1
January 20, 2020
IndicatorCurrent
Value
Week's
Change
%
Change Direction
Prompt Oil Price ($/bbl) $58.52 ($1.04) (1.7%)
Prompt Gas Price ($/mmbtu) $2.08 ($0.09) (4.3%)
Wkly Trans. Value ($mm) $17 ($158) (90%)
Wkly Trans. Count 2 (1) (33%)
US Rig Count 796 15 1.9%
US Oil Prod'n (mmbbl/d) 13.0 0.1 0.8%
US Gas Prod'n (bcf/d)(1) 114.8 -- --
US Oil Storage (mmbbl) 428.5 (2.5) (0.6%)
US Gas Storage (tcf) 3.0 (0.1) (3.5%)
$2.2
$8.0
$9.9 $10.7
$4.9
$15.8
$21.2 $21.9 $24.1
$17.0
$9.1 $9.2
$20.8
$8.2
$31.6
$19.5
$1.7
$17.0
$10.7
$0.2 --
50
100
150
200
250
300
350
400
450
500
--
$5
$10
$15
$20
$25
$30
$35
$40
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 80% 33%
Nu
mb
er
of
Tra
ns
ac
tio
ns
Tra
ns
ac
tio
n V
alu
e (
$b
n)
Asset Corporate Number of Transactions
% Oil% Oil% Oil
$64.3
Lilis Energy announced it received a non-binding cash offer of
approximately $17 million from Värde Partners proposing to
take the company private
Debt
Markets
13 issuers priced 16 tranches for approximately $12 billion in proceeds last week
One energy deal priced last week
Laredo Petroleum priced $600 million of 9.50% senior notes due 2025 and $400 million of 10.125%
senior notes due 2028. BMO Capital Markets acted as Joint Bookrunner on this transaction
U.S. high yield funds reported an inflow of $1.7 billion
ETFs reported an inflow of $1.24 billion, while mutual funds reported an inflow of $488 million
High yield index yield was 5.19%; high yield energy index yield was 8.22%
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. EIA U.S. natural gas gross withdrawals and production reported monthly as of Oct 2019.
2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.
Key Industry Indicators
Quarterly Deal Activity
S&P E&P(2) underperformed last week (1.9)% vs. SPX(2) 1.6%
The U.S. equity indexes finished up last week. Consumer discretionary, financials, industrials, consumer
staples, healthcare, materials, tech, and real estate were all up
Equity
Markets
Oil ended last week down. WTI was able to bounce up from below its 200-day moving average – this
small rally seemed more technical than fundamental. Given the extent of upcoming refinery turnarounds,
poor product margins, and high freight rates, it would be surprising to see any sustained momentum
higher. The bullish side of the equation involves geopolitical events such as Iran, and as a consequence,
Iraq. The IEA’s report made a point to mention Iraqi supplies as “potentially vulnerable” given the current
political climate. In other news, it has been quite a foggy few days in Houston and that has certainly
affected vessel traffic in and around the Houston Ship Channel. This will find its way into the inventory
report next week; therefore, imports/exports numbers will most likely remain low this week. The near-term
contract closed down $1.04, or 1.7%, at $58.52
Gas ended last week down. Colder weather in multiple regions helped lift forecast demand. In addition,
exports seemed to continue to outpace anticipated results. The failure to rally on the more bullish than
expected EIA number led to a sharp sell off in the last hour of trading. The near-term contract closed
down $0.09, or 4.3%, at $2.08
Commodities
Week in Review
Let’s follow these guidelines when sorting articles:
• First priority: Domestic A&D, ranked by size
• Next: Domestic M&A
• Then: US companies doing international deals (like
Noble’s Tamar)
• Then: Others (Cabot’s Lackawanna)
• Then: Prices, rig count, completions, etc.
To paste the arrows with colors,
• FactSet
• Settings
• Presentation Linking and Formatting
• Import
• Colors
• Change Color Font Covering the Week of January 10 to January 16, 2020
This is the final issue for 2018. The Market Monitor will
return on Monday, January 7th. Happy Holidays from the
BMO Capital Markets team!
BMO is marketing PayRock Energy’s divestiture of South
Texas Eagle Ford assets (see page [x])
The October issue of BMO Calgary’s A&D (Canadian) Market
Monitor went live last week – read more here
One E&P deal priced last week
WPX Energy (b1/BB-) priced $600 million of x% Senior
Notes due 2027
One E&P issuer priced last week
Noble Energy priced $500 million of 3.25% senior notes
due 2029 and $500 million of 4.20% senior notes due
2049. BMO Capital Markets acted as a Joint
Bookrunner on this transaction
All references to last week in the comments below are through Thursday
The conflict with Iran was front-and-center, while
storage fundamentals were a distant second. Freight
rates have increased making it more expensive to move
crude to and from the U.S., Middle East, Europe, and
Asia. This may pressure the spread wider. Iran’s strikes
against U.S. air bases in Iraq using ballistic missiles
caused the market to initially soar. As additional news
came out indicating there were no deaths and the
strikes were isolated, the market seemed to take some
of the risk premium out. President Trump’s press
conference further assured the market that perhaps the
worst of this is over and a full scale response from the
U.S. would not be happening. Inventory numbers were
significantly bearish and refinery runs were lower by
386kbpd. A new White House proposal would make the
process for permitting a new pipeline project much
faster. The changes include language requiring a
project’s environmental effects to be “reasonably
foreseeable” and have a “reasonably close causal
relationship” to the project.
Prompt month pushed against downtrend resistance at
$2.16, which has essentially been in place since the
Nov 2019 highs. Lower 48 forecast weather forecasts
shifted markedly colder as the polar air mass over
western Canada finds traction and pushes south into
the Midwest and East in the next few days. The easterly
shift is expected to lift temperatures in the MTN and
West regions as low pressure drags warmer Pacific air
into the region.
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2
January 20, 2020
$0.6
$4.7
$1.0 $0.1 $0.2
--
$3.2
--
--
$0.0 $0.6
$7.9
$1.0
$0.1
$0.2
2016 2017 2018 2019 2020
26 70 47 10 3
Asset Corporate
Deal Count
R / P
Sales Value /
Proved Reserves
(15:1)
(ratio) ($ / boe) ($ / mcfe)
8x $17.62 $1.17
10x $15.50 $1.03
15x $11.24 $0.75
20x $8.16 $0.54
y = 29.441e-0.064x
R² = 0.2924
--
$10
$20
$30
$40
$50
$60
-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x
Sa
les
Pri
ce
/ P
rove
d R
es
erv
es
($
/bo
e @
15
:1)
R / P
Ann'd
Date Buyer Seller Area Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)
09-Jan-20 Kimbell Royalty Partners Springbok Energy Partners Multi-Region 2,160 net royalty acres across the U.S. $175 n.a. $69,088 nmf
31-Dec-19 BCE-Mach III LLC Alta Mesa Resources Mid-Continent 128,000 net acres in STACK $225 $3.25 $6,403 $1,756
22-Dec-19 Navitas Petroleum LP Denbury Resources Other 50% WI in conventional Texas assets $50 $13.51 $47,619 n.a.
20-Dec-19 Undisclosed Buyer Riviera Operating LLC Ark-La-Tex 75,873 net acres in East Texas $34 $1.02 $7,281 $448
19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Marcellus/Utica Non-op Utica assets $29 n.a. n.a. n.a.
17-Dec-19 Banpu Public Co Ltd Devon Energy Barnett 300,000 net acres in Barnett $770 $1.15 $7,739 $2,567
12-Dec-19 W&T Offshore ConocoPhillips Gulf of Mexico Deepwater GOM assets $20 $4.88 $8,696 n.a.
10-Dec-19 Talos Energy Multiple Gulf of Mexico GOM assets and exploration prospects $640 $14.71 $33,684 n.a.
10-Dec-19 Dow Devon Energy Mid-Continent STACK Basin JV $100 n.a. n.a. n.a.
09-Dec-19 YTEF Drilling Capital LLC Bayswater E&P LLC Other Rockies DJ Basin JV $125 n.a. n.a. n.a.
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services
Public Company
45%
PE / PE-Backed
17%
Private10%
Other28%
LTM By Buyer Type
Permian20%
Rockies (ex. Bakken)
8%
Bakken4%
Appalachia7%
Mid-Con15%
Eagle Ford6%
Ark-La-Tex5%
Gulf of Mexico8%
Other26%
LTM By Region
Oil49%
Gas51%
LTM By Commodity
The 10 Most Recent Asset Transactions Over $20 Million
A&D Valuation Trends(3)
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS
1. Represents total enterprise value. 2. Calculated as percentage of total LTM transaction count (number of transactions, not dollar value).
3. 68 transactions from January 2015 to 2019 with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1
(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.
4. Year-to-date data is through this week’s date for each respective year.
(2) (2) (2)
Confirm number of transactions weekly --->
Deal Activity – YTD ($bn)(4)
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3
January 20, 2020
1/16/2020
Appalachia 5
Ark-La-Tex 5
Bakken 6
Eagle Ford 15
Mid-Con 12
Other 11
Permian 22
Rockies 14
90
Select Significant Deals on the Market
Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
Source of Select Significant Deals on the Market: BMO Transaction Database
Source of Headlines: Press releases
Industry Headlines
(Click headline to link to the full article)
M&A&D Headlines
Appalachia
5 Deals
Mid-Con
12 Deals
Eagle Ford
15 Deals
Permian
22 Deals
Other
11 Deals
Rockies
14 Deals
Bakken
6 Deals
Ark-La-Tex
5 Deals
BMO Deals (Status)
Siltstone Appalachia (In Market) – See page 6
Metric Shows Expanding Oil Market Supply
U.S. Energy Exports to Climb as China Pledges
Ramp-Up in Purchases
Crude Exports Boom on U.S. Gulf Coast, Allaying
Bottleneck Fears
U.S. Oil Production Hits Estimated Record 13 Million
Barrels Per Day
Trump Moves to Overhaul the National Environmental
Policy Act
Wind, Solar Projects Will Produce Most New U.S.
Capacity This Year
Texas RRC Staff Sets Record Processing Standard
Drilling Permits in 2019
One of the Best Permian Investments Doesn't
Produce Any Oil
Parsley CEO Says Shale Will Deliver Returns This
Year
Lilis Energy Receives Non-Binding Cash Take Private
Offer from Värde Partners
Talos Energy Announces Full Year 2019 Operating
and Financial Guidance (includes A&D
announcement)
[TBU]
+ the EQT mineral/JV Deal
+ Antero ORRI deal
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4
January 20, 2020
25%
35%
45%
55%
65%
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20
% o
f W
TI
NGL as % of WTI
$1
$2
$3
$4
$5
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21
($/m
mb
tu)
$20
$30
$40
$50
$60
$70
$80
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21
($/b
bl)
NGL PRICING(2)
HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)
Commodity Prices
Source: BMO Commodity Products Group, Bloomberg, FactSet
1. Future prices are calendar year average unless stated otherwise.
2. Assumes typical Gulf Coast barrel composition.
NYMEX WTI Futures as of 16-Jan-20 Close ($/bbl) NYMEX Gas Futures as of 16-Jan-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $57.06 $57.79 $56.87 $54.07
2020 $57.24 $58.00 $55.67 $54.63
2021 $53.62 $54.07 $53.30 $54.43
2022 $51.82 $52.10 $52.40 $54.41
2023 $51.27 $51.46 $52.38 $54.63
2024 $51.41 $51.61 $52.68 $54.78
NYMEX Gas Futures as of 16-Jan-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $2.27 $2.33 $2.47 $2.96
2020 $2.23 $2.29 $2.53 $2.71
2021 $2.43 $2.43 $2.57 $2.63
2022 $2.59 $2.59 $2.74 $2.81
2023 $2.59 $2.59 $2.74 $2.81
2024 $2.59 $2.59 $2.74 $2.81
Historical Prices as of 16-Jan-20 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
Ethane $0.16 $0.16 $0.16 $0.30
Propane $0.43 $0.46 $0.51 $0.68
Butane $0.67 $0.71 $0.50 $0.71
Iso-butane $0.84 $0.81 $0.74 $0.81
Pentane+ $1.20 $1.20 $1.18 $1.06
WTI OIL (HISTORICAL / FORECAST)
Links:
http://www.nasdaq.com/markets/crude-oil.aspx
http://www.bloomberg.com/quote/CL1:COM
http://www.nasdaq.com/markets/natural-gas.aspx
http://www.bloomberg.com/quote/NG1:COM
Link to Detailed
Futures Data
Link to Detailed
Historical Graph
Link to Detailed
Futures Data
Link to Detailed
Historical Graph
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NYMEX WTI Futures as of 02-Jan-20 Close ($/bbl) NYMEX Gas Futures as of 02-Jan-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $58.95 $59.31 $55.58 $48.71
2020 $59.17 $59.55 $54.61 $50.33
2021 $54.82 $54.86 $52.82 $51.37
2022 $52.50 $52.31 $52.32 $52.22
2023 $51.69 $51.32 $52.58 $53.06
2024 $51.80 $51.30 $53.16 $53.65
NYMEX Gas Futures as of 02-Jan-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $2.29 $2.31 $2.41 $2.75
2020 $2.25 $2.31 $2.49 $2.62
2021 $2.42 $2.41 $2.55 $2.59
2022 $2.57 $2.58 $2.72 $2.78
2023 $2.57 $2.58 $2.72 $2.78
2024 $2.57 $2.58 $2.72 $2.78
Historical Prices as of 02-Jan-20 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
Ethane $0.15 $0.19 $0.14 $0.31
Propane $0.45 $0.45 $0.44 $0.64
Butane $0.67 $0.68 $0.42 $0.70
Iso-butane $0.82 $0.81 $0.57 $0.79
Pentane+ $1.23 $1.25 $1.08 $0.97
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5
January 20, 2020
($0.48)
$2.08
$58.52
Clearbrook
Midland
Cushing
St. James
(LLS)
East Coast
U.S. (Brent)
Midland Sweet-
Sour Spread
EMS
AECO
Northern
California
Sumas
Southern
California
El Paso - SJ
Waha
HSC
Henry Hub
Panhandle
CIG Chicago
Dominion
Transco
$2.26
$0.18
$61.62
$3.10
$2.11
$0.03
$1.79
($0.29)
$1.82
($0.26)
$1.73
($0.35)
$1.75
($0.33)
$2.26
$0.18
NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 16-JAN-20
$2.89
$0.81
$64.62
$6.10
$49.52
($9.00)
Commodity Prices (cont’d)
OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 16-JAN-20
Legend
Price
Diff.
Legend
Price
Diff.
Source: BMO Commodity Products Group, Bloomberg
Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.
MAPS IN
MASTER VIEW
[TBU]
[TBU]
$59.30
$0.78
$1.62
($0.46)
$2.07
($0.01)
$1.74
($0.34)
$0.65
($1.43)
[TBU]
$52.27
($6.25)
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[TBU]
6
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 403 6 397 Oil Differential $0.90 $0.10 $0.80
Permitting Activity 117 (120) 237 Gas Differential ($1.42) ($0.04) ($1.38)
0%
10%
20%
30%
40%
50%
60%
--
100
200
300
400
500
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
1,2471,065
1,2071,050
1,256
906775 750
598
852744 787
387
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
-$4.80
-$3.20
-$1.60
$0.00
$1.60
Jan-15 Jul-16 Jan-18 Jul-19
-$18.00
-$12.00
-$6.00
$0.00
$6.00
$ /
mm
btu
$ /
bb
l
Midland Waha
--
$20,000
$40,000
$60,000
$80,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1 2 8 8 6 6 12 13 15 7 2 2 7 2 5 4 1 2 0 4
$ /
acre
# Deals
$24,791
--
$50,000
$100,000
$150,000
$200,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2 4 4
$ /
bo
e/d
# Deals
$88,108
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Permian Snapshot
RIG COUNT
Ann'd
Date Buyer Seller Asset Description Value (1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
09-Dec-19 Laredo Petroleum Inc Undisclosed Seller 4,475 net acres in Midland Basin $65 n.a. $46,429 $14,525
05-Nov-19 Laredo Petroleum Inc Cordero Energy 7,360 net acres in Permian $130 n.a. n.a. $17,697
30-Sep-19 Viper Energy Partners Undisclosed Seller 1,045 net royalty acres in Permian $168 n.a. $143,959 nmf
13-Sep-19 Viper Energy Partners Santa Elena Minerals LP 1,358 net royalty acres in Permian $150 n.a. $107,143 nmf
03-Sep-19 Spur Energy Partners Concho Resources Inc ~70,000 net acres in Eddy and Lea, NM $925 n.a. $37,000 $13,214
Mean $288 n.a. $83,633 $15,145
Median $150 n.a. $76,786 $14,525
Blue = BM O provided transaction advisory services Green = BM O provided acquisit ion f inancing or related services
Purple = BM O provided both transaction advisory services and acquisit ion f inancing or related services
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
TBU
5,000
7,000
9,000
11,000
13,000
15,000
17,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas 4,370
15,620
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7
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 81 1 80 Oil Differential $3.80 $0.55 $3.25
Permitting Activity 40 (35) 75 Gas Differential ($0.07) $0.01 ($0.08)
0%
5%
10%
15%
20%
--
100
200
300
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
398353
472
351401
222173 201 192 221 205 204
127
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
-$0.30
-$0.20
-$0.10
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
Jan-15 Jul-16 Jan-18 Jul-19
-$6.00
-$4.00
-$2.00
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
MEH HSC
6,000
6,500
7,000
7,500
8,000
1,000
1,200
1,400
1,600
1,800
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas
1,405
7,420
Ann'd
Date Buyer Seller Asset Description Value (1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
12-Nov-19 Kimbell Royalty Partners Buckhorn Resources 400 net royalty acres in Eagle Ford $32 n.a. $117,752 nmf
07-Nov-19 Repsol Equinor 100% ow nership in former Eagle Ford JV $325 n.a. $9,559 $7,476
06-Nov-19 Marathon Rocky Creek & Delago 18,000 net acres in Eagle Ford $185 n.a. $26,429 $10,278
17-Jul-19 Undisclosed Buyer Sundance Energy 6,100 net acres in Dimmit County $30 n.a. $28,069 $4,836
19-Nov-18 Lonestar Resources Inc Sabine Oil & Gas Corp 2,706 net acres in Eagle Ford $39 $2.98 $48,375 $14,302
Mean $122 $2.98 $46,037 $9,223
Median $39 $2.98 $28,069 $8,877
Blue = BM O provided transaction advisory services Green = BM O provided acquisit ion f inancing or related services
Purple = BM O provided both transaction advisory services and acquisit ion f inancing or related services
--$10,000$20,000$30,000$40,000$50,000$60,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 1 2 1 2 2 0 4 2 3 1 2 4 2 1 3 0 0 0 0
$ /
acre
# Deals
$8,045
--
$50,000
$100,000
$150,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1 1 3 1 2 2 2 4 4 3 1 2 7 2 0 3 0 0 1 3
$ /
bo
e/d
# Deals
$66,216
Eagle Ford Snapshot
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
8
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 47 -- 47 Oil Differential $3.80 ($0.05) $3.85
Permitting Activity 13 (4) 17 Gas Differential -- -- --
0%
5%
10%
15%
20%
--
20
40
60
80
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
174
113 116 116132
100117
195 196
84
137
6130
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jul-16 Jan-18 Jul-19
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
5,000
6,500
8,000
9,500
11,000
12,500
14,000
60
70
80
90
100
110
120
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas
74
13,201
--$2,000$4,000$6,000$8,000
$10,000$12,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 5 1 1 3 2 3 0 2 2 0 1 1 2 1 0 1 1 1
$ /
mcfe
/d
# Deals
$3,983
--
$5,000
$10,000
$15,000
$20,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 3 1 1 2 1 3 0 1 2 0 1 1 1 1 0 1 1 0
$ /
acre
# Deals
$3,180
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
20-Dec-19 Undisclosed Buyer Riviera Operating LLC 75,873 net acres in East Texas $34 $0.17 $1,213 $448
29-Jul-19 Osaka Gas Sabine Oil & Gas Corp 175,000 net acres in East TX $610 n.a. $2,905 $9,136
19-Dec-18 Comstock Shelby Shale LLC 6,023 net acres in Haynesville $21 n.a. n.a. $3,404
19-Nov-18 Aethon III QEP Resources Inc 49,700 net acres in Haynesville $735 $0.77 $2,475 $14,789
05-Sep-18 Viking Energy Group Multiple Sellers Texas and Louisiana assets $100 n.a. n.a. n.a.
Mean $300 $0.47 $2,198 $6,944
Median $100 $0.47 $2,475 $6,270
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services
Ark-La-Tex Snapshot
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
9
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 51 -- 51 Oil Differential $6.10 $0.29 $5.81
Permitting Activity 13 (16) 29 Gas Differential ($0.24) $0.34 ($0.58)
0%
5%
10%
15%
20%
--
50
100
150
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
-$3.00
-$2.00
-$1.00
$0.00
$1.00
$2.00
$3.00
Jan-15 Jul-16 Jan-18 Jul-19
-$15.00
-$10.00
-$5.00
$0.00
$5.00
$10.00
$15.00
$ /
mm
btu
$ /
bb
l
Brent Dominion
15,000
20,000
25,000
30,000
35,000
80
100
120
140
160
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas
146
31,380397
276
382419
384335 348
303 295259
232188
44
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Non-op Utica assets $29 n.a. n.a. n.a.
21-Oct-19 Heritage Resources Inc Range Resources Southwest Applachia ORRIs $150 n.a. $15,337 nmf
24-Jul-19 Diversified Gas & Oil EdgeMarc Energy Holdings 12,730 net acres in Ohio Utica $50 $0.32 $769 $3,928
19-Jul-19 Multiple Range Resources Corp Southwest Applachia ORRIs $600 n.a. $15,790 nmf
30-Jun-19 Undisclosed Buyer Range Resources Corp 20,000 non-producing net acres in PA $34 n.a. n.a. $1,700
Mean $173 $0.32 $10,632 $2,814
Median $50 $0.32 $15,337 $2,814
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services
--$2,000$4,000$6,000$8,000
$10,000$12,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 1 0 0 1 2 2 4 2 4 1 3 1 3 2 0 0 0 0 0
$ /
acre
# Deals
$564
--$5,000
$10,000$15,000$20,000$25,000$30,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 1 0 0 1 2 2 3 2 5 1 4 3 4 3 1 1 0 2 1
$ /
mcfe
/d
# Deals
$5,500
Appalachia Snapshot
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
10
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 53 2 51 Oil Differential ($6.25) ($3.60) ($2.65)
Permitting Activity 17 (16) 33 Gas Differential ($0.27) -- ($0.27)
0%
5%
10%
15%
20%
--
50
100
150
200
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
133114
144 138 145144
154138
110
157
8372
56
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
1,500
1,800
2,100
2,400
2,700
3,000
3,300
900
1,000
1,100
1,200
1,300
1,400
1,500
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas 1,413
2,974
-$1.00
-$0.50
$0.00
$0.50
Jan-15 Jul-16 Jan-18 Jul-19
-$20.00
-$10.00
$0.00
$10.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
--
$20,000
$40,000
$60,000
$80,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 1 1 4 0 2 3 3 0 1 3 3 0 6 3 0 0 1 0 0
$ /
bo
e/d
# Deals
$45,752
--
$5,000
$10,000
$15,000
$20,000
$25,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 1 2 0 0 2 3 1 0 3 2 0 5 2 0 0 1 0 0
$ /
acre
# Deals
$1,751
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
22-Apr-19 Northern Oil and Gas Flywheel Energy LLC 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238
31-Jul-18 Northern Oil and Gas W Energy Partners 10,600 net acres in Williston Basin $288 n.a. $42,708 $27,196
18-Jul-18 Northern Oil and Gas Pivotal Petroleum Partners LP Producing assets in Williston Basin $152 n.a. $37,032 n.a.
12-Jul-18 PetroShale Inc Slawson Exploration Co 1,981 net acres in Williston Basin $55 $6.04 $100,000 $27,764
06-Jul-18 Energy Resources 12 LP Bruin E&P Partners LLC 2.8% non-operated WI in Bakken assets $83 n.a. n.a. n.a.
Mean $178 $6.04 $56,688 $24,066
Median $152 $6.04 $44,861 $27,196
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services
Bakken Snapshot
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU] [TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
11
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 51 2 49 Oil Differential ($6.25) ($3.60) ($2.65)
Permitting Activity 24 (18) 42 Gas Differential ($0.27) -- ($0.27)
0%
5%
10%
15%
20%
--
50
100
150
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
-$1.00
-$0.50
$0.00
$0.50
Jan-15 Jul-16 Jan-18 Jul-19
-$20.00
-$10.00
$0.00
$10.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
352402
494
328
164
306285
434327 296
168212
66
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
Ann'd
Date Buyer Seller Asset Description Value (1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
09-Dec-19 YTEF Drilling Capital LLC Baysw ater E&P LLC DJ Basin JV $125 n.a. n.a. n.a.
03-Sep-19 Undisclosed Buyer Crescent Point 224,000 net undeveloped acres in Uinta $525 n.a. $32,051 $2,344
14-Feb-19 Undisclosed Buyer Harvest Oil & Gas Corp San Juan Basin assets $43 $1.57 $10,835 n.a.
31-Jan-19 Undisclosed Buyer Extraction Oil & Gas 5,000 net acres in Pow der River $22 n.a. n.a. $4,480
01-Oct-18 DJR Energy LLC Encana 182,000 net acres in San Juan Basin $480 n.a. $88,889 $2,637
Mean $239 $1.57 $43,925 $3,154
Median $125 $1.57 $32,051 $2,637
Blue = BM O provided transaction advisory services Green = BM O provided acquisit ion f inancing or related services
Purple = BM O provided both transaction advisory services and acquisit ion f inancing or related services
--
$5,000
$10,000
$15,000
$20,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 3 3 0 1 1 0 1 0 1 5 2 0 2 1 0 0 0 0
$ /
acre
# Deals
$2,380
--$20,000$40,000$60,000$80,000
$100,000$120,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
2 0 4 4 1 6 2 0 1 6 3 9 3 1 3 1 1 0 2 0
$ /
bo
e/d
# Deals
$36,255
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Rockies (excl. Bakken) Snapshot
RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU]
13,000
13,500
14,000
14,500
15,000
15,500
500
600
700
800
900
1,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas927
13,694
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
12
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 55 1 54 Oil Differential -- -- --
Permitting Activity 44 (25) 69 Gas Differential ($0.46) ($0.04) ($0.42)
0%
5%
10%
15%
20%
--
100
200
300
400
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
H V+D % of Total Rigs
-$1.00
-$0.75
-$0.50
-$0.25
$0.00
$0.25
Jan-15 Jul-16 Jan-18 Jul-19
-$1.00
-$0.75
-$0.50
-$0.25
$0.00
$0.25
$ /
mm
btu
$ /
bb
l
Cushing Panhandle
403339
435389
298367 349
325346 339 334
277
126
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
H V+D
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
31-Dec-19 BCE-Mach III LLC Alta Mesa Resources 128,000 net acres in STACK $225 $3.25 $6,403 $1,756
10-Dec-19 Dow Devon Energy STACK Basin JV $100 n.a. n.a. n.a.
27-Sep-19 Contango White Star Petroleum LLC 314,800 net acres in Mid-Con $133 $1.57 $8,833 $421
12-Sep-19 Contango Will Energy Corporation TX Panhandle, W. Anadarko, and N.LA $23 n.a. $16,429 $144
28-Aug-19 Scout Energy Partners Riviera Resources Inc Hugoton Basin assets $295 $2.30 $17,020 $295
Mean $155 $2.37 $12,171 $654
Median $133 $2.30 $12,631 $358
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services
--
$5,000
$10,000
$15,000
$20,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1 3 1 2 0 3 3 2 4 1 2 1 0 0 0 1 0 0 0 0
$ /
acre
# Deals
$4,284
--
$50,000
$100,000
$150,000
$200,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1 4 1 3 1 6 3 1 4 2 4 5 2 2 5 4 2 0 4 3
$ /
bo
e/d
# Deals
$18,800
Mid-Continent Snapshot
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)
GROSS PRODUCTION
[TBU]
12,000
13,200
14,400
15,600
16,800
18,000
600
650
700
750
800
850
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas 788
13,916
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
13
January 20, 2020
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 19 (1) 20 Oil Differential $3.80 ($0.05) $3.85
Permitting Activity 11 (1) 12 Gas Differential -- -- --
0%
5%
10%
15%
20%
--
10
20
30
40
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Deep Water Shelf % of Total Rigs
32 33
2629
26 2731
28
2224
2220
26
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jul-16 Jan-18 Jul-19
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
Ann'd
Date Buyer Seller Asset Description Value (2)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
12-Dec-19 W&T Offshore ConocoPhillips Deepw ater GOM assets $20 $4.88 $8,696 n.a.
10-Dec-19 Talos Energy Multiple GOM assets and exploration prospects $640 $14.71 $33,684 n.a.
27-Jun-19 W&T Offshore ExxonMobil Mobile Bay assets $200 $2.70 $10,101 n.a.
13-May-19 Equinor Shell 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.
23-Apr-19 Murphy LLOG Bluew ater LLC Mississippi Canyon & Green Canyon $1,375 $20.83 $36,184 n.a.
Mean $640 $10.78 $29,796 n.a.
Median $640 $9.79 $33,684 n.a.
Blue = BM O provided transaction advisory services Green = BM O provided acquisit ion f inancing or related services
Purple = BM O provided both transaction advisory services and acquisit ion f inancing or related services
--
$10
$20
$30
$40
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 1 0 0 0 2 1 0 0 0 1 2 1 0 1 1 2 0 2
$ /
bo
e
# Deals
$15.86
--
$15,000
$30,000
$45,000
$60,000
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
0 0 1 1 0 0 2 0 0 0 0 1 2 2 2 1 1 3 0 2
$ /
bo
e/d
# Deals
$30,696
Gulf of Mexico Snapshot
PERMITTING ACTIVITY BY MONTH(1)
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
Note: Current quarter’s data is through the week covered by this issue.
1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20 million.
3. $/acre multiple not adjusted for value associated with production.
4. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PRODUCTION MULTIPLES(4) TRANSACTION PROVED RESERVE MULTIPLES(4)
[TBU]
2,000
2,500
3,000
3,500
4,000
4,500
1,200
1,400
1,600
1,800
2,000
2,200
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
mm
cf/
d
mb
bl/
d
Oil Gas1,911
2,935
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU]
[TBU] [TBU]
14
January 20, 2020
Upcoming Industry Events
Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
Click event to open
2021
November 2020 Nov 3-4 Executive Oil Conference & Exhibition (Midland)
Nov 11 IPAA Leaders in Industry Luncheon
Nov 17 Houston Producers Forum Luncheon
Nov 17-19 DUG Midcontinent (Oklahoma City)
Nov 20 ADAM-Houston Monthly Luncheon
February 2020 Feb 3-7 NAPE Summit Week
Feb 11-12 Enercom Dallas
Feb 18-19 DUG Rockies (Denver)
Feb 18 Houston Producers Forum Luncheon
Feb 19 SPE Business Development Meeting
Feb 21 ADAM-Houston Monthly Luncheon
Feb 26 SPE A&D Symposium
March 2020 Mar 2 Energy Capital Conference
Mar 3-5 IADC/SPE International Drilling Conference
Mar 4 Women in Energy Luncheon
Mar 5 178th OPEC Meeting
Mar 9-13 Houston CERA Week
Mar 17 Houston Producers Forum Luncheon
Mar 18 SPE Business Development Meeting
Mar 20 ADAM-Houston Monthly Luncheon
April 2020 Apr 6-8 DUG Permian (Fort Worth)
Apr 15 SPE Business Development Meeting
Apr 17 ADAM-Houston Monthly Luncheon
Apr 20-21 OGIS New York
Apr 21 Houston Producers Forum Luncheon
Apr 27-28 Mineral & Royalty Conference
May 2020 May 15 ADAM-Houston Monthly Luncheon
May 19 Houston Producers Forum Luncheon
May 19-20 DUG Haynesville (Shreveport)
May 20 SPE Business Development Meeting
June 2020 Jun 9 179th OPEC Meeting
Jun 16 Houston Producers Forum Luncheon
Jun 16-18 DUG East (Pittsburgh)
Jun 19 ADAM-Houston Monthly Luncheon
Jun 29-Jul 1 IPAA Annual Meeting
January 2020 Jan 21 Houston Producers Forum Luncheon
Jan 23 IPAA Private Capital Conference
Jan 24 ADAM-Houston Monthly Luncheon
July 2020 Jul 21 Houston Producers Forum Luncheon
Jul 20-22 SPE Unconventional Resources Technology
August 2020 Aug 12-13 Summer NAPE
Aug 16-19 Enercom Oil & Gas Conference
Aug 18 Houston Producers Forum Luncheon
Aug 21 ADAM-Houston Monthly Luncheon
September 2020 Sep 9 IPAA Leaders in Industry Luncheon
Sep 9-11 DUG Eagle Ford (San Antonio)
Sep 15 Houston Producers Forum Luncheon
Sep 18 ADAM-Houston Monthly Luncheon
October 2020 Oct 12-15 API Storage Tank Conference & EXPO
Oct 14 IPAA Leaders in Industry Luncheon
Oct 14-15 OilComm Conference & Exposition
Oct 16 ADAM-Houston Monthly Luncheon
Oct 20 Houston Producers Forum Luncheon
Oct 27-28 A&D Strategies and Opportunities Conference
December 2020 Dec 3 IPAA Texas Hold'Em Tournament
Dec 9 IPAA Leaders in Industry Luncheon
Dec 15 Houston Producers Forum Luncheon
15
January 20, 2020
SCOOP/STACK/Merge
DJ-Niobrara
Eagle Ford
Haynesville
Granite Wash
GOM
Permian
Marcellus
Utica
Williston
Gulf Coast Onshore
Piceance
Powder River Green River
Legend
Current
Change
This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of
BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department. No part of this
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by any means by any third parties, except with the prior written permission of BMO Capital Markets.
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Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.
The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital
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BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or
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Source of rig count stats: Baker Hughes
Rig Count Summary MAPS IN
MASTER VIEW
Contacts
Disclaimer
Jason Martinez
MD & Head of U.S. A&D
713-546-9771
Howard Barnwell
MD & Transactions Mgr.
713-546-9767
Rob Priske
MD & Transactions Mgr.
713-546-9727
Dan Schockling
MD & Head of Commercial
713-518-1223
Michael Hackett
Vice President
Marian Yu
Associate
Aaron Moeller
Associate
BMO uses updated basin outlines, and the resulting rig counts, to more accurately represent current basin knowledge. The data below reflect these changes
and is different than those shown by Baker Hughes. The totals are the same.
403
6
53
2
10
--
41
--19
--
19
(1)
4
(2)41
1
47
--
81
1
8
1
3
--
19
110
1
Michelle Tankimovich
Analyst
[TBU]
This
Week Change
Last
Week
Last
Year
Total Rigs 796 15 781 1,050
Oil 673 14 659 852
Gas 120 1 119 198
Miscellaneous 3 -- 3 --
Directional 44 (1) 45 55
Horizontal 709 11 698 929
Vertical 43 5 38 66
Basin
Permian 403 6 397 481
SCOOP/STACK/Merge 41 1 40 99
Granite Wash 4 (2) 6 14
Eagle Ford 81 1 80 97
Haynesville 47 -- 47 65
Marcellus 41 -- 41 62
Utica 10 -- 10 18
Williston 53 2 51 56
DJ-Niobrara 19 -- 19 31
Green River 10 1 9 18
Powder River 19 1 18 19
Piceance 3 -- 3 6
Gulf Coast Onshore 8 1 7 22
GOM 19 (1) 20 19
Alaska 10 3 7 10
Other 28 2 26 33
Mid-Con 10 2 8 21
Rockies -- -- -- 3
Western 16 -- 16 7
Eastern 2 -- 2 2
[TBU]