Beruflich Dokumente
Kultur Dokumente
Month Multiplier:
Bbl to Mcf Conversion Factor:
Conversion Units:
29
6
1000
Circularity:
Yes
Buyer Name:
Buyer Ticker:
Merger Close Date:
LBO Close Date:
No
Type:
Options
RSU
Performance Shares A
Performance Shares B
Performance Shares C
Performance Shares D
Warrants
Number:
18.366
5.493
0.390
0.228
0.245
0.245
2.600
$
$
Exercise
Price:
$
38.39
$
$
$
$
$
Dilution:
1.372
5.493
1.298
50.00
55.00
77.00
85.00
20.78
Diluted Shares:
Buyer - Current Share Price:
Buyer - Minimum Cash Balance:
583.3
41.49
2
591.5
$
$
72.83
5,000
Labels for Valuation - XTO Energy Inc. and Exxon Mobil Corporation
Trailing Twelve Months Label:
Forward Year 1:
Forward Year 2:
Forward Year 3:
Public Company Comparables:
TTM
12/31/2010
12/31/2011
12/31/2012
Precedent Transactions:
5
1
2
3
4
5
NAV
Base
Downside
Upside
DCF
NAV
24,542
(9)
(1,117)
10,487
783
34,686
Gas
Oil / NGL
$ per Mcf
$ per Bbl
$
7.00 $
75.00
$
7.00 $
75.00
4.00
50.00
10.00
100.00
7.00
75.00
7.00
75.00
Oil / Gas
Hedged
Price %
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
Company Name
Share Price
Equity Value
Enterprise Value
TTM EBITDA
Forward Year 1 EBITDA
Forward Year 2 EBITDA
TTM EBITDAX
Forward Year 1 EBITDAX
Forward Year 2 EBITDAX
Production Areas
Proved Reserves
Daily Production
Proved Developed / Total Proved:
Oil Mix %:
R / P Ratio:
TTM Proved Reserves Multiple
TTM Daily Production Multiple
TTM EBITDA Multiple
Forward Year 1 EBITDA Multiple
Forward Year 2 EBITDA Multiple
TTM EBITDAX Multiple
Forward Year 1 EBITDAX Multiple
Forward Year 2 EBITDAX Multiple
Levered Beta
Debt
Tax Rate
2
45
69
70
12
82
85
14
83
86
20
19
22
105
106
107
93
94
91
96
99
92
97
100
71
30
16
Acquirer Name
Target Name
Announcement Date
Offer Price
FX Exchange Rate
Equity Value
Enterprise Value
TTM EBITDA
TTM EBITDAX
Production Areas
Proved Reserves
Daily Production
Proved Developed / Total Proved:
Oil Mix %:
R / P Ratio:
TTM EBITDA Multiple
TTM EBITDAX Multiple
TTM Proved Reserves Multiple
TTM Daily Production Multiple
3
2
46
48
47
72
73
15
17
21
20
23
89
90
91
84
85
86
87
3,150.0
$
Less: Taxes
Plus: DD&A
Plus: Asset Retirement Accretion
Plus: Stock-Based Compensation
Plus: Dry Hole Expense
Plus: Deferred Income Tax
Plus: Non-Cash Derivative Losses
Plus: Other Non-Cash Items
Working Capital (Increase) / Decrease:
Less: Capital Expenditures:
Unlevered Free Cash Flow
Present Value of Free Cash Flow
Normal Discount Period:
Mid-Year Discount:
Free Cash Flow Growth Rate:
$
$
8,935 $
6,818
3,097
3,465.0
9,818 $
7,416
3,323
3,799.5
4,084.4
10,762 $
8,040
3,541
11,529
8,524
3,373
(1,131)
(1,213)
(1,293)
(1,231)
3,449
57
129
26
765
5
-
3,794
63
142
29
821
5
-
4,172
70
156
32
875
5
-
4,771
89
167
39
834
5
-
682
(5,165)
153
(5,818)
174
(6,397)
291
(7,454)
1,917 $
1,828 $
1,300 $
1,127 $
1,335 $
1,052 $
1.000
0.500
2.000
1.500
3.000
2.500
4.000
3.500
(32.2%)
2.6%
(33.8%)
883
633
Natural Gas
Prices ($ Per Mcf)
XTO Energy Inc. - Net Present Value Sensitivity - Natural Gas Prices
Discount Rate
$ 46.51
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
$ 9.00 $
54.86 $
51.91 $
49.15 $
46.51 $
44.00 $
41.62
8.00
54.86
51.91
49.15
46.51
44.00
41.62
7.00
54.86
51.91
49.15
46.51
44.00
41.62
6.00
54.86
51.91
49.15
46.51
44.00
41.62
5.00
54.86
51.91
49.15
46.51
44.00
41.62
4.00
54.86
51.91
49.15
46.51
44.00
41.62
XTO Energy Inc. - Net Present Value Sensitivity - Terminal EBITDAX Multiples
Discount Rate
$ 46.51
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
Terminal
EBITDAX
Multiples
7.0 x $
6.0 x
5.0 x
4.0 x
3.0 x
2.0 x
54.86 $
54.86
54.86
54.86
54.86
54.86
51.91 $
51.91
51.91
51.91
51.91
51.91
49.15 $
49.15
49.15
49.15
49.15
49.15
46.51 $
46.51
46.51
46.51
46.51
46.51
44.00 $
44.00
44.00
44.00
44.00
44.00
41.62
41.62
41.62
41.62
41.62
41.62
Terminal Daily
Production
Multiples
XTO Energy Inc. - Net Present Value Sensitivity - Terminal Daily Production Multiples
Discount Rate
$ 46.51
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
$ 14.00 $
65.10 $
61.68 $
58.45 $
55.39 $
52.51 $
49.79
13.00
59.97
56.79
53.80
50.95
48.27
45.71
12.00
54.86
51.91
49.15
46.51
44.00
41.62
11.00
49.76
47.05
44.47
42.04
39.73
37.51
10.00
44.63
42.15
39.79
37.54
35.36
33.30
9.00
39.49
37.21
35.01
32.93
30.96
29.08
12,386
9,141
3,604
DCF-Specific Prices:
(1,316)
5,128
96
179
42
891
5
144
(8,173)
$
$
600
391
5.000
4.500
(32.1%)
Gas
Oil / NGL
$ per Mcf
$ per Bbl
$
7.00 $
75.00
13.0%
39.36
39.36
39.36
39.36
39.36
39.36
13.0%
Hedged
Price %
110.0%
NAV
Yes
No
2
10.0%
10.0%
Exercise
Number:
Price:
18.366 $
38.39
5.493
0.390
50.00
0.228
55.00
0.245
77.00
0.245
85.00
2.600
20.78
5.0 x
12.00
0.0%
52,689
32,716
5,030
37,745
(10,144)
27,601
593.5
46.51
Dilution:
3.206
5.493
1.438
39.36
39.36
39.36
39.36
39.36
39.36
13.0%
47.18
43.27
39.36
35.36
31.33
27.30
4.39%
7.00%
5.39%
Debt
12,295
12,748
2,796
5,068
7,279
2,797
Equity
Value
$ 15,489
28,937
61,989
32,252
28,999
22,289
Tax Rate
38%
40%
40%
40%
35%
37%
Median
XTO Energy Inc.
0.93
1.10
Unlevered
Beta
0.77
1.12
0.95
1.09
0.90
0.86
Debt
Equity
Value
Tax Rate
36%
Levered
Beta
1.18
12.66%
12.09%
9.90%
12,502
93
294
14,827
Year #
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Beginning
Reserves
(Bcf)
12,502
11,561
10,527
9,385
8,162
6,847
5,598
4,411
3,283
2,212
1,194
228
-
8,484
5
Natural Gas
Annual
Avg.
Production
Price
(Bcf)
$ / Mcf
941 $
6.84
1,035
6.84
1,141
6.84
1,223
6.84
1,315
6.84
1,249
6.84
1,187
6.84
1,128
6.84
1,071
6.84
1,018
6.84
967
6.84
228
6.84
6.84
6.84
6.84
6.84
6.84
6.84
6.84
6.84
6.84
US - Texas:
Discount Rate:
45,520
Acres:
$ / Acre:
Value:
281,000 $
1,500 $
422
US - Oklahoma:
US - New Mexico:
US - Arkansas:
US - Montana:
US - Utah:
US - Louisiana:
US - North Dakota:
US - Kansas:
US - West Virginia:
US - Pennsylvania:
US - Wyoming:
US - Colorado:
US - Other:
US - Offshore:
North Sea - Offshore:
Total:
176,000
21,000
216,000
92,000
84,000
39,000
191,000
58,000
119,000
13,000
2,000
76,000
45,000
133,000
1,546,000
500
300
700
500
400
700
500
500
600
1,200
400
500
300
400
600
Enterprise Value:
Balance Sheet Adjustments:
Implied Equity Value:
EV/EBITDA Multiple:
Estimated EV:
46,694
(10,144)
$ 36,550
88
6
151
46
34
27
96
35
143
5
1
23
18
80
1,174
$
Exercise
Number:
Price:
18.366 $
38.39
5.493
0.390
50.00
0.228
55.00
0.245
77.00
0.245
85.00
2.600
20.78
598.0
61.12
Dilution:
6.830
5.493
0.390
0.228
1.716
Natural Gas
Prices ($ Per Mcf)
XTO Energy Inc. - Net Present Value Sensitivity - Natural Gas Prices
$
$
Discount Rate
61.12
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
9.00 $
97.02 $
91.54 $
86.46 $
81.77 $
77.37 $
73.30
8.00
85.06
80.20
75.68
71.46
67.53
63.87
7.00
73.15
68.84
64.84
61.12
57.66
54.45
6.00
61.18
57.45
54.01
50.80
47.84
45.04
5.00
49.26
46.11
43.19
40.48
37.94
35.52
4.00
37.24
34.60
32.15
29.87
27.75
25.78
atural Gas
es ($ Per Mcf)
XTO Energy Inc. - Net Present Value Sensitivity - Natural Gas Prices - From DCF Analysis Based on Daily Production
Discount Rate
$
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
$
9.00 $
67.71 $
64.46 $
61.38 $
58.45 $
55.67 $
53.06
Natural Gas
Prices ($ Per Mcf)
8.00
7.00
6.00
5.00
4.00
61.28
54.86
48.45
42.01
35.48
58.18
51.91
45.66
39.37
32.91
55.24
49.15
43.01
36.82
30.49
52.48
46.51
40.51
34.38
28.20
49.86
44.00
38.13
32.08
26.03
47.35
41.62
35.81
29.90
23.98
Gas
Oil / NGL
$ per Mcf
$ per Bbl
$
7.00 $
75.00
Hedged
Price %
110.0%
NAV
10.0%
Beginning
Reserves
(MBbls)
294
268
239
207
173
137
102
69
38
9
-
Oil
Annual
Avg.
Production
Price
(MBbls)
$ / Bbl
27 $
76.79
29
76.79
32
76.79
34
76.79
36
76.79
35
76.79
33
76.79
31
76.79
30
76.79
9
76.79
76.79
76.79
76.79
76.79
76.79
76.79
76.79
76.79
76.79
76.79
76.79
Revenue ($ in Millions)
Natural
Total
Gas
Oil & NGL
Revenue
$
6,438 $
2,390 $
8,828
7,081
2,629
9,711
7,811
2,844
10,655
8,374
3,049
11,422
9,002
3,277
12,279
8,552
3,113
11,665
8,124
2,958
11,082
7,718
2,810
10,528
7,332
2,669
10,001
6,965
776
7,742
6,617
6,617
1,558
1,558
-
N/A
Midstream
12/31/2009 EBITDA:
N/A
Downstream
12/31/2009 EBITDA:
N/A
EV/EBITDA Multiple:
stimated EV:
N/A
N/A
13.0%
14.0%
$
69.47 $
65.90
60.45
57.26
51.44
48.66
42.44
40.01
33.25
31.14
23.94
22.22
d on Daily Production
13.0%
$
50.55
EV/EBITDA Multiple:
Estimated EV:
N/A
N/A
EV/EBITDA Multiple:
Estimated EV:
N/A
N/A
44.97
39.36
33.61
27.83
22.04
Cash
After-Tax
Tax Rate Cash Flows
11.8% $
5,327
11.8%
6,009
11.8%
6,675
11.8%
7,264
11.8%
7,921
11.8%
8,947
11.8%
8,499
11.8%
8,075
11.8%
7,671
11.8%
5,871
11.8%
4,984
11.8%
1,174
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
-
2005
2006
Historical
2007
2008
2009
2,787 $
670
56
6
3,519
3,490 $
1,002
86
(2)
4,576
4,214 $
1,204
100
(5)
5,513
5,728 $
1,796
168
3
7,695
6,322
2,605
125
12
9,064
Net Income:
1,152 $
1,860 $
1,691 $
1,912 $
2,019
2.57 $
2.52
0.18
4.07 $
4.02
0.25
3.57 $
3.52
0.41
3.58 $
3.54
0.48
3.48
3.46
0.50
2,094
(2,908)
806
2,859
(3,036)
180
3,639
(7,345)
3,701
5,235
(13,006)
7,796
5,954
(4,057)
(1,913)
Net PP&E:
Total Assets:
Total Debt:
Shareholders' Equity:
8,508
9,857
3,109
4,209
10,824
12,885
3,451
5,865
17,200
18,922
6,320
7,941
31,281
38,254
11,959
17,347
31,934
36,255
10,487
17,326
EBITDA:
EBITDAX:
2,615
2,639
3,587
3,609
4,209
4,261
5,790
5,878
7,073
7,150
December 31,
2005
2006
1,033.1
10.4
39.1
1,330.1
1,186.3
11.9
45.0
1,527.7
485
558
Historical
2007
6.26 $
37.03
60.79
2008
2009
1,457.8
13.5
47.0
1,821.4
1,905.4
15.6
56.0
2,335.3
2,342.5
20.6
66.3
2,863.6
665
855
1,045
6.26 $
45.37
68.68
8.04 $
52.05
93.17
3.67
30.03
57.10
0.84 $
0.63 $
0.88 $
0.67 $
Proved Reserves:
Gas (Bcf):
Natural Gas Liquids (MMBbls):
Oil (MBBls):
Total Proved Reserves (Bcfe):
Total Proved Reserves (MMBOE):
6,086
47
209
7,622
1,270
6,944
53
214
8,549
1,425
15.7
16.4%
15.3
15.0%
0.93 $
0.67 $
9,441
67
241
11,289
1,882
17.0
12.8%
1.10 $
0.82 $
11,803
76
268
13,863
2,310
0.96
0.65
12,502
93
294
14,827
2,471
16.2
11.6%
14.2
11.9%
December 31,
EV / EBITDA:
EV / EBITDAX:
EV / Proved Reserves (Bcfe):
EV / Daily Production (MMcfed):
2005
2006
Historical
2007
2008
2009
$
$
4.9 x
4.9 x
2.34
12.11
2010
2011
Projected
2012
2013
2014
6,784 $
2,044
107
8,935
7,462 $
2,248
107
9,818
8,231 $
2,424
107
10,762
8,824 $
2,598
107
11,529
9,486
2,793
107
12,386
1,612 $
1,764 $
1,925 $
1,865 $
2,051
2.70 $
2.68
0.50
2.87 $
2.86
0.50
3.05 $
3.03
0.50
2.88 $
2.86
0.50
3.09
3.07
0.50
6,589
(5,165)
(1,076)
6,637
(5,818)
388
7,282
(6,397)
(521)
7,953
(7,454)
(929)
8,444
(8,173)
(137)
33,623
38,655
9,015
19,464
35,618
41,984
9,015
21,758
37,811
44,677
8,115
24,217
40,455
47,001
6,815
26,620
43,458
50,261
6,315
29,214
6,738
6,818
7,328
7,416
7,943
8,040
8,405
8,524
9,013
9,141
2010
2011
2,576.7
22.6
72.9
3,150.0
2,834.4
24.9
80.2
3,465.0
1,150
6.22 $
41.94
69.81
Projected
2012
2013
2014
3,117.9
27.4
86.2
3,799.5
3,351.7
29.4
92.7
4,084.4
3,603.1
31.6
99.7
4,390.7
1,265
1,391
1,491
1,603
6.22 $
41.94
69.81
6.22 $
41.94
69.81
6.22 $
41.94
69.81
6.22
41.94
69.81
$
$
0.95 $
0.65 $
2010
5.1 x
5.1 x
0.95 $
0.70 $
2011
4.7 x
4.7 x
1.00 $
0.70 $
Projected
2012
4.4 x
4.3 x
1.00 $
0.75 $
2013
4.1 x
4.1 x
1.00
0.75
2014
3.8 x
3.8 x
December 31,
2005
2006
Historical
2007
2008
2009
2010
2011
Projected
2012
2013
2014
Days in Year:
365
365
365
366
365
365
365
366
365
365
1,033.1
10.4
39.1
1,330.1
1,186.3
11.9
45.0
1,527.7
1,457.8
13.5
47.0
1,821.4
1,905.4
15.6
56.0
2,335.3
2,342.5
20.6
66.3
2,863.6
2,576.7
22.6
72.9
3,150.0
2,834.4
24.9
80.2
3,465.0
3,117.9
27.4
86.2
3,799.5
3,351.7
29.4
92.7
4,084.4
3,603.1
31.6
99.7
4,390.7
377.1
3.8
14.3
485.5
433.0
4.3
16.4
557.6
532.1
4.9
17.2
664.8
697.4
5.7
20.5
854.7
855.0
7.5
24.2
1,045.2
940.5
8.3
26.6
1,149.7
1,034.6
9.1
29.3
1,264.7
1,141.1
10.0
31.6
1,390.6
1,223.4
10.7
33.8
1,490.8
1,315.1
11.5
36.4
1,602.6
14.8%
13.5%
15.3%
22.9%
14.3%
4.5%
30.7%
15.3%
19.1%
22.9%
31.6%
18.3%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
10.0%
7.5%
7.5%
7.5%
7.5%
7.5%
7.5%
7.5%
2005
8.62
56.57
56.57
2006
7.23
66.22
66.22
Historical
2007
6.86
72.39
72.39
2008
9.03
99.75
99.75
2009
3.99
61.82
61.82
NAV
NAV
85.6%
60.3%
92.9%
6.26
37.03
60.79
86.6%
55.9%
91.8%
7.69
37.03
60.96
6.26
45.37
68.68
91.3%
62.7%
94.9%
122.8%
100.0%
100.3%
7.50
45.37
70.08
8.04
52.05
93.17
89.0%
52.2%
93.4%
119.8%
100.0%
102.0%
7.81
48.76
87.59
3.67
30.03
57.10
97.1%
93.7%
94.0%
7.13
30.03
107.65
Revenue Growth %:
3,330 $
160
1,002
86
(2)
4,576 $
3,991 $
224
1,203
100
(5)
5,513 $
5,447
279
1,796
168
3
7,693
30.1%
20.5%
39.5%
6,096
225
2,605
125
12
9,064
2014
7.00
75.00
75.00
7.00
75.00
75.00
7.00
75.00
75.00
7.00
75.00
75.00
7.00
4.00
10.00
7.00
7.00
7.00
7.00
4.00
10.00
7.00
7.00
7.00
7.00
4.00
10.00
7.00
7.00
7.00
7.00
4.00
10.00
7.00
7.00
7.00
7.00
4.00
10.00
7.00
7.00
7.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
6.22
41.94
69.81
88.9%
55.9%
93.1%
194.3%
100.0%
188.5%
2013
Projected
2012
7.00
75.00
75.00
92.0%
48.6%
92.4%
2011
2010
17.8%
6.84
41.94
76.79
6.22
41.94
69.81
88.9%
55.9%
93.1%
6.84
41.94
76.79
6.22
41.94
69.81
88.9%
55.9%
93.1%
6.84
41.94
76.79
6.22
41.94
69.81
75.00
50.00
100.00
75.00
75.00
$ 75.00
75.00
50.00
100.00
75.00
75.00
$ 75.00
88.9%
55.9%
93.1%
6.84
41.94
76.79
6.22
41.94
69.81
88.9%
55.9%
93.1%
6.84
41.94
76.79
110.0%
100.0%
110.0%
110.0%
100.0%
110.0%
110.0%
100.0%
110.0%
110.0%
100.0%
110.0%
110.0%
100.0%
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
110.0%
110.0%
150.0%
90.0%
110.0%
110.0%
110.0%
6,438
346
2,044
107
8,935
(1.4%)
7,081
381
2,248
107
9,818
7,811
420
2,424
107
$ 10,762
9.9%
8,374
450
2,598
107
$ 11,529
9.6%
9,002
484
2,793
107
$ 12,386
7.1%
7.4%
2005
2006
Historical
2007
0.88
0.67
0.04
1.57
0.03
0.22
1.10
3.67
0.68
8.86
491
372
22
875
16
126
616
2,047
379
4,944
41
63
(102)
2 $
47.7%
1.4%
2008
0.93
0.67
0.08
1.78
0.03
0.25
6.03
4.01
1.00
14.79
615
444
52
1,187
22
166
4,012
2,668
666
9,832
1.10
0.82
0.10
2.37
0.04
0.25
9.89
4.28
1.07
19.93
942
703
88
2,025
31
212
8,456
3,661
913
$ 17,031
81
65
(11)
135 $
81.0%
1.2%
2009
2010
0.96
0.65
0.07
2.95
0.04
0.21
0.25
3.05
0.58
8.77
999
678
77
3,079
40
219
264
3,190
606
9,152
101
170
(85)
186 $
124
137
24
285
60.1%
2.2%
99.2%
1.5%
2011
0.95
0.65
0.07
3.00
0.05
0.22
0.50
3.39
0.60
9.43
1,092
747
80
3,449
57
253
575
3,900
690
$ 10,844
Projected
2012
0.95
0.70
0.07
3.00
0.05
0.23
0.50
3.50
0.60
9.60
1,201
885
89
3,794
63
291
632
4,427
759
$ 12,141
66
129
(37)
158 $
61.5%
1.4%
2013
1.00
0.70
0.07
3.00
0.05
0.24
0.50
3.50
0.60
9.66
1,391
973
97
4,172
70
334
695
4,867
834
$ 13,433
66
142
(37)
171 $
61.5%
1.4%
2014
1.00
0.75
0.08
3.20
0.06
0.25
0.70
3.60
0.70
10.34
1,491
1,118
119
4,771
89
373
1,044
5,367
1,044
$ 15,415
66
156
(37)
184 $
66
167
(37)
195 $
61.5%
1.4%
61.5%
1.4%
1.00
0.75
0.08
3.20
0.06
0.26
0.70
3.70
0.70
10.45
1,603
1,202
128
5,128
96
417
1,122
5,930
1,122
$ 16,747
66
179
(37)
208
61.5%
1.4%
2005
$
Expenses:
Production:
Taxes, Transportation & Other:
Exploration:
DD&A:
Accr. of Asset Retirement Obli.:
G&A (Exc. Stock-Based Comp.):
Gas Gathering & Processing:
Stock-Based Compensation:
Derivative FV (Gain) / Loss:
Total Expenses:
Operating Income:
Historical
2007
2008
2009
2,787 $
670
56
6
3,519
3,490 $
1,002
86
(2)
4,576
4,214 $
1,204
100
(5)
5,513
5,728 $
1,796
168
3
7,695
6,322
2,605
125
12
9,064
406
306
24
655
12
121
11
34
(13)
1,556
491
372
22
875
16
126
41
63
(102)
1,904
615
444
52
1,187
22
166
81
65
(11)
2,621
942
703
88
2,025
31
212
101
170
(85)
4,187
999
678
77
3,079
40
219
124
137
24
5,377
1,963 $
2,672 $
2,892 $
3,508 $
3,687
153
153
$
2006
1,810 $
243
415
658
(469)
180
(289)
2,961 $
572
529
1,101
250
250
2,642 $
292
659
951
482
482
524
524
3,026 $
3,163
140
974
1,114
333
811
1,144
Net Income:
Attributable to Participating:
Net Income Used in EPS:
1,152 $
N/A
N/A
1,860 $
N/A
N/A $
1,691 $
(4)
1,687 $
1,912 $
(10)
1,902 $
2,019
(16)
2,003
2.57 $
2.52
0.18
4.07 $
4.02
0.25
3.57 $
3.52
0.41
3.58 $
3.54
0.48
3.48
3.46
0.50
448.1
456.1
471.9
531.6
575.6
457.0
462.2
479.2
XTO Energy Inc. - Non-Cash and One-Time Expenses, EBITDA, and EBITDAX
($ in Millions)
Historical
December 31,
2005
2006
2007
Operating Income:
Plus: Non-Cash Deriv. Change:
Plus: Impairment Charge:
Plus: Gain on Prop. Exchange:
Plus: DD&A:
Plus: Asset Retirement Accr.:
Plus: Stock-Based Comp.:
EBITDA:
Plus: Exploration:
EBITDAX:
$
$
1,963 $
(39)
(10)
655
12
34
2,615 $
24
2,639 $
2,672 $
(39)
875
16
63
3,587 $
22
3,609 $
2,892 $
43
1,187
22
65
4,209 $
52
4,261 $
537.5
2008
3,508 $
(72)
128
2,025
31
170
5,790 $
88
5,878 $
579.4
2009
3,687
130
3,079
40
137
7,073
77
7,150
December 31,
Income Tax %:
Current:
Deferred:
2005
13.4%
22.9%
2006
Historical
2007
19.3%
17.9%
11.1%
24.9%
2008
4.6%
32.2%
2009
10.5%
25.6%
2005
2 $
644
193
35
69
943
9,979
283
278
10,540
(2,032)
8,508
2006
Historical
2007
5 $
656
804
66
54
1,585
12,369
414
799
13,582
(2,758)
10,824
- $
852
199
118
20
98
1,287
18,671
1,050
1,376
21,097
(3,897)
17,200
2008
25 $
1,217
2,735
57
224
4,258
30,994
3,907
2,239
37,140
(5,859)
31,281
2009
9
965
1,222
170
182
2,548
34,180
3,691
2,810
40,681
(8,747)
31,934
1
132
213
60
406
$
56
121
215
84
476
112
215
108
435
1,023
105
1,447
140
2,715
68
97
1,475
133
1,773
9,857 $
12,885 $
18,922 $
38,254 $
36,255
739 $
13
90
38
4
884
912 $
23
37
263
5
1,240
1,264 $
30
239
4
1,537
1,912 $
13
35
940
30
2,930
1,482
28
167
342
32
2,051
Total Debt:
Derivative Fair Value:
Deferred Income Taxes:
Asset Retirement Obligation:
Other:
Total Long-Term Liabilities:
3,109
1,390
219
46
4,764
3,451
1
1,978
303
47
5,780
6,320
4
2,610
450
60
9,444
11,959
5,200
735
83
17,977
10,487
6
5,522
783
80
16,878
Stockholders' Equity:
Common Stock & APIC:
Treasury Stock:
Retained Earnings:
Accum. Other Comp. Inc.:
Total Stockholders' Equity:
1,869
(39)
2,311
68
4,209 $
2,062
(125)
3,442
486
5,865 $
3,177
(134)
4,938
(40)
7,941 $
8,321
(147)
6,588
2,585
17,347 $
8,477
(177)
8,317
709
17,326
9,857 $
12,885 $
18,922 $
38,254 $
36,255
OK!
OK!
OK!
OK!
Balance Check:
OK!
2005
$
1,152 $
655
12
34
-
2006
Historical
2007
1,860 $
875
16
63
9
2008
2009
1,691 $
1,912 $
2,019
1,187
22
65
21
2,025
31
170
22
3,079
40
137
44
415
(39)
23
(158)
2,094
529
(469)
(39)
10
5
2,859
659
43
23
(72)
3,639
974
(72)
2
171
5,235
811
(17)
130
(24)
(265)
5,954
Investing Activities:
Proceeds from Sale of PP&E:
Acquisitions:
Development & Exploration:
Other Property Additions:
Cash Flow from Investing:
17
(1,407)
(1,304)
(214)
(2,908)
6
(616)
(2,047)
(379)
(3,036)
1
(4,012)
(2,668)
(666)
(7,345)
24
(8,456)
(3,661)
(913)
(13,006)
3
(264)
(3,190)
(606)
(4,057)
Financing Activities:
Historical Debt Proceeds:
Historical Debt Payments:
Common Stock Proceeds:
Dividends:
Senior Note and Debt Costs:
Option and Warr. Proceeds:
Stock Option Exer. Payments:
Stock Option Tax Benefits:
Treas. Stock Purch. & Other:
Cash Flow from Financing:
3,825
(2,977)
(67)
(5)
73
(20)
(23)
806
5,719
(5,377)
(109)
(9)
24
(46)
50
(72)
180
7,293
(4,433)
1,009
(170)
(18)
33
(57)
57
(13)
3,701
19,560
(14,250)
2,612
(250)
(32)
23
(70)
64
139
7,796
7,730
(9,183)
(287)
(2)
23
(23)
20
(191)
(1,913)
Revolver Borrowing:
Cash Used for Debt Repayment:
Cash Increase / (Decrease):
Beginning Cash:
Ending Cash:
(8) $
10
2 $
3 $
2
5 $
(5) $
5
- $
25 $
25 $
(16)
25
9
XTO Energy Inc. - Working Capital and Cash Flow Statement Projections
December 31,
Accounts Receivable % Revenue:
Accounts Payable % Expenses:
Dry Hole % Total Exploration:
XTO Energy Inc. - Debt Schedules
($ in Millions)
2005
2006
Historical
2007
2008
2009
18.3%
47.5%
14.3%
47.9%
15.5%
48.2%
15.8%
45.7%
10.6%
27.6%
0.0%
40.9%
40.4%
25.0%
57.1%
Historical
2009
December 31,
Maximum Revolver Borrowing:
Numerical Year:
LIBOR Curve:
Interest Income:
Effective Cash Interest Rate:
2,840
1.0
3.0
17.0
13.0
1.0
LIBOR +
0.40%
0.50%
0.50%
Fixed
Interest
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
622
500
100
250
350
550
400
400
500
500
348
400
400
735
773
1,000
591
1,399
704
(35)
10,487
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Undrawn Revolver Commitment Fee:
Interest Increase If > 50.0% of Revolver Utilized:
Revolver % Drawn:
50.00%
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
0.09%
0.05%
Yearly
Amort.
Prepay
%:
Allowed?
0.0%
Yes
10.0%
Yes
10.0%
Yes
0.0%
No
0.0%
No
0.0%
No
0.0%
No
0.0%
No
0.0%
No
0.0%
No
0.0%
No
Maturity
N/A
2013
2013
2010
2012
2012
2013
2013
2013
2014
2015
Debt Amortization:
Revolver:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Beginning
Balance
$
622
500
100
250
350
550
400
400
500
500
348
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
400
400
735
773
1,000
591
1,399
704
Sources of Funds:
Beginning Cash Balance:
Less: Minimum Cash Balance:
Plus: Cash Flow Available for Debt Repayment:
Subtotal Before Revolver:
Revolver Borrowing Required:
Total Sources of Funds:
Uses of Funds:
Mandatory Debt Repayment:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Mandatory Repayment Total:
Optional Debt Repayment:
Revolver:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
No
No
No
No
No
No
No
No
2015
2016
2017
2018
2018
2036
2037
2038
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Optional Repayment Total:
Excess Cash Generated on Balance Sheet:
Total Uses of Funds:
Balance Check:
XTO Energy Inc. - Dividends and Stock Repurchases / Issuances
($ in Millions Except Per Share Data)
December 31,
Dividends Per Common Share:
Dividends Issued ($MM):
Stock Repurchases & Issuances:
Common Stock Proceeds ($MM):
Stock Repurchases ($MM):
Assumed Share Price:
2005
$
0.18 $
67
(23)
2006
Historical
2007
0.25 $
109
(72)
0.41 $
170
2008
0.48 $
250
1,009
(13)
2,612
139
471.9
479.2
531.6
537.5
2009
0.50
287
(191)
448.1
457.0
456.1
462.2
575.6
579.4
2010
$
1,201
885
89
3,794
63
291
66
142
(37)
6,494
1,391
973
97
4,172
70
334
66
156
(37)
7,221
1,491
1,118
119
4,771
89
373
66
167
(37)
8,156
1,603
1,202
128
5,128
96
417
66
179
(37)
8,782
3,097 $
3,323 $
3,541 $
3,373 $
3,604
2,539 $
$
$
510
510
8,824 $
2,598
107
11,529
2014
1,092
747
80
3,449
57
253
66
129
(37)
5,838
545
545
8,231 $
2,424
107
10,762
2013
7,462 $
2,248
107
9,818
436
436
9,486
2,793
107
12,386
374
374
2,778 $
3,031 $
2,937 $
3,231
328
687
1,014
357
749
1,106
346
726
1,072
381
798
1,179
1,612 $
(13)
1,599 $
1,764 $
(14)
1,750 $
1,925 $
(15)
1,909 $
1,865 $
(15)
1,850 $
2,051
(16)
2,035
2.70 $
2.68
0.50
2.87 $
2.86
0.50
3.05 $
3.03
0.50
2.88 $
2.86
0.50
3.09
3.07
0.50
299
627
927
$
Projected
2012
6,784 $
2,044
107
8,935
558
558
$
2011
592.3
609.0
625.7
642.3
659.0
596.1
2010
$
$
$
3,097 $
5
3,449
57
129
6,738 $
80
6,818 $
2010
11.8%
24.7%
2010
357 $
1,332
1,217
170
182
3,259
38,054
4,266
3,500
45,819
(12,196)
33,623
612.8
2011
629.5
Projected
2012
3,323 $
5
3,794
63
142
7,328 $
89
7,416 $
2011
Projected
2012
11.8%
24.7%
2011
11.8%
24.7%
Projected
2012
1,564 $
1,464
1,213
170
182
4,593
42,451
4,898
4,259
51,608
(15,990)
35,618
3,541 $
5
4,172
70
156
7,943 $
97
8,040 $
1,929 $
1,605
1,208
170
182
5,093
47,287
5,594
5,093
57,973
(20,162)
37,811
646.1
2013
3,373 $
5
4,771
89
167
8,405 $
119
8,524 $
2013
11.8%
24.7%
2013
1,498 $
1,719
1,204
170
182
4,773
52,615
6,637
6,137
65,388
(24,933)
40,455
662.8
2014
3,604
5
5,128
96
179
9,013
128
9,141
2014
11.8%
24.7%
2014
1,631
1,847
1,199
170
182
5,029
58,502
7,759
7,258
73,520
(30,061)
43,458
68
97
1,475
133
1,773
68
97
1,475
133
1,773
68
97
1,475
133
1,773
68
97
1,475
133
1,773
68
97
1,475
133
1,773
38,655 $
41,984 $
44,677 $
47,001 $
50,261
2,532 $
28
167
342
32
3,101
2,817 $
28
167
342
32
3,386
3,132 $
28
167
342
32
3,701
3,537 $
28
167
342
32
4,106
3,809
28
167
342
32
4,378
9,015
6
6,149
840
80
16,091
9,015
6
6,836
904
80
16,841
8,115
6
7,585
973
80
16,759
6,815
6
8,311
1,063
80
16,275
6,315
6
9,109
1,159
80
16,669
9,331
(209)
9,633
709
19,464 $
10,197
(241)
11,093
709
21,758 $
11,077
(273)
12,704
709
24,217 $
11,968
(305)
14,248
709
26,620 $
12,872
(337)
15,970
709
29,214
38,655 $
41,984 $
44,677 $
47,001 $
50,261
OK!
OK!
OK!
OK!
2010
$
2011
Projected
2012
2013
$0
2014
1,612 $
1,764 $
1,925 $
1,865 $
2,051
3,449
57
129
26
3,794
63
142
29
4,172
70
156
32
4,771
89
167
39
5,128
96
179
42
627
5
682
6,589
687
5
153
6,637
749
5
174
7,282
726
5
291
7,953
798
5
144
8,444
(575)
(3,900)
(690)
(5,165)
(632)
(4,427)
(759)
(5,818)
(695)
(4,867)
(834)
(6,397)
(1,044)
(5,367)
(1,044)
(7,454)
(1,122)
(5,930)
(1,122)
(8,173)
724
(296)
(32)
396
724
(304)
(32)
388
724
(313)
(32)
379
724
(321)
(32)
371
724
(330)
(32)
363
(900)
(1,300)
(500)
(1,472)
$
$
348 $
9
357 $
2010
1,207 $
357
1,564 $
2011
364 $
1,564
1,929 $
Projected
2012
(430) $
1,929
1,498 $
2013
133
1,498
1,631
2014
14.9%
43.4%
14.9%
43.4%
14.9%
43.4%
14.9%
43.4%
14.9%
43.4%
32.7%
32.7%
32.7%
32.7%
32.7%
2010
2011
Projected
2012
2013
2014
2010
0.30%
2011
0.30%
2012
0.50%
2013
1.00%
2014
2.00%
0.5
0.30%
2.9
0.30%
8.7
0.50%
17.1
1.00%
31.3
2.00%
- $
350
550
400
400
500
500
348
400
400
735
773
1,000
591
1,399
704
(35)
9,015 $
- $
350
550
400
400
500
500
348
400
400
735
773
1,000
591
1,399
704
(35)
9,015 $
- $
400
400
500
500
348
400
400
735
773
1,000
591
1,399
704
(35)
8,115 $
- $
500
348
400
400
735
773
1,000
591
1,399
704
(35)
6,815 $
348
400
400
735
773
1,000
591
1,399
704
(35)
6,315
0.70%
0.80%
0.80%
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
0.70%
0.80%
0.80%
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
0.90%
1.00%
1.00%
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
1.40%
1.50%
1.50%
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
2.40%
2.50%
2.50%
5.00%
7.50%
5.90%
6.25%
4.63%
5.75%
4.90%
5.00%
5.30%
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
2.6 $
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
2.6 $
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
2.6 $
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
2.6 $
5.65%
6.25%
5.50%
6.50%
6.10%
6.75%
6.38%
2.6
0.00%
0.00%
0.00%
0.00%
0.00%
5 $
2
0
6
26
32
25
19
29
25
17
21
23
46
43
65
36
94
45
559 $
10.0%
10.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3 $
26
32
25
19
29
25
17
21
23
46
43
65
36
94
45
548 $
10.0%
10.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3 $
13
16
25
19
29
25
17
21
23
46
43
65
36
94
45
519 $
10.0%
10.0%
0.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3 $
13
9
14
25
17
21
23
46
43
65
36
94
45
453 $
70.0%
70.0%
0.0%
0.0%
0.0%
100.0%
100.0%
100.0%
0.0%
0.0%
3
12
17
21
23
46
43
65
36
94
45
405
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
100.0%
0.0%
$
$
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
9 $
(2)
1,820
1,827 $
1,827 $
357 $
(2)
1,207
1,562 $
1,562 $
1,564 $
(2)
1,264
2,827 $
2,827 $
1,929 $
(2)
870
2,796 $
2,796 $
1,498
(2)
633
2,129
2,129
50 $
10
250
310 $
- $
- $
- $
350
550
900 $
- $
400
400
500
1,300 $
500
500
622 $
450
90
-
- $
-
- $
-
- $
-
1,162 $
- $
- $
- $
355
1,827 $
1,562
1,562 $
1,927
2,827 $
1,496
2,796 $
1,629
2,129
OK!
OK!
OK!
OK!
2010
$
2011
Projected
2012
2013
OK!
2014
0.50 $
296
0.50 $
304
0.50 $
313
0.50 $
321
0.50
330
724
(32)
41.49 $
724
(32)
41.49 $
724
(32)
41.49 $
724
(32)
41.49 $
724
(32)
41.49
17.5
(0.8)
16.7
592.3
596.1
17.5
(0.8)
16.7
609.0
612.8
17.5
(0.8)
16.7
625.7
629.5
17.5
(0.8)
16.7
642.3
646.1
17.5
(0.8)
16.7
659.0
662.8
2006
Historical
2007
Projec
2008
2009
6,200
16,529
4,111
3,771
3,403
(188)
34
33,860 $
2,270
36,130 $
5,168
21,062
4,250
4,204
4,382
(276)
300
39,090 $
410
39,500 $
4,870
21,627
4,120
5,453
4,563
(260)
237
40,610 $
40,610 $
6,243
27,539
1,649
6,502
2,957
(437)
(393)
44,060 $
1,160
45,220 $
2,893
14,214
(153)
1,934
2,309
(356)
(1,421)
19,420
(140)
19,280
799
2.2%
36,929 $
1,051
2.7%
40,551 $
1,005
2.5%
41,615 $
1,647
3.6%
46,867 $
378
2.0%
19,658
5.71 $
6.62 $
7.26 $
8.66 $
38.7%
6,322.0
40.8%
5,970.0
41.8%
5,594.0
3.98
43.8%
5,221.0
43.5%
4,848.0
2008
2009
28,671 $
4,604
27,484
9,321
3,262
73,342
20,592
107,010
7,391
134,993
2006
Historical
2007
28,244 $
4,604
28,942
10,714
3,273
75,777
23,237
113,687
6,314
143,238
33,981 $
519
36,450
11,089
3,924
85,963
28,194
120,869
7,056
156,119
Projec
31,437 $
570
24,702
11,646
3,911
72,266
28,556
121,346
5,884
155,786
10,693
169
27,645
11,553
5,175
55,235
31,665
139,116
7,307
178,088
Total Assets:
Liabilities:
Current Liabilities:
Revolver:
Notes and Loans Payable:
AP & Accrued Expenses:
Income Taxes Payable:
Total Current Liabilities:
Long-Term Liabilities:
Long-Term Debt:
Postretirement Benefits:
Deferred Income Taxes:
Other LT Obligations:
Total Long-Term Liabilities:
Total Liabilities:
Stockholders' Equity:
Common Stock (Excl. Par):
Treasury Stock:
Retained Earnings:
Accum. Other Comp. Inc.:
Total Stockholders' Equity:
- $
1,702
39,082
8,033
48,817
- $
2,383
45,275
10,654
58,312
- $
2,400
36,643
10,057
49,100
2,476
41,275
8,310
52,061
6,220
10,220
20,878
9,997
47,315
6,645
13,931
20,851
11,123
52,550
7,183
13,278
22,899
14,366
57,726
7,025
20,729
19,726
13,949
61,429
7,129
17,942
23,148
17,651
65,870
4,477 $
4,786 $
4,933 $
5,314 $
5,503
(55,347)
(83,387) (113,678) (148,098) (166,410)
163,335
195,207
228,518
265,680
276,937
(1,279)
(2,762)
1,989
(9,931)
(5,461)
$ 111,186 $ 113,844 $ 121,762 $ 112,965 $ 110,569
Noncontrolling Interests:
Total Liabilities & Equity:
- $
1,771
36,120
8,416
46,307
3,527
3,804
4,282
4,558
4,823
Balance Check:
OK!
OK!
OK!
OK!
OK!
2006
Historical
2007
Projec
2008
2009
36,130 $
799
39,500 $
1,051
40,610 $
1,005
45,220 $
1,647
19,280
378
10,253
(429)
254
398
(734)
(3,700)
11,416
1,717
(1,787)
(666)
(579)
(181)
12,250
124
(1,314)
1,065
(714)
(5,441)
12,379
1,399
57
(63)
921
8,641
11,917
(1,722)
731
(483)
(3,170)
Change in Inventory:
Change in Oth. Cur. Assets:
Change in AP & Accrued:
Net (Gain) on Asset Sales:
All Other Items - Net
Cash Flow from Operations:
(434)
(7)
7,806
(1,980)
(218)
48,138
(1,057)
(385)
1,160
(1,531)
628
49,286
72
280
6,228
(2,217)
54
52,002
(1,285)
(509)
(5,415)
(3,757)
490
59,725
459
132
1,420
(488)
(16)
28,438
Investing Activities:
Capital Expenditures:
Sales of Invest. and PP&E:
Decrease in Restricted Cash:
Add'tl Invest. / Advances:
Collection of Advances:
Mark. Securities Additions:
Sales of Mark. Securities:
Cash Flow from Investing:
(13,839)
6,036
(2,810)
343
(10,270)
(15,462)
3,080
(2,604)
756
(14,230)
(15,387)
4,204
4,604
(3,038)
391
(646)
144
(9,728)
(19,318)
5,985
(2,495)
574
(2,113)
1,868
(15,499)
(22,491)
1,545
(2,752)
724
(16)
571
(22,419)
Financing Activities:
Additions to LT Debt:
Payments of LT Debt:
Additions to ST Debt:
Payments of ST Debt:
Other Debt Changes:
Dividends to Common:
Dividends to Noncontrolling:
Changes in Noncontrolling:
SBC Tax Benefits:
Treasury Stock Purchased:
Common Stock Issued:
Cash Flow from Financing:
195
(81)
377
(687)
(1,306)
(7,185)
(293)
(681)
(18,221)
941
(26,941)
318
(33)
334
(451)
(95)
(7,628)
(239)
(493)
462
(29,558)
1,173
(36,210)
592
(209)
1,211
(809)
(187)
(7,621)
(289)
(659)
369
(31,822)
1,079
(38,345)
79
(192)
1,067
(1,624)
143
(8,058)
(375)
(419)
333
(35,734)
753
(44,027)
225
(68)
1,336
(1,575)
(71)
(8,023)
(280)
(113)
237
(19,703)
752
(27,283)
1,808
(2,743)
FX Rate Effect:
Cash Increase / (Decrease):
Beginning Cash:
Less: Minimum Cash:
Required Borrowing:
(787)
727
520
10,140 $
18,531
(427) $
28,671
5,737 $
28,244
(2,544) $ (20,744)
33,981
31,437
28,671 $
28,244 $
33,981 $
31,437 $
Revolver Repayments:
Ending Cash:
10,693
2005
2006
Historical
2007
Projec
2008
2009
76.1%
25.8%
73.3%
27.1%
89.8%
27.3%
54.6%
25.8%
143.4%
59.9%
100.0%
98.9%
111.5%
81.0%
214.1%
Exxon Mobil Corporation - Debt and Interest Schedule for New Debt Issuances
2005
2006
Historical
2007
Projec
2008
2009
LIBOR:
End of Year Debt Amounts:
Revolver:
LIBOR +
0.40%
Fixed
Interest
2010
Projected
2011
2012
4,772
20,521
763
1,823
3,570
(145)
(2,247)
29,057 $
29,057 $
4,736
20,759
1,571
2,991
3,150
(144)
(19)
(2,281)
30,763 $
30,763 $
4,654
22,080
1,303
3,128
3,235
(143)
(67)
(2,315)
31,875
31,875
753
2.6%
29,810 $
797
2.6%
31,560 $
826
2.6%
32,700
6.25 $
7.12 $
43.5%
4,649.1
2010
43.5%
4,320.6
Projected
2011
5,509 $
169
25,402
9,641
5,175
45,897
34,165
146,664
7,307
188,136
5,000 $
169
26,894
10,207
5,175
47,445
36,665
153,411
7,307
197,383
7.94
43.5%
4,014.4
2012
5,000
169
27,865
10,576
5,175
48,786
39,165
160,024
7,307
206,496
- $
2,476
35,189
8,310
45,975
9,659 $
2,476
37,255
8,310
57,699
16,876
2,476
38,601
8,310
66,264
7,129
17,040
23,648
17,944
65,761
7,129
16,137
24,148
18,237
65,651
7,129
15,235
24,648
18,530
65,542
5,503
5,503
5,503
(180,894) (204,818) (227,120)
297,389
319,511
342,800
(5,276)
(5,091)
(4,905)
$ 116,722 $ 115,105 $ 116,278
5,576
6,372
7,198
2010
$
OK!
Projected
2011
OK!
2012
29,057 $
753
30,763 $
797
31,875
826
13,443
500
(902)
293
(318)
2,243
14,244
500
(902)
293
(318)
(1,491)
14,378
500
(902)
293
(318)
(972)
1,912
(6,086)
40,894
(566)
2,066
45,385
(369)
1,346
46,656
(22,491)
1,500
(2,740)
558
(23,173)
(22,491)
1,500
(2,740)
558
(23,173)
(22,491)
1,500
(2,740)
558
(23,173)
(8,310)
(295)
280
(14,484)
(22,809)
(8,346)
(295)
280
(23,924)
(32,285)
(8,290)
(295)
280
(22,301)
(30,606)
(95)
(95)
(95)
(5,184) $ (10,168) $
10,693
5,509
(5,000)
(5,000)
9,659
-
5,509 $
5,000 $
2010
Projected
2011
(7,218)
5,000
(5,000)
7,218
5,000
2012
87.4%
33.2%
87.4%
33.2%
87.4%
33.2%
121.1%
121.1%
121.1%
Projected
2011
2010
0.30%
- $
0.70%
- $
0.30%
9,659 $
0.70%
34 $
2012
0.50%
16,876
0.90%
119
Comparable Companies - North American Oil & Gas E&P Companies with Over 10 Tcfe Proved Reserves
($ in Millions Except Per Share, Reserve, and Production Data)
Operating Statistics
Capitalization
Company Name
Chesapeake Energy Corporation
Anadarko Petroleum
Occidental Petroleum Corporation
Apache Corporation
Devon Energy Corporation
EOG Resources, Inc.
EBITDAX(3)
Equity
Enterprise
(1)
(1)(2)
Value
Value
TTM
12/31/2010 12/31/2011
$ 15,489 $ 29,710 $ 4,509 $
4,571 $
4,949
28,937
40,880
5,743
8,099
9,908
61,989
64,381
8,447
12,659
16,428
32,252
37,384
5,989
8,264
9,694
28,999
37,353
4,797
6,364
5,613
22,289
24,882
1,761
4,375
5,507
Maximum
75th Percentile
Median
25th Percentile
Minimum
$ 61,989 $ 64,381 $
31,439
40,006
$ 28,968 $ 37,368 $
23,951
31,620
15,489
24,882
8,447
5,927
5,270
4,581
1,761
$ 24,542
7,150
Valuation Statistics
$ 34,686
Capitalization
Company Name
Chesapeake Energy Corporation
Anadarko Petroleum
Occidental Petroleum Corporation
Apache Corporation
Devon Energy Corporation
EOG Resources, Inc.
Equity
Enterprise
(1)
Value
Value(1)(2)
$ 15,489 $ 29,710
28,937
40,880
61,989
64,381
32,252
37,384
28,999
37,353
22,289
24,882
Maximum
75th Percentile
Median
25th Percentile
Minimum
$ 61,989 $ 64,381
31,439
40,006
$ 28,968 $ 37,368
23,951
31,620
15,489
24,882
$ 24,542
$ 34,686
12,659
8,223
7,232
5,019
4,375
16,428
9,855
7,654
5,534
4,949
6,818
7,416
Enterprise Value /
(3)
EBITDAX
Enterprise
TTM
12/31/2010 12/31/2011
6.6 x
6.5 x
6.0 x
7.1 x
5.0 x
4.1 x
7.6 x
5.1 x
3.9 x
6.2 x
4.5 x
3.9 x
7.8 x
5.9 x
6.7 x
14.1 x
5.7 x
4.5 x
14.1 x
7.7 x
7.4 x
6.7 x
6.2 x
6.5 x
5.8 x
5.4 x
5.1 x
4.5 x
6.7 x
5.6 x
4.3 x
4.0 x
3.9 x
4.9 x
5.1 x
4.7 x
Proved
Daily
Reserves
Production
(Bcfe)
14,254.0
13,824.0
19,350.0
14,199.5
16,398.0
10,776.1
(MMcfe)
2,480.8
3,624.0
3,870.0
3,499.7
3,830.1
2,118.0
19,350.0
15,862.0
14,226.8
13,917.9
10,776.1
3,870.0
3,778.6
3,561.9
2,735.5
2,118.0
14,827.3
2,863.6
Proved
Production
Areas
US Diversified
International; US-Focused
International
International
US & Canada
US, Canada & Trinidad
US Diversified
Developed
R/P
/ Proved
58.4%
70.5%
77.3%
69.1%
70.3%
54.4%
Oil
(4)
Mix %
7.8%
30.9%
76.2%
47.8%
18.0%
15.6%
(Years)
15.7
10.5
13.7
11.1
11.7
13.9
77.3%
70.4%
69.7%
61.1%
54.4%
76.2%
43.6%
24.5%
16.2%
7.8%
15.7
13.9
12.7
11.3
10.5
60.7%
13.9%
14.2
Enterprise Value /
Proved
Daily
Reserves
Production
$
2.08 $
11.98
2.96
11.28
3.33
16.64
2.63
10.68
2.28
9.75
2.31
11.75
$
$
3.33
2.88
2.47
2.29
2.08
$
$
16.64
11.92
11.51
10.83
9.75
2.34
12.11
ivatives, less Investments in Equity Companies, plus Total Debt, plus Asset Retirement
Noncontrolling Interests.
ck-Based Compensation, plus Non-Cash Derivative Losses, plus Impairment Charges, plus
Ratio
Operating Income:
Plus: DD&A:
Plus: Asset Retirement Accretion:
Plus: Stock-Based Compensation:
Plus: Non-Cash Derivative Losses:
Plus: Impairment Charge:
Plus: Other One-Time Charges:
EBITDA:
Plus: Exploration:
EBITDAX:
CHK
Chesapeake Energy Corporation
Calendarization
Old Partial
New Partial
FY
TTM
$
(8,945) $
(8,945)
1,615
1,615
140
140
497
497
11,130
11,130
72
72
$
- $
- $
4,509 $
4,509
$
- $
- $
4,509 $
4,509
Tax Rate:
38%
Production Data
14,254.0
US Diversified
8,331.0
2,480.8
905.5
905.5
70.8
70.8
Balance Sheet Data
12/31/2010
Bank:
Date:
EBITDA:
Plus: Exploration:
EBITDAX:
307
(62)
404
12,295
282
930
466
897
$
$
4,571 $
4,571 $
4,949
4,949
N/A
N/A
N/A
23.03
651.86
Restricted Shares:
19.22
Total
Strike
0.13 $
3.82
0.26
5.20
0.12
5.54
0.42
6.11
0.09
6.95
0.38
7.80
0.11
8.58
0.43
10.08
0.25
13.31
0.09
19.72
Dilution
0.10
0.20
0.09
0.31
0.06
0.25
0.07
0.24
0.11
0.01
0.00
0.00
0.00
0.00
0.00
672.54
EV / EBITDA:
EV / EBITDAX:
EV / Proved Reserves:
EV / Daily Production:
$
$
15,489
29,710
1.15
Valuation Multiples
TTM
12/31/2010 12/31/2011 12/31/2012
6.6 x
6.5 x
6.0 x
N/A
6.6 x
6.5 x
6.0 x
N/A
2.08
N/A
N/A
N/A
11.98
N/A
N/A
N/A
Lookup Variables
12/31/2010 EBITDA:
12/31/2010 EBITDAX:
4,571
4,571
12/31/2011 EBITDA:
12/31/2011 EBITDAX:
4,949
4,949
12/31/2012 EBITDA:
12/31/2012 EBITDAX:
N/A
N/A
TTM EV / EBITDA:
TTM EV / EBITDAX:
TTM EV / Proved Reserves:
6.6 x
6.6 x
2.08
11.98
12/31/2010 EV / EBITDA:
12/31/2010 EV / EBITDAX:
6.5 x
6.5 x
12/31/2011 EV / EBITDA:
12/31/2011 EV / EBITDAX:
6.0 x
6.0 x
12/31/2012 EV / EBITDA:
12/31/2012 EV / EBITDAX:
N/A
N/A
58.4%
7.8%
15.7
APC
Anadarko Petroleum
orporation
Old Partial
$
$
Calendarization
New Partial
FY
$
551 $
3,532
89
309
717
115
(677)
- $
- $
4,636 $
1,107
- $
- $
5,743 $
Calendarization
TTM
Old Partial
551
3,532
89
309
717
115
(677)
4,636
1,107
5,743
40%
Production Data
Production Data
13,824.0
International; US-Focused
9,744.0
3,624.0
1,320.0
1,320.0
408.0
408.0
Balance Sheet Data
12/31/2010
3,531
(46)
12,748
1,446
747
487
$
$
6,992 $
1,107
8,099 $
8,801
1,107
9,908
N/A
N/A
N/A
$
$
12,441
218
12,659
57.99
492.56
3.83
Total
Strike
9.48 $
42.01
Dilution
2.61
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
499.00
$
$
28,937
40,880
1.41
Valuation Multiples
TTM
12/31/2010 12/31/2011 12/31/2012
8.8 x
5.8 x
4.6 x
N/A
7.1 x
5.0 x
4.1 x
N/A
2.96
N/A
N/A
N/A
11.28
N/A
N/A
N/A
Lookup Variables
Valuation Multiple
$
$
TTM
7.9 x
7.6 x
3.33
16.64
Lookup Variables
6,992
8,099
8,801
9,908
N/A
N/A
8.8 x
7.1 x
2.96
11.28
5.8 x
5.0 x
4.6 x
4.1 x
N/A
N/A
70.5%
30.9%
10.5
OXY
Occidental Petroleum Corporation
Calendarization
New Partial
FY
TTM
$
4,669 $
4,669
3,117
3,117
36
36
151
151
170
170
37
37
$
- $
8,180 $
8,180
267
267
$
- $
8,447 $
8,447
Apache Corporation
Old Partial
$
$
Calendarization
New Partial
FY
$
326
5,213
105
104
(2)
242
- $
- $
5,989
- $
- $
5,989
40%
Production Data
1,410.0
1,074.0
Production Data
19,350.0
International
14,957.0
3,870.0
1,410.0
1,074.0
1,277.4
610.4
1,230
(339)
1,732
2,796
722
1,419
78
12/31/2010
MS
01.28.2010
$
$
16,176
252
16,428
$
$
17,681
287
17,968
$
$
8,264 $
8,264 $
9,694
9,694
N/A
N/A
N/A
76.00
811.96
1.51
Total
Strike
2.41 $
30.40
1.09
24.66
Dilution
1.45
0.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
815.64
Total
Strike
5.92 $
72.29
1.56
216.00
1.04
162.00
0.26
81.00
0.84
108.00
0.78
34.68
61,989
64,381
0.98
Valuation Multiples
12/31/2010 12/31/2011 12/31/2012
5.2 x
4.0 x
3.6 x
5.1 x
3.9 x
3.6 x
N/A
N/A
N/A
N/A
N/A
N/A
Lookup Variables
$
$
Valuation Multiples
TTM
12/31/2010 12/31/2011
6.2 x
4.5 x
3.9 x
6.2 x
4.5 x
3.9 x
2.63
N/A
N/A
10.68
N/A
N/A
Lookup Variables
12,441
12,659
16,176
16,428
17,681
17,968
7.9 x
7.6 x
3.33
16.64
5.2 x
5.1 x
4.0 x
3.9 x
3.6 x
3.6 x
77.3%
76.2%
13.7
APA
Apache Corporation
326
5,213
105
104
(2)
242
5,989
5,989
DVN
Devon Energy Corporation
Calendarization
Old Partial
New Partial
FY
TTM
$
(4,526) $
(4,526)
2,108
2,108
91
91
209
209
121
121
6,408
6,408
386
386
$
- $
- $
4,797 $
4,797
$
- $
- $
4,797 $
4,797
40%
35%
ation
TTM
$
$
$
Data
Production Data
14,199.5
International
9,813.4
3,499.7
1,277.4
610.4
Pr
1,398.0
252.0
et Data
16,398.0
US & Canada
11,532.0
3,830.14
1,398.0
252.0
2,048
(266)
5,068
1,784
63
-
12/31/2010
646
304
7,279
1,513
512
-
WF
01.28.2010
Equity R
PCP
11.18.2009
$
$
alculation
Bala
$
Projections
6,364 $
6,364 $
5,613
5,613
N/A
N/A
N/A
94.63
336.55
Ca
Diluted
$
63.89
446.80
1.84
6.17
Dilution
1.40
0.00
0.00
0.26
0.00
0.78
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
340.82
Total
Strike
12.16 $
59.07
32,252
37,384
1.19
ultiples
12/31/2012
N/A
N/A
N/A
N/A
ables
Dilution
0.92
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
453.88
$
$
28,999
37,353
1.05
Valuation Multiples
TTM
12/31/2010 12/31/2011 12/31/2012
7.8 x
5.9 x
6.7 x
N/A
7.8 x
5.9 x
6.7 x
N/A
2.28
N/A
N/A
N/A
9.75
N/A
N/A
N/A
Lookup Variables
Valu
Loo
8,264
8,264
6,364
6,364
9,694
9,694
5,613
5,613
N/A
N/A
N/A
N/A
6.2 x
6.2 x
2.63
7.8 x
7.8 x
2.28
10.68
9.75
4.5 x
4.5 x
5.9 x
5.9 x
3.9 x
3.9 x
6.7 x
6.7 x
N/A
N/A
N/A
N/A
69.1%
47.8%
11.1
70.3%
18.0%
11.7
EOG
EOG Resources, Inc.
Old Partial
$
$
Calendarization
New Partial
FY
$
971 $
1,549
95
(846)
306
(535)
- $
- $
1,540 $
221
- $
- $
1,761 $
TTM
Calendarization
New Partial
Old Partial
971
1,549
95
(846)
306
(535)
1,540
221
1,761
- $
- $
37%
Production Data
Production Data
10,776.1
US, Canada & Trinidad
5,858.2
2,118.0
773.0
773.0
120.9
120.9
Balance Sheet Data
12/31/2010
686
(65)
41
2,797
456
1
-
12/31/2010
MS
01.12.2010
$
$
4,028 $
347
4,375 $
5,092
415
5,507
N/A
N/A
N/A
$
$
6,738 $
80
6,818 $
7,328
89
7,416
86.05
252.58
3.64
Total
Strike
0.48 $
16.60
1.43
18.37
0.68
23.42
2.31
61.94
3.44
82.13
Dilution
0.38
1.12
0.50
0.65
0.16
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
259.02
$
$
Total
18.37
2.60
0.39
0.23
0.25
0.25
22,289
24,882
0.93
Valuation Multiples
TTM
12/31/2010 12/31/2011 12/31/2012
16.2 x
6.2 x
4.9 x
N/A
14.1 x
5.7 x
4.5 x
N/A
2.31
N/A
N/A
N/A
11.75
N/A
N/A
N/A
Lookup Variables
$
$
Valuation Multiples
TTM
12/31/2010
4.9 x
5.1 x
4.9 x
5.1 x
2.34
N/A
12.11
N/A
Lookup Variables
4,028
4,375
5,092
5,507
N/A
N/A
16.2 x
14.1 x
2.31
11.75
6.2 x
5.7 x
4.9 x
4.5 x
N/A
N/A
54.4%
15.6%
13.9
XTO
XTO Energy Inc.
Calendarization
FY
$
3,687 $
3,079
40
137
130
$
7,073 $
77
$
7,150 $
TTM
3,687
3,079
40
137
130
7,073
77
7,150
36%
Production Data
14,827.3
US Diversified
9,004.9
2,863.6
1,045.2
1,045.2
145.2
145.2
Balance Sheet Data
$
9
1,117
10,487
783
-
7,943
97
8,040
41.49
583.34
5.49
Strike
$
38.39
20.78
50.00
55.00
77.00
85.00
Dilution
1.37
1.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
591.51
24,542
34,686
1.10
Valuation Multiples
12/31/2011 12/31/2012
4.7 x
4.4 x
4.7 x
4.3 x
N/A
N/A
N/A
N/A
Lookup Variables
6,738
6,818
7,328
7,416
7,943
8,040
4.9 x
4.9 x
2.34
12.11
5.1 x
5.1 x
4.7 x
4.7 x
4.4 x
4.3 x
60.7%
13.9%
14.2
Precedent Transactions - Oil & Gas M&A Deals Worth Over $2 Billion USD with North American-Based Sellers Since 1/1
($ in Millions USD Except Per Share, Reserve, and Production Data)
XTO Energy Inc. - Comparable M&A Transactions
Announce
Acquirer Name
Suncor Energy Inc.
Denbury Resources Inc.
Petrobank Energy and Resources Ltd.
Shell Canada Limited
XTO Energy Inc.
Target Name
Petro-Canada
Encore Acquisition Company
TriStar Oil & Gas Ltd.
Duvernay Oil Corp.
Hunt Petroleum Corp.
Maximum
75th Percentile
Median
25th Percentile
Minimum
Date
3/23/2009
11/3/2009
8/5/2009
7/14/2008
6/10/2008
Transaction Value
Equity
Value(1)
$ 15,515
2,875
2,112
5,193
4,186
$ 15,515
5,193
$ 4,186
2,875
2,112
(1) Valuation as of announcement date, assuming per-share offer price from acquirer.
(2) Enterprise Value defined as Equity Value less Cash & Cash Equivalents, less Net Value of Derivatives, less Investments i
Obligation, plus Capital Leases, plus Unfunded Pension Obligations, plus Preferred Stock, plus Noncontrolling Interests.
(3) Oil Mix % Based on TTM Production Data rather than Reserves.
(4) EBITDAX defined as Operating Income plus DD&A, plus Asset Retirement Accretion, plus Stock-Based Compensation, p
Other One-Time and Restructuring Charges, plus Exploration Expense.
Transaction Value
Enterprise
Value(2)
$ 19,407
4,419
2,478
5,696
4,480
$ 19,407
5,696
$ 4,480
4,419
2,478
Production
Areas
Canada
US Diversified
Canada
Canada
US Diversified
Proved
Developed
/ Proved
54.0%
80.1%
74.0%
50.2%
62.0%
Oil
Mix % (3)
71.9%
65.4%
72.9%
10.7%
N/A
80.1%
74.0%
62.0%
54.0%
50.2%
72.9%
72.2%
68.7%
51.7%
10.7%
R/P
Ratio
(Years)
8.4
12.1
6.9
9.8
N/A
12.1 $
10.4
9.1 $
8.0
6.9
7,477 $
1,200
518 $
267
210
Derivatives, less Investments in Equity Companies, plus Total Debt, plus Asset Retirement
us Noncontrolling Interests.
Stock-Based Compensation, plus Non-Cash Derivative Losses, plus Impairment Charges, plus
7,716 $
1,114
1,052 $
468
316
2,508
262
259
145
122
Transaction Va
Daily
(4)
EBITDAX
Reserves Production
2.6 x $
2.52 $
7.74
8.5 x
3.97
17.04
11.8 x
7.84
20.24
21.3 x
12.18
39.39
3.7 x
4.26
17.11
21.3 x $
11.8 x
8.5 x
3.7 x
2.6 x
12.18 $
7.84
4.26
3.97
2.52
39.39
20.24
17.11
17.04
7.74
TSX:PCA
Petro-Canada
Suncor Energy Inc.
Calendarization
Interim Period:
FY Ends:
Old Partial
New Partial
Operating Income:
Plus: DD&A:
Plus: Asset Retirement Accretion:
Plus: Stock-Based Compensation:
Plus: Non-Cash Derivative Losses:
Plus: Impairment Charge:
Plus: Other One-Time Charges:
EBITDA:
Plus: Exploration:
EBITDAX:
$
$
FY
5,753
2,155
79
706
8,693
587
9,280
12/31/2008
12/31/2008
TTM
$
5,753
2,155
79
706
$
8,693
587
$
9,280
Production Data
Proved Reserves (Bcfe):
Production Areas:
Proved Developed Reserves (Bcfe):
Daily Production (MMcfe):
Period Production (Bcfe):
Oil, Period Production (Bcfe):
7,716.0
Canada
4,166.6
2,508.2
918.0
660.0
918.0
660.0
Balance Sheet Data
N/A
Bank:
Date:
EBITDA:
Plus: Exploration:
EBITDAX:
1,445
4,749
1,527
-
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3/23/2009
FX Exchange Rate:
Offer Price Per Share:
Common Shares:
Restricted Shares:
Total
Strike
22.13 $
37.00
0.83
7.21
46.00
0.8057
39.55
484.60
Dilution
1.43
0.83
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
486.85
EV / EBITDA:
EV / EBITDAX:
EV / Proved Reserves:
EV / Daily Production:
$
$
TTM
2.8 x
2.6 x
3.12
9.60
Valuation Multiples
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
19,256
24,087
N/A
N/A
N/A
N/A
N/A
Lookup Variables
TTM EV / EBITDA:
TTM EV / EBITDAX:
TTM EV / Proved Reserves:
TTM EV / Daily Production:
Proved Developed / Total Proved:
Oil Mix %:
R / P Ratio:
$
$
2.8 x
2.6 x
3.12
9.60
54.0%
71.9%
8.4
EAC
Encore Acquisition Company
Denbury Resources Inc.
ro-Canada
Energy Inc.
Calendarization
Interim Period:
FY Ends:
Old Partial
New Partial
$
388 $
(39) $
159
217
10
10
38
106
26
0
(1)
$
622 $
293 $
30
44
$
652 $
337 $
Calendarization
FY
796
228
14
(300)
60
(4)
794
39
834
9/30/2009
12/31/2008
TTM
$
369
286
14
(232)
33
(4)
$
465
53
$
518
Interim Period:
FY Ends:
Old Partial
$
(42)
118
3
129
7
$
215
$
215
Production Data
63.6
44.7
69.1
44.7
Production Data
1,114.2
US Diversified
892.8
259.4
86.7
92.2
60.3
60.3
21.7
15.7
7
23
1,243
54
1
275
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total
Strike
1.73 $
19.85
1.0000
50.00
55.54
0.92
Dilution
1.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
57.51
Transaction Valuation M
$
$
$
TTM
9.5 x
8.5 x
3.97
17.04
Valuation Multiples
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2,875
4,419
Valuation Multiple
N/A
N/A
N/A
N/A
N/A
Lookup Variables
$
$
TTM
11.8 x
11.8 x
8.38
21.63
Lookup Variables
$
$
9.5 x
8.5 x
3.97
17.04
80.1%
65.4%
12.1
TS
TriStar Oil & Gas Ltd.
Petrobank Energy and Resources Ltd.
Calendarization
New Partial
$
(78) $
119
5
37
5
$
87 $
$
87 $
Calendarization
FY
158
246
7
(73)
13
352
352
6/30/2009
12/31/2008
TTM
$
122
247
9
(166)
11
$
224
$
224
Interim Period:
FY Ends:
Old Partial
New Partial
$
16 $
(17) $
39
47
2
3
7
41
4
6
$
68 $
79 $
$
68 $
79 $
Production Data
22.4
17.7
FY
61
158
9
10
21
259
259
Production Data
316.0
Canada
233.8
122.4
45.9
33.5
45.2
31.5
11.3
1.2
13.2
1.3
45.9
5.0
(0)
348
42
-
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total
Strike
4.24 $
11.23
0.9357
14.75
152.04
Dilution
1.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
153.05
Total
Strike
5.42 $
29.30
Valuation Multiples
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2,257
2,648
N/A
N/A
N/A
N/A
N/A
Lookup Variables
$
$
TTM
21.3 x
21.3 x
12.30
39.77
Valuation Multiples
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Lookup Variables
$
$
11.8 x
11.8 x
8.38
21.63
74.0%
72.9%
6.9
DUV
Duvernay Oil Corp.
Shell Canada Limited
HNT
Hunt Petroleum Corp.
XTO Energy Inc.
ation
Calendarization
3/31/2008
12/31/2007
TTM
$
28
165
10
44
23
$
270
$
270
Interim Period:
FY Ends:
Old Partial
New Partial
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Data
FY
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6/30/2008
12/31/2007
TTM
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$
1,200
N/A
$
1,200
Production Data
467.7
Canada
234.6
144.6
47.8
5.1
1,052.0
US Diversified
652.2
261.8
-
et Data
(42)
15
464
16
-
Projections
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
alculation
198
337
155
-
N/A
N/A
N/A
N/A
N/A
N/A
6/10/2008
0.9904
83.00
59.67
-
1.0000
Dilution
3.51
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
63.18
Total
tion Metrics
Strike
Dilution
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,244
5,751
ultiples
N/A
N/A
N/A
N/A
N/A
ables
$
$
TTM
3.7 x
3.7 x
4.26
17.11
Valuation Multiples
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4,186
4,480
N/A
N/A
N/A
N/A
N/A
Lookup Variables
$
$
21.3 x
21.3 x
12.30
39.77
50.2%
10.7%
9.8
$
$
3.7 x
3.7 x
4.26
17.11
62.0%
N/A
N/A