XTO Energy Inc. $ 24,542 $ 34,686 $ 7,150 $ 6,818 $ 7,416 14, ,863.6 US Diversified 60.7% 13.9% 14.2
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- Gerard Hodges
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1 Energy Merger Model
2 Comparable Companies - North American Oil & Gas E&P Companies with Over 10 Tcfe Proved Reserves ($ in Millions Except Per Share, Reserve, and Production Data) Operating Statistics Capitalization Proved Daily Proved R / P Equity Enterprise EBITDAX (3) Reserves Production Production Developed Oil Ratio Company Name Value (1) Value (1)(2) TTM 12/31/ /31/2011 (Bcfe) (MMcfe) Areas / Proved Mix % (4) (Years) Chesapeake Energy Corporation $ 15,489 $ 29,710 $ 4,509 $ 4,571 $ 4,949 14, ,480.8 US Diversified 58.4% 7.8% 15.7 Anadarko Petroleum 28,937 40,880 5,743 8,099 9,908 13, ,624.0 International; US-Focused 70.5% 30.9% 10.5 Occidental Petroleum Corporation 61,989 64,381 8,447 12,659 16,428 19, ,870.0 International 77.3% 76.2% 13.7 Apache Corporation 32,252 37,384 5,989 8,264 9,694 14, ,499.7 International 69.1% 47.8% 11.1 Devon Energy Corporation 28,999 37,353 4,797 6,364 5,613 16, ,830.1 US & Canada 70.3% 18.0% 11.7 EOG Resources, Inc. 22,289 24,882 1,761 4,375 5,507 10, ,118.0 US, Canada & Trinidad 54.4% 15.6% 13.9 Maximum $ 61,989 $ 64,381 $ 8,447 $ 12,659 $ 16,428 19, , % 76.2% th Percentile 31,439 40,006 5,927 8,223 9,855 15, , % 43.6% 13.9 Median $ 28,968 $ 37,368 $ 5,270 $ 7,232 $ 7,654 14, , % 24.5% th Percentile 23,951 31,620 4,581 5,019 5,534 13, , % 16.2% 11.3 Minimum 15,489 24,882 1,761 4,375 4,949 10, , % 7.8% 10.5 XTO Energy Inc. $ 24,542 $ 34,686 $ 7,150 $ 6,818 $ 7,416 14, ,863.6 US Diversified 60.7% 13.9% 14.2 Valuation Statistics Capitalization Enterprise Value / Enterprise Value / Equity Enterprise EBITDAX (3) Proved Daily Company Name Value (1) Value (1)(2) TTM 12/31/ /31/2011 Reserves Production Chesapeake Energy Corporation $ 15,489 $ 29, x 6.5 x 6.0 x $ 2.08 $ Anadarko Petroleum 28,937 40, x 5.0 x 4.1 x Occidental Petroleum Corporation 61,989 64, x 5.1 x 3.9 x Apache Corporation 32,252 37, x 4.5 x 3.9 x Devon Energy Corporation 28,999 37, x 5.9 x 6.7 x EOG Resources, Inc. 22,289 24, x 5.7 x 4.5 x Maximum $ 61,989 $ 64, x 6.5 x 6.7 x $ 3.33 $ th Percentile 31,439 40, x 5.8 x 5.6 x Median $ 28,968 $ 37, x 5.4 x 4.3 x $ 2.47 $ th Percentile 23,951 31, x 5.1 x 4.0 x Minimum 15,489 24, x 4.5 x 3.9 x
3 Merger Model - Exxon Mobil Corporation and XTO Energy Inc. ($ in Millions Except Production, Reserves, Per Share, and Other Per Unit Data) Transaction Structure & Assumptions Exercise Exchange Ratio: Type: Number: Price: Dilution: Buyer Share Price: $ Options $ Per Share Purchase Price: $ RSU Implied Premium: 24.6% Perf. Shares A $ Equity Purchase Price: $ 30,785 Perf. Shares B $ Perf. Shares C $ Refinance Debt? Yes Perf. Shares D $ Debt to Refinance: $ 10,487 Warrants $ Transaction Shares: Funds Required: $ 41,312 Transaction Fees: %: Amount: Period: % Cash: 0.0% Financing Fees: 1.0% $ - 5 % Stock: 100.0% Advisory Fees: 0.1% 31 N/A % Debt: 0.0% Legal & Misc. Fees: 10 N/A Cash Used: $ - Foregone Cash Interest Rate: 1.0% Value of Stock Issued: 41,312 Common Shares Issued: Term Loan A Debt Issued: - Term Loan A Interest Rate: L Maximum Cash Use: $ 5,693 Maximum Cash % Allowed: 13.8% Maximum Debt Use: 5,000 Maximum Debt % Allowed: 12.1% Sources & Uses Sources: Uses: Buyer Cash: $ - Equity Value of Company: $ 30,785 Buyer Stock Issuance: 41,312 Transaction Fees: 41 Term Loan A: - Capitalized Financing Fees: - Total Sources: $ 41,312 Debt Refinanced: 10,487 Total Uses: $ 41,312 Purchase Price Allocation & Pro-Forma Balance Sheet Adjustments Goodwill Calculation: Fixed Asset Write-Up: Equity Purchase Price: $ 30,785 PP&E Write-Up %: 5.0% Less: Seller Book Value: (17,326) PP&E Write-Up Amount: 1,597 Plus: Write-Off of Existing Goodwill: 1,475 Depreciation Period (Years) - Book: 8 Total Allocable Purchase Premium: $ 14,934 Yearly Depreciation Expense - Book: 200 Less: Write-Up of PP&E: (1,597) Intangible Asset Creation / Write-Up: Less: Write-Up of Intangibles: (2,987) Excess Purchase Price to Allocate: 14,934 Less: Write-Off of Existing DTL: (5,864) % Allocated to Intangibles: 20.0% Plus: Write-Down of Existing DTA: - Intangibles Creation / Write-Up: 2,987 Plus: New Deferred Tax Liability: 1,993 Amortization Period (Years) - Book: 5 Total Goodwill Created: $ 6,479 Yearly Amortization Expense - Book: 597 New Deferred Tax Liability: 1,993
4 Combined Company - Income Statement ($ in Millions Except Per Share Data) Transaction Adjustments Projected December 31, 2009 Debit Credit Buyer Standalone Net Income: $ 29,057 $ 30,763 $ 31,875 Buyer Net Income to Noncontrolling: Buyer Implied Pre-Tax Income: $ 51,405 $ 54,423 $ 56,389 Implied Pre-Tax Revolver Interest: Buyer Pre-Tax Income Prior to Revolver: $ 51,405 $ 54,456 $ 56,509 Buyer Net Income Prior to Revolver: $ 29,057 $ 30,782 $ 31,942 Buyer Earnings Per Diluted Share: $ 5.99 $ 6.35 $ 6.59 Buyer Effective Tax Rate: 43.5% 43.5% 43.5% Buyer Average Diluted Shares (MM): 4, , , ,848.0 Acquisition Effects: Synergies, Net of Additional Expenses: Incremental Cash Interest Income / (Expense): Seller + Revolver + New Debt Interest Expense: (9) (9) (9) New Amortization Expense: (597) (597) (597) Financing Fees Amortization: New Depreciation Expense: (200) (200) (200) Seller Operating Income: $ 3,097 $ 3,323 $ 3,541 Combined Pre-Tax Income: $ 53,844 $ 57,249 $ 59,676 Combined Net Income: $ 30,436 $ 32,360 $ 33,732 New Diluted Shares Outstanding: 5, , ,415.2 Combined EPS: $ 5.62 $ 5.98 $ 6.23 EPS Accretion / (Dilution): (0.37) (0.37) (0.36) EPS Accretion / (Dilution) %: (6.2%) (5.9%) (5.5%) Breakeven Incremental Synergies: $ 3,576 $ 3,580 $ 3,445
5 Combined Company - Balance Sheet ($ in Millions) Pre-Transaction Transaction Adjustments Projected December 31, Buyer Seller Debit Credit Assets: Current Assets: Cash & Cash-Equivalents: $ 10,693 $ 9 $ - $ - $ 10,702 $ 21,363 $ 35,882 $ 51,831 Restricted Cash: Derivative Fair Value: - 1, ,222 1,217 1,213 1,208 Marketable Securities: Accounts Receivable, Net: 27, ,610 26,734 28,357 29,470 Inventory: 11, ,553 9,641 10,207 10,576 Other Current Assets: 5, ,527 5,527 5,527 5,527 Total Current Assets: 55,235 2,548 57,783 64,652 81,356 98,782 Long-Term Assets: Investments & LT Receiv.: 31, ,665 34,165 36,665 39,165 Net PP&E: 139,116 31,934 1, , , , ,833 Goodwill: - 1,475 6,479 1,475 6,479 6,479 6,479 6,479 Capitalized Financing Fees: New Intangible Assets: - - 2,987-2,987 2,389 1,792 1,195 Other / Intangible Assets: 7, ,605 7,605 7,605 7,605 Total Long-Term Assets: 178,088 33, , , , ,276 Total Assets: $ 233,323 $ 36,255 $ 279,165 $ 296,975 $ 324,123 $ 352,058 Liabilities: Current Liabilities: Notes and Loans Payable: $ 2,476 $ - $ - $ - $ 2,476 $ 2,476 $ 2,476 $ 2,476 AP & Accrued Expenses: 41,275 1, ,757 37,721 40,071 41,733 Income Taxes Payable: 8, ,310 8,310 8,310 8,310 Deferred Income Taxes: Other: Total Current Liabilities: 52,061 2,051 53,770 48,734 51,084 52,746 Long-Term Liabilities: Long-Term Debt: 7,129 10,487 10,487-7,129 7,129 7,129 7,129 Postretirement Benefits: 17, ,942 17,040 16,137 15,235 Deferred Income Taxes: 23,148 5,522 5,522 1,993 25,141 25,641 26,141 26,641 Asset Retirement Obligation: Other LT Obligations: 17, ,737 18,030 18,323 18,616 Total Long-Term Liabilities: 65,870 16,878 68,732 68,680 68,634 68,594 Total Liabilities: $ 117,931 $ 18,929 $ 122,502 $ 117,413 $ 119,718 $ 121,339 Stockholders' Equity: Common Stock (Excl. Par): $ 5,503 $ 8,477 $ 8,477 $ 41,312 $ 46,815 46,945 47,087 47,243 Treasury Stock: (166,410) (177) (177) - (166,410) (166,410) (166,410) (166,410) Retained Earnings: 276,937 8,317 8, , , , ,593 Accum. Other Comp. Inc.: (5,461) (5,461) (5,276) (5,091) (4,905) Total Stockholders' Equity: $ 110,569 $ 17,326 $ 151,841 $ 173,986 $ 198,033 $ 223,521 Noncontrolling Interests: 4, ,823 5,576 6,372 7,198 Total Liabilities & Equity: $ 233,323 $ 36,255 $ 279,165 $ 296,975 $ 324,123 $ 352,058 Balance Check: OK! OK! OK! OK! OK! OK!
6 Combined Company - Cash Flow Statement ($ in Millions) Transaction Adjustments Projected December 31, Debit Credit Operating Activities: Combined Net Income to Common: $ 30,436 $ 32,360 $ 33,732 Net Income to Noncontrolling: Adjustments to NI: DD&A: 17,092 18,238 18,749 Amortization of New Intangibles: Amortization of Financing Fees: Asset Retirement Accretion: Stock-Based Compensation: Dry Hole Expense: Other Non-Cash Charges: Non-Cash Derivative (Gain) / Loss: Deferred Income Tax / (Credit): Pensions + / (-) Payments: (902) (902) (902) LT Obligations + / (-) Payments: Dividends + / (-) Equity Interests: (318) (318) (318) Change in AR: 1,876 (1,623) (1,113) Change in Inventory: 1,912 (566) (369) Change in Other Current Assets: Change in AP & Accrued: (5,036) 2,351 1,661 Net (Gain) / Loss on Asset Sales: All Other Items - Net Cash Flow from Operations: $ 47,419 $ 51,966 $ 53,919 Investing Activities: Capital Expenditures: (27,656) (28,309) (28,888) Sales of Investments and PP&E: 1,500 1,500 1,500 Decrease in Restricted Cash: Additional Investments and Advances: (2,740) (2,740) (2,740) Collection of Advances: Marketable Securities Additions: Sales of Marketable Securities: Cash Flow from Investing: (28,338) (28,991) (29,570) Financing Activities: Additions to LT Debt: Payments of LT Debt: Additions to ST Debt: Payments of ST Debt: Other Debt Changes: Dividends to Common: (8,310) (8,346) (8,290) Dividends to Noncontrolling: (295) (295) (295) Changes in Noncontrolling: SBC Tax Benefits: Treasury Stock Purchased: Common Stock Issued: Cash Flow from Financing: (8,325) (8,361) (8,305) FX Rate Effect: (95) (95) (95) Revolver Borrowing: Cash Used for Debt Repayment: Cash Increase / (Decrease): $ 10,661 $ 14,519 $ 15,949 Beginning Cash: 10,702 21,363 35,882 Ending Cash: $ 21,363 $ 35,882 $ 51,831
7 Debt Schedules for Combined Company - Debt from Seller + New Debt Issued (NO Existing Debt from Buyer) ($ in Millions) Historical Projected December 31, Maximum Revolver Borrowing: 10,000 Numerical Year: LIBOR Curve: 0.30% 0.30% 0.50% Cash Balance: 28,244 33,981 31,437 10,702 21,363 35,882 51,831 Cash Balance in Equity Research: 10,693 12,564 12,496 13,802 Incremental Cash Interest Income / (Expense): 1,672 1, Effective Cash Interest Rate: 5.37% 4.28% 0.85% 1.00% 1.00% 1.00% End of Year Debt Amounts: Revolver: $ - $ - $ - $ - Term Loan A: Term Loan B: New Term Loan A: Senior Notes - A Senior Notes - B Senior Notes - C Senior Notes - D Senior Notes - E Senior Notes - F Senior Notes - G Senior Notes - H Senior Notes - I Senior Notes - J Senior Notes - K Senior Notes - L Senior Notes - M Senior Notes - N Senior Notes - O Senior Notes - P Net Discount on Senior Notes: Total Debt: $ - $ - $ - $ - Fixed Interest Rate Assumptions: LIBOR + Interest Revolver: 0.40% 0.70% 0.70% 0.90% Term Loan A: 0.50% 0.80% 0.80% 1.00% Term Loan B: 0.50% 0.80% 0.80% 1.00% New Term Loan A: 4.00% 4.30% 4.30% 4.50% Senior Notes - A 5.00% 5.00% 5.00% 5.00% Senior Notes - B 7.50% 7.50% 7.50% 7.50% Senior Notes - C 5.90% 5.90% 5.90% 5.90% Senior Notes - D 6.25% 6.25% 6.25% 6.25% Senior Notes - E 4.63% 4.63% 4.63% 4.63% Senior Notes - F 5.75% 5.75% 5.75% 5.75% Senior Notes - G 4.90% 4.90% 4.90% 4.90% Senior Notes - H 5.00% 5.00% 5.00% 5.00% Senior Notes - I 5.30% 5.30% 5.30% 5.30% Senior Notes - J 5.65% 5.65% 5.65% 5.65% Senior Notes - K 6.25% 6.25% 6.25% 6.25% Senior Notes - L 5.50% 5.50% 5.50% 5.50% Senior Notes - M 6.50% 6.50% 6.50% 6.50% Senior Notes - N 6.10% 6.10% 6.10% 6.10% Senior Notes - O 6.75% 6.75% 6.75% 6.75% Senior Notes - P 6.38% 6.38% 6.38% 6.38% Undrawn Revolver Commitment Fee: 0.09% $ 9.0 $ 9.0 $ 9.0 Interest Increase If > 50.0% of Revolver Utilized: 50.00% 0.05% Revolver % Drawn: 0.00% 0.00% 0.00% Interest Expense Calculations: Revolver: $ 9 $ 9 $ 9 Term Loan A: Term Loan B: New Term Loan A: Senior Notes - A Senior Notes - B Senior Notes - C Senior Notes - D Senior Notes - E Senior Notes - F Senior Notes - G Senior Notes - H Senior Notes - I Senior Notes - J Senior Notes - K Senior Notes - L Senior Notes - M Senior Notes - N Senior Notes - O Senior Notes - P Total Interest Expense: $ 9 $ 9 $ 9
8 Yearly Beginning Amort. Prepay Debt Amortization: Balance %: Allowed? Maturity Revolver: $ - 0.0% Yes N/A Term Loan A: % Yes % 10.0% 10.0% Term Loan B: % Yes % 10.0% 10.0% New Term Loan A: % Yes % 20.0% 20.0% Senior Notes - A - 0.0% No % 0.0% 0.0% Senior Notes - B - 0.0% No % 0.0% 100.0% Senior Notes - C - 0.0% No % 0.0% 100.0% Senior Notes - D - 0.0% No % 0.0% 0.0% Senior Notes - E - 0.0% No % 0.0% 0.0% Senior Notes - F - 0.0% No % 0.0% 0.0% Senior Notes - G - 0.0% No % 0.0% 0.0% Senior Notes - H - 0.0% No % 0.0% 0.0% Senior Notes - I - 0.0% No % 0.0% 0.0% Senior Notes - J - 0.0% No % 0.0% 0.0% Senior Notes - K - 0.0% No % 0.0% 0.0% Senior Notes - L - 0.0% No % 0.0% 0.0% Senior Notes - M - 0.0% No % 0.0% 0.0% Senior Notes - N - 0.0% No % 0.0% 0.0% Senior Notes - O - 0.0% No % 0.0% 0.0% Senior Notes - P - 0.0% No % 0.0% 0.0% Sources of Funds: Beginning Cash Balance: $ 10,702 $ 21,363 $ 35,882 Less: Minimum Cash Balance: (5,000) (5,000) (5,000) Plus: Cash Flow Available for Debt Repayment: 10,661 14,519 15,949 Subtotal Before Revolver: $ 16,363 $ 30,882 $ 46,831 Revolver Borrowing Required: Total Sources of Funds: $ 16,363 $ 30,882 $ 46,831 Uses of Funds: Mandatory Debt Repayment: Term Loan A: $ - $ - $ - Term Loan B: New Term Loan A: Senior Notes - A Senior Notes - B Senior Notes - C Senior Notes - D Senior Notes - E Senior Notes - F Senior Notes - G Senior Notes - H Senior Notes - I Senior Notes - J Senior Notes - K Senior Notes - L Senior Notes - M Senior Notes - N Senior Notes - O Senior Notes - P Mandatory Repayment Total: $ - $ - $ - Optional Debt Repayment: Revolver: $ - $ - $ - Term Loan A: Term Loan B: New Term Loan A: Senior Notes - A Senior Notes - B Senior Notes - C Senior Notes - D Senior Notes - E Senior Notes - F Senior Notes - G Senior Notes - H Senior Notes - I Senior Notes - J Senior Notes - K Senior Notes - L Senior Notes - M Senior Notes - N Senior Notes - O Senior Notes - P Optional Repayment Total: $ - $ - $ - Excess Cash Generated on Balance Sheet: 16,363 30,882 46,831 Total Uses of Funds: $ 16,363 $ 30,882 $ 46,831 Balance Check: OK! OK! OK!
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