Herold - Q3 2011 Upstream Transaction Review
Herold - Q3 2011 Upstream Transaction Review
Key Implications
100 80
Deal Count
Global reserve deal count declined to its lowest level since the 2H 2008 collapse as commodity prices and financial markets weakened, although transaction activity focused on world-class oil opportunities and U.S. shale liquids acreage and resources remained strong. BHPs all-cash $15 billion takeover of U.S. shale-focused Petrohawk Energy was the largest global corporate deal in more than two years, accounting for nearly half of 3Q 2011 worldwide deal value. North American reserve deal count fell sharply and conventional asset reserve pricing continued to deflate as natural gas prices remained soft and oil prices retreated. Chinas CNOOC agreed to acquire bankrupt oil sands producer OPTI Canada. Following the termination of BPs early 2011 swap deal with Rosneft, ExxonMobil and Rosneft announced a $3.2 billion joint venture focused on the Russian Arctic and other global asset opportunities. International activity was also highlighted by accelerated oilfocused M&A in Kurdistan, the North Sea, and Brazil.
60 40 20 0
XOM-XTO
Corporate
Asset
Deal Count
UPSTREAM SCOREBOARD 3Q 2011 Total Deal Value US$MM $20,668.2 $2,316.9 $2,516.3 $1,629.3 $2,901.1 $1,686.2 $123.7 $140.8 $31,982.4 Wtd. Avg. Total Wtd. Avg. Reserve Implied Proved Implied 2P Value Reserve Value Reserve Value Deal US$/boe US$MM US$/boe Count $14,709.1 $14.39 $10.27 32 $945.5 $5.50 $3.42 12 $2,139.8 $4.83 2 $859.7 $3.97 7 $2,893.5 $25.77 $17.31 7 $1,656.7 $25.73 $14.11 4 $123.7 4 $58.6 $4.31 $2.24 0 $23,386.8 $13.81 $4.78 68 Total Deal Value US$MM $8,265.5 $3,022.6 $486.8 $5,115.3 $1,191.1 $358.9 $615.7 $0.0 $19,055.9 2Q 2011 Wtd. Avg. Total Wtd. Avg. Reserve Implied Proved Implied 2P Value Reserve Value Reserve Value Deal US$/boe US$MM US$/boe Count $7,368.2 $9.17 $7.40 18 $2,847.6 $22.72 $15.19 26 $466.0 $24.06 1 $4,235.2 $22.79 $12.06 10 $1,160.3 $17.96 $13.96 9 $259.7 $17.73 $17.07 4 $605.4 $5.84 $3.18 7 $0.0 0 $16,942.3 $12.11 $12.04 75 Total Deal Value US$MM $7,916.6 $7,956.3 $650.0 $7,336.7 $4,891.3 $44,748.6 $4,160.5 $0.0 $77,659.9 3Q 2010 Total Wtd. Avg. Wtd. Avg. Reserve Implied Proved Implied 2P Value Reserve Value Reserve Value US$MM US$/ boe US$/ boe $6,022.4 $15.26 $14.42 $6,273.1 $12.23 $6.50 $440.9 $21.83 $18.52 $5,351.5 $3.61 $15.63 $4,201.6 $18.21 $11.28 $44,029.9 $12.38 $12.89 $4,160.5 $1.36 $0.0 $70,479.9 $13.34 $4.92
Region United States Canada Africa & Middle East Asia-Pacific Europe Latin America FSU Multi-Region Total
Deal Count 17 10 2 8 6 6 2 1 52
Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, including transactions with no disclosure on reserves and/or production (weighted average implied proved and 2P figures include transactions with those reserves disclosed)
80
Global Deal Count
60
40
20
0 3Q 96
3Q 97
3Q 98
3Q 99
3Q 00
3Q 01
3Q 02
3Q 03
3Q 04
3Q 05
3Q 06
3Q 07
3Q 08
3Q 09
3Q 10
3Q 11
Deal Count
$30
60%
$20
40%
$10
20%
0%
The 'Reserves' category covers transactions with disclosed proved, 2P, or 3P reserves/resource (may also include significant undeveloped properties i.e. XOM-XTO): 'Resources' cover transaction with only contingent or total resources disclosure.
Acreage/Resources as % of Total
Reported Location Alaska Appalachia Gulf Coast - Onshore Gulf of Mexico Mid-Continent Southeast Rocky Mountains West Coast US-Other/Diversified Total US Canada Total North America
R/P 31.3 21.8 5.6 13.2 20.6 11.2 12.3 35.2 13.7
R/P 8.0 8.0 124.0 77.2 23.8 4.9 8.5 19.6 19.0 29.5
Africa & Middle East 2 $2,516.3 $2,139.8 $4.83 Asia-Pacific 8 $1,629.3 $859.7 $3.97 Europe 6 $2,901.1 $2,893.5 $25.77 $63,460 6.7 30% $17.31 Latin America 6 $1,686.2 $1,656.7 $25.73 $89,753 9.6 35% $14.11 Former Soviet Union 2 $123.7 $123.7 Multi-Region 1 $140.8 $58.6 $4.31 $7,819 5.0 57% $2.24 Total 52 $31,982.4 $23,386.8 $13.81 $62,866 12.5 71% $4.78 1 Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, including transactions with no disclosure on reserves and/or production 2 Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, with disclosed proved reserves 3 Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, with disclosed proved plus probable reserves
3Q 2011 WEIGHTED AVERAGE DEAL PRICING BY REGION 4 NORTH AMERICA 1P DEAL PRICING
Implied Deal Price US$/boe
$25 $20 $15 $10 $5 $0 Mid GoM Continent 3Q 2011 Wtd. Avg. Proved Implied per boe U.S. Dvsfd. US-Total Rockies Gulf Canada Appalachia Coast 2010 Wtd. Avg. Proved Implied per boe
Figures represent all acquisition, merger and swap reserve transactions >US$10MM, with disclosed proved or 2P reserves
ASSET ACQUISITIONS WORLDWIDE ACTIVITY DURING 3Q 2011 Total Deal Value US$MM1 $0.0 $3,484.5 $332.1 $250.5 $622.3 $0.0 $755.5 $0.0 $0.0 $5,444.9 $224.3 $5,669.2 $418.8 $453.7 $2,727.4 $1,635.5 $123.7 $140.8 $11,028.4 Proved Reserves 2 Total MMboe Gas Bcf @6:1 0.0 0.0 379.6 66.7 62.1 17.5 57.3 17.0 173.4 45.2 0.0 0.0 234.8 52.1 0.0 0.0 0.0 0.0 907.1 198.5 44.0 7.8 951.1 206.3 0.0 0.0 0.0 0.0 128.6 72.6 8.0 1.9 0.0 0.0 46.6 13.6 1,087.7 280.9 Weighted Average Values 2 O&G Proved Implied Proved Reserve Implied Value per Reserve Value Value US$/boe Daily boe Produced $232.0 $3.48 $39,771 $101.1 $5.79 $46,024 $228.5 $13.40 $27,297 $622.3 $13.76 $66,097 $492.5 $9.45 $71,069 $1,676.4 $8.44 $51,196 $77.6 $9.94 $37,325 $1,754.0 $8.50 $50,367 $1,871.5 $25.77 $63,460 $54.0 $28.10 $78,571 $3,679.5 $13.10 $56,606
Reported Location Alaska Appalachia Gulf Coast - Onshore Gulf of Mexico Mid-Continent Southeast Rocky Mountains West Coast US-Other/Diversified Total US Canada Total North America Africa & Middle East Asia-Pacific Europe Latin America Former Soviet Union Multi-Region Total
Deal Count 1 0 3 3 2 3 0 5 0 0 16 8 24 1 6 5 5 2 1 43
Oil MMbbl 0.0 3.4 7.1 7.5 16.3 0.0 10.4 0.0 0.0 44.7 0.5 45.2 0.0 0.0 51.2 0.6 0.0 5.8 97.0
R/P 31.3 21.8 5.6 13.2 20.6 16.6 10.3 16.2 6.7 7.7 11.8
% Gas 95% 59% 56% 64% 75% 76% 94% 77% 30% 69% 65%
CORPORATE ACQUISITIONS WORLDWIDE ACTIVITY DURING 3Q 2011 Weighted Average Values 2 Proved Reserves 2 Total Deal Value Total MMboe O&G Proved Implied Proved Reserve Implied Value per US$MM1 Reported Location Deal Count 1 Oil MMbbl Gas Bcf @6:1 Reserve Value Value US$/boe Daily boe Produced Alaska 0 $0.0 0.0 0.0 0.0 Appalachia 0 $0.0 0.0 0.0 0.0 Gulf Coast - Onshore 0 $0.0 0.0 0.0 0.0 Gulf of Mexico 0 $0.0 0.0 0.0 0.0 Mid-Continent 0 $0.0 0.0 0.0 0.0 North Central 0 $0.0 0.0 0.0 0.0 Rocky Mountains 0 $0.0 0.0 0.0 0.0 West Coast 0 $0.0 0.0 0.0 0.0 US-Other/Diversified 1 $15,223.3 46.9 3,110.1 565.3 $9,314.3 $16.48 $67,644 Total US 1 $15,223.3 46.9 3,110.1 565.3 $9,314.3 $16.48 $67,644 Canada 2 $2,092.6 139.2 1.6 139.5 $733.1 $5.26 $78,073 Total North America 3 $17,315.8 186.1 3,111.7 704.8 $10,047.4 $14.26 $68,310 Africa & Middle East 1 $2,097.5 0.0 0.0 0.0 Asia-Pacific 2 $1,175.5 0.0 0.0 0.0 Europe 1 $173.7 0.0 0.0 0.0 Latin America 1 $50.7 1.9 0.0 1.9 $45.2 $23.37 $108,170 Former Soviet Union 0 $0.0 0.0 0.0 0.0 Multi-Region 1 $140.8 5.8 46.6 13.6 $58.6 $4.31 $7,819 Total 9 $20,954.0 193.9 3,158.3 720.3 $10,151.2 $14.09 $65,491 1 Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, including transactions with no disclosure on reserves and/or production 2 Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, with disclosed proved reserves
Ann'd Date 15-Jul-11 18-Aug-11 7-Sep-11 20-Jul-11 21-Sep-11 20-Jul-11 28-Sep-11 18-Jul-11 12-Sep-11 26-Sep-11
Buyers BHP Billiton Group Noble Energy Vallares PLC CNOOC Apache Corp. TNK-BP Eni SpA Santos QR Energy LP PetroChina; Shell
Sellers Petrohawk Energy CONSOL Energy Genel Enerji AS OPTI Canada Exxon Mobil Petra Energia Ltda GDF Suez SA East. Star Gas; TRUenergy Quantum Res. Management Bow Energy Limited
Deal Level Corporate Asset Corporate Corporate Asset Asset Asset Corporate Asset Corporate
Region U.S.-Diversified U.S.-Appalachia Africa-Middle East Canada Europe Latin America Europe Asia-Pacific U.S.-Mid-Continent Asia-Pacific
ASSET DEALS 18-Aug-11 21-Sep-11 20-Jul-11 28-Sep-11 12-Sep-11 27-Jul-11 18-Jul-11 27-Jul-11 28-Sep-11 18-Aug-11 Noble Energy Apache Corp. TNK-BP Eni SpA QR Energy LP Afren plc TRUenergy BreitBurn E'gy Partners LP Kodiak Oil & Gas Corp Noble Energy CONSOL Energy Exxon Mobil Petra Energia Ltda GDF Suez SA Quantum Res. Management LLC Komet Group SA Santos Cabot Oil & Gas Undisclosed private company CONSOL Energy U.S.-Appalachia Europe Latin America Europe U.S.-Mid-Continent Africa-Middle East Asia-Pacific U.S.-Rocky Mountains U.S.-Rocky Mountains U.S.-Appalachia $3,100.0 $1,750.0 $1,050.0 $801.5 $577.0 $418.8 $305.2 $285.0 $235.0 $232.0 $3,100.0 $1,750.0 $1,050.0 $801.5 $577.0 $418.8 $224.3 $285.0 $235.0 $232.0 NA 68.3 NA NA 37.1 NA NA 38.3 NA 66.7 30% 59% 95% 95% $25.61 $15.55 $7.43 $3.48 NA $61,185 6.5 NA $53,191 7.8 $72,125 12.7 NA NA $57,000 21.0 $78,333 NA $39,771 31.3 1,166.7d 95% NA 783.0d 0% 43.0a 51% NA 882.0c 0% 31.1a 100% NA NA NA $2.66 $1.34 $18.64 $0.47 $7.22 -
CORPORATE DEALS 15-Jul-11 BHP Billiton Group 7-Sep-11 Vallares PLC 20-Jul-11 CNOOC 18-Jul-11 Santos 26-Sep-11 PetroChina; Shell 19-Sep-11 IGas Energy 5-Sep-11 DNO International 12-Jul-11 Touchstone Exploration 20-Sep-11 Northern Spirit Res. Petrohawk Energy Genel Enerji AS OPTI Canada East. Star Gas; TRUenergy Bow Energy Petronas; Star Energy Group Ras Al Khaimah Petroleum Primera Group/CL Financial Cascade Resources Inc U.S.-Diversified Africa-Middle East Canada Asia-Pacific Asia-Pacific Europe Global Diversfieid Latin America Canada $15,223.3 $2,097.5 $2,075.5 $699.4 $476.1 $173.7 $140.8 $50.7 $17.1 $9,314.3 $1,721.1 $720.3 $377.0 $111.8 $169.2 $58.6 $45.2 $12.8 565.3 92% NA 139.1 NA NA NA 1.9 0% 0% $16.48 $5.18 $2.24 $67,644 11.2 $41,978 23.8 $77,501 41.0 NA NA $7,819 5.0 5,833.3d 356.0a 543.4a 92% 0% 0% $2.52 $4.83 $3.19 $3.07 $2.99 $15.24 $2.24 $15.38 $9.41
122.8a 100% 37.4a 100% 11.1a 52.0a 3.2a 1.8a 0% 57% 0% 57%
$60,422 10.9
NORTH AMERICA VS. OUTSIDE NORTH AMERICA VS. GLOBAL DIVERSIFIED $80 80
$60
60
US$ Billions
$40
40
$20
20
$0 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Multi Region Proved Reserve Value Outside North America Deal Count Outside North America Proved Reserve Value North America Deal Count Q1 11 Q2 11 Q3 11
$60
60
US$ Billions
$40
40
$20
20
$0 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
Deal Count
Deal Count
CANADA 50
Deal Count
$20 $16
US$ Billion
50 40 30 20 10 0
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Deal Count Q3 11 US$/ daily boe
40 30 20 10 0
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11
$24 $16 $8 $0
$12 $8 $4 $0
Corporate
Asset
2
Deal Count
Corporate
Asset
Deal Count
WEIGHTED AVERAGE 1P DEAL PRICING & PER DAILY BOE PRODUCED UNITED STATES $20 $16
US$/boe
CANADA $125,000
US$/daily boe
$50 $40
US$/boe
$12 $8 $4 $0
US$/daily boe
3
US$/daily boe
NORTH AMERICAN ASSET DEAL PRICING VS BLENDED COMMODITIES PRICES INDEXED NORTH AMERICAN ASSET DEAL PRICING VS. COMMODITY PRICES 150% 125% 100% 75% 50% 25%
Q108 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
PRICE SPREAD: BLENDED AVG. COMMODITIES PRICES VS. NORTH AMERICAN ASSET 1P DEAL PRICING $120 $100 $80 $60 $40
Q1 11 Q2 11 Q3 11
$20 $0
Q108 Q2 08 Q3 08 Q4 08
Blended Avg. Commodites Prices - US$/Boe Wtd. Avg. Implied US$/Boe - North American Asset Deals
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Asset 1P Wtd. Avg. Implied Value US$/boe Henry Hub Avg. Prices
Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, including transactions with no disclosure on reserves and/or production Figures represent all acquisition, merger and swap reserve/resource transactions > US$10MM, with disclosed proved reserves 3 Blended average commodities represent 60/40 weighting of average quarterly Henry Hub and WTI Cushing spot prices
Q2 11
US$ Billion
Deal Count
$6 $4 $2 $0
$6
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Corporate EUROPE $5 $4
Asset
Corporate
Asset
Deal Count
Q3 11
12 10 8 6 4 2 0
Deal Count
US$ Billion
US$ Billion
$3 $2 $1 $0
12 8 4 0
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Asset
Q3 11
Corporate
Asset
Deal Count
Q3 11
3 2 1 0
Deal Count
US$ Billion
US$ Billion
$8 $6 $4 $2 $0
8 6 4 2 0
$4 $2 $0
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Corporate
1 Figures
Asset
Deal Count
Corporate
Asset
Deal Count
represent all acquisitio n, merger and swap reserve/reso urce transactio ns > US$ 1 M , including transactio ns with no disclo sure o n reserves and/o r pro ductio n 0M
Q3 11
Deal Count
Deal Count
Deal Count
US$ Billion
3Q 2011 TRANSACTIONS
UNITED STATES Total Proved Total Trans. Reserve Value US$MM Value US$MM
$ 3,1 00.0 $ 232.0 $1 52.5 $ 231 .0 $ 53.5 $ 47.6 $1 82.5 $ 68.0 $ 577.0 $ 30.5 $1 4.8 $ 285.0 $ 235.0 $1 50.0 $ 57.0 $ 28.5 $1 5,223.3 $ 3,1 00.0 $ 232.0 $1 52.5 $ 231 .0 $ 53.5 $ 47.6 $ 1 .4 61 $ 67.1 $ 577.0 $ 30.5 $1 4.8 $ 285.0 $ 235.0 $1 22.0 $ 57.0 $ 28.5 $ 9,31 4.3
Buyers
No ble Energy No ble Energy Lime Ro ck P artners; P DC Energy NFR Energy LLC Undisclo sed private co mpany Enco re Energy P artners LP Dynamic Offsho re Reso urces LLC Dynamic Offsho re Reso urces LLC QR Energy LP Unit Co rp. Enco re Energy P artners LP B reitB urn Energy P artners LP Ko diak Oil & Gas B ill B arrett Co rp. M agnum Hunter Res.; Willisto n Hunter Enco re Energy P artners LP B HP B illito n Gro up
Sellers
CONSOL Energy CONSOL Energy Seneca Upshur/Nat. Grid SandRidge Energy Inc Swift Energy Co mpany Undisclo sed Exxo n M o bil M o reno E'gy; SP N Reso urces LLC Quantum Reso urces M anagement LLC P enn Virginia Co rpo ratio n Undisclo sed private co mpany Cabo t Oil & Gas Co rpo ratio n Undisclo sed private co mpany Texas A merican Reso urces Eagle Operating Inc Undisclo sed P etro hawk Energy
% Gas
95%
R/P Region
Deal Level
A ppalachia A sset 31 A ppalachia A sset .3 A ppalachia A sset Gulf Co ast A sset 23.8 Gulf Co ast A sset 1 3.4 Gulf Co ast A sset 5.3 Go M 7.1 Go M 1 2.7 M id-Co n. 1 4.9 M id-Co n. 24.5 M id-Co n. 21 Ro ckies .0 Ro ckies 29.5 Ro ckies 1 7.8 Ro ckies 1 3.0 Ro ckies A sset A sset A sset A sset A sset A sset A sset A sset A sset A sset
$ 55,440 $ 30,283 $ 1 0,698 1 $ 23,050 $ 49,01 4 $ 72,1 25 $ 23,462 $1 28,696 $ 57,000 $ 78,333 $1 87,692 $1 42,557 $ 32,386 $ 67,644
1 .2 Diversified Co rp. 1
3Q 2011 TRANSACTIONS
CANADA Total Proved Total Trans. Reserve Value Value US$MM US$MM $2,075.5 $42.9 $42.9 $29.8 $26.2 $26.2 $25.0 $17.5 $17.1 $13.8 $720.3 $38.8 $38.8 $29.8 $25.0 $25.0 $25.0 $17.5 $12.8 $12.4 Proved Reserves MMboe 139.1 3.9 3.9 NA NA NA NA NA 0.4 NA % Implied Value Gas US$/ Proved boe 0% 94% 94% 67% $5.18 $9.94 $9.94 $32.48 Non-Proved Reserves MMboe1 543.4a 5.4a 5.4a 2.9a 76.5c 76.5c 0.5a 0.8a 1.8a 0.3a % Gas 0% 94% 94% 51% 0% 0% 0% 70% 57% 0% Non-Proved Implied Value US$/ boe $3.19 $8.01 $8.01 $10.23 $0.33 $0.33 $45.91 $21.93 $9.41 $36.97 Implied Value US$/ Daily boe Deal Level Asset Asset Asset
Buyers CNOOC Manitok Energy Petrus Resources Undisclosed Undisclosed Undisclosed Undisclosed Legend Oil and Gas Northern Spirit Res. Questerre Energy
Sellers OPTI Canada Undisclosed Undisclosed Compass Petroleum Connacher Oil and Gas Alberta Oilsands Inc Zargon Oil & Gas Ltd International Sovereign E'gy Cascade Resources Inc Undisclosed
R/P Region
$77,501 41.0 AB-Oil SanCorp. $37,325 10.3 Alberta $37,325 10.3 Alberta $76,262 20.4 Alberta NA NA $120,423 $73,113
- AB-Oil SanAsset - AB-Oil SanAsset 7.2 Sask. 9.1 Alberta Asset Asset Corp. Asset
3Q 2011 TRANSACTIONS AFRICA & MIDDLE EAST Total Proved Total Trans. Reserve Value US$MM Value US$MM $2,097.5 $1,721.1 $418.8 $418.8 Proved Reserves Implied Value MMboe % Gas US$/ Proved boe NA NA Non-Proved Reserves MMboe % Gas 356.0a 0% 882.0c 0% Non-Proved Implied Implied Value Value US$/ US$/ boe Daily boe $4.83 $41,978 $0.47 NA Deal Level Corp. Asset
Buyers Vallares Afren ASIA PACIFIC Santos PetroChina; Shell TRUenergy Risco Energy Pte Risco Energy Pte Santos Ltd Otto Energy Mitsui & Company EUROPE Apache Corporation ENI IGas Energy Hess Corp. Bridge Energy DONG Energy LATIN AMERICA TNK-BP Ltd QGEP Participacoes Barra Energia QGEP Participacoes LG International Corp Touchstone Exploration FORMER SOVIET UNION Gazprom Neft Spectral Capital Corporation
E. Star Gas; TRUenergy Bow Energy Santos Ltd Salamander Energy Vitol Group Magellan Petroleum Vitol Group WestSide Corporation
NA NA NA NA NA NA NA NA
Exxon Mobil GDF Suez SA Petronas; Star Energy Group Norwegian Energy Co. Nexen Norwegian Energy Co.
68.3 NA NA 4.3 NA NA
30% 16% -
$25.61 $28.31 -
51% 0% 16% 0% 0%
Petra Energia Royal Dutch Shell Royal Dutch Shell Royal Dutch Shell GeoPark Holdings Primera Group/CL Financial
NA NA NA NA 1.9 1.9
69% 0%
$28.10 $23.37
0% 71% 0%
NA $78,571 $108,170
7.7 12.7
Gazprom Undisclosed
$113.7 $10.0
$113.7 $10.0
NA NA
636.6b NA
30% -
$0.18 -
$7,764 NA
Asset Asset
MULTI REGION DNO International ASA Ras Al Khaimah Petroleum $140.8 $58.6 13.6 57% $4.31 52.0a 57% Note: Various non-proved reserves/resources categories are as follows: a: 2P reserves; b: 3P reserves; c: contingent reserves; d: total recoverable resources. OTHER SIGNIFICANT TRANSACTIONS Buyers Sellers D.H Miller; Oaktree Cap. Mgmt. EXCO Resources Exxon Mobil China Investment Corp. Timothy M Marquez Antero Resources Aker ASA Rosneft GDF Suez SA Shareholders; Venoco CONSOL Energy DNO Int'l
$2.24
$7,819
Total Trans. Value US$MM $4,212.7 $3,200.0 $3,150.0 $736.8 $193.0 $158.2
Description Terminated going private bid Russian Arctic JV 30% stake in GDF's E&P division Unsolicited going private transaction; reserves primarily onshore & offshore Southern California Marcellus Shale overriding royalty interest Various Norway offshore fields and discoveries; Aldous Major South
Region U.S.-Gulf Coast F,S,U, Multi Region U.S.-West Coast U.S.-Appalachia Europe
3Q 2011 SIGNIFICANT ACREAGE-FOCUSED TRANSACTIONS Total Trans. Value US$MM $1,750.0 $750.0 $593.0 $500.0 $272.5 $169.5 $167.6 $150.0 $110.0 $110.6 $101.4 $95.0 $91.5 $50.0 $40.0 $24.1 $15.0 $14.5 Acreage Value Implied Value Deal US$MM Net Acres US$/ Acre Level $1,750.0 1,250,000 $1,400 Asset $750.0 85,000 $8,824 Corp. $593.0 98,828 $6,000 Asset $500.0 113,520 $4,405 Asset $272.5 92,300 $2,952 Corp. $169.5 29,999 $5,650 Asset $122.6 49,920 $2,456 Asset $150.0 460,000 $326 Asset $82.0 50,000 $1,640 Asset $110.6 8,895,000 $12 Asset $101.4 377,330 $269 Asset $71.7 4,040 $17,739 Asset $91.5 692,906 $132 Corp. $50.0 30,000 $1,667 Asset $40.0 11,000 $3,636 Asset $20.4 28,250 $720 Asset $15.0 115,932 $129 Asset $14.5 NA - Asset
Buyers Chesapeake Energy Hess Corp. Hess Corp. Atinum Partners Toreador Resources Afren Crescent Point Energy Southwestern Energy Endeavour International ConocoPhillips BG Group GAIL (India) Limited San Leon Energy PDC Energy Rex Energy PetroQuest Energy Royal Dutch Shell Undisclosed
Sellers Anschutz; EnerVest; Various Marquette Exploration LLC CONSOL Energy SandRidge Energy ZaZa Energy Government of Kurdistan Undisclosed (Various) Undisclosed SM Energy; SJI; Various New Standard Energy Drillsearch Energy Carrizo Oil & Gas Realm Energy International Undisclosed (Various) Undisclosed Undisclosed private company PetroLatina Energy PetroQuest Energy
Region U.S.-Appalachia U.S.-Appalachia U.S.-Appalachia U.S.-Mid-Continent U.S.-Gulf Coast Africa-Middle East U.S.-Rockies U.S.-Gulf Coast U.S.-Appalachia Asia-Pacific Asia-Pacific U.S.-Gulf Coast Europe U.S.-Appalachia U.S.-Appalachia U.S.-Mid-Continent Latin America U.S.-Mid-Continent
Key Assets Utica Shale Acreage Utica Shale Acreage Utica Shale Acreage Mississippian JV Eagleford Shale and Eaglebine acreage 20% stake in Ain Sifni PSC North Dakota Bakken Shale assets Lower Smackover Brown Dense acreage PA Marcellus Shale acreage Australia Goldwyer shale acreage Australia Nappamerri Trough shale acreage Eagle Ford Shale acres Poland, Germany, Spain shale acreage Utica Shale Acreage Utica Shale Acreage Mississippian Lime acreage 85% in Colombia VMM-28 block 50% interest in Oklahoma acreage
Deal Count
20 16 12 8 4 0
Deal Count
4Q 06
1Q 07
2Q 07
3Q 07
4Q 07
1Q 08
2Q 08
3Q 08
4Q 08
1Q 09
2Q 09
3Q 09
4Q 09
1Q 10
2Q 10
3Q 10
4Q 10
1Q 11
2Q 11
3Q 11
Figures represent all acquisition, merger and swap acreage transactions > US$10MM, including transactions with no disclosure on acreage figures
www.ihs.com