2017 Year in Review Reflecting on 2017

2017 was a record year for the energy investment banking team at Simmons & Company International®, Energy Specialists of Piper Jaffray®.

While crude prices showed improvement later in the year, volatility during Q2 and Q3 2017 impacted transaction activity across the industry. Despite the headwinds, Simmons saw strengthening deal flow in all our U.S. based activities, as well as our international team.

With the additional Piper Jaffray resources in debt and equity capital markets, our team continued to expand our capital markets transaction activity, completing 25 equity and debt offerings.

On the M&A front, we completed 77 transactions across our three sectors. Our upstream group was very active in the Permian Basin region and our midstream group completed a successful $1.215 billion M&A transaction of a Permian Basin crude oil system. The Aberdeen team completed 18 transactions with Eastern Hemisphere businesses.

We expect 2018 to remain active as we continue to advise our clients in all sectors of energy.

Table of Contents

Snapshot of Key Energy Themes...... 3

Energy Services and Equipment Highlights ...... 4

Exploration and Production Highlights...... 5

Midstream and Downstream Highlights...... 6

Capital Markets Highlights...... 7

Fred W. Charlton International Activity Highlights...... 8 Managing Director, Chairman and Co-Head of Energy Investment Banking 2017 Conference Recap ...... 9

2017 Transactions Summary...... 10

2 Simmons & Company International | Energy Specialists of Piper Jaffray Snapshot of Key Energy Themes

Energy M&A vs. IPO Activity Since 2013¹ • 2017 began with strong institutional investor interest in the North American recovery with IPOs obtaining premium valuations compared to the M&A market.

• There was good sell-side M&A activity as financial performance improved over the last 12 months driving some owners to consider exit options.

• Positive macro tailwinds including a synchronized global recovery, OPEC production cuts and liberalized U.S. crude exports, pushed oil prices to their highest Cumulative Energy Bankruptcies Since 2015 4 level in three years and created an uptick in U.S. production volume.

• Unprecedented amounts of dry powder and indicators of a recovery in energy markets started to bring private equity back to the table on the buy-side. However, limited debt availability in the U.S. had an impact.

• A significant slowdown occurred in bankruptcy filings as companies emerged from the downturn with reoriented financial policies, improved capital control and sound balance sheets.

• Going into 2018, the industry is on much NAM Private Equity Dry Powder 5 more solid financial ground. The relative (Dollars in billions) oil price stability has made it possible to realistically value property and make valuation predictions which we believe will bolster M&A activity.

Price of Oil per Barrel² US Oil Production³

2016 (Peak): $54.06 2016 (Median): 8,735 mb/d (Peak): 9,223 mb/d

2017 (Peak): $60.42 2017 (Median): 9,340 mb/d ¹ Source: IHS and Dealogic. 4 Source: Haynes and Boone. As of December 31, 2017. As of October 31, 2017. (Peak): 9,762 mb/d ² Source: Bloomberg. 5 Source: Prequin. ³ Source: EIA. As of September 30, 2017.

3 Simmons & Company International | Energy Specialists of Piper Jaffray Energy Services and Equipment Highlights

Our Energy Services and Equipment group saw strengthening M&A activity with a 58% increase to 41 deals in 2017 versus 28 deals in 2016. Our Houston group has a healthy pipeline for 2018.

Activity in energy capital markets also saw an increase with Simmons being the only underwriter on all seven Energy Services and Equipment ("OFS") IPOs in 2017 and joint bookrunner on four of the seven.

“We’ve established our position as an ideally situated dual-track M&A advisor for companies evaluating both IPO and M&A exit strategies.” - Sanjiv Shah, Managing Director, Energy Services & Equipment

Simmons 2017 OFS M&A Activity Versus Competitors¹ Simmons OFS M&A Transaction Volume² (Number of Transactions)

2017 Select Proppant and Proppant • Established market-leading franchise in Logistics Transactions proppant and proppant logistics for both M&A and capital markets by completing 10 A Privately Held Private Sand Sand Mind Site transactions. Company has been acquired by has been acquired by Senior Secured Team Follow-On Loan Equity Offering Joint Bookrunner • Advised on 11 technology deals as strategic

Undisclosed $126 Million Undisclosed Undisclosed buyers remain focused on expanding their

December 2017 November 2017 July 2017 June 2017 core business by adding complementary services and technology lines, and filling in

Permian Basin Sand product gaps. has been acquired by

Follow-On Initial Public Offering has raised minority equity capital from Equity Offering Joint Bookrunner Joint Bookrunner • Completed four major stock-oriented

$121 Million $275 Million $104 Million transactions. Simmons expects groups to

May 2017 March 2017 March 2017 February 2017 continue using their stocks as consideration to induce sellers who are looking for the

¹ Closed or announced transactions since January 1, 2017. upside of a continuing recovery. ² Source: Simmons & Company and Bloomberg as of December 31, 2017.

4 Simmons & Company International | Energy Specialists of Piper Jaffray Exploration and Production Highlights

A dominant theme in late 2017 was a shift of focus to return on capital employed (ROCE). This has been, and will continue to be, a headwind in A&D activity as public E&P companies focus on efficient development of existing assets. There continues to be a backlog of E&P companies considering IPOs, and Simmons believes that almost all of these companies will also be actively exploring other alternatives including mergers with public companies, asset sales, or transactions with SPACs. There is currently $2.4 billion of equity capital raised by SPACs looking for energy opportunities that must complete transactions by mid-2019.1 Select 2017 Simmons Case Study: Trail Ridge Sell-Side Advisory E&P Transactions

Advisory Overview • Simmons advised Trail Ridge on the sale of its >9,000 net acre position in the Midland Basin, located primarily in Midland, Martin, Howard and Westhoff Petroleum Glasscock counties. Joint Venture Advisory and Development Capital Raise • In addition to Trail Ridge, the sale included Midland Basin several other sellers, which combined their interests in the sales package to realize the $125 Million collective benefit of selling a larger, more October 2017 contiguous position.

• Simmons assisted Trail Ridge in strategic considerations related to the joint sale with the other sellers and successfully marketed

the position. Sell-side Advisory Permian Basin Minerals Divestiture Process Outcome • The process resulted in multiple attractive proposals with the winner, Undisclosed Lario Oil & Gas Company, purchasing the assets for over $300 million. July 2017

2018 Trends Potentially Dominating E&P Transactions

Minerals • Institutional interest and capital committed to this asset class has Sell-side Advisory grown exponentially in recent years, and Simmons believes this trend Midland Basin will continue as the sector matures and understanding of it becomes more widespread. Characterized by perpetual ownership and cash flow growth without capital or operating costs, minerals offer investors a unique avenue for participating in the development of resource plays. $300 Million March 2017 Debt Capital Markets • Energy lenders continue to seek opportunities to finance development of high-quality E&P assets. If A&D market weakness continues, E&P operators may consider debt financing their development activity in 2018 and 2019 as an attractive way to continue creating value in their assets.

¹ Source: Dealogic, Capital IQ and company filings.

5 Simmons & Company International | Energy Specialists of Piper Jaffray Midstream and Downstream Highlights

2017 saw strong Midstream M&A activity levels with 2017 Midstream Transaction Themes a concentration in the Permian basin. However, other regions (e.g. SCOOP/STACK, ETX/NLA, DJ Basin and Gulf Coast) also showed signs of increased momentum. has entered into a strategic partnership with Continued has been acquired by Activity in 2018 is expected to remain robust as Permian Momentum assets across a variety of basins become sale-ready and both public and private buyers remain healthy $863 Million $1.215 Billion and engaged. October 2017 February 2017

Simmons' Tremendous Midstream Franchise Momentum in 2017

Growing has been acquired by has merged with Appetite in Other Basins

$300 Million $2 Billion

October 2017 March 2017

Demand Pull has agreed to sell its has sold its Rotterdam San Francisco Bay Area refinery to Driving terminalling assets to Interest Further Downstream $275 Million Undisclosed Total Deal Value: $5.1 Billion December 2017 July 2017

Simmons Midstream & Downstream Team Led All Banks in 2017 M&A Activity¹

(Number of Transactions)

Simmons

¹ Includes all announced unaffiliated midstream and downstream M&A transactions in the United States.

6 Simmons & Company International | Energy Specialists of Piper Jaffray Capital Markets Highlights

In 2017, Simmons dramatically increased its equity capital markets activity. Simmons was the only underwriter on all seven Energy Services and Equipment IPOs and was Joint Bookrunner on four of the seven. Additionally, Simmons closed its first Rule 144A private placement of equity securities. Piper Jaffray's Debt Capital Markets group placed over $1.0 billion of debt in five deals for energy companies in the OFS, E&P and Midstream segments.

With a backlog of over 15 potential IPOs where Simmons is an underwriter, 2018 is expected to be another active offering year for the firm.

“Our substantial thought leadership in energy has positioned us as lead bookrunner on numerous offerings where we complement the bulge bracket banks.” - Ira Green, Managing Director, Energy Capital Markets

Simmons 2017 Equity and Debt Offerings By Sector 2017 Select Equity Offerings

Follow-On Follow-On Equity Offering Initial Public Offering Equity Offering Initial Public Offering Joint Bookrunner Joint Bookrunner Joint Bookrunner Active Bookrunner

$689 Million $127 Million $85 Million $950 Million

November 2017 November 2017 August 2017 May 2017

Follow-On Initial Public Offering Initial Public Offering Equity Offering Private Placement Joint Bookrunner Joint Bookrunner Joint Bookrunner Active Bookrunner

$121 Million $162 Million $104 Million $115 Million

May 2017 April 2017 February 2017 February 2017

Led or Managed U.S. Energy Services and 2017 Select Debt Transactions Equipment IPOs in 2017¹

Private Sand Company Undisclosed

¹ As of December 2017. Excludes MLPs. Includes only completed IPOs. 7 Simmons & Company International | Energy Specialists of Piper Jaffray International Activity Highlights

In contrast to North America, international oil and gas markets experienced a sluggish recovery in 2017. Despite this, the Simmons Aberdeen and London offices saw robust deal flow, closing 18 transactions.

Simmons maintained its unique international and cross-border credentials with multiple transactions including at least one non-U.K. based party.

The international team is continuing to leverage its relationships to build a strong recurring presence in Norway and will continue to target other regional markets including Asia Pacific and the Middle East. Select 2017 International Case Study: Sale of JDR Cables OFS Transactions

Advisory Overview • Simmons advised Vision Capital and the minority shareholders of JDR Cables (“JDR”) on its sale to TELE-FONIKA Kable (“TFK”).

• Headquartered near Newcastle, England, JDR designs, engineers and manufactures subsea power cables, production umbilicals, intervention workover control systems and accessories, and TFK is a manufacturer of wire and cables based in Myslenice, Poland.

• Simmons assisted JDR throughout all phases of the process, from international marketing through the negotiation and agreement of the sale purchase agreement.

Outcome • The process resulted in a competitive auction process, where multiple offers were received and a successful outcome for the shareholders was achieved. Select Simmons 2017 Transactions By Location 2017 International Transactions Indicates general location and relative volume of completed transactions in that region. (% of transactions)

Merger Capital Raise Buyside

Sellside

8 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Conference Recap

8th Annual Private Company Energy Conference November 30–December 1, 2017

Our 2017 conference featured 61 participating companies and an audience of nearly 255 attendees.

Representative Panelists Eighth Annual Gary Olliff, Executive Chairman, Brigade Energy Services, LLC Private Company John Cavitt, Founder & CEO, Covenant Testing Technologies, LLC Energy Conference Scott Mason, CEO, Propell Oilfield Equipment

November 30, 2017 | New York, NY Dirk Lee, President, Momentum Pressure Control Hunter Wallace, COO, Atlas Sand Company LLC Dago Zalapa, Sr. Integration Lead, Global Well Operations Supply Chain, ConocoPhillips

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9 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary

Midland Basin Partners, ROVHOLD Limited, an LLC, a developing energy independent provider of infrastructure company, has subsea remotely operated secured a debt commitment a portfolio company of vehicle services and a to execute its growth portfolio company of strategy and scale its existing Business Growth Fund, has midstream platform focused secured a growth capital has secured on water infrastructure in the has received a growth investment from Blue Water debt commitment Midland Basin region. capital investment from Energy.

$75 Million December 2017 December 2017

GEODynamics, Inc., a Ashtead Technology leading developer and Limited, a provider of subsea manufacturer of engineered survey and ROV equipment a portfolio company of solutions to connect the rental and associated wellbore with the formation in a portfolio company of services and a portfolio oil and gas well completions company of Buckthorn and a portfolio company of Partners, has merged with has been acquired by Lime Rock Partners, has Forum Energy Technologies' has merged with the agreed to be acquired by Oil Subsea Rental Business of Subsea Rental business. States International. $615 Million December 2017 Undisclosed December 2017

PetroCloud LLC, a Mirage Portable technology leader of cloud- Performance, a provider based solutions that provides of industrial and energy automation, monitoring and maintenance tools, has been security for the energy, utility acquired by Actuant. has received an and critical infrastructure has been acquired by investment from industries, has received an investment from Genesis Park.

Undisclosed Undisclosed December 2017 December 2017

Acteon, a subsea services An affiliate ofPlains All and equipment provider for American Pipeline, L.P., all phases of field operation a publicly traded MLP from exploration through that owns and operates has acquired to decommissioning, has has sold its San Francisco midstream energy acquired Viking SeaTech. Bay Area terminalling infrastructure and provides assets to logistics services, has sold the Martinez Terminal and Richmond Terminal to a wholly owned subsidiary of $12 Million $275 Million TransMontaigne Partners L.P. December 2017 December 2017

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10 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

A Private Sand Company A Private Sand Company has secured a Senior Secured has completed a share Term Loan. buyback from a Minority Private Sand Company Private Sand Company Shareholder. has completed a share buyback from a Minority Shareholder Senior Secured Term Loan

Undisclosed Undisclosed December 2017 December 2017

A Proppant Logistics SRC Energy Inc., a domestic Technology company has oil and natural gas exploration Sale of certain been sold to an undisclosed and production company buyer. with operations focused in Proppant Logistics the Wattenberg Field of the Technologies Denver-Julesburg Basin, to an completed a follow-on equity offering. Undisclosed buyer Follow-On Equity Offering

$322 Million December 2017 November 2017

Premium Oilfield Mesa Line Services, LLC, a Technologies, a provider of family-owned utility services technologically differentiated provider focusing on rebuild, expendable products related maintenance and new to the fluid end of drilling construction of transmission, a portfolio company of has been acquired by mud pumps, and a portfolio substation and distribution company of Global Energy infrastructure, has been Capital, has been acquired by acquired by AEA Investors. an undisclosed investor. has been acquired by an

Undisclosed Investor Undisclosed Undisclosed November 2017 November 2017

Precision Drilling Andeavor Logistics LP, a Corporation, a leading full service logistics company independent North American that owns and operates a provider of oil and natural gas network of crude oil, refined drilling and related services products and natural gas and products, has completed pipelines, has acquired a senior notes debt offering. has acquired logistics assets located in Anacortes, WA Anacortes, Washington. Senior Notes logistics assets Due 2026 $400 Million $445 Million November 2017 November 2017

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11 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

Rubicon Partners and Hercules Offshore, a global Grovepoint Capital, with provider of offshore contract management, have acquired drilling and liftboat services John Lawrie Group. to the oil and gas industry, and has sold three West African has sold three West African liftboats to liftboats to JAD. have acquired

Undisclosed Undisclosed November 2017 November 2017

Gardner Denver Holdings, Solaris Oilfield Inc., a provider of mission Infrastructure, Inc., a critical flow control and provider of innovative compression equipment and infrastructure solutions to associated aftermarket parts, enhance efficiency and Follow-On Equity Offering consumables and services, safety of proppant delivery in Follow-On Equity Offering Joint Bookrunner which it sells across multiple North American shale plays, attractive end-markets Joint Bookrunner has completed its follow-on within the industrial, energy equity offering. and medical industries, has $689 Million completed a follow-on equity $127 Million offering. November 2017 November 2017

ProPetro Holding Corp., Select Energy Service, a provider of hydraulic Inc., a provider of total fracturing and other water solutions to the U.S. complementary oilfield unconventional oil and gas services, has completed a has merged with industry, has merged with follow-on equity offering. privately-held Rockwater Follow-On Equity Offering Energy Solutions, Inc.

$186 Million $663 Million November 2017 November 2017

Craig Group, a family-owned Chromatic Industries, LLC, shipping and energy services a global manufacturer of company, sold North specialty engineered valves Star Shipping, a provider for the energy, power and of essential emergency petrochemical sectors, and response and rescue services has acquired certain assets a subsidiary of Sequitur has been acquired by and the principal business of to the offshore industry in Energy Resources, LLC, the U.K. North Sea, to Basalt has acquired certain assets Infrastructure Partners II LP. and the principal business of Quality Oil Tools, LLC in Undisclosed Undisclosed Jennings, Louisiana. November 2017 October 2017

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12 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

Howard Midstream Westhoff Petroleum, a Energy Partners, LLC, an private E&P company with independent midstream Westhoff Petroleum assets in the Midland Basin, energy company that has entered into a joint has entered into a strategic owns assets in Texas and venture agreement with a Joint Development partnership with Pennsylvania, has entered multinational oil company and Venture Advisory and into a strategic partnership Capital Raise has also entered into a senior with WPX Energy, Inc to secured credit facility to develop crude oil and natural Midland Basin finance development capital gas gathering and processing expenditures. $863 Million infrastructure in the core of $125 Million the Delaware Basin. October 2017 October 2017

ArcLight Capital Partners, Align Midstream, LLC, a LLC, a private equity firm Dallas-based midstream focused on North American company focused on energy investments, has sold servicing producers' needs has sold interests in equity interest in Delta House in East Texas and North Delta House to to American Midstream has been acquired by Louisiana, and a portfolio Partners, LP. company of Tailwater Capital, has been acquired by Enable Midstream Partners, L.P.

$125 Million $300 Million October 2017 October 2017

Robotic Drilling Systems Multi-Shot, LLC, a provider AS, a drill floor solutions of directional drilling services provider for land and and a portfolio company of deepwater drilling operations Denham Capital and NGP and owned by a consortium Energy Capital, has been has been acquired by including Odfjell Drilling, has been acquired by acquired by Patterson-UTI Statoil Technology Ventures, Energy, Inc. Investinor and Westcon, has been acquired by Nabors Industries. Undisclosed $262 Million September 2017 September 2017

Oasis Midstream Partners Spectrum Tracer Services, LP, has completed its a provider of chemical and initial public offering. Oasis radioactive tracer technology develops, owns, operates throughout North America, and acquires midstream has been acquired by NCS assets in the Williston Basin. has been acquired by Multistage. Initial Public Offering

$147 Million $80 Million September 2017 August 2017

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13 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

JDR Enterprises Limited, Ranger Energy Services, a provider of subsea a provider of well service technologies and services rigs and associated well connecting the global completion and production offshore energy industry, has services, has completed its has been acquired by been acquired by TELE- initial public offering. FONIKA Kable S.A. Initial Public Offering Active Bookrunner

Undisclosed $85 Million August 2017 August 2017

Well-Safe Solutions Limited, Conquest Completion a well plug and abandonment Services, LLC, a provider of service provider for the North large-diameter coiled tubing Sea region, has secured an services and a portfolio a portfolio company of has received an investment from a consortium company of OFS Energy investment from a group of of private investors and Fund, has been acquired by private investors and Scottish Enterprise. an undisclosed investor. has been acquired by an

Undisclosed Investor Undisclosed August 2017 Undisclosed July 2017

Entier Limited, a provider Summit ESP, a provider of offshore catering and of advanced electric support services, has secured submersible pump and a growth capital investment surface pumping systems and has secured a growth from Business Growth Fund services has been acquired capital investment from plc. by Halliburton Company. has been acquired by

Undisclosed Undisclosed July 2017 July 2017

Koch Supply & Trading, A Privately Held Sand Mine an energy and commodities Site has been acquired trading company, has sold by U.S. Silica Holdings, an 85,000 barrels per day A Privately Held Sand Inc., a leading producer of Mine Site has sold its Rotterdam condensate splitter located in commercial silica used in the refinery to the Port of Rotterdam to Vitol. has been acquired by oil and gas industry.

Undisclosed Undisclosed July 2017 July 2017

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14 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

ALS Limited, a global testing, Carrollton Mineral Partners, inspection and certification an energy company that business, has sold its oil and acquires royalty and mineral gas business to Madison interests, has completed a Industries. divestiture of Permian assets. has been acquired by Sell-Side Advisory Permian Basin Minerals

$85 Million Undisclosed July 2017 July 2017

Viper Energy Partners LP, CIG Logistics, the largest a limited partnership formed independent operator of frac by Diamondback Energy, Inc. sand transloading terminals to own, acquire and exploit in the U.S., and a portfolio Permian-focused oil and gas company of Global Natural a portfolio company of properties, has completed its Resource Investments, has follow-on equity offering. been acquired by Energy Follow-On Equity Offering Capital Partners, a private has been acquired by equity firm focused on investing in North America’s $207 Million energy infrastructure. Undisclosed July 2017 June 2017

Greene’s Energy Group, Kennedy Marr Group LLC, a provider of integrated Limited, a specialty offshore testing, rentals and specialty ship broking services services to the onshore and provider, has been acquired offshore oil and gas industry, has been acquired by by Maersk Broker Holding has closed a new term loan A/S. has secured a debt investment from and line of credit to refinance existing indebtedness and Undisclosed Investors provide additional operating liquidity for the company. Undisclosed Undisclosed June 2017 June 2017

Covenant Testing Compass Well Services, a Technologies, LLC, a cementing services provider, provider of flowback and sold certain hydraulic well testing services in North fracturing assets. America, acquired the frac has acquired the frac stack stack and well testing assets and well testing assets of has sold certain hydraulic to Key Energy Services, Inc. fracturing assets to an

Oilfield Services Company

Undisclosed Undisclosed June 2017 June 2017

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15 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

Helmerich & Payne, Inc., an Solaris Oilfield owner and operator of land Infrastructure, Inc., a rigs across North America, provider of innovative South America, the Middle infrastructure solutions to East and Africa, and offshore enhance efficiency and safety rigs in the Gulf of Mexico, of proppant delivery in North has acquired has acquired MOTIVE Drilling Initial Public Offering American shale plays, has Technologies, Inc. completed its initial public Joint Bookrunner offering.

$75 Million $121 Million June 2017 May 2017

Gardner Denver Holdings, Buckthorn Partners LLP, a Inc., a provider of flow control private equity firm specializing and compression equipment in investing in oilfield service and associated aftermarket companies, has acquired parts, consumables and TWMA Group Limited, a has acquired services for the industrial, portfolio company of Lime Initial Public Offering energy and medical Rock Partners. Joint Bookrunner industries, has completed its initial public offering.

$950 Million Undisclosed May 2017 May 2017

TSC Inspection Systems, a Patterson-UTI Energy, Inc., provider of non-destructive a provider of onshore contract testing products and drilling and pressure pumping services, has been acquired services to exploration and by Eddyfi Technologies. has acquired production companies in has been acquired by North America, has acquired Seventy Seven Energy, Inc.

Undisclosed $1.8 Billion May 2017 April 2017

Blueknight Energy Partners, NCS Multistage Holdings, a publicly traded master Inc., a provider of highly limited partnership, has sold engineered products and certain East Texas Crude support services that facilitate has sold certain East Texas Gathering System to Delek optimization of oil and crude logistics assets to Logistics. gas well completions, has Initial Public Offering completed its initial public offering. Joint Bookrunner

Undisclosed $162 Million April 2017 April 2017

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16 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

Select Energy Services, Pro Oil & Gas Services, a a provider of total water diversified provider of drilling solutions to the U.S. and completion services, unconventional oil and gas has been recapitalized industry, has completed its a portfolio company of by Intervale Capital, a initial public offering. specialized energy-focused has been recapitalized by investment firm. Initial Public Offering

$122 Million Undisclosed April 2017 April 2017

Optilan Group Limited, Settoon Towing, LLC, a a provider of turnkey provider of liquid cargo communication and transportation and storage security system integration services, has sold its Liquid a portfolio company of services to customers in Bulk Division, to Savage the energy, transport and sold its Liquid Bulk Division Inland Marine, LLC. other infrastructure sectors to and a portfolio company has been acquired by of NVM Private Equity, has been acquired by Blue Water Energy LLP. Undisclosed Undisclosed April 2017 April 2017

Hercules Offshore, a global Delta Energy Limited, an provider of offshore contract E&P company focused on drilling and liftboat services to niche, fractured onshore the oil and gas industry, has carbonate reservoirs in Italy sold its Middle East Liftboat and across the broader has sold its Fleet to Valyrian Liftboat LLC. has secured an Southern European region, equity investment from Middle East Liftboat Fleet has secured an investment from Alchemy Partners LLP. to

Valyrian Liftboat LLC Undisclosed Undisclosed March 2017 March 2017

Trail Ridge Energy Partners Vista Proppant & Logistics, II LLC, a private oil and a privately held frac sand and gas company backed by logistics provider, has raised Trilantic Capital Partners and minority equity capital. Sell-side Advisory Riverstone Holdings and Midland Basin other private sellers, closed has raised minority on the sale of their interests in equity capital from certain oil and gas leasehold and producing wells in the core of the Midland Basin. $300 Million March 2017 March 2017

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17 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

ProPetro Holding Corp., Permian Basin Sand a provider of hydraulic Company, LLC, a Texas fracturing and other Permian Basin Sand based company, Permian complementary oilfield Basin owned and operated, services, has completed its has been acquired by focused on the production of initial public offering. high quality frac sand used as a proppant in the recovery Initial Public Offering of hydrocarbons, has been acquired by Hi-Crush Partners, LP. $350 Million $275 Million March 2017 March 2017

American Midstream, GlobeLTR, a provider of a growth-oriented MLP onshore oilfield services, engaged in gathering, including water solutions, treating, processing, portable power generation fractionating and transporting and equipment rentals, has merged with natural gas, oil and specialty production condensate in order to link chemicals, and well producers and suppliers to Private Placement maintenance and workover diverse natural gas, NGL, and Active Bookrunner services, has completed a oil markets, has merged with private placement. $2 Billion JP Energy. $115 Million March 2017 February 2017

Parsley Energy, a Permian- Quinn Artificial Lift focused independent Services, a manufacturer of exploration and production high-quality downhole rod company, has completed its pumps and components, has follow-on equity offering. has received an received an investment from investment from Pelican Energy Partners, a private equity firm focused Follow-On Equity Offering on the oilfield services and equipment sector.

$1.3 Billion Undisclosed February 2017 February 2017

Greene’s Energy Group, Civeo Corp, an integrated LLC, a provider of integrated provider of workforce testing, rentals and specialty accommodations, logistics services to the oil and and facility management has divested its land-based gas industry, has sold the services to the natural pipeline and chemicals company’s land-based resource industry, has business segment to pipeline testing and chemical completed a follow-on equity services business segment to Follow-On Equity Offering offering. Brenntag AG.

Undisclosed $60 Million February 2017 February 2017

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18 Simmons & Company International | Energy Specialists of Piper Jaffray 2017 Transactions Summary (Continued)

Smart Sand, Inc., a pure- Concho Resources Inc. play, low-cost producer of and Frontier Midstream high-quality Northern White Solutions, LLC have sold frac sand, which is used as a their respective ownership proppant in unconventional interests of Alpha Holding crude oil and natural gas has been acquired by Company, LLC, the owner of applications, has completed a the Alpha Crude Connector Follow-on Equity Offering follow-on equity offering. system, to Plains All American Joint Bookrunner Pipeline, L.P.

$104 Million $1.2 Billion February 2017 February 2017

Global Heat Transfer, a Keane Group Holdings, manufacturer of premium LLC, an integrated well engineered industrial heat completion services provider, exchanger and cooling has completed its initial systems primarily for the public offering. has received oil and gas industry, has an investment from received an investment from Initial Public Offering Pelican Energy Partners.

Undisclosed $584 Million January 2017 January 2017

Viper Energy Partners LP, Atwood Oceanics, Inc., a limited partnership formed a leading offshore drilling by Diamondback Energy, Inc. company, has completed a to own, acquire and exploit follow-on equity offering. Permian-focused oil and gas properties, has completed its follow-on equity offering. Follow-On Equity Offering Follow-On Equity Offering

$152 Million $189 Million January 2017 January 2017

Parsley Energy, a Permian- focused exploration and production company, has completed a follow-on equity offering.

Follow-On Equity Offering

$886 Million January 2017

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19 Simmons & Company International | Energy Specialists of Piper Jaffray Investment Banking Contacts Houston

James P. Baker Managing Director, Andrew C. Schroeder Co-Head of Energy Investment Banking Managing Director [email protected] [email protected]

Jay B. Boudreaux Sanjiv Shah Managing Director Managing Director [email protected] [email protected]

Damon F. Box Paul R. Steier Managing Director Managing Director [email protected] [email protected]

Fred W. Charlton Managing Director, Chairman and Michael S. Sulton Co-Head of Energy Investment Banking Managing Director [email protected] [email protected]

Ira H. Green, Jr. Managing Director, David A. Watson Head of Energy Capital Markets Managing Director [email protected] [email protected]

Victoria B. Beard Spencer W. Rippstein Vice President, Marketing & Business Managing Director Development [email protected] [email protected] International*

Mike Beveridge Nick Dalgarno Managing Director Managing Director [email protected] [email protected]

Nabeel Siddiqui Managing Director [email protected]

* Simmons & Company International Limited - Aberdeen and London locations Disclosures

Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd. and Simmons & Company International Limited, authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates—U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc.; Piper Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper Jaffray & Co.; and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission.

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