Energy Services Update Q4 Q Industry Transactions. Deloitte s Oil and Gas Price Forecast. Valuation Snapshot. Industry Activity Update

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1 Energy Services Update Q4 Q Deloitte s Oil and Gas Price Forecast Industry Transactions Valuation Snapshot Industry Activity Update Page 4 Page 10 Page 13 Page 18

2 Contents Oil and Gas Price Forecast Page 4 Lessons From Private Equity Page 8 Industry Activity Update Page 18 Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte LLP and affiliated entities. 4 Deloitte s Oil and Gas Price Forecast 10 Industry Transactions 8 Lessons From Private Equity Event 13 Valuation Snapshot Industry Activity Update Deloitte Contacts 2

3 Introduction For more information, or if you have any questions, please contact: Jason Ding Managing Director Edmonton Deloitte Corporate Finance Mobile Kevin Becker Executive Director Calgary and Vancouver Deloitte Corporate Finance Mobile THE DATA IS IN for the Q Energy Services Update. This update examines the current M&A environment, transaction-based valuation multiples and key trends. This quarter s featured article is from Deloitte Resource Evaluation and Advisory s report "Deloitte s Oil And Gas Price Forecast December 31, 2017" and provides a forward view of the oil and gas market. Deloitte Corporate Finance distinguishes itself by bringing deep industry experience and access to buyers anywhere in the world through a global network and exposure to a diverse range of capital providers. Our multi-disciplinary global team combines industry-specific knowledge with practical and valuable experience. Our corporate finance professionals provide strategic advice and specialized assistance with divestitures, acquisitions and capital raising to a broad base of clients. 3

4 Deloitte s Oil And Gas Price Forecast December

5 Deloitte s Oil and Gas Price Forecast Q Authors: Deloitte s Resource Evaluation and Advisory group The rearview mirror is always clearer than the windshield. - Warren Buffet The past year has seen relatively stable oil prices, with relative optimism for the future as OPEC extended its current production cuts until the end of 2018 and global oil demand growth remains strong. Both factors are key steps towards rebalancing the global crude oil market and reducing world crude inventories. Over the last quarter, crude oil prices rose on news of continued compliance by OPEC participating nations and the expectation the cuts would continue into 2018; however, the differential between Brent and WTI prices has widened over the last year to over $6 USD/bbl, as Brent prices have grown more than WTI. WTI price growth has been dampened by increased oil production in the United States (US), which has resulted in transportation constraints and continental oversupply. Rig counts in the US have risen throughout the year, leading to near-record oil production rates in Currently, tight oil plays represent almost half of US crude oil production, with a flurry of development in the Permian and Eagle Ford basins leading the way. Long term, WTI prices should be buoyed by the increased ability of the US to export light sweet crude oil to large consumer markets such as Asia. US crude oil exports to Asia rose in 2017 and accounted for approximately 33 percent of all crude oil export volumes, making Asia the second-largest destination for US crude. It is expected the current differential will narrow as US exports continue to increase to take advantage of higher waterborne prices. Overall, annual crude oil import volumes in the US are similar to those in Canadian exports to the US remain immobile while heavy oil competitors Mexico and Venezuela continue to decrease their supply to the US. Canadian heavy crude oil differentials to WTI have increased over the last quarter as increasing supply from oil sands projects has sparked concerns over transportation bottlenecks. However, as the US continues to ramp up light oil production, and similar quality heavy oil imports from Venezuela and Mexico decline, the demand for Canadian heavy crude should continue to grow, barring any changes to current crude slates and refinery configurations in the US Gulf Coast region. If Canada can increase its market share and access US heavy oil refining capacity, we expect the price differential between WCS and WTI prices to taper or at least be moderate when compared to the historical differential. Considering the increase in crude oil prices over the last two quarters and the increased heavy oil price differential, Deloitte has forecast WTI to be USD 55.00/bbl in 2018 and WCS to be C$46.40/bbl. Source: US Energy Information Administration 5

6 Deloitte s Oil and Gas Price Forecast Q continued On the natural gas side, Canadian prices were extremely volatile in 2017, with the differential to Henry Hub fluctuating substantially over the year, often to great effect on a day-by-day basis. The summer months saw large discrepancies between AECO and Henry Hub prices as Canadian producers felt the effects of midstream infrastructure maintenance projects amid steady natural gas production. AECO prices witnessed traces of recovery in Q due to the resumption of transportation systems to full capacity operations. However, it is expected 2018 prices may have similar price volatility in the summer months as more maintenance projects are planned. Historical price fluctuations over the last 10 years show AECO prices were on average 20 percent higher in winter months than summer months. Deloitte has accounted for this seasonal price fluctuation when forecasting AECO prices for In addition to infrastructure issues in Canada, AECO prices have also been affected by increased US natural gas production through both shale gas plays and solution gas from tight oil fields. Currently, 22 percent of US shale gas production (11 percent of total gas production) is attributed to solution gas from the Permian, Eagle Ford, and Bakken tight oil drilling. This equates to over 10 Bcf/d of gas from oil plays that affect the supply-and-demand balance. With increased domestic supply, the US can export additional volumes to Mexico by pipeline and abroad through LNG facilities. The US grew its natural gas export market by 31% in 2017, with the majority of pipeline export volumes directed to Mexico, and an increase in LNG export volumes more than three times 2016 average volumes. Henry Hub prices reflect US optionality to export markets as prices have remained relatively stable throughout Natural gas export volumes from Canada to the US were flat in 2017, demonstrating that the US does not require additional volumes from Canada to meet domestic demand. Canada s limited ability to access new markets, combined with increased US natural gas production, results in low AECO pricing as the US continues to expand its transportation infrastructure and export markets. Considering natural gas pricing seasonality and increased production in the US, Deloitte has forecast AECO to be C$2.00/Mcf and Henry Hub to be USD 2.80/Mcf in Source: US Energy Information Administration 6

7 Deloitte s Oil and Gas Price Forecast Q continued Trends to Watch In 2018: Q saw a surge in drilling activity, which led to crew shortages and cost escalations. More of the same can be expected in 2018 as producers take advantage of stable, growing prices. Drilling and completion costs will likely rise as competition for rigs increases. Uncertainty of AECO pricing in a volatile environment may hinder Canadian dry gas producers from moving forward with their development plans. Producers may be quick to shut in production if there are similar maintenance outages to those that occurred in summer Companies will also likely hedge significant volumes to protect against price volatility. Light oil development, particularly in Saskatchewan and southeast Alberta, should continue at a consistent pace. Expansion of enhanced oil recovery operations will most likely be an area of increased production volumes in certain conventional plays such as the Viking and Midale formations. Total bitumen production may for the first time exceed 3 MMbl/d. Incremental production of existing in-situ operations and expansion projects are scheduled to come on-stream in The new Sturgeon refinery, Alberta s first new refinery to be built in 30 years, is scheduled to begin operations in spring 2018 with an upgrading capacity of 50,000 bbl/d. Producers will continue to target liquid-rich gas plays in the Deep Basin. Condensate prices are increasing as the domestic condensate supply does not meet increased demand for expanding bitumen production. It is expected the demand for condensate will rise due to increased bitumen capacity from oil sands expansion projects. In addition, if proposed crude oil pipeline projects move forward, increased diluent will be required to transport heavy oil. Partial upgrading potential and increased transport capacity by train would slow the demand for diluent; however, rail transport is more costly than pipelines and partial upgrading is relatively new to the industry. Click here to view the entire forecast Source: US Energy Information Administration 7

8 Lessons From Private Equity Event 8

9 Lessons From Private Equity Event Deloitte is hosting a Lessons From Private Equity event in Edmonton on February 28, 2018, following a similar event in Calgary that was hosted last year. Deloitte has interviewed top Private Equity (PE) firms in Alberta to gain greater insight into value creation strategies for private companies. Please join us for breakfast, networking and a panel discussion on Wednesday, February 28, 2018, where we will discuss lessons learned from PE including the key ingredients for success and how to develop a sustainable framework for your private business. Jamie Avey and Jason Ding in Deloitte s Corporate Finance and M&A Advisory practice will moderate an informative panel discussion which will host the following panelists: Gord Boersma, Vice President, Investments Mosaic Capital Corporation Alan Lever, Partner Torquest Partners Paul Shaw, Vice President, Private Equity Regimen Partners David Sparrow, Managing Director Forbes Bros. Capital Ltd. Al Stanley, CEO Universal Rail Systems Ltd. Top PE firms have a disciplined framework of strategies and tactics that allow them to increase the value of a private company and then exit for a significant return on investment. As a business owner, it is important to understand these perspectives to create the right strategy and structure at your company that will enhance value regardless of your investment horizon or succession plans. We look forward to seeing you on February 28! Event details: When: Wednesday February 28, 2018 Where: Varscona Hotel Street NW, Edmonton, AB Registration: 7:00 7:30am Breakfast: Presentation and Q&A: 7:30 8:00am 8:00 9:00am Click here to register for the event 9

10 Industry Transactions 10

11 Industry Transactions The North American energy services industry had closed 26 transactions in Q4, up from 22 in Q3, and the highest in one quarter seen since Q Total transaction value was also up, from $2.0 billion in Q3 to $7.8 billion in Q4. In 2017, total transaction value was down slightly, from $26.2 billion in 2016 to $25.3 billion in This is primarily due to the fact that 2016 included the landmark $22 billion Cameron/Schlumberger transaction which closed in April If we exclude that massive transaction, transaction value was up considerably from $4.2Bn in 2016 to $25.2Bn in Of the 26 transactions that closed in the quarter, 12 disclosed transaction values, which ranged from $0.2 million to $3.0 billion, for a combined $8.6 billion. Two transactions were greater than $1 billion one at $2.3Bn and one at 3.0Bn. The only transaction that involved a Canadian company and disclosed a transaction value was the acquisition of C&J s Production Services Canada group by Calgary-based CWC Energy Services for approximately $38 million. In addition to the transactions that closed in Q4 2017, which are highlighted on the following page, a significant transaction which has been announced in 2018 is the acquisition of Energy Transfer Partners LP s CDM Resource Management by Austin-based USA Compression Partners (USACP) for approximately USD 1.7 billion. Through this acquisition, USACP will roughly double their fleet and expand its footprint to all major basins in the US, including the Eagle Ford, the Gulf Coast, and the Rockies. While the price per horsepower was higher than USACP s existing valuation, the EV/ multiple was lower than USACP s, implying that CDM s assets are better at generating earnings than USACP s existing assets. 11

12 Average EV/ Number of transactions closed Energy Services Update Q Industry Transactions continued Select North American transactions include: October 6, 2017 Ensco plc ( Ensco ) acquired Atwood Oceanics, Inc. ( Atwood ) for USD 2.2 billion to create a powerhouse ocean drilling rig company. The combined company s fleet consists of 27 floating rigs (semisubmersibles and drillships), of which 23 are ultradeepwaterdrilling rigs that are capable of drilling in water depths of 7,500 feet or greater. The combined fleet also comprises 38 jackuprigs, for a combined total of 65 drilling rigs. October 30, 2017 Global Infrastructure Partners ( GIP ) purchased Medallion Gathering and Processing ( Medallion ) for USD 1.8 billion. Medallion is the largest privatelyheld crude oil transportation system in the Midland Basin of West Texas, with over 800 miles of pipeline, approximately 670,000 dedicated acres, and total areas of mutual interest approaching four million acres. Medallion is widely regarded as the leading source of crude oil transportation in the Midland Basin. October 30, 2017 C&J Energy Services ( C&J) completed two transactions in October, the first an acquisition of O-Tex Pumping ( O-Tex ) for USD million, and the second a divestiture of their C&J Production Services Canada asset ( Canada ) for $37.5 million. Through the acquisition of O-Tex, the US s fourth largest provider of oilfield cementing services, C&J continued to strengthen its position as a leading oilfield services provider with a best-in-class well construction, intervention and completions platform. Simultaneously, C&J sold Canada to CWC Energy Services, allowing C&J to focus their efforts on the US. 26 transactions accounted for $7.8 billion in North American Energy Services M&A activity in the fourth quarter of North American Energy Equipment and Services M&A Activity 20.0x 15.0x 10.0x 5.0x 0.0x x 5.6x 8.5x 4.3x 7.5x 8.4x 7.8x 7.6x 4.6x 19.7x 4.5x 4.1x 0.0x 8.9x 0.0x 0.0x 16.1x 12.5x 206.5x 5.3x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Average disclosed EV/ Number of closed transactions Closed transactions with disclosed values

13 Valuation Snapshot 13

14 Valuation Snapshot The forecast consensus median EV/NTM multiple ( multiple ) for Drilling and Drilling Services companies increased to 8.5x in Q4 2017, significantly higher than Q3 s 7.9x, and another step up from Q2 s low of 6.4x. Q multiples are now a full turn above than their fiveyear rolling average of 7.4x. Steady strengthening in oil prices during the second half of the year likely led to the increase in share prices while analyst NTM forecasts decreased slightly on average, resulting in a higher multiple. Drilling and Drilling Services Median EV/NTM 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Median EV / NTM Rolling five-year average Drilling and Drilling Services (all values in CAD mm) EV multiples Company Enterprise value (EV) LTM NTM LTM NTM Precision Drilling Corporation 2, x 8.6x Ensign Energy Services Inc. 1, x 7.6x Pason Systems Inc. 1, x 12.4x Total Energy Services Inc. 1, x 8.3x Trinidad Drilling Ltd x 7.2x Western Energy Services Corp x 9.5x High Arctic Energy Services Inc x 4.2x PHX Energy Services Corp x 4.6x Xtreme Drilling Corp. 148 (1) 15 NM 9.8x AKITA Drilling Ltd. 128 (4) 10 NM 13.5x Cathedral Energy Services Ltd x 6.2x McCoy Global Inc. 32 (9) 2 NM 14.4x Adjusted average 10.2x 8.8x Adjusted median 9.9x 8.5x 14

15 Valuation Snapshot continued During Q4 2017, Production and Well Services companies median EV/NTM decreased to 7.7x, 0.5x lower than the previous quarter. The steady decline in multiples began in Q when our dataset reached a high of 14.5x, and has now fallen well-below the five-year rolling average of 8.9x. While analyst consensus NTM estimates continued to improve in Q4 2017, EVs remained stable quarter-over-quarter, which continues to decrease the multiples. Production and Well Services Median EV/NTM 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Median EV / NTM Rolling five-year average Production and Well Services (all values in CAD mm) EV multiples Company Enterprise value (EV) LTM NTM LTM NTM CES Energy Solutions Corp. 2, x 11.7x ShawCor Ltd. 1, x 10.9x Calfrac Well Services Ltd. 1, x 6.6x Secure Energy Services Inc. 1, x 9.6x Trican Well Service Ltd. 1, x 6.2x Newalta Corporation x 8.7x CWC Energy Services Corp x NM Strad Energy Services Ltd x 3.9x Essential Energy Services Ltd x 3.7x Adjusted average 10.8x 7.7x Adjusted median 10.3x 7.7x Driven by oil prices that continue to strengthen, well completion activity is likely expected to be higher during the next 12 months than the last 12 months, leading to a positive impact. As a result, median EV/NTM (7.7x) is lower compared to LTM (10.3x). 15

16 Valuation Snapshot continued Continuing the year s see-saw, Transportation and Logistics EV/NTM multiples fell back to 8.1x, from Q1 s 9.1x, Q2 s 8.1x, and Q3 s 9.1x. The multiple still remains higher than the five-year rolling average of 7.8x. Transportation and Logistics median EV/NTM multiples within our dataset have tended to lay within a relatively tight range from 6x - 8x and seem to have returned towards historical normalcy once again. Transportation and Logistics Median EV/NTM 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Median EV / NTM Rolling five-year average Transportation and Logistics (all values in CAD mm) EV multiples Company Enterprise value (EV) LTM NTM LTM NTM TFI International Inc. 4, x 8.0x Gibson Energy Inc. 3, x 11.1x Mullen Group Ltd. 2, x 10.8x Civeo Corporation x 8.2x Horizon North Logistics Inc x 6.7x Black Diamond Group Limited x 7.6x Adjusted average 10.7x 8.7x Adjusted median 10.1x 8.1x The Transportation and Logistics sub-sector has historically been less volatile than the other energy services sub-sectors. The sub-sector this year has bounced between 8.1x-9.1x, which is higher than the historical range of 6.1x-8.0x. 16

17 Valuation Snapshot continued The Oilfield and Facility Construction sub-sector median EV/NTM multiple has generally remained within a relatively narrow range. We note that despite the narrow range of the group median, individual companies within our sample vary considerably from 4.0x to 10.1x EV/NTM. Quarter over quarter, the median EV/NTM remains relatively stable (Q of 6.3x compared to Q of 6.4x) and equal to the five-year rolling average of 6.3x. Oilfield and Facility Construction Median EV/NTM 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Median EV / NTM Rolling five-year average Oilfield and Facility Construction (all values in CAD mm) EV multiples Company Enterprise value (EV) LTM NTM LTM NTM Aecon Group Inc. 1, x 8.6x Enerflex Ltd. 1, x 6.0x Bird Construction Inc x 10.1x North American Energy Partners Inc x 4.0x Stuart Olson Inc x 6.3x Adjusted average 8.9x 7.0x Adjusted median 9.6x 6.3x In Q4 2017, oilfield and facility construction company median multiples remained relatively flat at 6.3x EV/NTM. The sub-sector s valuation is at the five-year rolling average of 6.3x, and it remains within the historical range of 4.6x - 7.0x. 17

18 Industry Activity Update 18

19 Industry Activity Update This is a deconstruction of the broader energy services sector into specific sub-sectors, demonstrating monthly returns between January 1, 2017 and December 31, The sub-sector returns are based on stock prices, weighted by market capitalization, and is adjusted for dividends. The graph below illustrates the importance of understanding subsector fundamentals, as performance has differed considerably between the various groups. Simply put, sub-sectors matter within the larger energy services industry. With many oil and gas price forecasts remaining relatively flat in the near term, adaptation to regulatory restraints for E&P and midstream companies ongoing, and the sector generally being out of favor to investors, companies are visibly adapting to a new environment that is no longer perceived as temporary. While only two of the eight subsectors referred to in the graph below have experienced positive returns in 2017, all subsectors are beginning to trend upwards. Even the drilling subsector, which had been down each month from January through August, saw the freefall end. Though the fall saw a recovery in value, the end of the year was mostly flat for oilfield services providers Sub-sector Returns (Dec 31, 2016 Dec 31, 2017) 30% 20% 10% 0% (10%) (20%) (30%) Exploration and Geophysical 15.2% Oilfield and Facility Construction 10.7% Drilling Equipment (6.7%) Transportation and Logistics (6.7%) Production and Completion (12.7%) Supermajors (15.7%) Enviro. and Waste Management (26.3%) Drilling (34.6%) (40%) (50%) Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 19

20 Industry Activity Update continued Historically, the fourth quarter represents a period of sustained activity as rigs are able to continue to operate on the firm ground after the previous spring thaw. Q saw utilization well above 2016 s levels as general sentiment on oil and gas pricing continued to become more positive. Average drilling rig utilization for the year was 30%, which is up from 18% for The Canadian Association of Oilwell Drilling Contractors (CAODC) is forecasting the average rig utilization for 2018 to be 32% - materially in line with what was seen in Western Canada Drilling Rig Utilization 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Western Canada well completions were 1,745 in Q4 2017, compared to 804 wells completed in Q and 1,675 in Q (up 117% and 4% respectively). The ratio of oil wells drilled to total wells drilled has gone up, from 71% in 2016 to 75% in As seen above, relative optimism in oil pricing has brought more drilling rigs online compared to CAODC s 2018 forecast of 6,138 wells drilled is materially in line with what was seen with 2017 s 6,080 wells drilled. This level of activity seems to be the new normal as oil price forecasts hover in the $50-$65 per bbl range. Western Canada Well Completion 1,400 1,200 1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20

21 Bonuses (CAD millions) $ / Hectare Energy Services Update Q Western Canada Land Sales $450 $4,500 $400 $4,000 $350 $3,500 $300 $3,000 $250 $2,500 $200 $2,000 $150 $1,500 $100 $1,000 $50 $500 $ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q BC Total Saskatchewan Total Alberta Total BC $ / Hectare Saskatchewan $ / Hectare Alberta $ / Hectare $0 Land sales continued their robust climb through 2017, reaching highs in quarterly bonuses paid not seen since This continues the steady climb since the beginning of The largest land sales were in Alberta s petroleum and natural gas regions, specifically in the the Plains and Northern regions. On a per-hectare basis across Western Canada, the average price paid decreased 30% to $382/hectare as compared to the previous quarter s $543/hectare, but up 30% from a year prior (Q4 2016). In AB, prices per hectare are at highs not seen since Q3 2014, at $424/hectare, up 364% since the low of $92/hectare seen in Q Companies are clearly looking to expand, and the company that purchased the most AB land (and spent the most money) in the quarter was Stomp Energy, purchasing 43,810 hectares for a total of $33 million. Pro West Land Services paid the most per hectare, at $6,180/hectare for 3,584 hectares ($22 million). Total hectares sold in W. Canada were up 51% in 2017 compared to Total bonus paid in W. Canada was up 289% in 2017 compared to As a result, bonus per hectare was up 258% in 2017 compared to

22 Abbreviations Abbreviation Definition $ Canadian dollars USD U.S. dollars EV Enterprise value Earnings before interest, tax, depreciation and amortization LTM Last twelve months NTM Next twelve months QoQ Quarter over quarter - change from last quarter to this one YTD Year to date S&P TSX Standard & Poor's Toronto Stock Exchange Index WCS Western Canadian Select (Alberta heavy oil price) WTI West Texas Intermediate (oil price) Bbl Barrel (of oil) Ha Hectares 22

23 Contacts Deloitte Corporate Finance professionals Robert Olsen President National Leader Andrew Luetchford Senior Managing Director Debt and Capital Advisory Leader David Lam Senior Managing Director Western Canada Leader Jason Ding Managing Director Edmonton Leader Brian Heald Managing Director Calgary Oil and Gas Leader Kevin Becker Executive Director Calgary Energy Services Leader Alyson Quan Vice President Edmonton Tim Lynn Analyst Edmonton Adam Froese Analyst Edmonton Global Energy Services Corporate Finance professionals Eric Andreozzi Senior Vice President Charlotte, NC Paul Childers Senior Vice President Brisbane, AU Shaun Reynolds Vice President & Director Aberdeen, UK shreynolds@deloitte.co.uk Chad Potter Assistant Director London, UK chpotter@deloitte.com James Miller Vice President Charlotte, NC jamesmiller5@deloitte.com Kong Meng Yap Director Kuala Lumpur, Malaysia kmyap@deloitte.com Canadian oil and gas professionals Jeff Lyons Partner Financial Advisory jlyons@deloitte.ca Chris Lee Managing Partner, Alberta chrilee@deloitte.ca Marc Joiner Deloitte Private leader, Prairies mjoiner@deloitte.ca Andrew Botterill Partner Resource Evaluation and Advisory abotterill@deloitte.ca Jamie Avey Partner Transaction Services javey@deloitte.ca Paul Zonneveld Partner, Enterprise Risk Leader Energy and Resources pzonneveld@deloitte.ca