2016 Review 2016 Transactions

2016 was an active year for the energy investment banking team at Simmons & Company International, Energy Specialists of Piper Jaffray with transaction activity increasing throughout the year and becoming more robust particularly in the fourth quarter. With the addition of the Piper Jaffray resources in debt and equity capital markets, our team was able to complete some very unique and interesting transactions including two very large private debt placements in the energy services and equipment sector, as well serving as a joint bookrunner on two IPOs and one follow-on offering in the sector. On the M&A front, our upstream group was very active in the Permian Basin region and our group completed a successful $760M M&A transaction of a Permian Basin crude oil system. The Aberdeen team completed 15 transactions with Eastern Hemisphere businesses. We expect 2017 to remain active as we continue to advise our clients in all sectors of energy.

Martin Midstream Partners, Quintana Energy Services, a publicly traded limited a provider of directional partnership with a diverse drilling and completion and set of midstream energy production related services, operations primarily in the including pressure pumping, has sold certain Corpus U.S. Gulf Coast region, has cementing, acidizing, wireline Christi, TX terminalling sold certain Corpus Christi, and other ancillary services, assets to terminalling assets to has received a has received a private capital NuStar Energy. private capital raise raise to pay down part of its credit facility and fund Undisclosed growth. $107 Million December 2016 December 2016

READ Cased Hole, a Diamondback Energy, portfolio company of Energy an independent crude oil Ventures Private Equity and and company a portfolio company of Viking Venture and a leading focused on the acquisition, independent provider of development, exploration and specialist production logging exploitation of unconventional and integrity evaluation Follow-On Equity Offering onshore crude oil and natural has been acquired by services across select gas reserves in the Permian Eastern Hemisphere markets, Basin in West Texas, has has been acquired by completed its follow-on Norvestor Equity. $1.2 Billion equity offering. Undisclosed December 2016 December 2016

Pioneer Energy Services, WildHorse Resource a provider of contract land Development a growth- drilling services to oil and gas oriented, independent crude operators in Texas, the Mid- oil and natural gas company Continent and Appalachian focused on the acquisition, regions in the U.S. and exploitation, development internationally in Colombia, and production of crude Follow-On Equity Offering has completed its follow-on oil, natural gas and NGL equity offering. resources, has completed its initial public offering. $60 Million $413 Million December 2016 December 2016

2 Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 2016 Transactions

Gulfport Energy an SM Energy, an independent independent exploration energy company engaged in & production company the acquisition, exploration, headquartered in development, and production City, Oklahoma with primary of crude oil, natural gas, operations in the Utica Shale and natural gas liquids in of Ohio, has completed its onshore North America, Follow-On Equity Offering follow-on equity offering. has completed its follow-on Follow-On Equity Offering equity offering.

$717 Million $418 Million December 2016 December 2016

Transocean, a leading global Archrock Partners, a provider of offshore contract master limited partnership drilling services for energy that provides natural gas applications, has completed compression services to its offering of senior secured customers throughout Senior Secured Notes Offering notes. has acquired compression the U.S., has acquired assets from compression assets from Joint Bookrunner Archrock, Inc.

$625 Million $85 Million November 2016 November 2016

Vitol, an energy and Blackhawk Specialty Tools, commodities company a portfolio company of primarily focused on the Bain Capital and a leading trading and distribution of supplier of engineered energy products globally, well construction and well a portfolio company of has sold its Permian Basin has sold its Permian Basin intervention solutions to the Crude Oil System to Crude Oil System to Sunoco global oil and gas industry, Logistics. has been acquired by has been acquired by Frank’s International.

$760 Million November 2016 November 2016

Smart Sand, a pure-play, Novomer Inc’s CO2 Division, low-cost producer of high- which has developed a quality Northern White frac unique surfactant that

sand, which is used as a has been acquired by creates a stable CO2 foam proppant in unconventional for crude oil and natural gas and other downstream applications, has completed applications, has been its initial public offering. acquired by . Initial Public Offering Aramco Performance Materials & Saudi Aramco Joint Bookrunner Technologies $148 Million $75 Million November 2016 November 2016

Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 3 2016 Transactions

Emerge Energy Services, TOTALTEC Oilfield Services a growth-oriented limited Limited, a newly established partnership engaged in the company focused on the oil mining, production, and and gas industry in Guyana distribution of silica sand supporting the major offshore for energy applications, has discovery by ExxonMobil Follow-On Equity Offering completed its follow-on in 2015, has successfully equity offering. completed its initial equity Joint Bookrunner has arranged start up equity capital financing from several private investors. $39 Million Undisclosed November 2016 October 2016

Rice Midstream Partners, Allied Group, a global a fee-based, growth- manufacturer and distributor oriented limited partnership of carbon and stainless pipe, has acquired the formed by Rice Energy to valve and fitting products own, operate, develop and used in the midstream and acquire midstream assets in downstream oil and gas midstream assets from the Appalachian basin, has has acquired industry, in addition to other acquired the Vantage Energy mechanical and industrial midstream assets from Rice applications, has acquired Energy. Ezeflow Group. $600 Million Undisclosed October 2016 October 2016

Logan International, Critical Flow Solutions, an a manufacturer of a affiliated portfolio company comprehensive range tools of Sun Capital Partners and used in drilling, intervention an affiliated portfolio com- a global leader in the design, has been acquired by and production activities pany of engineering, manufacturing globally, has been acquired and repair of select severe- by Rubicon Oilfield service equipment for the International in partnership has been acquired by refining industry, with Warburg Pincus. has been acquired by Circor. in partnership with Warburg Pincus

$210 Million October 2016 October 2016

Bayou Well Services, a HollyFrontier Corporation, leading well service rig an independent petroleum operator with operations in refiner and marketer that the North American crude oil produces high-value light has contributed its well and natural gas markets, has products, including gasoline, services operations into has completed the sale of contributed its well services certain of its Woods Cross diesel fuel, jet fuel and other operations into Ranger Refinery units to specialty products, has Energy Services. completed the sale of its Woods Cross Refinery units a portfolio company of to Holly Energy Partners. $278 Million Undisclosed October 2016 October 2016

4 Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 2016 Transactions

Element Petroleum, a Mammoth Energy Partners, privately owned oil and gas an integrated, growth- company headquartered in oriented oilfield service Midland, Texas with Permian company serving companies Basin oil and gas assets, engaged in the exploration has sold certain assets in has sold certain assets in and development of North the Midland Basin to the Midland Basin to Callon American unconventional Petroleum. Initial Public Offering crude oil and natural gas reserves, has completed its Joint Bookrunner initial public offering. $327 Million $116 Million October 2016 October 2016

Transocean, a leading global Permasense, a world leader provider of offshore contract in the field of continuous drilling services for energy integrity monitoring for the Transocean applications, has completed oil & gas production, refining its offering of senior secured and power industries, Senior Secured Notes has been acquired by Offering notes. providing real-time data-to- desk measurement of fixed Sole Bookrunner equipment wall thicknesses in inhospitable and inaccessible environments, has been $600 Million Undisclosed acquired by Emerson. October 2016 September 2016

Twister BV, a privately Tesoro Logistics, a leading owned provider of high- full-service logistics company yield and robust solutions operating primarily in the for natural gas processing western and mid-continent and separation for upstream regions of the U.S., has and midstream energy acquired Alaska storage and has been acquired by applications, has been has acquired terminalling assets owned acquired by Dangote by subsidiaries of Tesoro Industries Limited and First Alaska storage and Corporation. Exploration & Petroleum terminalling assets Undisclosed Development Company $444 Million Limited. September 2016 September 2016

Rotary Drilling Tools, an PBF Logistics, a fee-based independent domestic master limited partnership manufacturer of tubular formed by PBF Energy Inc. goods for oil & gas drilling to own or lease, operate, and completion applications, develop and acquire crude has been acquired by has been acquired by Tubos oil and refined petroleum Reunidos. has acquired products terminals, pipelines, an interest in storage facilities and similar California Crude logistics assets, has acquired Pipeline Assets an interest in Torrance Valley Pipeline Company LLC. $22 Million $175 Million September 2016 September 2016

Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 5 2016 Transactions

Agave Energy Company, Bayou Well Services, a a provider of natural gas leading well service rig gathering and processing operator and pressure services in the Delaware pumping service provider to has sold its Delaware Basin has contributed its pressure system to Basin and Powder River the North American crude Basin, has been acquired by pumping equipment into oil and natural gas market, Lucid Energy Group II, LLC, a has contributed its pressure portfolio company of EnCap pumping equipment into Flatrock Midstream. a portfolio company of Allied Energy Services, a portfolio company of CSL Undisclosed Capital Management. Undisclosed September 2016 August 2016

Sandbox Logistics, Concho Resources, an a premier provider of independent crude oil innovative logistics and natural gas company solutions and technology engaged in the acquisition, for the transportation of development and exploration proppant used in hydraulic of crude oil and natural gas has been acquired by fracturing operations in the properties in the Permian and gas Follow-On Equity Offering Basin of Southeast New industry, has been acquired Mexico and West Texas, by U.S. Silica. has completed its follow-on equity offering. $251 Million $1,355 Million August 2016 August 2016

SM Energy, an independent Finley Resources, a private energy company engaged in Fort Worth-based E&P the acquisition, exploration, operator established in 1999 development, and production that owns, manages and of crude oil, natural gas, develops approximately 2,500 and natural gas liquids in has sold Midland Basin oil and gas properties in eight onshore North America, assets in Howard County to states, has sold its Howard has completed its follow-on County assets in the Midland Follow-On Equity Offering equity offering. Basin to Sabalo Energy.

$531 Million Undisclosed August 2016 August 2016

Swagelining Limited, a ATR Offshore Holdings privately owned polymer Limited, a portfolio company lining technology and of NBGI Private Equity service provider, which has and a leading provider developed a market leading a portfolio company of of equipment, lifting and position and is driving power solutions for the has been acquired by acceptance of polymer lining has merged with onshore, offshore and subsea technology for flowlines industries, primarily in the supporting oil and gas U.K. and , has production projects, has been a portfolio company of merged with Centurion Group Undisclosed acquired by . Limited, a portfolio company Undisclosed of SCF Partners. July 2016 July 2016

6 Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 2016 Transactions

Viper Energy Partners, a Ashtead Technology, a limited partnership formed provider of subsea equipment by Diamondback to own, and service solutions to the acquire and exploit crude oil has been acquired by global oil and gas industry, and natural gas properties has been acquired by in North America, with a Buckthorn Partners and focus on the Permian Basin, and APICORP, with Phoenix has completed its follow-on Equity Partners retaining an Follow-On Equity Offering equity offering. has retained an equity stake equity stake as part of the as part of the transaction transaction. $112 Million Undisclosed July 2016 July 2016

McClure Oil Company, a Diamondback Energy, privately owned oil and gas an independent crude oil company which owns and and natural gas company operates oil & gas assets focused on the acquisition, in the Permian Basin, along development, exploration and and other selling parties with other selling parties, has exploitation of unconventional have sold certain assets in completed its sale of certain crude oil and natural gas the Midland Basin to Midland Basin assets to Follow-On Equity Offering reserves in the Permian Basin Laredo Petroleum. in West Texas, has completed its follow-on equity offering. $125 Million $565 Million July 2016 July 2016

Best Flow Line Equipment, Pioneer Natural Resources, a manufacturer of swivel a large independent oil joints and related flow line and gas exploration and equipment used in oilfield production company, with has secured an equity applications, has secured an operations primarily in the investment from an equity investment from an Permian Basin in West Texas, undisclosed investor. the Eagle Ford Shale play Undisclosed Follow-On Equity Offering in South Texas, the Raton Investor field in southern Colorado and the West Panhandle Undisclosed $951 Million field in the Texas Panhandle, has completed its follow-on June 2016 June 2016 equity offering.

Rice Midstream Partners, Synergy Resources a fee-based, growth- Corporation, a domestic oriented limited partnership crude oil and natural gas formed by Rice Energy to exploration and production own, operate, develop and company with core acquire midstream assets operations in the Denver- in the Appalachian basin, Julesburg Basin, has Follow-on Equity Offering has completed its follow-on Follow-On Equity Offering completed its follow-on equity offering. equity offering.

$170 Million $261 Million June 2016 May 2016

Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 7 2016 Transactions

Memorial Resource Tercel Oilfield Products, a Development, an portfolio company of Lime independent exploration and Rock Partners that designs production company with and manufactures specialized a portfolio company of has sold all of its general core operations in North downhole technology for partner interest & IDRs in Louisiana, has sold all of its extended-reach drilling general partner interest and and well construction incentive distribution rights has been acquired by applications, has been in Memorial Production acquired by Rubicon Oilfield Partners. International in partnership in partnership with with Warburg Pincus. Warburg Pincus May 2016 Undisclosed May 2016

Mazarine Energy B.V., Torqued-Up Energy a private oil and gas Services, a provider of coiled exploration and production tubing services and related company focusing on low pressure pumping services risk, near-term, conventional has sold its assets for oil and gas wells and exploration, development through a formerly a portfolio company has secured an undisclosed and production opportunities, §363 sale process to of Cadent Energy Partners, equity investment from has secured an undisclosed has sold its assets through a equity investment from §363 sale process to Cougar Carlyle International Energy Pressure Control. Partners. Undisclosed Undisclosed May 2016 April 2016

Schoeller Bleckmann Plains All American Oilfield Equipment, a global Pipeline, a publicly market leader in high- traded master limited precision components and a East Coast Refined partnership that owns and has acquired leading supplier of equipment Product Terminal Assets operates midstream energy a majority interest in to the oilfield service has been acquired by infrastructure and provides industry, has acquired a logistics services for crude majority interest in Downhole oil, natural gas liquids, natural Technology, a portfolio gas and refined products, has a portfolio company of company of Pelican Energy sold its East Coast Refined Partners. $100 Million Product Terminal Assets to PBF Logistics. $103 Million April 2016 April 2016

Parsley Energy, an Gulfport Energy, an independent crude oil and independent exploration natural gas company with & production company operations in the Permian headquartered in Oklahoma Basin located in West Texas City, Oklahoma with primary and Southern New Mexico, operations in the Utica Shale has completed its follow-on of Ohio, has completed its Follow-On Equity Offering equity offering. Follow-On Equity Offering follow-on equity offering.

$449 Million $427 Million April 2016 March 2016

8 Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 2016 Transactions

GoFrac, a provider of JP Energy, a master limited hydraulic fracturing services partnership focused on to the U.S. market, has sold the gathering, storage and its assets to various buyers. movement of crude oil, Mid-Continent Crude refined products and natural Pipeline gas liquids from production in key basins to consumer has sold assets to & Trucking Assets various buyers have been acquired by end markets, has sold its JP Development subsidiary’s Mid-Continent Crude Pipeline Undisclosed & Trucking Assets to MVP Undisclosed Holdings, LLC. February 2016 February 2016

Finley Resources, a private Ceona Group has sold its E&P operator established in subsidiary PDi, a provider of 1999 that owns, manages multi-disciplined engineering and develops approximately has sold its subsidiary and project management 2,500 oil and gas properties services to the oil and gas has sold certain assets in in eight states, has sold industry, to Tattva Group. the Delaware Basin to certain Bone Spring and Wolfcamp assets in the to Delaware Basin to Luxe Energy.

Undisclosed Undisclosed January 2016 January 2016

Denotes a transaction completed by Simmons & Company International Denotes a transaction completed by Simmons & Company International Limited 9 Recent Simmons Activity in the Permian Basin

Simmons was an active advisor in E&P and midstream M&A in the Permian Basin in 2016. The tremendous deal flow has resulted in significant in house technical expertise and real-time insight into market participants.

10 Map excludes private projects currently in progress. 2016 Conferences

16th Annual Energy Conference 7th Annual Private Company Energy Conference March 2–4, 2016 November 30–December 1, 2016

7th Annual Private Company Energy Conference Recap

S i x t e e n t h A n n u A l ENERGY CONFERENCE RECAP

WINTER 2016

View Conference Recap View Conference Recap

11 Investment Banking Contacts

HOUSTON

James P. Baker Ira H. Green, Jr. Paul R. Steier Managing Director, Managing Director, Managing Director Co-Head of Energy Investment Banking Head of Energy Capital Markets [email protected] [email protected] [email protected] Michael S. Sulton Jay B. Boudreaux Spencer W. Rippstein Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] David A. Watson Damon Box Andrew C. Schroeder Managing Director Managing Director Managing Director [email protected] [email protected] [email protected]

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

SCIL*

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

*Simmons & Company International Limited - Aberdeen and London locations

simmonspjc.com

Since 1895. Member SIPC and NYSE. © 2017 Piper Jaffray & Co. 1/17