The Changing Oil Markets Rich Aube, Managing Director and Head of Energy, Pine Brook
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1 February 2, 2016 The Changing Oil Markets Rich Aube, Managing Director and Head of Energy, Pine Brook
2 Surprising Changes Across the Geopolitical Landscape Oil price on December 31, 2015 closed at $37.13/Bbl January 2, 2016 THE NEW YORK TIMES Iranian Protesters Ransack Saudi Embassy in Tehran After Executive of Shiite Cleric Iranian protesters ransacked and set fire to the Saudi Embassy in Tehran on Saturday after Saudi Arabia executed an outspoken Shiite cleric who had criticized the kingdom s treatment of its Shiite minority. The cleric, Sheikh Nimr al-nimr, was among 47 men executed in Saudi Arabia on terrorism-related charges, drawing condemnation from Iran and its allies in the region, and sparking fears that sectarian tensions could rise across the Middle East. The executions coincided with increased attacks in Saudi Arabia by the jihadists of January 4, 2016 THE WALL STREET JOURNAL Islamic State Attacks Libyan Oil Terminals Islamic State militants set fire on Thursday to oil storage tanks in a fresh assault on Ras Lanuf terminal in northern Libya and the group threatened further attacks as they exploit a prolonged power vacuum in the l a r g e n o r t h A f r i c a n n a t i o n. The chairman of the National Oil Corporation, Mustafa Sanalla, told reporters in Tripoli that Ras Lanuf - shut since December would remain closed for a "long time" because of the damage inflicted January 6, 2016 THE NEW YORK TIMES North Korea Says It Has Detonated Its First Hydrogen Bomb What price did the Oil price close at on January 8, 2016? 2
3 That Negatively Affected Oil Prices Oil price on January 8, 2016 = $33.20/Bbl (Down 11%) 3
4 Today s Agenda 1. Where We Are Now a) Demand b) Supply 2. Where We Are Heading 3. The Private Equity Opportunity 4
5 Where We Are Now
6 North America Transformed Global Oil and Gas Markets North American Natural Gas North American Oil Global Oil Prices Fall Modern horizontal drilling unlocks vast amounts of natural gas resource Newly unlocked resource displaces higher cost sources of supply $/Bbl $160 $140 $120 $100 $80 $60 $40 $20 Shale technology is applied to oil plays, leading to unprecedented growth in US oil supply Oil ($/Bbl) Natural Gas ($/Mmbtu) Global oil markets become oversupplied OPEC opts to protect market share instead US is exposed as the swing producer $/Mmbtu $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0 $0.00 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Source: EIA 6
7 Demand
8 Global Consumption (MMbbl/d) Global Consumption Will Continue to Grow Source: BP Statistical Review June
9 3-Yr Rolling Oil Demand Growth (Mbbl/d) Within a Fairly Narrow Band 2,500 Average [1.1 MMbbl/d] 2,000 1,500 1, Source: EIA / IEA data. 9
10 Supply
11 Demand Growth Time Frame to Absorb Excess Supply Reaching supply/demand equilibrium could take 1-3 years ex-impact of North American supply declines Supply (MMbbl/d) (MMbbl/d) Estimated Current Excess Supply Potential Increase from Iran Potential Increase from Saudi and Iraq Excess Supply Before NAM How many years of oversupply? Excess $50 / Bbl years 4.0 years years 2.7 years years 2.0 years 11
12 Price-Induced Dislocation Is Now Under Way Oil Forward Curve ($/Bbl) $/Bbl Current Strip Prices Strip Prices As of 6/30/2014 $120 $100 $ $96.81 $91.46 $89.05 $80 $88.14 $60 $40 $31.88 $36.82 $39.72 $41.88 $43.36 $20 $0 Year 1 Year 2 Year 3 Year 4 Year 5 Source: Bloomberg as of January 20,
13 Where We Are Heading
14 Financial Distress Among Public E&Ps Is Growing Leverage Levels Continue to Grow¹ 60% Median Net Debt / Enterprise Value 53% 50% 45% 40% 36% 30% 26% 20% 17% 20% 20% 10% 0% YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YE 2015 Current Source: Capital IQ as of January 20, ) U.S. E&P Industry dataset comprised of 67 small, mid and large-cap oil & gas companies. 14
15 % Oil Production Hedged Market Dislocation Bound To Get Worse Before It Gets Better % of Oil Hedged per Year and Average Hedge Price 70% $120 60% $92.67 $97.03 $97.21 $95.92 $100 50% 40% $63.57 $76.65 $72.68 $79.10 $79.95 $67.14 $80 $60 30% 20% $40 10% $20 0% 23% 28% 21% 41% 46% 48% 61% 58% 33% 18% 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E $0 Source: Simmons and Company International Research. 15
16 Traditional Sources of Capital Are Drying Up Traditional Sources of Funds in Exploration & Production Public Equity A Tale of Two Cities High Yield Unavailable Second Lien Down Revolver / Borrowing Base Down Hedge protected Cash Flow Down 16
17 Average Breakeven Price (Brent-equivalent $/bbl) North American Shale Is the Marginal Resource Global Margin Breakeven Oil Supply Curve Onshore Middle East Deepwater Onshore Offshore Shelf Russia $40 $53 $54 Onshore RoW $55 NAM Shale $62 Oilsands $ $25 Extra Heavy Oil $48 Ultra Deepwater $ Total 2020 Liquids Production (MMbbl/d) Source: Rystad Energy, as of January
18 The World Eventually Needs the U.S. to Increase Production Global Liquids Production Bridge ( ) Mmbls/d Cumulative Change in Global Liquids Supply ( ) (0.2) (0.2) Current Global Supply Iran Saudia Arabia Iraq Rest of OPEC (ex. Saudia Arabia, Iran and Iraq) Non-OPEC (ex. U.S. Lower 48) Reduction in Storage U.S. Lower 48 Projected Global Demand in 2019 Methodology: Assumes Wall Street research for demand growth in 2016 and MMbbl/d of demand growth thereafter supply based on Wall Street Research. In 2017, global changes in supply (ex. U.S.) based on Wall Street Research. In 2017, assumes that the US fills the difference between annual demand growth of 1 MMbbl/d and the total change in supply for the rest of global production assumes that Saudi Arabia, Iraq and Iran maintain market share. Assumes rest of OPEC remains flat. Assumes Non-OPEC (ex. U.S. L48) remains flat. US production balances the market. (1) Liquids includes NGLs. Total U.S. liquids production is approximately 73% oil. 18
19 and for Production Growth to Resume, the U.S. Needs Price Recovery L48 Wellhead Oil Production (MMbbl/d) 12 $40/bbl $50/bbl $60/bbl $70/bbl $90-$100/bbl (1) Projected L48 Production: 9.9 MMbbl/d Current L48 Production: 8.7 MMbbl/d Source: ITG. As of March Methodology: ITG created production forecasts and ran WTI sensitivities for over 300 regions in the L48. In regions that generate less than a 10% IRR at a given WTI price, ITG models a gradual drop in the rig count to zero over a 12-month period. ITG assumes a 6-month delay in the production response to a change in the rig count to account for spud-to-sales times and backlog wells. The model runs $3.50 NYMEX flat and accounts for a 20% reduction in D&C costs (relative to ITG s D&C assumptions in December 2014). (1) $90-$100/bbl WTI case does not assume a reduction in D&C costs. All other cases assume a 20% reduction in D&C costs. 19
20 Our Expectations In the short-term, prices will continue to be low and volatile In the near term, lower oil prices will continue to pressure North American E&P companies Once the market reaches equilibrium, prices will begin to gradually recover Industry distress creates an investment opportunity for alternative sources of capital 20
21 The Private Equity Opportunity
22 Where We Are Today Excess Supply Price Decline Price Decline Deleveraging and Production Decline Deleveraging Asset Sales Supply/Demand Inbalance Production Restart The Private Equity Opportunity Is Here Risk Capital Will Be Needed? 22
23 Large Dislocation Eclipses the Capital Raised for Energy Private Equity $380 BN $60 BN $180 BN $190 BN $70 BN Estimated E&P Capital Required Through Estimated Equity Capital Required to Bring Debt Levels Back In- Line with Historical Norms 2 - Estimated Industry Cash Flow (Including Hedges) Through Capital from the Debt and Equity Markets 4 = Shortfall Through ) Based on forecasted US supply growth through See page 19 for methodology. 2) Based on average historical and current debt/fy-1 EBITDAX multiples. Data-set includes 70 public E&P companies. Assumes that 50% of the industry s outstanding debt is not repaid due to bankruptcies and restructurings. 3) 2016 pricing based on NYMEX Strip as of 1/21/2016. Thereafter assumes $50/bbl in , $55/bbl in 2019 and and $60/bbl in Estimated US E&P hedge value based on Wall Street Research. 4) Based on debt and equity issuances from Assumes lower issuances in as the industry recovers. 23
24 While Entry Has Become More Attractive, The Degree of Risk in E&P Private Equity Has Decreased Exploration phase in U.S. unconventional (gas, then oil) Land capture followed by exploration drilling 50% of play concepts didn t work Play concepts that did work showed high returns Today Exploitation in proven unconventional basins Core areas of plays are now established and well known Capital required to develop rather than prove up plays Substantial risk of capital loss Play concepts that did work led to very high returns Portfolio-level returns attractive Lower risk of capital loss Commodity price recovery is an imbedded option in long-lived assets Opportunity and portfolio-level returns highly attractive 24
25 Conclusions The ongoing dislocation in the oil and gas sector is creating an attractive private equity investment opportunity Industry needs to deleverage and shrink for a period of time Transient opportunity to capture resource in the midst of industry dislocation However, when supply/demand equilibrium is reached, the industry will need capital to restart the engine and the need for this capital will be huge 25
26 Questions and Answers
27 Contact Information Mr. Aube joined Pine Brook in July 2011 and is a managing director responsible for Pine Brook s energy investing activities. He is also a member of the Investment Committee. Mr. Aube has 25 years of experience in the energy sector. Prior to joining Pine Brook, Mr. Aube was with D.E. Shaw & Company, a multi-strategy global investment firm, where he was a managing director responsible for co-managing the firm s North American private equity effort. Previously, Mr. Aube was a partner with J.P. Morgan Partners, a multi-billion-dollar private equity firm affiliated with JPMorgan Chase, where he focused on growth equity and buyout investments in the energy and industrial sectors. Earlier in his career, he was a partner with the Beacon Group, an investment and advisory firm. Mr. Aube has served on the boards of several energy companies, including Bill Barrett Corp., Latigo Petroleum, Capstone Turbine Corp., FirstWind Corp. and Proton Energy Systems. Mr. Aube holds a B.A. in Sociology and Economics from Dartmouth College Rich Aube Managing Director and Head of Energy Pine Brook Partners One Grand Central Place 60 East 42 nd Street, New York, NY
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