Rising Energy Prices & Permian Constraints have encouraged activity to shift to other basins across the United States
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1 Oil & Gas Equipment and Services Update Market Insights Report November 218 Introduction With energy prices trading within a normalized range, drilling and production activity should continue to increase throughout the United States. The Permian basin has continued to be the most active basin in the world, which has driven oil and gas production to outstrip existing pipeline takeaway capacity, creating a $3-$8 discount for oil coming out of the Permian. The lack of pipeline infrastructure, combined with rising oil prices, has prompted E&P operators to expand into other basins throughout the United States. Basins such as the Haynesville, Bakken, and Eagle Ford have seen strong growth, with rig count levels growing year-over-year at 34%, 19%, and 13%, respectively. This Market Insights Report will dive into the key metrics that highlight the recent impressive domestic growth in basins outside of the Permian. Rising Energy Prices & Permian Constraints have encouraged activity to shift to other basins across the United States Bakken YoY Rig Count Growth: +18.8% YoY Production Growth: +13.9% Niobrara YoY Rig Count Growth: +11.5% YoY Production Growth: +11.2% Permian Growth Outside of the Permian Anadarko YoY Rig Count Growth: -1.9% YoY Production Growth: +15.1% Haynesville YoY Rig Count Growth: +34.2% YoY Production Growth: +26.% Eagle Ford YoY Rig Count Growth: +13.4% YoY Production Growth: +1.3% Marcellus / Utica YoY Rig Count Growth: +5.6% YoY Production Growth: +14.2% Activity in the oilfield service industry is gauged by growth in rig count, drilled and completed wells, and production levels. Rising energy prices combined with pipeline constraints in the Permian basin have encouraged activity in other basins across the United States. The proceeding page highlights the basins experiencing recent outsized growth. Energy analysts believe that E&P capex spending in these regions will continue to increase in 219 if oil prices remain in the $55 plus range. Oil & Gas Equipment and Services Team Duane Donner ddonner@foundersib.com John Sullivan jsullivan@foundersib.com Evan Klisares eklisares@foundersib.com David Szell dszell@foundersib.com Michael Martin mmartin@foundersib.com Highlights Last year it was all about, How much can you put in the Permian? But now, a few months later, it s where else are you outside of the Permian? Energy Analyst, Wood Mackenzie *YoY Growth is 11/9/18 over 11/9/17 Source: EIA, Baker Hughes
2 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Growth Outside of the Permian Rig Count by Basin (Oil and Natural Gas Rigs) Basin Rig Count YTD Growth YoY* Growth Anadarko % -1.9% Appalachia % 5.6% Bakken % 18.8% Eagle Ford % 13.4% Haynesville % 34.2% Anadarko Appalachia Bakken Eagle Ford Haynesville Niobrara Niobrara % 11.5% The basins that have experienced the most growth in rig count (outside of the Permian) are the Bakken and Haynesville, both which are up 18.8% and 34.2% respectively. Operators are becoming more interested in these regions because of less expensive labor costs and more accessible energy transportation options. Oil and Gas Production (Barrel of Oil Equivalent) 5,, 4,, 3,, 2,, 1,, - Anadarko Appalachia Bakken Eagle Ford Haynesville Niobrara Basin Production YTD Growth YoY* Growth Anadarko 1,85, % 15.1% Appalachia 5,96, % 14.2% Bakken 1,78, % 13.9% Eagle Ford 2,644, % 1.3% Haynesville 1,665, % 26.% Niobrara 1,495, % 11.2% As energy prices stabilize above $5 per barrel, operators have regained confidence in drawing production from basins outside of the Permian. Two of the basins that have seen the most growth over the last twelve months are the Appalachia and Haynesville, both of which are driven by natural gas production. A strong outlook for LNG exports will continue to propel activity in these regions. 5, 4, 3, 2, 1, DUC Count - Basin DUC Count YTD Growth YoY* Growth Anadarko 1, % 3.6% Appalachia % -13.7% Bakken % 5.6% Eagle Ford 1, % 25.3% Haynesville % 51.5% Anadarko Appalachia Bakken Eagle Ford Haynesville Niobrara Niobrara % -37.1% Drilled but Uncompleted Well ( DUC ) count is a key indicator of both new wells drilled and completion activity in each basin. Basins like the Niobrara and Appalachia have seen a decrease in DUC count, indicating that completion activity has increased at a more accelerated rate than other basins. The largest increase in DUC count is from the Anadarko and Haynesville basins. *YoY Growth is 11/9/18 over 11/9/17, DUC YoY Growth is 1/1/18 over 1/1/17 Source: EIA, Baker Hughes
3 Recent Oilfield Service Transactions Announced Date Transaction Status Target Name Buyer Name Target Business Description 11/12/218 Announced NGL Water Solutions Bakken, LLC Tallgrass Energy, LP (NYSE:TGE) NGL Water Solutions Bakken previously operated as a subsidiary of NGL Energy Partners (NYSE:NGL). The company operates oilfield wastewater disposal wells in North Dakota. 1/29/218 Announced Fluid End Sales, Inc. 1sion Holdings, Inc. Fluid End Sales, Inc. is doing business as Five Star Rig & Supply and manufactures and distributes oilfield equipment. The company was founded in 1982 and is based in Oklahoma City, Oklahoma. 1/29/218 Closed Adler Hot Oil Service, LLC. Enservco Corporation (AMEX:ENSV) Adler Hot Oil Service, LLC. provides oilfield services for the hot oil and frac water heating industry. The company was founded in 1989 and is based in Vernal, Utah. 1/26/218 Closed Cutter Drilling Systems, LLC Premium Oilfield Technologies Cutter Drilling Systems, LLC designs and manufactures rotating control devices for drilling rigs. The Company was founded in 21 and is headquartered in Odessa, Texas. 1/23/218 Announced Ulterra Drilling Technologies, L.P. The Blackstone Group, Private Equity Group Ulterra Drilling Technologies, L.P. designs and manufactures drill bits and downhole tools for use in North America and internationally. Founded in 1927 and headquartered in Fort Worth, Texas. 1/22/218 Closed Motley Services LLC KLX Energy Services LLC Motley Services LLC provides well completion and intervention services in the Permian Basin. The company was founded in 216 and is headquartered in Odessa, Texas. 1/18/218 Announced Pure Technologies, LLC Undisclosed Buyer Pure Technologies, LLC manufactures wastewater disposal and recycling equipment for the oil and gas industry. Pure Technologies, LLC was founded in 217 and is based in Edmond, Oklahoma. 1/15/218 Closed Magnum Oil Tools International, LTD./Magnum Oil Tools Canada Ltd./Magnum Oil Tools GP, LLC The company manufactures downhole Nine Energy Service, Inc. completions products, including dissolvable and (NYSE:NINE); Nine Energy Canada composite frac plugs, and other consumables Inc. used for the oil and gas industry. 1/8/218 Announced Rowan Companies plc (NYSE:RDC) Ensco plc (NYSE:ESV) Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. Founded in 1923 and headquartered in Houston, Texas. 8/21/218 Announced Candor Midstream, LLC EnCap Flatrock Midstream Candor Midstream, LLC provides midstream services to oil and gas producers across the U.S. Candor Midstream, LLC was founded in 217 and is based in Houston, Texas. Source: CapIQ 3
4 Trading Statistics Ticker Company Name Stock Price % of 52-Week Market Cap Enterprise LTM Enterprise Value LTM EBITDA 11/13/218 High Low Value Revenue LTM Revenue LTM EBITDA (All $ in MM except for Stock Price) Founders OFS Pureplay Index NYSE: BAS Basic Energy Services, Inc. $7.8 26% 12% $23 $527 $97 $62.5x 8.6x NYSE: CJ C&J Energy Services, Inc. $ % 17% $1,547 $1,437 $2,223 $279.6x 5.2x NYSE: WHD Cactus, Inc. $ % 17% $1,22 $1,372 $59 $ x 7.4x NYSE: KEG Key Energy Services, Inc. $8.3 45% 14% $264 $456 $521 $24.9x 18.7x Nasdaq: TUSK Mammoth Energy Services, Inc. $ % 145% $1,455 $1,452 $1,781 $552.8x 2.6x Nasdaq: NCSM NCS Multistage Holdings, Inc. $7.6 37% 11% $715 $72 $227 $39 3.2x 18.3x NYSE: PUMP ProPetro Holding Corp. $ % 126% $1,332 $1,41 $1,593 $313.9x 4.5x NYSE: WTTR Select Energy Services, Inc. $ % 16% $1,32 $1,41 $1,471 $227 1.x 6.2x NYSE: SOI Solaris Oilfield Infrastructure, Inc. $ % 12% $417 $531 $165 $99 3.2x 5.4x NYSE: SPN Superior Energy Services, Inc. $ % 1% $1,375 $2,538 $2,88 $33 1.2x 7.7x Min $7.8 26% 1% $23 $456 $165 $24.5x 2.6x Median $ % 17% $1,126 $1,391 $1,22 $26.9x 6.8x Mean $ % 117% $959 $1,185 $1,155 $ x 8.5x Max $ % 17% $1,547 $2,538 $2,223 $ x 18.7x Founders Big Five NYSE: BHGE Baker Hughes, a GE company $ % 11% $13,15 $38,663 $22,491 $2, x 15.1x NYSE: HAL Halliburton Company $ % 11% $34,993 $43,412 $23,999 $4, x 9.7x NYSE: NOV National Oilwell Varco, Inc. $ % 14% $16,74 $18,386 $8,24 $77 2.3x 26.x NYSE: SLB Schlumberger Limited $ % 12% $86,494 $11,459 $32,815 $6, x 14.6x NYSE: WFT Weatherford International plc $.84 19% 87% $2,612 $1,173 $5,85 -$ x N/A Min $.84 19% 87% $2,612 $1,173 $5,85 -$ x 9.7x Median $ % 11% $16,74 $38,663 $22,491 $2, x 14.9x Mean $ % 99% $3,798 $42,419 $18,627 $2,97 2.1x 16.4x Max $ % 14% $86,494 $11,459 $32,815 $6, x 26.x Other Publics NYSE: NE Noble Corporation plc $ % 125% $1,34 $5,182 $1,65 $48 4.9x 12.7x NYSE: OII Oceaneering International, Inc. $17.1 6% 12% $2,525 $2,952 $1,899 $16 1.6x 18.4x NYSE: FTI TechnipFMC plc $ % 13% $12,579 $1,892 $12,913 $1,767.8x 6.2x Min $ % 12% $1,34 $2,952 $1,65 $16.8x 6.2x Median $17.1 6% 13% $2,525 $5,182 $1,899 $48 1.6x 12.7x Mean $ % 11% $5,482 $6,342 $5,292 $ x 12.4x Max $ % 125% $12,579 $1,892 $12,913 $1, x 18.4x Source: CapIQ 4
5 Commodity Prices WTI Oil $/bbl $75. $7. $65. $6. $55. $5. $45. Crude Oil - WTI (ICE) Historical Pricing Crude Oil - WTI (ICE) Future Contracts Natural Gas $/MBtu $4.5 $4. $3.5 $3. $2.5 $2. $1.5 Natural Gas - Henry Hub (NYMEX) Historical Pricing Natural Gas - Henry Hub (NYMEX) Future Contracts Source: CapIQ 5
6 (Million Cubic Feet per Day) (Thousands of Barrels per Day) Production Data U.S Crude Oil Production 1, 8, 6, 4, 2, Thousands of Barrels per Day (August) Change From Current Prior Month Prior Year Prior Month Prior Year Crude Oil 11,346 1,93 9, % 22.7% U.S Natural Gas Production 12, 97, 92, 87, 82, 77, Million Cubic Feet per Day (August) Change From Current Prior Month Prior Year Prior Month Prior Year Natural Gas 12,543 1,216 89,74 2.3% 14.3% Source: EIA 6
7 Rig Count Total Rig Count by Basin Total U.S Rig Count by Basin Analysis 2, 1,8 1,6 1,4 1,2 1, Cana Woodford Eagle Ford Haynesville Marcellus Permian Williston Other Total U.S Rig Count by Basin Total U.S Rig Count by Basin: YTD Change -16 Cana Woodford Cana Woodford Eagle Ford Eagle Ford - 76 Haynesville - 51 Marcellus Haynesville Marcellus Permian Williston Permian Other Williston 5 Other Source: Baker Hughes US Rig Count by Basin
8 Oil Rigs Gas Rigs Oil Rigs Gas Rigs Rig Count (continued) U.S Oil vs. Natural Gas Rig Count 1,8 1,6 1,4 1,2 1, Oil Gas Rig Counts (11/9/218) Change from Current Prior Week Prior Year Prior Week Prior Year Oil % 2.1% Natural Gas % 15.4% Other Gulf of Mexico: Oil Rig vs. Natural Gas Rig Gulf of Mexico Oil Rigs Gulf of Mexico Gas Rigs Rig Counts (11/9/218) Change from Current Prior Week Prior Year Prior Week Prior Year Oil %.% Natural Gas % 15.% Source: Baker Hughes US Rig Count by Basin
9 About Founders Advisors Founders Advisors (Founders) is a merger, acquisition & strategic advisory firm serving middle-market companies. Founders focus is on energy, industrials, software, internet, digital media and industrial technology companies throughout the United States. Founders skilled professionals, proven expertise and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute liquidity events to achieve specific financial goals. In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founder M&A Advisory, LLC, both members FINRA & SiPC. Founders M&A Advisory is a wholly owned subsidiary of Founders. M&A Securities Group and Founders are not affiliated entities. For more information, visit Contact For more information, visit call us at , or contact the Energy & Industrial team directly by Duane P. Donner II, Managing Director ddonner@foundersib.com Evan H. Klisares, Associate eklisares@foundersib.com John W. Sullivan, Vice President jsullivan@foundersib.com David Szell, Analyst dszell@foundersib.com Michael Martin, Analyst mmartin@foundersib.com BIRMINGHAM 224 Lakeshore Drive, Suite 425 Birmingham, AL Phone: Fax: DALLAS 18 State Street, Suite 225 Southlake, TX 7692 Phone: Fax: In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founders M&A Advisory, LLC, both members FINRA & SiPC. M&A Securities Group and Founders are unaffiliated entities. Founders M&A Advisory is a wholly owned subsidiary of Founders. 9
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