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2012 Annual Global Energy Conference

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2012 Annual Global Energy Conference 2012 Annual Global Energy Conference Jefferies 2012 Annual Global Energy Conference Table of Contents Public Company Profiles 4 Private Company Profiles 92 Jefferies Biographies 95 Important Disclosures 103 Jefferies 2012 Annual Global Energy Conference 2 Conference Notes Jefferies 2012 Annual Global Energy Conference 3 Public Company Profiles Jefferies 2012 Annual Global Energy Conference 4 Conference Notes Jefferies 2012 Annual Global Energy Conference 5 Anadarko Petroleum Company Ticker: APC Jefferies Rating: Buy Price: $70.38 (as of Nov 15, 2012) Price / Volume Graph Exchange: NYSE Jefferies Analyst: Subash Chandra Target Price: $96.00 Business Description Founded: 1959 Employees: 4,800 Location: The Woodlands, TX (United States) Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of natural gas, crude oil, condensate, and natural gas liquids(NGLs) in the United States, Algeria, and internationally. The company operates in three segments: Oil and Gas Exploration and Production; Midstream; and Marketing. The Oil and Gas Exploration and Production segment explores for and produces natural gas, crude oil, condensate, and NGLs. The Midstream segment provides gathering, processing, treating, and transportation services to Anadarko and third-party oil, natural-gas, and NGLs producers, as well as owns and operates gathering, processing, treating, and transportation systems in the United States. The Marketing segment sells oil, natural gas, and NGLs in the United States; and markets oil from Algeria, China, and Ghana. As of December 31, 2011, the company had proved reserves of approximately 2.5 billion barrels of oil equivalent. Anadarko Petroleum Corporation was founded in 1959 and is headquartered in The Woodlands, Texas. Trading Data ( as of Nov 15, 2012) ($USD) Financial Projections ($USD millions, except per share data) Share Price $70.38 (Consensus, unless otherwise noted) FY 2012E FY 2013E FY 2014E % of 52-Week High 79.3% Revenue $13,434.6 $15,217.0 $17,359.4 52-Week High $88.70 EBITDA 8,997.4 9,753.7 11,063.1 52-Week Low 56.42 EPS (GAAP) $4.35 $4.42 $5.47 90-Day Avg. Daily Trading Volume (000s) 3,344 EPS (Adjusted) 3.38 4.34 5.15 Fiscal Year End December EPS (Jefferies) 3.34 3.41 NA Enterprise Value Calculation ($USD millions) Valuation Metrics (x) Market Capitalization (fully-diluted) $35,173.0 Enterprise Value / Revenue 3.6x 3.1x 2.8x Total Debt 14,141.0 Enterprise Value / EBITDA 5.3x 4.9x 4.3x Minority Interest 1,038.0 Price / Earnings (GAAP) 16.2x 15.9x 12.9x Preferred Equity – Price / Earnings (Adjusted) 20.8x 16.2x 13.7x Cash and Cash Equivalents 2,532.0 Total Debt / EBITDA 1.6x 1.4x 1.3x Enterprise Value $47,820.0 Price / Volume — Last Twelve Months $100.00 14,000 $90.00 12,000 $80.00 $70.00 10,000 Volume (000s) $60.00 8,000 $50.00 6,000 $40.00 Price Price ($USD) $30.00 4,000 $20.00 2,000 $10.00 – - 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 Volume Price Sources: Company filings, Company website and Capital IQ as of November 15, 2012. Balance sheet data is as of the most recent SEC filing available on November 15, 2012. Jefferies 2012 Annual Global Energy Conference 6 Arch Coal Inc. Ticker: ACI Jefferies Rating: Buy Price: $6.37 (as of Nov 15, 2012) Price / Volume Graph Exchange: NYSE Jefferies Analyst: Peter Ward Target Price: $12.00 Business Description Founded: 1969 Employees: 7,442 Location: St Louis, MO (United States) Arch Coal, Inc. engages in the production and sale of steam and metallurgical coal from surface and underground mines located in the United States. As of December 31, 2011, it operated or contracted out the operation of 46 active mines, and owned or controlled approximately 5.33 billion tons of proven and probable recoverable reserves; and owned or controlled primarily through long-term leases approximately 32,135 acres of coal land in Ohio, 25,037 acres of coal land in Maryland, 33,238 acres of coal land in Virginia, 371,071 acres of coal land in West Virginia, 105,667 acres of coal land in Wyoming, 242,390 acres of coal land in Illinois, 62,822 acres of coal land in Utah, 234,401 acres of coal land in Kentucky, 19,267 acres of coal land in Montana, 21,802 acres of coal land in New Mexico, and 18,443 acres of coal land in Colorado. The company also owned or controlled smaller parcels of property in Alabama, Indiana, Washington, Arkansas, California, and Texas through long-term leases. Arch Coal, Inc. sells steam coal to power plants and industrial facilities, and metallurgical coal for use in steel production worldwide. The company was founded in 1969 and is headquartered in St. Louis, Missouri. Trading Data ( as of Nov 15, 2012) ($USD) Financial Projections ($USD millions, except per share data) Share Price $6.37 (Consensus, unless otherwise noted) FY 2012E FY 2013E FY 2014E % of 52-Week High 37.7% Revenue $4,186.4 $4,069.5 $4,549.2 52-Week High $16.88 EBITDA 682.6 626.4 818.8 52-Week Low 5.16 EPS (GAAP) ($1.47) ($0.66) $0.13 90-Day Avg. Daily Trading Volume (000s) 15,367 EPS (Adjusted) (0.27) (0.56) (0.02) Fiscal Year End December EPS (Jefferies) (0.02) (0.50) NA Enterprise Value Calculation ($USD millions) Valuation Metrics (x) Market Capitalization (fully-diluted) $1,352.2 Enterprise Value / Revenue 1.3x 1.3x 1.2x Total Debt 4,581.1 Enterprise Value / EBITDA 7.7x 8.4x 6.5x Minority Interest – Price / Earnings (GAAP) NM NM 49.9x Preferred Equity – Price / Earnings (Adjusted) NM NM NM Cash and Cash Equivalents 650.1 Total Debt / EBITDA 6.7x 7.3x 5.6x Enterprise Value $5,283.2 Price / Volume — Last Twelve Months $18.00 50,000 $16.00 45,000 $14.00 40,000 35,000 Volume (000s) $12.00 30,000 $10.00 25,000 $8.00 20,000 Price Price ($USD) $6.00 15,000 $4.00 10,000 $2.00 5,000 – - 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 Volume Price Sources: Company filings, Company website and Capital IQ as of November 15, 2012. Balance sheet data is as of the most recent SEC filing available on November 15, 2012. Jefferies 2012 Annual Global Energy Conference 7 Atlas Energy, L.P. Ticker: ATLS Jefferies Rating: Not Covered Price: $31.46 (as of Nov 15, 2012) Price / Volume Graph Exchange: NYSE Business Description Founded: NM Employees: 683 Location: Pittsburgh, PA (United States) Atlas Energy, L.P. engages in the development and production of natural gas and oil in the Appalachian basin, Illinois basin, and the Rocky Mountain region of the United States. It is also involved in the provision of natural gas gathering, processing, and treating services in the Anadarko and Permian basins located in the southwestern and mid- continent regions of the United States; natural gas gathering services in the Appalachian basin in the northeastern region of the United States; and natural gas liquids transportation services in the southwest region of the United States. As of December 31, 2011, the company had working interests in approximately 8,500 gross producing natural gas and oil wells; overriding royalty interests in approximately 500 gross producing natural gas and oil wells; and proved reserves of 167.6 billion cubic feet equivalent. It operated 7 active natural gas processing plants with aggregate capacity of approximately 610 MMcfd; 9,000 miles of active natural gas gathering systems located in Oklahoma, Kansas, and Texas, which transport gas from wells and central delivery points in the Anadarko and Permian basins; and 100 miles of active natural gas gathering systems located in Tennessee. Atlas Energy GP, LLC serves as a general partner of Atlas Energy, L.P. The company was formerly known as Atlas Pipeline Holdings, L.P. and changed its name to Atlas Energy, L.P. in February 2011. Atlas Energy, L.P. is based in Pittsburgh, Pennsylvania. Trading Data ( as of Nov 15, 2012) ($USD) Financial Projections ($USD millions, except per share data) Share Price $31.46 (Consensus, unless otherwise noted) FY 2012E FY 2013E FY 2014E % of 52-Week High 79.9% Revenue $1,533.2 $2,317.3 $2,876.6 52-Week High $39.35 EBITDA 232.8 407.7 321.0 52-Week Low 22.50 EPS (GAAP) NA NA NA 90-Day Avg. Daily Trading Volume (000s) 150 EPS (Adjusted) (0.06) 1.28 1.97 Fiscal Year End December EPS (Jefferies) NA NA NA Enterprise Value Calculation ($USD millions) Valuation Metrics (x) Market Capitalization (fully-diluted) $1,615.6 Enterprise Value / Revenue 2.7x 1.8x 1.4x Total Debt 1,008.6 Enterprise Value / EBITDA 17.5x 10.0x 12.7x Minority Interest 1,492.7 Price / Earnings (GAAP) NA NA NA Preferred Equity – Price / Earnings (Adjusted) NM 24.6x 16.0x Cash and Cash Equivalents 33.3 Total Debt / EBITDA 4.3x 2.5x 3.1x Enterprise Value $4,083.7 Price / Volume — Last Twelve Months $45.00 2,500 $40.00 $35.00 2,000 Volume (000s) $30.00 1,500 $25.00 $20.00 1,000 Price Price ($USD) $15.00 $10.00 500 $5.00 – - 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 Volume Price Sources: Company filings, Company website and Capital IQ as of November 15, 2012.
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