 1 1 2

$ /

bo

e/d

# Deals

$34,195

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

13-May-19 Equinor Shell 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.

23-Apr-19 Murphy LLOG Bluewater LLC Mississippi Canyon & Green Canyon $1,375 $20.83 $36,184 n.a.

16-Jan-19 Talos Energy Inc Samson Energy Co LLC Non-op Gulf of Mexico working interest $30 $13.45 $17,939 n.a.

10-Oct-18 Murphy Petrobras Gulf of Mexico joint venture $900 $15.00 $21,951 n.a.

04-Sep-18 Talos Energy Inc Whistler Energy II LLC Leases in Green Canyon federal waters $91 n.a. $60,667 n.a.

Mean $672 $16.43 $39,411 n.a.

Median $900 $15.00 $36,184 n.a.



--

$10

$20

$30

$40

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

0 0 1 0 0 0 2 1 0 0 0 1 2 1 0 1 1 1

$ /

bo

e

# Deals

$18.49

Gulf of Mexico Snapshot

PERMITTING ACTIVITY BY MONTH(1)




1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20 million.

3. $/acre multiple not adjusted for value associated with production.


GROSS PRODUCTION


TRANSACTION PRODUCTION MULTIPLES(4) TRANSACTION PROVED RESERVE MULTIPLES(4)

15

June 17, 2019

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Jan 17 ADAM-Houston Monthly Luncheon

Jan 21 Houston Producers Forum Luncheon

February 2020 Feb 3-7 NAPE Summit Week

Feb 19 Houston Producers Forum Luncheon

Feb 18-19 DUG Rockies (Denver)

March 2020 Mar 2 Energy Capital Conference

Mar 4 Women in Energy Luncheon

Mar 3-5 IADC/SPE International Drilling Conference

Mar 9-13 Houston CERA Week

Mar 17 Houston Producers Forum Luncheon

Mar 20 ADAM-Houston Monthly Luncheon

April 2020 Apr 6-8 DUG Permian (Fort Worth)

Apr 17 ADAM-Houston Monthly Luncheon

Apr 20-22 OGIS New York

Apr 21 Houston Producers Forum Luncheon

May 2020 May 15 ADAM-Houston Monthly Luncheon

May 19 Houston Producers Forum Luncheon

May 19-20 DUG Haynesville (Shreveport)

http://www.houstonproducersforum.org/Luncheons.aspx




https://www.ipaa.org/events/



http://adamhouston.org/events






https://mineralconference.com/








https://www.hartenergyconferences.com/dug-east





http://www.iadc.org/calendar/2019-iadc-events/











https://www.ipaa.org/events/midyear-meeting-2019/





https://www.opec.org/opec_web/en/311.htm










https://www.ipaa.org/events/oil-gas-overview-course-august-2019/








http://napeexpo.com/summer





https://www.hartenergyconferences.com/dug-eagle-ford














https://www.spe.org/events/calendar/
















https://www.hartenergyconferences.com/ad-strategies-and-opportunities
















http://www.enercominc.com/conferences/

















https://www.hartenergyconferences.com/executive-oil-conference
















https://www.ipaa.org/events/oil-gas-orientation-november-2019/







https://www.hartenergyconferences.com/dug-midcontinent




























http://www.ipaa.org/events/private-capital-conference-2019/



http://www.spegcs.org/events/4214/

https://ace.aapg.org/2019


https://events.mergermarket.com/energy




https://www.spegcs.org/events/4376/



http://www.iptcnet.org/19iptc/home/?_ga=2.149135166.98797786.1524242931-1252836126.1522358097





https://www.ipaa.org/events/private-capital-conference-2019-2/





















https://www.hartenergyconferences.com/dug-rockies





https://www.hartenergyconferences.com/energy-capital-conference



https://www.hartenergyconferences.com/women-in-energy



https://www.spe.org/en/events/drilling-conference/home/






https://ceraweek.com/register.html













https://www.hartenergyconferences.com/dug-permian-basin





https://www.ipaa.org/events/ogis-new-york-2020/























https://www.hartenergyconferences.com/dug-haynesville





16

June 17, 2019

SCOOP/STACK/Merge

DJ-Niobrara

Eagle Ford

Haynesville

Granite Wash

GOM

Permian

Marcellus

Utica

Williston

Gulf Coast Onshore

Piceance

Powder River Green River

Legend

Current

Change

This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of

BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal

Ireland p.l.c., and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member FINRA and SIPC) in the U.S., BMO Nesbitt

Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Ireland p.l.c.

(authorised and regulated by the Central bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and

Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital Markets” is a trademark of Bank of Montreal, used under license. "BMO

(M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license.

Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.

The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital

Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and

complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained

herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO Capital Markets or its

affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client

objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or

the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or

other derivative instruments based thereon. BMO Capital Markets may act as financial advisor and/or underwriter for the issuers mentioned herein and may receive remuneration for

same. The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or

sell securities of issuers discussed herein.

All values in this document are in US$ unless otherwise specified.

Source of rig count stats: Baker Hughes

Rig Count Summary MAPS IN

MASTER VIEW

Contacts

Disclaimer

Jason Martinez

MD & Head of U.S. A&D

713-546-9771

[email protected]

Howard Barnwell

MD & Transactions Mgr.

713-546-9767

[email protected]

Rob Priske

MD & Transactions Mgr.

713-546-9727

[email protected]

Dan Schockling

Director & Head of Commercial

713-518-1223

[email protected]

Michael Hackett

Vice President

Marian Yu

Associate

Aaron Moeller

Associate

BMO uses updated basin outlines, and the resulting rig counts, to more accurately represent current basin knowledge. The data below reflect these changes

and is different than those shown by Baker Hughes. The totals are the same.

441

(5)

56

--

18

--

58

--28

--

24

1

12

--77

--

60

(1)

90

1

23

(1)

5

--

19

--16

(1)

[TBU]

This

Week Change

Last

Week

Last

Year

Total Rigs 969 (6) 975 1,059

Oil 788 (1) 789 863

Gas 181 (5) 186 194

Miscellaneous -- -- -- 2

Directional 68 (6) 74 67

Horizontal 852 (3) 855 932

Vertical 49 3 46 60

Basin

Permian 441 (5) 446 476

SCOOP/STACK/Merge 77 -- 77 107

Granite Wash 12 -- 12 25

Eagle Ford 90 1 89 99

Haynesville 60 (1) 61 63

Marcellus 58 -- 58 54

Utica 18 -- 18 23

Williston 56 -- 56 57

DJ-Niobrara 28 -- 28 26

Green River 16 (1) 17 17

Powder River 19 -- 19 14

Piceance 5 -- 5 8

Gulf Coast Onshore 23 (1) 24 20

GOM 24 1 23 19

Alaska 5 (1) 6 7

Other 37 1 36 44

Mid-Con 16 -- 16 23

Rockies 3 1 2 3

Western 18 -- 18 17

Eastern -- -- -- 1

Chelsea Neville

Transactions Coordinator

prompt oil price ($/bbl) $52.28 ($0.31) (0.6%) let’s ... · 6/17/2019 · 1q15 2q15 3q15 4q15...

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