Rigs N' Reserves: The Week Ahead In North American Energy

Transcription

1 I N S T I T U T I O N A L E Q U I T Y R E S E A R C H Jon Morrison 1 (403) Jon.Morrison@cibc.com Daine Biluk 1 (403) Daine.Biluk@cibc.com Jefferson Campbell 1 (403) Jefferson.Campbell@cibc.com Dave Popowich 1 (403) Dave.Popowich@cibc.com Daniel Chan 1 (403) Daniel.Chan@cibc.com Jamie Kubik, CPA, CA 1 (403) Jamie.Kubik@cibc.com Trevor Bolland, CFA 1 (403) Trevor.Bolland@cibc.com Scott Reid, CFA 1 (403) Scott.Reid@cibc.com Matthew Little, CFA 1 (403) MatthewT.Little2@cibc.com Energy, Industrials Rigs N' Reserves: The Week Ahead In North American Energy A Week That Will Be Focused On Macro; OPEC, EIA and IEA To Provide Updates E S T I M A T E R E V I S I O N June 11, 2018 All figures in Canadian dollars, unless otherwise stated CIBC World Markets Corp., the U.S. broker-dealer, and CIBC World Markets Inc., the Canadian broker-dealer (collectively, CIBC World Markets Corp./Inc.) do and seek to do business with companies covered in its research reports. As a result, investors should be aware that CIBC World Markets Corp./Inc. may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For required regulatory disclosures please refer to "Important Disclosures" beginning on page 33. Find CIBC research on Bloomberg, Thomson Reuters, CIBC World Markets Inc., P.O. Box 500, 161 Bay Street, Brookfield Place, Toronto, Canada M5J 2S8 (416) FactSet, Capital IQ and ResearchCentral.cibcwm.com CIBC World Markets Corp., 425 Lexington Avenue, New York, NY (212)

2 Source of front cover picture: Ensign Energy Services The Week Ahead In North American Energy The coming week will be largely focused on the macro market as all three key agencies are set to release monthly updates. This includes OPEC s Monthly Oil Market Report (MOMR) and the EIA s Short Term Energy Outlook (STEO) to be released on Tuesday, followed by the IEA s Oil Market Report (OMR) on Wednesday. Additionally, look for land sale data to be posted from both Alberta and B.C. on Wednesday, with the monthly Western Canadian Select (WCS) crude contract set for expiry on Thursday. All three monthly updates are likely to be highly scrutinized this week given the pressure we have seen on the front-end of the oil curve over the past 10 days, which has principally been underpinned by ongoing concerns around a the potential for OPEC/non-OPEC member nations to lift their collective production quotas ahead of the current agreement expiration at 2018 YE. With that said, as we have messaged in The Crude Chronicles in recent weeks, we would reiterate that we view this is a fundamentally constructive data point as we believe it highlights that Saudi Arabia and Russia likely agree with the view the market is getting acutely tight and they likely need to add volumes early to avoid any potential price spikes, not that there has been any change in the strategy of the partnership. As we have highlighted on past occasions, despite the emerging run in energy stocks, Canada continues to look cheap from a historical and relative perspective. Canadian oil-weighted SMID-cap names are trading at an average 2019E EV/DACF of 4.4x compared to U.S. Bakken producers at 5.5x, Permian/Eagle Ford producers at 6.1x, and Rockies/Niobrara names at 5.1x on the same metric. Canadian gas-weighted SMID-cap names are more closely in line however, at an average 5.8x 2019E EV/DACF compared to Marcellus/Utica producers also at 5.9x on the same metric. Canadian-listed Large-cap, Integrateds and Oilfield Services names also screen well relative to U.S. and global peers at 6.2x 2019E EV/DACF, 7.0x 2019E EV/DACF and 5.7x 2019E EV/EBITDA, respectively. As such, we believe these valuations reflect the egress and takeaway capacity issues that are prevalent across the WCSB and require strong government attention and action to resolve. For a full schedule of important energy dates see our North American Oil & Gas Economic Calendar on page 7, along with our regular full weekly update on key energy index performance, commodity data, ETF fund flow, relative equity return charts and various energy sub-sector comp tables across the Canadian, U.S. and global markets within this report. 2

3 3 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Exhibit 1. North American Energy Equity Indices TSX vs. S&P 500 TSX vs. TSX Capped Energy S&P 500 vs. S&P 500 Energy TSX Composite S&P TSX Composite TSX Capped Energy S&P 500 S&P 500 Energy Energy Indices - Canada Energy Indices - U.S TSX E&P TR TSX Integrated TR TSX Oilfield Services & Equipment TR TSX Drillers TR S&P 500 E&P S&P 500 Integrated S&P 500 Equipment & Services S&P 500 Drillers Source: Bloomberg and CIBC World M arkets Inc.

4 4 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 US$/Bbl Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 US$/Bbl US$/MMBtu Exhibit 2. Commodities And ETFs Funds Flow WTI vs Brent Henry Hub vs AECO $140 $120 WTI Brent $7.00 $6.00 Henry Hub AECO $15+ $100 $5.00 $80 $4.00 $60 $3.00 $40 $2.00 $20 $1.00 $0 $0.00 Natural Gas Liquids Funds Flow by Sector for US Equity ETFs for the Week Ending June 08, 2018 $140 Fin ancial $29 Alberta Condensate Texas Condensate Alberta Propane Texas Propane Ene rgy -$134 $120 Ma teria ls $213 $100 Techno log y -$28 $80 Thematic Communications Sector -$18 $21 $60 Real Estate $331 $40 Consumer Discretionary Consumer Staples -$412 $399 $20 Utilities -$317 $0 Ind ustrials Health Care -$3 $475 Source: Bloomberg and CIBC World M arkets Inc US$ (Millions)

5 5 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Exhibit 3. CIBC Energy Indices TSX E&P vs. CIBC Oil Weighted SMID Cap E&Ps TSX E&P vs. CIBC Gas Weighted SMID Cap E&Ps TSX E&P TR Oil Weighted SMID Cap E&Ps TR Index TSX E&P TR Gas Weighted SMID Cap E&Ps TR Index TSX O&G vs. Canadian Large Cap E&Ps TSX E&P vs. CIBC Royalty Corps TSX E&P TR CIBC Large Cap. E&Ps TR Index TSX E&P TR CIBC Royalty Corps TR Index Source: Bloomberg and CIBC World M arkets Inc.

6 6 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Exhibit 4. CIBC Energy Indices TSX E&P vs. LatAm E&Ps TSX E&P TR LatAm E&Ps TR Index TSX O&G-Equipment & Services, -Drillers vs. CIBC Oilfield Services TSX Oilfield Services & Equipment TR TSX Drillers TR CIBC Oilfield Services Coverage STENRE Index vs. OSX Index vs. Oilfield Services Cos STENRE Index OSX Index CIBC Oilfield Services Coverage Source: Bloomberg and CIBC World M arkets Inc.

7 7 Exhibit 5. Events Calendar North American Oil & Gas Economic Calendar June 2018 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Legend Earnings Release Ticker Ticker Before Market Open After Market Close Company M arketing: Nuvista Energy - Montreal Land Sale: SK Futures Contract Expiries CL WTI 1-Month CO Brent 1-Month NG HH 1-Month WCS WCS 1-Month Canadian Crown Land Sales AB, BC, MB, SK Holiday/Market Closed Canadian Holiday US Holiday OPEC M OM R EIA STEO Land Sale: AB, BC IEA OM R WCS M arketing: Kubik & Popowich (SM ID) - Toronto M arketing: Kubik & Popowich (SM ID) - Toronto CL 174 th Ordinary OPEC M eeting Company M arketing: Tamarack Valley - Vancouver NG Land Sale: AB M arketing: Kubik & Popowich (SM ID) - New York CO June Su M Tu W Th F Sa July Su M Tu W Th F Sa Source: Company reports and CIBC World Markets, Inc.

8 8 Global Upstream, Integrated & Refining Valuation Metrics

9 9 Exhibit 6. Global Majors, North American Integrated, Canadian Large-cap E&P & U.S. Refiners Valuation Metrics CIBC Comps - Valuation Metrics (CIBC Base Deck) Price Div. Yield Mkt Cap Net Debt Current EV P/CF P/E D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 8-Jun-18 Target (%) (MM) (MM) (MM) 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Global Majors BP BP USD N/A NR $7.82 NR 5.1% $156,087 $36,642 $194, x 5.9x 5.6x 25.0x 14.9x 14.5x 2.0x 1.4x 1.2x 9.4x 7.2x 6.5x $54,439 $53,020 $50,120 Chevron CVX USD N/A NR $ NR 3.5% $241,621 $33,241 $276, x 7.9x 7.2x 34.1x 16.2x 15.4x 1.7x 0.9x 0.6x 13.3x 9.0x 8.2x $101,456 $92,529 $86,421 ConocoPhillips COP USD N/A NR $69.43 NR 1.6% $81,238 $11,774 $93, x 7.7x 7.1x nm 17.8x 17.8x 1.9x 1.1x 0.8x 11.9x 8.5x 7.6x $69,902 $74,791 $70,238 Ecopetrol ECOPETROL USD N/A NR $1.07 NR 0.0% $43,866 $10,267 $54, x 5.7x 5.3x 22.0x 13.2x 12.7x 1.7x 1.2x 1.0x 7.9x 6.6x 6.4x $77,787 $75,061 $70,881 Eni ENI USD N/A NR $17.91 NR 5.0% $65,098 $14,157 $79, x 4.4x 4.2x 21.5x 13.8x 12.5x 1.1x 0.9x 0.7x 6.0x 5.2x 4.8x $43,507 $40,968 $38,795 ExxonMobil XOM USD N/A NR $83.60 NR 3.7% $353,949 $36,492 $397, x 9.1x 8.5x 23.3x 17.1x 16.4x 1.3x 0.8x 0.7x 13.1x 9.9x 9.2x $100,224 $101,326 $98,187 Occidental OXY USD N/A NR $85.47 NR 3.6% $65,450 $8,703 $74, x 8.5x 7.9x nm 20.0x 19.6x 1.6x 1.1x 0.9x 14.0x 9.8x 8.7x $122,270 $111,782 $100,805 Petrobras PBR USD N/A NR $9.78 NR 0.9% $127,575 $81,451 $210, x 2.7x 2.3x nm 7.9x 6.9x 3.1x 2.7x 2.1x 6.1x 6.2x 5.4x $77,376 $74,575 $68,774 Royal Dutch Shell RDSB USD N/A NR $36.19 NR 5.4% $301,881 $60,061 $365, x 6.8x 6.4x 18.8x 13.1x 12.4x 1.8x 1.2x 1.0x 9.6x 7.7x 7.2x $101,314 $97,662 $92,459 Equinor EQNR USD N/A NR $26.89 NR 3.5% $89,775 $12,718 $102, x 4.7x 5.0x 19.4x 15.1x 14.4x 1.1x 0.7x 0.6x 7.2x 5.4x 5.5x $54,754 $52,795 $49,552 TOTAL FP USD N/A NR $62.48 NR 5.0% $166,097 $22,786 $191, x 6.3x 5.8x 15.2x 12.0x 11.3x 0.8x 0.9x 0.7x 8.0x 7.4x 6.6x $72,771 $69,821 $63,706 Global Average 3.4% 8.5x 6.3x 5.9x 22.4x 14.7x 14.0x 1.6x 1.2x 0.9x 9.7x 7.5x 6.9x $79,618 $76,757 $71,813 North American North American Integrated Cenovus Energy CVE CAD N/A NR $13.00 NR 1.5% $15,974 $9,333 $25, x 8.1x 4.5x 15.3x nm 14.0x 3.0x 4.5x 2.0x 7.3x 10.7x 5.9x $52,875 $49,904 $45,762 Hess Corp HES USD N/A NR $61.84 NR 1.6% $19,050 $2,842 $23, x 9.7x 8.2x nm nm nm 1.3x 2.4x 1.9x 11.6x 11.7x 9.4x $73,572 $96,415 $85,501 Husky Energy HSE CAD N/A NR $19.42 NR 1.5% $19,519 $3,738 $24, x 4.6x 4.5x 22.1x 14.9x 13.7x 1.0x 0.6x 0.5x 6.5x 5.4x 5.0x $73,159 $73,125 $67,681 Imperial Oil IMO CAD N/A NR $42.47 NR 1.5% $34,997 $3,776 $38, x 8.2x 8.6x 33.7x 15.9x 16.8x 1.5x 0.7x 0.4x 13.8x 9.6x 9.0x $104,024 $97,819 $90,715 Repsol REP USD N/A NR $20.04 NR 4.0% $31,197 $15,522 $47, x 5.1x 5.0x 10.5x 11.0x 10.8x 1.6x 0.8x 0.6x 6.3x 5.5x 5.3x $59,791 $50,327 $48,978 Suncor Energy SU CAD N/A NR $52.73 NR 2.7% $86,154 $15,603 $101, x 8.1x 6.9x 27.5x 18.4x 15.6x 1.4x 1.1x 0.7x 10.7x 8.6x 7.4x $145,025 $129,175 $112,721 North American Integrated Average 2.2% 8.3x 7.3x 6.3x 21.8x 15.0x 14.2x 1.6x 1.7x 1.0x 9.4x 8.6x 7.0x $84,741 $82,794 $75,226 Canada Large Cap E&P Canadian Natural CNQ CAD N/A NR $43.66 NR 3.1% $53,636 $21,045 $74, x 5.2x 5.0x 36.7x 13.5x 13.1x 3.0x 1.8x 1.3x 9.7x 6.8x 6.2x $78,545 $64,098 $58,231 Encana ECA USD N/A NR $12.41 NR 0.5% $11,953 $5,118 $17, x 6.3x 4.5x 28.6x 19.1x 12.3x 3.2x 2.1x 1.3x 11.2x 7.4x 5.4x $49,418 $43,026 $34,597 MEG MEG CAD N/A NR $9.24 NR 0.0% $2,717 $3,014 $5, x 7.0x 4.1x nm nm nm 12.0x 8.5x 4.9x 11.6x 10.4x 7.0x $87,169 $68,423 $60,298 Canada Large Cap E&P Average 1.2% 7.7x 6.2x 4.5x 32.7x 16.3x 12.7x 6.1x 4.1x 2.5x 10.8x 8.2x 6.2x $71,711 $58,516 $51,042 US Refining EV/EBITDA Andeavor ANDV USD N/A NR $ NR 1.6% $21,864 $8,300 $33, x 8.1x 6.6x 18.4x 15.5x 11.7x 4.3x 2.9x 2.4x 11.5x 9.0x 7.5x CVR Energy CVI USD N/A NR $40.25 NR 5.0% $3,495 $747 $5,042 N/A N/A N/A nm 10.0x 8.0x N/A N/A N/A 13.8x 6.5x 5.5x CVR Refining LP CVRR USD N/A NR $24.10 NR 7.5% $3,557 $434 $3, x 6.0x 6.2x 18.5x 9.5x 9.9x 2.1x 0.9x 0.8x 10.5x 6.9x 6.8x Delek DK USD N/A NR $56.69 NR 1.4% $4,763 $920 $5, x 7.4x 5.5x nm 11.8x 8.1x 1.5x 0.7x 0.2x 16.1x 5.8x 4.7x HollyFrontier HFC USD N/A NR $77.19 NR 1.7% $13,627 $1,601 $15, x 9.3x 9.5x 33.3x 15.0x 13.1x 1.9x 0.9x 0.7x 13.5x 8.8x 8.7x Marathon Petroleum MPC USD N/A NR $78.99 NR 2.3% $36,484 $12,605 $53, x 8.1x 6.1x 21.0x 16.5x 12.4x 2.0x 3.2x 2.5x 8.4x 8.3x 6.1x PBF Energy PBF USD N/A NR $49.00 NR 2.4% $5,499 $1,818 $7, x 5.9x 5.3x nm 16.3x 10.9x 2.4x 1.9x 1.4x 10.4x 7.3x 6.0x Phillips 66 PSX USD N/A NR $ NR 2.4% $54,485 $10,779 $67, x 11.0x 9.9x 26.7x 16.2x 13.4x 1.9x 1.8x 1.6x 12.0x 10.2x 8.6x Valero Energy VLO USD N/A NR $ NR 2.7% $51,590 $4,299 $56, x 9.5x 7.4x 24.1x 17.2x 13.4x 0.6x 0.7x 0.3x 9.9x 8.8x 7.1x US Refining Average 3.0% 12.3x 8.2x 7.1x 23.7x 14.2x 11.2x 2.1x 1.6x 1.2x 11.8x 8.0x 6.8x Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

10 10 Exhibit 7. Canadian SMID-cap Producers Valuation Metrics (CIBC Base Deck) Consensus Comps - Valuation Metrics Price Div. Yield Mkt Cap Net Debt Current EV P/CF P/E D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 8-Jun-18 Target (%) (MM) (MM) (MM) 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Canadian Oil-Weighted SMID Cap E&Ps Athabasca Oil ATH CAD N/A NR $1.66 NR 0.0% $855 $413 $1, x 6.4x 3.9x nm nm 27.7x 2.9x 2.0x 1.0x 7.9x 6.2x 3.8x $32,577 $28,596 $24,333 Baytex Energy BTE CAD DP NT $5.45 $ % $1,293 $1,752 $3, x 3.2x 2.6x nm nm nm 5.0x 4.4x 3.1x 6.8x 6.0x 4.7x $43,353 $43,666 $39,169 BlackPearl Resources PXX CAD N/A NR $1.33 NR 0.0% $448 $116 $ x 7.7x 3.9x 26.6x nm 7.0x 1.9x 2.3x 0.6x 9.4x 9.0x 4.0x $54,488 $51,513 $33,467 Bonterra Energy BNE CAD JK NT $16.32 $ % $544 $319 $ x 4.1x 3.5x nm nm nm 3.1x 2.3x 1.7x 7.2x 5.8x 4.9x $67,230 $63,272 $60,193 Cardinal Energy CJ CAD JK OP $5.21 $ % $490 $276 $ x 5.2x 3.6x nm nm nm 3.4x 2.2x 1.1x 8.5x 6.7x 4.5x $40,964 $40,723 $37,131 Crescent Point Energy CPG CAD DP NT $9.96 $ % $5,435 $4,331 $9, x 2.8x 2.2x nm nm nm 2.5x 2.3x 1.7x 5.2x 4.7x 3.6x $55,489 $54,940 $50,045 Enerplus ERF CAD JK OP $16.35 $ % $4,053 $412 $4, x 6.0x 5.1x nm nm nm 0.8x 0.5x 0.1x 7.9x 6.2x 5.1x $52,702 $48,238 $41,657 Gear Energy GXE CAD N/A NR $1.11 NR 0.0% $216 $51 $ x 4.3x 3.1x 22.2x nm 13.1x 1.0x 0.8x 0.5x 5.7x 4.7x 3.5x $39,786 $34,886 $29,425 Granite Oil GXO CAD N/A NR $2.93 NR 9.7% $100 $40 $ x 5.0x 3.7x nm nm 16.3x 1.6x 2.3x 1.5x 5.5x 7.2x 5.1x $52,457 $57,881 $53,795 InPlay Oil IPO CAD N/A NR $1.77 NR 0.0% $120 $45 $ x 3.2x 2.3x nm 11.8x 10.4x 2.1x 1.3x 0.8x 6.6x 4.3x 3.2x $43,369 $37,310 $31,411 Obsidian Energy OBE CAD DP NT $1.48 $ % $746 $383 $1, x 5.8x 2.8x nm nm nm 2.4x 3.3x 1.4x 7.9x 7.9x 3.9x $35,584 $40,937 $35,355 Pengrowth Energy PGF CAD JK UN $0.90 $ % $506 $640 $1, x 5.3x 3.8x nm nm nm 9.2x 6.7x 4.2x 8.2x 8.3x 6.3x $28,343 $51,374 $42,232 Raging River Exploration RRX CAD DP OP $6.89 $ % $1,595 $300 $1, x 4.2x 3.3x nm nm nm 1.1x 0.7x 0.4x 6.5x 4.8x 3.7x $82,856 $76,027 $66,325 Surge Energy SGY CAD DP NT $2.43 $ % $555 $242 $ x 4.2x 3.4x nm nm nm 2.3x 2.1x 1.7x 7.2x 5.7x 4.7x $53,396 $51,797 $48,271 Tamarack Valley Energy TVE CAD DP OP $4.37 $ % $985 $173 $1, x 4.4x 3.3x nm nm nm 1.1x 0.6x 0.2x 7.2x 4.8x 3.5x $57,500 $50,057 $43,097 TORC Oil & Gas TOG CAD JK OP $7.27 $ % $1,384 $280 $1, x 4.8x 3.8x nm nm nm 1.3x 1.0x 0.3x 7.6x 5.6x 4.0x $79,724 $73,906 $60,860 Vermilion Energy VET CAD DP OP $45.70 $ % $5,591 $1,382 $6, x 7.1x 5.6x nm nm nm 2.3x 1.7x 0.9x 10.6x 8.3x 6.3x $102,626 $89,586 $77,142 Whitecap Resources WCP CAD DP OP $8.78 $ % $3,285 $1,296 $4, x 5.0x 3.8x nm nm nm 2.5x 1.6x 0.8x 8.4x 6.2x 4.5x $67,350 $55,528 $42,613 Yangarra Resources YGR CAD SR OP $5.49 $ % $462 $94 $ x 5.3x 3.0x nm nm nm 1.8x 1.3x 0.5x 10.0x 6.3x 3.5x $96,822 $65,583 $40,996 Oil-Weighted SMID Cap E&Ps Average 2.5% 6.1x 4.9x 3.5x 24.4x 11.8x 14.9x 2.5x 2.1x 1.2x 7.6x 6.3x 4.4x $57,190 $53,464 $45,132 Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV CAD JK OP $4.05 $ % $768 $223 $ x 4.6x 3.3x nm nm nm 1.2x 1.4x 0.8x 5.2x 5.7x 3.9x $25,196 $23,672 $19,976 ARC Resources ARX CAD JK OP $12.80 $ % $4,529 $663 $5, x 5.7x 4.9x nm nm nm 0.9x 0.9x 0.6x 6.7x 6.2x 5.4x $42,233 $39,994 $36,127 Bellatrix Exploration BXE CAD N/A NR $1.35 NR 0.0% $76 $396 $ x 1.3x 1.6x nm nm nm 7.2x 7.1x 9.9x 5.8x 6.1x 7.6x $13,485 $14,700 $15,461 Birchcliff Energy BIR CAD DP OP $4.57 $ % $1,224 $598 $1, x 4.1x 2.9x nm nm nm 1.9x 2.0x 1.2x 5.3x 5.6x 3.9x $26,814 $23,420 $20,019 Bonavista Energy BNP CAD JK NT $1.46 $ % $384 $849 $1, x 1.3x 1.5x nm nm nm 3.0x 2.6x 2.5x 3.5x 3.5x 3.6x $17,086 $16,157 $15,525 Cequence Energy CQE CAD N/A NR $0.08 NR 0.0% $18 $52 $70 0.9x 1.5x 1.5x nm nm nm 3.5x 6.1x 5.5x 3.7x 5.6x 5.2x $10,679 $14,586 $17,837 Chinook Energy CKE CAD N/A NR $0.20 NR 0.0% $45 $3 $ x 10.0x 6.7x nm nm nm 0.6x 0.6x 0.5x 9.5x 12.1x 8.0x $13,902 $11,594 $12,441 Crew Energy CR CAD DP NT $2.31 $ % $349 $351 $ x 4.4x 4.4x nm nm nm 3.2x 4.4x 4.6x 5.4x 6.9x 7.0x $31,252 $29,324 $30,398 Delphi Energy DEE CAD N/A NR $0.86 NR 0.0% $160 $130 $ x 2.7x 2.4x 21.5x nm 14.3x 3.7x 2.8x 2.7x 6.8x 4.8x 4.6x $35,233 $30,714 $29,742 Iron Bridge Resources IBR CAD N/A NR $0.79 NR 0.0% $122 -$15 $107 nm 13.2x 7.2x nm nm nm nm 0.1x 1.0x 49.9x 13.2x 8.2x $30,470 $45,281 $39,945 Journey Energy JOY CAD N/A NR $1.93 NR 0.0% $74 $110 $ x 2.4x 1.7x nm nm 9.2x 3.3x 3.8x 2.7x 5.1x 5.2x 4.0x $17,808 $19,045 $18,964 Kelt Exploration KEL CAD JK OP $8.19 $ % $1,445 $224 $1, x 6.8x 5.3x nm nm nm 2.1x 1.1x 0.8x 14.4x 7.6x 5.9x $75,436 $60,043 $48,461 Leucrotta Exploration LXE CAD JK NT $1.90 $ % $360 -$19 $ x 19.7x 12.4x nm nm nm (1.9x) (0.3x) 0.9x 35.1x 19.4x 13.1x $119,100 $100,402 $79,931 NuVista Energy NVA CAD JK OP $9.01 $ % $1,567 $213 $1, x 5.3x 4.2x nm nm nm 1.1x 0.8x 0.5x 8.4x 5.7x 4.5x $59,747 $48,418 $38,701 Painted Pony Energy PONY CAD DP NT $2.33 $ % $336 $375 $ x 2.6x 2.9x nm nm nm 3.5x 2.7x 3.4x 5.7x 4.5x 5.3x $16,584 $13,153 $13,940 Paramount Resources POU CAD JK NT $16.09 $ % $1,863 $636 $2, x 6.5x 3.8x nm nm nm 3.6x 2.9x 2.1x 13.2x 8.5x 5.5x $55,571 $33,806 $31,503 Perpetual Energy PMT CAD N/A NR $0.62 NR 0.0% $37 $100 $ x 1.5x 1.7x nm nm nm 3.4x 4.5x 5.0x 3.9x 4.7x 5.1x $14,509 $13,806 $14,778 Petrus Resources PRQ CAD SR NT $1.29 $ % $63 $148 $ x 1.5x 1.3x nm nm nm 3.2x 3.1x 2.3x 3.9x 4.0x 3.2x $20,682 $19,256 $17,424 Peyto Exploration PEY CAD DP NT $10.18 $ % $1,678 $1,327 $3, x 3.2x 3.7x nm nm nm 2.3x 2.4x 2.5x 5.0x 5.2x 5.7x $29,291 $30,144 $29,097 Pine Cliff Energy PNE CAD DP UN $0.32 $ % $98 $66 $ x 15.4x 8.0x nm nm nm 2.3x 11.0x 5.8x 5.1x 16.8x 10.4x $7,669 $8,608 $8,233 Seven Generations VII CAD JK OP $15.00 $ % $5,466 $1,847 $7, x 3.2x 2.8x nm nm nm 1.5x 1.2x 0.9x 5.4x 4.1x 3.4x $41,779 $37,079 $31,326 Storm Resources SRX CAD JK NT $2.92 $ % $355 $106 $ x 4.3x 3.5x nm nm nm 1.7x 1.0x 1.0x 6.8x 5.3x 4.5x $28,797 $22,025 $18,526 Tourmaline Oil TOU CAD DP OP $24.45 $ % $6,592 $1,737 $8, x 5.0x 4.1x nm nm nm 1.4x 1.2x 0.9x 6.6x 6.0x 4.9x $34,370 $30,250 $27,815 Gas-Weighted SMID Cap E&Ps Average 0.8% 6.1x 5.5x 4.0x 21.5x nm 11.8x 2.4x 2.8x 2.5x 9.6x 7.2x 5.8x $33,378 $29,803 $26,790 Royalty Co's Freehold Royalties FRU CAD JK NT $12.24 $ % $1,446 $77 $1, x 10.1x 8.3x nm nm nm 0.6x 0.2x (0.4x) 11.8x 10.1x 7.9x $123,339 $122,653 $114,675 PrairieSky Royalty PSK CAD JK OP $26.51 $ % $6,275 -$57 $6, x 24.9x 19.8x nm nm nm (0.2x) (0.2x) (0.4x) 21.5x 24.8x 19.5x $246,166 $253,532 $220,477 Royalty Co's Average 4.0% 16.7x 17.5x 14.1x nm nm nm 0.2x 0.0x (0.4x) 16.7x 17.4x 13.7x $184,752 $188,093 $167,576 Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

11 11 Exhibit 8. U.S. Bakken, Marcellus / Utica, Permian / Eagle Ford & Rockies / Niobrara Producers Valuation Metrics Consensus Comps - Valuation Metrics Price Div. Yield Mkt Cap Net Debt Current EV P/CF P/E D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 8-Jun-18 Target (%) (MM) (MM) (MM) 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E U.S. Bakken Producers Continental Resources CLR USD N/A NR $65.84 NR 0.0% $24,758 $6,059 $30, x 7.1x 6.2x nm 21.2x 19.5x 3.1x 1.5x 1.0x 13.5x 8.1x 6.8x $128,214 $100,698 $83,499 Newfield Exploration NFX USD N/A NR $29.15 NR 0.0% $5,822 $2,226 $8, x 4.3x 3.6x 13.0x 8.5x 7.2x 2.1x 1.7x 1.3x 7.1x 5.8x 4.6x $52,224 $43,427 $37,704 Oasis Petroleum OAS USD N/A NR $12.86 NR 0.0% $4,081 $2,679 $6, x 4.7x 3.5x nm 32.2x 15.7x 3.7x 3.4x 2.6x 9.2x 7.3x 5.7x $95,234 $86,680 $73,250 QEP Resources QEP USD N/A NR $11.64 NR 0.0% $2,767 $2,475 $5, x 3.7x 3.1x 15.1x nm nm 3.7x 3.5x 3.1x 7.0x 6.2x 5.5x $34,148 $39,284 $37,632 Whiting Petroleum WLL USD N/A NR $53.92 NR 0.0% $4,903 $2,831 $7, x 4.4x 3.9x nm 20.2x 16.9x 3.9x 2.5x 1.9x 8.7x 6.1x 5.2x $65,584 $58,626 $52,765 U.S. Bakken Producers Average 0.0% 6.9x 4.8x 4.1x 14.1x 20.5x 14.8x 3.3x 2.5x 2.0x 9.1x 6.7x 5.5x $75,081 $65,743 $56,970 Marcellus / Utica Antero Resources AR USD N/A NR $19.62 NR 0.0% $6,221 $4,394 $11, x 3.5x 2.8x nm 15.4x 11.6x 2.5x 2.9x 2.4x 5.5x 6.0x 5.1x $31,244 $27,086 $22,803 Cabot Oil & Gas COG USD N/A NR $23.54 NR 1.0% $10,628 $552 $11, x 9.9x 7.3x nm 21.2x 14.6x 1.1x 0.6x 0.4x 11.2x 9.8x 7.4x $37,292 $32,087 $24,358 Chesapeake Energy CHK USD N/A NR $4.81 NR 0.0% $4,386 $9,370 $15, x 2.7x 2.7x 5.9x 6.0x 6.7x 8.2x 5.1x 4.9x 10.4x 7.0x 6.7x $29,467 $29,544 $29,911 EQT Corp EQT USD N/A NR $53.12 NR 0.2% $14,103 $6,984 $26, x 4.6x 4.6x 32.8x 22.5x 22.1x 4.4x 2.6x 2.1x 14.6x 8.3x 7.0x $65,217 $38,816 $33,230 Gulfport Energy GPOR USD N/A NR $10.29 NR 0.0% $1,787 $2,070 $3, x 2.3x 2.3x 7.3x 6.6x 8.4x 3.1x 2.5x 2.8x 5.2x 4.2x 4.5x $20,528 $16,923 $16,509 Range Resources RRC USD N/A NR $16.06 NR 0.5% $4,003 $4,068 $8, x 3.9x 3.6x 27.7x 17.5x 17.1x 4.7x 4.0x 3.7x 7.8x 6.8x 6.3x $24,227 $21,859 $19,785 Southwestern Energy SWN USD N/A NR $4.88 NR 0.0% $2,864 $3,325 $6, x 2.4x 2.3x 11.1x 6.2x 6.3x 3.2x 2.9x 2.7x 5.3x 4.9x 4.6x $15,485 $14,715 $13,545 Marcellus / Utica Average 0.2% 4.9x 4.2x 3.6x 16.9x 13.6x 12.4x 3.9x 2.9x 2.7x 8.6x 6.7x 5.9x $31,923 $25,862 $22,877 Permian / Eagle Ford Apache APA USD N/A NR $42.24 NR 2.4% $16,142 $7,259 $24, x 4.7x 4.4x nm 24.6x 24.0x 2.5x 1.9x 1.9x 7.9x 6.2x 6.0x $53,190 $52,847 $48,745 Callon CPE USD N/A NR $10.14 NR 0.0% $2,273 $648 $2, x 5.0x 3.9x 23.6x 10.9x 8.1x 2.4x 2.6x 1.8x 11.6x 7.9x 5.6x $125,387 $105,543 $76,048 Centennial Resources CDEV USD N/A NR $16.93 NR 0.0% $4,465 $346 $4, x 6.8x 5.0x nm 18.9x 15.0x 1.4x 0.9x 0.8x 17.5x 7.6x 5.9x $156,576 $84,346 $62,237 Cimerax XEC USD N/A NR $85.59 NR 0.7% $8,168 $987 $9, x 5.4x 4.5x 18.4x 11.7x 9.7x 0.9x 0.7x 0.8x 7.5x 5.9x 5.1x $48,616 $42,676 $37,245 Concho Resources CXO USD N/A NR $ NR 0.0% $19,123 $2,419 $21, x 8.5x 6.7x nm 29.2x 22.2x 1.6x 0.9x (0.1x) 11.9x 8.4x 4.8x $113,224 $83,113 $51,723 Devon DVN USD N/A NR $42.16 NR 0.8% $22,067 $8,558 $35, x 6.5x 5.4x 26.5x 27.5x 18.5x 2.6x 2.5x 2.1x 10.4x 9.1x 8.6x $63,756 $64,344 $59,619 Diamondback Energy FANG USD N/A NR $ NR 0.0% $11,238 $1,629 $13, x 7.9x 5.5x 22.0x 17.5x 11.3x 1.6x 1.3x 0.9x 14.0x 9.3x 6.4x $164,510 $116,690 $90,179 Energen Corp EGN USD N/A NR $63.27 NR 0.0% $6,164 $750 $6, x 6.3x 4.6x nm 17.5x 12.3x 1.2x 1.0x 0.9x 10.5x 7.0x 5.4x $91,291 $73,215 $58,163 EOG Resources EOG USD N/A NR $ NR 0.6% $68,115 $5,618 $73, x 9.1x 7.8x nm 23.3x 18.9x 1.1x 0.6x 0.3x 14.6x 9.4x 8.0x $120,984 $101,991 $84,298 Laredo LPI USD N/A NR $8.53 NR 0.0% $2,006 $776 $2, x 3.7x 3.2x 16.4x 7.3x 6.8x 1.8x 1.4x 1.4x 6.0x 4.5x 4.2x $46,087 $42,724 $38,004 Marathon Oil MRO USD N/A NR $20.99 NR 1.0% $17,909 $3,882 $21, x 5.5x 4.6x nm 27.9x 21.1x 2.4x 1.1x 0.7x 10.0x 6.2x 5.0x $60,263 $51,684 $46,180 Matador Resources MTDR USD N/A NR $25.97 NR 0.0% $3,019 $521 $3, x 6.2x 5.1x 36.1x 17.7x 14.7x 1.5x 1.3x 1.3x 10.3x 7.4x 6.3x $93,173 $78,314 $68,840 Parsley PE USD N/A NR $27.20 NR 0.0% $7,451 $1,648 $10, x 6.8x 5.1x 39.4x 17.6x 12.6x 3.0x 1.7x 1.3x 16.3x 8.2x 6.1x $147,442 $99,437 $74,469 Pioneer Natural Resources PXD USD N/A NR $ NR 0.1% $32,933 $1,003 $33, x 10.4x 8.0x nm 27.9x 19.9x 0.6x 0.4x 0.1x 15.0x 10.4x 8.1x $126,069 $104,741 $90,704 RSP Permian RSPP USD N/A NR $40.76 NR 0.0% $6,498 $1,516 $8, x 7.5x 5.5x nm 17.5x 12.8x 2.9x 1.7x 1.2x 14.0x 8.5x 6.4x $144,224 $106,970 $78,762 SM Energy SM USD N/A NR $23.87 NR 0.0% $2,666 $2,192 $4, x 4.1x 2.7x nm nm 14.3x 5.8x 3.8x 2.8x 8.8x 6.5x 4.9x $44,219 $43,936 $38,631 WPX Energy WPX USD N/A NR $17.92 NR 0.0% $7,161 $1,813 $9, x 7.9x 5.2x nm nm 28.7x 4.4x 2.4x 1.6x 14.1x 9.3x 6.3x $89,292 $78,718 $60,533 Permian / Eagle Ford Average 0.3% 10.1x 6.6x 5.1x 26.1x 19.8x 15.9x 2.2x 1.5x 1.2x 11.8x 7.8x 6.1x $99,312 $78,311 $62,611 Rockies / Niobrara Anadarko APC USD N/A NR $71.40 NR 1.4% $36,777 $13,043 $52, x 5.7x 4.9x nm 26.0x 21.4x 2.6x 2.1x 1.7x 10.1x 7.5x 6.4x $75,786 $79,105 $69,994 Extraction Oil & Gas XOG USD N/A NR $16.10 NR 0.0% $2,829 $1,210 $4, x 4.0x 2.6x nm 35.0x 11.8x 3.2x 1.9x 1.1x 11.2x 5.5x 3.7x $77,391 $49,271 $35,169 Noble Energy NBL USD N/A NR $34.06 NR 1.2% $16,500 $5,890 $23, x 6.5x 5.0x nm 32.1x 24.7x 2.9x 2.5x 1.9x 9.9x 8.6x 6.8x $61,932 $67,107 $59,281 PDC Energy PDCE USD N/A NR $61.04 NR 0.0% $4,033 $1,084 $5, x 4.8x 3.5x nm 27.4x 15.0x 1.7x 1.5x 1.1x 7.8x 6.0x 4.3x $57,385 $47,943 $36,429 SRC Energy SRCI USD N/A NR $11.47 NR 0.0% $2,776 $467 $3, x 5.6x 4.3x 14.9x 9.4x 7.4x 1.8x 1.0x 0.6x 11.4x 6.4x 4.7x $95,677 $65,747 $48,564 Ultra Petroleum UPL USD N/A NR $1.93 NR 0.0% $380 $2,074 $2, x 0.9x 0.8x 1.0x 2.0x 1.9x 9.4x 4.8x 4.6x 4.8x 4.5x 4.3x $18,811 $18,071 $16,393 Rockies / Niobrara Average 0.4% 6.9x 4.6x 3.5x 7.9x 22.0x 13.7x 3.6x 2.3x 1.8x 9.2x 6.4x 5.1x $64,497 $54,541 $44,305 Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

12 12 Exhibit 9. Latin American, Chinese NOCs & Russian Producers Valuation Metrics Consensus Comps - Valuation Metrics Price Div. Yield Mkt Cap Net Debt Current EV P/CF P/E D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 8-Jun-18 Target (%) (MM) (MM) (MM) 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Other Internationals SMID-cap LatAM Producers Canacol Energy CNE CAD DP NT $4.17 $ % $727 $297 $1, x 5.9x 1.9x nm nm nm 3.5x 2.3x 0.7x 8.7x 6.0x 2.4x $56,853 $46,307 $25,493 Frontera Energy FEC CAD N/A NR $37.20 NR 0.0% $1,860 -$441 $1, x 5.1x 3.9x nm nm nm (0.2x) 0.4x 0.5x 4.1x 5.6x 4.5x $27,495 $31,951 $33,659 Geopark GPRK USD N/A NR $17.35 NR 0.0% $1,051 $293 $1, x 4.0x 3.4x 39.4x 10.9x 9.1x 2.2x 1.3x 0.7x 7.0x 4.9x 3.8x $53,152 $40,371 $31,375 Gran Tierra Energy GTE CAD DP NT $4.14 $ % $1,642 $418 $2, x 4.0x 3.2x nm nm nm 1.5x 1.0x 0.5x 6.8x 4.6x 3.5x $64,249 $55,319 $49,217 Parex Resources PXT CAD DP OP $23.70 $ % $3,888 -$278 $3, x 5.6x 4.9x nm nm nm (0.7x) (0.9x) (1.2x) 9.8x 4.7x 3.7x $101,532 $72,258 $54,702 SMID-cap LatAM Producers Average 0.0% 7.3x 4.9x 3.5x 39.4x 10.9x 9.1x 1.2x 0.8x 0.2x 7.3x 5.2x 3.6x $60,656 $49,241 $38,889 Chinese NOCs CNOOC 883 USD N/A NR $1.68 NR 3.8% $75,118 $4,605 $79, x 4.2x 4.0x 19.2x 9.3x 9.4x 1.3x 0.9x 0.7x 6.0x 5.4x 4.6x N/A N/A N/A PetroChina 857 USD N/A NR $0.83 NR 2.4% $152,797 $53,933 $237, x 3.2x 3.1x nm 18.4x 16.4x 0.9x 1.1x 0.9x 3.9x 4.7x 4.3x N/A N/A N/A Sinopec 386 USD N/A NR $0.95 NR 8.2% $115,275 -$2,897 $133, x 3.7x 3.7x 14.2x 10.2x 9.7x 0.1x 0.1x 0.1x 4.6x 4.3x 4.3x N/A $305,959 $288,587 Chinese NOCs Average 4.8% 3.8x 3.7x 3.6x 16.7x 12.6x 11.9x 0.8x 0.7x 0.5x 4.8x 4.8x 4.4x nm $305,959 $288,587 Russian Producers Gazprom SIBN USD N/A NR $5.21 NR 8.2% $24,701 $11,046 $37, x 2.9x 2.9x 5.5x 4.5x 4.1x 1.4x 1.3x 1.2x 4.8x 4.7x 4.5x N/A N/A N/A Rosneft ROSN USD N/A NR $6.09 NR 3.0% $64,510 $54,957 $129, x 2.4x 2.4x 16.8x 7.1x 5.2x 5.3x 2.8x 2.8x 9.0x 5.4x 5.6x N/A N/A N/A Lukoil LKOH USD N/A NR $66.45 NR 5.5% $56,522 $5,437 $62, x 3.6x 3.5x 6.9x 5.7x 5.7x 0.4x 0.1x (0.1x) 4.7x 4.2x 3.9x N/A N/A N/A Surgutneftegas SNGS USD N/A NR $0.45 NR 2.5% $19,676 -$21,172 -$1, x 3.6x 3.5x 5.2x 3.7x 4.0x nm nm nm N/A N/A N/A N/A N/A N/A Russian Producers Average 4.8% 4.0x 3.1x 3.0x 8.6x 5.2x 4.8x 2.3x 1.4x 1.3x 6.1x 4.8x 4.7x nm nm nm Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

13 13 Exhibit 10. CIBC SMID-cap Producers Valuation Metrics (Strip Pricing) CIBC Comps - Strip Valuation Metrics Price Div. Yield Mkt Cap Net Debt Current EV P/CF P/E D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 8-Jun-18 Target (%) (MM) (MM) (MM) 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Canadian Oil-Weighted SMID Cap E&Ps Baytex Energy BTE CAD DP NT $5.45 $ % $1,293 $1,752 $3, x 3.1x 2.8x nm nm nm 5.0x 4.2x 3.5x 6.8x 5.9x 5.1x $43,353 $42,923 $40,013 Bonterra Energy BNE CAD JK NT $16.32 $ % $544 $319 $ x 4.2x 4.1x nm nm nm 3.1x 2.3x 2.2x 7.2x 5.9x 5.9x $67,230 $63,415 $62,123 Cardinal Energy CJ CAD JK OP $5.21 $ % $490 $276 $ x 4.8x 3.8x nm nm nm 3.4x 1.9x 1.2x 8.5x 6.2x 4.7x $40,964 $40,266 $37,132 Crescent Point Energy CPG CAD DP NT $9.96 $ % $5,435 $4,331 $9, x 2.8x 2.3x nm nm nm 2.5x 2.3x 1.8x 5.2x 4.7x 3.8x $55,489 $54,727 $50,874 Enerplus ERF CAD JK OP $16.35 $ % $4,053 $412 $4, x 6.1x 5.5x nm nm nm 0.8x 0.5x 0.2x 7.9x 6.3x 5.5x $52,702 $48,151 $42,356 Obsidian Energy OBE CAD DP NT $1.48 $ % $746 $383 $1, x 5.8x 3.3x nm nm nm 2.4x 3.3x 1.9x 7.9x 8.0x 4.8x $35,584 $40,964 $36,749 Pengrowth Energy PGF CAD JK UN $0.90 $ % $506 $640 $1, x 5.4x 4.7x nm nm nm 9.2x 6.9x 5.6x 8.2x 8.5x 7.6x $28,343 $51,035 $43,821 Raging River Exploration RRX CAD DP OP $6.89 $ % $1,595 $300 $1, x 4.2x 3.8x nm nm nm 1.1x 0.7x 0.7x 6.5x 4.9x 4.4x $82,856 $76,222 $68,931 Surge Energy SGY CAD DP NT $2.43 $ % $555 $242 $ x 4.1x 3.9x nm nm nm 2.3x 2.0x 2.1x 7.2x 5.6x 5.4x $53,396 $51,600 $49,240 Tamarack Valley Energy TVE CAD DP OP $4.37 $ % $985 $173 $1, x 4.4x 3.9x nm nm nm 1.1x 0.7x 0.4x 7.2x 4.9x 4.2x $57,500 $50,215 $44,946 TORC Oil & Gas TOG CAD JK OP $7.27 $ % $1,384 $280 $1, x 4.9x 4.5x nm nm nm 1.3x 1.0x 0.6x 7.6x 5.7x 4.9x $79,724 $74,181 $63,499 Vermilion Energy VET CAD DP OP $45.70 $ % $5,591 $1,382 $6, x 7.3x 6.2x nm nm nm 2.3x 1.8x 1.1x 10.6x 8.5x 7.0x $102,625 $89,889 $78,395 Whitecap Resources WCP CAD DP OP $8.78 $ % $3,285 $1,296 $4, x 5.1x 4.5x nm nm nm 2.5x 1.7x 1.2x 8.4x 6.3x 5.4x $67,350 $55,734 $44,128 Yangarra Resources YGR CAD SR OP $5.49 $ % $462 $94 $ x 5.4x 3.5x nm nm nm 1.8x 1.3x 0.8x 10.0x 6.5x 4.1x $96,822 $65,798 $42,680 Oil-Weighted SMID Cap E&Ps Average 2.7% 6.2x 4.8x 4.0x nm nm nm 2.8x 2.2x 1.7x 7.8x 6.3x 5.2x $61,710 $57,509 $50,349 Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV CAD JK OP $4.05 $ % $768 $223 $ x 4.5x 3.6x nm nm nm 1.2x 1.4x 0.9x 5.2x 5.6x 4.3x $25,196 $23,624 $20,310 ARC Resources ARX CAD JK OP $12.80 $ % $4,529 $663 $5, x 5.6x 5.3x nm nm nm 0.9x 0.8x 0.8x 6.7x 6.1x 5.8x $42,233 $39,766 $36,640 Birchcliff Energy BIR CAD DP OP $4.57 $ % $1,224 $598 $1, x 4.1x 3.4x nm nm nm 1.9x 2.0x 1.6x 5.3x 5.6x 4.6x $26,814 $23,427 $20,750 Bonavista Energy BNP CAD JK NT $1.46 $ % $384 $849 $1, x 1.3x 1.7x nm nm nm 3.0x 2.5x 3.0x 3.5x 3.5x 4.2x $17,086 $15,952 $16,262 Crew Energy CR CAD DP NT $2.31 $ % $349 $351 $ x 4.1x 4.7x nm nm nm 3.2x 4.0x 4.9x 5.4x 6.4x 7.3x $31,252 $29,027 $30,290 Kelt Exploration KEL CAD JK OP $8.19 $ % $1,445 $224 $1, x 6.8x 6.0x nm nm nm 2.1x 1.1x 1.1x 14.4x 7.6x 6.9x $75,436 $59,969 $49,419 Leucrotta Exploration LXE CAD JK NT $1.90 $ % $360 -$19 $ x 19.8x 14.6x nm nm nm (1.9x) (0.3x) 1.3x 35.1x 19.6x 15.5x $119,100 $100,430 $80,864 NuVista Energy NVA CAD JK OP $9.01 $ % $1,567 $213 $1, x 5.2x 4.4x nm nm nm 1.1x 0.7x 0.5x 8.4x 5.5x 4.7x $59,747 $48,208 $38,893 Painted Pony Energy PONY CAD DP NT $2.33 $ % $336 $375 $ x 2.6x 3.3x nm nm nm 3.5x 2.7x 3.9x 5.7x 4.5x 5.9x $16,584 $13,137 $14,174 Paramount Resources POU CAD JK NT $16.09 $ % $1,863 $636 $2, x 6.5x 4.3x nm nm nm 3.6x 2.9x 2.5x 13.2x 8.5x 6.2x $55,571 $33,790 $32,082 Petrus Resources PRQ CAD SR NT $1.29 $ % $63 $148 $ x 1.5x 1.5x nm nm nm 3.2x 3.2x 2.9x 3.9x 4.0x 3.7x $20,682 $19,324 $18,160 Peyto Exploration PEY CAD DP NT $10.18 $ % $1,678 $1,327 $3, x 3.2x 4.0x nm nm nm 2.3x 2.4x 2.8x 5.0x 5.2x 6.2x $29,291 $30,192 $29,455 Pine Cliff Energy PNE CAD DP UN $0.32 $ % $98 $66 $ x 12.0x 9.8x nm nm nm 2.3x 8.3x 7.1x 5.1x 14.3x 12.3x $7,669 $8,515 $8,255 Seven Generations VII CAD JK OP $15.00 $ % $5,466 $1,847 $7, x 3.2x 2.9x nm nm nm 1.5x 1.1x 0.9x 5.4x 4.0x 3.6x $41,779 $36,733 $31,752 Storm Resources SRX CAD JK NT $2.92 $ % $355 $106 $ x 4.0x 3.5x nm nm nm 1.7x 0.9x 0.9x 6.8x 4.7x 4.3x $28,797 $21,628 $18,074 Tourmaline Oil TOU CAD DP OP $24.45 $ % $6,592 $1,737 $8, x 4.9x 4.4x nm nm nm 1.4x 1.1x 0.9x 6.6x 5.8x 5.1x $34,370 $30,091 $27,959 Gas-Weighted SMID Cap E&Ps Average 1.1% 7.1x 5.6x 4.8x nm nm nm 1.9x 2.2x 2.2x 8.5x 6.9x 6.3x $39,475 $33,363 $29,584 SMID-cap LatAM Producers Gran Tierra Energy GTE CAD DP NT $4.14 $ % $1,642 $416 $2, x 3.9x 3.0x nm nm nm 1.5x 0.9x 0.4x 6.8x 4.4x 3.3x $64,247 $54,897 $48,628 Parex Resources PXT CAD DP OP $23.70 $ % $3,888 -$277 $3, x 5.4x 4.7x nm nm nm (0.7x) (0.9x) (1.3x) 9.8x 4.4x 3.4x $101,533 $71,582 $53,132 Canacol Energy CNE CAD DP NT $4.17 $ % $734 $296 $1, x 6.7x 2.2x nm nm nm 4.3x 2.2x 0.4x 9.3x 6.8x 2.3x $60,685 $45,394 $22,987 SMID-cap LatAM Producers Average 0.0% 8.8x 5.3x 3.3x nm nm nm 1.7x 0.7x (0.2x) 8.6x 5.2x 3.0x $75,488 $57,291 $41,582 Royalty Co's Freehold Royalties FRU CAD JK NT $12.24 $ % $1,446 $77 $1, x 10.2x 9.6x nm nm nm 0.6x 0.2x (0.2x) 11.8x 10.2x 9.3x $123,339 $122,704 $117,674 PrairieSky Royalty PSK CAD JK OP $26.51 $ % $6,275 -$57 $6, x 25.1x 22.6x nm nm nm (0.2x) (0.2x) (0.3x) 21.5x 25.0x 22.3x $246,166 $253,385 $227,169 Royalty Co's Average 4.0% 16.7x 17.6x 16.1x nm nm nm 0.2x 0.0x (0.3x) 16.7x 17.6x 15.8x $184,752 $188,045 $172,422 Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

14 14 Global Upstream, Integrated & Refining Operating Metrics

15 15 Exhibit 11. Global Majors, North American Integrated, Canadian Large-cap E&P & U.S. Refiners Operating Metrics Consensus Comps - Operating Metrics Production (Mboe/d) Gas % PPSG (%) DAPPS Growth (%) CapEx ($MM) Total Payout (%) Free Cash Flow Yield (%) Company Ticker Currency Analyst Rating 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Global Majors BP BP USD N/A NR 3,595 3,660 3,787 36% 39% 42% 8% 1% 3% 10% 8% 6% $16,562 $15,327 $15, % 92% 86% 2% 6% 7% Chevron CVX USD N/A NR 2,728 2,902 3,035 37% 38% 38% 5% 6% 5% 9% 11% 7% $18,800 $12,800 $14, % 72% 72% 1% 7% 7% ConocoPhillips COP USD N/A NR 1,356 1,240 1,287 40% 37% 38% -10% -7% 4% 6% 1% 6% $4,600 $5,513 $5,600 84% 66% 62% 3% 6% 7% Ecopetrol ECOPETROL USD N/A NR % 17% 17% 0% 0% 3% 119% 28% 6% $1,975 $3,653 $3,989 30% 48% 52% 10% 9% 8% Eni ENI USD N/A NR 1,816 1,892 1,950 51% 49% 48% 3% 4% 3% 8% 8% 6% $11,141 $9,110 $9, % 88% 83% 2% 8% 9% ExxonMobil XOM USD N/A NR 3,985 3,875 3,968 43% 41% 40% -4% -3% 2% -4% -1% 3% $16,246 $19,698 $23,826 97% 83% 88% 4% 6% 5% Occidental OXY USD N/A NR % 22% 21% -5% 9% 10% -7% 13% 11% $3,638 $3,932 $3, % 88% 77% 2% 5% 6% Petrobras PBR USD N/A NR 2,767 2,721 2,828 20% 20% 20% 0% -2% 4% 19% 5% 8% $13,262 $15,000 $15,000 53% 60% 53% 11% 9% 12% Royal Dutch Shell RDSB USD N/A NR 3,664 3,691 3,843 49% 51% 50% -2% 1% 4% 5% 9% 6% $20,845 $22,820 $23, % 88% 85% 5% 7% 8% Equinor EQNR USD N/A NR 1,922 1,962 2,038 46% 44% 44% 3% 2% 4% 6% 3% 7% $9,400 $11,000 $11,000 87% 75% 79% 6% 9% 8% TOTAL FP USD N/A NR 2,566 2,725 2,934 45% 41% 40% 1% 1% 8% 12% 2% 10% $14,395 $14,000 $14, % 90% 84% 5% 7% 8% Global Average 2,338 2,367 2,466 0% 1% 5% 17% 8% 7% 96% 77% 75% 5% 7% 8% North American North American Integrated Cenovus Energy CVE CAD N/A NR % 18% 17% 17% 5% 2% -14% 6% 9% $1,661 $1,622 $1,805 64% 98% 58% 8% 2% 11% Hess Corp HES USD N/A NR % 35% 32% -5% -14% 14% 4% -20% 13% $1,937 $2,151 $2, % 135% 108% -1% -2% 1% Husky Energy HSE CAD N/A NR % 26% 25% 1% -3% 6% 5% 4% 8% $2,220 $3,073 $3,629 75% 84% 91% 6% 5% 4% Imperial Oil IMO CAD N/A NR % 5% 5% -2% 5% 5% 0% 9% 8% $671 $1,636 $2,187 43% 56% 67% 6% 6% 5% Repsol REP USD N/A NR % 63% 63% -3% 2% 1% 9% 24% 3% $3,672 $4,021 $4,232 79% 84% 85% 8% 7% 7% Suncor Energy SU CAD N/A NR % 0% 0% 11% 13% 10% 15% 17% 15% $5,822 $4,920 $4,885 89% 66% 59% 4% 7% 9% North American Integrated Average % 1% 6% 3% 7% 9% 81% 87% 78% 5% 4% 6% Canada Large Cap E&P Canadian Natural CNQ CAD N/A NR 962 1,119 1,159 29% 25% 24% 8% 15% 4% 6% 24% 10% $4,972 $4,360 $4,476 90% 60% 59% 4% 11% 11% Encana ECA USD N/A NR % 54% 54% -11% 19% 20% -3% 19% 24% $1,760 $1,850 $1, % 103% 78% -6% 0% 5% MEG MEG CAD N/A NR % 0% 0% -23% 9% 12% 1% 73% 13% $503 $700 $ % 181% 88% -5% -12% 3% Canada Large Cap E&P Average % 14% 12% 1% 39% 16% 132% 115% 75% -2% 0% 6% US Refining Andeavor ANDV USD N/A NR $1,353 $1,500 $1, % 69% 54% 1% 5% 8% CVR Energy CVI USD N/A NR N/A N/A N/A N/A N/A N/A 0% 0% 0% CVR Refining LP CVRR USD N/A NR $100 $125 $ % 82% 77% 2% 10% 11% Delek DK USD N/A NR $178 $310 $225 68% 57% 40% 4% 7% 11% HollyFrontier HFC USD N/A NR $272 $443 $406 51% 50% 47% 5% 7% 7% Marathon Petroleum MPC USD N/A NR $3,856 $3,769 $3,500 97% 104% 76% 3% 2% 6% PBF Energy PBF USD N/A NR $727 $558 $ % 82% 70% -1% 5% 8% Phillips 66 PSX USD N/A NR $1,800 $2,300 $2,350 85% 67% 65% 3% 6% 6% Valero Energy VLO USD N/A NR $2,400 $2,272 $1,960 73% 68% 51% 5% 6% 9% US Refining Average 101% 72% 60% 3% 5% 7% Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

16 16 Exhibit 12. Canadian SMID-cap Producers Operating Metrics (CIBC Base Deck) Consensus Comps - Operating Metrics Production (MBoe/d) % Gas PPSG (%) DAPPS Growth (%) CapEx ($MM) Total Payout (%) Free Cash Flow Yield (%) Company Ticker Currency Analyst Rating 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E Canadian Oil-Weighted SMID Cap E&Ps Athabasca Oil ATH CAD N/A NR % 13% 15% 136% 12% 11% 64% 20% 18% $262 $140 $ % 99% 76% -19% 0% 7% Baytex Energy BTE CAD DP NT % 21% 20% -10% 1% 3% -18% -7% 13% $326 $359 $350 94% 89% 70% 2% 4% 12% BlackPearl Resources PXX CAD N/A NR % 1% 1% 1% 11% 38% -19% 7% 54% $170 $83 $63 292% 138% 49% -25% -5% 15% Bonterra Energy BNE CAD JK NT % 31% 31% 1% 4% 0% -3% -3% 6% $78 $75 $75 115% 87% 74% 5% 11% 15% Cardinal Energy CJ CAD JK OP % 14% 15% -5% -9% 2% -24% -7% 10% $69 $56 $65 132% 88% 65% 3% 13% 22% Crescent Point Energy CPG CAD DP NT % 10% 10% -1% 3% 6% -18% -7% 10% $1,855 $1,858 $2, % 105% 88% -2% 2% 9% Enerplus ERF CAD JK OP % 47% 46% -16% 8% 9% -7% 12% 17% $459 $556 $600 93% 86% 79% 2% 3% 5% Gear Energy GXE CAD N/A NR % 13% 13% 24% 13% 16% 27% 19% 19% $48 $50 $65 110% 94% 91% -2% 1% 3% Granite Oil GXO CAD N/A NR % 0% 0% -8% -7% 5% -17% -18% 8% $19 $15 $13 116% 131% 86% 6% 4% 13% InPlay Oil IPO CAD N/A NR % 28% 27% 88% 15% 12% 66% 17% 19% $49 $39 $44 197% 101% 91% -20% 0% 3% Obsidian Energy OBE CAD DP NT % 34% 33% -42% -10% 12% -34% -22% 16% $141 $175 $225 88% 133% 82% 3% -6% 7% Pengrowth Energy PGF CAD JK UN % 20% 23% -31% -45% 13% -7% -51% 21% $118 $71 $85 170% 74% 63% -10% 5% 10% Raging River Exploration RRX CAD DP OP % 8% 9% 25% 7% 11% 18% 6% 15% $372 $353 $ % 93% 88% -6% 2% 4% Surge Energy SGY CAD DP NT % 19% 20% 13% 8% 7% 2% -3% 7% $98 $110 $ % 99% 93% 1% 4% 6% Tamarack Valley Energy TVE CAD DP OP % 36% 35% 6% 12% 9% -9% 18% 20% $192 $207 $ % 88% 75% -3% 3% 8% TORC Oil & Gas TOG CAD JK OP % 13% 13% 0% 8% 9% -1% 9% 22% $133 $181 $200 85% 74% 61% 5% 10% 16% Vermilion Energy VET CAD DP OP % 48% 43% 3% 14% 9% 5% 13% 16% $320 $481 $ % 96% 79% 5% 7% 12% Whitecap Resources WCP CAD DP OP % 16% 16% 15% 14% 5% 6% 16% 15% $340 $448 $460 87% 78% 61% 5% 9% 16% Yangarra Resources YGR CAD SR OP % 42% 43% 75% 53% 51% 121% 60% 61% $83 $111 $ % 124% 79% -7% -5% 7% Oil-Weighted SMID Cap E&Ps Average % 6% 12% 8% 4% 19% 136% 99% 76% -3% 3% 10% Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV CAD JK OP % 96% 92% 11% 8% 12% 7% -5% 18% $245 $175 $ % 106% 74% -8% -1% 8% ARC Resources ARX CAD JK OP % 72% 70% 3% 7% 8% -2% 2% 11% $927 $690 $ % 112% 91% -4% 3% 6% Bellatrix Exploration BXE CAD N/A NR % 74% 74% 3% -18% -5% -29% -60% -5% $65 $57 $50 112% 94% 114% -9% 5% -8% Birchcliff Energy BIR CAD DP OP % 81% 79% 4% 14% 11% 6% -5% 18% $417 $252 $ % 93% 77% -8% 4% 10% Bonavista Energy BNP CAD JK NT % 72% 70% -3% -4% -5% -2% -31% 4% $290 $145 $ % 53% 74% -2% 38% 20% Cequence Energy CQE CAD N/A NR % 77% 74% -8% -26% -15% -35% -59% -18% $22 $14 $10 112% 124% 77% -12% -15% 16% Chinook Energy CKE CAD N/A NR % 84% 84% -38% 15% -6% -40% 13% -7% $39 $5 $9 781% 115% 142% -76% -1% -6% Crew Energy CR CAD DP NT % 75% 74% -7% 6% -2% -20% -23% -4% $238 $94 $95 218% 118% 119% -37% -4% -4% Delphi Energy DEE CAD N/A NR % 59% 58% -5% 24% 9% -7% -4% 3% $117 $79 $83 320% 135% 126% -51% -13% -11% Iron Bridge Resources IBR CAD N/A NR % 69% 66% -60% -16% 28% -60% -17% 13% -$21 $33 $ % 346% 195% 18% -19% -13% Journey Energy JOY CAD N/A NR % 53% 53% -2% 37% 0% -2% 4% 0% $66 $31 $40 213% 95% 91% -47% 2% 5% Kelt Exploration KEL CAD JK OP % 53% 55% 4% 27% 23% 10% 26% 24% $244 $278 $ % 126% 96% -9% -4% 1% Leucrotta Exploration LXE CAD JK NT % 70% 67% 141% 23% 37% 129% 19% 24% $58 $33 $65 604% 169% 208% -13% -4% -9% NuVista Energy NVA CAD JK OP % 62% 63% 8% 25% 21% -1% 26% 26% $315 $300 $ % 102% 85% -7% 0% 4% Painted Pony Energy PONY CAD DP NT % 91% 90% 28% 22% -1% 9% -12% -6% $303 $162 $ % 111% 132% -58% -5% -12% Paramount Resources POU CAD JK NT % 63% 61% 30% 77% 15% -48% 60% 8% $536 $601 $ % 182% 133% -19% -15% -10% Perpetual Energy PMT CAD N/A NR % 85% 83% -37% 8% -8% -58% -40% -7% $73 $25 $23 236% 98% 102% -113% 1% -1% Petrus Resources PRQ CAD SR NT % 72% 71% 13% -1% 2% 10% -25% 10% $73 $29 $36 155% 67% 71% -41% 23% 24% Peyto Exploration PEY CAD DP NT % 90% 88% 4% -6% 0% -6% -22% 3% $517 $222 $ % 65% 95% 3% 18% 8% Pine Cliff Energy PNE CAD DP UN % 95% 95% -5% -9% 5% -10% -27% 5% $13 $11 $13 47% 166% 105% 15% -4% -1% Seven Generations VII CAD JK OP % 41% 41% 30% 16% 13% 25% 6% 18% $1,651 $1,750 $1, % 104% 87% -8% -1% 5% Storm Resources SRX CAD JK NT % 81% 81% 20% 25% 24% 14% 16% 18% $82 $60 $ % 72% 113% -5% 7% -4% Tourmaline Oil TOU CAD DP OP % 82% 78% 13% 11% 6% 8% 11% 9% $1,364 $1,094 $1, % 90% 89% -2% 3% 4% Gas-Weighted SMID Cap E&Ps Average % 11% 8% -4% -6% 7% 149% 119% 109% -21% 1% 1% Royalty Co's Freehold Royalties FRU CAD JK NT % 46% 44% -6% -2% 0% -5% 0% 6% $5 $4 $4 58% 54% 45% 8% 10% 12% PrairieSky Royalty PSK CAD JK OP % 52% 49% 5% -3% 13% 5% -3% 15% $0 $0 $0 61% 73% 58% 5% 4% 5% Royalty Co's Average % -2% 7% 0% -1% 11% 59% 63% 52% 7% 7% 8% Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.

17 17 Exhibit 13. U.S. Bakken, Marcellus/Utica, Permian/Eagle Ford & Rockies/Niobrara Producers Operating Metrics Consensus Comps - Operating Metrics Production (Mboe/d) Gas % PPSG (%) DAPPS Growth (%) CapEx ($MM) Total Payout (%) Free Cash Flow Yield (%) Company Ticker Currency Analyst Rating 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E 2017A 2018E 2019E U.S. Bakken Producers Continental Resources CLR USD N/A NR % 42% 41% 12% 22% 16% 20% 44% 21% $1,990 $2,331 $2,800 96% 67% 70% 0% 5% 5% Newfield Exploration NFX USD N/A NR % 37% 37% -7% 22% 15% -12% 17% 15% $1,156 $1,316 $1, % 100% 89% -3% 0% 3% Oasis Petroleum OAS USD N/A NR % 23% 23% 15% 6% 19% 35% 8% 18% $836 $1,115 $1, % 131% 94% -7% -6% 2% QEP Resources QEP USD N/A NR % 47% 42% -5% -4% 5% -28% -8% 4% $1,220 $1,132 $1, % 150% 117% -22% -14% -6% Whiting Petroleum WLL USD N/A NR % 16% 16% -29% 9% 7% -20% 51% 11% $912 $751 $ % 70% 69% -4% 7% 8% U.S. Bakken Producers Average % 11% 12% -1% 22% 14% 137% 104% 88% -7% -2% 2% Marcellus / Utica Antero Resources AR USD N/A NR % 72% 71% 21% 19% 21% 12% 11% 19% $1,282 $2,015 $2,088 66% 111% 93% 10% -3% 3% Cabot Oil & Gas COG USD N/A NR % 99% 100% 10% 15% 32% 11% 18% 32% $765 $948 $934 89% 97% 71% 2% 1% 5% Chesapeake Energy CHK USD N/A NR % 73% 72% -16% -2% 1% -19% -4% -1% $2,458 $2,158 $2, % 113% 103% -28% -6% -2% EQT Corp EQT USD N/A NR % 93% 94% -21% 68% 15% -37% 57% 17% $2,430 $4,122 $3, % 136% 94% -6% -8% 2% Gulfport Energy GPOR USD N/A NR % 89% 89% 31% 28% 9% -19% 4% 3% $1,100 $796 $ % 101% 102% -26% -1% -1% Range Resources RRC USD N/A NR % 68% 68% 30% 11% 10% 8% -5% 10% $1,154 $941 $1, % 93% 98% -7% 2% 1% Southwestern Energy SWN USD N/A NR % 86% 84% -1% -8% 7% -20% -17% 9% $1,268 $1,211 $1, % 102% 98% -6% -1% 1% Marcellus / Utica Average % 19% 13% -9% 9% 13% 133% 108% 94% -9% -2% 1% Permian / Eagle Ford Apache APA USD N/A NR % 35% 37% -13% 1% 9% -13% -3% 8% $3,100 $3,013 $3, % 93% 90% -2% 4% 5% Callon CPE USD N/A NR % 23% 23% 50% 26% 37% 20% 6% 39% $420 $555 $ % 130% 108% -8% -6% -2% Centennial Resources CDEV USD N/A NR % 26% 26% 139% 91% 39% 120% 82% 35% $624 $963 $1, % 144% 121% -8% -7% -4% Cimerax XEC USD N/A NR % 43% 41% 18% 14% 18% 16% 10% 15% $1,233 $1,650 $1, % 111% 105% -1% -1% 0% Concho Resources CXO USD N/A NR % 35% 30% 26% 33% 40% 28% 36% 57% $1,700 $2,232 $3,282 99% 91% 87% 0% 1% 3% Devon DVN USD N/A NR % 34% 32% -11% 1% 6% -5% 2% 8% $2,759 $2,628 $2, % 83% 83% 1% 3% 4% Diamondback Energy FANG USD N/A NR % 12% 12% 69% 44% 29% 47% 43% 29% $861 $1,411 $1,738 95% 101% 86% 0% 0% 3% Energen Corp EGN USD N/A NR % 21% 21% 39% 29% 30% 26% 27% 26% $1,189 $1,200 $1, % 121% 112% -9% -3% -3% EOG Resources EOG USD N/A NR % 29% 28% 8% 16% 19% 10% 21% 21% $3,951 $5,607 $6,550 90% 81% 80% 1% 3% 3% Laredo LPI USD N/A NR % 29% 29% 17% 16% 16% 45% 2% 12% $575 $587 $ % 102% 107% -10% 0% -2% Marathon Oil MRO USD N/A NR % 35% 34% -6% 9% 8% -3% 28% 12% $1,974 $2,307 $2, % 76% 74% 1% 5% 7% Matador Resources MTDR USD N/A NR % 41% 39% 28% 15% 19% 28% 13% 14% $699 $680 $ % 143% 119% -12% -7% -4% Parsley PE USD N/A NR % 17% 16% 28% 41% 35% 23% 35% 33% $1,179 $1,536 $1, % 130% 107% -9% -5% -1% Pioneer Natural Resources PXD USD N/A NR % 20% 19% 16% 19% 13% 16% 21% 15% $2,611 $2,968 $3, % 95% 84% -1% 1% 2% RSP Permian RSPP USD N/A NR % 13% 13% 70% 35% 34% 48% 37% 36% $673 $869 $1, % 99% 88% -3% 0% 2% SM Energy SM USD N/A NR % 40% 37% -29% -3% 19% -31% 9% 14% $888 $1,273 $1, % 193% 117% -16% -23% -6% WPX Energy WPX USD N/A NR % 21% 21% 12% 10% 30% 23% 28% 30% $1,161 $1,267 $1, % 140% 96% -9% -5% 1% Permian / Eagle Ford Average % 23% 24% 23% 23% 24% 150% 114% 98% -5% -2% 0% Rockies / Niobrara Anadarko APC USD N/A NR % 27% 27% -13% 6% 11% -11% 8% 13% $5,300 $4,881 $5, % 85% 74% -3% 4% 7% Extraction Oil & Gas XOG USD N/A NR % 29% 29% 73% 66% 37% 24% 57% 40% $1,127 $910 $ % 130% 84% -29% -7% 6% Noble Energy NBL USD N/A NR % 42% 40% -20% -6% 13% -21% -4% 13% $2,649 $2,894 $3, % 121% 99% -3% -2% 1% PDC Energy PDCE USD N/A NR % 36% 35% 23% 26% 32% 19% 23% 32% $737 $897 $1, % 108% 86% -4% -2% 4% SRC Energy SRCI USD N/A NR % 32% 34% 144% 46% 32% 103% 54% 35% $450 $516 $ % 101% 85% -6% 0% 4% Ultra Petroleum UPL USD N/A NR % 94% 93% N/A 6% 11% N/A -66% 10% $549 $400 $ % 92% 99% -89% 9% 1% Rockies / Niobrara Average % 24% 23% 23% 12% 24% 195% 106% 88% -22% 0% 4% Notes: 1) Estimates for companies not under coverage are from Factset; 2) Consensus is based on the median of analyst estimates; 3) All US/International peers are in US$; 4) nm = not meaningful, N/A = not available, R = restricted; 5) DP Dave Popowich, JK Jamie Kubik, JM Jon Morrison, SR Scott Reid; 6) Price targets are 12 to 18 months. Source: Factset and CIBC World Markets Inc.