Epstein Secrets

l weighting between our NAV at LT prices of $80/$4.50 and a 9.0x target 2016 DACF multiple. A downside risk includes operational missteps in the Eagle Ford, which will negatively affect growth projection. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%)

sts are currently averaging 4.5% below 2015 plan assumptions, with confidence in updated targets of 10% average decline from FYI 5 plan, led by the Permian, with declines of 8%/ 12%, captured/targeted. • Asset performance: High density completions in the Eagle Ford are tracking -23% ahead of prior (2

, lead to the below sensitivities in supply growth. These figures deal with onshore tight oil regions only (Anadarko, Bakken, Permian, Appalachian, Eagle Ford, Haynesville and Niobrara), excluding some conventional and all offshore production. Caveats are that the profile of rig count growth, particularly

f 0.5-1.0 million hhp could begin to be delivered in the first quarter. This has the ability to raise the completed/drilled ratio from 0.73 in the Permian and 0.86 in all other regions towards 0.95, and lifting productivity. This would be a reversal of the decline in completions since September 2016 w

panded their footprint in their core basins - not just established Permian players, but also companies in second tier basins like Bakken (Oasis) or Eagle Ford (Sanchez). During this period, corporate strategies revolved around fundamental sector views (long term oil prices, preferred basins) and financial

exchanges and debt reduction via asset sales. On the asset portfolio side, we saw many players implementing major overhauls - mainly a shift to the Permian by names like WPX, QEP and SM Energy. Others expanded their footprint in their core basins - not just established Permian players, but also compani

xtended over the coming months. A key assumption is that rig productivity growth will remain subdued in the major basins of the Bakken, Permian and Eagle Ford as the rate of contraction in drilling activity also slows. This is explained by the notion that a sharper rise in productivity is only possible a

/d will be extended over the coming months. A key assumption is that rig productivity growth will remain subdued in the major basins of the Bakken, Permian and Eagle Ford as the rate of contraction in drilling activity also slows. This is explained by the notion that a sharper rise in productivity is