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2015 Annual Global Energy Conference

Jefferies 2015 Annual Global Energy Conference

Table of Contents

Public Company Profiles 5 Jefferies Biographies 87 Important Disclosures 92


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Table of Contents (Cont’d)


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Amec Foster Wheeler plc (LSE:AMFW) 7 Noble Corp. (NYSE:NE) 48

Anadarko Petroleum Corporation (NYSE:APC) 8 Noble Energy, Inc. (NYSE:NBL) 49

Atwood Oceanics, Inc. (NYSE:ATW) 9 Northern Oil and Gas, Inc. (AMEX:NOG) 50

Bonanza Creek Energy, Inc. (NYSE:BCEI) 10 NOW Inc. (NYSE:DNOW) 51

BP p.l.c. (LSE:BP.) 11 NuStar Energy L.P. (NYSE:NS) 52

Breitburn Energy Partners L.P. (NasdaqGS:BBEP) 12 Oasis Petroleum Inc. (NYSE:OAS) 53

Buckeye Partners, L.P. (NYSE:BPL) 13 Occidental Petroleum Corporation (NYSE:OXY) 54

C&J Energy Services, Inc. (NYSE:CJES) 14 Oceaneering International, Inc. (NYSE:OII) 55

Cabot Oil & Gas Corporation (NYSE:COG) 15 ONE Gas, Inc. (NYSE:OGS) 56

Carrizo Oil & Gas Inc. (NasdaqGS:CRZO) 16 PDC Energy, Inc. (NasdaqGS:PDCE) 57

Chevron Corporation (NYSE:CVX) 17 Pioneer Energy Services Corp. (NYSE:PES) 58

Cimarex Energy Co. (NYSE:XEC) 18 Plains All American Pipeline, L.P. (NYSE:PAA) 59

Cobalt International Energy, Inc. (NYSE:CIE) 19 Precision Drilling Corporation (TSX:PD) 60

Concho Resources, Inc. (NYSE:CXO) 20 QEP Resources, Inc. (NYSE:QEP) 61

ConocoPhillips (NYSE:COP) 21 Range Resources Corporation (NYSE:RRC) 62

CONSOL Energy Inc. (NYSE:CNX) 22 Rice Energy, LLC (NYSE:RICE) 63

Crestwood Equity Partners LP (NYSE:CEQP) 23 RigNet, Inc. (NasdaqGS:RNET) 64

Diamond Offshore Drilling, Inc. (NYSE:DO) 24 Rowan Companies plc (NYSE:RDC) 65

Energy Recovery, Inc. (NasdaqGS:ERII) 25 RPC Inc. (NYSE:RES) 66

EnLink Midstream, LLC (NYSE:ENLC) 26 SAExploration Holdings, Inc. (NasdaqGM:SAEX) 67

Ensco plc (NYSE:ESV) 27 Sanchez Energy Corporation (NYSE:SN) 68

Enterprise Products Partners L.P. (NYSE:EPD) 28 Schlumberger Limited (NYSE:SLB) 69

Ferrellgas Partners LP (NYSE:FGP) 29 Seventy Seven Energy Inc. (NYSE:SSE) 70

FMC Technologies, Inc. (NYSE:FTI) 30 SM Energy Company (NYSE:SM) 71

Forum Energy Technologies, Inc. (NYSE:FET) 31 Statoil ASA (NYSE:STO) 72

Frank's International N.V. (NYSE:FI) 32 Stone Energy Corp. (NYSE:SGY) 73

Galp Energia SGPS SA (ENXTLS:GALP) 33 Sunoco LP (NYSE:SUN) 74

Goodrich Petroleum Corp. (NYSE:GDP) 34 Superior Energy Services, Inc. (NYSE:SPN) 75

Gulfport Energy Corp. (NasdaqGS:GPOR) 35 Synergy Resources Corporation (AMEX:SYRG) 76

Halliburton Company (NYSE:HAL) 36 Technip SA (ENXTPA:TEC) 77

Hi-Crush Partners LP (NYSE:HCLP) 37 TOTAL S.A. (ENXTPA:FP) 78

Independence Contract Drilling, Inc. (NYSE:ICD) 38 Transocean Ltd. (NYSE:RIG) 79

Kosmos Energy Ltd (NYSE:KOS) 39 Trecora Resources (NYSE:TREC) 80

Lonestar Resources Limited (ASX:LNR) 40 USA Compression Partners, LP (NYSE:USAC) 81

Matador Resources Company (NYSE:MTDR) 41 W&T Offshore Inc. (NYSE:WTI) 82

Murphy Oil Corporation (NYSE:MUR) 42 Weatherford International plc (NYSE:WFT) 83

Nabors Industries Ltd. (NYSE:NBR) 43 Western Gas Equity Partners, LP (NYSE:WGP) 84

National Fuel Gas Company (NYSE:NFG) 44 Williams Partners L.P. (NYSE:WPZ) 85

National Oilwell Varco, Inc. (NYSE:NOV) 45

Newfield Exploration Co. (NYSE:NFX) 46

Newpark Resources Inc. (NYSE:NR) 47

Conference Notes

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Public Company Profiles


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Conference Notes

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Amec Foster Wheeler plc


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Sources: Company filings, Company website and Capital IQ as of October 30, 2015. Balance sheet data is as of the most recent SEC filing available on October 30, 2015.

($GBP millions, except per share data)

Ticker: AMFW Jefferies Rating: UNDERPERFORM Price: $7.11 (as of Oct 30, 2015) Price / Volume Graph

Exchange: LSE Jefferies Analyst: Mark Wilson Target Price: $5.20

Business Description

Founded: 1848 Employees: 40,000 Location: London, United Kingdom

Trading Data (as of Oct 30, 2015) ($GBP) Financial Projections ($GBP millions, except per share data)

Share Price $7.11 (Consensus, unless otherwise noted) FY 2015E FY 2016E FY 2017E

% of 52-Week High 63.5% Revenue $5,507.5 $5,611.1 $5,761.052-Week High $11.20 EBITDA 432.2 446.7 487.152-Week Low 6.86 EPS (GAAP) $0.38 $0.47 $0.5690-Day Avg. Daily Trading Volume (000s) 1,589 EPS (Adjusted) 0.69 0.71 0.80Fiscal Year End December EPS (Jefferies) 0.70 0.62 0.62

Enterprise Value Calculation ($GBP millions) Valuation Metrics (x)

Market Capitalization (fully-diluted) $2,776.9 Enterprise Value / Revenue 0.7x 0.7x 0.6x

Total Debt 1,349.0 Enterprise Value / EBITDA 8.7x 8.4x 7.7x

Minority Interest 10.0 Price / Earnings (GAAP) 18.5x 15.1x 12.8xPreferred Equity – Price / Earnings (Adjusted) 10.3x 10.1x 8.9xCash and Cash Equivalents 392.0 Total Debt / EBITDA 3.1x 3.0x 2.8xEnterprise Value $3,743.9

Price / Volume — Last Twelve Months

Amec Foster Wheeler plc provides consultancy, engineering, and project management services to the oil and gas, mining, clean energy, and environment and infrastructure markets worldwide. The company offers engineering, procurement, and construction solutions on wind, solar, biomass, and biofuel projects, as well as engages in the design and supply of combustion and steam generation equipment. It also provides mining consultancy services, including ore resource estimation, and mine planning and feasibility studies; and design, project, and construction management services. In addition, the company offers consulting, engineering, and project management services in the areas of water, transportation and infrastructure, government services, and industrial sectors. It serves oil companies, chemical companies, utility companies, and government bodies. The company was formerly known as AMEC plc and changed its name to Amec Foster Wheeler plc. Amec Foster Wheeler plc was founded in 1848 and is headquartered in London, the United Kingdom.

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Anadarko Petroleum Corporation


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($USD millions, except per share data)

Ticker: APC Jefferies Rating: BUY Price: $66.88 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Jon Wolff Target Price: $83.00


Founded: 1959 Employees: 6,100 Location: The Woodlands, TX (United States)

Trading Data (as of Oct 30, 2015) ($USD) Financial Projections ($USD millions, except per share data)


% of 52-Week High 69.7% Revenue $9,104.7 $10,667.8 $12,795.052-Week High $95.94 EBITDA 4,316.9 5,130.0 6,722.852-Week Low 58.10 EPS (GAAP) ($11.52) ($1.12) $1.2790-Day Avg. Daily Trading Volume (000s) 4,877 EPS (Adjusted) (2.24) (1.15) 0.45Fiscal Year End December EPS (Jefferies) (2.44) (1.34) 1.11

Enterprise Value Calculation ($USD millions) Valuation Metrics (x)



Minority Interest 2,973.0 Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 2,072.0 Total Debt / EBITDA 4.0x 3.4x 2.6xEnterprise Value $52,328.6


Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through 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, oil, condensate, and natural gas liquids (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 markets oil, natural gas, and NGLs in the United States; oil and NGLs internationally; and anticipated liquefied natural gas production from Mozambique. The company’s asset portfolio includes U.S. onshore resource plays in the Rocky Mountains area, the southern United States, the Appalachian basin, and Alaska; the deepwater Gulf of Mexico; and in Mozambique, Algeria, Ghana, Brazil, Colombia, Côte d’Ivoire, Kenya, Liberia, New Zealand, and other countries. As of December 31, 2014, it had approximately 2.9 billion barrels of oil equivalent of proved reserves. Anadarko Petroleum Corporation was founded in 1959 and is headquartered in The Woodlands, Texas.

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Atwood Oceanics, Inc.


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Ticker: ATW Jefferies Rating: BUY Price: $16.55 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Eduardo Royes Target Price: $21.00


Founded: 1968 Employees: 1,905 Location: Houston, TX (United States)



% of 52-Week High 40.7% Revenue $1,379.1 $1,162.4 $856.052-Week High $40.68 EBITDA 752.1 569.5 275.152-Week Low 14.15 EPS (GAAP) $6.55 $4.49 $0.1490-Day Avg. Daily Trading Volume (000s) 3,261 EPS (Adjusted) 7.29 4.46 (0.04)Fiscal Year End September EPS (Jefferies) 7.39 3.80 (0.85)




Minority Interest – Price / Earnings (GAAP) 2.5x 3.7x NMPreferred Equity – Price / Earnings (Adjusted) 2.3x 3.7x NMCash and Cash Equivalents 74.5 Total Debt / EBITDA 2.3x 3.0x 6.2xEnterprise Value $2,712.7


Atwood Oceanics, Inc., an offshore drilling contractor, engages in the drilling and completion of exploratory and developmental oil and gas wells worldwide. As of November 10, 2014, it owned a fleet of 13 mobile offshore drilling units, as well as 3 ultra-deepwater drill ships under construction. The company was founded in 1968 and is headquartered in Houston, Texas.

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Bonanza Creek Energy, Inc.


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Ticker: BCEI Jefferies Rating: Not Covered Price: $5.69 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 2010 Employees: 334 Location: Denver, CO (United States)



% of 52-Week High 12.3% Revenue $377.8 $380.1 $404.752-Week High $46.40 EBITDA 270.8 217.7 231.652-Week Low 3.72 EPS (GAAP) ($1.69) ($1.58) ($1.45)90-Day Avg. Daily Trading Volume (000s) 3,126 EPS (Adjusted) (0.65) (1.54) (1.27)Fiscal Year End December EPS (Jefferies) NA NA NA


Market Capitalization (fully-diluted) $283.1 Enterprise Value / Revenue 3.0x 2.9x 2.8x

Total Debt 850.0 Enterprise Value / EBITDA 4.1x 5.1x 4.8x

Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 15.3 Total Debt / EBITDA 3.1x 3.9x 3.7xEnterprise Value $1,117.7


Bonanza Creek Energy, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids natural gas in the United States. The company’s oil and liquids weighted assets are located primarily in the Wattenberg Field in Colorado; and the Dorcheat Macedonia Field in southern Arkansas. It also owns and operates oil-producing assets in the North Park Basin in Colorado; and the McKamie Patton Field in Southern Arkansas. The company was founded in 2010 and is headquartered in Denver, Colorado.

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BP p.l.c.


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($GBP millions, except per share data)

Ticker: BP. Jefferies Rating: HOLD Price: $3.86 (as of Oct 30, 2015) Price / Volume Graph

Exchange: LSE Jefferies Analyst: Jason Gammel Target Price: $3.60



Trading Data (as of Oct 30, 2015) ($GBP) Financial Projections ($GBP millions, except per share data)


% of 52-Week High 77.4% Revenue $139,751.2 $149,639.1 $166,721.552-Week High $4.99 EBITDA 15,896.2 16,622.9 19,430.452-Week Low 2.53 EPS (GAAP) $0.16 $0.24 $0.3290-Day Avg. Daily Trading Volume (000s) 38,576 EPS (Adjusted) 0.24 0.25 0.33Fiscal Year End December EPS (Jefferies) 0.55 0.47 0.72

Enterprise Value Calculation ($GBP millions) Valuation Metrics (x)



Minority Interest 803.6 Price / Earnings (GAAP) 24.8x 16.2x 12.1xPreferred Equity – Price / Earnings (Adjusted) 16.2x 15.7x 11.8xCash and Cash Equivalents 21,111.5 Total Debt / EBITDA 2.4x 2.3x 2.0xEnterprise Value $88,723.1


BP p.l.c. operates as an integrated oil and gas company worldwide. It operates in three segments: Upstream, Downstream, and Rosneft. The Upstream segment engages in the oil and natural gas exploration, field development, and production; midstream transportation, and storage and processing; and marketing and trade of natural gas, including liquefied natural gas (LNG), and power and natural gas liquids (NGL). It also owns and manages crude oil and natural gas pipelines; processing facilities and export terminals; and LNG processing facilities and transportation, as well as NGL extraction business. The Downstream segment refines, manufactures, markets, transports, supplies, and trades in crude oil, petroleum, and petrochemicals products and related services to wholesale and retail customers. It offers lubricants and related products under the Castrol, BP, and Aral brands to the automotive, industrial, marine, and energy markets; and petrochemicals products, such as purified terephthalic acid, paraxylene, acetic acid, olefins and derivatives, and specialty petrochemicals products. This segment also sells gasoline, diesel, and aviation fuel. The Rosneft segment engages in the exploration and production of hydrocarbons in the United States, Canada, Vietnam, Venezuela, Brazil, Algeria, the United Arab Emirates, Turkmenistan, and Norway; and offers jet fuel, bunkering, bitumen, and lubricants. This segment also owns and operates 10 refineries in Russia; and has an interest in 4 refineries in Germany. As of December 31, 2014, this segment owned and operated approximately 2,500 retail service stations in Russia. The company also produces bioethanol, sugar, and biobutanol; exports power to the local grid; transports hydrocarbon products through shipping and chartering services; and holds interests in 16 operating wind farms with a generation capacity of 2,585 megawatts. BP p.l.c. was founded in 1889 and is headquartered in London, the United Kingdom.

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Breitburn Energy Partners L.P.


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($USD millions, except per unit data)

Ticker: BBEP Jefferies Rating: Not Covered Price: $2.29 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS


Founded: 2006 Employees: 901 Location: Los Angeles, CA (United States)

Trading Data (as of Oct 30, 2015) ($USD) Financial Projections ($USD millions, except per unit data)

Unit Price $2.29 (Consensus, unless otherwise noted) FY 2015E FY 2016E FY 2017E

% of 52-Week High 13.0% Revenue $1,113.4 $1,067.7 $993.952-Week High $17.56 EBITDA 621.9 555.3 475.152-Week Low 1.92 EPU (GAAP) ($1.18) ($0.34) ($0.72)90-Day Avg. Daily Trading Volume (000s) 1,942 EPU (Adjusted) (0.35) (0.43) (0.47)Fiscal Year End December EPU (Jefferies) NA NA NA




Minority Interest 7.0 Price / Earnings (GAAP) NM NM NMPreferred Equity 534.9 Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 9.5 Total Debt / EBITDA 5.0x 5.6x 6.5xEnterprise Value $4,123.8


Breitburn Energy Partners LP, an independent oil and gas partnership, acquires, exploits, and develops oil, natural gas liquids (NGLs), and natural gas properties in the United States. The company’s oil, NGL, and natural gas reserves are primarily located in seven producing areas comprising the Arkansas, Louisiana, and East Texas; Michigan, Indiana, and Kentucky; Permian Basin in Texas and New Mexico; the Mid-Continent covering Oklahoma, Kansas, and the Texas Panhandle; Rockies in Wyoming; Florida and Alabama; and California. As of December 31, 2014, it had estimated proved reserves of 315.3 million barrels of oil equivalent. Breitburn GP LLC serves as the general partner of the company. Breitburn Energy Partners LP was founded in 2006 and is headquartered in Los Angeles, California.

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Buckeye Partners, L.P.


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Ticker: BPL Jefferies Rating: Not Covered Price: $67.83 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1886 Employees: 290 Location: Houston, TX (United States)



% of 52-Week High 79.7% Revenue $3,623.0 $4,039.8 $4,763.252-Week High $85.14 EBITDA 856.1 982.5 1,034.752-Week Low 52.91 EPU (GAAP) $3.43 $4.26 $4.6790-Day Avg. Daily Trading Volume (000s) 535 EPU (Adjusted) 3.45 4.20 4.57Fiscal Year End December EPU (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) 19.7x 15.9x 14.5xPreferred Equity – Price / Earnings (Adjusted) 19.6x 16.1x 14.8xCash and Cash Equivalents 8.6 Total Debt / EBITDA 4.4x 3.9x 3.7xEnterprise Value $12,459.7


Buckeye Partners, L.P. owns and operates liquid petroleum products pipeline systems in the United States. The company operates through four segments: Pipelines & Terminals, Global Marine Terminals, Merchant Services, and Development & Logistics. The Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, diesel fuel, heating oil, and kerosene; and refined petroleum products, such as propane and butane, refinery feedstock, and blending components, as well as crude oil. This segment owns and operates approximately 6,000 miles of pipeline located primarily in the northeastern and upper midwestern portions of the United States, and services 110 delivery locations; and 116 active terminals that provide bulk storage and throughput services with aggregate storage capacity of 55 million barrels. The Global Marine Terminals segment provides marine terminal throughput services, marine bulk storage, and other related services through 7 liquid petroleum product terminals located in The Bahamas, Puerto Rico, and St. Lucia in the Caribbean; and the New York Harbor and Corpus Christi, Texas in the United States. The Merchant Services segment is involved in the wholesale distribution of refined petroleum products, including gasoline, propane, ethanol, and biodiesel, as well as petroleum distillates, such as heating oil, diesel fuel, kerosene, and fuel oil. The Development & Logistics segment offers pipeline construction management, turnkey operations and maintenance, asset development, and construction services for third-party pipeline and energy assets. This segment owns and operates 2 underground propane storage caverns with approximately 800,000 barrels of throughput and storage capability in Indiana and Illinois; and a 30-mile ammonia pipeline and 25 miles of pipeline in Texas. Buckeye GP LLC serves as the general partner of the company. Buckeye Partners, L.P. was founded in 1886 and is based in Houston, Texas.

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C&J Energy Services, Inc.

Q


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Ticker: CJES Jefferies Rating: BUY Price: $4.99 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Brad Handler Target Price: $10.00





% of 52-Week High 24.4% Revenue $1,820.4 $1,723.3 $2,123.552-Week High $20.49 EBITDA 46.2 67.2 230.252-Week Low 2.97 EPS (GAAP) ($2.25) ($1.94) ($0.80)90-Day Avg. Daily Trading Volume (000s) 3,031 EPS (Adjusted) (2.00) (2.07) (1.22)Fiscal Year End December EPS (Jefferies) (2.13) (1.85) (0.80)






C&J Energy Services, Ltd. provides completion and production services for oil and gas industry primarily in North America. The company provides a range of well services involved in the completion, life-of-well maintenance, and plugging and abandonment of a well to oil and natural gas drilling and production companies. It operates in three segments: Completion Services, Well Support Services, and Other Services. The Completion Services segment provides hydraulic fracturing, coiled tubing, cased-hole wireline, pumpdown, and other well stimulation services, as well as nitrogen, pressure pumping, and thru-tubing services. The Well Support segment offers maintenance, workover, and plug and abandonment services, as well as fluid management and rental tool services. The Other Services segment provides cementing, directional drilling, equipment manufacturing, specialty chemical supply, and research and technology. The company operates in oil and natural gas producing regions of the continental United States and Western Canada. C&J Energy Services, Ltd. was founded in 1997 and is headquartered in Houston, Texas.

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Cabot Oil & Gas Corporation


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Ticker: COG Jefferies Rating: HOLD Price: $21.71 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 60.9% Revenue $1,497.6 $1,709.2 $2,493.552-Week High $35.64 EBITDA 824.0 916.9 1,537.852-Week Low 20.00 EPS (GAAP) $0.02 $0.32 $1.1390-Day Avg. Daily Trading Volume (000s) 6,626 EPS (Adjusted) 0.18 0.25 1.05Fiscal Year End December EPS (Jefferies) 0.11 0.21 0.87




Minority Interest – Price / Earnings (GAAP) NM NM 19.2xPreferred Equity – Price / Earnings (Adjusted) NM NM 20.7xCash and Cash Equivalents 8.8 Total Debt / EBITDA 2.5x 2.2x 1.3xEnterprise Value $11,013.4


Cabot Oil & Gas Corporation, an independent oil and gas company, develops, exploits, explores for, produces, and markets natural gas, oil, and natural gas liquids in the United States. The company primarily focuses on the Marcellus Shale in northeast Pennsylvania with approximately 200,000 net acres in the dry gas window of the play; and the Eagle Ford Shale in south Texas with approximately 89,000 net acres in the oil window of the play. It also transports, stores, gathers, and purchases natural gas for resale. The company sells its natural gas to industrial customers, local distribution companies, and gas marketers through on and off its pipeline and gathering system, as well as to intrastate pipelines, natural gas processors, and marketing companies. As of December 31, 2014, it had proved reserves of approximately 7,401 billion cubic feet of natural gas equivalent. The company was founded in 1989 and is headquartered in Houston, Texas.

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Carrizo Oil & Gas Inc.


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Ticker: CRZO Jefferies Rating: BUY Price: $37.63 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS Jefferies Analyst: Daniel Braziller Target Price: $52.00





% of 52-Week High 66.3% Revenue $607.2 $605.7 $783.052-Week High $56.77 EBITDA 448.1 414.9 524.352-Week Low 27.79 EPS (GAAP) ($0.63) $0.03 $0.8590-Day Avg. Daily Trading Volume (000s) 1,568 EPS (Adjusted) 0.79 0.18 0.73Fiscal Year End December EPS (Jefferies) 0.82 0.17 1.05




Minority Interest – Price / Earnings (GAAP) NM NM 44.5xPreferred Equity – Price / Earnings (Adjusted) 47.8x NM NMCash and Cash Equivalents 2.0 Total Debt / EBITDA 3.1x 3.3x 2.6xEnterprise Value $3,565.0


Carrizo Oil & Gas, Inc., together with its subsidiaries, engages in the exploration, development, and production of oil and gas primarily in the United States. The company holds interests in crude oil plays and projects, including Eagle Ford Shale in Texas; the Niobrara Formation located in Colorado; the Utica Shale in Ohio; and the Marcellus Shale located in Pennsylvania. As of December 31, 2014, it had proved crude oil and NGL reserves of 114.2 million barrels of oil equivalent; proved natural gas reserves of 221.0 billion cubic feet; and operated 388 gross productive oil and gas wells. The company was founded in 1993 and is based in Houston, Texas.

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Chevron Corporation


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Ticker: CVX Jefferies Rating: BUY Price: $90.88 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Jason Gammel Target Price: $115.00


Founded: 1879 Employees: 64,700 Location: San Ramon, CA (United States)







Minority Interest – Price / Earnings (GAAP) 26.6x 21.9x 14.6xPreferred Equity – Price / Earnings (Adjusted) 26.8x 21.2x 14.6xCash and Cash Equivalents 12,521.0 Total Debt / EBITDA 1.1x 1.0x 0.8xEnterprise Value $190,286.8


Chevron Corporation, through its subsidiaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as holds interest in a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil and refined products; transporting crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing commodity petrochemicals and fuel and lubricant additives, as well as plastics for industrial uses. Chevron Corporation is also involved in the cash management and debt financing activities; insurance operations; real estate activities; power and energy services; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California.

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Cimarex Energy Co.


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Ticker: XEC Jefferies Rating: UNDERPERFORM Price: $118.06 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 89.3% Revenue $1,490.9 $1,705.8 $2,177.152-Week High $132.18 EBITDA 808.5 952.4 1,290.152-Week Low 91.74 EPS (GAAP) ($11.24) $0.94 $2.6590-Day Avg. Daily Trading Volume (000s) 1,318 EPS (Adjusted) (0.33) 0.62 2.69Fiscal Year End December EPS (Jefferies) (0.50) 1.21 –






Cimarex Energy Co. operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. The company owns interests in 3,240 net productive oil and gas wells. As of December 31, 2014, it had a total proved oil and gas reserves of 3.1 trillion cubic feet equivalent (Tcfe) consisting of 1.7 trillion cubic feet of natural gas; and 0.7 Tcfe each of oil and natural gas liquids primarily located in the Permian Basin and Mid-Continent regions. The company was founded in 2002 and is headquartered in Denver, Colorado.

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Cobalt International Energy, Inc.


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Ticker: CIE Jefferies Rating: HOLD Price: $7.67 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 63.9% Revenue $3.0 $61.1 $136.552-Week High $12.00 EBITDA (197.9) (185.6) (41.9)52-Week Low 6.73 EPS (GAAP) ($0.54) ($0.46) $0.2290-Day Avg. Daily Trading Volume (000s) 3,960 EPS (Adjusted) (0.72) (0.60) (0.46)Fiscal Year End December EPS (Jefferies) (0.74) (0.50) –


Market Capitalization (fully-diluted) $3,177.5 Enterprise Value / Revenue NM NM NM

Total Debt 1,970.7 Enterprise Value / EBITDA NM NM NM

Minority Interest – Price / Earnings (GAAP) NM NM 35.4xPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 1,659.1 Total Debt / EBITDA NM NM NMEnterprise Value $3,489.1


Cobalt International Energy, Inc., through its subsidiaries, engages in the exploration and production of oil-focused, below-salt exploration prospects. Its project portfolio comprises North Platte, Heidelberg, Shenandoah, and Anchor discovery in the U.S. Gulf of Mexico; Cameia, Lontra, Mavinga, Bicuar, and Orca in the offshore Angola; and Diaman in the offshore Gabon. As of December 31, 2014, the company's estimated net proved undeveloped reserves totaled 8.4 million barrels of oil and 3.7 billion cubic feet of natural gas. Cobalt International Energy, Inc. was founded in 2005 and is based in Houston, Texas.

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Concho Resources, Inc.


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Ticker: CXO Jefferies Rating: BUY Price: $115.91 (as of Oct 30, 2015) Price / Volume Graph



Founded: 2006 Employees: 1,022 Location: Midland, TX (United States)



% of 52-Week High 86.4% Revenue $1,967.0 $2,196.2 $2,466.052-Week High $134.13 EBITDA 1,683.9 1,689.5 1,715.252-Week Low 77.22 EPS (GAAP) ($0.66) $0.77 $0.0790-Day Avg. Daily Trading Volume (000s) 1,744 EPS (Adjusted) 1.07 0.70 0.42Fiscal Year End December EPS (Jefferies) 1.14 1.04 –






Concho Resources Inc., an independent oil and natural gas company, acquires, develops, and explores for oil and natural gas properties in the Unites States. The company’s principal operating areas are located in the Permian Basin of southeast New Mexico and West Texas. As of December 31, 2014, its total estimated proved reserves were 637.2 million barrel of oil equivalent. Concho Resources Inc. was founded in 2006 and is headquartered in Midland, Texas.

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ConocoPhillips


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Ticker: COP Jefferies Rating: HOLD Price: $53.35 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 71.4% Revenue $32,651.1 $37,985.1 $42,321.052-Week High $74.68 EBITDA 9,209.0 12,350.2 15,313.852-Week Low 41.10 EPS (GAAP) ($0.89) $0.86 $2.5090-Day Avg. Daily Trading Volume (000s) 10,533 EPS (Adjusted) (0.75) 0.73 2.35Fiscal Year End December EPS (Jefferies) (0.65) 1.57 2.99




Minority Interest – Price / Earnings (GAAP) NM NM 21.3xPreferred Equity – Price / Earnings (Adjusted) NM NM 22.7xCash and Cash Equivalents 3,813.0 Total Debt / EBITDA 2.7x 2.0x 1.6xEnterprise Value $87,379.4


ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio includes shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects. ConocoPhillips was founded in 1917 and is headquartered in Houston, Texas.

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CONSOL Energy Inc.


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Ticker: CNX Jefferies Rating: BUY Price: $6.66 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1864 Employees: 3,834 Location: Canonsburg, PA (United States)



% of 52-Week High 15.8% Revenue $3,024.1 $3,188.5 $3,418.652-Week High $42.26 EBITDA 793.9 898.1 1,062.552-Week Low 6.38 EPS (GAAP) ($1.59) $0.07 $0.8090-Day Avg. Daily Trading Volume (000s) 7,735 EPS (Adjusted) (0.29) 0.27 0.85Fiscal Year End December EPS (Jefferies) (0.35) – –




Minority Interest 154.9 Price / Earnings (GAAP) NM NM 8.4xPreferred Equity – Price / Earnings (Adjusted) NM 24.6x 7.9xCash and Cash Equivalents 83.0 Total Debt / EBITDA 4.7x 4.2x 3.5xEnterprise Value $5,331.4


CONSOL Energy Inc., together with its subsidiaries, operates as an integrated energy company in the United States and internationally. The company operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers. This division owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 441,000 net Marcellus Shale acres; and controls approximately 118,000 net acres of Utica Shale potential in eastern Ohio, as well as controls 108,000 net acres in Southwestern Pennsylvania and Northern West Virginia that contain the rights to the natural gas in Utica Shale; and owns rights to extract coalbed methane (CBM) in Virginia from approximately 268,000 net CBM acres, which cover a portion of its coal reserves in Central Appalachia. It also owns shallow oil and gas acreage position approximately 853,000 net acres in Illinois, Indiana, Kentucky, West Virginia, Pennsylvania, Virginia, and New York; various acres that have Upper Devonian potential; 218,000 net acres of Chattanooga Shale; and 386,000 net acres of Huron Shale potential in Kentucky, West Virginia, and Virginia, as well as provides midstream gas services. The Coal division engages in mining, preparation, and marketing of thermal coal primarily to power generators, and metallurgical coal to metal and coke producers. It offers thermal coal, and low and high metallurgical coal. The company also provides energy services, including coal terminal services, water services, and land resource management services. CONSOL Energy Inc. was founded in 1864 and is headquartered in Canonsburg, Pennsylvania.

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Crestwood Equity Partners LP


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Ticker: CEQP Jefferies Rating: Not Covered Price: $2.89 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: NM Employees: 1,374 Location: Houston, TX (United States)



% of 52-Week High 30.1% Revenue $2,862.8 $3,106.7 $2,864.052-Week High $9.60 EBITDA 551.9 579.3 621.652-Week Low 2.17 EPU (GAAP) ($0.11) $0.11 $0.3290-Day Avg. Daily Trading Volume (000s) 2,166 EPU (Adjusted) 0.48 0.28 NAFiscal Year End December EPU (Jefferies) NA NA NA




Minority Interest 4,417.6 Price / Earnings (GAAP) NM 26.8x 9.0xPreferred Equity – Price / Earnings (Adjusted) 6.0x 10.4x NACash and Cash Equivalents 1.3 Total Debt / EBITDA 4.6x 4.4x 4.1xEnterprise Value $8,989.2


Crestwood Equity Partners LP provides midstream solutions to customers in the crude oil, natural gas liquids (NGLs), and natural gas sectors of the energy industry in the United States. It operates through three segments: Gathering and Processing; Storage and Transportation; and NGL and Crude Services. The Gathering and Processing segment engages in the gathering, processing, treating, compression, transportation, and sale of natural gas; and the delivery of natural gas liquids to producers in unconventional shale plays and tight-gas plays in West Virginia, Wyoming, Texas, Arkansas, New Mexico, and Louisiana. The Storage and Transportation segment offers natural gas storage and transportation services to producers, utilities, and other customers. This segment owns and operates natural gas storage facilities with approximately 79.3 billion cubic feet of natural gas storage capacity in New York and Pennsylvania. The NGL and Crude Services segment provides NGL and crude oil gathering, storage, marketing, and transportation services to producers, refiners, marketers, and other customers; and produces and sells salt products. Crestwood Equity GP LLC serves as the general partner of Crestwood Equity Partners LP. The company was formerly known as Inergy L.P. and changed its name to Crestwood Equity Partners LP in October 2013. The company is headquartered in Houston, Texas. Crestwood Equity Partners LP is a subsidiary of Crestwood Holdings LLC.

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Diamond Offshore Drilling, Inc.


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Ticker: DO Jefferies Rating: HOLD Price: $19.88 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 49.7% Revenue $2,386.9 $1,927.2 $1,949.152-Week High $40.00 EBITDA 939.5 712.3 709.852-Week Low 16.51 EPS (GAAP) ($0.24) $0.82 $0.6290-Day Avg. Daily Trading Volume (000s) 3,158 EPS (Adjusted) 2.16 0.65 0.52Fiscal Year End December EPS (Jefferies) 2.17 0.40 0.80




Minority Interest – Price / Earnings (GAAP) NM 24.3x 32.0xPreferred Equity – Price / Earnings (Adjusted) 9.2x 30.5x 38.3xCash and Cash Equivalents 154.8 Total Debt / EBITDA 2.6x 3.5x 3.5xEnterprise Value $5,059.7


Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry worldwide. The company provides services in floater market, such as ultra-deepwater, deepwater, and mid-water; and non-floater or jack-up market. It operates a fleet of 38 offshore drilling rigs, which comprise 27 semisubmersibles, including 1 under construction; 6 jack-ups; and 5 dynamically positioned drillships, including 1 under construction. Diamond Offshore Drilling, Inc. serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1989 and is headquartered in Houston, Texas. Diamond Offshore Drilling, Inc. operates as a subsidiary of Loews Corp., Asset Management Arm.

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Energy Recovery, Inc.


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Ticker: ERII Jefferies Rating: HOLD Price: $7.17 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS Jefferies Analyst: Laurence Alexander Target Price: $7.50


Founded: 1992 Employees: 105 Location: San Leandro, CA (United States)



% of 52-Week High 87.9% Revenue $116.6 $82.2 $100.152-Week High $8.16 EBITDA 44.6 47.3 20.952-Week Low 2.07 EPS (GAAP) $0.69 $0.38 $0.4190-Day Avg. Daily Trading Volume (000s) 769 EPS (Adjusted) 1.01 0.34 0.23Fiscal Year End December EPS (Jefferies) 1.00 0.40 0.44




Minority Interest – Price / Earnings (GAAP) 10.3x 19.1x 17.3xPreferred Equity – Price / Earnings (Adjusted) 7.1x 21.3x 31.2xCash and Cash Equivalents 22.8 Total Debt / EBITDA 0.0x 0.0x 0.0xEnterprise Value $351.7


Energy Recovery, Inc. designs, develops, and manufactures energy recovery devices (ERDs) to transform untapped energy into reusable energy from industrial fluid flows and pressure cycles. The company’s products include PX ERDs and turbochargers for water desalination; AT and Halo turbochargers for low-pressure brackish and high-pressure seawater reverse osmosis systems; Pressure Exchanger energy recovery devices and turbochargers; and high-pressure pumps. It also offers IsoBoost energy recovery systems comprising turbines and industrial pumps; and lsoGen systems that enable oil and gas operators to capture hydraulic energy and generate electricity from high-pressure fluid flows. In addition, the company provides engineering, technical support, and training services; and preventive maintenance and support services, as well as reinstallation services. It serves engineering, procurement, and construction firms that design and build large desalination plants; original equipment manufacturers; and oil companies, and exploration and production companies. The company markets its products directly to customers through its sales organization, as well as through authorized independent sales agents in the United States and internationally. Energy Recovery, Inc. was founded in 1992 and is headquartered in San Leandro, California.

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EnLink Midstream, LLC


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Ticker: ENLC Jefferies Rating: BUY Price: $19.70 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Christopher Sighinolfi Target Price: $26.00


Founded: 2013 Employees: NM Location: Dallas, TX (United States)



% of 52-Week High 51.2% Revenue $4,710.4 $5,371.8 $5,909.352-Week High $38.50 EBITDA 553.6 752.6 877.452-Week Low 17.22 EPU (GAAP) $0.55 $1.06 $1.5390-Day Avg. Daily Trading Volume (000s) 309 EPU (Adjusted) 0.48 1.12 1.15Fiscal Year End December EPU (Jefferies) 0.41 0.59 0.68




Minority Interest 4,381.9 Price / Earnings (GAAP) 35.5x 18.5x 12.9xPreferred Equity – Price / Earnings (Adjusted) 41.3x 17.6x 17.1xCash and Cash Equivalents 72.0 Total Debt / EBITDA 5.1x 3.8x 3.2xEnterprise Value $10,372.5


EnLink Midstream, LLC engages in the gathering, transmission, processing, and marketing of natural gas and natural gas liquids (NGLs), condensate, and crude oil in the United States. The company’s midstream energy asset network includes approximately 8,800 miles of pipelines; 13 natural gas processing plants; 7 fractionators; 3.1 million barrels of NGL cavern storage facilities; 11.0 billion cubic feet of natural gas storage facilities; rail, barge, and truck terminals; and a fleet of approximately 100 trucks. It also provides crude oil, condensate, and brine services to producers. The company was founded in 2013 and is headquartered in Dallas, Texas. EnLink Midstream, LLC is a subsidiary of Devon Energy Corporation.

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Ensco plc


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Ticker: ESV Jefferies Rating: HOLD Price: $16.63 (as of Oct 30, 2015) Price / Volume Graph












Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. The company operates through three segments: Floaters, Jackups, and Other. The company owns and operates offshore drilling rig fleet of 70 rigs, including 10 drillships, 13 semisubmersible rigs, 5 moored semisubmersible rigs, and 42 jackup rigs located in North and South America, the Middle East and Africa, the Asia Pacific rim, Europe and the Mediterranean, and Brazil. It also offers management services on rigs owned by third-parties. The company serves government-owned and independent oil and gas companies. Ensco plc was founded in 1975 and is headquartered in London, the United Kingdom.

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Enterprise Products Partners L.P.


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Ticker: EPD Jefferies Rating: BUY Price: $27.63 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 68.9% Revenue $29,582.7 $35,464.1 $40,307.052-Week High $40.12 EBITDA 5,245.0 5,683.7 6,178.652-Week Low 22.01 EPU (GAAP) $1.26 $1.42 $1.5690-Day Avg. Daily Trading Volume (000s) 4,739 EPU (Adjusted) 1.29 1.45 1.62Fiscal Year End December EPU (Jefferies) 1.23 1.49 1.54






Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products in the United States and internationally. Its NGL Pipelines & Services segment provides natural gas processing and related NGL marketing services, as well as import and export terminal services. This segment operates NGL pipelines aggregating approximately 19,400 miles; NGL and related product storage facilities; and 15 NGL fractionators. The company’s Onshore Natural Gas Pipelines & Services segment operates approximately 19,300 miles of onshore natural gas pipeline systems to gather and transport natural gas in Colorado, Louisiana, New Mexico, Texas, and Wyoming. This segment also leases salt dome natural gas storage facilities; and markets natural gas. Its Onshore Crude Oil Pipelines & Services segment operates approximately 5,400 miles of onshore crude oil pipelines; and markets crude oil. This segment’s pipelines gather and transport crude oil primarily in New Mexico, Oklahoma, and Texas to refineries, centralized storage terminals, and connecting pipelines. The company’s Offshore Pipelines & Services segment operates approximately 2,350 miles of offshore natural gas and crude oil pipelines and 6 offshore hub platforms in the northern Gulf of Mexico offshore Texas, Louisiana, Mississippi, and Alabama. Its Petrochemical & Refined Products Services segment operates propylene fractionation and related operations, including 680 miles of pipelines; butane isomerization complex, associated deisobutanizer units, and related pipeline assets; and octane enhancement and high purity isobutylene production facilities, as well as refined products pipelines of 4,200 miles, as well as terminals and related marketing and marine transportation services. The company was founded in 1968 and is based in Houston, Texas.

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Ferrellgas Partners LP


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Ticker: FGP Jefferies Rating: Not Covered Price: $20.40 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1939 Employees: 3,685 Location: Overland Park, KS (United States)



% of 52-Week High 71.6% Revenue $2,614.4 $2,695.8 $2,498.252-Week High $28.50 EBITDA 403.6 412.5 419.552-Week Low 19.33 EPU (GAAP) $1.19 $1.13 $1.4590-Day Avg. Daily Trading Volume (000s) 240 EPU (Adjusted) 0.85 0.84 0.50Fiscal Year End July EPU (Jefferies) NA NA NA




Minority Interest (53.1) Price / Earnings (GAAP) 17.2x 18.1x 14.1xPreferred Equity – Price / Earnings (Adjusted) 23.9x 24.3x 40.5xCash and Cash Equivalents 9.5 Total Debt / EBITDA 4.8x 4.7x 4.7xEnterprise Value $3,939.6


Ferrellgas Partners, L.P. distributes and sells propane and related equipment and supplies primarily in the United States. The company transports propane to propane distribution locations, tanks on customers’ premises, or to portable propane tanks delivered to retailers. It conducts its portable tank exchange operations under the Blue Rhino brand name through a network of independent and partnership-owned distribution outlets. The company’s propane is primarily used for space heating, water heating, cooking, outdoor cooking using gas grills, crop drying, irrigation, weed control, and other propane fueled appliances; as an engine fuel for power vehicles and forklifts; and as a heating or energy source in manufacturing and drying processes. It serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale, and other customers in 50 States, the District of Columbia, and Puerto Rico. As of July 31, 2015, it had 862 propane distribution locations. The company is also involved in the sale of refined fuels; provision of common carrier services; retail sale of propane appliances and related parts and fittings, as well as other retail propane related services and consumer products; sale of gas grills, grilling tools and accessories, patio heaters, fireplace and garden accessories, mosquito traps, and other outdoor products; and treatment and disposal of salt water generated from crude oil production, as well as in the sale of crude oil. In addition, it owns and operates nine salt water disposal wells in and around the Eagle Ford shale in south Texas. Ferrellgas Partners, L.P. was founded in 1939 and is headquartered in Overland Park, Kansas.

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FMC Technologies, Inc.


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Ticker: FTI Jefferies Rating: HOLD Price: $33.83 (as of Oct 30, 2015) Price / Volume Graph












FMC Technologies, Inc. provides technology solutions for the energy industry worldwide. The company operates through Subsea Technologies, Surface Technologies, and Energy Infrastructure segments. The Subsea Technologies segment offers subsea systems for the offshore production of crude oil and natural gas; and well access and flow management services, including installation and workover tools, service technicians for installation assistance, and field support services. This segment also provides electric and hydraulic work-class remotely operated vehicle, tether-management, launch and recovery, remote manipulator arms, and modular control systems for subsea applications, as well as support services, such as product training, pilot simulator training, spare parts, technical assistance, and logistics support; and offers multiphase and wetgas meters with applications for oil and gas recovery, early water detection, and reservoir optimization. The Surface Technologies segment offers wellhead systems for standard and custom-engineered applications; fluid control products for the well completion and stimulation activities; and flowback services, cased hole electric wireline and slickline services, specialty logging services, pressure transient analysis, and well optimization services. The Energy Infrastructure segment provides measurement products for applications, such as custody transfer, fiscal measurement, and batch loading and deliveries, as well as design, engineering, project management, training, commissioning, and aftermarket services; fluid loading and transfer systems for ship-to-ship loading and offloading operations; systems that separate production flows from wells into oil, gas, sand, and water; and automation, control, and information technology services. The company serves lubricant, petroleum, fuel blending, additive and chemical, and oil and gas industries. FMC Technologies, Inc. was founded in 2000 and is headquartered in Houston, Texas.

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Forum Energy Technologies, Inc.


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Ticker: FET Jefferies Rating: HOLD Price: $13.25 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 46.6% Revenue $1,081.0 $922.2 $1,093.152-Week High $28.45 EBITDA 149.0 121.6 184.452-Week Low 8.34 EPS (GAAP) $0.44 $0.23 $0.7090-Day Avg. Daily Trading Volume (000s) 1,337 EPS (Adjusted) 0.50 0.22 0.66Fiscal Year End December EPS (Jefferies) 0.56 0.10 0.65




Minority Interest 0.4 Price / Earnings (GAAP) 30.0x NM 18.9xPreferred Equity – Price / Earnings (Adjusted) 26.3x NM 20.1xCash and Cash Equivalents 76.2 Total Debt / EBITDA 2.7x 3.3x 2.2xEnterprise Value $1,525.1


Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates in two segments, Drilling & Subsea, and Production & Infrastructure. The Drilling & Subsea segment designs and manufactures products, and provides related services to the subsea construction, drilling, well construction, completion, and intervention markets. This segment also offers subsea technologies, including robotic vehicles and other capital equipment, specialty components and tooling, complementary subsea technical services and rental items, and applied products for subsea pipelines; drilling technologies consisting of capital equipment and a line of products consumed in the drilling and well intervention process; and down hole technologies comprising cementing and casing tools, completion products, and down hole protection solutions. The Production & Infrastructure segment designs and manufactures products, and provides related equipment and services to the well stimulation, production, and infrastructure markets. This segment supplies flow equipment, such as well stimulation consumable products, and related recertification and refurbishment services; production equipment, including well site production equipment and process equipment; and valve solutions comprising a range of industrial and process valves. The company is headquartered in Houston, Texas.

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Frank's International N.V.


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Ticker: FI Jefferies Rating: HOLD Price: $17.16 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1938 Employees: 4,800 Location: Amsterdam, Netherlands



% of 52-Week High 79.8% Revenue $1,012.8 $980.1 $1,026.752-Week High $21.50 EBITDA 313.0 290.0 328.152-Week Low 13.66 EPS (GAAP) $0.66 $0.63 $0.7690-Day Avg. Daily Trading Volume (000s) 707 EPS (Adjusted) 0.66 0.58 0.69Fiscal Year End December EPS (Jefferies) 0.65 0.50 0.60




Minority Interest 245.8 Price / Earnings (GAAP) 26.1x 27.3x 22.6xPreferred Equity 0.7 Price / Earnings (Adjusted) 26.2x 29.8x 24.9xCash and Cash Equivalents 474.7 Total Debt / EBITDA 0.0x 0.0x 0.0xEnterprise Value $2,423.3


Frank's International N.V. provides various engineered tubular services for the oil and gas exploration and production companies in the United States and internationally. The company’s tubular services include the handling and installation of multiple joints of pipe to establish a cased wellbore; and the installation of smaller diameter pipe inside a cased wellbore to provide a conduit for produced oil and gas to reach the surface. It also designs, manufactures, sells, and rents outside diameter (OD) pipes, connectors, and casing attachments; and provides fabrication and welding services in support of deep water projects, including drilling and production risers, flowlines and pipeline end terminations, and long length tubulars for use as caissons or pilings. In addition, the company distributes OD pipes manufactured by third parties. Frank's International N.V. was founded in 1938 and is headquartered in Amsterdam, the Netherlands.

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Galp Energia SGPS SA


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($EUR millions, except per share data)

Ticker: GALP Jefferies Rating: BUY Price: $9.84 (as of Oct 30, 2015) Price / Volume Graph

Exchange: ENXTLS Jefferies Analyst: Marc Kofler Target Price: $12.00


Founded: 1999 Employees: 6,855 Location: Lisbon, Portugal

Trading Data (as of Oct 30, 2015) ($EUR) Financial Projections ($EUR millions, except per share data)



Enterprise Value Calculation ($EUR millions) Valuation Metrics (x)



Minority Interest 1,405.0 Price / Earnings (GAAP) 31.1x 17.7x 15.3xPreferred Equity – Price / Earnings (Adjusted) 13.9x 18.2x 15.1xCash and Cash Equivalents 1,205.0 Total Debt / EBITDA 2.4x 2.3x 1.8xEnterprise Value $12,036.7


Galp Energia, SGPS, S.A. operates as oil and natural gas integrated operator worldwide. Its Exploration & Production segment explores for, develops, and produces hydrocarbons in approximately 50 projects with proved, probable, and possible reserves of 833 million barrels of oil equivalent. The company’s Refining & Marketing segment is involved in the refining, retail, and wholesale commercialization of oil products; operation of oil products storage and transportation infrastructure; and operation of 1,449 service stations in Portugal, Spain, and Africa. Its Gas & Power segment procures, distributes, and markets natural gas; generates and supplies electric, thermal, and wind power; and holds interests in various cogeneration plants with a total installed capacity of 205 megawatts, and wind farms. The company is also engaged in the management of equity participations; research, production, processing, logistics, and marketing of grain, vegetable oil, biofuel products, and their derivatives; technical management of ships, crews, and supply; development and operation of marine terminals; retail sale of food products and domestic utensils, as well as presents and other articles, including newspapers, magazines, records, videos, toys, drinks, tobacco, cosmetics and hygiene, travel, and vehicle accessory items; study, projection, installation, production, and marketing of biofuels; treatment and recovery of waste; purchase and sale of equipment; and design and construction of underground liquefied petroleum gas storage facilities. In addition, it provides business management and consultancy, financing, open investment fund, reinsurance, and marine transport services; and operates service stations, workshops, restaurants, and hotels. The company was formerly known as Galp – Petróleos e Gás de Portugal, SGPS, S.A. and changed its name to Galp Energia, SGPS, S.A. in September 2000. Galp Energia, SGPS, S.A. was founded in 1999 and is headquartered in Lisbon, Portugal.

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Goodrich Petroleum Corp.


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Ticker: GDP Jefferies Rating: Not Covered Price: $0.60 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE









Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity 2.3 Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 0.3 Total Debt / EBITDA 6.3x 12.3x 12.2xEnterprise Value $658.8


Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. The company holds interest in the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana; and the Haynesville Shale Trend in Northwest Louisiana and East Texas. It owns working interests in 260 producing oil and natural gas wells located in 43 fields in 8 states. Goodrich Petroleum Corporation was founded in 1995 and is based in Houston, Texas.

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Gulfport Energy Corp.


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Ticker: GPOR Jefferies Rating: MONITORED Price: $30.47 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS Jefferies Analyst: Daniel Braziller Target Price: RESTRICTED


Founded: NM Employees: 203 Location: Oklahoma City, OK (United States)



% of 52-Week High 53.7% Revenue $636.5 $869.9 $1,119.052-Week High $56.72 EBITDA 361.6 478.7 655.152-Week Low 28.97 EPS (GAAP) ($0.48) ($0.77) ($0.68)90-Day Avg. Daily Trading Volume (000s) 1,779 EPS (Adjusted) (0.43) (0.60) (0.50)Fiscal Year End December EPS (Jefferies) (0.55) (0.21) 0.83






Gulfport Energy Corporation engages in the acquisition, exploration, exploitation, and production of natural gas, natural gas liquids (NGLs), and crude oil in the United States. The company’s principal properties are located in the Utica Shale primarily in Eastern Ohio; Louisiana Gulf Coast in the West Cote Blanche Bay; and Hackberry fields. It also has interests in the Niobrara Formation of Northwestern Colorado; Bakken Formation; entities that operate in Southeast Asia, including the Phu Horm gas field in Thailand; and Alberta oil sands located in Canada. As of December 31, 2014, the company had 933.6 Bcfe of proved reserves, as well as undeveloped reserves totaled 3,778 thousands of barrels oil, 373,840 millions of cubic feet natural gas, and 13,889 thousands of barrels of NGLs. Gulfport Energy Corporation is headquartered in Oklahoma City, Oklahoma.

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Halliburton Company


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Ticker: HAL Jefferies Rating: BUY Price: $38.38 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 66.2% Revenue $23,697.6 $23,269.2 $26,361.452-Week High $58.00 EBITDA 4,126.5 4,085.1 5,863.552-Week Low 30.93 EPS (GAAP) ($0.54) $1.10 $2.1290-Day Avg. Daily Trading Volume (000s) 13,136 EPS (Adjusted) 1.48 1.18 2.25Fiscal Year End December EPS (Jefferies) 1.50 1.24 2.16




Minority Interest 32.0 Price / Earnings (GAAP) NM 35.0x 18.1xPreferred Equity – Price / Earnings (Adjusted) 26.0x 32.5x 17.0xCash and Cash Equivalents 2,303.0 Total Debt / EBITDA 1.9x 1.9x 1.3xEnterprise Value $38,466.1


Halliburton Company provides a range of services and products to the upstream oil and natural gas industry worldwide. The company operates through two segments, Completion and Production, and Drilling and Evaluation. The Completion and Production segment provides production enhancement services, including stimulation services and sand control services; and cementing services that include bonding the well and well casing, and casing equipment. It also provides completion tools that offer downhole solutions and services, including well completion products and services, intelligent well completions, liner hanger systems, sand control systems, and service tools; and well intervention services, pressure control, equipment rental tools and services, and pipeline and process services. In addition, this segment offers oilfield production and completion chemicals and services; electrical submersible pumps and progressive cavity pumps; and installation, maintenance, repair, and testing services. The Drilling and Evaluation segment provides drilling fluid systems, performance additives, completion fluids, solids control, specialized testing equipment, and waste management services; and drilling systems and services. It also offers wireline and perforating services that include open-hole logging, cased-hole and slickline, borehole seismic, and formation and reservoir solutions; and drill bits and services comprising roller cone rock bits, fixed cutter bits, hole enlargement, and related downhole tools and services, as well as coring equipment and services. In addition, this segment offers integrated exploration, drilling, and production software, and related professional and data management services; testing and subsea services, such as acquisition and analysis of reservoir information and optimization solutions; and oilfield project management and integrated solutions. Halliburton Company was founded in 1919 and is based in Houston, Texas.

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Hi-Crush Partners LP


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Ticker: HCLP Jefferies Rating: HOLD Price: $5.78 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 11.6% Revenue $330.7 $278.6 $370.452-Week High $50.00 EBITDA 69.8 37.5 62.652-Week Low 5.05 EPU (GAAP) $0.52 $0.29 $0.6190-Day Avg. Daily Trading Volume (000s) 610 EPU (Adjusted) 1.05 0.35 0.74Fiscal Year End December EPU (Jefferies) 1.00 (0.25) 0.65




Minority Interest 2.7 Price / Earnings (GAAP) 11.2x 19.8x 9.4xPreferred Equity – Price / Earnings (Adjusted) 5.5x 16.3x 7.8xCash and Cash Equivalents 5.0 Total Debt / EBITDA 3.6x 6.7x 4.0xEnterprise Value $462.8


Hi-Crush Partners LP produces and supplies monocrystalline sand in the United States. The monocrystalline sand is a mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. It owns, operates, and develops sand reserves and related excavation and processing facilities, which include a 751-acre facility with integrated rail infrastructure, located in Wyeville, Wisconsin; and the Augusta facility located in Eau Claire County, Wisconsin. The company offers raw frac sand used in hydraulic fracturing operations for oil and natural gas wells. It primarily serves pressure pumping service provides. Hi-Crush GP LLC operates as the general partner of the company. Hi-Crush Partners LP was founded in 2012 and is based in Houston, Texas.

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Independence Contract Drilling, Inc.


38



Ticker: ICD Jefferies Rating: Not Covered Price: $7.03 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE





% of 52-Week High 74.7% Revenue $87.7 $86.5 $108.352-Week High $9.41 EBITDA 22.4 16.4 31.052-Week Low 4.35 EPS (GAAP) ($0.17) ($0.47) ($0.43)90-Day Avg. Daily Trading Volume (000s) 39 EPS (Adjusted) (0.11) (0.47) (0.05)Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 5.4 Total Debt / EBITDA 2.7x 3.7x 1.9xEnterprise Value $226.6


Independence Contract Drilling, Inc. provides land-based contract drilling services for oil and natural gas producers in the United States. It constructs, owns, and operates a fleet of ShaleDriller rigs to optimize the development of oil and gas properties in the Permian Basin. The company’s standardized fleet consists of 14 ShaleDriller rigs, including 3 rigs under construction. Independence Contract Drilling, Inc. was founded in 2011 and is headquartered in Houston, Texas.

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Kosmos Energy Ltd


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Ticker: KOS Jefferies Rating: BUY Price: $6.82 (as of Oct 30, 2015) Price / Volume Graph



Founded: 2003 Employees: 230 Location: Hamilton, Bermuda



% of 52-Week High 65.5% Revenue $537.3 $802.8 $909.752-Week High $10.41 EBITDA 239.9 504.7 551.652-Week Low 5.34 EPS (GAAP) ($0.53) ($0.06) $0.0490-Day Avg. Daily Trading Volume (000s) 1,478 EPS (Adjusted) (0.42) (0.10) 0.07Fiscal Year End December EPS (Jefferies) (0.21) (0.03) –





Price / Volume — Since IPO

Kosmos Energy Ltd. explores for and produces oil and gas in Africa, Europe, and South America. Its asset portfolio includes production and other development projects in offshore Ghana, as well as exploration licenses with hydrocarbon potential in offshore Ireland, Mauritania, Morocco, Senegal, and Suriname. The company was founded in 2003 and is based in Hamilton, Bermuda.

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Lonestar Resources Limited


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($AUD millions, except per share data)

Ticker: LNR Jefferies Rating: Not Covered Price: $7.70 (as of Oct 30, 2015) Price / Volume Graph

Exchange: ASX


Founded: NM Employees: 9 Location: Fort Worth, TX (United States)

Trading Data (as of Oct 30, 2015) ($AUD) Financial Projections ($AUD millions, except per share data)


% of 52-Week High 43.4% Revenue $166.7 $163.8 NA52-Week High $17.75 EBITDA 119.7 115.3 120.352-Week Low 5.30 EPS (GAAP) ($0.92) $0.03 $0.0890-Day Avg. Daily Trading Volume (000s) 6 EPS (Adjusted) 0.32 (0.05) 0.08Fiscal Year End December EPS (Jefferies) NA NA NA

Enterprise Value Calculation ($AUD millions) Valuation Metrics (x)

Market Capitalization (fully-diluted) $115.8 Enterprise Value / Revenue 2.9x 3.0x NA


Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) 23.9x NM NMCash and Cash Equivalents 5.7 Total Debt / EBITDA 3.2x 3.3x 3.2xEnterprise Value $489.7

Price / Volume — Since IPO

Lonestar Resources Limited, an independent oil and gas company, acquires, explores for, develops, and produces oil and gas properties in the United States. The company primarily focuses on natural gas liquids and natural gas reserves from the Eagle Ford Shale in Texas. It also holds a 65.0% working interest in the West Poplar asset that covers an area of 32,625 net acres in the Bakken and Three Forks plays in the Roosevelt County, Montana. The company is headquartered in Fort Worth, Texas.

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Matador Resources Company


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Ticker: MTDR Jefferies Rating: Not Covered Price: $25.71 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 2003 Employees: 99 Location: Dallas, TX (United States)



% of 52-Week High 86.0% Revenue $316.2 $335.6 $402.552-Week High $29.90 EBITDA 220.8 210.4 279.152-Week Low 14.08 EPS (GAAP) ($2.59) ($0.34) ($0.10)90-Day Avg. Daily Trading Volume (000s) 1,345 EPS (Adjusted) 0.02 (0.29) 0.15Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest 0.8 Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 53.6 Total Debt / EBITDA 1.8x 1.9x 1.4xEnterprise Value $2,532.7


Matador Resources Company, an independent energy company, engages in the exploration, development, production, and acquisition of oil and natural gas resources in the United States. The company primarily holds interests in the Eagle Ford shale play in South Texas; the Wolfcamp and Bone Spring plays in the Permian Basin in Southeast New Mexico and West Texas; and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. As of December 31, 2014, its estimated proved oil and natural gas reserves were 68.7 million barrels of oil equivalent, including 24.2 million one stock tank barrels of oil and 267.1 billion cubic feet of natural gas. The company was formerly known as Matador Holdco, Inc. and changed its name to Matador Resources Company in August 2011. Matador Resources Company was founded in 2003 and is headquartered in Dallas, Texas.

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Murphy Oil Corporation


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Ticker: MUR Jefferies Rating: Not Covered Price: $28.43 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1950 Employees: 1,712 Location: El Dorado, AR (United States)



% of 52-Week High 51.4% Revenue $2,914.1 $2,742.6 $3,002.952-Week High $55.36 EBITDA 1,453.0 1,283.4 1,581.852-Week Low 23.20 EPS (GAAP) ($10.31) ($1.73) ($1.14)90-Day Avg. Daily Trading Volume (000s) 3,727 EPS (Adjusted) (3.22) (2.20) (1.56)Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 1,293.8 Total Debt / EBITDA 2.3x 2.6x 2.1xEnterprise Value $6,957.4


Murphy Oil Corporation operates as an oil and gas exploration and production company worldwide. It explores for and produces crude oil, natural gas, and natural gas liquids. The company was formerly known as Murphy Corporation and changed its name to Murphy Oil Corporation in 1964. Murphy Oil Corporation was founded in 1950 and is headquartered in El Dorado, Arkansas.

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Nabors Industries Ltd.


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Ticker: NBR Jefferies Rating: UNDERPERFORM Price: $10.04 (as of Oct 30, 2015) GLP



Founded: 1968 Employees: 24,700 Location: Hamilton, Bermuda



% of 52-Week High 54.4% Revenue $3,793.3 $2,906.6 $3,440.252-Week High $18.47 EBITDA 1,122.6 844.1 1,034.752-Week Low 8.94 EPS (GAAP) ($0.84) ($1.16) ($0.51)90-Day Avg. Daily Trading Volume (000s) 8,916 EPS (Adjusted) (0.25) (1.12) (0.50)Fiscal Year End December EPS (Jefferies) (0.05) (1.05) (0.35)






Nabors Industries Ltd., together with its subsidiaries, provides drilling and rig services. The company offers rig instrumentation, optimization software, and directional drilling services. It also provides completion, life-of-well maintenance, and plugging and abandonment of a well. In addition, the company markets approximately 466 land drilling rigs for oil and gas land-based drilling operations in the United States, Canada, and approximately 20 other countries worldwide; approximately 445 rigs for land well-servicing and workover services in the United States; 98 rigs for land well-servicing and workover services in Canada; 42 rigs for offshore drilling operations in the United States and internationally; and 7 jackup units and components of trucks and fluid hauling vehicles. Further, it offers hydraulic fracturing, cementing, nitrogen, and acid pressure pumping services; and well-site services, such as engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection, and other support services. Additionally, the company manufactures, leases, or sells top drives and other rig equipment; and offers steering systems and rig instrumentation software systems, such as ROCKIT directional drilling system and RIGWATCH software. Nabors Industries Ltd. was founded in 1968 and is headquartered in Hamilton, Bermuda.

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National Fuel Gas Company


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Ticker: NFG Jefferies Rating: BUY Price: $52.53 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1902 Employees: 2,010 Location: Williamsville, NY (United States)



% of 52-Week High 72.7% Revenue $1,868.9 $2,166.6 $2,428.552-Week High $72.21 EBITDA 1,009.2 878.7 1,036.252-Week Low 48.61 EPS (GAAP) ($1.88) $2.99 $3.7590-Day Avg. Daily Trading Volume (000s) 481 EPS (Adjusted) 2.97 3.00 3.59Fiscal Year End September EPS (Jefferies) 2.98 3.00 3.73






National Fuel Gas Company operates as a diversified energy company in the United States. Its Utility segment sells natural gas or provides natural gas transportation services to approximately 737,800 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company’s Exploration and Production segment explores for, develops, and produces natural gas and oil reserves in California in the Appalachian region of the United States, and in Kansas. As of September 30, 2014, this segment had proved developed and undeveloped reserves of 38,477 thousand barrels of oil and 1,682,884 million cubic feet of natural gas. Its Energy Marketing segment markets natural gas to industrial, wholesale, commercial, public authority, and residential customers primarily in Western and Central New York and Northwestern Pennsylvania. The company’s Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system extending from Southwestern Pennsylvania to the New York-Canadian border, and eastward to Ellisburg and Leidy, Pennsylvania; and owns and operates 27 underground natural gas storage fields, as well as four other underground natural gas storage fields. This segment also transports natural gas for Distribution Corporation, as well as for other utilities, industrial customers, and power producers in New York State; and owns and operates the Empire Pipeline, a 249-mile integrated pipeline system. Its Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region. As of September 30, 2014, the company also owned approximately 93,000 acres of timber property and manages an additional 3,000 acres of timber cutting rights. National Fuel Gas Company was founded in 1902 and is based in Williamsville, New York.

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National Oilwell Varco, Inc.


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Ticker: NOV Jefferies Rating: HOLD Price: $37.64 (as of Oct 30, 2015) Price / Volume Graph












National Oilwell Varco, Inc. designs, manufactures, and sells equipment and components used in oil and gas drilling, completion, and production; and provides oilfield services to the upstream oil and gas industry worldwide. The company’s Rig Systems segment offers land rigs; offshore drilling equipment packages; and drilling rig components. This segment provides substructures, derricks, and masts; cranes; pipe lifting, racking, rotating, and assembly systems; fluid transfer technologies, such as mud pumps; pressure control equipment, such as blowout preventers; power transmission systems, such as drives and generators; and rig instrumentation and control systems. Its Rig Aftermarket segment offers spare parts; and repair and rental services, as well as technical support, field and first well support, field engineering, and customer training services. The company’s Wellbore Technologies segment designs, manufactures, rents, and sells various equipment and technologies used to perform drilling operations. This segment also provides solids control and waste management equipment and services, drilling fluids, drill pipes, wired pipes, tubular inspection and coating services, instrumentation, downhole tools, and drill bits. Its Completion and Production Solutions segment offers equipment and technologies for hydraulic fracture stimulation, such as pressure pumping trucks and pumps, blenders, sanders, hydration units, injection units, flowlines, manifolds, and wellheads; well intervention, including coiled tubing units, coiled tubing, and wireline units and tools; offshore production, including composite pipe, process equipment, floating production systems, and subsea production technologies; and onshore production, including surface transfer and progressive cavity pumps, positive displacement reciprocating pumps, pressure vessels, and artificial lift systems. The company was founded in 1862 and is headquartered in Houston, Texas.

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Newfield Exploration Co.


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Ticker: NFX Jefferies Rating: HOLD Price: $40.19 (as of Oct 30, 2015) Price / Volume Graph












Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company’s primary areas of operation include the Mid-Continent, Rocky Mountains, and onshore Gulf Coast regions in the United States. It also holds offshore oil developments in China. As of December 31, 2014, the company had proved reserves of 645 million barrels of oil equivalent. Newfield Exploration Company was founded in 1988 and is headquartered in The Woodlands, Texas.

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Newpark Resources Inc.


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Ticker: NR Jefferies Rating: Not Covered Price: $5.66 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE





% of 52-Week High 44.7% Revenue $685.9 $713.6 $743.552-Week High $12.65 EBITDA 34.2 45.8 82.652-Week Low 4.89 EPS (GAAP) ($0.16) ($0.02) $0.2490-Day Avg. Daily Trading Volume (000s) 1,124 EPS (Adjusted) (0.14) (0.01) 0.21Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) NM NM 24.1xPreferred Equity – Price / Earnings (Adjusted) NM NM 27.2xCash and Cash Equivalents 113.9 Total Debt / EBITDA 5.2x 3.9x 2.2xEnterprise Value $540.8


Newpark Resources, Inc. provides various products and services primarily to the oil and gas exploration industry. The company operates in two segments, Fluids Systems, and Mats and Integrated Services. The Fluids Systems segment provides drilling fluids products and technical services for technical drilling projects involving complex subsurface conditions, such as horizontal directional, geologically deep, or deep water drilling. This segment also grinds barite and other industrial minerals. The Mats and Integrated Services segment provides composite mat rentals, well site construction, and related site services primarily to oil and gas customers at well, production, transportation, and refinery locations. This segment also manufactures and sells DURA-BASE composite mat systems for use in its rental operations. The company has operations in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. Newpark Resources, Inc. was founded in 1932 and is based in The Woodlands, Texas.

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Noble Corp.


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Ticker: NE Jefferies Rating: HOLD Price: $13.47 (as of Oct 30, 2015) Price / Volume Graph










Minority Interest 722.7 Price / Earnings (GAAP) 4.2x 10.8x NMPreferred Equity – Price / Earnings (Adjusted) 5.2x 10.4x NMCash and Cash Equivalents 164.4 Total Debt / EBITDA 2.6x 3.4x 4.5xEnterprise Value $8,306.4


Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It owns and operates a fleet of mobile offshore drilling units. As of December 31, 2014, the company operated a fleet of 15 jackups, 9 drillships, and 8 semisubmersibles, including 1 high-specification, harsh environment jackup under construction. Noble Corporation plc was founded in 1921 and is headquartered in London, United Kingdom.

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Noble Energy, Inc.


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Ticker: NBL Jefferies Rating: BUY Price: $35.84 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 61.6% Revenue $3,714.0 $4,613.7 $5,222.552-Week High $58.20 EBITDA 2,409.5 2,853.9 3,085.052-Week Low 29.13 EPS (GAAP) ($0.54) ($0.31) $0.8190-Day Avg. Daily Trading Volume (000s) 6,412 EPS (Adjusted) 0.12 (0.24) (0.05)Fiscal Year End December EPS (Jefferies) 0.09 0.09 –




Minority Interest – Price / Earnings (GAAP) NM NM 44.4xPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 1,028.0 Total Debt / EBITDA 3.3x 2.8x 2.6xEnterprise Value $22,239.3


Noble Energy, Inc., an independent energy company, engages in the acquisition, exploration, and production of crude oil, natural gas, and natural gas liquids worldwide. Its principal projects are located in onshore DJ Basin and Marcellus Shale, the United States; the deepwater Gulf of Mexico; offshore West Africa; and offshore Eastern Mediterranean. As of December 31, 2014, the company had approximately 1,404 million barrels oil equivalent of total proved reserves. Noble Energy, Inc. was founded in 1932 and is headquartered in Houston, Texas.

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Northern Oil and Gas, Inc.


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Sources: Company filings, Company website and Capital IQ as of October 30, 2015. Balance sheet data is as of the most recent SEC filing available on October 30, 2015. Note: Due to Jefferies advisory role with respect to KMP & KMR, Jefferies remains restricted from publishing research estimates for KMI.


Ticker: NOG Jefferies Rating: Not Covered Price: $5.04 (as of Oct 30, 2015) Price / Volume Graph

Exchange: AMEX


Founded: NM Employees: 23 Location: Wayzata, MN (United States)



% of 52-Week High 40.8% Revenue $309.4 $254.8 $233.152-Week High $12.35 EBITDA 270.6 174.9 148.452-Week Low 4.05 EPS (GAAP) ($7.57) ($0.16) ($0.60)90-Day Avg. Daily Trading Volume (000s) 1,669 EPS (Adjusted) 0.63 (0.20) (0.52)Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) 8.0x NM NMCash and Cash Equivalents 7.1 Total Debt / EBITDA 3.3x 5.1x 6.0xEnterprise Value $1,188.9


Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas properties in the United States. It primarily holds interest in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. As of December 31, 2014, the company owned working interests in 2,338 gross producing wells consisting of 2,337 wells targeting the Bakken and Three Forks formations, as well as 1 exploratory well targeting other formation; and had proved reserves of 100.7 million barrels of oil equivalent. Northern Oil and Gas, Inc. is based in Wayzata, Minnesota.

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NOW Inc.


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Ticker: DNOW Jefferies Rating: Not Covered Price: $16.51 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE





% of 52-Week High 54.6% Revenue $3,103.3 $3,068.4 $3,579.652-Week High $30.25 EBITDA (42.2) 8.7 69.352-Week Low 14.00 EPS (GAAP) ($0.51) ($0.11) $0.0690-Day Avg. Daily Trading Volume (000s) 1,516 EPS (Adjusted) (0.45) (0.02) 0.25Fiscal Year End December EPS (Jefferies) NA NA NA



Total Debt 80.0 Enterprise Value / EBITDA NM NM 25.1x

Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 114.0 Total Debt / EBITDA NM 9.2x 1.2xEnterprise Value $1,735.5


NOW Inc. distributes energy and industrial products in the United States, Canada, and internationally. It offers consumable maintenance, repair, and operating supplies; and pipes, valves, fittings, flanges, electrical products, artificial lift solutions, mill tools, safety supplies, and spare parts, as well as provides application systems and parts integration, optimization solutions, and after-sales support services. The company also provides supply chain management solutions that include procurement, inventory and warehouse management, logistics, project management, business process, and performance metrics. It offers its products under the DistributionNOW and Wilson Export brand names. The company serves customers in the upstream, midstream, and downstream sectors of the energy industry, including drilling contractors, well servicing companies, independent and national oil and gas companies, midstream operators, and refineries, as well as petrochemical, chemical, and other downstream energy processors; and industrial and manufacturing companies. NOW Inc. is headquartered in Houston, Texas.

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NuStar Energy L.P.


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Ticker: NS Jefferies Rating: Not Covered Price: $50.65 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1999 Employees: 2,477 Location: San Antonio, TX (United States)



% of 52-Week High 74.4% Revenue $2,356.8 $2,569.8 $2,541.352-Week High $68.10 EBITDA 614.1 649.6 696.352-Week Low 42.00 EPU (GAAP) $3.20 $3.02 $3.2390-Day Avg. Daily Trading Volume (000s) 328 EPU (Adjusted) 2.51 2.86 3.13Fiscal Year End December EPU (Jefferies) NA NA NA






NuStar Energy L.P. engages in the terminalling, storage, and marketing of petroleum products; and transportation of petroleum products and anhydrous ammonia primarily in the United States and the Netherlands. It operates through three segments: Pipeline, Storage, and Fuels Marketing. The Pipeline segment transports refined petroleum products, crude oil, anhydrous ammonia, and other feedstocks. This segment operates refined product pipelines in Texas, Oklahoma, Kansas, Colorado, New Mexico, and North Dakota. The Storage segment owns terminal and storage facilities, which offer storage, handling, and other services for petroleum products, crude oil, specialty chemicals, and other liquids. Its terminals also provide pilotage, tug assistance, line handling, launch, emergency response, and other ship services. The Fuels Marketing segment is involved in the purchase of crude oil and refined petroleum products for resale. As of December 31, 2014, the company had 5,463 miles of refined product pipelines with 21 associated terminals that offer storage capacity of 4.9 million barrels; 2 tank farms providing storage capacity of 1.4 million barrels; 2,000 miles of anhydrous ammonia pipelines; 1,180 miles of crude oil pipelines with 3.5 million barrels of associated storage capacity; and 53 terminal and storage facilities, which offer 80.9 million barrels of storage capacity. Riverwalk Logistics, L.P. serves as the general partner of the company. NuStar Energy L.P. was founded in 1999 and is headquartered in San Antonio, Texas.

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Oasis Petroleum Inc.


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Ticker: OAS Jefferies Rating: HOLD Price: $11.63 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 37.8% Revenue $881.3 $922.9 $1,095.952-Week High $30.74 EBITDA 770.8 534.7 656.652-Week Low 8.04 EPS (GAAP) ($0.43) ($0.40) $0.0090-Day Avg. Daily Trading Volume (000s) 10,698 EPS (Adjusted) 0.74 (0.49) 0.00Fiscal Year End December EPS (Jefferies) 0.76 (0.55) (0.07)




Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) 15.7x NM NMCash and Cash Equivalents 13.7 Total Debt / EBITDA 3.1x 4.4x 3.6xEnterprise Value $3,959.7


Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. The company's principal projects are located in West Williston and East Nesson. As of December 31, 2014, it had 505,503 net leasehold acres in the Williston Basin; and approximately 272.1 million barrels of oil equivalent of estimated net proved reserves. The company sells its oil and natural gas to refiners, marketers, and other purchasers that have access to pipeline and rail facilities. Oasis Petroleum Inc. was founded in 2007 and is headquartered in Houston, Texas.

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Occidental Petroleum Corporation


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Ticker: OXY Jefferies Rating: BUY Price: $74.54 (as of Oct 30, 2015) Price / Volume Graph










Minority Interest – Price / Earnings (GAAP) NM NM 30.8xPreferred Equity – Price / Earnings (Adjusted) NM NM 28.6xCash and Cash Equivalents 2,547.0 Total Debt / EBITDA 1.6x 1.3x 1.1xEnterprise Value $62,713.9


Occidental Petroleum Corporation engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates in three segments: Oil and Gas; Chemical; and Midstream, Marketing and Other. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its domestic oil and gas operations are located in Colorado, New Mexico, North Dakota, and Texas; and international oil and gas operations are located in Bahrain, Bolivia, Colombia, Iraq, Libya, Oman, Qatar, the United Arab Emirates, and Yemen. The Chemical segment manufactures and markets basic chemicals, including chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride; vinyls comprising vinyl chloride monomer and polyvinyl chloride; and other chemicals, such as resorcinol. The Midstream, Marketing and Other segment gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide, and power. This segment also trades around its assets consisting of transportation and storage capacity, as well as oil, NGLs, gas, and other commodities. The company was founded in 1920 and is headquartered in Houston, Texas.

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Oceaneering International, Inc.


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Ticker: OII Jefferies Rating: HOLD Price: $42.02 (as of Oct 30, 2015) Price / Volume Graph












Oceaneering International, Inc. provides engineered services and products primarily to the offshore oil and gas industry worldwide. The company’s Remotely Operated Vehicles (ROVs) segment offers submersible vehicles for drilling support in the oil and gas industry; and subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair services. As of December 31, 2014, this segment owned a fleet of 336 ROVs. Its Subsea Products segment constructs various subsea hardware products comprising subsea umbilicals utilizing thermoplastic hoses and steel tubes; tooling, and ROV tooling and work packages; production control equipment; blowout preventer control systems; installation and workover control systems; clamp connectors; pipeline connectors and repair systems; subsea and topside control valves; and subsea chemical injection valves. The company’s Subsea Projects segment performs subsea oilfield hardware installation and inspection, maintenance, and repair services; serves deepwater projects and shallow water projects; and performs subsea intervention and hardware installation services, such as subsea well tie-backs, pipeline/flow line tie-ins and repairs, pipeline crossings, umbilical and other subsea equipment installations, and subsea intervention, as well as inspection, maintenance, and repair services. Its Asset Integrity segment offers asset integrity services to enhance the reliability and safety of their facilities onshore and offshore, as well as third-party inspections to customers in the oil and gas, petrochemical, and power generation industries; and first-pass integrity evaluation and assessment, and nondestructive testing services for the oil and gas industry. The company’s Advanced Technologies segment provides project management, engineering services, and equipment for applications in non-oilfield markets. Oceaneering International, Inc. was founded in 1964 and is based in Houston, Texas.

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ONE Gas, Inc.


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Ticker: OGS Jefferies Rating: HOLD Price: $48.84 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1906 Employees: 3,300 Location: Tulsa, OK (United States)



% of 52-Week High 97.9% Revenue $1,803.1 $1,894.4 $1,979.452-Week High $49.87 EBITDA 367.8 394.2 419.352-Week Low 37.64 EPS (GAAP) $2.20 $2.37 $2.5290-Day Avg. Daily Trading Volume (000s) 246 EPS (Adjusted) 2.18 2.35 2.54Fiscal Year End December EPS (Jefferies) 2.17 2.35 2.52






ONE Gas, Inc. operates as a regulated natural gas distribution utility company in the United States. The company operates through Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service divisions. It distributes natural gas to residential, commercial, industrial, transportation, and wholesale and public authority customers. The company owns approximately 19,000 miles of pipeline and other natural gas distribution facilities in Oklahoma; approximately 13,500 miles of pipeline and other natural gas distribution facilities in Kansas; and approximately 10,000 miles of pipeline and other natural gas distribution facilities in Texas, as well as has 52.3 billion cubic feet of natural gas storage capacity under lease. It serves approximately 2 million customers. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

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PDC Energy, Inc.


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Ticker: PDCE Jefferies Rating: Not Covered Price: $60.34 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS





% of 52-Week High 98.0% Revenue $567.4 $707.0 $740.452-Week High $61.55 EBITDA 422.5 503.3 516.052-Week Low 27.91 EPS (GAAP) $0.28 $1.47 $1.4690-Day Avg. Daily Trading Volume (000s) 1,074 EPS (Adjusted) 1.46 1.53 1.22Fiscal Year End December EPS (Jefferies) NA NA NA






PDC Energy, Inc., an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company operates in two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Oil and Gas Exploration and Production segment produces and sells natural gas to midstream service providers, marketers, and utilities; crude oil; and natural gas liquids. The Gas Marketing segment purchases, aggregates, and resells natural gas; and purchases natural gas produced by third party producers for resale. This segment markets natural gas to third-party marketers and natural gas utilities, as well as to industrial and commercial customers. As of December 31, 2014, it had approximately 250 million barrels of crude oil equivalent of proved reserves; and owned an interest in approximately 2,900 gross producing wells. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc. in June 2012. PDC Energy, Inc. was founded in 1969 and is headquartered in Denver, Colorado.

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Pioneer Energy Services Corp.


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Ticker: PES Jefferies Rating: BUY Price: $2.31 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1968 Employees: 3,400 Location: San Antonio, TX (United States)



% of 52-Week High 24.5% Revenue $538.3 $438.9 $580.152-Week High $9.43 EBITDA 106.3 61.6 102.952-Week Low 1.91 EPS (GAAP) ($1.90) ($1.18) ($0.61)90-Day Avg. Daily Trading Volume (000s) 1,311 EPS (Adjusted) (0.82) (1.18) (0.71)Fiscal Year End December EPS (Jefferies) (0.82) (1.15) (0.75)




Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 35.7 Total Debt / EBITDA 3.9x 6.7x 4.0xEnterprise Value $523.3


Pioneer Energy Services Corp., through its subsidiaries, provides drilling services and production services to oil and gas exploration and production companies in the United States and Colombia. The company’s Drilling Services Segment provides contract land drilling services in Texas, North Dakota, Utah, Appalachia, and Colombia. As of February 1, 2015, this segment operated a fleet of 47 drilling rigs. Its Production Services Segment offers well servicing, wireline services, and coiled tubing services to exploration and production companies in the onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states; and in the onshore and offshore Gulf Coast. As of February 1, 2015, this segment operated 107 rigs with 550 horsepower and 10 rigs with 600 horsepower; 128 wireline units; and 12 onshore and 5 offshore coiled tubing units. The company was formerly known as Pioneer Drilling Company and changed its name to Pioneer Energy Services Corp. in 2012. Pioneer Energy Services Corp. was founded in 1968 and is headquartered in San Antonio, Texas.

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Plains All American Pipeline, L.P.


59



Ticker: PAA Jefferies Rating: BUY Price: $31.72 (as of Oct 30, 2015) Price / Volume Graph












Plains All American Pipeline, L.P., through with its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), natural gas, and refined products in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment transports crude oil and NGL through pipelines, gathering systems, trucks, and barges. As of December 31, 2014, this segment owned and leased 17,800 miles of active crude oil, and NGL and gathering systems; 29 million barrels of active and above-ground tank capacity; 800 trailers; 149 transport and storage barges; and 72 transport tugs. The Facilities segment provides storage, terminalling, and throughput services for crude oil, refined products, and NGL and natural gas; and NGL fractionation and isomerization, and natural gas and condensate processing services. This segment owned and operated approximately 73 million barrels of crude oil and refined products storage capacity; 23 million barrels of NGL storage capacity; 97 billion cubic feet of natural gas storage working capacity; 29 billion cubic feet of base gas; 11 natural gas processing plants; 1 condensate processing facility; 7 fractionation plants; 26 crude oil and NGL rail terminals; 6 marine facilities; and 1,100 miles of active pipelines. The Supply and Logistics segment purchases crude oil at the wellhead, pipeline, and terminal and rail facilities; purchases cargos at their load port and various locations in transit; purchases NGL; stores inventory, and NGL and natural gas; resells or exchanges crude oil and NGL; transports crude oil and NGL on trucks, barges, railcars, pipelines, and ocean-going vessels; and purchases and sells natural gas. This segment owned 990 trucks and 1,100 trailers; and 8,100 crude oil and NGL railcars. Plains All American Pipeline, L.P. was founded in 1998 and is headquartered in Houston, Texas.

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Precision Drilling Corporation


60


($CAD millions, except per share data)

Ticker: PD Jefferies Rating: UNDERPERFORM Price: $5.20 (as of Oct 30, 2015) Price / Volume Graph

Exchange: TSX Jefferies Analyst: Brad Handler Target Price: $3.00


Founded: 1951 Employees: 7,834 Location: Calgary, Canada

Trading Data (as of Oct 30, 2015) ($CAD) Financial Projections ($CAD millions, except per share data)


% of 52-Week High 54.7% Revenue $1,567.5 $1,449.4 $1,802.752-Week High $9.50 EBITDA 475.0 403.1 540.052-Week Low 4.65 EPS (GAAP) ($0.38) ($0.61) ($0.24)90-Day Avg. Daily Trading Volume (000s) 2,053 EPS (Adjusted) (0.28) (0.56) (0.17)Fiscal Year End December EPS (Jefferies) (0.25) (0.65) (0.25)

Enterprise Value Calculation ($CAD millions) Valuation Metrics (x)





Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates through two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment’s services include land drilling, directional drilling, and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture, refurbishment, and sale of drilling and service rig equipment. As of December 31, 2014, this segment operated 313 land drilling rigs, including 174 in Canada; 124 in the United States; 6 in Mexico; 4 in Saudi Arabia; 2 in Kuwait; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. The Completion and Production Services segment offers completion and workover services, and ancillary services to oil and natural gas exploration and production companies. This segment provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; snubbing units and coil tubing units for pressure control services; camp and catering services; and water system services, as well as is involved in the rental of oilfield surface equipment, and wellsite accommodations. This segment operated 156 well completion and workover service rigs, 17 snubbing units, and 4 coil tubing units in Canada and the United States; approximately 2,600 oilfield rental items, including surface storage, small-flow wastewater treatment, and power generation, and solids control equipment; and 221 wellsite accommodation units in Canada and 65 in the United States. It also had 50 drilling camps and 4 base camps in Canada; and 10 large-flow wastewater treatment units, 8 potable water production units, and 25 pump houses in Canada. Precision Drilling Corporation was founded in 1951 and is headquartered in Calgary, Canada.

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QEP Resources, Inc.


61



Ticker: QEP Jefferies Rating: Not Covered Price: $15.46 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: NM Employees: 765 Location: Denver, CO (United States)



% of 52-Week High 58.2% Revenue $2,436.0 $2,228.2 $2,137.852-Week High $26.58 EBITDA 1,025.6 753.4 856.652-Week Low 11.20 EPS (GAAP) ($0.73) ($1.08) ($0.72)90-Day Avg. Daily Trading Volume (000s) 3,864 EPS (Adjusted) (0.03) (1.12) (0.66)Fiscal Year End December EPS (Jefferies) NA NA NA






QEP Resources, Inc., through its subsidiaries, operates as an exploration and production company. The company acquires, explores, develops, and produces natural gas, oil, and natural gas liquids (NGLs) primarily in the Pinedale Anticline in western Wyoming; the Williston Basin in North Dakota; the Uinta Basin in eastern Utah; the Permian Basin in western Texas; the Haynesville/Cotton Valley in northwestern Louisiana; and other proven properties in Wyoming, Utah, and Colorado. As of December 31, 2014, it had estimated proved reserves of 3,931.9 Bcfe. The company markets and sells its products to various customers, including gas-marketing firms, industrial users, local-distribution companies, crude oil refiners, and remarketers. In addition, it markets and sells affiliate and third-party gas, oil, and NGLs in the Rocky Mountains and Midcontinent areas; and owns and operates an underground gas-storage reservoir in southwestern Wyoming. QEP Resources, Inc. is headquartered in Denver, Colorado.

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Range Resources Corporation


62



Ticker: RRC Jefferies Rating: BUY Price: $30.44 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1975 Employees: 990 Location: Fort Worth, TX (United States)



% of 52-Week High 40.8% Revenue $1,611.4 $1,700.1 $2,254.452-Week High $74.64 EBITDA 884.1 800.9 1,083.352-Week Low 27.55 EPS (GAAP) ($2.00) ($0.38) $0.6690-Day Avg. Daily Trading Volume (000s) 4,402 EPS (Adjusted) 0.30 (0.26) 0.24Fiscal Year End December EPS (Jefferies) 0.24 (0.38) 0.75




Minority Interest – Price / Earnings (GAAP) NM NM 46.3xPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 0.5 Total Debt / EBITDA 4.1x 4.5x 3.3xEnterprise Value $8,655.1


Range Resources Corporation, an independent natural gas, natural gas liquids (NGLs), and oil company, engages in the acquisition, exploration, and development of natural gas and oil properties in the United States. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and Midcontinent regions. The company owns 7,582 net producing wells and approximately 1.4 million net acres under lease in the Appalachian region; and 653 net producing wells and approximately 383,000 net acres under lease in the Midcontinent region. In addition, it provides gas gathering and transportation from southwestern and northeastern Pennsylvania. The company sells natural gas to utilities, marketing and mid-stream companies, and industrial users; NGLs to natural gas processors or users of NGLs; and oil and condensate to crude oil processors, transporters, and refining and marketing companies. As of December 31, 2014, it had proved reserves of 10.3 trillion cubic feet of natural gas equivalents. The company was formerly known as Lomak Petroleum, Inc. and changed its name to Range Resources Corporation in 1998. Range Resources Corporation was founded in 1975 and is headquartered in Fort Worth, Texas.

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Rice Energy, LLC


63



Ticker: RICE Jefferies Rating: BUY Price: $15.26 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE Jefferies Analyst: Daniel Braziller Target Price: $25.00


Founded: 2008 Employees: 337 Location: Canonsburg, PA (United States)



% of 52-Week High 50.7% Revenue $585.0 $785.9 $1,051.152-Week High $30.10 EBITDA 404.1 478.2 676.252-Week Low 14.75 EPS (GAAP) ($0.48) ($0.10) $0.2590-Day Avg. Daily Trading Volume (000s) 1,698 EPS (Adjusted) 0.04 (0.07) 0.24Fiscal Year End December EPS (Jefferies) 0.03 0.17 0.45






Rice Energy Inc., an independent natural gas and oil company, engages in the acquisition, exploration, and development of natural gas, oil, and natural gas liquid (NGL) properties in the Appalachian Basin. The company operates through two segments, Exploration and Production, and Midstream. As of December 31, 2014, it held approximately 86,000 net acres in the southwestern core of the Marcellus Shale, Pennsylvania; and approximately 55,000 net acres in the southeastern core of the Utica Shale located in Belmont County, Ohio. The company also has operations in the Upper Devonian Shale located on Pennsylvania acreage. It had 78 net producing wells in the Marcellus Shale; 3 net producing wells in the Upper Devonian Shale; and 7 net producing wells in the Utica Shale. The company is also involved in the gathering and compression of natural gas, oil, and NGL; and the provision of water services to support well completion activities. Rice Energy Inc. was founded in 2008 and is based in Canonsburg, Pennsylvania.

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RigNet, Inc.


64



Ticker: RNET Jefferies Rating: BUY Price: $30.00 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NasdaqGS Jefferies Analyst: Mike McCormack Target Price: $35.00





% of 52-Week High 63.3% Revenue $297.6 $299.1 $309.352-Week High $47.37 EBITDA 69.1 75.1 71.652-Week Low 23.37 EPS (GAAP) $0.92 $1.30 $1.2990-Day Avg. Daily Trading Volume (000s) 186 EPS (Adjusted) 1.11 1.16 1.24Fiscal Year End December EPS (Jefferies) 0.72 1.45 1.84




Minority Interest 0.2 Price / Earnings (GAAP) 32.6x 23.0x 23.3xPreferred Equity – Price / Earnings (Adjusted) 27.1x 25.9x 24.2xCash and Cash Equivalents 61.5 Total Debt / EBITDA 1.2x 1.1x 1.1xEnterprise Value $551.3

Price / Volume — Year to Date

RigNet, Inc. provides digital technology solutions to the oil and gas industry. The company operates through three segments: Eastern Hemisphere, Western Hemisphere, and Telecoms Systems Integration. It offers remote communications services through a controlled and managed Internet protocol/multiprotocol label switching (IP/MPLS) global network, enabling drilling contractors, oil companies, and oilfield service companies to communicate. The company also offers a communications package of voice, data, video, networking, and real-time data management to offshore and land-based remote locations. It primarily provides voice-over-Internet-protocol, data, and high-speed Internet access, as well as other value-added services, such as video conferencing solutions, TurboNet wide area network acceleration solutions, real-time data management solutions, Wi-Fi hotspots and Internet kiosks, wireless intercoms, and handheld radios. In addition, the company offers telecoms systems integration services to design, assemble, install, and commission turn-key solutions for customer telecommunications systems; and Secure Oil Information Link, a managed members-only communications network hub that enables collaborative partners, suppliers, and customers to transfer and share data. Further, it provides microwave and WiMAX networks in the U.S. Gulf of Mexico and the North Sea serving drillers, producers, and energy vessel owners; VSAT services; an M2M SCADA VSAT network services to the pipeline industry; telecommunications systems integration services; and a L-band MSS retail energy services. The company serves the owners and operators of offshore drilling rigs and production facilities, land rigs, remote offices, and supply bases in approximately 50 countries, including the United States, Brazil, Norway, the United Kingdom, Nigeria, Qatar, Saudi Arabia, Singapore, and Australia. RigNet, Inc. was founded in 2000 and is headquartered in Houston, Texas.

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Rowan Companies plc


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Ticker: RDC Jefferies Rating: BUY Price: $19.68 (as of Oct 30, 2015) Price / Volume Graph












Rowan Companies plc provides offshore oil and gas contract drilling services. It operates a fleet of 30 self-elevating mobile offshore jack-up drilling units, as well as 3 ultra-deepwater drill ships. The company operates in the United States Gulf of Mexico, the United Kingdom, and Norwegian sectors of the North Sea, the Middle East, West and North Africa, Southeast Asia, and Trinidad. Rowan Companies plc was founded in 1923 and is based in Houston, Texas.

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RPC Inc.


66



Ticker: RES Jefferies Rating: Not Covered Price: $11.03 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1984 Employees: 4,500 Location: Atlanta, GA (United States)



% of 52-Week High 65.8% Revenue $1,245.1 $1,149.1 $1,521.752-Week High $16.77 EBITDA 120.2 131.8 338.652-Week Low 8.45 EPS (GAAP) ($0.47) ($0.48) $0.1790-Day Avg. Daily Trading Volume (000s) 2,180 EPS (Adjusted) (0.46) (0.46) 0.12Fiscal Year End December EPS (Jefferies) NA NA NA






RPC, Inc. provides a range of oilfield services and equipment for oil and gas companies involved in the exploration, production, and development of oil and gas properties in the United States, Africa, Canada, China, Eastern Europe, Latin America, the Middle East, and New Zealand. The company operates in two segments, Technical Services and Support Services. The Technical Services segment offers pressure pumping, coiled tubing, snubbing, nitrogen pumping, well control consulting and firefighting, downhole tools, wireline, fishing, and fluid pumping services that are used in the completion, production, and maintenance of oil and gas wells. The Support Services segment provides a range of rental tools, including blowout preventors, high pressure manifolds and valves, Hevi-wate drill pipes, tubing products, production related rental tools, pumps, diverters, drill pipes, drill collars, handling tools, and hoses that are used for onshore and offshore oil and gas well drilling, completion, and workover activities. It also offers oilfield pipe inspection, and pipe management and storage services; and oilfield training services. The company was founded in 1984 and is headquartered in Atlanta, Georgia.

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SAExploration Holdings, Inc.


67



Ticker: SAEX Jefferies Rating: Not Covered Price: $2.75 (as of Oct 30, 2015)

Exchange: NasdaqGM





% of 52-Week High 39.3% Revenue $263.1 $328.8 NA52-Week High $7.00 EBITDA 45.5 50.6 NA52-Week Low 2.23 EPS (GAAP) $0.26 $0.50 NA90-Day Avg. Daily Trading Volume (000s) 8 EPS (Adjusted) NA 0.42 NAFiscal Year End December EPS (Jefferies) NA NA NA



Total Debt 151.3 Enterprise Value / EBITDA 3.7x 3.3x NA

Minority Interest 3.8 Price / Earnings (GAAP) 10.6x 5.5x NAPreferred Equity – Price / Earnings (Adjusted) NA 6.6x NACash and Cash Equivalents 27.2 Total Debt / EBITDA 3.3x 3.0x NAEnterprise Value $169.0


SAExploration Holdings, Inc., an oilfield services company, provides seismic data acquisition and logistical support services to the oil and gas industry in North and South America, and Southeast Asia. Its seismic data acquisition services include program design, planning and permitting, camp services, survey, drilling, recording, reclamation, and in-field processing. The company acquires 2D, 3D, time-lapse 4D, and multi-component seismic data on land, in transition zones between land and water, and in shallow water. It operates crews that utilize approximately 29,500 channels of land and marine seismic data acquisition equipment. The company is headquartered in Houston, Texas.

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Sanchez Energy Corporation


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Ticker: SN Jefferies Rating: Not Covered Price: $5.95 (as of Oct 30, 2015)

Exchange: NYSE


Founded: 2011 Employees: NM Location: Houston, TX (United States)







Minority Interest – Price / Earnings (GAAP) NM NM NMPreferred Equity 0.1 Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 271.8 Total Debt / EBITDA 4.9x 5.7x 5.5xEnterprise Value $1,843.1


Sanchez Energy Corporation, an independent exploration and production company, focuses on the acquisition, exploration, and development of unconventional oil and natural gas resources in the onshore U.S. Gulf Coast. It has approximately 226,000 net leasehold acres in the oil and condensate, or black oil and volatile oil, windows of the Eagle Ford Shale in South Texas; and approximately 69,000 net leasehold acres in the Tuscaloosa Marine Shale in Mississippi and Louisiana. The company was founded in 2011 and is headquartered in Houston, Texas.

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Schlumberger Limited


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Ticker: SLB Jefferies Rating: HOLD Price: $78.16 (as of Oct 30, 2015)



Founded: 1926 Employees: 120,000 Location: Paris, France









Schlumberger Limited supplies technology, integrated project management, and information solutions to the oil and gas exploration and production industries worldwide. The company operates through Reservoir Characterization Group, Drilling Group, and Production Group segments. The Reservoir Characterization Group segment provides reservoir imaging, monitoring, and development services; wireline technology that offers open-hole and cased-hole services; exploration and production pressure and flow-rate measurement services; information solutions, such as software, consulting, information management, and IT infrastructure services that support oil and gas industry operational processes; interpretation and integration of exploration and production data types, as well as consulting services for reservoir characterization, field development planning production enhancement, and multi-disciplinary reservoir and production solutions; and multi client data library and industry petro-technical training solutions. The Drilling Group segment designs, manufactures, and markets roller cone and fixed cutter drill bits, as well as provides drilling fluid systems, and environmental services and products; offers geo services, drilling and measurement services, and land drilling and related support services; and provides bottom hole assembly drilling tools, borehole enlargement technologies, impact tools, and tubular and tubular services. The Production Group segment provides well services comprising pressure pumping, well cementing, stimulation, and intervention; well completion services and equipment, such as packers, safety valves, and sand control technology, as well as well completions technology and equipment; artificial lifts; and coiled tubing equipment and services, and slickline services, as well as engages in the development, management, and environmental protection of water resources. The company was founded in 1926 and is based in Paris, France.

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Seventy Seven Energy Inc.


70



Ticker: SSE Jefferies Rating: BUY Price: $1.14 (as of Oct 30, 2015) Price / Volume Graph



Founded: 2011 Employees: 5,000 Location: Oklahoma City, OK (United States)



% of 52-Week High 8.3% Revenue $1,132.6 $887.8 $1,185.552-Week High $13.68 EBITDA 183.1 150.9 224.052-Week Low 1.03 EPS (GAAP) ($4.16) ($3.31) ($2.33)90-Day Avg. Daily Trading Volume (000s) 1,124 EPS (Adjusted) (3.32) (3.45) (2.24)Fiscal Year End December EPS (Jefferies) (2.95) (2.85) (1.95)






Seventy Seven Energy Inc. provides oilfield services in the United States. The company operates in four segments: Drilling, Hydraulic Fracturing, Oilfield Rentals, and Oilfield Trucking. The Drilling segment offers land drilling and drilling-related services, including directional drilling for the oil and natural gas exploration and development activities. The Hydraulic Fracturing segment provides hydraulic fracturing and other well stimulation services. The Oilfield Rentals segment offers rental tools for land-based oil and natural gas drilling, completion, and workover activities. It provides a line of rental tools, including drill pipe, drill collars, tubing, blowout preventers, frac tanks, mud tanks, and environmental containment tools. This segment also offers air drilling, flowback services, and services associated with the transfer of water to the wellsite for well completions. The Oilfield Trucking segment provides drilling rig relocation and logistics services, as well as fluid handling services. As of December 31, 2014, it owned 92 drilling rigs, 10 hydraulic fracturing fleets, 263 rig relocation trucks, 67 cranes and forklifts, and 141 fluid hauling trucks. The company was formerly known as Chesapeake Oilfield Operating, L.L.C. and changed its name to Seventy Seven Energy Inc. in June 2014. The company was founded in 2011 and is headquartered in Oklahoma City, Oklahoma. Seventy Seven Energy Inc. operates independently of Chesapeake Energy Corporation, as of June 30, 2014.

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SM Energy Company


71



Ticker: SM Jefferies Rating: Not Covered Price: $33.35 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE





% of 52-Week High 55.3% Revenue $1,886.7 $1,842.6 $2,066.852-Week High $60.28 EBITDA 1,140.8 1,007.6 1,189.752-Week Low 18.21 EPS (GAAP) ($1.95) ($1.02) $0.2390-Day Avg. Daily Trading Volume (000s) 2,049 EPS (Adjusted) (0.09) (1.19) (0.49)Fiscal Year End December EPS (Jefferies) NA NA NA






SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of crude oil and condensate, natural gas, and natural gas liquids in onshore North America. It primarily has operations in the South Texas and Gulf Coast region, which focuses primarily on Eagle Ford shale program; Rocky Mountain region comprising the Bakken/Three Forks formations in the North Dakota portion of the Williston Basin; Permian region covering western Texas and southeastern New Mexico; and Mid-Continent region, which manages Haynesville and Woodford shale assets. The company was formerly known as St. Mary Land & Exploration Company and changed its name to SM Energy Company in May 2010. SM Energy Company was founded in 1908 and is headquartered in Denver, Colorado.

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Statoil ASA


72


($NOK millions, except per share data)

Ticker: STL Jefferies Rating: UNDERPERFORM Price: $136.20 (as of Oct 30, 2015) Price / Volume Graph

Exchange: OB Jefferies Analyst: Marc Kofler Target Price: $100.00


Founded: 1972 Employees: 22,516 Location: Stavanger, Norway

Trading Data (as of Oct 30, 2015) ($NOK) Financial Projections ($NOK millions, except per share data)



Enterprise Value Calculation ($NOK millions) Valuation Metrics (x)





Statoil ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products in Norway and internationally. The company operates through Development and Production Norway; Development and Production International; Marketing, Processing and Renewable Energy; and Other segments. It is involved in the development and production of oil and gas through owning exploration licenses in Norway, North America, South America and sub-Saharan Africa, the Middle East and North Africa, Europe and Asia, and the Oceania. The company also transports, processes, manufactures, markets, and trades oil and gas commodities, such ascrude, condensate, gas liquids, products, natural gas, liquefied natural gas, and refined products; markets and trades electricity and emission rights; and operates refineries, gas processing plants, methanol plants, and crude oil terminals. In addition, the company develops offshore wind projects in north-western Europe; and develops carbon capture and storage projects. As of December 31, 2014, it had proved reserves of approximately 5,359 million barrels of oil equivalent. The company was formerly known as StatoilHydro ASA and changed its name to Statoil ASA in November 2009. Statoil ASA was founded in 1972 and is headquartered in Stavanger, Norway.

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Stone Energy Corp.


73



Ticker: SGY Jefferies Rating: Not Covered Price: $5.59 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1993 Employees: 384 Location: Lafayette, LA (United States)



% of 52-Week High 21.4% Revenue $548.9 $538.5 NA52-Week High $26.13 EBITDA 333.7 269.5 314.252-Week Low 3.74 EPS (GAAP) ($10.48) ($1.09) NA90-Day Avg. Daily Trading Volume (000s) 2,780 EPS (Adjusted) (0.47) (1.27) (1.32)Fiscal Year End December EPS (Jefferies) NA NA NA




Minority Interest – Price / Earnings (GAAP) NM NM NAPreferred Equity – Price / Earnings (Adjusted) NM NM NMCash and Cash Equivalents 141.7 Total Debt / EBITDA 3.1x 3.9x 3.3xEnterprise Value $1,225.9


Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region. As of December 31, 2014, it had estimated proved oil and natural gas reserves of approximately 915 billion cubic feet of gas equivalent. The company was founded in 1993 and is headquartered in Lafayette, Louisiana.

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Sunoco LP


74



Ticker: SUN Jefferies Rating: BUY Price: $34.49 (as of Oct 30, 2015) Price / Volume Graph



Founded: NM Employees: NM Location: Houston, TX (United States)



% of 52-Week High 62.9% Revenue $13,078.8 $15,730.0 $17,222.652-Week High $54.82 EBITDA 318.9 604.0 734.852-Week Low 29.50 EPU (GAAP) $2.76 $2.12 $2.8090-Day Avg. Daily Trading Volume (000s) 331 EPU (Adjusted) 2.48 2.81 2.62Fiscal Year End December EPU (Jefferies) 1.26 0.76 –






Sunoco LP engages in the wholesale distribution and retail sale of motor fuels primarily in Texas, New Mexico, Oklahoma, Louisiana, Kansas, Maryland, Virginia, Tennessee, Georgia, and Hawaii. It operates through two segments, Wholesale and Retail. It serves convenience stores and consignment locations, contracted independent convenience store operators, and other commercial customers. The company also distributes other petroleum products, such as propane and lubricating oils; and leases or subleases real estate properties used in the retail distribution of motor fuels. As of December 31, 2014, it operated 155 convenience stores and fuel outlets offering merchandise, food service, motor fuel, and other services in 5 states. Sunoco GP LLC serves as the general partner of the company. The company was formerly known as Susser Petroleum Partners LP and changed its name to Sunoco LP in October 2014. Sunoco LP is based in Houston, Texas.

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Superior Energy Services, Inc.


75



Ticker: SPN Jefferies Rating: BUY Price: $14.16 (as of Oct 30, 2015) Price / Volume Graph






% of 52-Week High 52.5% Revenue $2,781.6 $2,455.7 $2,916.852-Week High $26.95 EBITDA 414.1 354.0 619.052-Week Low 12.35 EPS (GAAP) ($11.21) ($1.47) ($0.23)90-Day Avg. Daily Trading Volume (000s) 3,508 EPS (Adjusted) (1.27) (1.49) (0.15)Fiscal Year End December EPS (Jefferies) (0.95) (0.85) 0.25






Superior Energy Services, Inc. provides specialized oilfield services and equipment to oil and gas companies in the United States, the Gulf of Mexico, and internationally. It operates through four segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. The Drilling Products and Services segment rents tubulars, such as primary drill pipe strings, tubing landing strings, completion tubulars, and associated accessories; and manufactures and rents bottom hole tools, including stabilizers, non-magnetic drill collars, and hole openers, as well as rents temporary onshore and offshore accommodation modules and accessories. The Onshore Completion and Workover Services segment offers pressure pumping services consisting of hydraulic fracturing and high pressure pumping services used to complete and stimulate production in new oil and gas wells; fluid management services used to obtain, move, store, and dispose of fluids that are involved in the exploration, development, and production of oil and gas reservoirs; and workover services comprising installations, completions, and sidetracking of wells, as well as support for perforating operations. The Production Services segment provides intervention services, such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services; and specialized pressure control tools used to manage and control pressure throughout the life of an oil and gas well. The Technical Solutions segment offers pressure control services, completion tools and services, end-of-life services, and marine technical services. The company was founded in 1991 and is headquartered in Houston, Texas.

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Synergy Resources Corporation


76



Ticker: SYRG Jefferies Rating: Not Covered Price: $11.19 (as of Oct 30, 2015) Price / Volume Graph

Exchange: AMEX


Founded: NM Employees: 36 Location: Denver, CO (United States)



% of 52-Week High 82.3% Revenue $152.1 $217.9 NA52-Week High $13.60 EBITDA 104.4 157.9 338.352-Week Low 8.14 EPS (GAAP) $0.10 $0.27 $0.2390-Day Avg. Daily Trading Volume (000s) 1,657 EPS (Adjusted) 0.11 0.30 0.23Fiscal Year End August EPS (Jefferies) NA NA NA


Market Capitalization (fully-diluted) $1,176.2 Enterprise Value / Revenue 7.4x 5.1x NA


Minority Interest – Price / Earnings (GAAP) NM 41.6x 48.3xPreferred Equity – Price / Earnings (Adjusted) NM 37.4x 48.3xCash and Cash Equivalents 133.9 Total Debt / EBITDA 0.7x 0.5x 0.2xEnterprise Value $1,120.3


Synergy Resources Corporation engages in the acquisition, development, exploitation, exploration, and production of oil and natural gas properties primarily located in the Denver-Julesburg Basin in Colorado. As of August 31, 2015, the company had approximately 342,000 net acres under lease, which are located in the Wattenberg Field of the Denver-Julesburg Basin. The company also has mineral assets in Yuma and Washington Counties, Colorado. Synergy Resources Corporation is based in Denver, Colorado.

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Technip SA


77


($EUR millions, except per share data)

Ticker: TEC Jefferies Rating: BUY Price: $47.51 (as of Oct 30, 2015) Price / Volume Graph

Exchange: ENXTPA Jefferies Analyst: Mark Wilson Target Price: $51.00





% of 52-Week High 71.6% Revenue $11,711.1 $10,262.8 $9,183.152-Week High $66.36 EBITDA 1,217.4 1,093.7 950.252-Week Low 40.06 EPS (GAAP) $0.87 $4.38 $3.5990-Day Avg. Daily Trading Volume (000s) 954 EPS (Adjusted) 4.90 4.43 3.73Fiscal Year End December EPS (Jefferies) 0.83 3.26 2.63






Technip SA provides project management, engineering, and construction services for the energy sector in Europe, the Russian Federation, Central Asia, Africa, the Middle-East, the Asia Pacific, and the Americas. It operates through Subsea and Onshore/Offshore segments. The Subsea segment provides design, engineering, manufacturing, and installation services for infrastructures and subsea pipe systems used in oil and gas production and transportation. Its services include delivery of subsea systems, primarily pipelay and subsea construction; maintenance and repair of existing subsea infrastructures; and replacement or removal of subsea equipment. This segment also manufactures manufactures critical equipments, such as umbilicals and flexible pipes. The Onshore/Offshore segment designs and builds various types of facilities for the development of onshore oil and gas fields, as well as renovates existing facilities by modernizing production equipment and control systems. It also engages in the design, construction, and start-up of complex refineries or single refinery units; and design, construction, and commissioning of ethylene production plants and hydrogen and synthesis gas production units, as well as natural gas treatment and liquefaction facilities, and petrochemical and fertilizers processing plants. In addition, this signet is involved in the engineering studies and execution of production units in the fields of biofuels, geothermal, concentration solar power, and offshore wind farms; and provision of engineering and construction services to mining and metal projects. Further, it designs, manufactures, and installs fixed and floating platforms for producing and processing oil and gas reserves located offshore. Technip SA was founded in 1958 and is headquartered in Paris, France.

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TOTAL S.A.


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($EUR millions, except per unit data)

Ticker: FP Jefferies Rating: HOLD Price: $44.15 (as of Oct 30, 2015) Price / Volume Graph

Exchange: ENXTPA Jefferies Analyst: Marc Kofler Target Price: $43.00









Minority Interest 2,749.1 Price / Earnings (GAAP) 13.1x 13.1x 10.7xPreferred Equity – Price / Earnings (Adjusted) 11.5x 12.8x 10.8xCash and Cash Equivalents 26,259.6 Total Debt / EBITDA 2.2x 2.2x 1.8xEnterprise Value $130,657.9

Price / Volume — Year to Date

TOTAL S.A. operates as an oil and gas company worldwide. The company operates through three segments: Upstream, Refining & Chemicals, and Marketing & Services. The Upstream segment explores and produces oil and gas; ships, trades, and markets natural gas, liquefied natural gas, and liquefied petroleum gas (LPG); generates power; and mines and markets coal. The Refining & Chemicals segment refines and produces petrochemicals; and provides sealing, insulation, fluid transfer, and transmission and transportation solutions, as well as offers chemical processes and services for electronics, surface finishing, and semiconductor manufacturing. It is also involved in trading and shipping crude oil and petroleum products. The Marketing & Services segment supplies and markets petroleum products, including automotive fuels, biofuels, home heating oil and heavy fuel oil, lubricants, LPG, asphalt, aviation fuel, additives and special fuels, and special fluids through service stations for light vehicles and trucks. It also develops renewable energies with a focus on solar and biomass. TOTAL S.A. was founded in 1924 and is based in Paris, France.

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Transocean Ltd.


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Ticker: RIG Jefferies Rating: UNDERPERFORM Price: $15.83 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1953 Employees: 13,100 Location: Vernier, Switzerland



% of 52-Week High 51.7% Revenue $6,947.5 $4,926.5 $4,486.452-Week High $30.59 EBITDA 3,253.8 1,587.6 1,313.652-Week Low 11.26 EPS (GAAP) $0.70 $0.35 ($0.52)90-Day Avg. Daily Trading Volume (000s) 14,639 EPS (Adjusted) 3.47 0.19 (0.62)Fiscal Year End December EPS (Jefferies) 3.51 0.26 (0.47)




Minority Interest 318.0 Price / Earnings (GAAP) 22.6x 45.1x NMPreferred Equity – Price / Earnings (Adjusted) 4.6x NM NMCash and Cash Equivalents 3,771.0 Total Debt / EBITDA 3.1x 6.3x 7.6xEnterprise Value $12,318.7


Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 17, 2015, it owned or had partial ownership interests in, and operated 71 mobile offshore drilling units that consist of 44 high-specification floaters, 17 midwater floaters, and 10 high-specification jackups. The company serves government-controlled and independent oil companies. Transocean Ltd. was founded in 1953 and is based in Vernier, Switzerland.

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Trecora Resources


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Ticker: TREC Jefferies Rating: Not Covered Price: $14.24 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1967 Employees: 271 Location: Sugar Land, TX (United States)



% of 52-Week High 86.3% Revenue $248.8 $306.1 NA52-Week High $16.50 EBITDA 46.4 51.7 NA52-Week Low 11.00 EPS (GAAP) $1.00 $1.14 NA90-Day Avg. Daily Trading Volume (000s) 36 EPS (Adjusted) 0.98 1.06 NAFiscal Year End December EPS (Jefferies) NA NA NA



Total Debt 77.2 Enterprise Value / EBITDA 9.0x 8.0x NA

Minority Interest 0.3 Price / Earnings (GAAP) 14.3x 12.5x NAPreferred Equity – Price / Earnings (Adjusted) 14.5x 13.5x NACash and Cash Equivalents 8.7 Total Debt / EBITDA 1.7x 1.5x NAEnterprise Value $415.9


Trecora Resources primarily manufactures and sells various specialty petrochemical products and synthetic waxes in the United States. The company operates in two segments: Specialty Petrochemical and Specialty Synthetic Wax. The Specialty Petrochemical Products segment offers hydrocarbons and other petroleum based products, including isopentane, normal pentane, isohexane, and hexane primarily used in the production of polyethylene, packaging, polypropylene, expandable polystyrene, poly-iso/urethane foams, and Canadian tar sands, as well as in the catalyst support industries. This segment also owns and operates a natural gas pipeline. Its Specialty Synthetic Wax segment provides specialty polyethylene waxes used in paints, inks, adhesives, coatings, and PVC lubricants; specialized synthetic poly alpha olefin waxes used as toner in printers, as well as additives for candles; and offers custom toll processing services. In addition, the company, through its 35% interest in Al Masane Al Kobra Mining Company, produces copper and zinc concentrates. The company was formerly known as Arabian American Development Company and changed its name to Trecora Resources in June 2014. Trecora Resources was founded in 1967 and is based in Sugar Land, Texas.

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USA Compression Partners, LP


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Ticker: USAC Jefferies Rating: Not Covered Price: $16.12 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: 1998 Employees: 115 Location: Austin, TX (United States)



% of 52-Week High 66.3% Revenue $265.7 $288.7 $308.052-Week High $24.30 EBITDA 148.1 159.4 170.352-Week Low 13.26 EPU (GAAP) $0.11 $0.72 $0.9590-Day Avg. Daily Trading Volume (000s) 195 EPU (Adjusted) 0.11 0.69 NAFiscal Year End December EPU (Jefferies) NA NA NA




Minority Interest 13.1 Price / Earnings (GAAP) NM 22.4x 17.0xPreferred Equity – Price / Earnings (Adjusted) NM 23.4x NACash and Cash Equivalents 0.0 Total Debt / EBITDA 5.1x 4.7x 4.4xEnterprise Value $1,598.5


USA Compression Partners, LP provides natural gas compression services under term contracts with customers in the oil and gas industry in the United States. It engineers, designs, operates, services, and repairs its compression units and maintains related support inventory and equipment. The company provides compression services in various shale plays, including the Utica, Marcellus, Permian Basin, Eagle Ford, Mississippi Lime, Granite Wash, Woodford, Barnett, Haynesville, and Fayetteville shales. As of December 31, 2014, it had approximately 1,549,020 of horsepower in its fleet. The company serves oil companies; and independent producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression GP, LLC operates as the general partner of USA Compression Partners, LP. It was formerly known as Compression Holdings, LP, and changed its name to USA Compression Partners, LP in June 2011. The company was founded in 1998 and is headquartered in Austin, Texas.

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W&T Offshore Inc.


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Ticker: WTI Jefferies Rating: Not Covered Price: $3.26 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE











W&T Offshore, Inc., an independent oil and natural gas producer, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and natural gas properties primarily in the Gulf of Mexico and onshore in the Permian Basin of West Texas. It holds working interests in approximately 63 offshore fields in federal and state waters. As of December 31, 2014, the company had interests in offshore leases covering approximately 1.1 million gross acres spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama; and onshore leasehold interests in approximately 50,000 gross acres in Texas. It also had a total proved reserves of 120.0 million barrels of oil equivalent. The company was founded in 1983 and is based in Houston, Texas.

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Weatherford International plc


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Ticker: WFT Jefferies Rating: BUY Price: $10.24 (as of Oct 30, 2015) Price / Volume Graph



Founded: 1972 Employees: 45,000 Location: Baar, Switzerland



% of 52-Week High 60.1% Revenue $9,547.8 $8,686.0 $9,811.452-Week High $17.04 EBITDA 1,359.3 1,397.4 1,863.252-Week Low 7.21 EPS (GAAP) ($1.05) ($0.31) $0.2190-Day Avg. Daily Trading Volume (000s) 14,098 EPS (Adjusted) (0.33) (0.29) 0.24Fiscal Year End December EPS (Jefferies) (0.34) (0.40) 0.10




Minority Interest 70.0 Price / Earnings (GAAP) NM NM 48.0xPreferred Equity – Price / Earnings (Adjusted) NM NM 43.4xCash and Cash Equivalents 519.0 Total Debt / EBITDA 5.7x 5.5x 4.1xEnterprise Value $15,232.4


Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. The company offers managed-pressure drilling services, including closed-loop, air, managed pressure, and underbalanced drilling; drilling services, such as directional drilling, logging while drilling, measurement while drilling, and rotary steerable systems; and tubular running services, which consist of tubular connection and installation services for the drilling, completion, and work over of oil or natural gas wells. It also provides drilling tools comprising drilling jars, under reamers, rotating control devices, down hole tools, drill pipe and related tools, tubular handling equipment, and other pressure-control equipment; drilling and project management services; wire line services; testing and production services; re-entry, fishing, and thru-tubing services; equipment for cementing operations; liner systems, such as liner hangers; integrated laboratory services; and surface logging systems. In addition, the company offers artificial lift systems that include reciprocating rod lift systems, progressing cavity pumps, gas lift systems, hydraulic lift systems, plunger lift systems, hybrid lift systems, and wellhead systems to produce oil or natural gas from the wells; stimulation, including pressure pumping services, coiled tubing services equipment, and reservoir stimulation hydraulic fracturing services; and completion tools, such as cased hole and flow control systems, and well, industrial, and sand screens, as well as completion services, including upper and lower completions, and reservoir monitoring. Weatherford International plc was founded in 1972 and is headquartered in Baar, Switzerland.

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Western Gas Equity Partners, LP


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Ticker: WGP Jefferies Rating: Not Covered Price: $43.13 (as of Oct 30, 2015) Price / Volume Graph

Exchange: NYSE


Founded: NM Employees: NM Location: The Woodlands, TX (United States)



% of 52-Week High 65.1% Revenue $1,595.9 $1,734.0 $2,083.352-Week High $66.24 EBITDA 689.4 863.3 1,077.752-Week Low 38.16 EPU (GAAP) $1.11 $1.40 $1.8690-Day Avg. Daily Trading Volume (000s) 234 EPU (Adjusted) 1.13 1.48 1.94Fiscal Year End December EPU (Jefferies) NA NA NA




Minority Interest 2,789.1 Price / Earnings (GAAP) 38.8x 30.8x 23.2xPreferred Equity – Price / Earnings (Adjusted) 38.2x 29.0x 22.2xCash and Cash Equivalents 74.8 Total Debt / EBITDA 3.8x 3.0x 2.4xEnterprise Value $14,743.3


Western Gas Equity Partners, LP engages in gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids, and crude oil in the United States. It owns assets located in East, West, and South Texas; the Rocky Mountains covering Colorado, Utah, and Wyoming; north-central Pennsylvania; and the Mid-Continent comprising Kansas and Oklahoma. Western Gas Equity Holdings, LLC serves as the general partner Western Gas Equity Partners, LP. The company is headquartered in The Woodlands, Texas. Western Gas Equity Partners, LP is a subsidiary of Anadarko Petroleum Corporation.

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Williams Partners L.P.


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Ticker: WPZ Jefferies Rating: HOLD Price: $33.80 (as of Oct 30, 2015) Price / Volume Graph



Founded: 2005 Employees: 4,909 Location: Tulsa, OK (United States)









Williams Partners L.P., an energy infrastructure company, focuses on connecting North America’s hydrocarbon resource plays to growing markets for natural gas and natural gas liquids (NGL). It operates in Northeast G&P, Atlantic-Gulf, West, and NGL & Petchem Services segments. The Northeast G&P segment includes midstream gathering and processing businesses in the Marcellus and Utica shale regions; and a 51 percent equity investment in Laurel Mountain Midstream, LLC, as well as a 47.5 percent equity investment in Caiman Energy II, LLC. The Atlantic-Gulf segment is engaged in the interstate natural gas pipeline, natural gas gathering and processing, and crude oil production handling and transportation activities in the Gulf Coast region; and equity investment activities. The West segment is involved in gathering, processing, and treating operations in New Mexico, Colorado, and Wyoming, as well as the operation of interstate natural gas pipeline. The NGL & Petchem Services segment operates NGL and natural gas marketing businesses, as well as an NGL fractionator and storage facilities; and invests in pipelines, an olefins production facility, and a refinery grade propylene splitter and pipelines in the Gulf Coast region. Williams Partners GP LLC serves as the general partner of the company. The company was founded in 2005 and is based in Tulsa, Oklahoma. Williams Partners L.P. operates as a subsidiary of Williams Companies, Inc.

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Conference Notes

86


Jefferies Biographies


87

Conference Notes

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Jefferies Equity Research

Daniel Braziller, Senior Associate (212) 336-7451 / [email protected]

Daniel Braziller joined Jefferies in April of 2013, following 5 years at BlackRock and 2 years on the sell side covering the Energy sector. He began his sell side equity research career in 2010 at Credit Suisse, where he worked with a global energy team that included Jon Wolff, Brad Handler and Tom Marchetti, all of whom also currently work for Jefferies covering Energy. Dan received a BA in Economics and Government from Connecticut College in 2005.

Jason Gammel, Managing Director +44 (0)20 7029 8709 / [email protected] Associate: Marc Kofler

Jason Gammel joined Jefferies in March 2014, as a Senior Equity Research Analyst covering global integrated oil & gas and has over 25 years of oil & gas experience. Prior to joining Jefferies, he spent 6 years at Macquarie as a Division Director and research analyst covering global integrated oil in the UK (2010-2013) and domestic integrated oil and E&P stocks in the US (2007-2010). He also coordinated the global oil & gas research product. Previously, Jason was a Senior Vice President and Senior Oil and Natural Gas research analyst in the integrated oil, E&P and independent refining sectors at Prudential Equity Group from 2001-2007. Prior to his move to sell-side research, he was employed by Chevron Corporation for 13 years in a variety of roles in the International Upstream division and the Treasury Department.

Brad Handler, Managing Director (212) 336-7249 / [email protected] Associates: Eduardo Royes, Saurabh Pant

Brad Handler, a Managing Director at Jefferies LLC, has research responsibility for U.S. Oilfield Services and Drilling. He joined Jefferies in 2012 following four years at Credit Suisse and 14 years total experience in equity research. Brad’s professional experience prior to sell-side equity research includes six years in management at a firm that is now part of The Linde Group, a global industrial gas company, and commercial lending at a firm that is now part of Bank of America. Brad is a graduate of Johns Hopkins University and has an MBA from Northwestern University J.L. Kellogg School of Management.

Marc Kofler, Vice President +44 (0)20 7029 8671 / [email protected]

Marc Kofler joined Jefferies in February 2014 and is a member of the European Energy team covering Integrated Oils. Prior to joining Jefferies, Marc spent seven years as a research analyst in the Oil and Gas sector at Macquarie and Citi. Marc holds an MA in Geography from Fitzwilliam College, Cambridge.


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http://onejef/Employee/Default.aspx?id=14083




Jefferies Equity Research (Cont’d)

Elaine Lai, Vice President +852 3743 8020 / [email protected]

Elaine Lai joined Jefferies in August 2015 to cover China oil services, petrochemicals and small cap E&P companies. Elaine has 8 years of investment experience first on the buy side, where she was an international equity analyst focusing on Asian and Australian consumer sector in Putnam LLC. She then transitioned to Macquarie Securities to cover China consumer sector, looking at suppliers for global brands like Nike, Under Armour and Fast Retailing, and was to first China-based analyst to do in-depth research on YUM Brands. Elaine graduated from Singapore Management University, and has lived and worked in Singapore, Malaysia, China and U.S.

Eduardo Royes, Vice President 212 323 3309 / [email protected]

Eduardo is a Vice President at Jefferies LLC. He has research responsibility for the offshore drilling subsector within Oilfield Services (OFS). Eduardo's OFS Equity Research experience began in mid-2007 at Credit Suisse and includes three years as a research associate on the Oilfield Services team. Since mid-2011, he has had primary responsibility for the offshore drillers, joining Jefferies in May 2012. Eduardo formally took over lead coverage of the offshore drillers in December 2014 and also supports Brad Handler on his capital equipment coverage. He is a graduate of the University of Pennsylvania.

Arya Sen, Vice President +91 2242246122 / [email protected] Associate: Swagato Sourya Ghosh

Arya Sen is a vice president and research analyst covering Indian oil & gas and internet sectors. Prior to joining Jefferies, Arya was a research analyst at Credit Suisse covering mid-cap stocks and equity strategy in India. He has also worked as a management consultant with AT Kearney. Arya holds a bachelor's degree in electrical engineering from IIT Kharagpur and a master's degree in management from IIM Ahmedabad.

Christopher Sighinolfi, Senior Vice President (212) 707-6420 / [email protected] Associates: Corey Goldman, Henry Mullen, Christopher Tillett

Christopher Sighinolfi, CFA is a Senior Vice President and equity research analyst covering diversified natural gas companies and energy Master Limited Partnerships (MLPs). Prior to joining Jefferies in May 2013, Chris spent seven years as a member of the UBS energy research team. From 2006-2009, Chris helped launch UBS coverage of the US coal sector and, in 2010, transitioned to focus solely on natural gas related companies. Since 2010, Chris has been covering the integrated & regulated natural gas sector, MLPs, and the Natural Gas Liquid (NGL) market. He graduated from the University of Pennsylvania with a BA in Philosophy, Politics, and Economics and is also a CFA charterholder.


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Jefferies Equity Research (Cont’d)

Mark Wilson, Senior Vice President +44 (0)20 7029 8691 / [email protected] Associates: Niki Kouzmanov, Mark Tabrett

Mark Wilson joined Jefferies in March 2014, following 6 years at Macquarie researching European E&P’s and Oil Service companies. Prior to equity research, Mark worked for 10 years in the Oil field industry with Baker Hughes, principally as a Wireline Engineer in Saudi Arabia for 5 years, followed by 4 years as Operations Manager for Continental Europe. Mark is a Chartered Engineer with the Institute of Materials, Minerals and Mining (CEng IOM3), holds a Bachelor of Engineering Degree from the University of Manchester and an INSEAD MBA.

Jon Wolff, Managing Director (646) 805-5466 / [email protected] Associates: Daniel Braziller, Michael Hsu, Zach Parham

Jon Wolff joined Jefferies in 2014 as a senior equity research analyst covering the Oil & Gas Exploration & Production (E&P) sector. Jon began following the energy sector in 1996 and was most recently at ISI Group after holding senior analyst positions at Credit Suisse and Wachovia. Jon was the #1 ranked analyst in the E&P sector in the 2012 Institutional Investor All America research poll and has been consistently ranked in the poll for the past six years. Jon holds the Chartered Financial Analyst designation and received a BA in Economics from Muhlenberg College and an MBA in Finance from Rutgers University. Jon is also affiliated with the University of Oklahoma as a visiting professor at the Price School of Business.

Laban Yu, Managing Director +852 3743 8047 / [email protected] Associate: Elaine Lai

Laban Yu is a Managing Director and Head of Asia Energy and Commodities research, based in Hong Kong. He has covered energy and commodities for ten years and was ranked No. 1 Asia Energy Analyst by Asia Money in 2011 and 2012. He covered China oil and gas at Macquarie as well as MainFirst Securities. Prior to coming to Asia, Laban was an Equity Associate at Lehman in New York. Prior to finance, Laban worked in new media in Beijing, as an engineer at Xerox and GM, and as a school teacher in Cameroon. Mr. Yu has a Master's in International Affairs from Columbia University and a BS in Mechanical Engineering from Cornell University. Laban speaks English, Mandarin, French, and West African Pidgin.


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Important Disclosures


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Please contact your Jefferies representative for copies of the most recent research reports on individual companies. This material has been prepared by Jefferies LLC, a U.S.-registered broker-dealer, employing appropriate expertise, and in the belief that it is fair and not misleading. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified, therefore, we do not guarantee its accuracy. It may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, it should not be relied upon as an accurate representation of future events. This is not an offer or solicitation of an offer to buy or sell any security or investment. Any opinion or estimates constitute our best judgment as of this date, and are subject to change without notice. Jefferies LLC and Jefferies International Limited and their affiliates (collectively, “Jefferies”) and their respective directors, officers and employees may buy or sell securities mentioned herein as agent or principal for their own account. This communication is being provided strictly for informational purposes only. Any views or opinions expressed herein are solely those of the institutions identified, not Jefferies. This information is not a solicitation or recommendation to purchase securities of Jefferies and should not be construed as such. No responsibility is accepted, and no representation, undertaking or warranty is made or given, in either case, expressly or impliedly, by Jefferies as to the accuracy, reliability or completeness of the information contained herein or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same. Accordingly, neither Jefferies nor any of its officers, directors, employees, agents or representatives will be liable for any direct, indirect or consequential loss or damage suffered by any person resulting from the use of the information contained herein, or for any opinions expressed by any such person, or any errors, omissions or misstatements made by any of them. Reproduction without written permission of Jefferies is expressly forbidden. All Jefferies logos, trademarks and service marks appearing herein are property of Jefferies LLC. This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of an investment decision and has not been verified. Jefferies makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed. Such information is presented as of the date and, if applicable, time indicated and Jefferies does not accept any responsibility for updating any such information. Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. No representation or warranty is given as to any of the simulations or analyses, or as to the achievement or reasonableness of any future projections or estimates, contained in this document. Jefferies and its affiliates, officers, directors, employees and agents may from time to time hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in any securities, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed. Jefferies is not an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is not providing any advice as to any such matter to the recipient. Recipients of this document should take their own independent advice with respect to such matters. In the UK, this document is intended for use only by persons who have professional experience in matters relating to investments falling within Articles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended), or by persons to whom it can be otherwise lawfully distributed. Recipients of this document in jurisdictions outside the United Kingdom should inform themselves about and observe any applicable legal requirements in relation to the receipt of this document. Jefferies International Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority. Its registered office is at Vintners Place, 68 Upper Thames Street, London EC4V 3BJ; telephone +44 20 7029 8000; facsimile +44 20 7029 8010. © 2015 Jefferies LLC. Member SIPC.

Important Disclosures


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