prompt oil price ($/bbl) $33.92 $6.36 23.1% let’s follow ... · 5/26/2020 · week's change...

1

May 26, 2020

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $33.92 $6.36 23.1%

Prompt Gas Price ($/mmbtu) $1.71 $0.03 1.7%

Wkly Trans. Value ($mm) -- ($125) (100%)

Wkly Trans. Count -- (2) (100%)

US Rig Count 318 (21) (6.2%)

US Oil Prod'n (mmbbl/d) 11.5 (0.1) (0.9%)

US Gas Prod'n (bcf/d)(1) 115.3 -- --

US Oil Storage (mmbbl) 526.5 (5.0) (0.9%)

US Gas Storage (tcf) 2.5 0.1 3.3%

$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

$17.0

$9.0

$0.9 $1.8

--

50

100

150

200

250

300

350

400

450

500

--

$5

$10

$15

$20

$25

$30

$35

$40

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 78% 67% 48%

Nu

mb

er

of

Tra

nsacti

on

s

Tra

nsacti

on

Va

lue (

$b

n)

Asset Corporate Number of Transactions

% Oil% Oil% Oil

$64.3

Total announced that it terminated the acquisition of

Occidental Petroleum’s Ghana assets as the purchase was

conditional on Total’s acquisition of Occidental’s Algeria

assets, which was blocked by Algerian authorities

With developments around COVID-19 in constant flux, BMO

Capital Markets has set up a dedicated page to provide

clients with the latest news and information, from the market

response to developments in the fight against the virus and

its spread – read more here

Debt

Markets

20 issuers priced 21 tranches for approximately $10.4 billion in proceeds last week

U.S. high yield funds reported an inflow of $1.64 billion

ETFs reported an outflow of $665 million, while mutual funds reported an inflow of $2.29 billion

High yield index yield was 7.49%; high yield energy index yield was 12.07%

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 Feb 2020.

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) outperformed last week 9.9% vs. SPX(2) 3.0%

The U.S. equity indexes mostly finished up last week. Real estate, industrials, consumer discretionary,

tech, materials, and financials finished up. Consumer staples and healthcare finished down

Equity

Markets

Oil ended last week up. Demand signals continued to trend positively, with China’s total oil demand

nearly back to the pre-COVID levels of 13.4 mmbbl/d. U.S. real-time mobility data indicated that driving

activity also recovered much of the April losses. Markets were also affected by greater than expected

Lower 48 shut-ins announced during earnings season. The jet fuel market remained extremely weak

though travel started to tick higher off historic lows. The near-term contract closed up $6.36, or 23.1%,

at $33.92

Gas ended last week up. The EIA announced a smaller than expected natural gas storage build. EQT

confirmed they had shut-in a large percentage of production due to pricing, with management noting that

sales were being deferred to take advantage of expected significant improvement in price in the coming

months. LNG cancellations continued. Temperatures across the southern states expected to increase.

The near-term contract closed up $0.03, or 1.7%, at $1.71

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 May 15 to May 21, 2020

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

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

BMO Capital Markets team!

BMO is marketing PayRock Energy’s divestiture of South

Texas Eagle Ford assets (see page [x])

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

Monitor went live last week – read more here

One E&P deal priced last week

WPX Energy (b1/BB-) priced $600 million of x% Senior

Notes due 2027

One E&P issuer priced last week

Noble Energy priced $500 million of 3.25% senior notes

due 2029 and $500 million of 4.20% senior notes due

2049. BMO Capital Markets acted as a Joint

Bookrunner on this transaction

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

Better international/demand data and promise for strict quota adherence by Russia

Demand signals continue to trend positively, with China’s total oil demand is nearly back to the pre-COVID levels of 13.4MM. U.S. real-time

mobility data indicated that driving activity has also recovered much of the April losses. Markets were also affected by greater than expected

Lower 48 shut-ins announced during earnings season. Jet-fuel market remains extremely weak thought travel started to tick higher off historic

lows.

Fighting in Libya intensified

The EIA announced a smaller-than-expected natural gas storage build. EQT confirmed that they had shut-in a large percentage of production

due to pricing, with management noting that sales were being deferred to take advantage of an expected significant improvement in price in the

coming months. LNG cancellations continued. Temperatures across the southern states expected to increase.

https://capitalmarkets.bmo.com/en/covid-19-insights/

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

2

May 26, 2020

y = 22.205e-0.061x

R² = 0.2785

--

$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

R / P

Sales Value /

Proved Reserves

(15:1)

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

8x $13.59 $0.91

10x $12.02 $0.80

15x $8.84 $0.59

20x $6.50 $0.43

$10.8 $21.3

$13.4 $5.2 $1.8

$4.4

$8.8

$10.2

$57.6

$0.9

$15.2

$30.1 $23.7

$62.8

$2.7

2016 2017 2018 2019 2020

363 650 522 86 47

Asset Corporate

Deal Count

Public Company

46%

PE / PE-Backed

17%

Private10%

Other27%

LTM By Buyer Type

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

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

11-May-20 Diversified Gas & Oil EQT Marcellus/Utica Appalachia Basin asset in PA and WV $125 $2.60 $13,889 n.a.

04-May-20 National Fuel Gas Shell Marcellus/Utica 450,000 net acres in Appalachia $541 $4.57 $12,983 $1,202

14-Apr-20 Undisclosed Buyer Ring Energy Permian 19,998 net acres in Delaware Basin $32 $3.15 $34,615 $1,575

08-Apr-20 Diversified Gas & Oil Carbon Energy Corp (USA) Marcellus/Utica 1,553,754 net acres in Appalachia $110 $1.51 $11,111 $71

03-Apr-20 BCE-Mach III LLC Alta Mesa Resources Mid-Continent 130,000 net acres in STACK $160 $2.22 $5,317 $1,227

31-Mar-20 Brigham Minerals LLC Undisclosed Sellers Multi-Region 1,625 net royalty acres in multiple basins $25 n.a. n.a. nmf

31-Mar-20 Viper Energy Partners Undisclosed Sellers Permian 410 net royalty acres in Permian Basin $63 n.a. n.a. nmf

26-Feb-20 Undisclosed Buyer HighPoint Resources Multi-Region Multi-region non-op assets $27 n.a. $13,500 n.a.

21-Feb-20 Magnolia Oil & Gas Corp Undisclosed Seller Eagle Ford Non-op Eagle Ford assets $71 n.a. $39,176 n.a.

14-Feb-20 Undisclosed Buyer Lilis Energy Inc Permian 1,185 net acres in Delaware Basin $25 n.a. n.a. $21,013

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

Permian21%

Rockies (ex. Bakken)

8%

Bakken3%

Appalachia7%

Mid-Con13%

Eagle Ford6%

Ark-La-Tex5%

Gulf of Mexico7%

Other31%

LTM By Region

Oil48%

Gas52%

LTM By Commodity

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. 68 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 --->

Deal Activity – YTD ($bn)(4)

[TBU]

3

May 26, 2020

5/14/2020

Appalachia 3

Ark-La-Tex 1

Bakken 1

Eagle Ford 5

Mid-Con 2

Other 3

Permian 2

Rockies 2

19

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

(Click headline to link to the full article)

M&A&D Headlines

Appalachia

3 Deals

Mid-Con

2 Deals

Eagle Ford

5 Deals

Permian

2 Deals

Other

3 Deals

Rockies

2 Deals

Bakken

1 Deal

Ark-La-Tex

1 Deal

BMO Deals (Status)

Siltstone Appalachia (In Market) – See page 6

Oil Jumps Above $30 for First Time in 2 Months

Global Oil Refining Could Rebound in June, but

Margins Weak

World Petroleum Congress Event in Houston Pushed

to 2021

Oil Highest Since March as Chinese Demand

Reaches 13 MMbpd

Key Global Markets' Physical Oil Prices Climbing as

OPEC+ Cuts Supply

Trump Administration Cuts Royalty Rates for Oil and

Gas

Google Plans to Stop Making A.I. Tools for Oil and

Gas Firms

Continental Resources Pushes for Regulatory Action

at North Dakota Hearing

The Man Who Bought 60,000 Oil and Gas Wells

Total Discontinues the Acquisition of Occidental

Petroleum’s Assets in Ghana

Centennial Resource Development Announces

Termination of Water Infrastructure Transaction

Talos Energy Announces Full Year 2019 Operating

and Financial Guidance (includes A&D

announcement)

+ the EQT mineral/JV Deal

+ Antero ORRI deal

https://www.rigzone.com/news/wire/oil_jumps_above_30_for_first_time_in_2_months-18-may-2020-162118-article/

https://www.reuters.com/article/us-global-oil-refining/global-oil-refining-could-rebound-in-june-but-margins-weak-iea-idUSKBN22Q2A5

https://www.reuters.com/article/us-global-oil-refining/global-oil-refining-could-rebound-in-june-but-margins-weak-iea-idUSKBN22Q2A5

https://www.rigzone.com/news/world_petroleum_congress_event_in_houston_pushed_to_2021-15-may-2020-162095-article/

https://www.rigzone.com/news/world_petroleum_congress_event_in_houston_pushed_to_2021-15-may-2020-162095-article/

https://www.worldoil.com/news/2020/5/18/oil-highest-since-march-as-chinese-demand-reaches-13-mmbpd



https://www.worldoil.com/news/2020/5/19/key-global-markets-physical-oil-prices-climbing-as-opecplus-cuts-supply

https://www.worldoil.com/news/2020/5/19/key-global-markets-physical-oil-prices-climbing-as-opecplus-cuts-supply

https://www.chron.com/news/article/Trump-administration-cuts-royalty-rates-for-oil-15284560.php

https://www.chron.com/news/article/Trump-administration-cuts-royalty-rates-for-oil-15284560.php

https://www.cnbc.com/2020/05/20/google-ai-greenpeace-oil-gas.html

https://www.cnbc.com/2020/05/20/google-ai-greenpeace-oil-gas.html

https://www.reuters.com/article/usa-oil-north-dakota/continental-resources-pushes-for-regulatory-action-at-north-dakota-hearing-idUSL1N2D12E0

https://www.reuters.com/article/usa-oil-north-dakota/continental-resources-pushes-for-regulatory-action-at-north-dakota-hearing-idUSL1N2D12E0

https://www.bbc.com/news/business-52638629

https://www.total.com/media/news/press-releases/total-discontinues-acquisition-occidental-petroleums-assets-ghana



http://ir.cdevinc.com/news-releases/news-release-details/centennial-resource-development-announces-termination-water

http://ir.cdevinc.com/news-releases/news-release-details/centennial-resource-development-announces-termination-water

https://polaris.brighterir.com/public/attis_oil_and_gas/news/rns_widget/story/x5lp00r

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/alpine-energy-jv-backs-out-of-deal-to-buy-bankrupt-approach-resources-wsj-57896361

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/alpine-energy-jv-backs-out-of-deal-to-buy-bankrupt-approach-resources-wsj-57896361

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



4

May 26, 2020

Market Insight: Assessing the Impact on Form of M&A&D Transaction

Consideration from 1998 to Present

Source: FactSet

Note: The CBOE Volatility Index (VIX) is used as a proxy for equity volatility; ‘low volatility’ defined as periods with VIX levels below 20 and ‘high volatility’ defined as periods

with VIX levels above 20.

1. Median of North American transactions over $50mm from 1998 to present.

2. Other category is comprised of all-stock transactions and mixed (cash and stock) consideration.

[TBU]

TRANSACTION CONSIDERATION(1)

Cash scarcity and absolute valuation issues lead to fewer all-cash transactions in periods of market

dislocation

--

25%

50%

75%

100%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

All-Cash Transactions All Other Transactions Long-Term Average

Long-Term Average: 61%

(2)

Dot Com

Bubble

Financial

Crisis 9/11

Attack

OBSERVATIONS ALL-CASH DEALS(1)

The likelihood of an all-cash transaction is

negatively impacted by an increase in equity

volatility

All-cash transactions are less likely in a

volatile market, impacted in part by a greater

need for acquirers to preserve liquidity and

restricted access to debt and equity markets

In a distressed environment, target

shareholders may view a stock-based

transaction as more favorable due to relative

valuation considerations

Equity consideration may also alleviate Board

of Director fiduciary focus of maximizing

shareholder value at unsustainably low oil

prices

65%

53%

Low Volatility High Volatility

5

May 26, 2020

NYMEX WTI Futures as of 21-May-20 Close ($/bbl) NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)

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

12 Mo. Strip $35.68 $30.59 $56.47 $61.99

2020 $34.89 $29.31 $56.47 $60.43

2021 $37.03 $33.48 $53.33 $56.94

2022 $39.15 $36.72 $52.21 $54.78

2023 $41.26 $39.39 $52.01 $53.79

2024 $43.33 $41.80 $52.18 $53.62

NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)

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

12 Mo. Strip $2.36 $2.39 $2.43 $2.75

2020 $2.11 $2.14 $2.43 $2.73

2021 $2.64 $2.67 $2.46 $2.66

2022 $2.49 $2.49 $2.49 $2.66

2023 $2.41 $2.42 $2.54 $2.73

2024 $2.39 $2.39 $2.59 $2.84

25%

35%

45%

55%

65%

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

% o

f W

TI

NGL as % of WTI

Historical Prices as of 21-May-20 Close ($/gal)

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

Ethane $0.23 $0.23 $0.20 $0.23

Propane $0.48 $0.41 $0.56 $0.58

Butane $0.50 $0.35 $0.75 $0.53

Iso-butane $0.51 $0.41 $0.82 $0.62

Pentane+ $0.58 $0.48 $1.29 $1.26

$10

$20

$30

$40

$50

$60

$70

May-19 Nov-19 May-20 Nov-20 May-21

($/b

bl)

$1

$2

$3

$4

$5

May-19 Nov-19 May-20 Nov-20 May-21

($/m

mb

tu)

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

Historical Prices as of 21-May-20 Close ($/gal)NGLsCurrentLast Wk.6 Mo. Ago1 Yr. AgoEthane$0.23$0.23$0.20$0.23Propane$0.48$0.41$0.56$0.58Butane$0.50$0.35$0.75$0.53Iso-butane$0.51$0.41$0.82$0.62Pentane+$0.58$0.48$1.29$1.26

NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$2.36$2.39$2.43$2.752020$2.11$2.14$2.43$2.732021$2.64$2.67$2.46$2.662022$2.49$2.49$2.49$2.662023$2.41$2.42$2.54$2.732024$2.39$2.39$2.59$2.84

NYMEX WTI Futures as of 21-May-20 Close ($/bbl)NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$35.68$30.59$56.47$61.992020$34.89$29.31$56.47$60.432021$37.03$33.48$53.33$56.942022$39.15$36.72$52.21$54.782023$41.26$39.39$52.01$53.792024$43.33$41.80$52.18$53.62

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

Historical Prices as of 21-May-20 Close ($/gal)NGLsCurrentLast Wk.6 Mo. Ago1 Yr. AgoEthane$0.23$0.23$0.20$0.23Propane$0.48$0.41$0.56$0.58Butane$0.50$0.35$0.75$0.53Iso-butane$0.51$0.41$0.82$0.62Pentane+$0.58$0.48$1.29$1.26

NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$2.36$2.39$2.43$2.752020$2.11$2.14$2.43$2.732021$2.64$2.67$2.46$2.662022$2.49$2.49$2.49$2.662023$2.41$2.42$2.54$2.732024$2.39$2.39$2.59$2.84

NYMEX WTI Futures as of 21-May-20 Close ($/bbl)NYMEX Gas Futures as of 21-May-20 Close ($/mmbtu)Period(1)CurrentLast Wk.6 Mo. Ago1 Yr. Ago12 Mo. Strip$35.68$30.59$56.47$61.992020$34.89$29.31$56.47$60.432021$37.03$33.48$53.33$56.942022$39.15$36.72$52.21$54.782023$41.26$39.39$52.01$53.792024$43.33$41.80$52.18$53.62














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

May 26, 2020

$33.92

$1.71

$0.53

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 21-MAY-20

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 21-MAY-20

Legend

Price

Diff.

Legend

Price

Diff.

$36.06

$2.14

$2.45

$0.74$1.62

($0.09)

$1.49

($0.22)$1.66

($0.05)

$1.48

($0.23)

$1.30

($0.41)

$29.42

($4.50)

$1.47

($0.24)

$1.45

($0.26)

$35.37

$1.45

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

$34.29

$0.37

$1.47

($0.24)

$1.68

($0.03)

$1.46

($0.25)

$1.42

($0.29)

[TBU]

$34.42

$0.50

[TBU]

[TBU]

7

May 26, 2020

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

Rig Count 162 (13) 175 Oil Differential ($0.10) ($1.75) $1.65

Permitting Activity 48 (17) 65 Gas Differential ($0.28) ($0.06) ($0.22)

0%

10%

20%

30%

40%

50%

60%

--

100

200

300

400

500

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

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

1,256

900784 753

596

851744

803966

843706

543

196

May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20

H V+D

4,000

8,000

12,000

16,000

20,000

1,000

2,000

3,000

4,000

5,000

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

mm

cf/

d

mb

bl/

d

Oil Gas4,663

16,498

--

$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

3Q

19

4Q

19

1Q

20

2Q

20

1 2 8 8 6 6 121315 7 2 2 7 2 5 4 1 2 0 3 0 2

$ /

acre

# Deals

$23,957

--

$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

3Q

19

4Q

19

1Q

20

2Q

20

1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2 4 3 0 1

$ /

bo

e/d

# Deals

$86,402

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

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

14-Apr-20 Undisclosed Buyer Ring Energy 19,998 net acres in Delaware Basin $32 $3.15 $34,615 $1,575

31-Mar-20 Viper Energy Partners Undisclosed Sellers 410 net royalty acres in Permian Basin $63 n.a. n.a. nmf

14-Feb-20 Undisclosed Buyer Lilis Energy Inc 1,185 net acres in Delaware Basin $25 n.a. n.a. $21,013

12-Feb-20 Laredo Petroleum Inc Undisclosed Seller 1,100 net acres in Midland Basin $23 n.a. n.a. $20,455

09-Dec-19 Laredo Petroleum Inc Undisclosed Seller 4,475 net acres in Midland Basin $65 n.a. $46,429 $14,525

Mean $41 $3.15 $40,522 $14,392

Median $32 $3.15 $40,522 $17,490



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-18. 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, $40,000/boepd in 2018 & 2019, and $30,000/boepd in 2020.

GROSS PRODUCTION (THROUGH 31-JAN-20)

[TBU]

8

May 26, 2020


Rig Count 25 (2) 27 Oil Differential $1.05 ($1.30) $2.35

Permitting Activity 2 (20) 22 Gas Differential ($0.02) $0.01 ($0.04)

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

401

222173 201 192 221 204

204

302

170 180

7835


H V+D

6,000

6,500

7,000

7,500

8,000

1,000

1,200

1,400

1,600

1,800


mm

cf/

d

mb

bl/

d

Oil Gas

1,411

7,383

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

21-Feb-20 Magnolia Oil & Gas Corp Undisclosed Seller Non-op Eagle Ford assets $71 n.a. $39,176 n.a.

12-Nov-19 Kimbell Royalty Partners Buckhorn Resources 400 net royalty acres in Eagle Ford $32 n.a. $117,752 nmf

07-Nov-19 Repsol Equinor 100% ownership in former Eagle Ford JV $325 n.a. $9,559 $7,476

06-Nov-19 Marathon Rocky Creek & Delago 18,000 net acres in Eagle Ford $185 n.a. $26,429 $10,278

17-Jul-19 Undisclosed Buyer Sundance Energy 6,100 net acres in Dimmit County $30 n.a. $28,069 $4,836

Mean $129 n.a. $44,197 $7,530

Median $71 n.a. $28,069 $7,476



--$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

3Q

19

4Q

19

1Q

20

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

$ /

acre

# Deals

$8,045

--

$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

3Q

19

4Q

19

1Q

20

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

$ /

bo

e/d

# Deals

$64,626

Eagle Ford Snapshot



DIFFERENTIALS RIG COUNT







[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

9

May 26, 2020


Rig Count 32 -- 32 Oil Differential $1.75 ($1.10) $2.85

Permitting Activity 8 2 6 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

20

40

60

80



-$10.00

-$5.00

$0.00

$5.00

$10.00


-$10.00

-$5.00

$0.00

$5.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

132

96112

199219

98

164

79 79 77 6838

23


H V+D

5,000

6,500

8,000

9,500

11,000

12,500

14,000

60

70

80

90

100

110

120


mm

cf/

d

mb

bl/

d

Oil Gas

72

12,657

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

20-Dec-19 Undisclosed Buyer Riviera Operating LLC 75,873 net acres in East Texas $34 $0.17 $1,213 $448

29-Jul-19 Osaka Gas Sabine Oil & Gas Corp 175,000 net acres in East TX $610 n.a. $2,905 $9,136

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.

Mean $300 $0.47 $2,198 $6,944

Median $100 $0.47 $2,475 $6,270



--

$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

3Q

19

4Q

19

1Q

20

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

$ /

acre

# Deals

$3,180

--$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

3Q

19

4Q

19

1Q

20

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

$ /

mcfe

/d

# Deals

$3,983

Ark-La-Tex Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, 2019, and 2020.



[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

10

May 26, 2020

0%

5%

10%

15%

20%

--

50

100

150





Permitting Activity 4 (25) 29 Gas Differential ($0.42) $0.25 ($0.67)

-$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

384335 348

302 295258

232188

157

226253

175

55


H V+D

15,000

20,000

25,000

30,000

35,000

80

100

120

140

160


mm

cf/

d

mb

bl/

d

Oil Gas

149

33,271

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

11-May-20 Diversified Gas & Oil EQT Appalachia Basin asset in PA and WV $125 $0.43 $2,315 n.a.

04-May-20 National Fuel Gas Shell 450,000 net acres in Appalachia $541 $0.76 $2,164 $1,202

08-Apr-20 Diversified Gas & Oil Carbon Energy Corp (USA) 1,553,754 net acres in Appalachia $110 $0.25 $1,852 $71

24-Jan-20 KeyBank EdgeMarc Energy Holdings 32,217 net acres in Pennsylvania $70 $0.09 $801 $2,163

19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Non-op Utica assets $29 n.a. n.a. n.a.

Mean $175 $0.38 $1,783 $1,145

Median $110 $0.34 $2,008 $1,202



--$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

3Q

19

4Q

19

1Q

20

2Q

20

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

$ /

mcfe

/d

# Deals

$4,722

--$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

3Q

19

4Q

19

1Q

20

2Q

20

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

$ /

acre

# Deals

$497

Appalachia Snapshot








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, 2019, and 2020.


[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

GROSS PRODUCTION (THROUGH 31-DEC-19)

[TBU]

[TBU]

[TBU]

11

May 26, 2020



Permitting Activity 9 (4) 13 Gas Differential ($0.24) ($0.07) ($0.17)

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

145 144 154138

110

157

83 80 7867 76 67

42


H V+D

1,500

1,800

2,100

2,400

2,700

3,000

3,300

3,600

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600


mm

cf/

d

mb

bl/

d

Oil Gas 1,421

3,066

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



--

$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

3Q

19

4Q

19

1Q

20

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

$ /

bo

e/d

# Deals

$45,752

--

$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

3Q

19

4Q

19

1Q

20

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

$ /

acre

# Deals

$1,751

Bakken Snapshot










[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

12

May 26, 2020



Permitting Activity 33 12 21 Gas Differential ($0.24) ($0.07) ($0.17)

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

164

306 286

434

327297

168213

268

197

286

210

101


H V+D

13,000

13,500

14,000

14,500

15,000

15,500

500

600

700

800

900

1,000


mm

cf/

d

mb

bl/

d

Oil Gas940

13,833

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

31-Jan-20 Undisclosed Buyer ConocoPhillips 98,000 net acres in DJ Basin $380 $27.14 $34,545 $3,878

09-Dec-19 YTEF Drilling Capital LLC Bayswater E&P LLC DJ Basin JV $125 n.a. n.a. n.a.

03-Sep-19 Undisclosed Buyer Crescent Point 224,000 net undeveloped acres in Uinta $525 n.a. $32,051 $2,344

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

Mean $219 $14.36 $25,811 $3,567

Median $125 $14.36 $32,051 $3,878



--

$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

3Q

19

4Q

19

1Q

20

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

$ /

acre

# Deals

$2,069

--$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

3Q

19

4Q

19

1Q

20

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

$ /

bo

e/d

# Deals

$36,112



DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT







[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]


[TBU]

[TBU]

[TBU]

13

May 26, 2020


Rig Count 14 -- 14 Oil Differential -- -- --

Permitting Activity 25 13 12 Gas Differential ($0.22) ($0.08) ($0.15)

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

298

374 354327 348 344 347

296 284251

193

73 56


H V+D

12,000

13,200

14,400

15,600

16,800

18,000

600

650

700

750

800

850


mm

cf/

d

mb

bl/

d

Oil Gas778

13,949

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

03-Apr-20 BCE-Mach III LLC Alta Mesa Resources 130,000 net acres in STACK $160 $2.22 $5,317 $1,227

10-Dec-19 Dow Devon Energy STACK Basin JV $100 n.a. n.a. n.a.

27-Sep-19 Contango White Star Petroleum LLC 314,800 net acres in Mid-Con $133 $1.57 $8,833 $421

12-Sep-19 Contango Will Energy Corporation TX Panhandle, W. Anadarko, and N.LA $23 n.a. $16,429 $144

28-Aug-19 Scout Energy Partners Riviera Resources Inc Hugoton Basin assets $295 $2.30 $17,020 $295

Mean $142 $2.03 $11,900 $522

Median $133 $2.22 $12,631 $358



--

$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

3Q

19

4Q

19

1Q

20

2Q

20

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

$ /

bo

e/d

# Deals

$18,742

--

$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

3Q

19

4Q

19

1Q

20

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

$ /

acre

# Deals

$4,284

Mid-Continent Snapshot










[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

GROSS PRODUCTION (THROUGH 31-DEC-19)

[TBU]

[TBU]

[TBU]

14

May 26, 2020



Permitting Activity 11 3 8 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

10

20

30

40


Deep Water Shelf % of Total Rigs

-$10.00

-$5.00

$0.00

$5.00

$10.00


-$10.00

-$5.00

$0.00

$5.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

26 2730

28

21 22 21

16

22 22 22

11

23


Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

12-Dec-19 W&T Offshore ConocoPhillips Deepwater GOM assets $20 $4.88 $8,696 n.a.

10-Dec-19 Talos Energy Multiple GOM assets and exploration prospects $640 $14.71 $33,684 n.a.

27-Jun-19 W&T Offshore ExxonMobil Mobile Bay assets $200 $2.70 $10,101 n.a.

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.

Mean $640 $10.78 $29,796 n.a.

Median $640 $9.79 $33,684 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

3Q

19

4Q

19

1Q

20

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

$ /

bo

e

# Deals

$15.86

--

$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

3Q

19

4Q

19

1Q

20

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

$ /

bo

e/d

# Deals

$30,696

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.




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

[TBU]

2,000

2,500

3,000

3,500

4,000

4,500

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,932

2,889

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

15

May 26, 2020

Upcoming Industry Events

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.

Click event to open

2021

November 2020 Nov 3-4 Executive Oil Conference & Exhibition (Midland)

Nov 11 IPAA Leaders in Industry Luncheon

Nov 17 Houston Producers Forum Luncheon

Nov 20 ADAM-Houston Monthly Luncheon

April 2021 Apr 14 IPAA Leaders in Industry Luncheon

Apr 16 ADAM-Houston Monthly Luncheon

Apr 19-21 DUG Permian (Fort Worth)

Apr 20 Houston Producers Forum Luncheon

June 2020 Jun 9 179th OPEC Meeting

Jun 16 Houston Producers Forum Luncheon

Jun 19 ADAM-Houston Monthly Luncheon

July 2020 Jul 21 Houston Producers Forum Luncheon

Jul 20-22 SPE Unconventional Resources Technology

August 2020 Aug 10-11 Mineral & Royalty Conference

Aug 11-27 Summer NAPE (virtual)

Aug 16-19 Enercom Oil & Gas Conference

Aug 18 Houston Producers Forum Luncheon

Aug 21 ADAM-Houston Monthly Luncheon

September 2020 Sep 1 DUG Energy ESG Conference

Sep 9 IPAA Leaders in Industry Luncheon

Sep 8-10 DUG Permian Basin & Eagle Ford (San Antonio)

Sep 15 Houston Producers Forum Luncheon

Sep 18 ADAM-Houston Monthly Luncheon

Sep 22-24 DUG Midcontinent (Oklahoma City)

October 2020 Oct 12-15 API Storage Tank Conference & EXPO

Oct 13-14 DUG Haynesville (Shreveport)

Oct 14 IPAA Leaders in Industry Luncheon

Oct 14-15 OilComm Conference & Exposition

Oct 16 ADAM-Houston Monthly Luncheon

Oct 20 Houston Producers Forum Luncheon

Oct 27-28 A&D Strategies and Opportunities Conference

December 2020 Dec 1-3 DUG East (Pittsburgh)

Dec 3 IPAA Texas Hold'Em Tournament

Dec 9 IPAA Leaders in Industry Luncheon

Dec 15 Houston Producers Forum Luncheon

January 2021 Jan 13 IPAA Leaders in Industry Luncheon

Jan 15 ADAM-Houston Monthly Luncheon

Jan 18-22 API E&P Winter Standards Meeting

Jan 19 Houston Producers Forum Luncheon

February 2021 Feb 8-12 NAPE Summit

Feb 10 IPAA Leaders in Industry Luncheon

Feb 16 Houston Producers Forum Luncheon

Feb 19 ADAM-Houston Monthly Luncheon

March 2021 Mar 10 IPAA Leaders in Industry Luncheon

Mar 16 Houston Producers Forum Luncheon

Mar 19 ADAM-Houston Monthly Luncheon

Mar 25-26 DUG Bakken and Rockies (Denver)

May 2021 May 12 IPAA Leaders in Industry Luncheon

May 18 Houston Producers Forum Luncheon

May 21 ADAM-Houston Monthly Luncheon

May 26-27 DUG Haynesville (Shreveport)

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





https://www.ipaa.org/events/leaders-industry-luncheon-november-2020/



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




http://adamhouston.org/events





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




https://adamhouston.org/events/





https://www.hartenergyconferences.com/future-events-updated






https://houstonproducersforum.org/luncheons.aspx





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














https://urtec.org/2020





https://mineralconference.com/






http://napeexpo.com/summer/attendee-info





https://www.theoilandgasconference.com/















https://www.hartenergyconferences.com/energy-esg




https://www.ipaa.org/events/leaders-industry-luncheon-september-2020/



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














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






https://www.api.org/products-and-services/events/calendar/2020/tvp






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






https://www.ipaa.org/events/leaders-industry-luncheon-october-2020/



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

https://10times.com/offshore-communications-exhibition















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





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





https://www.ipaa.org/events/texas-holdem-tournament-2020/






https://www.ipaa.org/events/leaders-industry-luncheon-december-2020/














https://www.api.org/products-and-services/events/calendar?page=2&pageSize=10









http://napeexpo.com/summit



























































16

May 26, 2020

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. No part of this

publication or its contents may be copied, downloaded, stored in a retrieval system, further transmitted, or otherwise reproduced, stored, disseminated, transferred or used, in any form or

by any means by any third parties, except with the prior written permission of BMO Capital Markets.

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

Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer

business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker broker dealer businesses of BMO Nesbitt Burns Inc. (Member

Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated

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registered trademark of Bank of Montreal, used under license. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. TM Trademark of Bank of

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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

MD & 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.

162

(13)

14

(2)

8

--

30

--5

(2)

12

--

2

--7

--

32

--

25

(2)

3

--

1

--

2

(2)--

--

Michelle Tankimovich

Analyst

This

Week Change

Last

Week

Last

Year

Total Rigs 318 (21) 339 983

Oil 237 (21) 258 797

Gas 79 -- 79 186

Miscellaneous 2 -- 2 --

Directional 25 3 22 69

Horizontal 285 (22) 307 863

Vertical 8 (2) 10 51

Basin

Permian 162 (13) 175 451

SCOOP/STACK/Merge 7 -- 7 81

Granite Wash 2 -- 2 10

Eagle Ford 25 (2) 27 90

Haynesville 32 -- 32 58

Marcellus 30 -- 30 62

Utica 8 -- 8 19

Williston 14 (2) 16 57

DJ-Niobrara 5 (2) 7 29

Green River -- -- -- 17

Powder River 2 (2) 4 19

Piceance 1 -- 1 4

Gulf Coast Onshore 3 -- 3 22

GOM 12 -- 12 22

Alaska 3 -- 3 7

Other 12 -- 12 35

Mid-Con 5 -- 5 15

Rockies -- -- -- 2

Western 6 -- 6 18

Eastern 1 -- 1 --

prompt oil price ($/bbl) $33.92 $6.36 23.1% let’s follow ... · 5/26/2020 · week's change...

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