q1 | 2018 - dinan & company, llc...occidental petroleum corporation nyse:oxy 57893.85006...

March 2018

NORTH AMERICAN

ENERGYM&A Activity and Valuation Trends

Q1 | 2018

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveSenior Associate

[email protected]

Michael ReisterSenior Analyst

[email protected]

March 2018

I. Economic Indicators 3

II. Dinan Index Constituents 6

III. Capital Market Activity 7

IV. Public Sector Valuations 10

V. Mergers and Acquisitions Overview 14

VI. First Quarter Transactions Overview 15

VII. Dinan Capital Advisors 22

Section Page

Table of Contents

March 2018

-10%

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10%

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Per

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 06/30/2017 09/30/2017 12/31/2017 03/31/2018

^SPX 2423.41 2519.36 2673.61 2640.87

^COMP 6140.42 6495.96 6903.39 7063.45

^DJI 21349.63 22405.09 24719.22 24103.11

^RUT 1415.36 1490.86 1535.51 1529.43

Interest Rates 06/30/2017 09/30/2017 12/31/2017 03/31/2018

United States Treasury - 2 Year 1.38% 1.47% 1.89% 2.27%




United States Prime Rate 4.25% 4.25% 4.50% 4.75%

Economic Indicator 2013 2014 2015 2016 2017

Real GDP (% change) 2.20% 2.40% 3.00% 2.08% 2.30%

CPI (% change) 1.50% 1.62% 1.90% 2.38% 2.20%

Cons. Spending (% change) 2.40% 2.50% 2.90% 3.10% 3.30%

Nonfarm Productivity 0.90% 0.70% -2.20% 1.00% 1.50%

Unemployment Rate 7.40% 6.20% 5.80% 4.40% 4.10%

Source: Capital IQ, S&P NetAdvantage

March 20184

Economic IndicatorsMacroeconomic Overview

46.3 45.9 46.0 45.7 46.1 46.3 47.2

42.5 43.9 45.2 46.4 47.2 48.4 51.3

0

20

40

60

80

100

120

2011 2012 2013 2014 2015 2016 2017

Co

nsu

mp

tio

n (

Mill

ion

s o

f B

arre

ls p

er

Day

)

Year

World Liquid Energy Consumption by Region

Series2 Series3

Note: Projections are based off of “Monthly Energy Review” by the Energy Information Administration for April 2018.

79.682.7

88.4 87.284.6

88.4

74

76

78

80

82

84

86

88

90

2012 2013 2014 2015 2016 2017

Pro

du

ctio

n (

Qu

adri

llio

n B

tu)

Year

U.S. Total Energy Production

95.0297.24

98.32 97.4698.38 97.7

90

92

94

96

98

100

2012 2013 2014 2015 2016 2017Co

nsu

mp

tio

n (

Qu

adri

llio

n B

tu)

Year

U.S. Total Primary Energy Consumption

Source: U.S. Energy Information Administration, IBISWorld

March 2018

300,000

350,000

400,000

450,000

500,000

550,000

2013 2014 2015 2016 2017 2018

Inve

nto

ry (

Tho

usa

nd

s o

f B

arre

ls

Year

U.S. Commercial Crude Oil Inventories

0

1,000

2,000

3,000

4,000

5,000

2012 2013 2014 2015 2016 2017 2018

Rig

Co

un

t

Year

Global Drilling Rig Count

Economic IndicatorsEnergy Performance Metrics

5

$20$30$40$50$60$70$80$90

$100$110$120

2012 2013 2014 2015 2016 2017

Pri

ce (

$ p

er

bb

l)

Year

Crude Oil WTI Spot Price

$2

$3

$4

2015 2016 2017 2018 2019 2020

Pri

ce (

$ p

er

mill

ion

Btu

)

Year

Natural Gas Spot Price

Source: BakerHughes, U.S. Energy Information Administration, IBISWorld

March 20186

Dinan Index ConstituentsEnergy

Oil and Gas Drilling

Offshore Services

Integrated Oil and Gas

Exploration and Production

Diversified Services

Construction

Refining and Marketing

Pipeline, Storage, and Transportation

Oil and Gas Equipment and Supplies

March 2018

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Dinan Energy Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

7

Capital Market ActivityEnergy

Source: Capital IQ

Capitalization Number of % of Agg. Equity % of Agg. Equity

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 20 43.48% $1,245,426.27 95.53%

$5B - $10B 4 8.70% $30,024.96 2.30%

$1B - $5B 12 26.09% $23,387.87 1.79%

< $1B 10 21.74% $4,840.77 0.37%

Total 46 100.00% $1,303,679.87 100.00%

March 2018

-60%

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Dinan O&G Drilling Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-60%

-40%

-20%

0%

20%

40%

Pe

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Dinan Offshore Services Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-20%

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40%

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Dinan Integrated Oil and Gas Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-40%

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0%

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40%

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Dinan Exploration and Production Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-40%

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0%

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40%

Pe

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Dinan Diversified Services Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-45%

-30%

-15%

0%

15%

30%

Per

cent

Chan

ge,

Index

Pri

ce Construction vs. S&P 500

Dinan Construction Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

March 2018

-20%

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Dinan Refining and Marketing Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-20%

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40%

Pe

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Dinan Pipeline, Storage, and Transportation Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-40%

-20%

0%

20%

40%

Pe

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rice O&G Equipment and Supplies vs. S&P 500

Dinan Oil and Gas Equipment and Supplies Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

9

Source: Capital IQ

March 2018

0.3x

1.2x

2.6x

1.4x 1.5x 1.6x

1.0x

2.2x

0.4x0.3x

1.5x

4.4x

1.8x

1.3x

2.1x

1.1x

2.9x

0.6x0.4x

2.1x

4.4x

2.4x

1.9x

3.5x

2.3x

4.1x

0.6x0.4x

2.0x

4.3x

2.0x1.9x

2.5x

2.1x

3.5x

0.8x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Construction DiversifiedServices

Exploration andProduction

Integrated Oil andGas

Offshore Services Oil and GasDrilling

Oil and GasEquipment and

Supplies

Pipeline, Storage,and

Transportation

Refining andMarketing

Historical TEV/REV by Segment

TEV/REV 3/31/2015 TEV/REV 3/31/2016 TEV/REV 3/31/2017 TEV/REV 3/31/2018

5.9x 6.4x

4.6x5.2x 4.8x 4.4x

5.1x

17.4x

9.6x

5.8x

8.8x10.1x

8.8x

5.5x 5.9x

7.7x

13.4x

4.8x

8.0x

16.7x

12.5x

17.4x

9.1x

12.0x 12.5x

15.9x

7.5x8.2x

13.9x

8.1x9.6x

10.5x

7.6x

13.0x13.9x

9.4x

0.0x

5.0x

10.0x

15.0x

20.0x

Construction DiversifiedServices

Exploration andProduction

Integrated Oiland Gas

OffshoreServices

Oil and GasDrilling

Oil and GasEquipment and

Supplies

Pipeline,Storage, and

Transportation

Refining andMarketing

Historical TEV/EBITDA by Segment

TEV/EBITDA 3/31/2015 TEV/EBITDA 3/31/2016 TEV/EBITDA 3/31/2017 TEV/EBITDA 3/31/2018

Public Sector Valuations Energy

10

Source: Capital IQ

March 201811

Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm) Market Cap (mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA


Construction

Fluor Corporation NYSE:FLR 7809.59334 8005.75434 19520.97 671.572 446.303 0.40006 17.49841 11.62883 0.41407 8.13003

KBR, Inc. NYSE:KBR 2331.94462 2270.94462 4171 243 195 0.55909 8.73387 7.403 0.54392 7.13053

Matrix Service Company NasdaqGS: MTRX 344.21478 367.39378 1095.894 18.436 -4.084 0.31409 NM 18.67079 0.28407 6.46498

McDermott International, Inc. NYSE:MDR 1911.37572 1736.55072 2984.768 433.904 333.202 0.64038 5.99226 4.55441 0.6067 5.31912

Stuart Olson Inc. TSX:SOX 258.35077 205.37977 1017.311 31.549 19.621 0.25395 13.16705 8.18887 0.23783 6.08572

Median 1911.37572 1736.55072 2984.768 243 195 0.40006 10.95046 8.18887 0.41407 6.46498

Diversified Services

Halliburton Company NYSE:HAL 49631.26761 41068.26761 20620 3565 2009 2.40695 24.70446 13.92181 2.00071 9.8382

Dawson Geophysical Co Nasdaq:DWSN 116.15049 146.88149 157.148 1.795 -37.44 0.73912 NM 64.70779 0.50372 4.97049

ION Geophysical Corporation NYSE:IO 481.08452 375.15752 197.554 54.995 -8.699 2.43521 NM 8.74779 2.10172 5.69331

Schlumberger Limited NYSE:SLB 103311.3034 89782.3034 30440 6760 2923 3.39393 34.22037 15.06874 3.02594 13.18028

TETRA Technologies, Inc. NYSE:TTI 1282.9347 473.2907 820.378 106.602 -9.557 1.56383 NM 12.03481 1.32693 7.56603

Weatherford International plc NYSE:WFT 9406.52903 2275.52903 5699 -323 -1124 1.65056 NM NM 1.52176 12.3914

Median 5344.731865 1374.409865 3259.689 80.7985 -9.128 2.028755 29.462415 13.92181 1.761235 8.702115

Exploration and Production

Apache Corporation NYSE:APA 22869.11219 14678.11219 5737 3371 715 3.9484 31.98477 6.78407 3.44476 5.45896

ConocoPhillips NYSE:COP 79440.70033 69640.70033 29106 9761 2600 2.65884 30.55412 8.13858 2.15756 6.35382

Energen Corporation NYSE:EGN 6905.28333 6122.86133 939.55 625.994 135.116 7.34956 51.10633 11.03091 4.9852 6.88856

Marathon Oil Corporation NYSE:MRO 18637.56212 13706.56212 4252 2400 -447 4.30429 NM 7.01715 3.38234 5.55026

Pioneer Natural Resources Company NYSE:PXD 29877.27572 29254.27572 5294 1931 500 5.64361 59.75455 15.47244 5.04848 9.01487

Median 22869.11219 14678.11219 5294 2400 500 4.30429 41.54555 8.13858 3.44476 6.35382

Integrated Oil and Gas

Chevron Corporation NYSE:CVX 252981.2813 217845.2813 127485 21866 3499 1.9844 31.87367 9.6176 1.52231 6.51286

Exxon Mobil Corporation NYSE:XOM 362242.79 316271.79 237162 33688 15299 1.5164 17.51742 9.27211 1.17533 6.95059

Imperial Oil Limited TSX:IMO 32400.98769 28361.98769 27452 2533 361 1.18028 89.75343 12.79155 0.98943 8.58715

Occidental Petroleum Corporation NYSE:OXY 57893.85006 49737.85006 12508 5097 694 4.62855 55.08454 10.61493 3.83231 7.64007

Suncor Energy Inc. TSX:SU 85823.48549 72916.48549 32051 10373 4525 2.67772 18.96652 8.27374 2.40668 6.62198

Median 85823.48549 72916.48549 32051 10373 3499 1.9844 31.87367 9.6176 1.52231 6.95059

Source: Capital IQ

March 201812




Offshore Services

Ensco plc NYSE:ESV $5,777.02 $1,913.82 $1,843.00 $485.70 $102.50 3.13x 56.36x 11.89x 3.24x 16.03x

Helix Energy Solutions Group, Inc. NYSE:HLX $1,086.10 $857.38 $581.38 $100.75 -$1.09 1.87x NM 11.04x 1.56x 7.10x

Oceaneering International, Inc. NYSE:OII $2,192.81 $1,825.46 $1,921.51 $224.18 $10.66 1.14x 252.83x 9.87x 1.19x 14.22x

SEACOR Holdings Inc. NYSE:CKH $1,343.92 $916.90 $577.89 $133.63 $58.57 2.33x 21.84x 9.84x 1.97x 9.67x

Tidewater Inc. NYSE:TDW $695.49 $678.93 $424.64 -$15.06 -$105.16 1.58x NM NM 1.64x 15.46x

Median $1,343.92 $916.90 $581.38 $133.63 $10.66 1.87x 56.36x 10.45x 1.64x 14.22x

Oil and Gas Drilling

Diamond Offshore Drilling, Inc. NYSE:DO $3,607.95 $2,011.76 $1,451.22 $575.53 $226.84 2.49x 15.91x 6.27x 2.85x 8.94x

Helmerich & Payne, Inc. NYSE:HP $7,313.14 $7,246.18 $1,981.50 $451.52 -$92.41 3.66x NM 16.20x 3.08x 12.53x

Precision Drilling Corporation TSX:PD $2,715.15 $1,049.80 $1,321.22 $302.42 -$72.77 2.06x NM 8.98x 1.85x 7.33x

Unit Corporation NYSE:UNT $1,902.82 $1,068.02 $739.64 $310.30 $98.16 2.57x 19.39x 6.13x 2.19x 5.41x

Western Energy Services Corp. TSX:WRG $315.28 $96.79 $238.18 $33.75 -$32.69 1.32x NM 9.34x 1.23x 7.32x

Median $2,715.15 $1,068.02 $1,321.22 $310.30 -$32.69 2.49x 17.65x 8.98x 2.19x 7.33x

Oil and Gas Equipment and Supplies

Dover Corporation NYSE:DOV $17,996.38 $15,182.54 $7,830.44 $1,388.37 $994.13 2.30x 18.10x 12.96x 2.21x 11.49x

Dril-Quip, Inc. NYSE:DRQ $1,215.19 $1,708.37 $455.47 $35.88 -$5.10 2.67x NM 33.87x 3.02x 26.75x

National Oilwell Varco, Inc. NYSE:NOV $15,334.09 $13,993.09 $7,304.00 $421.00 -$277.00 2.10x NM 36.86x 1.87x 16.84x

Newpark Resources, Inc. NYSE:NR $826.79 $722.67 $747.76 $65.72 $25.96 1.11x 31.85x 12.58x 0.88x 7.56x

Superior Energy Services, Inc. NYSE:SPN $2,407.98 $1,300.21 $1,874.08 $179.87 -$258.84 1.28x NM 13.39x 1.10x 6.35x

Median $2,407.98 $1,708.37 $1,874.08 $179.87 -$5.10 2.10x 24.98x 13.39x 1.87x 11.49x

Pipeline, Storage, and Transportation

Enbridge Inc. TSX:ENB $153,161.40 $68,681.40 $44,378.00 $9,479.00 $6,316.00 3.45x 20.65x 14.48x 3.30x 12.25x

Energy Transfer Equity, L.P. NYSE:ETE $90,757.30 $15,365.30 $37,738.00 $6,306.00 $3,752.00 2.24x 23.29x 14.07x 1.85x 10.50x

Enterprise Products Partners L.P. NYSE:EPD $77,946.58 $53,156.08 $29,241.50 $5,167.30 $3,523.30 2.67x 19.74x 13.94x 2.38x 12.47x

Kinder Morgan, Inc. NYSE:KMI $72,320.36 $33,223.36 $13,705.00 $5,835.00 $3,574.00 5.28x 17.42x 11.28x 5.19x 9.67x

TransCanada Corporation TSX:TRP $95,138.88 $47,202.88 $13,449.00 $6,595.00 $4,540.00 7.07x 17.91x 12.91x 7.69x 12.01x

Median $90,757.30 $47,202.88 $29,241.50 $6,306.00 $3,752.00 3.45x 19.74x 13.94x 3.30x 12.01x

Source: Capital IQ

March 201813




Refining and Marketing

Andeavor NYSE:ANDV $26,123.34 $15,381.34 $34,204.00 $2,500.00 $1,772.00 0.76x 14.55x 10.35x 0.59x 7.19x

Genesis Energy, LP. NYSE:GEL $6,839.39 $2,416.04 $2,028.38 $448.23 $197.07 3.37x 27.56x 13.70x 2.40x 9.99x

HollyFrontier Corporation NYSE:HFC $11,044.51 $8,650.17 $14,251.30 $1,303.18 $893.24 0.77x 12.19x 8.39x 0.76x 7.46x

Parkland Fuel Corporation TSX:PKI $5,802.88 $3,811.38 $9,560.50 $402.00 $234.40 0.61x 24.76x 14.44x 0.42x 9.49x

Valero Energy Corporation NYSE:VLO $43,907.66 $39,976.66 $88,407.00 $5,646.00 $3,660.00 0.50x 12.00x 7.78x 0.44x 6.76x

Median $11,044.51 $8,650.17 $14,251.30 $1,303.18 $893.24 0.76x 14.55x 10.35x 0.59x 7.46x

Source: Capital IQ

March 2018

2.5x 2.5x3.1x 3.2x 2.9x

2.1x0.8x

7.3x6.2x

8.8x 8.5x9.5x 10.0x 10.0x

0x

2x

4x

6x

8x

10x

12x

2012 2013 2014 2015 2016 2017 2018

Transaction Multiples

TEV/REV TEV/EBITDA

175 188140

199

116 110135

160128 114 119

141115

2938

5650

9495

95108

94 9781

85

0

50

100

150

200

250

300

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Tran

sact

ion

Co

un

t

Quarterly M&A Transactions

Strategic Financial

1035846

960837 855 892

200

0

200

400

600

800

1000

1200

2012 2013 2014 2015 2016 2017 2018YTD

Tran

sact

ion

Co

un

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Yearly Transaction Overview

14

Mergers & Acquisitions OverviewEnergy

Source: Capital IQ

March 201815

Source: Capital IQ

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

First Quarter Transactions OverviewEnergy

3/31/18 DCC plc Hicksgas, LLC Pipeline, Storage, & Transportation - - $200.00 - -

3/29/18 BCE-Mach LLC Properties in Oklahoma Exploration and Production - - - - -

3/29/18 Tanos Energy III, LLC WildHorse Resources II, LLC Exploration and Production - - $252.00 - -

3/29/18 Enduring Resources IV, LLC Oil and Gas Assets in New Mexico Exploration and Production - - $700.00 - -

3/29/18 Private Investors Freedom Energy Inc. Oil and Gas Equipment and Supplies - - - - -

3/29/18 Keller Group plc Moretrench American Corporation Construction - - - - -

3/28/18 Private Investors Contango Oil & Gas Company Exploration and Production - - $21.00 - -

3/28/18 Ziyen Inc. Mineral Rights in Indiana Exploration and Production - - - - -

3/27/18 EnCap Flatrock Midstream Getka Energy LLC Pipeline, Storage, & Transportation - - - - -

3/26/18 One44 Capital LLC MMEX Resources Corporation Refining and Marketing $0.00 ($1.69) - - -

3/26/18 Private Investors Sonoro Energy Ltd. Exploration and Production - -$1.36 - - -

3/26/18 Private Investors Advantagewon Oil Corporation Exploration and Production $0.28 ($1.16) - - -

3/26/18 Northwoods Energy LLC SM Energy Company Exploration and Production - - - - -

3/26/18 AgEagle Aerial Systems, Inc. EnerJex Resources, Inc. Exploration and Production $1.94 ($1.97) - - -

3/26/18 Private Investors Amazing Energy Oil and Gas, Co. Exploration and Production $0.56 ($0.86) - - -

3/23/18 Suncor Energy Inc. Canbriam Energy Inc. Exploration and Production - - - - -

3/23/18 Private Investors Hillcrest Petroleum Ltd. Exploration and Production $0.08 ($2.42) - - -

3/23/18 Private Investors Cheetah Canyon Resources Corp. Exploration and Production $0.02 ($0.13) - - -

3/22/18 Auctus Fund, LLC MMEX Resources Corporation Refining and Marketing - ($1.69) - - -

3/22/18 Private Investors Relentless Resources Ltd Exploration and Production $2.02 $0.77 - - -

3/22/18 Wolf Midstream Inc. MEG Energy Corp. Pipeline, Storage, & Transportation - - $166.53 - -

3/22/18 Wolf Midstream Inc. Access Pipeline Inc. Pipeline, Storage, & Transportation - - $2,077.72 - -

3/21/18 Bechtel Corporation Tellurian Inc. Exploration and Production $5.44 ($154.70) $0.00 - -

3/21/18 Morgan Stanley Private Equity Specialized Desanders Inc. Oil and Gas Equipment and Supplies - - - - -

3/21/18 Inplay Oil Corp. Assets in Willesden Green, Alberta Exploration and Production - - $4.40 - -

3/21/18 Private Investors Natural Gas Facility of Inplay Oil Corp. Exploration and Production - - $7.72 - -

3/21/18 Blue Point Capital Partners FM Sylvan, Inc. Construction - - - - -

3/20/18 DKL Big Spring, LLC Big Spring Logistics Assets Pipeline, Storage, & Transportation - - $315.00 - -

3/19/18 Lilis Energy, Inc. 2,798 Acres in New Mexico Exploration and Production - - $70.00 - -

3/19/18 VOG Palo Verde LP Cabot Oil & Gas Corporation Exploration and Production - - $732.19 - -

3/19/18 Bill Barrett Corporation Fifth Creek Energy Company, LLC Exploration and Production - - $649.00 - -

March 201816

Source: Capital IQ




3/16/18 Smart Sand, Inc. Assets in North Dakota Pipeline, Storage, & Transportation - - $15.50 - -

3/15/18 Private Investors CITGO Holding Inc. Refining and Marketing - - - - -

3/14/18 Private Investors Oil And Gas Properties In Oklahoma Exploration and Production - - - - -

3/13/18 Mirabito Holdings, Inc. Polsinello Fuels Inc. Pipeline, Storage, & Transportation - - - - -

3/13/18 Private Investors Hunter Oil Corp. Exploration and Production $1.29 ($2.20) - - -

3/13/18 VINCI Energies S.A. PrimeLine Utility Services Construction - - - - -

3/9/18 Private Investors United Hunter Oil & Gas Corp. Exploration and Production - - - - -

3/9/18 Private Investors Wescan Energy Corp. Exploration and Production $1.24 $1.25 - - -

3/9/18 Harris Contracting Company Diamond B Constructors, Inc. Construction - - - - -

3/8/18 Private Investors Eon NRG Limited Exploration and Production $4.96 $0.17 - - -

3/8/18 Diversified Gas & Oil PLC Alliance Petroleum Corporation Exploration and Production - - $95.00 - -

3/8/18 Royale Energy, Inc. Matrix Oil Corporation Exploration and Production - - $41.50 - -

3/7/18 Helios Investment Partners LLP Africa Oil Corp. Exploration and Production - - - - -

3/7/18 Emprise Capital Corp., Ladera Ventures Corp. Exploration and Production $0.00 - - - -

3/7/18 Blueknight Energy Partners, L.P. Asphalt Facility in Muskogee Pipeline, Storage, & Transportation - - - - -

3/7/18 Stabilis Energy, LLC Prometheus Energy Group, Inc. Exploration and Production - - - - -

3/6/18 Private Investors Drumright Dome Creek in Oklahoma Exploration and Production - - $3.25 - -

3/6/18 Worthington Industries, Inc. Simple-Fill, Inc. Oil and Gas Equipment and Supplies - - - - -

3/6/18 Petrolink USA, LLC Energy Services International, L.L.C. Oil and Gas Equipment and Supplies - - - - -

3/5/18 NGP Energy Capital Management Mettle Midstream Partners, LLC Pipeline, Storage, & Transportation - - - - -

3/5/18 Private Investors Canuc Resources Corporation Exploration and Production $0.06 - - - -

3/5/18 Private Investors Renaissance Oil Corp. Exploration and Production $3.31 ($1.32) - - -

3/2/18 Private Investors NuVista Energy Ltd. Exploration and Production $283.64 $185.05 - - -

3/2/18 Tortoise Capital Advisors L.L.C. Buckeye Partners, L.P. Pipeline, Storage, & Transportation $3,648.15 $989.15 - - -

3/2/18 CCI U.S. Asset Holdings LLC ENSTOR Energy Services, LLC Pipeline, Storage, & Transportation - - $64.50 - -

3/1/18 Epic Offshore Specialty, LLC TETRA Applied Technologies, LLC Oil and Gas Equipment and Supplies - - $7.50 - -

3/1/18 Orinoco Natural Resources, LLC Maritech Resources, Inc. Exploration and Production - - $47.00 - -

3/1/18 K2 Insurance Services, LLC Partners General Insurance Agency, LLC Pipeline, Storage, & Transportation $0.00 $0.00 - - -

3/1/18 Private Investors Enova Solutions, Inc. Oil and Gas Equipment and Supplies - - - - -

3/1/18 WildHorse Resource Dev Corp. Properties in Lee County, Texas Exploration and Production - - $19.30 - -

3/1/18 Penn Virginia Oil & Gas, L.P. Hunt Oil Company Exploration and Production - - $86.00 - -

March 201817

Source: Capital IQ




3/1/18 Midstate Energy, LLC Urban Energy Solutions, Inc. Construction - - - - -

2/28/18 BP America Production Company Working Interest in The Angelina River Trend Exploration and Production - - $23.00 - -

2/28/18 Oil States International, Inc. Falcon Flowback Services, LLC Oil and Gas Equipment and Supplies - - $85.00 - -

2/28/18 Private Investors Undeveloped Assets Exploration and Production - - $56.20 - -

2/28/18 Blackstone Oil & Gas, Inc. Arkoma Stacked Pay Project Exploration and Production - - $1.50 - -

2/28/18 TETRA Technologies, Inc. Swiftwater Energy Services, LLC Oil and Gas Equipment and Supplies - - $81.89 - -

2/28/18 Abraxas Petroleum Corporation Oil and Gas Acreage in Texas Exploration and Production - - $14.20 - -

2/28/18 Revolution Resources, LLC Gastar Exploration Inc. Exploration and Production - - $107.50 - -

2/28/18 Private Investors Ideal Contracting, LLC Construction - - $0.00 - -

2/27/18 Desert Energy Corp. 12,256 Acres for Oil & Natural Gas Exploration and Production - - - - -

2/27/18 Petrolia Energy Corporation Bow Energy Ltd. Exploration and Production $5.62 $0.93 $13.52 2.41x 14.47x

2/26/18 PetroGas Company Permian Basin in Terry County Exploration and Production - - - - -

2/26/18 Suncor Energy Inc. Syncrude Canada Ltd. Exploration and Production $0.00 $0.00 $14,600.00 - -

2/22/18 Madison Industries SageRider Inc. Oil and Gas Equipment and Supplies - - - - -

2/22/18 Essel Group ME Eos Petro, Inc. Exploration and Production - - - - -

2/22/18 Private Investors Toscana Energy Income Corporation Exploration and Production - - $3.79 - -

2/22/18 Desert Lion Energy Corp. Camex Energy Corp. Exploration and Production - - - - -

2/21/18 Cona Resources Ltd. Winter Property in Saskatchewan Exploration and Production - - - - -

2/20/18 Private Investors Ward and Reeves Counties, Texas Exploration and Production - - $280.00 - -

2/20/18 Franco-Nevada Corporation Royalty Portfolio Exploration and Production - - $101.30 - -

2/20/18 Applied-Cleveland Holdings, Inc. Encompass Energy Services, LLC Construction - - - - -

2/20/18 US Natural Resources, Inc. Mid-South Engineering Co. Construction - - - - -

2/16/18 Sole Source Capital Premier Flow Control, LLC Oil and Gas Equipment and Supplies - - - - -

2/16/18 Private Investors Standard Lithium Ltd. Exploration and Production - - - - -

2/15/18 Petro River Oil Corp. Red Fork Resources, LLC Exploration and Production - - - - -

2/15/18 Private Investors Citadel Exploration, Inc Exploration and Production $0.19 ($1.29) - - -

2/15/18 Private Investors Canadian Imperial Venture Corp. Exploration and Production - - - - -

2/14/18 Private Investors Pembina Cardium Unit No. 9 Exploration and Production - - $6.19 - -

2/14/18 Oasis Petroleum Inc. 20,300 Net Acres Exploration and Production - - $914.12 - -

2/14/18 Oil Search Limited Prolific Alaska North Slope Exploration and Production - - - - -

2/14/18 Oaktree Capital Management, L.P. NAPEC Inc. Construction $334.84 $25.33 $253.68 0.76x 10.02x

March 201818

Source: Capital IQ




2/13/18 EnCap Flatrock Midstream Lotus Midstream, LLC Pipeline, Storage, & Transportation - - $0.00 - -

2/12/18 Bird River Resources Inc. High Point Oil Inc. Exploration and Production - - $6.12 - -

2/12/18 Mitsubishi Heavy Industries, Ltd. Mitcham Industries, Inc. Oil and Gas Equipment and Supplies $50.46 ($18.68) - - -

2/9/18 Private Investors EP Energy Corporation Exploration and Production - - $180.00 - -

2/9/18 Silver Run Acquisition Corporation Alta Mesa Holdings LP Exploration and Production - - $3,999.50 - -

2/9/18 Private Investors Sunnova Energy Corp. Construction - - - - -

2/8/18 Centennial Resource Development, Inc. 4,000 Undeveloped Net Acres Exploration and Production - - $94.70 - -

2/8/18 Private Investors Wolverine Management Services Inc Oil and Gas Equipment and Supplies - - - - -

2/8/18 Private Investors Salt Flat Field of Eagle Energy Inc. Exploration and Production - - $26.41 - -

2/7/18 Golden Libra Investment Limited LNG Quebec Limited Partnership Pipeline, Storage, & Transportation - - $3.13 - -

2/7/18 BNN Water Solutions, LLC Buckhorn Energy Services, LLC Oil and Gas Equipment and Supplies - - $95.00 - -

2/7/18 Tallgrass Equity, LLC Tallgrass Development, LP Pipeline, Storage, & Transportation - - $644.80 - -

2/7/18 Tallgrass Energy Partners, LP Tallgrass Operations, LLC Pipeline, Storage, & Transportation - - $59.61 - -

2/7/18 Ares Management, L.P. California Resources Corporation Exploration and Production $2,096.00 $690.00 - - -

2/7/18 Pin Oak Energy Partners LLC Shale Assets and Midstream Assets Exploration and Production - - - - -

2/7/18 Delek US Holdings, Inc. Alon USA Partners, LP Refining and Marketing $2,070.77 $179.36 $1,050.39 0.51x 5.86x

2/6/18 International Western Petroleum, Inc. 11 Oil and Gas Leases Exploration and Production - - $1.60 - -

2/6/18 Dragon Products, LTD Ecolab Inc. Oil and Gas Equipment and Supplies $20.00 - - - -

2/6/18 Private Investors Torchlight Energy Resources, Inc. Exploration and Production $0.57 (3.26x) 0 - -

2/6/18 Tortoise Energy Infrastructure Corp. Holly Energy Partners, L.P. Pipeline, Storage, & Transportation $454.36 $314.94 - - -

2/6/18 Beijing Sinobioway Group Co., Ltd. Enerkem Inc. Refining and Marketing - - - - -

2/5/18 Warburg Pincus LLC Ridge Runner Resources, LLC Exploration and Production - - - - -

2/5/18 Private Investors Expro Holdings US Inc. Oil and Gas Equipment and Supplies - - - - -

2/2/18 Alberta Investment Management Corp. Journey Energy Inc. Exploration and Production $77.39 39.61x - - -

2/1/18 Trans-Foreland Pipeline Company, LLC Gas Facility Of ConocoPhilips Refining and Marketing - - - - -

2/1/18 Blackbird Energy Inc. Pipestone/Elmworth Corridor Refining and Marketing - - - - -

2/1/18 Providence Energy Ltd. PetroShare Corp. Exploration and Production 8.37312 1.5362 - - -

2/1/18 Mount Bastion Oil & Gas Corp. Barnwell Of Canada, Limited Exploration and Production - - $1.71 - -

2/1/18 Energy Resources 12 Op Com, LLC Oil & Gas Properties In North Dakota Exploration and Production - - $2,822.58 - -

2/1/18 MPLX LP MPLX Logistics & Distribution LLC Refining and Marketing - - - - -

2/1/18 Vertex Resource Group Ltd. HMA Land Services Limited Construction - - - - -

March 201819

Source: Capital IQ




1/31/18 Private Investors Ten Sections in Permian Basin Exploration and Production - - - - -

1/31/18 Extraction Oil & Gas, Inc. 1,200 Acres of Leasehold Acreage Exploration and Production - - $11.60 - -

1/31/18 Clearview Resources Ltd. Alberta Light Oil Property Exploration and Production - - - - -

1/31/18 Northstar Offshore Ventures LLC Oil and Gas Assets in Gulf of Mexico Exploration and Production - - $35.40 - -

1/31/18 Mid-Con Energy Properties, LLC Oil & Natural Gas; Powder River Basin Exploration and Production - - $21.82 - -

1/31/18 Legends Business Group, Inc. Four Oil Wells in Oklahoma Exploration and Production - - - - -

1/31/18 Mid-Con Energy III, LLC Mid-Con Energy Partners, LP Exploration and Production $55.61 $26.33 - - -

1/31/18 EP Energy E&P Company, L.P. Carrizo Oil & Gas, Inc. Exploration and Production - - $245.00 - -

1/31/18 Laramie River DevCo LP Saddle Butte Rockies Midstream, LLC Pipeline, Storage, & Transportation - - $638.50 - -

1/30/18 Fortistar, LLC Golden Renewable Energy, LLC Refining and Marketing - - - - -

1/30/18 Pond Technologies Inc. Ironhorse Oil & Gas Inc. Exploration and Production $1.44 $0.36 - - -

1/29/18 Private Investors Petroteq Energy Inc. Exploration and Production - ($5.48) - - -

1/29/18 Oaktree Capital Management, L.P. ADI Energy, LLC Construction - - - - -

1/26/18 Private Investors Petroteq Energy Inc. Exploration and Production - ($5.48) - - -

1/25/18 First Reserve Corporation PetroShale (US), Inc. Exploration and Production - - - - -

1/25/18 GoldMining Inc. Maguire Lake Exploration and Production - - $0.06 - -

1/24/18 Seacoast Capital Stone Road Energy, LLC Pipeline, Storage, & Transportation - - - - -

1/24/18 GS Capital Partners LLC MMEX Resources Corporation Refining and Marketing - ($1.43) $0.00 - -

1/24/18 GW Holdings Group, LLC Tiger Oil and Energy, Inc. Exploration and Production - ($0.06) - - -

1/23/18 Grand Gulf Energy Limited 881 Acres in Burleson County, Texas Exploration and Production - - - - -

1/23/18 IMB Development Corporation LaFata Contract Services, LLC Construction - - - - -

1/22/18 Quarles Petroleum, Inc. George Noblett Oil Co Inc Pipeline, Storage, & Transportation - - - - -

1/22/18 Camber Energy, Inc. 3,000 leasehold acres Exploration and Production - - $0.21 - -

1/22/18 Adar Bays, LLC Tiger Oil and Energy, Inc. Exploration and Production - ($0.06) - - -

1/19/18 Warburg Pincus LLC Stronghold Energy II Holdings, LLC Exploration and Production - - - - -

1/19/18 MatRRix Energy Technologies Inc. D2 Drilling Inc. Oil and Gas Drilling - - $2.56 - -

1/19/18 Tesoro Ref & Marketing Company LLC Inergy Crude Logistics, LLC Pipeline, Storage, & Transportation - - - - -

1/19/18 Private Investors Carrizo Oil & Gas, Inc. Exploration and Production - - $152.00 - -

1/18/18 Lime Rock Partners Wayfinder Resources, LLC Exploration and Production - - - - -

1/18/18 Riverstone Holdings LLC Salt Fork Resources, LLC Exploration and Production - - - - -

1/18/18 Eclipse Resources Corporation Travis Peak Resources, LLC Exploration and Production - - $81.32 - -

March 201820

Source: Capital IQ




1/17/18 Canyon Creek Resources, LLC Arkoma Leasing, LLC Exploration and Production - - - - -

1/17/18 EIG Global Energy Partners Rosehill Resources Inc. Exploration and Production $72.70 $27.33 - - -

1/16/18 Intervale Capital PDC Logic, LLC Oil and Gas Equipment and Supplies - - - - -

1/16/18 EMS Energy Services LLC LineStar Services, Inc. Oil and Gas Equipment and Supplies - - - - -

1/16/18 Private Investors Bashaw Oil Corp. Exploration and Production - - - - -

1/16/18 Canso Investment Counsel Ltd. ClearStream Energy Services Inc. Oil and Gas Equipment and Supplies $280.48 $9.66 - - -

1/16/18 Mid-Con Drilling, LLC Piqua Petro, Inc. Exploration and Production - - $0.48 - -

1/16/18 NV5 Global, Inc. Butsko Utility Design, Inc. Construction $5.00 - - - -

1/15/18 Razor Energy Corp. Kaybob Triassic Unit #1 & #2 Exploration and Production - - - - -

1/12/18 Private Investors Texas South Energy, Inc. Exploration and Production - ($3.51) - - -

1/12/18 Private Investors Neighborhood Fuel, Inc. Pipeline, Storage, & Transportation - - - - -

1/12/18 Cardinal Energy Ltd. Working Interest in Midale Unit Exploration and Production - - $174.93 - -

1/12/18 Oil States International, Inc. GEODynamics, Inc. Oil and Gas Equipment and Supplies $0.00 $0.00 521.78x - -

1/12/18 Vitol Holding B.V. Noble Americas Corporation Pipeline, Storage, & Transportation - - - - -

1/10/18 Apollo Global Management, LLC Northwoods Energy LLC Exploration and Production - - - - -

1/10/18 Lariat Partners Offen Petroleum, Inc. Pipeline, Storage, & Transportation - - $0.00 - -

1/9/18 Emerald Bay Energy Inc. Mineral Lease Adjacent Kuhn 4 Well Exploration and Production $0.00 - $0.00 - -

1/9/18 Evenergy Company Limited Point Loma Resources Ltd. Exploration and Production $3.21 ($2.08) - - -

1/9/18 Private Investors Zenith Energy Ltd. Exploration and Production $4.69 $0.77 - - -

1/9/18 NGP Energy Capital Management Trilogy Midstream Investments LLC Oil and Gas Equipment and Supplies - - - - -

1/8/18 Quarles Petroleum, Inc. Colonial Fuel Oil Corporation Pipeline, Storage, & Transportation - - - - -

1/6/18 V3 Companies, Ltd. Williams Creek Consulting, Inc. Construction - - - - -

1/5/18 C & D Production Specialist Co., Inc. Crosby Construction Services, Inc. Oil and Gas Equipment and Supplies - - - - -

1/5/18 International Petroleum Corporation Oil and Natural Gas Assets Exploration and Production - - $397.68 - -

1/4/18 Magnetar Capital, LLC CrownRock Holdings, L.P. Exploration and Production - - - - -

1/4/18 Exxon Mobil Corporation Yoshi, Inc. Pipeline, Storage, & Transportation - - - - -

1/4/18 Private Investors Elk Petroleum, Inc. Exploration and Production - - - - -

1/4/18 Lilis Energy, Inc. 4,000 Net Contiguous Acres Exploration and Production - - $45.60 - -

1/4/18 NGP Energy Capital Management Luxe Energy LLC Exploration and Production $0.00 - - - -

1/4/18 Saw Mill Capital LLC Climate Pros, Inc. Construction - - - - -

1/3/18 CSL Capital Management, L.P. Gryphon Oilfield Solutions, LLC Oil and Gas Equipment and Supplies - - - - -

March 201821

Source: Capital IQ




1/3/18 Deeprock Development, LLC Deeprock North, LLC Pipeline, Storage, & Transportation - - $51.32 - -

1/3/18 Private Investors Jericho Oil Corporation Exploration and Production - - - - -

1/3/18 Stallion Oilfield Services Ltd. Basin Wastewater Solutions, LLC Oil and Gas Equipment and Supplies - - - - -

1/3/18 ArcLight Capital Partners, LLC BP Exploration & Production Inc. Exploration and Production - - - - -

1/3/18 CNX Gas Company LLC CONE Gathering LLC Exploration and Production - - $610.00 - -

1/3/18 Private Investors Smooth Rock Ventures Corp. Exploration and Production - - - - -

1/3/18 Private Investors Emerald Bay Energy Inc. Exploration and Production $0.22 ($0.55) - - -

1/3/18 Alliance Tank Services, LLC Willbros Group, Inc. Oil and Gas Equipment and Supplies - - - - -

1/3/18 Private Investors ARB Midstream, LLC Construction - - - - -

1/2/18 Alpha Imperial Corp. East White Lake Field, Louisiana Exploration and Production - - - - -

1/2/18 Private Investors Peyto Exploration & Dev Corp. Exploration and Production $534.73 $485.04 - - -

1/2/18 Chart Industries, Inc. Skaff Cryogenics, Inc. Oil and Gas Equipment and Supplies - - $12.50 - -

1/2/18 Stone's Throw Capital Inc. Butte Energy Inc. Exploration and Production $0.00 ($0.13) - - -

1/1/18 Mid-Con Development, LLC Woodway Oil & Gas-KS-I, LLC Exploration and Production - - $2.20 - -

High $3,648.15 $989.15 $14,600.00 2.41x 14.47x

Low $0.00 -$154.70 $0.00 0.51x 5.86x

Mean $278.60 $67.47 $501.58 1.22x 10.11x

Median $4.83 -$0.13 $67.25 0.76x 10.02x

March 201822

The information and views contained in this report were prepared by Dinan Capital Advisors, LLC. (“Dinan”). It is not a research report, assuch term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategyand is provided for informational purposes only. The information contained herein is believed by Dinan to be reliable, but Dinan makes norepresentation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constituteDinan’s judgment and are subject to change without notice. Also, past performance is not necessarily indicative of future results. Anyunauthorized reproduction of this information is strictly prohibited.

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Dinan Capital AdvisorsDisclaimer

March 201823

Dinan Capital Advisors

Dinan Capital Advisors delivers a highly tailored strategic approach for middle-market companies that seek to capitalize on mergerand acquisition transactions. Our services are comparable in scope to those employed by Wall Street investment banks for theworld's most profitable multinational corporations, while using methodologies, processes and cost-effective structures that makesense for middle-market companies.

Based on a highly structured process that leverages our experience, research capabilities, and proprietary technology platforms, weinitiate every engagement by first assessing the market climate, and then developing an understanding of the current situation andstrategic objectives of each company. From there, we partner with our clients to develop a plan that maximizes shareholder valueand delivers the optimal transaction outcome.

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