AUGUST 13 17, 2017 WESTIN HOTEL DENVER, CO.

Transcription

1 AUGUST 13 17, 217 WESTIN HOTEL DENVER, CO.

2 Everything you need to achieve your marketing objectives. BRANDING EnerCom s proven brandstorming process defines the five elements of your company s brand, creating the foundation for effective differentiation and marketing. MARKET RESEARCH Customized market size studies and target identification. Proprietary databases of operational and financial metrics for benchmarking corporate performance, prospect screening, identifying buyer strengths and challenges. CONSULTING & PROGRAM MANAGEMENT Sales pitch development, market intelligence, program management and brand awareness studies. INVESTOR RELATIONS EnerCom is a globally recognized oil and Gas Consulting firm with a core focus on Investor relations. We can assist with Investor Targeting, Press Releases, build and maintain IR strategies, Presentations, and Non-Deal Road Shows. MEDIA We design and implement effective oil and gas media campaigns with the goal of raising awareness of and interest in your brand. We can place ads with Network Television, National Print Media, Trade Publications, and on our distribution platform Oil and Gas 36. ( CRISIS COMMUNICATIONS Expect the unexpected. With a tailor made Crisis Communications Plan from the professionals at EnerCom, we help put you in control in an uncertain world. GRAPHIC DESIGN Innovative graphic design for websites, advertising, technical illustration, maps, business materials, trade show booths, infograhics, PowerPoint templates and marketing collateral. WEB DEVELOPMENT Expertise for designing, developing and hosting websites, including content management systems, graphic design, custom applications and content development

3 Crédit Agricole and Investment Bank is authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and supervised by the European Central Bank (ECB), the ACPR and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. JULY 217 MAY 217 JANUARY 217 energy financing solutions for the Americas PRIVATE OIL & GAS COMPANY USD 1,5,, Senior Secured Revolving Credit Facility Co-Syndication Agent CARRIZO OIL & GAZ, INC USD 8,, Senior Secured Revolving Credit Facility Co-Syndication Agent WPX ENERGY INC USD 6,, Follow-on Equity Co-Manager JUNE 217 MAY 217 SEPTEMBER 216 CARRIZO OIL&GAS USD 25,, 8.25% Senior Unsecured Notes Due 225 Joint Bookrunner WILLIAMS PARTNERS LP USD 1,45,, 3.75% Senior Unsecured Notes Due 227 Joint Bookrunner ANTERO MIDSTREAM PARTNERS LP USD 65,, 5.375% Senior Unsecured Due 224 Joint Bookrunner JUNE 217 MARCH 217 SEPTEMBER 216 TRANSOCEAN INC Maximum/Capped Waterfall Offer Targeting USD 1,5,, USD 423,485, 2.5% Senior Notes Due 217 USD 21,98, 7.375% Senior Notes Due 218 USD 718,788, 6.% Senior Notes Due 218 USD 51,84, 6.5% Senior Notes Due 22 USD 545,424, 6.375% Senior Notes Due 221 Joint Dealer Manager SABINE PASS LIQUEFACTION LLC USD 1,35,, 4.2% Senior Secured Notes Due 228 Joint Bookrunner PDC ENERGY INC USD 575,, Follow-on Equity Co-Manager Choose a bank internationally recognized for global energy finance. Our sector specialists draw on unrivalled expertise for financing value-creating corporate finance projects, and participating in the development of the real economy. Across all continents, we take an active role in the sustainable development of today s economy. JUNE 217 MARCH 217 JUNE 216 MCDERMOTT INTERNATIONAL, INC USD 81,, Senior Secured Credit Facility Joint Lead Arranger Joint Bookrunner Administrative Agent EXTERRAN ENERGY SOLUTIONS, L.P. USD 375,, 8.125% Senior Notes Due 225 Joint Bookrunnner SOUTHWESTERN ENERGY CORP USD 1,286,, Follow-on Equity Co-Manager MAY 217 FEBRUARY 217 JUNE 216 CHESAPEAKE ENERGY CORPORATION USD 75,, 8.% Senior Unsecured Notes Due 227 Joint Bookrunner NOBLE ENERGY USD 625,, Term Loan Mandated Lead Arranger QEP RESOURCES INC USD 422,, Follow-on Equity Co-Manager Energy Group 11 Louisiana, Suite 475, Houston TX 772 Tel.:

4

5 The Most Respected Executive and Board Search Firm in Energy Preng & Associates is the world s leading executive search firm totally dedicated to the energy industry. Over our thirty-seven years, we have assisted nearly 7 management teams and Boards attain exceptional talent who have delivered long-term value. After more than three decades of specializing in energy and natural resources, our consultants: Completed more than 3,2 search assignments in 64 countries. Generate more than 8% of our business from repeat clients. Believe loyalty and experience is invaluable to the executive search process. Houston Office: 2925 Briarpark Drive Suite 1111 Houston, Texas 7742 Tel: +1 (713) London Office: 42 Brook Street Mayfair London, England W1K 5DB Tel: +44 ()

6 INSIGHTS AND SOLUTIONS THAT MEAN BUSINESS Serving the industry since our inception with significant expertise in: Valuations Merger and acquisition transaction support Financial statement audits State, local, federal and international tax Joint venture audits and more Hein & Associates is one of the top 1 accounting firms in the nation providing professional services to middle market companies for over 4 years.

7 Business Intelligence & Advisory Services PLS is an integrated information and advisory firm that provides buyers, sellers & capital providers the tools they need to better manage their portfolio, create new business opportunities and facilitate profitable transactions. Data & Analytics: Global News & Research U.S. Drilling Reports Proprietary Industry Databases Deals For Sale M&A Metrics & Comparables Capitalize, Energy Finance PetroScout, The E&P Database docfinder PetroWire, Projects, News Abstracts QuickDecline Marketing & Consulting: Global Divestment Services Virtual Data Rooms Prospect & Property Expos Branding & Marketing Solutions Technical Engineering Services For more details call or visit Hire Us! Call or visit

8

9 GET TO KNOW PNC PNC ENERGY GROUP For more than 16 years, PNC has navigated a steady course while growing in size, sophistication and service. Today, we re one of the largest, best-regarded and best-capitalized financial services companies in the country. We ve added thousands of corporate clients in the last few years and are expanding our geographic franchise with offices in 35 states, the United Kingdom and Canada. ENERGY LEADERSHIP A significant capital and service provider to energy companies in all industry sectors Energy office in Houston, Texas Experienced team of professionals with extensive experience across the entire energy supply chain LEADING CORPORATE BANKING CAPABILITIES, Reserve-Based, Acquisition and Bridge Financing More than $8 billion in commitments to the energy industry as of 12/31/16 Debt Capital Markets During 216, PNC Loan Syndications was Lead Arranger and Bookrunner on 297 transactions totaling $39.5 billion PNC Securities was active in 452 securities issuances in 216, raising more than $297 billion Commodity/Interest Rate Derivatives Customized OTC hedging solutions to meet specific client needs Products: Crude oil and natural gas swaps/options, LIBOR-based swaps/options, Treasury locks, cross-currency swaps Equipment Finance Fourth-largest bank-owned equipment finance company in the U.S. (Monitor Daily, 216) Treasury Management Top 5 treasury management providers in the country with 32, & Institutional Banking clients; consistently received top ratings for service and technology (Ernst & Young, 216) #1 Overall Customer Satisfaction (Greenwich Associates Large Treasury Management Study, ) Asset Securitization Customized solutions, with more than 1 securitizations totaling $15 billion #1 bank for receivables securitization bank by new deal volume Unmatched structural expertise and experience across the energy value chain PNC Institutional Asset Management PNC Institutional Asset Management guides institutional clients through a variety of investment solutions to meet their organization s strategic needs. PNC Capital Advisors, LLC. A Registered Investment Advisor (RIA) offering specialized investment capabilities and customized approaches through taxable and tax-exempt fixed income, and equity strategies PNC Retirement Solutions. 41(k) plan administration, participant education, and 3(21)/3(38) fiduciary services focusing on mitigating corporate fiduciary risk PNC Institutional Advisory Solutions. Office of the Chief Information Officer (OCIC), custodial, and financial planning services for defined benefit plans, corporations, and foundations utilizing dynamic asset allocation models and liability-driving investment strategies through an open architecture investment platform Solebury Capital LLC Solebury Capital is a global advisory firm and registered brokerdealer exclusively focused on equity capital markets advisory. Senior team members are exclusively equity underwriting specialists with collectively over 165 years of capital markets transaction experience and relationships forged at the leading investment banking houses around the world. Initial Public Offering. Registered Investment Advisor (RIA) offering specialized investment capabilities and customized approaches through taxable and tax-exempt fixed income, and equity strategies Marketed Follow On. Seasoned judgment and market knowledge helps issuers access the capital markets efficiently and effectively with minimal disruption for stakeholders Block Trade. Solebury s trusted confidential practice unlocks efficient market access by leveraging our active deal flow, proprietary data, analytics and market insights CONTACTS Tom Byargeon Head of Energy tom.byargeon@pnc.com Sandra Aultman Managing Director Upstream sandra.aultman@pnc.com Colin Warman Managing Director Midstream colin.warman@pnc.com Jonathan Luchansky Director Upstream jonathan.luchansky@pnc.com Denise Davis Vice President Upstream denisedavis@pnc.com Ready to Help At PNC, we combine a wider range of financial resources with a deeper understanding of your business to help you achieve your goals. To learn more about how we can bring ideas, insight and solutions to you, please contact your PNC Relationship Manager or visit pnc.com/ideas.

10 Bank of America Merrill Lynch is proud to support The Oil & Gas Conference. bofaml.com

11 CONFIDENCE EARNED. M&A Advisory Advising Veresen on the acquisition by Advised on the divestiture of Athabasca Oil Sands Project and heavy oil assets to Advised on the joint acquisition of 2% interest in the Athabasca Oil Sands Project from Advised on the divestiture of Eagle Ford Assets to Advised on the divestiture of Eagle Ford Shale and South Texas assets to Advised on the acquisition of C$9,7,, Exclusive Financial Advisor C$11,1,, Financial Advisor $2,5,, Financial Advisor $8,, Exclusive Financial Advisor and Undisclosed $39,, Financial Advisor $525,, Lead Financial Advisor Pending May 217 May 217 March 217 September 216 August 216 Capital Markets 5.5 Year, 1 Year & 27 Year Notes 3 Year, 9.5 Year & 3 Year Notes Secured Notes IPO Restricted Voting Shares Floating Rate Notes Senior Notes C$1,2,, Joint Lead & Bookrunner C$1,8,, Joint Lead & Bookrunner $1,5,, Joint Bookrunner C$1,75,14, Co-Bookrunner $6,, Joint Bookrunner $3,, Joint Bookrunner June 217 May 217 May 217 May 217 April 217 March 217 Sabine Pass Liquefaction, LLC Secured Notes $1,35,, Joint Bookrunner 41,4, Common Shares $1,283,4, Joint Bookrunner 74,75, Common Shares $2,167,75, Joint Bookrunner Common Shares $717,25, Senior Notes $6,, Joint Bookrunner Common Shares $1,5,675, Joint Lead Manager Common Shares $215,5, Joint Bookrunner February 217 February 217 January 217 December 216 October 216 April 216 For 185 years, Scotiabank has worked with clients through market cycles to create individually customized solutions to deliver on their business objectives. Our stability rests on a well-diversified business, deep client relationships, a strong balance sheet and an exceptional client-centric risk management culture. Scotiabank s sophisticated Energy platform fully integrates equity, debt, corporate lending, M&A, commodity inventory finance, hedging and capital markets solutions for energy and energy infrastructure companies throughout North America and beyond. We build strong relationships to help drive your business forward. Let us show you how. gbm.scotiabank.com/energy GLOBAL BANKING AND MARKETS ADVICE RISK MANAGEMENT TRADING FINANCING RESEARCH TRANSACTION BANKING Trademark of The Bank of Nova Scotia. Used under license, where applicable. Scotiabank is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including Scotia Capital Inc. and Scotia Capital (USA) Inc., which are non-bank affiliates of The Bank of Nova Scotia and authorized users of the mark. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund. Scotia Capital (USA) Inc. is a broker-dealer registered with the SEC and a member of FINRA, NYSE and NFA. Not all products and services are offered in all jurisdictions. Services described are available only in jurisdictions where permitted by law.

12 ARE YOU MAXIMIZING YOUR OPPORTUNITIES WHEN EVERY DOLLAR COUNTS? From headquarters to field offices, a commercial real estate portfolio strategy is imperative to maximizing operational and financial efficiency. How do we expand into emerging markets? Are we missing out on tax incentives? Is there an arbitrage opportunity within any of the owned real estate assets? How can real estate sale proceeds impact pre-acquistion capital stack? Can we reduce our footprint? Should we consolidate locations? Is our building managed efficiently? Should we lease or own? How will a real estate transaction impact post acquisition EBITDA? The only commercial real estate firm with energy practice leaders positioned in every major energy capital of the world, the CBRE Energy Facilities Group provides counsel, qualitative and quantitative analysis, and exceptional execution capabilities to drive value for companies engaged in the oil and gas industry. Is our rental rate above market? ANTHONY ALBANESE First Vice President Energy Facilities Group anthony.albanese@cbre.com VINCENT POLCE Vice President Capital Markets vincent.polce@cbre.com ENERGY FACILITIES GROUP

13 Capital to help you transform your goals into reality We ll work with you to provide capital and industry expertise. With specialists dedicated to the oil and gas industry, the Wells Fargo Energy Group can provide the financing you need to turn your goals into reality. As one of the largest capital providers to the energy industry and more than 3 years of experience, we can help your business grow. To find out more, contact us today: energy@wellsfargo.com wellsfargo.com 217 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. PDS

14 BANKING AND FINANCING TAILORED FOR THE ENERGY INDUSTRY Kelton Glasscock Senior Vice President Head of Energy Americas Tel: Byron Cooley Senior Vice President Tel: Rob Dupree Senior Vice President Tel: DNB Bank - Energy Americas 333 Clay Street, Suite 395, Houston, TX 772

15 Industry knowledge. Financial strength. At CIBC Capital Markets we re focused on your financing, trading and advisory needs. Banking $1. Billion Undisclosed $2. Billion $1.5 Billion $2.5 Billion Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility Revolving Credit Facility CIBC World Markets Corp. is a lender CIBC World Markets Corp. is a lender CIBC World Markets Corp. is a lender CIBC World Markets Corp. is a lender CIBC World Markets Corp. is a lender June 217 June 217 May 217 May 217 April 217 CIBC Griffis & Small Advisory Large Cap Public Co. TBD TBD $72 Million Undisclosed Undisclosed is currently marketing certain San Juan Basin assets is currently marketing certain CO 2 assets has sold its interest in the Salt Creek CO 2 flood has acquired certain South Texas assets has sold certain Barnett assets CIBC Griffis & Small is acting as Financial & Technical Advisor CIBC Griffis & Small is acting as Financial & Technical Advisor CIBC Griffis & Small is acting as Financial & Technical Advisor CIBC Griffis & Small is acting as Financial & Technical Advisor CIBC Griffis & Small is acting as Financial & Technical Advisor In Process In Process May 217 January 217 November 216 Global Investment Banking TBD TBD $27 Million C$1 Million $4 Million Strategic Alternatives Initial Public Offering Follow-on Equity Offering Initial Public Offering Senior Notes Offering CIBC World Markets Inc. is acting as Financial Advisor CIBC World Markets Corp. is acting as Co-Manager CIBC World Markets Corp. acted as Co-Manager CIBC World Markets Inc. acted as Joint Bookrunner CIBC World Markets Corp. acted as Co-Manager In Process In Process July 217 May 217 October 216 Let us show you the value of our energy capabilities today. CIBC Griffis & Small CIBC Capital Markets Joe Small A&D Advisory joe.small@cibc.com Trudy Nelson Banking trudy.nelson@cibc.com Jordan Horoschak Global Investment Banking jordan.horoschak@cibc.com Michael Kim Debt Capital Markets michael.kim@cibc.com Peter Carpenter Commodities Trading peter.carpenter@cibc.com CIBC Capital Markets is a trademark brand name under which different legal entities provide different services under this umbrella brand. Products and/or services offered through CIBC Capital Markets include products and/or services offered by the Canadian Imperial Bank of Commerce and various subsidiaries. In the United States, CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Fund. CIBC Capital Markets and the CIBC Cube Design are trademarks of CIBC, used under license by CIBC World Markets Inc.

16 energy specialists with the lending power you need Oil & Gas Upstream Midstream Oilfield Services We provide financing for companies in the upstream and midstream sectors of the oil & gas industry to fund field development, acquisitions, working capital or infrastructure projects. The typical loan size for single lender credits is $5 - $35 million, and loan syndications are available for larger loan amounts up to $1 million. Our focus is on public and private energy companies in North America, primarily in Texas, the Gulf Coast, Mid-Continent, Appalachian and Mountain States. Mike Turner Area President Houston Keith Miller Senior Energy Lender Houston Jake Munn SVP, Market Manager Houston mutualofomahabank.com AFN45488_717 Equal Housing Lender Member FDIC

17 Using its proprietary physics-based predictive analytics, BetaZi computes unbiased, accurate, automatic production forecasts with calibrated uncertainty. At 3 seconds per well, due diligence just got super powerful. BetaZi has the best production forecasts in the world, bar none.

18

19 Need an ally in the energy sector? Tap into this resource Energy is a precious commodity, so working with the right financial professionals is paramount. Our knowledge of the energy sector runs deep, whether your priority is upstream, midstream or downstream. Collectively, we have more than 1 years of industry experience in our energy group, including a technical team for value-added insight. Look to Fifth Third Bank for lending, commodity & interest rate hedging, foreign exchange, equipment financing/leasing, debt capital markets, syndication capabilities, purchasing card, treasury management, trust & escrow services. To Tap into our wealth of knowledge, please contact Richard C. Butler, Senior Vice President or richard.butler@53.com We look forward to working with you in your energy sector pursuits. Lending is subject to credit review and approval. Deposit and credit products provided by Fifth Third Bank. Member FDIC.

20

21 After 3 years in oil and gas, we know the drill You don t have to dig deep to learn what oil and gas companies need most from a bank: experience. At MUFG (Mitsubishi UFJ Financial Group), we have banked the oil and gas industry for three decades; MUFG consistently ranks among the top 1 lead arrangers in the Thomson Reuters league tables. 1 Our bankers have long track records in this field. They understand your challenges, opportunities, and need for flawless implementation whether it s leading large syndicated transactions, accessing the capital markets, or designing efficient treasury solutions to optimize your working capital. MUFG is one of the world s leading financial groups, and its global network encompasses 2,2 offices in nearly 5 countries. With our wide range of product solutions in capital markets, advisory, banking, and treasury services, we re ready to support your business wherever it takes you. To learn more, call one of our specialists listed below. We think you ll like the experience. mufgamericas.com/oilandgas MUFG Union Bank, N.A. MUFG Securities Americas Inc. The Bank of Tokyo-Mitsubishi UFJ, Ltd. Members of MUFG, a global financial group Oil & Gas Banking 2 Jamie Conn Managing Director, Group Head Loan Syndications J. Richard Cook Managing Director Frank Ferrara Managing Director Oil & Gas Treasury Services Casey Pazoki Director Oil & Gas Capital Markets Investment Grade Debt Andrew Wenner Managing Director Kerry Esmay Director Equity Jason Demark Executive Director Steve Studnicky Director Leveraged Finance Timothy Dilworth Managing Director Mike D Ecclesiis Director Financing subject to credit and collateral approval. Other restrictions may apply. Terms and conditions subject to change. 1 As of Q2 216, Q3, Q2, Q4, and Q MUFG Union Bank, N.A., does not accept deposits in Canada and is not a member institution of the Canada Deposit Insurance Corporation. 217 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., and The Bank of Tokyo-Mitsubishi UFJ, Ltd., with permission. MUFG Union Bank, N.A., is a member FDIC, and its banking products are insured up to applicable FDIC insurance limits. The Bank of Tokyo-Mitsubishi UFJ, Ltd., is not a member of the FDIC and its products ARE NOT insured by the FDIC or other government agency.

22 Noble Vision. Expert Advice. The Petrie team helps us accomplish important strategic goals with their invaluable insights and knack for getting deals done. David L. Stover, Chairman, President & CEO, Noble Energy, Inc. Petrie Partners is proud to have advised Noble Energy on its last two corporate transactions, representing more than $7 billion in consideration. The acquisitions of Rosetta Resources and Clayton Williams Energy continue to strengthen our client s position as a premier operator of U.S. onshore unconventional assets. At Petrie, we value our trusted advisor relationship with Noble and other energy industry leaders. Time and again, clients depend on us for expert insight into their highest-priority transactions and our unparalleled ability to execute them. Houston Denver petrie.com

23 Investment Banking Stifel Investment Banking provides strategic advisory services to our clients in North America, Europe, Asia, and Latin America that include initiating, structuring, and negotiating mergers, acquisitions, and divestitures as well as providing fairness opinions, valuation, and restructuring services. We raise public and private debt and equity for our clients through our institutional and retail brokerage network. Stifel also has dedicated financial sponsors and a venture capital effort, maintaining regular dialogue and deal flow with private equity firms focused on Stifel s core industry groups. Stifel clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Eaton Partners, LLC, and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The combination of a fullservice product offering and over 4 bankers deep domain and product expertise allows us to provide solutions that meet the evolving needs of our clients. Premier Investment Bank The Stifel Difference Full-service investment bank with broad product and industry coverage #1 in Equity Deals Under $1 Billion Market Cap (1) #2 in all Managed Venture Capital- Backed IPOs (2) #1 among Middle Market Firms in M&A Transactions Under $1 Billion (1) Dealogic. Rank-eligible SEC registered IPOs and follow-on offerings since 21 as of 6/3/17. (2) Dealogic. Venture-backed IPOs since 25 as of 6/3/17. (3) M&A Analytics as of July 217. Service Offerings Debt Capital Raising Equity and Convertible Capital Raising Financial Sponsors & Venture Capital Coverage International Coverage Mergers & Acquisitions/ Strategic Advisory Restructuring Deep Domain Experience Consumer & Retail Diversified Industries Aerospace, Defense & Government Services Business Services Clean Technology Diversified Industrials Maritime Plastics, Packaging & Paper Transportation & Logistics Energy & Natural Resources Financial Institutions Gaming, Lodging & Leisure Healthcare Biotech Devices Diagnostics & Tools Information Technology Services Real Estate Technology Communications Technology Electronics & Applied Technologies Financial Technology Internet & Digital Media Software & Software as a Service (SaaS) Tech-Enabled Services Stifel, Nicolaus & Company, Incorporated Member SIPC & NYSE Contact Us: For more information regarding Stifel Investment Banking, please contact us at ibinfo@stifel.com. Dollar volume represents full credit to each underwriter. All transaction announcemtns appear as a matter of record only. Stifel collectively refers to Stifel, Nicholas & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp.

24

25 Receive today s oil & gas fi nancial news delivered to your inbox every day 128 % OVER UNIQUE VISITOR GROWTH 122 % OVER PAGE VIEW GROWTH 1.5M PAGE VIEWS PAST 12 MONTHS Subscribe to Closing Bell Report

26 EnerCom E&P Weekly July 28, Daily 3 Mo Avg Share Shares Market Value Daily Short 1Q 217 1Q 217 Price O/S Cap Traded Trading Vol Interest Debt Cash EV 7/28/217 (MM) ($MM) ($MM) ('s) Ratio ($MM) ($MM) ($MM) Large Cap APA Apache Corp $ $19,26 $2 3,6 8.9 $8,477 $1,521 $27,42 APC Anadarko Petroleum Corp $ $25,956 $273 5, $15,326 $5,831 $38,674 AR Antero Resources Corp $ $6,656 $54 3, $4,775 $ $12,47 CLR Continental Resources Inc/OK $ $12,576 $14 3, $6,51 $17 $19,7 5 CNQ CN Canadian Natural Resources Ltd $ $46,764 $124 4, $16,34 $19 $63,57 COG Cabot Oil & Gas Corp $ $11,794 $212 6, $1,521 $537 $12,777 COP ConocoPhillips $ $55,79 $49 8, $26,435 $3,19 $78,653 5 CPG CN Crescent Point Energy Corp $ $5,395 $48 4, $4,183 $86 $9,52 CXO Concho Resources Inc $ $19,378 $173 1, $2,741 $771 $21,348 DVN Devon Energy Corp $ $17,458 $145 5, $1,381 $2,119 $3,176 ECA Encana Corp $ $9,887 $154 12, $4,243 $523 $13,67 EGN Energen Corp $ $5,25 $6 1, $545 $89 $5,76 EOG EOG Resources Inc $ $55,1 $285 3, $6,987 $1,547 $6,54 EQT EQT Corp $ $11,457 $299 3, $3,291 $899 $17,14 FANG Diamondback Energy Inc $ $9,484 $88 1, $986 $37 $1,9 HES Hess Corp $ $14,242 $224 4, $6,785 $2,686 $2,1 MRO Marathon Oil Corp $ $1,56 $199 14, $7,264 $2,49 $15,28 NBL Noble Energy Inc $ $14,16 $172 6, $7,61 $787 $2,697 NFX Newfield Exploration Co $ $5,712 $9 3, $2,432 $469 $7,675 OXY Occidental Petroleum Corp $ $47,962 $25 4, $9,822 $1,494 $56,29 PE Parsley Energy Inc $ $7,264 $161 4, $1,493 $1,917 $7,325 PXD Pioneer Natural Resources Co $ $27,455 $271 1, $2,729 $663 $29,528 RICE Rice Energy Inc $ $5,967 $248 6,968.8 $1,543 $431 $9,436 RRC Range Resources Corp $ $5,427 $11 5, $3,739 $1 $9,165 RSPP RSP Permian Inc $ $5,55 $33 2, $1,132 $54 $6,583 5 TOU CN Tourmaline Oil Corp $ $7,581 $ $1,358 $ $8,98 5 VET CN Vermilion Energy Inc $ $5,54 $ $1,286 $1 $6,384 XEC Cimarex Energy Co $ $9,353 $83 1, $1,489 $579 $1,263 Mid Cap Average $17,5 $164 4, $5,744 $1,24 $22,437 Median $1,981 $158 4, $3,961 $558 $14,443 5 AAV CN Advantage Oil & Gas Ltd $ $1,622 $7 1, $148 $ $1,769 5 BIR CN Birchcliff Energy Ltd $ $1,691 $1 1, $579 $ $2,312 BSM Black Stone Minerals LP $ $1,631 $ $388 $14 $2,6 CHK Chesapeake Energy Corp $ $4,595 $211 36, $9,524 $249 $15,797 CPE Callon Petroleum Co $ $2,322 $4 4, $391 $35 $2,75 CRZO Carrizo Oil & Gas Inc $ $1,312 $57 3, $1,362 $2 $2,672 5 ERF CN Enerplus Corp $ $2,751 $15 2, $744 $4 $3,55 GPOR Gulfport Energy Corp $ $2,55 $45 3, $1,632 $12 $4,35 HK Halcon Resources Corp $ $1,1 $23 3, $941 $62 $1,88 11 JAG Jagged Peak Energy Inc $ $3,58 $ $ $199 $2,859 5 KEL CN Kelt Exploration Ltd $ $1,183 $5 1, $111 $ $1,31 LPI Laredo Petroleum Inc $ $3,162 $53 4, $1,35 $3 $4,481 5 MEG CN MEG Energy Corp $ $1,579 $24 3, $4,961 $549 $6,11 MTDR Matador Resources Co $ $2,479 $24 2, $574 $21 $2,96 MUR Murphy Oil Corp $ $4,683 $156 3, $2,997 $876 $6,84 5 NVA CN NuVista Energy Ltd $ $1,142 $6 1,8 1.3 $128 $ $1,293 OAS Oasis Petroleum Inc $ $1,897 $79 9, $2,36 $14 $4,189 PDCE PDC Energy Inc $ $3,13 $36 1, $1,5 $28 $3,972 5 PEY CN Peyto Exploration & Development Corp $ $3,754 $ $1,135 $ $4,913 5 POU CN Paramount Resources Ltd $ $2,123 $ $ $529 $1,622 5 PXT CN Parex Resources Inc $ $2,413 $ $11 $185 $2,27 QEP QEP Resources Inc $ $2,6 $12 5,4 2.1 $2,22 $338 $3,69 5 RRX CN Raging River Exploration Inc $ $1,878 $6 1, $178 $ $2,91 SM SM Energy Co $ $2,12 $91 4, $2,899 $659 $4,251 5 SPE CN Spartan Energy Corp $ $1,141 $9 1, $234 $ $1,412 SRCI SRC Energy Inc $ $1,79 $2 2, $76 $33 $1,752 SWN Southwestern Energy Co $ $3, $123 19, $4,63 $1,382 $7,973 5 TOG CN TORC Oil & Gas Ltd $ $1,51 $5 1, $218 $ $1,311 WLL Whiting Petroleum Corp $ $1,934 $18 21, $3,168 $16 $5,93 WPX WPX Energy Inc $ $4,322 $64 8, $2,575 $142 $6,987 WRD WildHorse Resource Development Corp $ $1,242 $ $339 $93 $1,487 Average $2,269 $47 4, $1,55 $191 $3,724 Median $2,6 $23 2, $744 $35 $2,859 Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 25

27 EnerCom E&P Weekly July 28, Daily 3 Mo Avg Share Shares Market Value Daily Short 1Q 217 1Q 217 Price O/S Cap Traded Trading Vol Interest Debt Cash EV 7/28/217 (MM) ($MM) ($MM) ('s) Ratio ($MM) ($MM) ($MM) Small Cap AREX Approach Resources Inc $ $264 $ $358 $ $622 AXAS Abraxas Petroleum Corp $ $295 $2 1, $22 $1 $316 BBG Bill Barrett Corp $ $272 $5 1, $713 $266 $719 5,6 BBI CN Blackbird Energy Inc $ $265 $ 1, $ $8 $185 BCEI Bonanza Creek Energy Inc $ $581 $ $1,65 $92 $1,554 5 BNE CN Bonterra Energy Corp $ $567 $ $439 $ $1,9 5 BNP CN Bonavista Energy Corp $ $811 $8 1, $922 $91 $1,645 5 BTE CN Baytex Energy Corp $ $827 $29 5, $1,814 $3 $2,642 5 CR CN Crew Energy Inc $ $626 $2 1, $293 $23 $97 CRC California Resources Corp $ $358 $12 2, $5,121 $5 $5,477 DNR Denbury Resources Inc $ $598 $7 6, $3,4 $2 $3,636 ECR Eclipse Resources Corp $ $746 $2 1, $493 $16 $1,78 EPE EP Energy Corp $ $938 $ $3,864 $35 $4,767 7 EPM Evolution Petroleum Corp $ $276 $ $ $2 $256 ERN Erin Energy Corp $ $395 $ $236 $9 $623 7,12 EXXI Energy XXI Ltd $ $646 $ $78 $16 $563 GTE Gran Tierra Energy Inc $ $93 $4 1, $193 $27 $1,97 5 LXE CN Leucrotta Exploration Inc $ $371 $ $ $14 $357 MPO Midstates Petroleum Co Inc $ $343 $ $128 $84 $386 PGH Pengrowth Energy Corp $ $432 $ $1,19 $ $1,647 8 PHX Panhandle Oil and Gas Inc $ $378 $ $44 $1 $421 5 PONY CN Painted Pony Energy Ltd $ $782 $ $594 $ $1,45 PVAC Penn Virginia Corp $ $571 $ $3 $3 $598 5 PXX CN BlackPearl Resources Inc $ $34 $ $ $1 $362 REN Resolute Energy Corp $ $785 $ $414 $1 $1,198 SBOW SilverBow Resources Inc $ $288 $ $172 $ $46 SGY Stone Energy Corp $ $434 $ $236 $18 $49 SN Sanchez Energy Corp $ $459 $17 4,7 9.6 $1,882 $125 $2,716 SN Sanchez Energy Corp $ $459 $17 4,7 9.6 $1,882 $125 $2,716 5 TET CN Trilogy Energy Corp $ $558 $ $551 $ $1,149 5 TVE CN Tamarack Valley Energy Ltd $ $545 $1 1, $135 $ $724 UNT Unit Corp $ $978 $ $794 $8 $1,764 WTI W&T Offshore Inc $ $274 $2 1, $1,19 $126 $1,167 Micro Cap Average $527 $5 1, $84 $51 $1,353 Median $459 $ $414 $14 $1,9 5 BXE CN Bellatrix Exploration Ltd $ $157 $ $42 $ $565 5 CKE CN Chinook Energy Inc $ $76 $ $ $22 $6 5 CQE CN Cequence Energy Ltd $ $44 $ $59 $12 $11 CRK Comstock Resources Inc $ $113 $ $1,51 $3 $1,134 5 DEE CN Delphi Energy Corp $ $23 $ $32 $ $275 EGY VAALCO Energy Inc $ $55 $ $15 $24 $46 ESTE Earthstone Energy Inc $ $234 $ $14 $1 $238 GDP Goodrich Petroleum Corp $ $117 $ $49 $38 $128 GST Gastar Exploration Inc $ $188 $1 2, $365 $65 $643 5 GXO CN Granite Oil Corp $ $157 $ $28 $ $2 HUSA Houston American Energy Corp $ $27 $1 1, $ $ $26 9,1 IOG AU Incremental Oil & Gas Ltd $ $5 $ 55 NA $8 $1 $12 5 IPO CN InPlay Oil Corp $ $98 $ $36 $ $134 JONE Jones Energy Inc $ $98 $1 1, $72 $9 $1,331 LGCY Legacy Reserves LP $ $96 $ $1,148 $2 $1,48 LLEX Lilis Energy Inc $ $231 $ $36 $2 $27 LONE Lonestar Resources US Inc $ $85 $ $214 $4 $296 MCF Contango Oil & Gas Co $ $16 $ $6 $ $22 5 MEI CN Manitok Energy Inc $ $3 $ 387. $73 $ $125 NOG Northern Oil and Gas Inc $ $82 $ $823 $6 $9 5 PMT CN Perpetual Energy Inc $ $88 $ 45.9 $93 $38 $169 5 PNE CN Pine Cliff Energy Ltd $ $215 $ $55 $ $296 PQ PetroQuest Energy Inc $ $48 $ $269 $28 $289 PRHR PetroShare Corp $ $37 $ 1.2 $13 $2 $48 5 PRQ CN Petrus Resources Ltd $ $16 $ 23.2 $235 $1 $34 5 PSH CN Petroshale Inc $ $195 $ 14 NA $125 $2 $318 REXX Rex Energy Corp $ $29 $ $762 $5 $826 5 RMP CN RMP Energy Inc $ $97 $ $21 $ $152 9,1 SNDE Sundance Energy Australia Ltd $ $69 $ 6.3 $ $17 $52 SNMP Sanchez Midstream Partners LP $ $166 $ $159 $2 $666 5 SOG CN Strategic Oil & Gas Ltd $ $14 $ 6 NA $89 $42 $187 7,1 SSN Samson Oil & Gas Ltd $ $8 $ 54.7 $34 $3 $39 TGA TransGlobe Energy Corp $ $1 $ $89 $21 $27 USEG US Energy Corp Wyoming $ $4 $ $6 $2 $11 XCO EXCO Resources Inc $ $39 $ $1,193 $32 $1,199 YUMA Yuma Energy Inc $ $26 $ $4 $3 $63 Average $1 $ $23 $12 $362 Median $96 $ $59 $3 $213 Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P.

28 EnerCom E&P Weekly July 28, Large Cap APA Apache Corp APC Anadarko Petroleum Corp AR Antero Resources Corp CLR Continental Resources Inc/OK 5 CNQ CN Canadian Natural Resources Ltd COG Cabot Oil & Gas Corp COP ConocoPhillips 5 CPG CN Crescent Point Energy Corp CXO Concho Resources Inc DVN Devon Energy Corp ECA Encana Corp EGN Energen Corp EOG EOG Resources Inc EQT EQT Corp FANG Diamondback Energy Inc HES Hess Corp MRO Marathon Oil Corp NBL Noble Energy Inc NFX Newfield Exploration Co OXY Occidental Petroleum Corp PE Parsley Energy Inc PXD Pioneer Natural Resources Co RICE Rice Energy Inc RRC Range Resources Corp RSPP RSP Permian Inc 5 TOU CN Tourmaline Oil Corp 5 VET CN Vermilion Energy Inc XEC Cimarex Energy Co Mid Cap Average Median 5 AAV CN Advantage Oil & Gas Ltd 5 BIR CN Birchcliff Energy Ltd BSM Black Stone Minerals LP CHK Chesapeake Energy Corp CPE Callon Petroleum Co CRZO Carrizo Oil & Gas Inc 5 ERF CN Enerplus Corp GPOR Gulfport Energy Corp HK Halcon Resources Corp 11 JAG Jagged Peak Energy Inc 5 KEL CN Kelt Exploration Ltd LPI Laredo Petroleum Inc 5 MEG CN MEG Energy Corp MTDR Matador Resources Co MUR Murphy Oil Corp 5 NVA CN NuVista Energy Ltd OAS Oasis Petroleum Inc PDCE PDC Energy Inc 5 PEY CN Peyto Exploration & Development Corp 5 POU CN Paramount Resources Ltd 5 PXT CN Parex Resources Inc QEP QEP Resources Inc 5 RRX CN Raging River Exploration Inc SM SM Energy Co 5 SPE CN Spartan Energy Corp SRCI SRC Energy Inc SWN Southwestern Energy Co 5 TOG CN TORC Oil & Gas Ltd WLL Whiting Petroleum Corp WPX WPX Energy Inc WRD WildHorse Resource Development Corp Average Median 216 TTM 1Q 217 TTM 217E Proved Reserve Prod Prod Change in Prod (2) Reserves Life (MBoe/d) (MBoe) Prod (1) (%) (Mboe/d) (MMBoe) (Years) ,3-1% 48 1, ,535-5% 679 1, ,88 2% 384 2, ,238-8% 233 1, ,234 % 968 5, ,345 6% 317 1, , ,37 % 1,348 6, ,4-4% ,324 29% ,67-19% 554 2, ,611-18% ,752-15% ,122 51,363 3% 598 2, ,656 6% 389 2, ,545 59% ,99-12% 311 1, ,6-16% 352 2, ,38-9% 391 1, ,981-13% ,56-11% 61 2, ,931 86% ,399 11% ,9 86% ,978 38% 342 2, ,122-4% ,693 14% ,449-1% ,947 8% ,857 8% 359 1, ,478 % 313 1, ,455 42% ,91 4% ,24 16% , -21% 548 1, ,836 62% ,173 9% ,27-16% ,744 21% ,463-4% % ,618-18% ,717 12% ,881-1% 8 1, ,97 37% ,23-13% ,327 1% ,687 24% ,648 45% ,67-2% ,41-68% ,674 1% ,91-5% ,853 37% ,96-1% , % ,597 52% ,27-14% ,485 9% ,6-21% ,1 11% ,584 17% ,546 17% ,173 1% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 27

29 EnerCom E&P Weekly July 28, Small Cap AREX Approach Resources Inc AXAS Abraxas Petroleum Corp BBG Bill Barrett Corp 5,6 BBI CN Blackbird Energy Inc BCEI Bonanza Creek Energy Inc 5 BNE CN Bonterra Energy Corp 5 BNP CN Bonavista Energy Corp 5 BTE CN Baytex Energy Corp 5 CR CN Crew Energy Inc CRC California Resources Corp DNR Denbury Resources Inc ECR Eclipse Resources Corp EPE EP Energy Corp 7 EPM Evolution Petroleum Corp ERN Erin Energy Corp 7,12 EXXI Energy XXI Ltd GTE Gran Tierra Energy Inc 5 LXE CN Leucrotta Exploration Inc MPO Midstates Petroleum Co Inc PGH Pengrowth Energy Corp 8 PHX Panhandle Oil and Gas Inc 5 PONY CN Painted Pony Energy Ltd PVAC Penn Virginia Corp 5 PXX CN BlackPearl Resources Inc REN Resolute Energy Corp SBOW SilverBow Resources Inc SGY Stone Energy Corp SN Sanchez Energy Corp SN Sanchez Energy Corp 5 TET CN Trilogy Energy Corp 5 TVE CN Tamarack Valley Energy Ltd UNT Unit Corp WTI W&T Offshore Inc Micro Cap Average Median 5 BXE CN Bellatrix Exploration Ltd 5 CKE CN Chinook Energy Inc 5 CQE CN Cequence Energy Ltd CRK Comstock Resources Inc 5 DEE CN Delphi Energy Corp EGY VAALCO Energy Inc ESTE Earthstone Energy Inc GDP Goodrich Petroleum Corp GST Gastar Exploration Inc 5 GXO CN Granite Oil Corp HUSA Houston American Energy Corp 9,1 IOG AU Incremental Oil & Gas Ltd 5 IPO CN InPlay Oil Corp JONE Jones Energy Inc LGCY Legacy Reserves LP LLEX Lilis Energy Inc LONE Lonestar Resources US Inc MCF Contango Oil & Gas Co 5 MEI CN Manitok Energy Inc NOG Northern Oil and Gas Inc 5 PMT CN Perpetual Energy Inc 5 PNE CN Pine Cliff Energy Ltd PQ PetroQuest Energy Inc PRHR PetroShare Corp 5 PRQ CN Petrus Resources Ltd 5 PSH CN Petroshale Inc REXX Rex Energy Corp 5 RMP CN RMP Energy Inc 9,1 SNDE Sundance Energy Australia Ltd SNMP Sanchez Midstream Partners LP 5 SOG CN Strategic Oil & Gas Ltd 7,1 SSN Samson Oil & Gas Ltd TGA TransGlobe Energy Corp USEG US Energy Corp Wyoming XCO EXCO Resources Inc YUMA Yuma Energy Inc Average Median Footnotes to the tables and glossary of terms can be found beginning on page TTM 1Q 217 TTM 217E Proved Reserve Prod Prod Change in Prod (2) Reserves Life (MBoe/d) (MBoe) Prod (1) (%) (Mboe/d) (MMBoe) (Years) 24 1,26-12% % ,433 5% % ,58-29% ,1-7% ,742-6% ,868-9% ,925-6% ,88-12% ,394-15% ,349 43% ,425-22% % % NA ,687-17% NA ,233 24% % ,121-27% NA ,317-18% % NA , % % % , % ,12-16% NA ,733-13% ,662-9% ,662-9% ,7 7% ,432 81% ,777-16% ,843-3% , % ,7-7% ,773-12% % % ,598-5% % % NA % % % % % NA % NA % ,699-8% ,818-8% % % % % NA ,197-3% % ,721-14% % NA NA % % NA ,61-14% % % % NA % % NA % % NA ,618-19% NA % NA % % Source: EnerCom, Company filings, Bloomberg L.P. 28

30 EnerCom E&P Weekly July 28, Large Cap APA Apache Corp APC Anadarko Petroleum Corp AR Antero Resources Corp CLR Continental Resources Inc/OK 5 CNQ CN Canadian Natural Resources Ltd COG Cabot Oil & Gas Corp COP ConocoPhillips 5 CPG CN Crescent Point Energy Corp CXO Concho Resources Inc DVN Devon Energy Corp ECA Encana Corp EGN Energen Corp EOG EOG Resources Inc EQT EQT Corp FANG Diamondback Energy Inc HES Hess Corp MRO Marathon Oil Corp NBL Noble Energy Inc NFX Newfield Exploration Co OXY Occidental Petroleum Corp PE Parsley Energy Inc PXD Pioneer Natural Resources Co RICE Rice Energy Inc RRC Range Resources Corp RSPP RSP Permian Inc 5 TOU CN Tourmaline Oil Corp 5 VET CN Vermilion Energy Inc XEC Cimarex Energy Co Mid Cap Average Median 5 AAV CN Advantage Oil & Gas Ltd 5 BIR CN Birchcliff Energy Ltd BSM Black Stone Minerals LP CHK Chesapeake Energy Corp CPE Callon Petroleum Co CRZO Carrizo Oil & Gas Inc 5 ERF CN Enerplus Corp GPOR Gulfport Energy Corp HK Halcon Resources Corp 11 JAG Jagged Peak Energy Inc 5 KEL CN Kelt Exploration Ltd LPI Laredo Petroleum Inc 5 MEG CN MEG Energy Corp MTDR Matador Resources Co MUR Murphy Oil Corp 5 NVA CN NuVista Energy Ltd OAS Oasis Petroleum Inc PDCE PDC Energy Inc 5 PEY CN Peyto Exploration & Development Corp 5 POU CN Paramount Resources Ltd 5 PXT CN Parex Resources Inc QEP QEP Resources Inc 5 RRX CN Raging River Exploration Inc SM SM Energy Co 5 SPE CN Spartan Energy Corp SRCI SRC Energy Inc SWN Southwestern Energy Co 5 TOG CN TORC Oil & Gas Ltd WLL Whiting Petroleum Corp WPX WPX Energy Inc WRD WildHorse Resource Development Corp Average Median TTM TTM Natural Asset CapEx EBITDA PUD Gas Intensity 3/31/217 3/31/217 (%) (%) (%) ($MM) ($MM) 1% 36% 35% $1,86 $3,783 23% 43% 319% $3,677 $3,743 55% 61% 51% $2,52 $1,33 59% 5% 239% $1,199 $3,39 3% 18% 14% $56 $3,87 34% 97% 8% $492 $791 25% 39% NA $4,14 $7,73 37% 1% 115% $57 $2,8 35% 41% 15% $2,528 $3,95 2% 46% 643% $2,362 $5,29 43% 61% 914% $1,172 $545 49% 19% 153% $52 $578 49% 26% 35% $2,956 $6,64 49% 91% 65% $3,174 $1,718 42% 14% 155% $3,29 $822 28% 26% 133% $2,21 $459 26% 19% 28% $1,74 $1,639 34% 62% 277% $1,632 $1,784 39% 44% 19% $1,344 $1,65 23% 26% 215% $4,853 $4,644 52% 17% 216% $2,312 $73 7% 29% 25% $2,29 $2,18 46% 1% 83% $1,866 $82 44% 65% 139% $55 $914 25% 76% 17% $1,65 $2,13 56% 85% 62% $89 $885 23% 41% 8% $93 $351 21% 51% 138% $856 $914 35% 46% 345% $1,782 $2,275 35% 42% 17% $1,746 $1,678 73% 94% 4% $133 $18 69% 9% 56% $49 $243 15% 71% 62% $253 $242 3% 63% 2395% $2,39 $968 53% 22% NM $26 $194 54% 24% 11% $639 $49 28% 51% 111% $63 $797 63% 93% 115% $789 $375 42% 9% 156% $95 $623 62% 9% NA NA $77 67% 65% 12% $65 $74 16% 32% 19% $54 $542 85% % NM $68 $271 59% 46% 158% $577 $322 5% 46% 149% $929 $1,224 66% 68% 54% $71 $157 38% 22% 129% $1,2 $545 71% 41% 124% $1,516 $554 39% 9% 72% $72 $556 74% 66% NA $76 $282 42% 2% 79% $79 $176 51% 58% 153% $1,253 $767 57% 8% 49% $83 $249 32% 48% 692% $2,852 $71 39% 3% 45% $85 $99 81% 59% NA NA $68 1% 93% 1391% $741 $839 34% 16% 64% $9 $145 53% 19% 272% $424 $625 48% 35% 63% $643 $51 73% 31% NA NA $92 5% 44% 331% $597 $416 53% 46% 115% $339 $322 Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 29

31 EnerCom E&P Weekly July 28, Small Cap AREX Approach Resources Inc AXAS Abraxas Petroleum Corp BBG Bill Barrett Corp 5,6 BBI CN Blackbird Energy Inc BCEI Bonanza Creek Energy Inc 5 BNE CN Bonterra Energy Corp 5 BNP CN Bonavista Energy Corp 5 BTE CN Baytex Energy Corp 5 CR CN Crew Energy Inc CRC California Resources Corp DNR Denbury Resources Inc ECR Eclipse Resources Corp EPE EP Energy Corp 7 EPM Evolution Petroleum Corp ERN Erin Energy Corp 7,12 EXXI Energy XXI Ltd GTE Gran Tierra Energy Inc 5 LXE CN Leucrotta Exploration Inc MPO Midstates Petroleum Co Inc PGH Pengrowth Energy Corp 8 PHX Panhandle Oil and Gas Inc 5 PONY CN Painted Pony Energy Ltd PVAC Penn Virginia Corp 5 PXX CN BlackPearl Resources Inc REN Resolute Energy Corp SBOW SilverBow Resources Inc SGY Stone Energy Corp SN Sanchez Energy Corp SN Sanchez Energy Corp 5 TET CN Trilogy Energy Corp 5 TVE CN Tamarack Valley Energy Ltd UNT Unit Corp WTI W&T Offshore Inc Micro Cap Average Median 5 BXE CN Bellatrix Exploration Ltd 5 CKE CN Chinook Energy Inc 5 CQE CN Cequence Energy Ltd CRK Comstock Resources Inc 5 DEE CN Delphi Energy Corp EGY VAALCO Energy Inc ESTE Earthstone Energy Inc GDP Goodrich Petroleum Corp GST Gastar Exploration Inc 5 GXO CN Granite Oil Corp HUSA Houston American Energy Corp 9,1 IOG AU Incremental Oil & Gas Ltd 5 IPO CN InPlay Oil Corp JONE Jones Energy Inc LGCY Legacy Reserves LP LLEX Lilis Energy Inc LONE Lonestar Resources US Inc MCF Contango Oil & Gas Co 5 MEI CN Manitok Energy Inc NOG Northern Oil and Gas Inc 5 PMT CN Perpetual Energy Inc 5 PNE CN Pine Cliff Energy Ltd PQ PetroQuest Energy Inc PRHR PetroShare Corp 5 PRQ CN Petrus Resources Ltd 5 PSH CN Petroshale Inc REXX Rex Energy Corp 5 RMP CN RMP Energy Inc 9,1 SNDE Sundance Energy Australia Ltd SNMP Sanchez Midstream Partners LP 5 SOG CN Strategic Oil & Gas Ltd 7,1 SSN Samson Oil & Gas Ltd TGA TransGlobe Energy Corp USEG US Energy Corp Wyoming XCO EXCO Resources Inc YUMA Yuma Energy Inc Average Median Footnotes to the tables and glossary of terms can be found beginning on page 45. TTM TTM Natural Asset CapEx EBITDA PUD Gas Intensity 3/31/217 3/31/217 (%) (%) (%) ($MM) ($MM) 62% 38% 328% $28 $87 67% 26% 89% $41 $32 34% 23% NA $16 $26 51% 62% NA $48 -$6 44% 25% 7932% $21 $81 44% 29% 54% $5 $121 37% 7% 136% $51 $391 56% 21% NM $52 $487 63% 77% NM $59 $62 29% 18% NM $14 $7 18% 3% NM $255 $433 37% 82% NM $21 $71 53% 28% NM $474 $812 34% % NA $19 $13 65% % NM $19 -$52 % 23% NA NA $87 28% 2% 379% $148 $197 63% 8% NA $37 -$7 6% 44% 14% $124 $133 57% 26% 7% $73 $338 34% 66% NA $9 $19 88% 91% 23% $77 $91 47% 12% NA $24 $73 7% % 42% $8 $44 38% 15% 124% $148 $147 49% 84% NA $59 $73 2% 37% NA $123 $325 67% 36% 198% $1,367 $291 67% 36% 198% $1,367 $291 4% 64% 136% $87 $14 4% 48% 146% $91 $79 1% 58% 89% $156 $27 13% 45% 1178% $6 $232 45% 38% 73% $174 $189 44% 36% 136% $75 $14 55% 68% 343% $53 $222 6% 85% NA $54 $8 74% 86% 33% $58 $5 63% 96% 174% $82 $18 31% 67% 115% $61 $56 % % NA $14 $9 22% 28% 463% $3 $15 87% 94% NA $9 $ 49% 25% NA $68 $22 38% 16% NA $62 $27 % 43% NA $1 -$2 13% 57% NA $ $ 51% 33% 62% $6 $11 41% 45% 486% $33 $168 4% 72% 527% $64 $227 % 54% % $28 -$18 73% 22% 93% $48 $4 17% 69% NA $41 $31 31% 55% NM $69 $38 3% 14% NA $93 $141 77% 84% NA $74 $41 3% 91% 174% $75 $27 46% 43% NA $25 $19 88% 3% NA $13 -$4 46% 71% NA NA $49 79% 17% 22% $24 $17 % 57% 419% $61 $46 54% 68% 21% $82 $59 58% 2% NM $91 $37 % 35% NA NA $39 58% 35% 64% $84 $3 52% 13% NA $6 $12 28% 13% NA $88 $1 % 26% NA $ $3 % 87% NA $6 $85 17% 48% NM $11 -$1 37% 49% 58% $56 $4 4% 46% 33% $59 $21 Source: EnerCom, Company filings, Bloomberg L.P. 3

32 EnerCom E&P Weekly July 28, Large Cap APA Apache Corp APC Anadarko Petroleum Corp AR Antero Resources Corp CLR Continental Resources Inc/OK 5 CNQ CN Canadian Natural Resources Ltd COG Cabot Oil & Gas Corp COP ConocoPhillips 5 CPG CN Crescent Point Energy Corp CXO Concho Resources Inc DVN Devon Energy Corp ECA Encana Corp EGN Energen Corp EOG EOG Resources Inc EQT EQT Corp FANG Diamondback Energy Inc HES Hess Corp MRO Marathon Oil Corp NBL Noble Energy Inc NFX Newfield Exploration Co OXY Occidental Petroleum Corp PE Parsley Energy Inc PXD Pioneer Natural Resources Co RICE Rice Energy Inc RRC Range Resources Corp RSPP RSP Permian Inc 5 TOU CN Tourmaline Oil Corp 5 VET CN Vermilion Energy Inc XEC Cimarex Energy Co Mid Cap Average Median 5 AAV CN Advantage Oil & Gas Ltd 5 BIR CN Birchcliff Energy Ltd BSM Black Stone Minerals LP CHK Chesapeake Energy Corp CPE Callon Petroleum Co CRZO Carrizo Oil & Gas Inc 5 ERF CN Enerplus Corp GPOR Gulfport Energy Corp HK Halcon Resources Corp 11 JAG Jagged Peak Energy Inc 5 KEL CN Kelt Exploration Ltd LPI Laredo Petroleum Inc 5 MEG CN MEG Energy Corp MTDR Matador Resources Co MUR Murphy Oil Corp 5 NVA CN NuVista Energy Ltd OAS Oasis Petroleum Inc PDCE PDC Energy Inc 5 PEY CN Peyto Exploration & Development Corp 5 POU CN Paramount Resources Ltd 5 PXT CN Parex Resources Inc QEP QEP Resources Inc 5 RRX CN Raging River Exploration Inc SM SM Energy Co 5 SPE CN Spartan Energy Corp SRCI SRC Energy Inc SWN Southwestern Energy Co 5 TOG CN TORC Oil & Gas Ltd WLL Whiting Petroleum Corp WPX WPX Energy Inc WRD WildHorse Resource Development Corp Average Median ECI Value Drivers 3-Yr F&D TTM TTM 3-Year Costs OPEX & GA Capital Prod Debt / P/CFPS ($/Boe) ($/Boe) Efficiency Repl Mkt Cap 217E (3) $ $ % 8% 45% 6.3x $37.5 $ % 59% 59% 5.2x $4.65 $ % 588% 72% 3.5x $2.19 $ % 191% 52% 5.1x $13.54 $ % 183% 35% 5.3x $3.6 $ % 28% 13% 9.3x NA $16.39 NA NA 48% 6.x $27.24 $ % 224% 78% 3.2x $22.18 $ % 253% 14% 9.5x $57.6 $ % 5% 59% 5.3x $33.27 $14.6 1% 11% 43% 5.3x $18.91 $ % 233% 1% 12.6x $22.8 $ % 137% 13% 1.x $5.28 $ % 385% 29% 5.4x $2.6 $ % 57% 1% 8.3x $85.23 $27.5 4% 36% 48% 6.6x $17.56 $ % 13% 69% 3.9x $24.14 $ % 137% 5% 5.5x $24.34 $ % 115% 43% 5.4x $25.39 $ % 1% 2% 8.6x $17.52 $ % 747% 21% 7.5x $33.3 $ % 12% 1% 1.1x $7.24 $ % 7% 26% 5.6x $5.92 $ % 448% 69% 4.5x $18.34 $ % 985% 21% 7.2x $7.6 $ % 438% 18% 5.3x $21.94 $ % 24% 25% 7.8x $14.14 $ % 151% 16% 7.x $35.31 $ % 278% 36% 6.6x $2.19 $ % 191% 32% 5.8x $4.93 $ % 34% 9% 7.2x $4.79 $ % 558% 34% 4.x $12.6 $ % 114% 24% NA $26.93 $ % 59% 27% 2.4x $19.3 $ % 88% 17% 6.1x $16.56 $ % 341% 14% 2.3x $11.46 $ % 183% 27% 5.2x $8.3 $ % 464% 65% 2.9x $32.55 $ % 172% 94% 7.9x $13.21 $ % 1289% % 6.8x $1.19 $ % 757% 9% 8.x $ $ % 29% 43% 7.3x $14.34 $ % 384% 314% 5.1x $21.33 $ % 315% 23% 8.1x $16.21 $ % 187% 64% 3.7x $8.4 $ % 487% 11% 5.4x $2.41 $ % 274% 122% 2.7x $22.62 $ % 35% 34% 4.1x $1.39 $ % 222% 3% 5.5x $1.7 $ % 651% % 6.4x $15.5 $ % 246% % 7.2x $16.26 $ % 186% 11% 2.3x $13.85 $ % 514% 9% 5.8x $58.45 $ % 73% 144% 3.3x $11.8 $ % 46% 2% 5.5x $13.52 $ % 93% 4% 4.9x $55.48 $6.42 8% 42% 154% 2.6x $15.28 $ % 522% 21% 5.4x $18.78 $ % 333% 164% 2.1x $41.34 $ % 85% 6% 4.8x $1.54 $ % 11% 27% 2.9x $23.46 $ % 42% 62% 4.9x $15.28 $ % 34% 3% 5.1x Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 31

33 EnerCom E&P Weekly July 28, Small Cap AREX Approach Resources Inc AXAS Abraxas Petroleum Corp BBG Bill Barrett Corp 5,6 BBI CN Blackbird Energy Inc BCEI Bonanza Creek Energy Inc 5 BNE CN Bonterra Energy Corp 5 BNP CN Bonavista Energy Corp 5 BTE CN Baytex Energy Corp 5 CR CN Crew Energy Inc CRC California Resources Corp DNR Denbury Resources Inc ECR Eclipse Resources Corp EPE EP Energy Corp 7 EPM Evolution Petroleum Corp ERN Erin Energy Corp 7,12 EXXI Energy XXI Ltd GTE Gran Tierra Energy Inc 5 LXE CN Leucrotta Exploration Inc MPO Midstates Petroleum Co Inc PGH Pengrowth Energy Corp 8 PHX Panhandle Oil and Gas Inc 5 PONY CN Painted Pony Energy Ltd PVAC Penn Virginia Corp 5 PXX CN BlackPearl Resources Inc REN Resolute Energy Corp SBOW SilverBow Resources Inc SGY Stone Energy Corp SN Sanchez Energy Corp SN Sanchez Energy Corp 5 TET CN Trilogy Energy Corp 5 TVE CN Tamarack Valley Energy Ltd UNT Unit Corp WTI W&T Offshore Inc Micro Cap Average Median 5 BXE CN Bellatrix Exploration Ltd 5 CKE CN Chinook Energy Inc 5 CQE CN Cequence Energy Ltd CRK Comstock Resources Inc 5 DEE CN Delphi Energy Corp EGY VAALCO Energy Inc ESTE Earthstone Energy Inc GDP Goodrich Petroleum Corp GST Gastar Exploration Inc 5 GXO CN Granite Oil Corp HUSA Houston American Energy Corp 9,1 IOG AU Incremental Oil & Gas Ltd 5 IPO CN InPlay Oil Corp JONE Jones Energy Inc LGCY Legacy Reserves LP LLEX Lilis Energy Inc LONE Lonestar Resources US Inc MCF Contango Oil & Gas Co 5 MEI CN Manitok Energy Inc NOG Northern Oil and Gas Inc 5 PMT CN Perpetual Energy Inc 5 PNE CN Pine Cliff Energy Ltd PQ PetroQuest Energy Inc PRHR PetroShare Corp 5 PRQ CN Petrus Resources Ltd 5 PSH CN Petroshale Inc REXX Rex Energy Corp 5 RMP CN RMP Energy Inc 9,1 SNDE Sundance Energy Australia Ltd SNMP Sanchez Midstream Partners LP 5 SOG CN Strategic Oil & Gas Ltd 7,1 SSN Samson Oil & Gas Ltd TGA TransGlobe Energy Corp USEG US Energy Corp Wyoming XCO EXCO Resources Inc YUMA Yuma Energy Inc Average Median ECI Value Drivers 3-Yr F&D TTM TTM 3-Year Costs OPEX & GA Capital Prod Debt / P/CFPS ($/Boe) ($/Boe) Efficiency Repl Mkt Cap 217E (3) $9.76 $ % 364% 136% 5.1x $12.71 $ % 348% 7% 4.3x NA $13.17 NA NA 262% 1.9x $12.98 $ NA 1712% % 35.5x $3.71 $ % 131% 183% 5.4x $9.62 $ % 372% 77% 4.5x $1.64 $ % 145% 114% 2.6x $16.92 $ % 318% 219% 2.6x $4.7 $ % 427% 47% 3.8x NA $23.78 NA NA 1431%.7x NA $27.19 NA NA 59% 1.7x $14. $ % 316% 66% 4.1x $79.29 $ % 46% 412% 2.7x NA $24.44 NA NA % 1.1x $86.32 $5.77 NA 119% 6% NC -$ $ % -31% 12% NC $42.96 $ % 163% 21% 3.7x $9.26 $ % 656% % 16.7x $9.37 $ % 36% 37% 2.8x $16.14 $2. 18% 134% 275% 4.1x NA $11.86 NA NA 12% NC $1.62 $ % 2257% 76% 2.9x NA $18.35 NA NA 5% 3.1x $6.84 $ % 585% % 6.6x $19.6 $ % 192% 53% 3.3x -$21.99 $ % -75% 6% 2.3x NA $13.91 NA NA 54% 3.2x $11.76 $ % 388% 41% 1.2x $11.76 $ % 388% 41% 1.2x $14.1 $ % 183% 99% 4.8x $2.82 $ % 394% 25% 3.2x $9.8 $ % 23% 81% 3.x $4.24 $ % 51% 372% 1.2x $13.27 $ % 381% 167% 5.x $12.85 $ % 311% 66% 3.2x $8.16 $ % 372% 256% 2.1x $26.52 $ % 91% % 4.4x $1.9 $ % 314% 133% 1.6x $8.74 $ % 316% 929% 1.7x $11.34 $ % 224% 14% 3.1x NA $31.24 NA NA 27% NC $62.92 $ % 152% 6% 6.5x $26.92 $21.89 NA 19% 42% 3.2x NA $15.81 NA NA 195% 14.8x $19.23 $ % 326% 18% 5.6x NA $ NA NA % NC NA $12.1 NA NA 16% NC $8.49 $ % 481% 36% 2.9x $24.55 $ % 166% 714%.9x $13.93 $15.27 NA 252% 1198%.8x $. $7.94 NA 398% 16% 4.9x $8.9 $ % 361% 251% 1.5x NA $13.35 NA NA 37% 3.7x $26.53 $ % 214% 241% NC NA $15.45 NA NA 1% 1.2x NA $ % 23% 15% 2.2x $6.2 $ % 711% 25% 4.5x $8.86 $13.67 NA 214% 567% 1.x $1.96 $ % 58458% 35% NC $2.85 $ % 237% 221% 1.7x $4.31 $ % 216% 64% NC $71.41 $ % 35% 2644%.6x $24.22 $ % 179% 22% 4.3x NA $1.23 NA NA % 1.1x NA $42.56 NA NA 96% 6.x $4.39 $ % 178% 85% 2.8x $7.1 $ % 1698% 451% NC $93.7 $ % 17% 89% 1.8x NA $2.21 NA NA 137% NC NA $11.92 NA NA 395% NC $17.7 $26.42 NA 283% 156% NC $21.4 $ % 2623% 363% 3.3x $11.34 $ % 244% 1% 2.5x Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 32

34 EnerCom E&P Weekly July 28, $ Large Cap APA Apache Corp APC Anadarko Petroleum Corp AR Antero Resources Corp CLR Continental Resources Inc/OK 5 CNQ CN Canadian Natural Resources Ltd COG Cabot Oil & Gas Corp COP ConocoPhillips 5 CPG CN Crescent Point Energy Corp CXO Concho Resources Inc DVN Devon Energy Corp ECA Encana Corp EGN Energen Corp EOG EOG Resources Inc EQT EQT Corp FANG Diamondback Energy Inc HES Hess Corp MRO Marathon Oil Corp NBL Noble Energy Inc NFX Newfield Exploration Co OXY Occidental Petroleum Corp PE Parsley Energy Inc PXD Pioneer Natural Resources Co RICE Rice Energy Inc RRC Range Resources Corp RSPP RSP Permian Inc 5 TOU CN Tourmaline Oil Corp 5 VET CN Vermilion Energy Inc XEC Cimarex Energy Co Mid Cap Average Median 5 AAV CN Advantage Oil & Gas Ltd 5 BIR CN Birchcliff Energy Ltd BSM Black Stone Minerals LP CHK Chesapeake Energy Corp CPE Callon Petroleum Co CRZO Carrizo Oil & Gas Inc 5 ERF CN Enerplus Corp GPOR Gulfport Energy Corp HK Halcon Resources Corp 11 JAG Jagged Peak Energy Inc 5 KEL CN Kelt Exploration Ltd LPI Laredo Petroleum Inc 5 MEG CN MEG Energy Corp MTDR Matador Resources Co MUR Murphy Oil Corp 5 NVA CN NuVista Energy Ltd OAS Oasis Petroleum Inc PDCE PDC Energy Inc 5 PEY CN Peyto Exploration & Development Corp 5 POU CN Paramount Resources Ltd 5 PXT CN Parex Resources Inc QEP QEP Resources Inc 5 RRX CN Raging River Exploration Inc SM SM Energy Co 5 SPE CN Spartan Energy Corp SRCI SRC Energy Inc SWN Southwestern Energy Co 5 TOG CN TORC Oil & Gas Ltd WLL Whiting Petroleum Corp WPX WPX Energy Inc WRD WildHorse Resource Development Corp Average Median TTM TTM EV / EV / EBITDA / Cash Margin/ 216 TTM Stock Boe Boe (4) Reserves Prod Performance ($/Boe) ($/Boe) ($/ Boe) ($/Boe/d) Week 3Q'17 YTD $17.62 $16.68 $2.91 $46,618 3% 4% -21% $1.34 $8.93 $22.45 $38,995 5% 2% -34% $9.9 $4.79 $4.7 $3,681 % -2% -11% $21.73 $14.98 $14.96 $44,62 7% 4% -35% $11.14 $15.84 $11.4 $66,229 3% 3% -1% $5.95 $5.41 $8.94 $35,125 2% 2% 9% $9.85 $24.92 $12.24 $39,999 6% 3% -1% $3.53 $23.55 $15.83 $5,95 7% % -46% $34.77 $16.33 $29.65 $68,586 3% 7% -2% $19. ($.12) $14.66 $4,184 4% 4% -27% $3.46 $5.62 $17.22 $31,496 3% 15% -13% $21.89 $12.64 $18.4 $78,94 7% 9% -6% $16.21 $14.44 $28.2 $53,955 3% 5% -6% $1.86 $6.1 $7.61 $39,557 5% 13% 1% $24.4 $22.35 $53.5 $118,8 5% 9% -4% $3.15 $11.77 $18.4 $5,53 3% 2% -28% $9.23 $11.9 $7.29 $31,391 4% 4% -29% $9.49 $1.96 $14.41 $4,22 2% 2% -24% $14.81 $1.6 $14.97 $38,968 8% 1% -29% $16.43 $.31 $23.4 $72,67 4% 5% -12% $22.82 $18.27 $32.94 $86,81 6% 6% -16% $18.69 $15.44 $4.68 $99,89 1% 1% -1% $11.75 $8.88 $14.14 $49,316 6% 9% 35% $7.43 $3.51 $4.55 $27,186 4% -6% -36% $24.4 $19.36 $7.4 $19,248 5% 8% -22% $12.54 $1.28 $1.45 $46,427 5% 1% -22% $15.91 $22.5 $39.73 $15,635 6% 2% -26% $12.24 $11.47 $21.3 $5,138 3% 5% -28% $15.2 $12.41 $18.89 $53,635 4% 4% -16% $13.67 $11.84 $15.4 $46,522 4% 4% -19% $11.67 $1. $8.3 $41,852 % % -4% $1.96 $9.85 $6.58 $38,16 4% 4% -32% $2.6 $13.31 $32.47 $62,443 4% 6% -11% $3.44 $3.24 $9.25 $2,519 8% 2% -28% $26.13 $22.83 $3.3 $135,519 6% 9% -25% $2.83 $12.1 $13.35 $49,635 5% -8% -57% $22.27 $8.78 $13.6 $35,742 5% 8% -11% $6.62 $7.37 $1.43 $25,996 4% -7% -37% $44.88 $4.63 $12.65 $49,434-2% 47% -29% $3.14 $29.26 $75.84 $47,295 1% 8% -4% $1.4 $9.31 $12.11 $67,581 6% 7% -1% $23.68 $1.8 $26.82 $71,537 4% 24% -8% $9.39 $.52 $4.9 $76,5 29% 41% -42% $24.47 $12.73 $27.48 $8,692 8% 16% -4% $15.46 $13.93 $9.94 $31,366 7% 6% -13% $17.76 $14.17 $9.67 $53,56 3% 1% -5% $22.59 $12.25 $13.73 $63,38 7% -1% -47% $19.21 $9.59 $11.63 $5,32 8% 1% -35% $16.22 $12.99 $13.11 $52,32 1% -3% -31% $26.67 $1.79 $27.2 $56,59 3% 5% 18% $16.97 $19.59 $49.34 $79,775 2% 6% -8% $11.14 $6.74 $5.5 $19,557-1% -17% -55% $31.43 $33.14 $36.43 $96,417 4% % -23% $1.41 $6.16 $13.87 $23,29 4% 9% -48% $22.34 $25.32 $57.88 $116,82 8% 6% -35% $17.87 $18.17 $18.76 $167,784 19% 26% -4% $4.66 $4.3 $9.11 $16,172 3% -2% -45% $23.96 $25.13 $2.37 $79,227 6% 11% -32% $6.86 $5.45 $8.27 $2,394 6% -3% -56% $13.6 $2.28 $2.16 $65,284 9% 13% -25% $16.67 $15.63 $8.62 $98,398 9% 7% -1% $18.1 $12.29 $19.86 $72,628 6% 7% -24% $17.76 $1.8 $13.11 $56,59 5% 6% -25% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 33

35 EnerCom E&P Weekly July 28, $ Small Cap AREX Approach Resources Inc AXAS Abraxas Petroleum Corp BBG Bill Barrett Corp 5,6 BBI CN Blackbird Energy Inc BCEI Bonanza Creek Energy Inc 5 BNE CN Bonterra Energy Corp 5 BNP CN Bonavista Energy Corp 5 BTE CN Baytex Energy Corp 5 CR CN Crew Energy Inc CRC California Resources Corp DNR Denbury Resources Inc ECR Eclipse Resources Corp EPE EP Energy Corp 7 EPM Evolution Petroleum Corp ERN Erin Energy Corp 7,12 EXXI Energy XXI Ltd GTE Gran Tierra Energy Inc 5 LXE CN Leucrotta Exploration Inc MPO Midstates Petroleum Co Inc PGH Pengrowth Energy Corp 8 PHX Panhandle Oil and Gas Inc 5 PONY CN Painted Pony Energy Ltd PVAC Penn Virginia Corp 5 PXX CN BlackPearl Resources Inc REN Resolute Energy Corp SBOW SilverBow Resources Inc SGY Stone Energy Corp SN Sanchez Energy Corp SN Sanchez Energy Corp 5 TET CN Trilogy Energy Corp 5 TVE CN Tamarack Valley Energy Ltd UNT Unit Corp WTI W&T Offshore Inc Micro Cap Average Median 5 BXE CN Bellatrix Exploration Ltd 5 CKE CN Chinook Energy Inc 5 CQE CN Cequence Energy Ltd CRK Comstock Resources Inc 5 DEE CN Delphi Energy Corp EGY VAALCO Energy Inc ESTE Earthstone Energy Inc GDP Goodrich Petroleum Corp GST Gastar Exploration Inc 5 GXO CN Granite Oil Corp HUSA Houston American Energy Corp 9,1 IOG AU Incremental Oil & Gas Ltd 5 IPO CN InPlay Oil Corp JONE Jones Energy Inc LGCY Legacy Reserves LP LLEX Lilis Energy Inc LONE Lonestar Resources US Inc MCF Contango Oil & Gas Co 5 MEI CN Manitok Energy Inc NOG Northern Oil and Gas Inc 5 PMT CN Perpetual Energy Inc 5 PNE CN Pine Cliff Energy Ltd PQ PetroQuest Energy Inc PRHR PetroShare Corp 5 PRQ CN Petrus Resources Ltd 5 PSH CN Petroshale Inc REXX Rex Energy Corp 5 RMP CN RMP Energy Inc 9,1 SNDE Sundance Energy Australia Ltd SNMP Sanchez Midstream Partners LP 5 SOG CN Strategic Oil & Gas Ltd 7,1 SSN Samson Oil & Gas Ltd TGA TransGlobe Energy Corp USEG US Energy Corp Wyoming XCO EXCO Resources Inc YUMA Yuma Energy Inc Average Median TTM TTM EV / EV / EBITDA / Cash Margin/ 216 TTM Stock Boe Boe (4) Reserves Prod Performance ($/Boe) ($/Boe) ($/ Boe) ($/Boe/d) Week 3Q'17 YTD $9.83 $3.84 $3.98 $25,59 2% -9% -9% $11.6 $9.4 $6.91 $4,6 12% 11% -3% $27.44 $7.95 $13.11 $34,883 1% 16% -49% ($75.41) ($3.17) $61.36 $868,364 4% % -39% $8.51 $1.62 $17.14 $59,613 8% -1% -27% $22.41 $19.18 $13.58 $68,75 5% 2% -41% $13.37 $8.68 $6.37 $2,526 11% 2% -33% $18.79 $1.84 $9.62 $37,224 15% 12% -46% $6.26 $8.72 $7.48 $33,43 8% 4% -44% $11.8 $2.66 $9.64 $31,628 1% -2% -61% $15.3 $9.26 $14.29 $46,49 1% -2% -59% $3.9 $2.69 $13.78 $21,514 11% -1% 6% $2.56 $5.11 $11.3 $44,49 5% 1% -44% $15.16 $2.77 $23.64 $19,9 5% 3% -17% ($3.14) ($15.66) $67.37 $132,852 16% 28% -39% $7.48 $1.47 $6.5 $17,737 3% 5% -36% $16.85 $14.77 $2.77 $34,39 4% 6% -21% ($16.36) $.34 $34.84 $316,83 2% -1% -16% $13.6 $1.64 $2.21 $14,429 2% 8% -34% $17.5 $2.97 $5.77 $31,115 7% -1% -45% $1.69 $5.81 $2.37 $86,93 4% -2% -4% $9.68 $5.83 $4.17 $54,289 9% 3% -47% $18.97 $9.79 $12.8 $56,756 2% 4% -22% $13.35 $11.2 $4.74 $4,31 2% 1% -38% $21.9 $1.92 $19.88 $62,895 8% 17% -15% $8.15 $5.86 $3.71 $18,842 1% -4% -25% $25.1 $12.74 $9.16 $13,763 1% 18% -17% $12.4 $1.97 $14.9 $4,973-8% -22% -38% $12.4 $1.97 $14.9 $4,973-8% -22% -38% $13.31 $8.9 $11.34 $53,69 3% 9% -3% $15.97 $16.88 $28.96 $53,148 5% 7% -31% $12.8 $9.38 $15.99 $3,492 4% -1% -31% $12.8 $6.44 $15.75 $22,169 2% 2% -28% $9.15 $6.14 $15.87 $77,639 5% 3% -32% $12.8 $7.95 $13.11 $4,6 5% 2% -33% $14.88 $7.26 $3.93 $13,818 4% -14% -5% $3.72 ($.62) $4.8 $9,829 6% 3% -22% $1.17 $2.46 $1.43 $9,329-3% -1% -49% $1.4 ($3.24) $6.98 $32,8 9% 4% -25% $17.59 $6.5 $14.31 $31,695 4% 2% -27% $4.86 $11.26 $17.29 $8,768 2% % -1% $9.33 $13.43 $19.76 $55,494 13% 3% -25% ($.12) ($4.76) $2.54 $34,76 % 6% 7% $6.65 ($6.2) $25.13 $69,515-2% -4% -43% $25.41 $28.77 $16. $69,532-4% 1% -21% NM NM NM NM -19% -3% 194% $1.73 ($1.55) $7.5 $18,564-25% -4% -5% $13.36 $6.51 $8.9 $57,461 3% 4% -2% $19.29 $1.55 $12.65 $55,657 3% -6% -67% $11.42 $.58 $1.22 $27,28 6% -1% -38% ($84.86) ($14.87) $ $468,554 2% -6% 48% $19.72 $3.26 $7.3 $53,4 9% -9% -54% $5.95 $4.56 $8.45 $15,427 4% -6% -33% $13.91 $.29 $7.33 $16,647-5% 27% -49% $22.7 $5.17 $16.65 $53,5 13% -7% -53% $9.7 ($2.97) $4.58 $14,66 9% 3% -37% $3.53 $2.56 $4.99 $13,996-5% -9% -38% $3.96 ($3.) $28.15 $22,6 12% 13% -32% ($69.6) ($1.83) $7.56 $343,218 3% -6% -8% $18.69 ($3.74) $1.92 $46,974-2% -4% -34% $28.47 ($24.45) $12.67 $192,4 5% -11% 132% $3.11 ($1.5) $7.65 $2,536 3% 1% -38% $25.99 $12.8 $9.27 $24,547 8% 3% -16% $16.71 $11.25 $1.76 $8,47 13% 12% -65% $26.91 $2.43 $96.97 $168,679-4% -9% -1% $3.35 ($8.29) $19.99 $88,494 5% 1% -6% $37.84 ($7.64) $3.43 $45,983-6% -6% -36% $.49 ($1.25) $6.91 $32,758 1% 3% -18% $13.32 $1.5 $11.86 $18,185-3% 5% -44% $4.2 ($1.9) $15.9 $2,82-15% -23% -84% ($1.25) ($2.34) $7.52 $28,261-2% 126% -38% $6.68 ($4.24) $18.98 $62,562 1% 1% -21% $9.33 $.29 $8.45 $31,695 3% -2% -33% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 34

36 EnerCom E&P Weekly July 28, 217 Performance of Oil and Gas Indexes 4.% 2.%.% -2.% 2.3% 5 Day YTD 2.5% %Change -4.% -6.% -8.% -1.% -9.5% -12.% -14.% -16.% -14.2% XOI XNG Stock Performance By Region 8.% 7.% 5 Day YTD 7.8% 6.% 5.% %Change 4.% 3.% 33.9% 31.7% 24.5% 2.% 1.%.% -1.% -5.6% 4.7% 4.5% -1.7% -2.8% -.2%.2% 5.1% Bakken Midcon/Ark-La-Tex Marcellus GOM Canada Diversified Stock Performance By Market Cap 1.% 5.%.% 4.3% 5 Day YTD 5.8% 5.3% 1.2% -5.% %Change -1.% -15.% -2.% -25.% -16.5% -24.% -2.9% -3.% -35.% -31.7% Large Cap Mid Cap Small Cap Micro Cap Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 35

37 EnerCom OilService Weekly July 28, 217 # Large Cap Daily 3 Mo Avg Share Shares Value Daily Short 1Q 217 1Q 217 Price O/S Mkt Cap Traded Trading Vol Interest Cash Debt EV Segment 7/28/217 (MM) ($MM) ($MM) ('s) Ratio ($MM) ($MM) ($MM) 3 ALA CN AltaGas Ltd Services $ $4,887 $ $32 $3,493 $9,663 BHGE Baker Hughes a GE Co Services $ $15,88 $158 3, $1,27 $337 $15,367 CLB Core Laboratories NV Services $ $4,489 $ $14 $219 $4,697 FLR Fluor Corp Construction $ $6,231 $62 1, $1,968 $1,567 $5,956 HAL Halliburton Co Services $ $37,418 $383 1, $2,17 $1,99 $46,258 HP Helmerich & Payne Inc Land Drilling $ $5,626 $214 2, $742 $492 $5,377 3 IPL CN Inter Pipeline Ltd Services $ $9,17 $29 1, $27 $5,711 $14,853 KEX Kirby Corp Services $ $3,37 $ $3 $675 $4,45 3 KEY CN Keyera Corp Services $ $7,275 $ $17 $1,672 $8,93 MTZ MasTec Inc Construction $ $3,817 $ $16 $956 $4,763 NOV National Oilwell Varco Inc Equipment $ $12,583 $158 3, $1,479 $3,213 $14,381 3 PPL CN Pembina Pipeline Corp Services $ $16,868 $36 2, $36 $4,483 $22,824 PTEN Patterson-UTI Energy Inc Land Drilling $ $4,136 $8 4, $467 $599 $4,268 PWR Quanta Services Inc Services $ $4,974 $4 1, $17 $423 $5,293 RES RPC Inc Services $ $4,684 $31 1, $14 $ $4,579 RIG Transocean Ltd Offshore Drilling $ $3,398 $97 14, $3,93 $8,395 $8,735 SLB Schlumberger Ltd Services $ ,384.5 $94,785 $721 7, $1,92 $18,987 $112,318 SUBCY Subsea 7 SA Services $ $4,786 $ 21.5 $1,872 $858 $3,824 3 TRP CN TransCanada Corp Services $ $55,315 $173 2, $894 $46,24 $16,433 TS Tenaris SA Services $ $18,676 $55 1, $341 $78 $19,15 WFT Weatherford International Ltd Equipment $ $4,223 $16 23, $546 $7,539 $11,272 Average $15,361 $12 4, $8 $5,592 $2,618 Median $5,626 $62 1, $467 $1,567 $8,93 Mid Cap CBI Chicago Bridge & Iron Co NV Construction $ $1,87 $55 6, $42 $2,47 $4,32 3 CEU CN CES Energy Solutions Corp Services $ $1,673 $ $ $359 $2,32 DO Diamond Offshore Drilling Inc Offshore Drilling $ $1,647 $42 3, $123 $1,981 $3,55 DRQ Dril-Quip Inc Equipment $ $1,718 $ $414 $ $1,34 3 ESI CN Ensign Energy Services Inc Land Drilling $ $1,32 $ $35 $744 $1,741 ESV Ensco PLC Offshore Drilling $ $1,614 $83 17, $272 $4,944 $6,29 FET Forum Energy Technologies Inc Services $ $1,313 $ $25 $399 $1,58 FI Frank's International NV Services $ $1,843 $1 1, $284 $ $1,559 3 GEI CN Gibson Energy Inc Services $ $2,288 $ $8 $1,46 $3,254 KBR KBR Inc Construction $ $2,87 $2 2, $41 $694 $2,359 MDR McDermott International Inc Construction $ $1,951 $22 4, $624 $765 $2,134 NBR Nabors Industries Ltd Land Drilling $ $2,252 $61 9, $21 $3,662 $5,722 OII Oceaneering International Inc Services $ $2,521 $39 1, $463 $794 $2,853 OIS Oil States International Inc Equipment $ $1,357 $ $65 $26 $1,318 3 PD CN Precision Drilling Corp Land Drilling $ $1,16 $11 3, $121 $1,893 $2,878 3 PSI CN Pason Systems Inc Services $ $1,557 $ $163 $ $1,394 RDC Rowan Cos Plc Offshore Drilling $ $1,465 $46 3, $1,173 $2,553 $2,845 3 SES CN Secure Energy Services Inc Services $ $1,51 $ $5 $196 $1,691 SLCA US Silica Holdings Inc Services $ $2,356 $61 3, $661 $515 $2,21 SPN Superior Energy Services Inc Services $ $1,711 $64 4, $152 $1,286 $2,846 3 TCW CN Trican Well Service Ltd Services $ $1,32 $9 3, $19 $147 $1,43 4 VK FP Vallourec SA Services $ $2,334 $43 5,87 NA $1,13 $2,546 $4,346 Average $1,75 $32 3, $313 $1,225 $2,693 Median $1,692 $27 2, $23 $755 $2,285 Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 36

38 EnerCom OilService Weekly July 28, 217 # Daily 3 Mo Avg Share Shares Value Daily Short 1Q 217 1Q 217 Price O/S Mkt Cap Traded Trading Vol Interest Cash Debt EV Segment 7/28/217 (MM) ($MM) ($MM) ('s) Ratio ($MM) ($MM) ($MM) Small Cap ATW Atwood Oceanics Inc Offshore Drilling $ $644 $32 5, $435 $1,298 $1,57 3 BAS Basic Energy Services Inc Services $ $62 $ $51 $237 $86 BOOM DMC Global Inc Equipment $ $21 $ $5 $22 $227 3 BRS Bristow Group Inc Offshore Supply $ $267 $5 1, $97 $1,282 $1,457 3 CFW CN Calfrac Well Services Ltd Services $ $476 $2 1, $86 $995 $1,376 CORR CorEnergy Infrastructure Trust Inc Services $ $424 $ $11 $21 $77 FTK Flotek Industries Inc Equipment $ $482 $ $2 $5 $53 GEOS Geospace Technologies Corp Equipment $ $26 $ $19 $ $186 HCLP Hi-Crush Partners LP Services $ $76 $1 1, $55 $195 $9 HLX Helix Energy Solutions Group Inc Services $ $948 $11 1, $538 $69 $1,2 KEG Key Energy Services Inc Services $ $381 $ $83 $247 $545 NE Noble Corp plc Offshore Drilling $ $989 $3 12, $52 $4,42 $5,232 NR Newpark Resources Inc Services $ $672 $ $7 $157 $759 POWL Powell Industries Inc Services $ $375 $ $93 $2 $283 3 STEP CN STEP Energy Services Ltd Services $ $577 $ $9 $39 $67 TESO Tesco Corp Services $ $26 $ $83 $ $122 THR Thermon Group Holdings Inc Services $ $587 $ $43 $8 $629 3 TOT CN Total Energy Services Inc Services $ $563 $ $ $61 $624 TTI TETRA Technologies Inc Services $ $326 $2 1, $13 $64 $1,18 Average $511 $7 1, $116 $535 $98 Median $482 $ $55 $195 $77 Micro Cap AETI American Electric Technologies Inc Services $ $17 $ $2 $7 $27 CGG CGG SA Seismic $ $99 $ $391 $2,726 $2,47 CRR CARBO Ceramics Inc Services $ $178 $1 1, $56 $73 $195 DWSN Dawson Geophysical Co Seismic $ $9 $ $28 $2 $63 ENSV Enservco Corp Services $ $17 $ $ $26 $43 ESES Eco-Stim Energy Solutions Inc Services $ $82 $ $11 $42 $113 GIFI Gulf Island Fabrication Inc Offshore Supply $ $169 $ $35 $ $134 ICD Independence Contract Drilling Inc Land Drilling $ $147 $ $7 $38 $177 IO ION Geophysical Corp Services $ $44 $ $5 $157 $152 3 NAL CN Newalta Corp Services $ $112 $ $ $32 $432 PES Pioneer Energy Services Corp Land Drilling $ $179 $1 1, $7 $374 $545 3 PHX CN PHX Energy Services Corp Services $ $122 $ $3 $14 $133 PKD Parker Drilling Co Land Drilling $ $159 $ $15 $577 $586 3 PSD CN Pulse Seismic Inc Seismic $ $141 $ $8 $ $133 SAEX SAExploration Holdings Inc Seismic $ $28 $ $12 $36 $58 SDPI Superior Drilling Products Inc Equipment $ $19 $ $1 $14 $32 SDRL Seadrill Ltd Offshore Drilling $ $195 $2 7, $1,462 $9,695 $8,955 3 SDY CN Strad Energy Services Ltd Services $ $83 $ $1 $19 $11 TDW Tidewater Inc Offshore Supply $ $29 $2 NA NA $76 $2,34 $1,373 WG Willbros Group Inc Construction $ $13 $ $37 $87 $181 3 XDC CN Xtreme Drilling Corp Land Drilling $ $157 $ 11.1 $9 $ $67 Average $15 $ $146 $773 $76 Median $112 $ $12 $38 $134 Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 37

39 EnerCom OilService Weekly July 28, 217 # Large Cap Segment 3 ALA CN AltaGas Ltd Services BHGE Baker Hughes a GE Co Services CLB Core Laboratories NV Services FLR Fluor Corp Construction HAL Halliburton Co Services HP Helmerich & Payne Inc Land Drilling 3 IPL CN Inter Pipeline Ltd Services KEX Kirby Corp Services 3 KEY CN Keyera Corp Services MTZ MasTec Inc Construction NOV National Oilwell Varco Inc Equipment 3 PPL CN Pembina Pipeline Corp Services PTEN Patterson-UTI Energy Inc Land Drilling PWR Quanta Services Inc Services RES RPC Inc Services RIG Transocean Ltd Offshore Drilling SLB Schlumberger Ltd Services SUBCY Subsea 7 SA Services 3 TRP CN TransCanada Corp Services TS Tenaris SA Services WFT Weatherford International Ltd Equipment Average Median TTM TTM TTM EBITDA EBITDA Net Inc Days Sales 3/31/217 3/31/216 3/31/217 Outstanding ($MM) ($MM) ($MM) ROA (1) 45.1 $691 $532 $182 7% NA $34 NA -$179 1% 74.4 $114 $189 $66 2% 29. $986 $944 $238 11% 12.8 $2,29 $1,67 -$3,383 9% 83.8 $38 $992 -$178 6% 32.8 $1,81 $981 $494 11% 57.5 $426 $573 $131 1% 4.3 $62 $564 $243 12% 7.6 $538 $271 $175 17% $358 $357 -$2,415 2% 36. $1,269 $954 $579 8% 75.4 $17 $458 -$312 4% 69.3 $57 $43 $226 1% 91.9 $35 $119 -$15 3% 98.4 $1,861 $2,328 $62 7% 11.2 $5,284 $7,67 -$1,99 7% NA $1,355 $1,127 $431 16% 47.7 $7,36 $1,551 $643 8% 9.4 $721 $825 $242 5% 98.2 $344 -$346 -$3,342 3% 71.9 $1,254 $1,79 -$36 8% 74.4 $62 $699 $175 8% Mid Cap CBI Chicago Bridge & Iron Co NV Construction 3 CEU CN CES Energy Solutions Corp Services DO Diamond Offshore Drilling Inc Offshore Drilling DRQ Dril-Quip Inc Equipment 3 ESI CN Ensign Energy Services Inc Land Drilling ESV Ensco PLC Offshore Drilling FET Forum Energy Technologies Inc Services FI Frank's International NV Services 3 GEI CN Gibson Energy Inc Services KBR KBR Inc Construction MDR McDermott International Inc Construction NBR Nabors Industries Ltd Land Drilling OII Oceaneering International Inc Services OIS Oil States International Inc Equipment 3 PD CN Precision Drilling Corp Land Drilling 3 PSI CN Pason Systems Inc Services RDC Rowan Cos Plc Offshore Drilling 3 SES CN Secure Energy Services Inc Services SLCA US Silica Holdings Inc Services SPN Superior Energy Services Inc Services 3 TCW CN Trican Well Service Ltd Services 4 VK FP Vallourec SA Services Average Median 38.3 $666 -$136 -$395 8% 95.1 $59 $63 -$33 6% 78.9 $634 $199 -$436 1% $1 $279 $57 7% 9.3 $176 $231 -$149 6% 64.5 $1,119 -$668 $689 8% 72. -$51 -$63 -$75-3% $34 $253 -$161-2% 25.6 $226 $146 -$56 8% 47.7 $121 $349 -$66 3% 35.4 $289 $221 $58 9% 92.3 $57 $1,7 -$78 7% 87.1 $293 $615 -$8 1% 82.8 $47 $186 -$51 4% 11.7 $215 $25 -$158 5% 91. $73 $11 -$23 17% 75.4 $69 $7 $28 8% 36.9 $86 $88 -$35 6% 56.3 $66 $85 -$28 3% 87.1 $19 -$1,341 -$892 1% $8 $14 -$11-1% 66. -$184 -$491 -$6-2% 79.2 $235 $85 -$138 5% 8.9 $111 $124 -$61 6% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 38

40 EnerCom OilService Weekly July 28, 217 # Segment Small Cap ATW Atwood Oceanics Inc Offshore Drilling 3 BAS Basic Energy Services Inc Services BOOM DMC Global Inc Equipment 3 BRS Bristow Group Inc Offshore Supply 3 CFW CN Calfrac Well Services Ltd Services CORR CorEnergy Infrastructure Trust Inc Services FTK Flotek Industries Inc Equipment GEOS Geospace Technologies Corp Equipment HCLP Hi-Crush Partners LP Services HLX Helix Energy Solutions Group Inc Services KEG Key Energy Services Inc Services NE Noble Corp plc Offshore Drilling NR Newpark Resources Inc Services POWL Powell Industries Inc Services 3 STEP CN STEP Energy Services Ltd Services TESO Tesco Corp Services THR Thermon Group Holdings Inc Services 3 TOT CN Total Energy Services Inc Services TTI TETRA Technologies Inc Services Average Median TTM TTM TTM EBITDA EBITDA Net Inc Days Sales 3/31/217 3/31/216 3/31/217 Outstanding ($MM) ($MM) ($MM) ROA (1) 79.3 $388 $684 $85 8% $46 -$64 -$79-6% 77.3 $5 -$13 -$9 3% 57.5 $83 $171 -$171 3% $22 -$11 -$164-1% NA $72 $42 $34 11% 66.8 $61 -$7 -$31 16% $33 -$37 -$47-14% $4 $56 -$36 % 46.9 $17 -$187 -$7 4% $31 -$847 -$17-51% 7.4 $1,14 $1,554 -$1,337 1% 19.3 $13 -$55 -$28 2% 65. $22 $34 $9 5% NA $2 NA $9 5% $39 -$45 -$75-12% 84.4 $4 $6 $15 9% 77.2 $17 $49 -$11 3% 62.6 $86 $186 -$76 7% 75.7 $84 $82 -$11 % 72.4 $2 $14 -$36 3% Micro Cap AETI American Electric Technologies Inc Services CGG CGG SA Seismic CRR CARBO Ceramics Inc Services DWSN Dawson Geophysical Co Seismic ENSV Enservco Corp Services ESES Eco-Stim Energy Solutions Inc Services GIFI Gulf Island Fabrication Inc Offshore Supply ICD Independence Contract Drilling Inc Land Drilling IO ION Geophysical Corp Services 3 NAL CN Newalta Corp Services PES Pioneer Energy Services Corp Land Drilling 3 PHX CN PHX Energy Services Corp Services PKD Parker Drilling Co Land Drilling 3 PSD CN Pulse Seismic Inc Seismic SAEX SAExploration Holdings Inc Seismic SDPI Superior Drilling Products Inc Equipment SDRL Seadrill Ltd Offshore Drilling 3 SDY CN Strad Energy Services Ltd Services TDW Tidewater Inc Offshore Supply WG Willbros Group Inc Construction 3 XDC CN Xtreme Drilling Corp Land Drilling Average Median $6 NA -$7-18% $441 $523 -$588 1% 95. -$71 -$19 -$88-1% $11 $6 -$4-6% $2 $5 -$7-5% $9 -$9 -$18-16% 5.4 $18 -$12 -$4 6% 71.8 $6 $16 -$28 2% 31.2 $31 -$38 -$53 11% 7. $28 -$17 -$132 4% 59.2 $1 -$16 -$126 1% $3 -$1 -$46-1% $27 $139 -$175 2% 72.6 $1 $17 -$6 25% $32 $34 -$32 15% 7.1 -$1 -$9 -$7-2% 69.7 $1,622 $1,798 -$19 8% 84.9 $9 -$7 -$16 4% 16.6 $53 $195 -$66 1% NA -$15 -$25 -$5-4% $12 $66 -$29 4% 89.2 $14 $123 -$11 1% 72.7 $1 $2 -$4 2% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 39

41 # 2 47 EnerCom OilService Weekly July 28, Large Cap Segment 3 ALA CN AltaGas Ltd Services BHGE Baker Hughes a GE Co Services CLB Core Laboratories NV Services FLR Fluor Corp Construction HAL Halliburton Co Services HP Helmerich & Payne Inc Land Drilling 3 IPL CN Inter Pipeline Ltd Services KEX Kirby Corp Services 3 KEY CN Keyera Corp Services MTZ MasTec Inc Construction NOV National Oilwell Varco Inc Equipment 3 PPL CN Pembina Pipeline Corp Services PTEN Patterson-UTI Energy Inc Land Drilling PWR Quanta Services Inc Services RES RPC Inc Services RIG Transocean Ltd Offshore Drilling SLB Schlumberger Ltd Services SUBCY Subsea 7 SA Services 3 TRP CN TransCanada Corp Services TS Tenaris SA Services WFT Weatherford International Ltd Equipment Average Median ECI Value Drivers Op Debt/ P/CFPS ROIC (1) ROPPE (1) Profit % MktCap ROE (1) 217E (2) 7% 1% 15% 72% 14% 8.7x 2% 13% -9% 2% 2% NA 32% 89% 14% 5% 74% 26.3x 34% 95% 3% 25% 3% 9.1x 12% 26% -22% 29% 25% 9.8x 9% 8% -15% 9% 9% 9.8x 12% 12% 42% 62% 33% 9.4x 14% 15% 13% 2% 18% 14.8x 17% 14% 15% 23% 32% 1.6x 26% 94% 7% 25% 47% 9.6x 2% 12% -34% 26% 3% 15.5x 9% 11% 21% 27% 15% 11.4x 6% 5% -48% 15% 6% 5.6x 15% 49% 4% 9% 17% 9.3x 5% 7% -19% % 4% 1.x 9% 9% 25% 247% 12% 7.5x 9% 42% -7% 2% 13% 11.7x 29% 29% 13% 18% 24% 8.3x 9% 13% 25% 84% 27% 1.x 6% 12% % 4% 6% 17.2x 4% 8% -36% 179% 2% 6.6x 13% 27% % 43% 2% 11.1x 9% 13% 4% 23% 17% 9.8x Mid Cap CBI Chicago Bridge & Iron Co NV Construction 3 CEU CN CES Energy Solutions Corp Services DO Diamond Offshore Drilling Inc Offshore Drilling DRQ Dril-Quip Inc Equipment 3 ESI CN Ensign Energy Services Inc Land Drilling ESV Ensco PLC Offshore Drilling FET Forum Energy Technologies Inc Services FI Frank's International NV Services 3 GEI CN Gibson Energy Inc Services KBR KBR Inc Construction MDR McDermott International Inc Construction NBR Nabors Industries Ltd Land Drilling OII Oceaneering International Inc Services OIS Oil States International Inc Equipment 3 PD CN Precision Drilling Corp Land Drilling 3 PSI CN Pason Systems Inc Services RDC Rowan Cos Plc Offshore Drilling 3 SES CN Secure Energy Services Inc Services SLCA US Silica Holdings Inc Services SPN Superior Energy Services Inc Services 3 TCW CN Trican Well Service Ltd Services 4 VK FP Vallourec SA Services Average Median 18% 133% -3% 129% 41% 3.6x 6% 21% % 22% 1% 9.9x 11% 11% -28% 12% 17% 4.1x 11% 31% 13% % 7% 27.3x 7% 6% -21% 72% 1% 4.x 9% 1% 28% 36% 14% 5.4x -4% -34% -21% 3% -4% 13.8x -3% -6% -44% % -3% 21.4x 11% 14% -3% 46% 2% 8.2x 11% 85% 1% 33% 15% 8.7x 16% 17% 7% 39% 18% 8.6x 9% 9% -14% 163% 18% 2.5x 16% 26% 1% 32% 2% 1.9x 4% 9% -11% 2% 4% 6.3x 6% 6% -17% 171% 11% 3.1x 34% 52% 3% % 19% 15.6x 1% 1% 25% 174% 13% 1.6x 8% 9% -2% 13% 9% 8.7x 6% 8% -4% 22% 5% 5.3x 1% 1% -72% 75% 2% 4.6x -1% -2% -22% 11% -2% 5.3x -4% -5% -19% 19% -5% 15.5x 8% 19% -9% 71% 11% 9.3x 8% 1% -3% 36% 11% 8.4x Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 4

42 # 2 47 EnerCom OilService Weekly July 28, Segment Small Cap ATW Atwood Oceanics Inc Offshore Drilling 3 BAS Basic Energy Services Inc Services BOOM DMC Global Inc Equipment 3 BRS Bristow Group Inc Offshore Supply 3 CFW CN Calfrac Well Services Ltd Services CORR CorEnergy Infrastructure Trust Inc Services FTK Flotek Industries Inc Equipment GEOS Geospace Technologies Corp Equipment HCLP Hi-Crush Partners LP Services HLX Helix Energy Solutions Group Inc Services KEG Key Energy Services Inc Services NE Noble Corp plc Offshore Drilling NR Newpark Resources Inc Services POWL Powell Industries Inc Services 3 STEP CN STEP Energy Services Ltd Services TESO Tesco Corp Services THR Thermon Group Holdings Inc Services 3 TOT CN Total Energy Services Inc Services TTI TETRA Technologies Inc Services Average Median ECI Value Drivers Op Debt/ P/CFPS ROIC (1) ROPPE (1) Profit % MktCap ROE (1) 217E (2) 9% 9% 16% 22% 11% -25.2x -8% -9% -43% 38% -12% 4.x 4% 9% -5% 1% 5% NA 3% 4% -7% 481% 6% 2.9x -2% -2% -23% 29% -5% 4.2x 11% 12% 85% 5% 17% NA 19% 83% -5% 1% 22% 6.7x -16% -48% -71% % -15% NA % % -1% 26% -1% 3.x 7% 6% -1% 64% 7% 11.7x -85% -81% -71% 65% -154% 4.2x 12% 12% -43% 49% 18% 4.4x 2% 4% -7% 23% 3% 1.1x 9% 16% 2% 1% 7% NA 6% 7% 1% 7% 7% NA -18% -34% -54% % -13% 17.1x 12% 93% 9% 14% 13% 14.6x 3% 5% -6% 11% 4% 6.6x 9% 9% -7% 197% 22% 2.4x -1% 5% -13% 96% -3% 4.8x 4% 6% -7% 26% 6% 4.3x Micro Cap AETI American Electric Technologies Inc Services CGG CGG SA Seismic CRR CARBO Ceramics Inc Services DWSN Dawson Geophysical Co Seismic ENSV Enservco Corp Services ESES Eco-Stim Energy Solutions Inc Services GIFI Gulf Island Fabrication Inc Offshore Supply ICD Independence Contract Drilling Inc Land Drilling IO ION Geophysical Corp Services 3 NAL CN Newalta Corp Services PES Pioneer Energy Services Corp Land Drilling 3 PHX CN PHX Energy Services Corp Services PKD Parker Drilling Co Land Drilling 3 PSD CN Pulse Seismic Inc Seismic SAEX SAExploration Holdings Inc Seismic SDPI Superior Drilling Products Inc Equipment SDRL Seadrill Ltd Offshore Drilling 3 SDY CN Strad Energy Services Ltd Services TDW Tidewater Inc Offshore Supply WG Willbros Group Inc Construction 3 XDC CN Xtreme Drilling Corp Land Drilling Average Median -26% -86% -19% 39% -46% NC 13% 117% -36% 2743% 44% NA -12% -15% -115% 41% -12% NC -8% -11% -4% 2% -7% 2.5x -5% -6% NA 154% -14% NA -22% -23% -159% 52% -84% 6.8x 8% 2% -2% % 7% 16.6x 2% 2% -11% 26% 2% 4.8x 23% 5% -15% 358% 99% NC 5% 4% NA 285% 13% NC 2% 2% -37% 29% 4% NC -2% -3% -31% 12% -2% 3.x 3% 4% -29% 364% 7% 2.5x 37% 35% NA % 29% NA 44% 78% 5% 131% 67% NC -2% -6% -7% 75% -4% 3.x 9% 1% NA 4976% 16%.4x 5% 6% -17% 23% 6% 2.3x 2% 2% -96% 763% 3% -.6x -9% -41% NA 67% -12% NA 5% 5% -25% % 4% 8.3x 3% 7% -6% 791% 6% 4.5x 2% 2% -36% 67% 4% 3.x Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 41

43 # 2 47 EnerCom OilService Weekly July 28, Large Cap Segment 3 ALA CN AltaGas Ltd Services BHGE Baker Hughes a GE Co Services CLB Core Laboratories NV Services FLR Fluor Corp Construction HAL Halliburton Co Services HP Helmerich & Payne Inc Land Drilling 3 IPL CN Inter Pipeline Ltd Services KEX Kirby Corp Services 3 KEY CN Keyera Corp Services MTZ MasTec Inc Construction NOV National Oilwell Varco Inc Equipment 3 PPL CN Pembina Pipeline Corp Services PTEN Patterson-UTI Energy Inc Land Drilling PWR Quanta Services Inc Services RES RPC Inc Services RIG Transocean Ltd Offshore Drilling SLB Schlumberger Ltd Services SUBCY Subsea 7 SA Services 3 TRP CN TransCanada Corp Services TS Tenaris SA Services WFT Weatherford International Ltd Equipment Average Median TTM EBITDA Unlevered EV/ Book Value Capital Stock Performance Margin% FCF/Shr EBITDA per Share Intensity Week Q3'17 YTD 29% $ x $ % -2% -3% -15% 1% $ x NA -49% 9% -32% -43% 19% $ x $ % -4% % -15% 5% $ x $ % -1% -3% -15% 14% $ x $ % -3% 1% -21% 26% $ x $4.4 66% -4% -5% -33% 54% $ x $8.8 19% -1% -3% -17% 24% $ x $ % -3% -7% -6% 22% -$ x $ % -2% -4% -4% % $ x $ % 2% 2% 21% 5% $ x $ % -1% 1% -12% 27% -$ x $ % -2% -2% 1% 18% $ x $16. 98% -1% -3% -28% 7% $ x $ % 2% 2% -4% 4% -$ x $ % 4% 7% 9% 52% $ x $ % 2% 6% -41% 19% $ x $ % 3% 4% -19% 36% $ x NA 24% -1% 8% 16% 53% $ x $ % -2% 3% 5% 16% $ x NA 91% % 2% -11% 6% $ x $ % -3% 1% -14% 21% $ x $ % % -1% -12% 19% $ x $ % -1% 1% -14% Mid Cap CBI Chicago Bridge & Iron Co NV Construction 3 CEU CN CES Energy Solutions Corp Services DO Diamond Offshore Drilling Inc Offshore Drilling DRQ Dril-Quip Inc Equipment 3 ESI CN Ensign Energy Services Inc Land Drilling ESV Ensco PLC Offshore Drilling FET Forum Energy Technologies Inc Services FI Frank's International NV Services 3 GEI CN Gibson Energy Inc Services KBR KBR Inc Construction MDR McDermott International Inc Construction NBR Nabors Industries Ltd Land Drilling OII Oceaneering International Inc Services OIS Oil States International Inc Equipment 3 PD CN Precision Drilling Corp Land Drilling 3 PSI CN Pason Systems Inc Services RDC Rowan Cos Plc Offshore Drilling 3 SES CN Secure Energy Services Inc Services SLCA US Silica Holdings Inc Services SPN Superior Energy Services Inc Services 3 TCW CN Trican Well Service Ltd Services 4 VK FP Vallourec SA Services Average Median 7% $ x $ % 4% -6% -42% 9% $ x $ % 3% 9% -18% 42% $ x $ % 4% 11% -32% 2% $ x $ % -8% -7% -24% 21% $ x $ % 1% -5% -29% 46% $ x $ % -1% 3% -45% -9% -$.7 NA $12.78 NA -8% -13% -38% -8% -$.36 NA $5.71 NA -2% % -33% 4% $ x $8.1 87% -2% -4% -16% 3% $ x $5.61 9% -3% -2% -11% 12% $ x $6.49 9% -4% -4% -7% 26% $ x $ % 2% -3% -52% 14% $ x $ % 5% 12% -9% 7% $ x $ % % -2% -32% 22% $ x $ % -1% -15% -49% 42% $ x $4.49 9% 2% -5% -7% 4% $ x $ % 4% 14% -39% 5% $ x $ % 8% 4% -21% 1% $ x $ % -5% -18% -49% 1% -$ x $ % 5% 7% -34% -2% -$.3 NA $2.62 NA 3% 4% -18% -6% -$.77 NA $7.5 NA -5% -3% -21% 14% $ x $ % % -1% -28% 1% $ x $ % 1% -2% -31% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 42

44 # 2 47 EnerCom OilService Weekly July 28, Segment Small Cap ATW Atwood Oceanics Inc Offshore Drilling 3 BAS Basic Energy Services Inc Services BOOM DMC Global Inc Equipment 3 BRS Bristow Group Inc Offshore Supply 3 CFW CN Calfrac Well Services Ltd Services CORR CorEnergy Infrastructure Trust Inc Services FTK Flotek Industries Inc Equipment GEOS Geospace Technologies Corp Equipment HCLP Hi-Crush Partners LP Services HLX Helix Energy Solutions Group Inc Services KEG Key Energy Services Inc Services NE Noble Corp plc Offshore Drilling NR Newpark Resources Inc Services POWL Powell Industries Inc Services 3 STEP CN STEP Energy Services Ltd Services TESO Tesco Corp Services THR Thermon Group Holdings Inc Services 3 TOT CN Total Energy Services Inc Services TTI TETRA Technologies Inc Services Average Median TTM EBITDA Unlevered EV/ Book Value Capital Stock Performance Margin% FCF/Shr EBITDA per Share Intensity Week Q3'17 YTD 52% $ x $ % 1% -2% -39% -8% -$3.83 NA $14.62 NA -13% -4% -33% % -$ x $ % 2% 8% -1% 6% -$ x $ % 1% -1% -63% -3% -$.52 NA $3.62 NA 8% 39% -27% 81% $ x $ % 1% 6% 2% 21% $ x $ % -2% -6% -11% -48% -$2.59 NA $16.75 NA 9% 11% -25% -1% -$.71 NA $8.9 NA -1% -23% -58% 21% -$ x $ % 13% 14% -27% -76% -$15.84 NA $1.1 NA 1% -2% -41% 56% $ x $ % 1% 12% -32% 3% -$ x $ % 7% 7% 5% 5% $ x $ % -2% 3% -16% 17% $ x $ % 8% 9% -4% -29% -$.98 NA $6.36 NA -2% -1% -47% 15% $ x $ % -2% -5% -5% 7% $ x $12. 7% 1% -9% -17% 12% $ x $2.3 27% % 1% -44% 7% -$ x $ % 1% 3% -26% 6% -$ x $1.1 52% 1% 1% -27% Micro Cap AETI American Electric Technologies Inc Services CGG CGG SA Seismic CRR CARBO Ceramics Inc Services DWSN Dawson Geophysical Co Seismic ENSV Enservco Corp Services ESES Eco-Stim Energy Solutions Inc Services GIFI Gulf Island Fabrication Inc Offshore Supply ICD Independence Contract Drilling Inc Land Drilling IO ION Geophysical Corp Services 3 NAL CN Newalta Corp Services PES Pioneer Energy Services Corp Land Drilling 3 PHX CN PHX Energy Services Corp Services PKD Parker Drilling Co Land Drilling 3 PSD CN Pulse Seismic Inc Seismic SAEX SAExploration Holdings Inc Seismic SDPI Superior Drilling Products Inc Equipment SDRL Seadrill Ltd Offshore Drilling 3 SDY CN Strad Energy Services Ltd Services TDW Tidewater Inc Offshore Supply WG Willbros Group Inc Construction 3 XDC CN Xtreme Drilling Corp Land Drilling Average Median -17% -$.81 NA $.99 NA 5% 13% 29% 39% $ x NA 24% -1% 1% -68% -68% -$2.68 NA $21.76 NA -4% -4% -37% -9% -$.85 NA $7.47 NA 3% 6% -49% % -$.7 NA $.29 NA -4% 8% -4% -1% -$.3 NA $.74 NA -1% 2% 56% 8% $ x $ % -2% -2% -5% 9% -$ x $ % 2% % -42% 17% $ x $2.6 4% 1% -15% -38% 13% $ x $2.43 5% 3% -12% -45% 3% -$ x $ % -2% 12% -66% -2% -$.21 NA $3.45 NA 1% -12% -49% 7% -$ x $ % -15% -15% -56% 65% $ x $.63 % % % 9% 16% $ x $ % 3% -8% -59% -6% -$.4 NA $.57 NA -1% 22% -42% 57% $ x NA 8% -13% 6% -89% 1% $ x $ % 2% -1% -16% 9% $ x $ % 5% 33% -72% -2% -$.29 NA $1.89 NA -1% -17% -36% 32% -$ x $ % 2% 2% -25% 4% $ x $ % -1% 2% -35% 8% -$ x $ % % % -42% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 43

45 EnerCom OilService Weekly July 28, 217 Performance of Oil Service Index.% Week YTD -5.% %Change -1.% -15.% -14.1% -2.% -25.% -3.% -26.6% OSX Stock Performance By Market Sector 5.%.% -5.% -.7% Week -.6%.3% YTD -1.% %Change -15.% -2.% -25.% -22.8% -22.2% -3.% -35.% -4.% -45.% -4.8% Equipment Drilling Services / Other Stock Performance By Market Cap 5.%.% -5.% -.4% 5 Day YTD 1.1%.% -.8% %Change -1.% -15.% -2.% -11.7% -25.% -3.% -28.4% -25.8% -35.% -4.% Large Cap Mid Cap Small Cap Micro Cap -35.3% Footnotes to the tables and glossary of terms can be found beginning on page 45. Source: EnerCom, Company filings, Bloomberg L.P. 44

46 Footnotes General Values are in currency as reported by the company. Exchange Rates: 1 CAD =.8 USD; 1 AUD =.8 USD; 1 GBP = 1.32 USD as of 7/28/217. E&P Weekly (1) Change in ly Production from 3/31/216 to 3/31/217, does not include adjustments for acquisitions or divestitures. (2) Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NA." (3) Current price / Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NC." (4) TTM oil and gas sales less LOE, production taxes, G&A and net interest, all divided by TTM production as of Q (5) In Canadian Dollars. Production replacement and 3-year F&D costs based on gross reserves with forecast prices. (6) Reserves data as of 1/31/217. TTM Data as of 4/3/217. (7) Reserve data as of 6/3/216. (8) Reserve data as of 9/3/216. (9) Trading data in Australian Dollars, financial data reported in USD. (1) Financial statement data reported on semi-annual basis as of 12/31/216. (11) Data does not include $49 million in stock-based compensation related to IPO. (12) Financial statement data includes 6/3/216 to 3/31/217 45

47 OilService Weekly (1) Returns metrics are calculated using EBITDA. (2) Current price / Bloomberg Best estimate. Companies with no reported Bloomberg Best estimate are marked "NC". (3) In Canadian Dollars. (4) Trading and financial data in Euros. General Glossary of Terms EBITDA: Calculated as operating income plus DD&A and impairment expense. Enterprise Value (EV): The sum of market capitalization, debt, preferred equity and minority interest, less cash. Short Interest Ratio: Number of days of average daily trading volume needed to cover the short interest in a given stock. TTM: Trailing twelve months as of 3/31/17 unless otherwise noted. E&P Weekly 3-Yr F&D: Costs incurred in oil and gas activities excluding abandonment costs, divided by the sum of extensions, discoveries, revisions and purchases of proved reserves over a three-year period. The measurement period in this report is Yr Production Replacement: Percentage of production replaced through extensions, discoveries, revisions and purchases of proved reserves over a three-year period. The measurement period in this report is Asset Intensity: An indicator of an E&P company s future growth potential. Calculated as trailing twelve month production multiplied by 3-Year F&D cost all divided by trailing twelve month cash flow from operations. Capital Efficiency: A metric that approximates cash flow generated for each investment dollar. Calculated as (trailing twelve month EBITDA / trailing twelve month production)/ 3-Year F&D cost per Mcfe. EV/216 Reserves: Enterprise value divided by proved reserves. A valuation metric that assigns a market-based valuation per unit of SEC proved reserves. EV/TTM Production: Enterprise value divided by trailing twelve month production per day. A metric that assigns a market-based valuation per flowing unit of production. GA: General and administrative expense, includes stock-based compensation. Natural Gas %: The percentage of total proved reserves that are natural gas reserves. Operating Expense: Includes lease operating expense, production tax and transportation expense. 46

48 PUD %: The percentage of total proved reserves that are categorized proved undeveloped. Reserve Life: Proved reserves divided by trailing twelve month production. TTM Cash Margin/Mcfe: TTM oil and gas sales minus LOE, production taxes, transportation expense, G&A and net interest all divided by TTM production. TTM EBITDA/Mcfe: A metric that assigns an earnings-based valuation per unit of production. Calculated as trailing twelve month EBITDA for all business units divided by TTM production. TTM OPEX & GA: Trailing twelve month operating and general and administrative expense. OilService Weekly Capital Intensity: Trailing twelve month capital expenditures divided by trailing twelve month EBITDA. Capital Intensity is a key performance metric we use to compare OilService company performance and long-term return potential. This metric provides an estimate of the investment needed to generate $1. in EBITDA. Days Sales Outstanding: A measure of efficiency of a company s collection efforts. Calculated as number of days in the period divided by (sales/accounts receivable). Unlevered FCF/Shr: Trailing twelve month free cash flow per share. Calculated as trailing twelve month EBITDA less trailing twelve month capital expenditures all divided by shares outstanding. Op Profit %: Operating profit percentage. Calculated as trailing twelve month gross margin less trailing twelve month general and administrative expense, divided by trailing twelve month revenue. ROA: Return on Assets. Calculated as trailing twelve month EBITDA divided by total assets. ROE: Return on Equity. Calculated as trailing twelve month EBITDA divided by shareholders equity. ROIC: Return on Invested Capital. Calculated as trailing twelve month EBITDA divided by the sum of total equity and net debt. ROPPE: Return on Property Plant and Equipment. Calculated as trailing twelve month EBITDA divided by net property plant and equipment. 47

49