prompt oil price ($/bbl) $58.52 ($1.04) (1.7%) let’s ... · 1/20/2020 · 22-dec-19 navitas...

1

January 20, 2020

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $58.52 ($1.04) (1.7%)

Prompt Gas Price ($/mmbtu) $2.08 ($0.09) (4.3%)

Wkly Trans. Value ($mm) $17 ($158) (90%)

Wkly Trans. Count 2 (1) (33%)

US Rig Count 796 15 1.9%

US Oil Prod'n (mmbbl/d) 13.0 0.1 0.8%

US Gas Prod'n (bcf/d)(1) 114.8 -- --

US Oil Storage (mmbbl) 428.5 (2.5) (0.6%)

US Gas Storage (tcf) 3.0 (0.1) (3.5%)

$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

$10.7

$0.2 --

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

61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 80% 33%

Nu

mb

er

of

Tra

ns

ac

tio

ns

Tra

ns

ac

tio

n V

alu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil% Oil% Oil

$64.3

Lilis Energy announced it received a non-binding cash offer of

approximately $17 million from Värde Partners proposing to

take the company private

Debt

Markets

13 issuers priced 16 tranches for approximately $12 billion in proceeds last week

One energy deal priced last week

Laredo Petroleum priced $600 million of 9.50% senior notes due 2025 and $400 million of 10.125%

senior notes due 2028. BMO Capital Markets acted as Joint Bookrunner on this transaction

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

ETFs reported an inflow of $1.24 billion, while mutual funds reported an inflow of $488 million

High yield index yield was 5.19%; high yield energy index yield was 8.22%

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 Oct 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 (1.9)% vs. SPX(2) 1.6%

The U.S. equity indexes finished up last week. Consumer discretionary, financials, industrials, consumer

staples, healthcare, materials, tech, and real estate were all up

Equity

Markets

Oil ended last week down. WTI was able to bounce up from below its 200-day moving average – this

small rally seemed more technical than fundamental. Given the extent of upcoming refinery turnarounds,

poor product margins, and high freight rates, it would be surprising to see any sustained momentum

higher. The bullish side of the equation involves geopolitical events such as Iran, and as a consequence,

Iraq. The IEA’s report made a point to mention Iraqi supplies as “potentially vulnerable” given the current

political climate. In other news, it has been quite a foggy few days in Houston and that has certainly

affected vessel traffic in and around the Houston Ship Channel. This will find its way into the inventory

report next week; therefore, imports/exports numbers will most likely remain low this week. The near-term

contract closed down $1.04, or 1.7%, at $58.52

Gas ended last week down. Colder weather in multiple regions helped lift forecast demand. In addition,

exports seemed to continue to outpace anticipated results. The failure to rally on the more bullish than

expected EIA number led to a sharp sell off in the last hour of trading. The near-term contract closed

down $0.09, or 4.3%, at $2.08

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 January 10 to January 16, 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

The conflict with Iran was front-and-center, while

storage fundamentals were a distant second. Freight

rates have increased making it more expensive to move

crude to and from the U.S., Middle East, Europe, and

Asia. This may pressure the spread wider. Iran’s strikes

against U.S. air bases in Iraq using ballistic missiles

caused the market to initially soar. As additional news

came out indicating there were no deaths and the

strikes were isolated, the market seemed to take some

of the risk premium out. President Trump’s press

conference further assured the market that perhaps the

worst of this is over and a full scale response from the

U.S. would not be happening. Inventory numbers were

significantly bearish and refinery runs were lower by

386kbpd. A new White House proposal would make the

process for permitting a new pipeline project much

faster. The changes include language requiring a

project’s environmental effects to be “reasonably

foreseeable” and have a “reasonably close causal

relationship” to the project.

Prompt month pushed against downtrend resistance at

$2.16, which has essentially been in place since the

Nov 2019 highs. Lower 48 forecast weather forecasts

shifted markedly colder as the polar air mass over

western Canada finds traction and pushes south into

the Midwest and East in the next few days. The easterly

shift is expected to lift temperatures in the MTN and

West regions as low pressure drags warmer Pacific air

into the region.

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

2

January 20, 2020

$0.6

$4.7

$1.0 $0.1 $0.2

--

$3.2

--

--

$0.0 $0.6

$7.9

$1.0

$0.1

$0.2

2016 2017 2018 2019 2020

26 70 47 10 3

Asset Corporate

Deal Count

R / P

Sales Value /

Proved Reserves

(15:1)

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

8x $17.62 $1.17

10x $15.50 $1.03

15x $11.24 $0.75

20x $8.16 $0.54

y = 29.441e-0.064x

R² = 0.2924

--

$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

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

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

09-Jan-20 Kimbell Royalty Partners Springbok Energy Partners Multi-Region 2,160 net royalty acres across the U.S. $175 n.a. $69,088 nmf

31-Dec-19 BCE-Mach III LLC Alta Mesa Resources Mid-Continent 128,000 net acres in STACK $225 $3.25 $6,403 $1,756

22-Dec-19 Navitas Petroleum LP Denbury Resources Other 50% WI in conventional Texas assets $50 $13.51 $47,619 n.a.

20-Dec-19 Undisclosed Buyer Riviera Operating LLC Ark-La-Tex 75,873 net acres in East Texas $34 $1.02 $7,281 $448

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

17-Dec-19 Banpu Public Co Ltd Devon Energy Barnett 300,000 net acres in Barnett $770 $1.15 $7,739 $2,567

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

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

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

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

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

45%

PE / PE-Backed

17%

Private10%

Other28%

LTM By Buyer Type

Permian20%

Rockies (ex. Bakken)

8%

Bakken4%

Appalachia7%

Mid-Con15%

Eagle Ford6%

Ark-La-Tex5%

Gulf of Mexico8%

Other26%

LTM By Region

Oil49%

Gas51%

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)

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3

January 20, 2020

1/16/2020

Appalachia 5

Ark-La-Tex 5

Bakken 6

Eagle Ford 15

Mid-Con 12

Other 11

Permian 22

Rockies 14

90

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

5 Deals

Mid-Con

12 Deals

Eagle Ford

15 Deals

Permian

22 Deals

Other

11 Deals

Rockies

14 Deals

Bakken

6 Deals

Ark-La-Tex

5 Deals

BMO Deals (Status)

Siltstone Appalachia (In Market) – See page 6

Metric Shows Expanding Oil Market Supply

U.S. Energy Exports to Climb as China Pledges

Ramp-Up in Purchases

Crude Exports Boom on U.S. Gulf Coast, Allaying

Bottleneck Fears

U.S. Oil Production Hits Estimated Record 13 Million

Barrels Per Day

Trump Moves to Overhaul the National Environmental

Policy Act

Wind, Solar Projects Will Produce Most New U.S.

Capacity This Year

Texas RRC Staff Sets Record Processing Standard

Drilling Permits in 2019

One of the Best Permian Investments Doesn't

Produce Any Oil

Parsley CEO Says Shale Will Deliver Returns This

Year

Lilis Energy Receives Non-Binding Cash Take Private

Offer from Värde Partners

Talos Energy Announces Full Year 2019 Operating

and Financial Guidance (includes A&D

announcement)

[TBU]

+ the EQT mineral/JV Deal

+ Antero ORRI deal

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https://www.rigzone.com/news/metric_shows_expanding_oil_market_supply-10-jan-2020-160775-article/

https://www.reuters.com/article/us-usa-trade-china-energy/u-s-energy-exports-to-climb-as-china-pledges-ramp-up-in-purchases-idUSKBN1ZF013






https://www.reuters.com/article/us-usa-crude-exports-graphic/crude-exports-boom-on-u-s-gulf-coast-allaying-bottleneck-fears-idUSKBN1ZD0HK

https://www.reuters.com/article/us-usa-crude-exports-graphic/crude-exports-boom-on-u-s-gulf-coast-allaying-bottleneck-fears-idUSKBN1ZD0HK

https://www.chron.com/business/energy/article/U-S-oil-production-hits-estimated-record-13-14977192.php?cmpid=ffcp#item-85307-tbla-2

https://www.chron.com/business/energy/article/U-S-oil-production-hits-estimated-record-13-14977192.php?cmpid=ffcp#item-85307-tbla-2

https://www.cnbc.com/2020/01/09/trump-to-announce-sweeping-changes-to-the-national-environmental-policy-act.html

https://www.cnbc.com/2020/01/09/trump-to-announce-sweeping-changes-to-the-national-environmental-policy-act.html

https://www.chron.com/business/energy/article/Wind-solar-projects-will-produce-most-new-US-14974305.php?cmpid=ffcp

https://www.chron.com/business/energy/article/Wind-solar-projects-will-produce-most-new-US-14974305.php?cmpid=ffcp

https://www.ogj.com/general-interest/government/article/14074688/texas-rrc-staff-sets-record-processing-standard-drilling-permits-in-2019



https://www.worldoil.com/news/2020/1/10/one-of-the-best-permian-investments-doesn-t-produce-any-oil




https://www.rigzone.com/news/wire/pe_boss_says_shale_will_deliver_returns_this_year-10-jan-2020-160765-article/



http://investors.lilisenergy.com/news-releases/news-release-details/lilis-energy-receives-non-binding-cash-take-private-offer-major









https://www.worldoil.com/news/2020/1/6/oxy-to-spin-off-anadarko-s-pipeline-business-in-a-bid-to-reduce-debt

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



4

January 20, 2020

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

$1

$2

$3

$4

$5

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

($/m

mb

tu)

$20

$30

$40

$50

$60

$70

$80

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

($/b

bl)

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.

NYMEX WTI Futures as of 16-Jan-20 Close ($/bbl) NYMEX Gas Futures as of 16-Jan-20 Close ($/mmbtu)

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

12 Mo. Strip $57.06 $57.79 $56.87 $54.07

2020 $57.24 $58.00 $55.67 $54.63

2021 $53.62 $54.07 $53.30 $54.43

2022 $51.82 $52.10 $52.40 $54.41

2023 $51.27 $51.46 $52.38 $54.63

2024 $51.41 $51.61 $52.68 $54.78

NYMEX Gas Futures as of 16-Jan-20 Close ($/mmbtu)


12 Mo. Strip $2.27 $2.33 $2.47 $2.96

2020 $2.23 $2.29 $2.53 $2.71

2021 $2.43 $2.43 $2.57 $2.63

2022 $2.59 $2.59 $2.74 $2.81

2023 $2.59 $2.59 $2.74 $2.81

2024 $2.59 $2.59 $2.74 $2.81

Historical Prices as of 16-Jan-20 Close ($/gal)

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

Ethane $0.16 $0.16 $0.16 $0.30

Propane $0.43 $0.46 $0.51 $0.68

Butane $0.67 $0.71 $0.50 $0.71

Iso-butane $0.84 $0.81 $0.74 $0.81

Pentane+ $1.20 $1.20 $1.18 $1.06

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

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NYMEX WTI Futures as of 02-Jan-20 Close ($/bbl) NYMEX Gas Futures as of 02-Jan-20 Close ($/mmbtu)


12 Mo. Strip $58.95 $59.31 $55.58 $48.71

2020 $59.17 $59.55 $54.61 $50.33

2021 $54.82 $54.86 $52.82 $51.37

2022 $52.50 $52.31 $52.32 $52.22

2023 $51.69 $51.32 $52.58 $53.06

2024 $51.80 $51.30 $53.16 $53.65

NYMEX Gas Futures as of 02-Jan-20 Close ($/mmbtu)


12 Mo. Strip $2.29 $2.31 $2.41 $2.75

2020 $2.25 $2.31 $2.49 $2.62

2021 $2.42 $2.41 $2.55 $2.59

2022 $2.57 $2.58 $2.72 $2.78

2023 $2.57 $2.58 $2.72 $2.78

2024 $2.57 $2.58 $2.72 $2.78

Historical Prices as of 02-Jan-20 Close ($/gal)

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

Ethane $0.15 $0.19 $0.14 $0.31

Propane $0.45 $0.45 $0.44 $0.64

Butane $0.67 $0.68 $0.42 $0.70

Iso-butane $0.82 $0.81 $0.57 $0.79

Pentane+ $1.23 $1.25 $1.08 $0.97

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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



5

January 20, 2020

($0.48)

$2.08

$58.52

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

$2.26

$0.18

$61.62

$3.10

$2.11

$0.03

$1.79

($0.29)

$1.82

($0.26)

$1.73

($0.35)

$1.75

($0.33)

$2.26

$0.18

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 16-JAN-20

$2.89

$0.81

$64.62

$6.10

$49.52

($9.00)

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 16-JAN-20

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]

$59.30

$0.78

$1.62

($0.46)

$2.07

($0.01)

$1.74

($0.34)

$0.65

($1.43)

[TBU]

$52.27

($6.25)

[TBU]

[TBU]

6

January 20, 2020

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

Rig Count 403 6 397 Oil Differential $0.90 $0.10 $0.80

Permitting Activity 117 (120) 237 Gas Differential ($1.42) ($0.04) ($1.38)

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

1,2471,065

1,2071,050

1,256

906775 750

598

852744 787

387

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

H V+D

-$4.80

-$3.20

-$1.60

$0.00

$1.60

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

-$18.00

-$12.00

-$6.00

$0.00

$6.00

$ /

mm

btu

$ /

bb

l

Midland Waha

--

$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

1 2 8 8 6 6 12 13 15 7 2 2 7 2 5 4 1 2 0 4

$ /

acre

# Deals

$24,791

--

$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

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

$ /

bo

e/d

# Deals

$88,108

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

Ann'd

Date Buyer Seller Asset Description Value (1)

Proved

Multiple

Prod.

Multiple Net Acres

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

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

05-Nov-19 Laredo Petroleum Inc Cordero Energy 7,360 net acres in Permian $130 n.a. n.a. $17,697

30-Sep-19 Viper Energy Partners Undisclosed Seller 1,045 net royalty acres in Permian $168 n.a. $143,959 nmf

13-Sep-19 Viper Energy Partners Santa Elena Minerals LP 1,358 net royalty acres in Permian $150 n.a. $107,143 nmf

03-Sep-19 Spur Energy Partners Concho Resources Inc ~70,000 net acres in Eddy and Lea, NM $925 n.a. $37,000 $13,214

Mean $288 n.a. $83,633 $15,145

Median $150 n.a. $76,786 $14,525

Blue = BM O provided transaction advisory services Green = BM O provided acquisit ion f inancing or related services

Purple = BM O provided both transaction advisory services and acquisit ion f inancing or related services

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, and $40,000/boepd in 2018 & 2019.

TBU

5,000

7,000

9,000

11,000

13,000

15,000

17,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

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

mm

cf/

d

mb

bl/

d

Oil Gas 4,370

15,620

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

7

January 20, 2020


Rig Count 81 1 80 Oil Differential $3.80 $0.55 $3.25

Permitting Activity 40 (35) 75 Gas Differential ($0.07) $0.01 ($0.08)

0%

5%

10%

15%

20%

--

100

200

300



398353

472

351401

222173 201 192 221 205 204

127


H V+D

-$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

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

1,405

7,420

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

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% ow nership 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

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

Mean $122 $2.98 $46,037 $9,223

Median $39 $2.98 $28,069 $8,877



--$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

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

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

$ /

bo

e/d

# Deals

$66,216

Eagle Ford Snapshot



DIFFERENTIALS RIG COUNT







GROSS PRODUCTION

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

8

January 20, 2020


Rig Count 47 -- 47 Oil Differential $3.80 ($0.05) $3.85

Permitting Activity 13 (4) 17 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

20

40

60

80



174

113 116 116132

100117

195 196

84

137

6130


H V+D

--

$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

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

74

13,201

--$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

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

$ /

mcfe

/d

# Deals

$3,983

--

$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

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

$ /

acre

# Deals

$3,180

Ann'd

Date Buyer Seller Asset Description Value(1)

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



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

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

9

January 20, 2020


Rig Count 51 -- 51 Oil Differential $6.10 $0.29 $5.81

Permitting Activity 13 (16) 29 Gas Differential ($0.24) $0.34 ($0.58)

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

15,000

20,000

25,000

30,000

35,000

80

100

120

140

160


mm

cf/

d

mb

bl/

d

Oil Gas

146

31,380397

276

382419

384335 348

303 295259

232188

44


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

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

21-Oct-19 Heritage Resources Inc Range Resources Southwest Applachia ORRIs $150 n.a. $15,337 nmf

24-Jul-19 Diversified Gas & Oil EdgeMarc Energy Holdings 12,730 net acres in Ohio Utica $50 $0.32 $769 $3,928

19-Jul-19 Multiple Range Resources Corp Southwest Applachia ORRIs $600 n.a. $15,790 nmf

30-Jun-19 Undisclosed Buyer Range Resources Corp 20,000 non-producing net acres in PA $34 n.a. n.a. $1,700

Mean $173 $0.32 $10,632 $2,814

Median $50 $0.32 $15,337 $2,814



--$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

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

$ /

acre

# Deals

$564

--$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

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

$ /

mcfe

/d

# Deals

$5,500

Appalachia Snapshot








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


GROSS PRODUCTION

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

10

January 20, 2020


Rig Count 53 2 51 Oil Differential ($6.25) ($3.60) ($2.65)

Permitting Activity 17 (16) 33 Gas Differential ($0.27) -- ($0.27)

0%

5%

10%

15%

20%

--

50

100

150

200



133114

144 138 145144

154138

110

157

8372

56


H V+D

1,500

1,800

2,100

2,400

2,700

3,000

3,300

900

1,000

1,100

1,200

1,300

1,400

1,500


mm

cf/

d

mb

bl/

d

Oil Gas 1,413

2,974

-$1.00

-$0.50

$0.00

$0.50


-$20.00

-$10.00

$0.00

$10.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

--

$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

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

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

$ /

acre

# Deals

$1,751

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

[TBU] [TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

11

January 20, 2020


Rig Count 51 2 49 Oil Differential ($6.25) ($3.60) ($2.65)

Permitting Activity 24 (18) 42 Gas Differential ($0.27) -- ($0.27)

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

352402

494

328

164

306285

434327 296

168212

66


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

09-Dec-19 YTEF Drilling Capital LLC Baysw ater 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 Pow der 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

Mean $239 $1.57 $43,925 $3,154

Median $125 $1.57 $32,051 $2,637



--

$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

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

$ /

acre

# Deals

$2,380

--$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

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

$ /

bo

e/d

# Deals

$36,255



DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT







GROSS PRODUCTION

[TBU]

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 Gas927

13,694

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

12

January 20, 2020


Rig Count 55 1 54 Oil Differential -- -- --

Permitting Activity 44 (25) 69 Gas Differential ($0.46) ($0.04) ($0.42)

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

403339

435389

298367 349

325346 339 334

277

126


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

31-Dec-19 BCE-Mach III LLC Alta Mesa Resources 128,000 net acres in STACK $225 $3.25 $6,403 $1,756

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 $155 $2.37 $12,171 $654

Median $133 $2.30 $12,631 $358



--

$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

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

$ /

acre

# Deals

$4,284

--

$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

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

$ /

bo

e/d

# Deals

$18,800

Mid-Continent Snapshot










GROSS PRODUCTION

[TBU]

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 Gas 788

13,916

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

13

January 20, 2020


Rig Count 19 (1) 20 Oil Differential $3.80 ($0.05) $3.85

Permitting Activity 11 (1) 12 Gas Differential -- -- --

0%

5%

10%

15%

20%

--

10

20

30

40


Deep Water Shelf % of Total Rigs

32 33

2629

26 2731

28

2224

2220

26


--

$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

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

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

12-Dec-19 W&T Offshore ConocoPhillips Deepw ater 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 Bluew ater 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

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

$ /

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

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

$ /

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.


GROSS 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 Gas1,911

2,935

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU]

[TBU] [TBU]

14

January 20, 2020

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July 2020 Jul 21 Houston Producers Forum Luncheon

Jul 20-22 SPE Unconventional Resources Technology

August 2020 Aug 12-13 Summer NAPE

Aug 16-19 Enercom Oil & Gas Conference

Aug 18 Houston Producers Forum Luncheon

Aug 21 ADAM-Houston Monthly Luncheon

September 2020 Sep 9 IPAA Leaders in Industry Luncheon

Sep 9-11 DUG Eagle Ford (San Antonio)

Sep 15 Houston Producers Forum Luncheon

Sep 18 ADAM-Houston Monthly Luncheon

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

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 3 IPAA Texas Hold'Em Tournament

Dec 9 IPAA Leaders in Industry Luncheon

Dec 15 Houston Producers Forum Luncheon

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





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



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




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





http://adamhouston.org/events





https://www.ipaa.org/events/nape-summit-week/





http://www.enercomdallas.com/







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








https://www.spegcs.org/events/4681/











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



http://www.drillingconference.org/international/Homepage





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




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



https://ceraweek.com/register.html









https://www.spegcs.org/events/search/?page=3








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













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








https://mineralconference.com/













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















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












https://www.ipaa.org/events/annual-meeting-2020/









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













https://urtec.org/2020





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





https://www.theoilandgasconference.com/















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



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














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





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




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















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





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






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



https://houstonproducersforum.org/luncheons.aspx



15

January 20, 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 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 Europe p.l.c.

(authorised and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorised 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. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. ™

Trademark of Bank of Montreal in the United States and Canada. © 2018 BMO Financial Group

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.

403

6

53

2

10

--

41

--19

--

19

(1)

4

(2)41

1

47

--

81

1

8

1

3

--

19

110

1

Michelle Tankimovich

Analyst

[TBU]

This

Week Change

Last

Week

Last

Year

Total Rigs 796 15 781 1,050

Oil 673 14 659 852

Gas 120 1 119 198

Miscellaneous 3 -- 3 --

Directional 44 (1) 45 55

Horizontal 709 11 698 929

Vertical 43 5 38 66

Basin

Permian 403 6 397 481

SCOOP/STACK/Merge 41 1 40 99

Granite Wash 4 (2) 6 14

Eagle Ford 81 1 80 97

Haynesville 47 -- 47 65

Marcellus 41 -- 41 62

Utica 10 -- 10 18

Williston 53 2 51 56

DJ-Niobrara 19 -- 19 31

Green River 10 1 9 18

Powder River 19 1 18 19

Piceance 3 -- 3 6

Gulf Coast Onshore 8 1 7 22

GOM 19 (1) 20 19

Alaska 10 3 7 10

Other 28 2 26 33

Mid-Con 10 2 8 21

Rockies -- -- -- 3

Western 16 -- 16 7

Eastern 2 -- 2 2

[TBU]

prompt oil price ($/bbl) $58.52 ($1.04) (1.7%) let’s ... · 1/20/2020 · 22-dec-19 navitas...

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