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1、Oil and GasINDUSTRY UPDATE|Q1 2023Table of ContentsPage1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs582Dear Clients and Friends,Houlihan Lokey is pleased to present its Oil and Gas Industry Upd

2、ate for Q1 2023.We have included an overview of trends in the oil and gas industry,commodity pricing,public capital markets,M&A,A&D,and financing activity,along with key data to help you stay ahead in our dynamic and constantly evolving industry.We hope you find this quarterly update to be informati

3、ve and that it serves as a valuable resource to you in staying abreast of the market.If there is additional content you would find useful for future updates,please dont hesitate to call or email us with your suggestions.We look forward to staying in touch with you.Regards,Michael RobertsManaging Dir

4、ectorMRobertsHL.com832.319.5141Brett LowreyManaging DirectorBLowreyHL.com214.220.8480Josh EavesManaging DirectorJEavesHL.com212.497.4273David HoDirectorDHoHL.com+852 3551 2331Additional Oil&Gas Group ContactsRobert TeigmanManaging DirectorOil&Gas Valuation and Board Advisory1001 Fannin Street,Suite

5、4650Houston,TX 77002RTeigmanHL.com832.319.5138J.P.HansonManaging DirectorGlobal Head of Oil&Gas1001 Fannin Street,Suite 4650Houston,TX 77002JHansonHL.com832.319.5115Daniel CrowleyManaging DirectorDCrowleyHL.com917.757.6639Jerry EumontDirector,GeologistJEumontHL.com832.319.5119Russell MasonManaging D

6、irectorRMasonHL.com214.665.8622Javier ArtolaManaging DirectorJArtolaHL.com832.319.5110Shane SealyManaging DirectorSSealyHL.com832.319.5133Brad BucherSenior Vice PresidentBBucherHL.com832.319.5161Braxton KnoppSenior Vice PresidentBKnoppHL.com832.319.5170Jeremy LowManaging DirectorJLowHL.com+44(0)20 7

7、907 4241Manny VediSenior Vice PresidentMVediHL.com832.319.5135Briklynd BriggsDirectorBriklynd.BriggsHL.com832.319.5191Daniel EastManaging DirectorTom CarlsonManaging DirectorTCarlsonHL.com832.319.5183Rouzbeh FazlinejadManaging Director Rouzbeh.FazlinejadHL.com+971.4.526.3714Arun ReddyManaging Direct

8、orAReddyHL.com+971.4.526.37053Houlihan Lokey Oil and Gas Update(1)As of May 5,2023.As per WallStreet Research.Oil Supply/Demand DynamicsWTI prices through Q1 23 were range bound between$60$85/bbl as market participants weighed(i)the increase in demand from China following the abrupt end of its zero-

9、COVID policy,(ii)relatively tight global inventories,and(iii)the probability(and depth)of a global recession on the horizon.More recently,WTI prices have weakened to$70/bbl given stress in the banking system following the collapse of select regionals(Silicon Valley Bank,Signature Bank,First Republic

10、)as well as the takeover of Credit Suisse by UBS.However,tail prices have remained steadily above$60,a level that still supports both production and upside development across many global basins.On April 2,2023,OPEC+announced a surprise cut of 1.2 MMBbl/d,characterizing the move as precautionary to s

11、tabilize the market.Depressed oil prices during the last down cycle and the upstream sectors broad current focus on returning capital to shareholders have contributed to an environment of underinvestment in exploration and development globally.As a result,the majority of commodity analysts are curre

12、ntly bullish on future oil prices,including forecasting YE 2023+/-$100/bbl WTI.Russian oil supply dynamics continue to have a material effect on global crude prices.Despite the price cap on seaborne Russian oil,Russian crude and refined product volume exports are at post-invasion highs of 4 MMbbl/d

13、and 2 MMbb/d,respectively.(1)On December 5,2022,the European Union,G7,and Australia instituted a price cap of$60/bbl on each cargo of seaborne Russian oil.As such,businesses are barred from shipping,financing,and insuring Russian oil cargoes,unless it is below the prevailing price cap.Russian crude

14、flows have generally shifted to those countries that have not imposed financial sanctions;China,India,and Turkey have emerged as key destinations for Russian crude,somewhat mitigating the intended effect of the western sanctions.4Key Quarterly TrendsNatural Gas Supply/Demand Dynamics Title Transfer

15、Facility(TTF,the European benchmark)spot prices have declined 91.3%(2)from their peak of$90 experienced on August 26,2022,largely due to(i)a relatively warm winter,(ii)the ramp-up of LNG import to replace Russian pipeline gas,(iii)the resulting build in natural gas inventories,and(iv)alternative pow

16、er generation fuel sources(coal,wood,nuclear,renewables).Europe experienced its third warmest January on record in 2023,(3)during which EU natural gas inventories were only depleted to 64.1%capacity,their highest seasonal level in years.(4)In July 2022,in order to reduce its member states reliance o

17、n Russian energy,the EU unveiled a European Gas Demand Reduction Plan to cut members gas usage by 15%during the period from August 2022 through March 2023 vs.20172021 average consumption levels.Similar to TTF,Henry Hub(HH)gas prices have declined significantly(40.5%)since Q4 22 due to rising U.S.sto

18、rage inventories resulting from a combination of(i)a relatively mild winter and(ii)temporary closure of the Freeport LNG terminal.U.S.gas inventories have risen by 0.3 Tcf since March 17,2023,(5)an unusual surplus for the season,after being at a significant deficit to average levels through Q3 22,wh

19、en wholesale prices surged above$9/mcf.Analysts expect drilling activity to decline most sharply in gas-weighted basins(Appalachia,Mid-Con,and even Haynesville and West Texas).On March 8,2023,Freeport LNG received approval from the Federal Energy Regulatory Commission(FERC)and Pipeline and Hazardous

20、 Materials Safety Administration(PHMSA)to resume the third of its three LNG trains at its 2 Bcf/d liquefaction facility.Despite the recent decline in HH natural gas prices noted above,continued global demand and regional price differentials have incentivized U.S.LNG exporters to expand current capac

21、ity and consider establishing new export terminals.The most recent commissioned U.S.LNG export facility,Calcasieu Pass LNG,placed all of its liquefaction trains(1.3 bcf/d)in service in August 2022.In addition to Golden Pass LNG,which started construction in 2019,two more projects(Plaquemines LNG and

22、 Corpus Christi Stage III)on the U.S.Gulf Coast have recently begun construction.Once completed,the three export projects under construction will expand U.S.LNG peak export capacity by a combined 5.7 Bcf/d by 2025.As per Reuters,about a dozen developers hope to make final investment decisions(FID)th

23、is year.5Key Quarterly Trends(cont.)(2)S&P Capital IQ as of May 22,2023.(3)EUs Copernicus Climate Change Service.(4)GIE Aggregated Gas Storage Inventory as of May 15,2023.(5)EIA.M&A&D MarketsBased on what we are directly experiencing across Houlihan Lokey oil and gas deal volume,A&D buyers and selle

24、rs both remain highly interested in transacting,although commodity price volatility and macroeconomic uncertainty have resulted in prolonged times to closing and/or“paused”processes.$8.7 billion of reported transaction value in Q1 23(vs.$13.5 billion in Q4 22).Significant transaction backlog would s

25、uggest a rebound in M&A&D activity is likely in the near term as both commodity prices and macroeconomic factors stabilize.As we enter Q2 23,we are experiencing the M&A&D window opening,particularly among public-to-public M&A and public-to-private A&D.Cash flow multiples are becoming more reflective

26、 of an“output”of value rather than an“input”to or limit on value,as forward curves flatten/move to contango.Public gas operator NTM(6)EBITDA multiples have increased,implying that investors are valuing those companies at a gas price reflective of the strip being in contango and gas-weighted assets a

27、re gaining relative favor in this environment.Oil-and-gas-related secondaries activity shows some signs of activity;at the same time,there are discussions with parties regarding the possible formation of dedicated,energy-focused secondaries investors.6Debt Capital MarketsWhile high-yield activity co

28、ntinues to be muted,energy has led recent issuance,indicating increasing institutional appetite/green shoots for E&P issuers.Energy high-yield index OAS spreads have remained significantly tighter compared to the broader high-yield index.As of March 31,2023,the energy high-yield index spread was 380

29、 bps(up 9.2%vs.Q1 22)compared to the broader high-yield index spread of 458 bps(up 33.5%since Q1 22).Following the collapse of Silicon Valley Bank,Signature Bank,and First Republic and the resultant deposit drain witnessed at regional banks,RBL banks have voiced concerns over the macroeconomic impac

30、t on capital ratios/capital availability and therefore continue to remain highly selective.Private credit providers remain highly active across numerous products.Key Quarterly Trends(cont.)(6)Refers to next 12 months.Debt Capital Markets(cont.)The oil and gas securitization market continues to matur

31、e,especially with respect to time-to-completion and hedging requirements.VPPs are emerging as an attractive alternative to securitizations in many similar circumstances.Drilling capital is available and an expanding universe of interest has broadened the range of available alternatives.Equity Capita

32、l MarketsA growing portion of the broader LP universe is bullish E&P and is once again seeking to deploy more capital into the industry.While capital formation remains selective,the upstream sector cash-on-cash returns are expanding the LP universe.Certain sponsors with top-tier track records are co

33、ntinuing to raise funds with success,although the latest funds are generally smaller than previous vintages and taking longer to close.Sponsors are concentrating capital into a smaller number of teams/assets.Energys contribution to the S&P 500 on a market cap basis has been increasing(4.4%)but remai

34、ns materially below energys contribution on a levered cash flow basis(13%).This highlights the potential for generalist capital to rotate into E&P equities,and for E&P valuation metrics to improve as a result.Other TrendsRecent geopolitical events and attractive industry returns have shifted the dia

35、logue gradually from ESG to energy security in a more balanced manner.Inventory scarcity driving M&A&D,reflected in public operators focus on acquiring assets with significant quality undeveloped inventory and,in many instances,even reducing activity on the acquired acreage to“land bank”for the futu

36、re.Buyers are attributing meaningful value to quality undeveloped locations and becoming increasingly comfortable leaning into strip prices.Robust commodity prices in 2022 have left majors/large public independents with record cash balances that they are encouraged by shareholders to(i)return via di

37、vidends and(ii)use to acquire companies/assets as opposed to expanding budgets for drilling programs.In response to weakened gas prices,operators have dropped 16 gas rigs(10.2%)since May 5 while noting that service costs have begun to decline.7Key Quarterly Trends(cont.)Page1.Houlihan Lokey Snapshot

38、82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.Corporate FinanceFinancial RestructuringFinancial and V

39、aluation AdvisoryNo.1 Global M&A Advisor Under$1 Billion Leading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Global Investment Banking Restructuring Advisor1,500+Transactions Completed,Valued at More Than$3.0 Trillion C

40、ollectivelyEnergy and Power M&A92020-2022 M&A Advisory Rankings All U.S.Energy&Power TransactionsDealsAdvisor70Houlihan Lokey159Jefferies 257Evercore Partners356Citi455JP Morgan5Source:Refinitiv.2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionDealsAdvisor381Houlihan Lokey1369Rothschild

41、2217JP Morgan3206Lazard4203Goldman Sachs 5Source:Refinitiv.Excludes accounting firms and brokers.1998 to 2022 Global M&A Fairness Advisory RankingsDealsAdvisor1,232Houlihan Lokey11,030JP Morgan2938Duff&Phelps,A Kroll Business3725Morgan Stanley4710BofA Securities 5Source:Refinitiv.Announced or comple

42、ted transactions.2022 Global Distressed Debt&BankruptcyRestructuring RankingsDealsAdvisor58Houlihan Lokey130PJT Partners229Lazard325Rothschild421Moelis5Source:Refinitiv.No.1 M&A Advisor for All U.S.Energy and Power TransactionsAsia-PacificTom SewardManaging DirectorDavid Ho DirectorPatrick YangVice

43、PresidentGlobal Oil and Gas Footprint:Fully Integrated TeamHoulihan Lokeys Oil&Gas Group provides global coverage via more than 80 dedicated financial professionals,including specialized bankers,A&D/technical advisory,valuation,and capital markets teams.J.P.HansonGlobal Head of Oil&Gas GroupNew York

44、Thomas DippelManaging DirectorFinancial SponsorsJoshua EavesManaging DirectorBanking/CoverageMichael Haney DirectorBanking/CoverageDylan StrodeFinancial AnalystBanking/CoverageHoustonJavier ArtolaManaging Director,MidstreamBanking/CoverageTom CarlsonManaging DirectorBanking/CoverageDan Crowley Manag

45、ing DirectorBanking/CoverageDaniel East Managing Director Capital MarketsMichael RobertsManaging Director Capital MarketsShane SealyManaging DirectorBanking/CoverageRobert Teigman Managing DirectorCommittee AdvisoryJerry EumontDirector,GeologistTechnical/A&DBriklynd BriggsDirector Technical/A&DDanie

46、l VillarrealDirectorTransaction Advisory ServicesBrad BucherSenior Vice PresidentBanking/CoverageBraxton KnoppSenior Vice PresidentBanking/CoverageManny VediSenior Vice PresidentCommittee AdvisoryBrian ZimmermanSenior Vice PresidentValuationAustin BrooksVice PresidentBanking/CoverageDante Caravaggio

47、Vice PresidentTechnical/A&DLogan ChesneyVice PresidentBanking/CoverageKlayton KovacVice PresidentCapital MarketsAvinash MohapatraVice PresidentTechnical/A&DAaron StrassnerVice PresidentBanking/CoverageBronson DicksAssociateBanking/CoverageChris DomingueAssociateCommittee AdvisoryBrian GuanAssociateB

48、anking/CoveragePeter LangstaffAssociateBanking/CoverageAlex OrleanAssociateBanking/CoverageSean PanAssociateBanking/CoverageScott WoolleyAssociateBanking/CoverageMary CondronFinancial AnalystCommittee AdvisorySpencer GrahamFinancial AnalystBanking/CoverageRyan HawkinsFinancial AnalystBanking/Coverag

49、eJohn KinsellaFinancial AnalystBanking/CoverageNick LintonFinancial AnalystBanking/CoverageErin MilstenFinancial AnalystBanking/CoverageSamuel TalaberFinancial AnalystBanking/CoverageDavid Van HeesFinancial AnalystBanking/CoverageNoah WescoatFinancial AnalystBanking/CoverageEric KebodeauxAssociateTe

50、chnical/A&DTaylor EwaldEngineering AssociateTechnical/A&DJoseph BloughEngineering AssociateTechnical/A&DRobert MendiolaSr.Geological Tech.Technical/A&DTravis PrestonAssociateTechnical/A&DLisa SixGeological AssociateTechnical/A&DEduardo TrevinoEngineering AssociateTechnical/A&DDallasBrett Lowrey Mana

51、ging DirectorBanking/CoverageRussell Mason Managing DirectorBanking/CoverageDaniel BeaulneDirectorValuationJim GeorgeadisDirectorBanking/CoverageDaniel CullinsVice PresidentBanking/CoverageBlake DonovanSenior Vice PresidentBanking/CoverageAriel BerkowitzAssociateBanking/CoverageMicah PoagAssociateBa

52、nking/CoverageRob RuffFinancial AnalystBanking/CoverageSam SchroederFinancial AnalystBanking/CoverageAshton Van DeventerFinancial AnalystBanking/CoverageLance HanseFinancial AnalystBanking/CoverageEuropeJeremy LowManaging DirectorThomas HughesDirectorBertram SilveraAssociateAlbert SungAssociateJames

53、 BerwickFinancial AnalystMartin OliverFinancial AnalystIigo LlanoFinancial AnalystMENARouzbeh FazlinejadManaging DirectorArun ReddyManaging DirectorWael AwadFinancial AnalystNicola Matteo NigroSenior Vice PresidentFrederic ManketAssociate10Cross-Product Industry Team During the past several years,Ho

54、ulihan Lokeys fully integrated,cross-product Oil&Gas Group has advised on numerous capital-raise,M&A,corporate finance,and recapitalization assignments in the E&P industry.Trusted Advisor The Oil&Gas investment banking team is a cross-product,global,industry-dedicated team of more than 80 highly exp

55、erienced professionals.They come from a diverse set of backgrounds,including E&P companies,midstream companies,other investment banks,investment funds,and research/brokerage shops.The A&D/technical group is led by a team of technically focused professionals from the industry,with an average of more

56、than 25 years of industry experience.Veteran Leadership TeamSelected Transactions(1)Tombstones included herein represent transactions closed from 2018 forward.(1)Please reach out to Manny Vedi at 832.319.5135 or MVediHL.com for additional Oil&Gas Group qualifications.Oil&GasGroupTechnical/A&D More t

57、han$50 billion in combined transactions Specialists in:Technical advisory Asset dispositions/swaps Equity/working interest sales JV structuring/partner identificationCapital Markets$25 billion of capital raised and$12 billion advised on over the past two years Market leader in custom/bespoke structu

58、re Deep expertise in driving optimal positioning,structure/terms,and syndicationFinancial Advisory No.1 global M&A fairness opinion advisor over the past 25 years*1,000+annual valuation engagements Transaction advisory services,including ability to bundle due diligence and quality of earnings servic

59、esRecapitalization/Restructuring No.1 global recapitalization/restructuring advisor We have been engaged in the most notable energy recapitalizations/restructurings of the recent and prior commodity downturn cyclesMergers and Acquisitions No.1 Global M&A advisor under$1 billion*Corporate M&A/spinoff

60、 advisory,structuring,negotiation,and execution Extensive reach in market trends and relationships Specialize in tailored processes to maximize value for our clientsCompany AdvisorCox Operating LLChas acquiredSource:Refinitiv.*Excludes accounting firms and brokers.*Announced or completed transaction

61、s.11has been acquired byFinancial Advisor&Fairness Opinionhas acquired the assets ofBuyside Advisorhas sold a 37.5%wellbore interest in certain Legacy PDP assets toSellside Advisora portfolio company ofReserve-Based Lending FacilityRefinancing$500,000,000Exclusive Placement Agenthas completed a“merg

62、er-of-equals”withSellside Advisor and Fairness OpinionSunrise Oil&Gashas divested substantially all of its oil and gas assets toSellside Advisorhas been acquired byFinancial Advisor&Fairness Opinionhas combined in an all-stock merger withFinancial Advisorhas been acquired bySellside Advisorhas sold

63、substantially all its assets,pursuant to Section 363 of the U.S.Bankruptcy code,toCompany Advisorhas completed the refinancing of Senior Secured Notes through a combined issuance of Term Loan B and new Senior Secured Notes$1,870,000,000Joint Lead Arranger&Joint Lead ManagerHoulihan Lokey Capital,Inc

64、.Page1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58Spot PricingNorth American Spot Prices($/bbl)International Spot Prices($/bbl)Notes:All data as of March 31,2023.Data collected on a weekly ba

65、sis.Source:Bloomberg.13$0$20$40$60$80$100$120$1404/217/219/2112/213/226/229/2212/223/23WTI CushingBakkenWTI MidlandLLSWCSAlaska N SlopeMars BlendMaya$30$50$70$90$110$130$1504/217/219/2112/213/226/229/2212/223/23Ice BrentDubai FatehAsia-Pacific TapisOPEC BasketWTI CushingStrip PricingWTI Cushing Stri

66、p Pricing Comparison($/bbl)Brent Strip Pricing Comparison($/bbl)Notes:All data as of March 31,2023.Represents the average price for each year.Source:Bloomberg.14$84.48$77.86$73.27$70.01$68.00$66.87$74.97$71.10$67.39$64.40$61.68$59.36202320242025202620272028WTI Strip(1 Year Ago)WTI Strip$90.27$83.60$

67、79.35$76.56$74.61$73.66$79.11$75.73$72.48$69.85$67.68$65.99202320242025202620272028Brent Strip(1 Year Ago)Brent StripConsensus PricingWTI Cushing Consensus Pricing Comparison($/bbl)Brent Consensus Pricing Comparison($/bbl)Notes:All data as of March 31,2023.Represents the average price for each year.

68、Source:Bloomberg.15$76.50$78.50$76.00$73.00$80.25$81.75$80.50$79.002023202420252026WTI Consensus(1 Year Ago)WTI Consensus$78.75$80.00$78.00$75.00$85.95$88.13$82.00$80.002023202420252026Brent Consensus(1 Year Ago)Brent ConsensusDifferentialsRegional Crude Oil Spot Pricing($/bbl)Region3/31/20233/31/20

69、2212/31/2022YoY%ChangeQoQ%ChangeBrent$79.7$106.6$85.0-25.2%-6.2%BrentWTI Cushing$4.0$6.3$4.7 WTI Cushing$75.7$100.3$80.3-24.5%-5.7%WTI CushingBrent($4.0)($6.3)($4.7)WTI Midland$76.3$101.3$80.5-24.6%-5.2%WTI CushingWTI Midland($0.6)($1.0)($0.3)Bakken$77.5$104.8$82.5-26.0%-6.0%WTI CushingBakken($1.8)(

70、$4.5)($2.2)Eagle Ford Light$72.2$96.8$76.7-25.4%-6.0%WTI CushingEagle Ford Light$3.5$3.5$3.5 WTS$74.8$99.0$78.0-24.5%-4.2%WTI CushingWTS$0.9$1.3$2.3 WCS$61.4$89.5$52.6-31.4%16.6%WTI CushingWCS$14.3$10.8$27.6 Maya$61.2$96.3$66.3-36.4%-7.7%MayaWCS($0.1)$6.8$13.7 Mars$73.7$97.5$75.2-24.5%-2.0%WTI Cushi

71、ngMars$2.0$2.8$5.1 LLS$77.6$102.1$81.8-24.0%-5.1%LLSMaya$16.4$5.8$15.5 ANS$78.1$106.8$81.4-26.9%-4.1%BrentANS$1.6($0.2)$3.6 Notes:All data as of March 31,2023.Data collected on a daily basis.Source:Bloomberg.16Differentials($/bbl)BrentWTI CushingWTI CushingWTI MidlandWTI CushingWTI Bakken Clearbrook

72、WTI CushingEagle Ford LightWTI CushingWTSWTI CushingWCSNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.17-$10-$5$0$5$10$153/183/193/203/213/223/23-$5$0$5$10$15$203/183/193/203/213/223/23-$10-$5$0$5$10$15$203/183/193/203/213/223/23-$15-$10-$5$0$5$10$15$20$25$303/1

73、83/193/203/213/223/23-$5$0$5$10$15$203/183/193/203/213/223/23$0$10$20$30$40$50$603/183/193/203/213/223/23Differentials($/bbl)(cont.)WTI CushingMayaWTI CushingMarsLLSWTI CushingBrentLLSLLSMarsBakkenANSNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.18-$10-$5$0$5$1

74、0$15$203/183/193/203/213/223/23-$10-$8-$6-$4-$2$0$2$4$6$8$103/183/193/203/213/223/23-$10-$5$0$5$10$153/183/193/203/213/223/23-$10-$5$0$5$10$153/183/193/203/213/223/23-$4-$2$0$2$4$6$8$10$123/183/193/203/213/223/23-$30-$20-$10$0$10$203/183/193/203/213/223/23Differentials($/bbl)(cont.)BrentANSMayaWCSLL

75、SMayaNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.19-$15-$10-$5$0$5$10$15$203/183/193/203/213/223/23-$10$0$10$20$30$40$50$603/183/193/203/213/223/23-$5$0$5$10$15$203/183/193/203/213/223/23ProductionU.S.Production(Mbbl/d)vs.WTI($/bbl)Note:Data collected on a we

76、ekly basis and subject to a one-week lag for production.20Notes:All data as of March 31,2023.Data collected on a monthly basis.Sources:Bloomberg,EIA.(1)EIAs drilling productivity report uses recent data on the total number of drilling rigs in operation,along with estimates of drilling productivity a

77、nd estimated changes in production from existing wells,to provide estimated changes in production for key regions.Production in Select Regions(MMbbl/d)(1)$0$20$40$60$80$100$120$14002,0004,0006,0008,00010,00012,00014,0003/187/1811/183/197/1911/193/207/2011/203/217/2111/213/227/2211/223/23Total U.S.Cr

78、ude Oil Production(Mbbl/d)WTI Cushing Spot($/bbl)0123456789103/189/183/199/193/209/203/219/213/229/223/23AnadarkoPermianEagle FordBakkenDJ NiobraraInventoryU.S.Cushing Crude Inventory(Mbbl)OECD Commercial Inventories(MMbbl)Note:Data collected on a weekly basis.Note:Data collected on a monthly basis.

79、Note:All data as of March 31,2023.Source:Bloomberg.21010,00020,00030,00040,00050,00060,00070,000JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range2021202220232,4002,6002,8003,0003,2003,400JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range202120222023Inventory(Mbbl)Overall U.S.Crude InventoryPADD IPADD I

80、IPADD IIIPADD IVPADD VNote:Excludes strategic petroleum reserve(SPR).Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.22250,000300,000350,000400,000450,000500,000550,000600,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range2021202220235,0007,0009,00011,00

81、013,00015,00017,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202370,00080,00090,000100,000110,000120,000130,000140,000150,000160,000170,000Jan Feb Mar Apr May JunJulAug Sep Oct Nov Dec5-Year Range202120222023100,000150,000200,000250,000300,000350,000Jan Feb Mar Apr May JunJulAug

82、Sep Oct Nov Dec5-Year Range20212022202315,00017,00019,00021,00023,00025,00027,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202340,00042,00044,00046,00048,00050,00052,00054,00056,00058,00060,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023TradeU.S.Crude Import

83、s by Country(Mbbl/d)Total U.S.Crude Exports(Mbbl/d)Note:Data collected on a monthly basis and subject to a two-to four-month lag.Note:Data collected on a weekly basis.Note:All data as of March 31,2023.Source:Bloomberg.2301,0002,0003,0004,0005,0006,0007,0008,0009,0003/189/183/199/193/209/203/219/213/

84、229/22CanadaSaudi ArabiaMexicoVenezuelaIraqColombiaRest of World01,0002,0003,0004,0005,0006,000JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range202120222023U.S.Commercial Crude Imports by Destination(Mbbl/d)Overall U.S.Commercial Crude ImportsDestinationPADD IDestinationPADD IIDestinationPADD IIIDest

85、inationPADD IVDestinationPADD VNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.244,0005,0006,0007,0008,0009,00010,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202302004006008001,0001,2001,4001,600JanFeb MarApr May JunJulAug Sep OctNov Dec5-Yea

86、r Range2021202220232,0002,4002,8003,2003,600JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202305001,0001,5002,0002,5003,0003,5004,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023100200300400500600700JanFeb MarApr MayJunJulAugSepOctNov Dec5-Year Range2021202220230

87、5001,0001,5002,0002,500JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023U.S.Imports by Country(Mbbl/d)CanadaSaudi ArabiaMexicoVenezuelaIraqColombiaNotes:All data as of March 31,2023.Data collected on a monthly basis and subject to a two-month lag.Source:Bloomberg.252,5002,9003,3003,

88、7004,1004,500JanFeb MarApr May JunJulAug SepOctNov Dec5-Year Range20212022202304008001,2001,600JanFeb MarApr May JunJulAug SepOctNov Dec5-Year Range20212022202301002003004005006007008009001,000JanFeb MarApr May JunJulAug SepOctNov Dec5-Year Range2021202220230100200300400500600700JanFebMarAprMayJunJu

89、lAug SepOctNovDec5-Year Range20212022202302004006008001,000JanFeb MarApr May JunJulAug SepOctNov Dec5-Year Range202120222023050100150200250300350400450500JanFebMarAprMayJunJulAug SepOctNovDec5-Year Range202120222023Page1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining4

90、16.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58Natural Gas Spot PricingPricing($/MMbtu)Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.27-$6.0-$4.0-$2.0$0.0$2.0$4.0$6.0$8.0$10.0$12.04/217/219/2112/213/226/229/2212/223/23Henry HubTN Zone

91、4Waha HubDominion SAECONatural Gas PricingStrip Pricing Comparison($/MMbtu)Consensus Pricing Comparison($/MMbtu)Notes:All data as of March 31,2023.Represents the average price for each year.Source:Bloomberg.28$4.45$3.77$3.76$3.84$3.91$4.01$2.84$3.63$4.24$4.27$4.22$4.24202320242025202620272028Natural

92、 Gas Strip(1 Year Ago)Natural Gas Strip$3.75$3.76$3.90$3.40$3.45$3.66$4.19$3.902023202420252026Natural Gas Consensus(1 Year Ago)Natural Gas ConsensusNatural Gas ProductionTotal U.S.Dry Natural Gas Production(Bcf/d)Select Dry Natural Gas Production by Regions(Bcf/d)(1)Notes:All data as of March 31,20

93、23.Data collected on a monthly basis.Sources:Bloomberg,EIA.(1)EIAs drilling productivity report uses recent data on the total number of drilling rigs in operation,along with estimates of drilling productivity and estimated changes in production from existing wells,to provide estimated changes in pro

94、duction for key regions.Note:Data collected on a monthly basis and subject to a two-month lag for production.29$0$1$2$3$4$5$6$7$8$9$100204060801001203/189/183/199/193/209/203/219/213/229/22Total U.S.(Mcf/d)HH Spot($/MMbtu)0204060801001203/189/183/199/193/209/203/219/213/229/223/23AnadarkoPermianEagl

95、e FordBakkenDJ NiobaraHaynesvilleAppalachiaDifferentialsRegional Natural Gas Spot Pricing($/MMbtu)Region3/31/20233/31/202212/31/2022YoY%ChangeQoQ%ChangeHenry Hub$2.1$5.5$3.5-61.7%-40.3%BenchmarkDominion South$1.8$5.3$2.3-65.9%-21.1%Henry HubDominion South$0.3$0.2$1.3 TN Zone 4$1.7$5.3$2.2-68.4%-25.2

96、%Henry HubTN Zone 4$0.4$0.2$1.3 AECO$2.0$4.5$3.3-55.4%-38.8%Henry HubAECO$0.1$1.0$0.3 Waha Hub$0.3$5.0($4.0)-93.7%-107.8%Henry HubWaha$1.8$0.5$7.5 Notes:All data as of March 31,2023.Represents the average price for the remainder of 2021 and each year thereafter.Source:Bloomberg.30Natural GasDifferen

97、tials($/MMbtu)HHDominion SouthHHTN Zone 4HHAECOHHWaha HubNote:Low of-$154.6 on February 12,2021,associated with winter storms.Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.31-$3-$2-$1$0$1$2$3$4$53/183/193/203/213/223/23-$3-$2-$1$0$1$2$3$4$53/183/193/203/213/223

98、/23-$3-$1$1$3$5$7$93/183/193/203/213/223/23-$3-$2-$1$0$1$2$3$4$53/183/193/203/213/223/23-$160Natural GasU.S.Natural Gas Withdrawal(Bcf)Note:Data collected on a monthly basis and subject to irregular updates.Note:All data as of March 31,2023.Source:Bloomberg.32-600-400-20002004006008001,0001,2003/189

99、/183/199/193/209/203/219/213/229/22Natural Gas Storage(Bcf)Total U.S.EastMidwestMountainPacificSouth CentralNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.3301,0002,0003,0004,0005,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range2021202220230200400600800

100、1,0001,200JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202302004006008001,0001,200JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023050100150200250300JanFeb MarAprMayJunJulAugSepOctNov Dec5-Year Range2021202220230100200300400JanFeb MarApr MayJunJulAugSepOctNov Dec5-Y

101、ear Range20212022202304008001,2001,600JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023NGLs Spot PricingPricing($/gal)Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.34$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.60$1.80$2.004/217/219/2112/213/226/

102、229/2212/223/23NA Spot Purity Ethane PriceNA Spot LPG Propane PriceNA Spot LPG Normal Butane PriceNGLs Strip PricingEthane Strip Pricing Comparison($/gal)Propane Strip Pricing Comparison($/gal)Butane Strip Pricing Comparison($/gal)Notes:All data as of March 31,2023.Represents the average price for e

103、ach year.Source:Bloomberg.35$0.34$0.29$0.27$0.22$0.24$0.27202320242025Ethane Strip(1 Year Ago)Ethane Strip$1.05$0.87NA$0.79$0.78$0.73202320242025Propane Strip(1 Year Ago)Propane Strip$1.21$0.99$0.83$0.94$0.88$0.80202320242025Butane Strip(1 Year Ago)Butane StripNGLs Frac SpreadsMont Belvieu Frac Spre

104、ad($/bbl)Note:All data as of March 31,2023.Source:Bloomberg.36$0$10$20$30$40$50$60$70JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range202120222023NGLs InventoryU.S.Ending Stocks Ethane(Mbbls)U.S.Ending Stocks Propane(Mbbls)Normal Butane/Butylene(Mbbls)Notes:All data as of March 31,2023.Data collected

105、 on a monthly basis and subject to a two-month lag.Source:Bloomberg.3720,00040,00060,00080,000100,000JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range20212022202320,00040,00060,00080,000100,000JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range202120222023020,00040,00060,00080,000JanFebMarAprMayJunJulAu

106、gSepOctNovDec5-Year Range202120222023NGLs ConsumptionU.S.Ethane/Ethylene Consumption(MMboe/d)U.S.Propane/Propylene Consumption(MMboe/d)U.S.Butane/Butylene Consumption(MMboe/d)Notes:All data as of March 31,2023.Data collected on a monthly basis and subject to a two-month lag.Source:Bloomberg.380.700.

107、901.101.301.501.701.902.102.30JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range2021202220230.000.200.400.600.801.001.201.401.601.80JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range2021202220230.000.050.100.150.200.250.300.35JanFebMarAprMayJunJulAugSepOctNovDec5-Year Range202120222023Page1.Houlihan Lok

108、ey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58LNGSpot Pricing($/MMbtu)Notes:All data as of March 31,2023.Spot pricing data collected daily.Exports data collected on a monthly basis.JKM refers to Japan Korea

109、 Marker.Dutch TTF refers to Dutch Title Transfer Facility.Source:Bloomberg.40U.S.LNG Exports(Bcf/month)Note:Data collected on a monthly basis and subject to a two-month lag.0501001502002503003504003/189/183/199/193/209/203/219/213/229/22$0$10$20$30$40$50$60$70$80$90$100Mar-18Mar-19Mar-20Mar-21Mar-22

110、Mar-23JKM(Japan)Import PriceDutch TTFHenry Hub SpotPage1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58RefiningUtilization(%)Total U.S.PADD IPADD IIPADD IIIPADD IVPADD VPADD INotes:All data as o

111、f March 31,2023.Data collected on a weekly basis.Source:Bloomberg.4240%50%60%70%80%90%100%110%JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202330%40%50%60%70%80%90%100%110%JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202350%60%70%80%90%100%110%JanFeb MarApr May JunJ

112、ulAug Sep OctNov Dec5-Year Range20212022202330%40%50%60%70%80%90%100%JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202350%60%70%80%90%100%JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202350%60%70%80%90%100%JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range2021202

113、22023RefiningMotor Gasoline Inventory(Mbbl)Total U.S.PADD IPADD IIPADD IIIPADD IVPADD VPADD VNotes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.43190,000210,000230,000250,000270,000Jan Feb Mar Apr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202340,00050,00060,0

114、0070,00080,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202335,00040,00045,00050,00055,00060,00065,00070,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202365,00070,00075,00080,00085,00090,00095,000100,000Jan Feb Mar Apr May JunJulAug Sep Oct Nov Dec5-Year R

115、ange2021202220235,0006,0007,0008,0009,00010,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202320,00024,00028,00032,00036,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range202120222023RefiningDistillate Fuel Oil Inventory(Mbbl)Total U.S.PADD IPADD IIPADD IIIPADD IVPADD V

116、Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.44100,000120,000140,000160,000180,000200,000Jan Feb Mar Apr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202315,00025,00035,00045,00055,00065,00075,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range2021

117、2022202320,00024,00028,00032,00036,00040,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range20212022202330,00040,00050,00060,00070,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range2021202220232,5003,0003,5004,0004,5005,000JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120

118、22202310,00012,00014,00016,000Jan Feb MarApr May JunJulAug Sep Oct Nov Dec5-Year Range202120222023Refining3:2:1 Crack Spreads($/bbl)WTI Cushing(U.S.Gulf Coast)WTI Midland(U.S.Gulf Coast)WTS Midland(U.S.Gulf Coast)WTI Cushing ULSD(U.S.Gulf Coast)LLS(U.S.Gulf Coast)WTI Midland ULSD(U.S.Mid-Continent)N

119、otes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.45-$10$0$10$20$30$40$50$60$70JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70JanFeb MarA

120、pr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range2021

121、20222023Refining3:2:1 Crack Spreads($/bbl)(cont.)ANS(U.S.West Coast)WTI Cushing(NYH RBOB Gasoline)WTI Cushing ULSD(NY Harbor)WCS(U.S.Mid-Continent)WCS(U.S.Gulf Coast)WCS(San Francisco)Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.46-$10$0$10$20$30$40$50$60$70$8

122、0$90$100$110JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023-$10$0$10$20$30$40$50$60$70JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70$80JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70$80$90JanFeb Mar

123、Apr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$10$20$30$40$50$60$70$80$90JanFeb MarApr MayJunJulAug SepOctNov Dec5-Year Range202120222023$0$20$40$60$80$100$120$140JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023RefiningProduct Prices($/gal)84 RBOB Gasoline(NY Harbor)84 RB

124、OB Gasoline(U.S.Gulf Coast)54-Grade Jet Fuel(NY Harbor)54-Grade Jet Fuel(U.S.Gulf Coast)ULSD(NY Harbor)ULSD(U.S.Gulf Coast)Notes:All data as of March 31,2023.Data collected on a weekly basis.Source:Bloomberg.47$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00JanFeb MarApr May JunJulAug Sep Oct

125、Nov Dec5-Year Range202120222023$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0.00$1.00$2.00$3.00$4.00$5.00$6.00$7.00$8.00JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3

126、.50$4.00$4.50JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0.00$1.00$2.00$3.00$4.00$5.00$6.00JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range202120222023$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00JanFeb MarApr May JunJulAug Sep OctNov Dec5-Year Range20212022202

127、3Page1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58Public Equity Markets OverviewIndexed Stock Price Performance(January 1,2017=100%)Public E&P Company Trading MetricsNote:Trading multiples ar

128、e based on share price and market data listed as of March 31,2023,and broker consensus future earnings estimates from S&P Capital IQ as of March 31,2023.Source:S&P Capital IQ.490%20%40%60%80%100%120%140%160%180%200%220%240%2017201820192020202120222023S&P 500 IndexS&P 500 Energy IndexEquipment and Se

129、rvices Sub IndexRefining and Marketing Sub IndexExploration and Production Sub IndexStorage and Transportation Sub Index3.1x4.6x3.6x2.6x3.5x4.6x2.9x3.0 x3.8x4.9x3.3x3.0 x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 xIntegratedLarge CapsMid CapsSmall CapsEV/EBITDA(x)2023E2024E2025E$65$68$29$34$63$62$28$36$64$59

130、$26$33$0$20$40$60$80IntegratedLarge CapsMid CapsSmall CapsEV/Production($000/boepd)2023E2024E2025EPage1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Financing Activity508.Rigs58E&PM&A($in billions)M&A(Deal Count)M&A2023($

131、in billions)M&A2023(Deal Count)Note:All data as of March 31,2023.Source:Enverus based on selection criteria of seller assets being located in the U.S.Current year may not include values for all announced transactions or findings.Historical amounts may be adjusted as additional information is availab

132、le.51YTD MarchU.S.Region2021202220222023%vs.2022Multi-Region$15.8$11.1$0.3$0.0-100%Permian26.514.63.83.0-22%Gulf Coast2.45.70.05.3NMFRockies7.78.87.20.0-100%Mid-Continent1.11.00.00.0-100%Appalachia4.08.32.80.0-100%Ark-La-Tex8.10.30.00.4NMFGulf of Mexico1.21.30.00.0-100%West Coast0.24.80.10.0-100%Ala

133、ska0.00.00.00.0NMFTotal$66.9$55.8$14.2$8.7-39%Permian34%Gulf Coast62%Ark-La-Tex4%Multi-Region9%Permian36%Gulf Coast9%Rockies18%Mid-Continent11%Appalachia4%Ark-La-Tex7%Gulf of Mexico4%West Coast2%YTD MarchU.S.Region2021202220222023%vs.2022Multi-Region4323550%Permian141662120-5%Gulf Coast524265-17%Roc

134、kies67501710-41%Mid-Continent10256136-54%Appalachia281462-67%Ark-La-Tex32173433%Gulf of Mexico101462-67%West Coast67110%Alaska5200NMFTotal4862917855-29%Historical E&P Transaction ActivityU.S.Transactions Since 2013($in billions)U.S.Transactions by Deal Size Since 2013(1)($in billions)Note:All data a

135、s of March 31,2023.(1)Deal count excludes transactions without a publicly disclosed deal value.YTD refers to year-to-date.Source:Enverus based on selection criteria of seller assets being located in the U.S.52$58$108$35$72$72$86$96$52$67$56$90200400600800100012001400160018002000$0$20$40$60$80$100$12

136、020132014201520162017201820192020202120222023CorporateAssetTotal Deal Count91771841711521801411047678401171269298118103833738271051186092106894833433125452242191913418141820132223179698102231412141051317$58$108$35$72$72$86$96$52$67$56$9$0$20$40$60$80$100$120010020030040050060020132014201520162017201

137、82019202020212022YTD2023$0$10M$10M$50M$50M$250M$250M$500M$500M$1B$1BTotal Annual Deal ValueOFSM&A(Deal Count)M&A2023($in billions)M&A2023(Deal Count)M&A($in billions)Note:All data as of March 31,2023.Source:Enverus based on selection criteria of seller headquarters being located in the U.S.53YTD Mar

138、chSegment2021202220222023%vs.2022Drilling and Completion$0.8$1.0$0.0$0.0-100%Production Operations0.70.50.00.3NMFInformation Services0.03.10.00.0NMFIntegrated0.80.20.00.3NMFOther0.00.00.00.0NMFTotal$2.3$4.8$0.10.6NMFYTD MarchSegment2021202220222023%vs.2022Drilling and Completion132060-100%Production

139、 Operations34316833%Information Services13830-100%Integrated9821-50%Other0000NMFTotal6967179-47%Production Operations50%Integrated50%Production Operations89%Integrated11%DownstreamM&A($in billions)M&A(Deal Count)M&A2023($in billions)M&A2023(Deal Count)Note:All data as of March 31,2023.Source:Enverus

140、 based on selection criteria of seller headquarters being located in the U.S.54YTD MarchSegment2021202220222023%vs.2022Refining$0.1$0.2$0.0$0.1NMFMultiple4.41.40.20.0-100%Distribution and Retail6.23.80.11.5NMFTerminals/Storage1.50.40.40.0-100%Shipping0.10.80.60.0-100%Total$12.2$6.6$1.3$1.616%YTD Mar

141、chSegment2021202220222023%vs.2022Refining1201NMFMultiple83110%Distribution and Retail7555118-27%Terminals/Storage12631-67%Shipping4840-100%Total100741911-42%Refining6%Distribution and Retail94%Refining9%Multiple9%Distribution and Retail73%Terminals/Storage9%MidstreamM&A($in billions)M&A(Deal Count)M

142、&A2023($in billions)M&A2023(Deal Count)Note:All data as of March 31,2023.Source:Enverus based on selection criteria of seller headquarters being located in the U.S.55YTD MarchSegment2021202220222023%vs.2022Multiple$30.8$11.7$2.4$1.7-32%Gathering/Processing2.911.65.00.0-100%Gas Processing0.00.00.00.0

143、NMFPipelines1.62.41.81.1-41%Oil Tankers1.00.10.00.0NMFStorage0.90.00.00.4NMFTotal$37.2$25.8$9.3$3.1-67%Multiple54%Pipelines34%Storage12%Multiple44%Pipelines33%Storage22%YTD MarchSegment2021202220222023%vs.2022Multiple161224100%Gathering/Processing172380-100%Gas Processing0000NMFPipelines1192350%Oil

144、Tankers2100NMFStorage2002NMFTotal4845129-25%Financing by InstrumentFinancing by Instrument($in billions)Financing by Instrument2023($in billions)Notes:All data as of March 31,2023.Current year may not include values for all announced transactions or findings.Historical amounts may be adjusted as add

145、itional information is available.Source:Enverus.56$11.7$11.6$27.6$4.6$5.5$0.0$20.0$40.0$60.0UpstreamServicesMidstreamDownstreamIntegratedEquityCredit FacilityLoanBondOtherYTD MarchCapital2021202220222023%vs.2022UpstreamEquity$1.4$0.1$0.0$0.1NMFCredit Facility45.059.92.08.2317%Loan2.51.50.00.0NMFBond

146、30.39.04.23.4-19%Other0.50.10.10.0NMFTotal$79.6$70.6$6.2$11.788%ServicesEquity$0.5$0.5$0.1$0.5NMFCredit Facility7.519.21.25.0308%Loan6.46.00.33.9NMFBond7.30.30.22.2NMFOther0.60.00.00.0NMFTotal$22.3$26.0$1.8$11.6539%MidstreamEquity$1.2$0.0$0.0$0.0NMFCredit Facility41.053.510.99.9-9%Loan2.49.10.82.5NM

147、FBond29.423.57.315.2108%Other1.71.01.00.0-100%Total$75.7$87.1$19.9$27.639%DownstreamEquity$0.1$0.0$0.0$0.0NMFCredit Facility4.728.80.72.9NMFLoan0.91.10.00.4NMFBond6.41.01.01.3NMFOther0.00.00.00.0NMFTotal$12.1$30.9$1.7$4.6165%IntegratedEquity$0.8$0.6$0.1$0.0NMFCredit Facility1.97.71.00.4-65%Loan1.40.

148、00.02.8NMFBond13.76.14.32.4-45%Other0.20.00.00.0NMFTotal$18.0$14.3$5.4$5.51%Grand Total$207.9$228.9$35.0$60.974%Financing by Instrument2023(Deal Count)Financing by Instrument(cont.)Financing by Instrument(Count)Notes:All data as of March 31,2023.Current year may not include values for all announced

149、transactions or findings.Historical amounts may be adjusted as additional information is available.Source:Enverus.57113530750255075UpstreamServicesMidstreamDownstreamIntegratedEquityCredit FacilityLoanBondOtherYTD MarchCapital2021202220222023%vs.2022UpstreamEquity14101NMFCredit Facility48685740%Loan

150、9400NMFBond491353-40%Other7110NMFTotal1278711110%ServicesEquity9633NMFCredit Facility4055111536%Loan2318413NMFBond16623NMFOther10211NMFTotal9887213567%MidstreamEquity5000NMFCredit Facility3839990%Loan6822NMFBond4137111973%Other10110NMFTotal10085233030%DownstreamEquity1000NMFCredit Facility91934NMFLo

151、an6201NMFBond9222NMFOther0000NMFTotal25235740%IntegratedEquity1210NMFCredit Facility3811NMFLoan3002NMFBond18852-60%Other1000NMFTotal261875-29%Grand Total376300678831%Page1.Houlihan Lokey Snapshot82.Crude Oil123.Natural Gas and NGLs264.LNG395.Refining416.Public Equity Markets Overview487.M&A and Fina

152、ncing Activity508.Rigs58RigsTotal U.S.vs.Canada RigsU.S.Rig Counts by Vertical,Horizontal,and DirectionalNotes:All data as of March 31,2023.Data collected on a weekly basis.Sources:Bloomberg and Baker Hughes.5901002003004005006007008009001,0004/1810/184/199/193/209/203/219/213/229/223/23Vertical Rig

153、 CountHorizontal Rig CountDirectional Rig Count02004006008001,0001,2003/189/183/199/193/209/203/219/213/229/223/23Total U.S.Total CanadaRigs(cont.)U.S.Rigs by RegionsChange in Rig CountsRegion3/31/20233/31/202212/31/2022YoY%ChangeQoQ%ChangePermian35231935310.3%-0.3%Eagle Ford70567125.0%-1.4%Willisto

154、n42344223.5%0.0%Marcellus40363911.1%2.6%Cana Woodford31242629.2%19.2%DJ Niobrara18141728.6%5.9%Granite Walsh64850.0%-25.0%Haynesville666772-1.5%-8.3%Utica1111130.0%-15.4%Rest of U.S.11910513813.3%-13.8%Total75567077912.7%-3.1%Notes:All data as of March 31,2023.Data collected on a weekly basis.Source

155、s:Bloomberg and Baker Hughes.6001002003004005006003/189/183/199/193/209/203/219/213/229/223/23PermianEagle FordWillistonAppalachiaRest of U.S.Rigs(cont.)Total U.S.DUCsTotal DUCs by BasinNotes:All data as of March 31,2023.Data collected on a monthly basis and subject to a one-month lag.Sources:Bloomb

156、erg and Baker Hughes.6101,0002,0003,0004,0005,0006,0007,0008,0009,00010,0003/199/193/209/203/219/213/229/223/23Total DUCS05001,0001,5002,0002,5003,0003,5004,0003/199/193/209/203/219/213/229/223/23PermianAppalachiaAnadarkoBakkenEagle FordHaynesvilleNiobraraAbout Houlihan LokeyHoulihan Lokey(NYSE:HLI)

157、is a global investment bank with expertise in mergers and acquisitions,capitalmarkets,financial restructuring,and financial and valuation advisory.The firm serves corporations,institutions,and governments worldwide with offices in the Americas,Europe,the Middle East,and the Asia-Pacific region.Indep

158、endent advice and intellectual rigor are hallmarks of the firms commitment to client success across its advisory services.Houlihan Lokey is the No.1 investment bank for global M&A transactions under$1 billion,the No.1 M&A advisor for the past eight consecutive years in the U.S.,the No.1 global restr

159、ucturing advisor for the past nine consecutive years,and the No.1 global M&A fairness opinion advisor over the past 25 years,all based on number of transactions and according to data provided by Refinitiv.LocationsIndustry ExpertiseAmericasEurope and Middle EastAsia-PacificProduct ExpertiseMergers a

160、nd AcquisitionsCapital MarketsFinancial RestructuringFinancial and Valuation AdvisoryPrivate Funds AdvisoryFinancial SponsorsActive Dialogue With a Diverse Group of 1,000+SponsorsPrivate Equity Firms Hedge Funds Capital Alliances AmsterdamAntwerpDubaiFrankfurtLondonMadridManchesterMilanMunichParisSt

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176、e construed as such.Houlihan Lokey or its affiliates may from time to time provide investment banking or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.63Corporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com