The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
Highlights include:
Crude prices continue to dominate the industry’s outlook
1Q results in the OFS space were downbeat, but management teams expressed optimism that a recovery is in its early stages and may begin to be realized in 2017
On the M&A front, the big news in May was the termination of the planned Halliburton-Baker Hughes merger less than a month after the US DOJ sued to block the transaction.
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
July 2016 Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
Energy equipment & services monthly report – september finalCapstone Headwaters
Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt
and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
PLG Consulting Appalachian logistics League May 5, 2015PLG Consulting
PLG president, Taylor Robinson spoke on May 5, 2015 at the 65th annual Appalachian Logistics League meeting. Mr. Robinson presentedThe North American Energy Revolution: The Implication for Logistics. The meeting was an opportunity for members to network and discuss the ever changing industry of Supply Chain and Logistics with a primary focus on the impacts to the region.
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...PointLogicEnergy
Alan Lammey, PointLogic Energy's senior energy markets analysts, delivered this presentation, "Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market Will Change Forever" to the attendees of the Texas Society of CPAs Energy Conference on April 30, 2015.
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
July 2016 Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
Energy equipment & services monthly report – september finalCapstone Headwaters
Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt
and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
PLG Consulting Appalachian logistics League May 5, 2015PLG Consulting
PLG president, Taylor Robinson spoke on May 5, 2015 at the 65th annual Appalachian Logistics League meeting. Mr. Robinson presentedThe North American Energy Revolution: The Implication for Logistics. The meeting was an opportunity for members to network and discuss the ever changing industry of Supply Chain and Logistics with a primary focus on the impacts to the region.
Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market...PointLogicEnergy
Alan Lammey, PointLogic Energy's senior energy markets analysts, delivered this presentation, "Countdown to Natural Gas: In 2015 the Dynamics of the U.S. Natural Gas Market Will Change Forever" to the attendees of the Texas Society of CPAs Energy Conference on April 30, 2015.
MARS Meeting Summer 2015-North American Energy Revolution-Implications for RailPLG Consulting
This presentation features an overview of the North American energy market with updates on PLG's Crude by Rail And Frac Sand Market report. PLG's expert analysis included market intelligence on the small covered hopper market and the U.S. industrial expansion from the shale gas production increase.
Uncertainty is Clouding the Energy Trading OutlookCTRM Center
As the United States continues to rapidly grow its production of oil and gas from shale, and Canada increases production from its oil-rich tar sands, these new volumes are helping to support world oil markets as crude production outside the US declines due to increasing conflict in the Middle East and North Africa. Should these conflicts widen, the global markets will be increasingly volatile as supply disruptions outpace the growth in North American production.
Though US natural gas production has not yet impacted the global market space via LNG exports, there is no doubt that those exports will happen. While the impact on US prices is unclear at this time, these exports will be yet another variable with which to content in a US market already unsettled by increasing regulations that will, by design, reshape the US energy mix.
Dealing with this uncertainty will require increasing market vigilance, with a constant view on both the near and longterm energy outlook, and supported by a commodity trading and risk management solution that facilitates analytics, market visibility and regulatory compliance, such as Eka Energy.
The Bakken bubble has burst, production is now falling
The updated model in this study suggests 119 new producers/month are required for 2015 to maintain North Dakota YE 2015 production at 2014 levels i.e. 1.23M bopd – this is comparable to NDIC and other estimates
Assuming the number of new producers stays at 52/month (i.e. Jan/Feb levels) for the remainder of 2015 then, North Dakota 2015 YE production would decline by 27% to 0.90M BOPD
Some analysts suggest the LTO industry could enter a downward spiral by Q4 2015, sustained by weaker oil prices that will result in significantly reduced cash flows and for some, debt to EBITA ratios that violate credit covenants. This will in turn accentuate the decline of production and revenues. Some LTO plays (such as the Bakken) would then become a less attractive proposition as the cycle accentuates
Bakken economics are one of the most challenging of the LTO plays at sustained low oil prices due to the $7-10 discount between ND light sweet and WTI
Some companies are already diverting capital from the Bakken to other LTO plays with higher margins
PLG president, Taylor Robinson, spoke at the 96th Annual Meeting of the Transportation Research Board in Washington D.C. on January 8th, 2017. Mr. Robinson’s presentation featured an overview of the North American energy market including analysis of the impact of shale NGLs on the downstream, and the outlook for U.S. energy/petchem surface transportation over the next five years.
2019 Election| LNG| Natural Resources| Canada| August 2019paul young cpa, cga
Canada is one of the top exporters of Natural Gas
Canada lacks the LNG capacity to expand LNG exports
United States continues to expand its export market for its LNG - https://www.forbes.com/sites/judeclemente/2018/08/05/despite-trade-war-u-s-natural-gas-exports-booming-to-record-highs/#173faff614ea
Canada regulatory process will get messier if bill C-69 becomes law - https://www.bnnbloomberg.ca/video/what-bill-c-69-means-for-industry~1483271
A white paper/study authored by Katie Klaber of the Klaber Group (consultants). Klaber is the former president of the Marcellus Shale Coalition. The study details how small Pennsylvania companies can be successful in delivering new products and services to the oil and gas industry.
Mercer Capital's Value Focus: Energy Industry | Q1 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
An updated PowerPoint presentation summarizing CONSOL's second quarter 2016 operating and financial status. CONSOL has largely completed a transition from coal company to natural gas driller--focused on the Marcellus and Utica Shale region.
MARS Meeting Summer 2015-North American Energy Revolution-Implications for RailPLG Consulting
This presentation features an overview of the North American energy market with updates on PLG's Crude by Rail And Frac Sand Market report. PLG's expert analysis included market intelligence on the small covered hopper market and the U.S. industrial expansion from the shale gas production increase.
Uncertainty is Clouding the Energy Trading OutlookCTRM Center
As the United States continues to rapidly grow its production of oil and gas from shale, and Canada increases production from its oil-rich tar sands, these new volumes are helping to support world oil markets as crude production outside the US declines due to increasing conflict in the Middle East and North Africa. Should these conflicts widen, the global markets will be increasingly volatile as supply disruptions outpace the growth in North American production.
Though US natural gas production has not yet impacted the global market space via LNG exports, there is no doubt that those exports will happen. While the impact on US prices is unclear at this time, these exports will be yet another variable with which to content in a US market already unsettled by increasing regulations that will, by design, reshape the US energy mix.
Dealing with this uncertainty will require increasing market vigilance, with a constant view on both the near and longterm energy outlook, and supported by a commodity trading and risk management solution that facilitates analytics, market visibility and regulatory compliance, such as Eka Energy.
The Bakken bubble has burst, production is now falling
The updated model in this study suggests 119 new producers/month are required for 2015 to maintain North Dakota YE 2015 production at 2014 levels i.e. 1.23M bopd – this is comparable to NDIC and other estimates
Assuming the number of new producers stays at 52/month (i.e. Jan/Feb levels) for the remainder of 2015 then, North Dakota 2015 YE production would decline by 27% to 0.90M BOPD
Some analysts suggest the LTO industry could enter a downward spiral by Q4 2015, sustained by weaker oil prices that will result in significantly reduced cash flows and for some, debt to EBITA ratios that violate credit covenants. This will in turn accentuate the decline of production and revenues. Some LTO plays (such as the Bakken) would then become a less attractive proposition as the cycle accentuates
Bakken economics are one of the most challenging of the LTO plays at sustained low oil prices due to the $7-10 discount between ND light sweet and WTI
Some companies are already diverting capital from the Bakken to other LTO plays with higher margins
PLG president, Taylor Robinson, spoke at the 96th Annual Meeting of the Transportation Research Board in Washington D.C. on January 8th, 2017. Mr. Robinson’s presentation featured an overview of the North American energy market including analysis of the impact of shale NGLs on the downstream, and the outlook for U.S. energy/petchem surface transportation over the next five years.
2019 Election| LNG| Natural Resources| Canada| August 2019paul young cpa, cga
Canada is one of the top exporters of Natural Gas
Canada lacks the LNG capacity to expand LNG exports
United States continues to expand its export market for its LNG - https://www.forbes.com/sites/judeclemente/2018/08/05/despite-trade-war-u-s-natural-gas-exports-booming-to-record-highs/#173faff614ea
Canada regulatory process will get messier if bill C-69 becomes law - https://www.bnnbloomberg.ca/video/what-bill-c-69-means-for-industry~1483271
A white paper/study authored by Katie Klaber of the Klaber Group (consultants). Klaber is the former president of the Marcellus Shale Coalition. The study details how small Pennsylvania companies can be successful in delivering new products and services to the oil and gas industry.
Mercer Capital's Value Focus: Energy Industry | Q1 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
An updated PowerPoint presentation summarizing CONSOL's second quarter 2016 operating and financial status. CONSOL has largely completed a transition from coal company to natural gas driller--focused on the Marcellus and Utica Shale region.
This is the first edition of the Deloitte Outlook for oilfield services. The forward-looking report is based on in-depth interviews with 12 executives of oilfield services companies. Its purpose is to obtain companies’ views of their current business environment and where they think the market is heading, both in the short and long term.
Is unconventional oil and gas a sustainable game changer?Energy Intelligence
Energy Intelligence's Executive Director and Oil & Money Conference chairman, Herman Franssen chairs "Is Unconventional Oil and Gas a sustainable Game Changer?"
Videos of this session will be available shortly on www.oilandmoney.com.
The ScottMadden Energy Industry Update – August 2014ScottMadden, Inc.
We are pleased to announce our Summer 2014 issue of the ScottMadden Energy Industry Update. This semi-annual publication offers our view of major events and emerging trends in the energy industry.
The energy and utility industries continue to anticipate and react to potential fundamental shifts in the 100+ year-old model of investment, regulation, and earnings. Policy and regulatory changes are big factors driving the design of the new landscape. For many of these changes, significant investment in existing and new infrastructure is needed across all parts of the energy value chain. And by the way, load growth is no longer, so investment and cost recovery are uncertain. Themed “I Feel the Earth Move under My Feet,” this issue surveys a broad array of strategic issues.
For more information, please visit www.scottmadden.com.
Oil & Gas ICT Leader 2017 - Day 1 April 19th Ray Bugg
The industry is changing: against a challenging backdrop with a ‘lower for longer’ economic forecast, Oil & Gas companies are turning to technology to modernise and improve their operations. This transformation has seen IT repositioned as a core business technology, drawn from a background support function to a crucial centre of value creation and innovation. This tectonic shift places IT leaders in a vital position within their organisation, ensuring existing assets and emerging technology are effectively harnessed to deliver tangible business outcomes.
Cost reduction is still the primary mandate for most organisations, with ongoing efforts to strip back overheads and address key areas of inefficiency to cope with tightening budgetary restraints. But while the pursuit of ‘more for less’ has become a fundamental necessity, it is important that the strategy employs sufficient safeguards to avoid stifling long term progress. Organisations need to retain the personnel, the skills and the tools to ensure they still have the capacity to innovate.
One of the most prevalent trends of recent years has been a concerted move towards greater automation. Organisations are increasingly incorporating sensors, robotics and live data feeds to enhanced remote operations. But this digitisation of process is not just taking place in far flung fields; across the operation, digital technologies are being applied to enable improved visibility and insight. And data analytics is increasingly being used to evaluate asset performance, and enhance predictability, forecasting and decision making.
Whilst operators have made strides to address inefficiencies and create faster, more agile processes, there are still several barriers to progress. Organisations need to adapt their structure, break down internal silos and allow more cohesive and collaborative engagement. This collaboration also needs to extend to the wider supply chain and external partners across the industry. Skills and leadership is also a key barrier to progress, while cultural inertia still poses a problem for the industry and needs to be tackled head-on if digital transformation ambitions are to be achieved.
This conference will bring together IT leaders from across the world for knowledge exchange, thought leadership and collaboration. Now in its 4th year, the conference has established itself as the must-attend event for IT leaders working in Oil & Gas. The programme will explore the use of Information Technology in driving tangible business benefits, with topics spanning: data analytics, cloud, cyber security, automation, leadership and culture.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Rocky Mountains Mineral Law Foundation- Mining Law Short Course in Westminster, CO
Explosive Growth in Frac Sand and Lithium- Lessons To Be Learned?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Colorado MPD 67th Annual Conference in Colorado Springs, CO.
A Primer re Gold Valuations & Development Costs and Private Equity's Role in ...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Annual Conference & Expo - CMA 117th National Western Mining Conference in Denver, CO.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME 4th Annual Current Trends in Mining Finance Conference in New York, NY.
The New Industry Paradigm: Industry Specialist Private Equity Investors as Dr...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME's 3rd Annual Current Trends in Mining Finance Conference in New York, NY.
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Petroleum Connection 5th Annual Frac Sand Supply & Logistics Conference in San Antonio, TX.
Will Point-To-Point Distribution Drive Sand Industry Consolidation?Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Houston, TX.
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Minneapolis, MN.
Coping with the new paradigm: What might the industry look like when it all ...Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 4th Frac Sand Conference in Minneapolis, MN.
Financing and Investment: Value Propositions and RefinancingCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 3rd Frac Sand Conference in Minneapolis, MN.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Frac Sand Insider 2016 Conference & Exhibition in La Crosse, WI.
Lithium and Frac Sands Have Attracted Investor Interest: What Are The Lessons?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 122nd Annual Conference in Reno, NV.
Development Stage Gold Companies Value Proposition TimelineCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 120th Annual Conference in Reno, NV.
Customer Contact Market Report
HIGHLIGHTS
Outsourcing still provides meaningful cost savings, representing roughly 20% of the total market with approximately 2.0 million outsourced agents located primarily in India and the Philippines.
Technology developments, vendor pruning, and consumer demand push providers to expand their product, service, and channel offerings.20
M&A activity expected to increase steadily in 2017 as corporate profits and consumer spending increases.
FCC onshoring initiatives continue to create jobs within big industry players via organic growth and acquisitions.19
Steady growth opportunities on a go-forward basis as the global customer contact management market is expected to grow to $81 billion by 2018 representing a CAGR of 6.1%.
U.S. based healthcare legislative changes and requirements will increase costs and complexity of compliance.
2015 YEAR IN REVIEW
Advancing technology and differentiation boost growth rates
2015 was an exciting year for the Customer Contact Management (CCM) industry, with huge strides in technology, automation, differentiation, and omni-channel diversification. Customers want to use the channel that most quickly solves their problems, including voice, chat, text, and social media. Corporate services expanded their technology offerings making large technological advances, as witnessed with Amazon's new Alexa -- a virtual assistant that can answer a wide variety of questions from weather to traffic. These technological advances around automation create a surge of efficiency and growth opportunities for CCM businesses. According to International Customer Management Institute (ICMI), nearly 55% of customers want an automated self-service experience, increasing efficiency and decreasing costs for businesses. In addition, 80% of companies plan to use customer service as a way to differentiate themselves from their competition.4
The latest issue of our Marketing and Advertising 2Q 2016 Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in marketing and advertising, is now available.
The latest issue of our 2Q 2016 Mobile Market Update, highlighting trends in M&A, financing, and capital markets for private and public companies in Mobile, is now available.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Energy Equipment & Services: Industry Insights & Happenings
1. 1
June 2016
E n e rg y E q u i p m e n t & S e r v i c e s
Industry Insights and Happenings
2. 2
Report Summary
INDUSTRY COMMENTARY
• Crude prices continue to dominate the industry’s outlook
–– Recent rally in prices driven by outages and strong crude demand have
led to projections for a potential bottoming in services activity
• 1Q results in the OFS space were downbeat, but management teams ex-
pressed optimism that a recovery is in its early stages and may begin to be
realized in 2017
–– Despite the rally in commodity prices, producers are largely prioritizing
balance sheet stabilization over incremental drilling activity
–– However, maintenance capital expenditures have remained relatively in-
sulated from spending cuts
• On the M&A front, the big news in May was the termination of the planned
Halliburton-Baker Hughes merger less than a month after the US DOJ sued
to block the transaction. HAL paid BHI a $3.5B termination fee
–– More generally, M&A activity seems to have picked up via PE-backed
restructurings
–– Cerberus-backed Keane acquired Trican’s US business for in excess of
30% of replacement cost
TABLE OF CONTENTS:
• Recent Transactions
• Articles We enjoyed
• Commodity Prices
• Rig Counts
• Public Comparables
CONTACTS:
Ted Kinsman
Managing Director
tkinsman@headwatersmb.com
(303) 572-6013
Samuel L. Hill
Managing Director
hill@headwatersmb. com
214.457.4832
Tim McEuen
Sr. Vice President
tmceuen@headwatersmb.com
(303) 962-5778
Luis Moya
Vice President
imoya@headwatersmb.com
214.814.5684
www.headwatersmb.com
% of High % of Low 6 Mos. Ago Current 2016E 2017P
Oilfield Services & Equpment
Large-Cap 74% 123% 8.5x 12.6x 18.1x 12.8x
Mid-and Small-Cap 35% 171% 4.5x 7.4x 6.6x 9.7x
Oil & Gas Equipment 72% 132% 6.2x 5.8x 11.6x 11.5x
Land Drillers 63% 163% 4.4x 3.7x 7.3x 13.1x
Power Services & Equpment
Large-Cap 86% 125% 10.5x 9.2x 10.3x 9.6x
Mid- and Small-Cap 91% 131% 11.3x 10.3x 11.3x 10.8x
Clean Tech and Solar 60% 135% 9.7x 15.6x 12.9x 7.6x
Infrastructure & Industrial Services
Large-Cap Infrastructure 84% 127% 6.4x 6.4x 6.3x 6.6x
Mid- and Small-Cap Infrastructure 83% 150% 7.3x 7.5x 8.9x 6.8x
Utility Services 73% 134% 6.7x 8.6x 8.0x 6.3x
Industrial Services 84% 119% 9.4x 7.6x 7.7x 7.4x
Forward Multiples
EV/EBITDA52-Week Perf.
LTM Multiples
EV/LTMEBITDA as of
Stock Performance
3. 3
Industry Update
RECENT TRANSACTIONS
Date Seller/Target Description Acquirer
May-16 Tercel Oilfield Products Designs and manufactures products for E&P drilling, completion, and
production operations
Rubicon Oilfield
International Holdings
Mar-16 Five Companies Combined OFS, transportation, and environmental operations of five
portfolio companies of CCNG Energy Partners LP
Guggenheim Capital
Funding LLC
Jan-16 Trican Well Service Ltd Provides pressure pumping and other general well and production
services
Keane Group Holdings
Jan-16 CC American Oilfield
LLC
Designs, manufactures, repairs and services oil and gas pressure vessels,
as well as fuel scrubbers, filter separators, production skids and other
wellsite equipment
CSE Global Ltd
Dec-15 Pioneer Energy Services Three non-walking SCR drilling rigs and one walking SCR drilling rig Undisclosed buyer
Dec-15 New Source Energy
Partners
Operates ~110 flowback tanks and 50 three-phase production units, and
provides services in the areas of drill outs, coil tubing, production and
flare jobs
Erick's Holdings LLC
Dec-15 EMAS Offshore Ltd Owns and operates three jack-up drilling rigs, FPSO Perisai Kamelia and
MOPU Rubicone, three anchor handling tug supply vessels, three anchor
handling tugs, three crew boats, and one derrick
Ezra Holdings Limited
Nov-15 Archer Limited Provides pressure pumping, directional drilling, pressure control and
wireline services
Quintana Energy Services
LP
Nov-15 Fluid Inclusion
Technologies Inc
Specializes in laboratory analysis of trapped fluids in rock material, and
advanced borehole gas analysis on drilling wells
Schlumberger Ltd
Nov-15 Ultra Fab Industries Ltd Designs and manufactures customized solutions and specialized
chemical injection systems for use in unconventional drilling
Ecolab Inc
Oct-15 Fraser Hydraulic Power
Ltd
Designs and builds systems for laying subsea cables and umbilicals with
tracked engines and tensioners
Royal IHC
Oct-15 CWC Energy Services Specializes in well testing and other non-core production services Undisclosed buyer
Oct-15 Digital Petrodata LLC Provides customized integrated GIS data and cloud solutions to the oil
and gas industry
TGS-NOPEC Geophysical
Company
Oct-15 Spectraseis Inc Offers microseismic fracture monitoring and stimulation evaluation
services, including real time monitoring, fracture mapping and
microseismic interactive data archiving
Spectris plc
Oct-15 Hybrid Tool Solutions
LLC
Provides frac plug drill outs, stick pipe drill outs and tube ups solutions
in the Marcellus Shale, Utica Shale and Midcontinent regions
Hastings Equity Partners
LLC
4. 4
M&A Report 1Q 2016 | Add-Ons Hit Record Level
As PE firms have looked lower in the value chain to find plat-
form deals, add-ons have continued to make up a larger and
larger share of buyouts, climbing consecutively each. As PE
firms have looked lower in the value chain to find platform
deals, add-ons have continued to make up a larger and larg-
er share of buyouts, climbing consecutively each of the last
7 years and now up to 59.1% in the recent quarter. Median
deal size of add-on acquisitions nearly halved in the quarter to
$35.3 million, on the low side of recent history, again speaking
to a shift from GPs to hunt for smaller deals they can combine
to build well-rounded companies.
Pitchbook | M&A Report 1Q 2016
Residential Solar | In Search of Sustainable Funding
Model
The residential solar industry has deployed various funding
strategies, from tax equity structures to solar securitizations.
As the largest players are gaining scale, the next logical step
is the monetization of their equity stake in the portfolio of
assets, and we think that it is coming. With the public market
for Yieldco type structures in flux, we think residential solar
players will try to go down a different path and monetize the
assets by selling them to private investors, in transactions sim-
ilar to SCTY’s John Hancock asset sale.
Guggenheim Securities | Residential Solar: Value Creation
Through Cost Management
Oilfield Services | Labor & Attrition to Inhibit Shale
Recovery
We continue to espouse our view that the shale recovery will
take longer than most anticipate. This notion is grounded on
a few simple premises; 1) Attrition is underestimated within
the services sector and 2) labor constraints will delay the in-
dustry’s ability to ramp up production. When activity picks up,
ready-to-go equipment will be in relatively short supply and
the companies that have maintained their equipment despite
the elevated costs will have an early mover advantage. E
J.P. Morgan | Oil Services & Equipment, 1Q Earnings: Thoughts
and Observations
Onshore Equipment | Order Metrics Signaling the
Turn?
With the market valuing stocks on through-cycle earnings
potential, order metrics have returned to precedence over
operating results (particularly margin profile). The ~20% q/q
improvement in onshore orders and relatively steady ~0.75-
1.0x book:bill suggest backlog deflation is approaching equilib-
rium, though we note the relatively low base of both orders
and outbound revenue from backlog recognition contribut-
ing to these “healthy” metrics. Customer conversations have
picked up and E&P guidance suggests potential for incremen-
tal spending in 2H16…
Evercore ISI | Global Oilfield Services, Equipment & Drilling
Monthly: May 2016
Oil Services & Equipment | Investment Thesis
With earnings revisions still risked to the downside for 2017
and 2018, we believe it is too early to invest in the group. A
(sustained) oil price rally is a predicate for any improvement
in oil services fundamentals, and history indicates a 1-2 quar-
ter lag in E&P activity is likely (therefore pushing the recovery
to 2017), though we suspect the market could be tryingto an-
ticipate the ramp now.
J.P. Morgan | Oil Services & Equipment, 1Q Earnings: Thoughts
and Observations
ARTICLES WE ENJOYED
5. 5
1 Year WTI and Henry Hub Prices
Source: Capital IQ
COMMENTARY:
• DOE data show improving fundamentals: strong demand
and a continued reduction in domestic supply
- Cushing unexpectedly added inventory for the fifth
time in seven weeks, but overall crude stocks drew
down ~900k bbls, less than expected
- US production fell for a 12th straight week to ~8.7m
bbl/day
- Implied US gasoline demand reached an all-time
record, very early in the calendar year, although re-
fined product gluts remain
- Refiner demand increased ~200k bbl/day
• Near-term prices continue to be supported by wildfire-re-
lated outages in Alberta (estimated to disrupt ~1m bbl/
day) and political unrest in Venezuela, Nigeria, and Algeria
• On the trading side, Brexit anxiety dominated markets this
week, and the dollar strengthened considerably against
the pound and the euro, causing a decline in WTI despite
a favorable supply/demand forecast from the EIA
- Producers and funds both largely remained on the
sidelines, with net hedge length remaining virtually
unchanged
COMMODITY PRICE UPDATE
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
Jun-15
Jul-15
Jul-15
Aug-15
Aug-15
Aug-15
Sep-15
Sep-15
Oct-15
Oct-15
Nov-15
Nov-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Feb-16
Feb-16
Mar-16
Mar-16
Apr-16
Apr-16
May-16
May-16
Jun-16
Jun-16
Crude (left) Natural Gas (right)
7. 7
Public Comparables
LARGE-CAP OILFIELD SERVICES
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Oilfield Services
Schlumberger Limited $109,711 $116,793 5% (10%) 89% 132% 8.3x 8.2x 13.4x 17.7x 14.4x
Halliburton Company $38,370 $44,108 8% 1% 96% 161% 6.2x 7.0x 12.8x 21.6x 13.3x
Baker Hughes Incorporated $20,407 $22,262 4% (25%) 74% 124% 7.3x 8.8x 16.0x na 14.6x
Weatherford International plc $5,544 $12,138 23% (53%) 46% 131% 7.0x 9.9x na na 12.9x
Min 4% (53%) 46% 124% 6.2x 7.0x 12.8x 17.7x 12.9x
Median 6% (18%) 81% 132% 7.2x 8.5x 13.4x 19.6x 13.9x
Max 23% 1% 96% 161% 8.3x 9.9x 16.0x 21.6x 14.6x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Large-Cap Oilfield Services -19.1% S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Large-Cap Oilfield Services -25.4% S&P 500 +64.7%
10-year avg: 9.7x
13.1x
10.6x
9.4x
6.4x
11.4x
10.8x
6.8x
8.1x
9.5x
7.6x
13.3x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
8. 8
Market Data
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP OILFIELD SERVICES
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Oilfield Services
Superior Energy Services, Inc. $2,933 $3,988 20% (8%) 90% 235% 4.1x 4.6x 16.7x na 14.2x
TETRA Technologies, Inc. $526 $1,341 12% (6%) 62% 126% 12.1x 7.7x 6.8x 10.5x 7.0x
Ensign Energy Services Inc. $1,097 $1,786 na (41%) 57% 152% 4.5x 5.0x 6.6x 10.0x 8.5x
Calfrac Well Services Ltd. $405 $1,201 na (56%) 42% 330% 4.5x 7.2x na na 19.2x
Basic Energy Services, Inc. $81 $1,023 1% (74%) 24% 124% 4.2x 8.4x na na 24.8x
Key Energy Services Inc. $39 $849 (16%) (86%) 12% 139% 14.6x na na na 16.6x
Trican Well Service Ltd. $428 $698 na (45%) 49% 657% 6.5x 10.0x na na 13.8x
Min (16%) (86%) 12% 124% 4.1x 4.6x 6.6x 10.0x 7.0x
Median 6% (45%) 49% 152% 4.5x 7.4x 6.8x 10.2x 14.2x
Max 20% (6%) 90% 657% 14.6x 10.0x 16.7x 10.5x 24.8x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Mid-Cap Oilfield Services -32.5% S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Mid-Cap Oilfield Services -71.8% S&P 500 +64.7%
10-year avg: 9.1x
10.5x
6.8x 7.3x
5.4x
12.3x
9.2x
5.9x
7.8x
10.0x
8.1x
17.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
9. 9
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
OIL & GAS EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Oil & Gas Equipment
National Oilwell Varco, Inc. $13,450 $15,070 13% (27%) 72% 139% 4.7x 5.2x 11.9x na 24.1x
FMC Corp. $6,452 $8,488 2% (13%) 87% 150% 13.3x 9.8x 13.1x 12.2x 11.0x
Oil States International Inc. $1,691 $1,738 3% (15%) 83% 153% 5.2x 5.2x 13.5x na 22.7x
Dril-Quip, Inc. $2,302 $1,878 2% (19%) 78% 124% 7.3x 6.3x 7.3x 11.7x 18.6x
Min 2% (27%) 72% 124% 4.7x 5.2x 7.3x 11.7x 11.0x
Median 2% (17%) 81% 144% 6.2x 5.8x 12.5x 12.0x 20.7x
Max 13% (13%) 87% 153% 13.3x 9.8x 13.5x 12.2x 24.1x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Oil& Gas Equipment -17.1% S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Oil& Gas Equipment -23.9% S&P 500 +64.7%
10-year avg: 9.1x
11.5x
9.5x
8.7x
5.7x
8.6x
10.7x
9.8x
10.8x
9.9x
6.7x
8.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
10. 10
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LAND DRILLERS
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Land Drillers
Nabors Industries Ltd. $2,983 $6,351 32% (25%) 72% 215% 4.5x 4.6x 9.3x 11.2x 9.7x
Helmerich & Payne, Inc. $7,343 $6,932 15% (8%) 93% 167% 4.4x 3.7x 8.4x 15.9x 18.4x
Patterson-UTI Energy Inc. $3,110 $3,764 22% 6% 95% 193% 3.7x 3.6x 8.3x 19.9x 15.4x
Precision Drilling Corporation $1,982 $3,549 na (19%) 79% 198% 6.1x 6.2x 13.8x 13.9x 11.2x
Pioneer Energy Services Corp. $279 $648 45% (32%) 64% 455% 3.1x 3.0x 8.5x na 11.6x
Min 15% (32%) 64% 167% 3.1x 3.0x 8.3x 11.2x 9.7x
Median 27% (19%) 79% 198% 4.4x 3.7x 8.5x 14.9x 11.6x
Max 45% 6% 95% 455% 6.1x 6.2x 13.8x 19.9x 18.4x
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Land Drillers -34.3% S&P 500 +64.7%
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Land Drillers -8.6% S&P 500 -1.0%
10-year avg: 5.9x
7.0x
4.7x
5.7x
4.2x
8.5x
7.5x
4.4x
5.3x
6.1x
4.2x
6.7x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
11. 11
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP POWER SERVICES &
EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Power Services & Equipment
Siemens Aktiengesellschaft $77,768 $93,432 3% (0%) 95% 124% 9.6x 9.0x 10.8x 9.4x 8.4x
Honeywell International Inc. $92,456 $100,044 4% 11% 99% 135% 11.6x 10.2x 12.7x 11.9x 11.0x
ABB Ltd. $44,408 $46,035 0% (1%) 98% 129% 9.8x 8.6x 10.3x 9.9x 8.9x
Schneider Electric SE $33,414 $38,004 2% (12%) 86% 127% 12.6x 9.3x 9.7x 9.5x 8.9x
Emerson Electric Co. $34,194 $38,166 5% (9%) 92% 129% 8.9x 7.7x 9.5x 9.9x 9.5x
Eaton Corporation plc $28,491 $36,571 3% (12%) 88% 134% 11.2x 9.5x 11.1x 11.0x 10.6x
Min 0% (12%) 86% 124% 8.9x 7.7x 9.5x 9.4x 8.4x
Median 3% (5%) 94% 129% 10.5x 9.2x 10.5x 9.9x 9.2x
Max 5% 11% 99% 135% 12.6x 10.2x 12.7x 11.9x 11.0x
0%
50%
100%
150%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Large-Cap Power Services &Equipment +0.5%
S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Large-Cap Power Services &Equipment +28.8%
S&P 500 +64.7%
10-year avg: 9.7x
9.8x
10.9x
8.6x
7.3x
9.7x
9.2x 9.0x
10.9x 10.9x
10.1x 9.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
12. 12
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP POWER SERVICES & EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Power Services & Equipment
Ametek Inc. $10,910 $12,741 (2%) (15%) 80% 108% 13.1x 12.8x 11.9x 12.1x 11.4x
Hubbell Inc. $5,611 $6,267 (3%) (8%) 91% 126% 10.4x 8.6x 10.5x 10.8x 10.1x
Valmont Industries, Inc. $3,130 $3,503 4% 11% 93% 148% 8.3x 7.6x 11.2x 10.0x 9.6x
Littelfuse Inc. $2,634 $2,734 8% 19% 94% 141% 12.2x 10.9x 14.0x 12.2x 10.7x
AZZ incorporated $1,552 $1,838 5% 14% 97% 132% 9.8x 9.6x 10.8x 11.0x 9.9x
Badger Meter Inc. $1,055 $1,106 (0%) 13% 92% 140% 15.1x 14.7x 15.9x 16.0x 14.2x
ESCO Technologies Inc. $1,039 $1,099 5% 5% 97% 128% 12.9x 12.1x 12.5x 11.0x 9.5x
Thermon Group Holdings, Inc. $679 $688 12% (12%) 81% 148% 9.8x 9.4x 11.1x 10.9x 11.0x
Min (3%) (15%) 80% 108% 8.3x 7.6x 10.5x 10.0x 9.5x
Median 4% 8% 93% 136% 11.3x 10.3x 11.5x 11.0x 10.4x
Max 12% 19% 97% 148% 15.1x 14.7x 15.9x 16.0x 14.2x
0%
50%
100%
150%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Mid-Cap Power Services & Equipment +3.2%
S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Mid-Cap Power Services & Equipment +81.5%
S&P 500 +64.7%
10-year avg: 10.9x
11.9x 12.1x
10.7x
9.3x
10.1x 9.6x
10.7x
11.6x 11.6x 11.3x 11.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
13. 13
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
ENERGY EFFICIENCY & CLEANTECH
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Energy Efficiency & CleanTech
SolarCity Corporation $1,966 $4,857 (34%) (68%) 32% 123% (23.2x) (15.4x) (8.8x) (8.1x) (9.3x)
Itron, Inc. $1,550 $1,791 2% 12% 95% 146% 9.7x 12.4x 13.6x 9.2x 8.3x
Silver Spring Networks, Inc. $665 $540 (11%) (4%) 80% 135% (18.2x) 18.9x 12.2x 31.2x 16.3x
Ameresco, Inc. $213 $408 (2%) (38%) 57% 117% 12.2x 10.5x 9.2x 7.6x 6.7x
OPOWER, Inc. $589 $528 40% (9%) 79% 194% (10.0x) (10.3x) (14.5x) (57.4x) 184.7x
Sunworks, Inc. $45 $42 (19%) (57%) 43% 111% 218.8x 22.3x 14.2x 6.0x 3.8x
EnerNOC, Inc. $192 $199 (1%) (31%) 60% 232% 5.8x (4.8x) (4.4x) (5.7x) (10.7x)
Min (34%) (68%) 32% 111% (23.2x) (15.4x) (14.5x) (57.4x) (10.7x)
Median (2%) (31%) 60% 135% 5.8x 10.5x 9.2x 6.0x 6.7x
Max 40% 12% 95% 232% 218.8x 22.3x 14.2x 31.2x 184.7x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Energy Efficiency & CleanTech -1.7% S&P 500 +1.9%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Energy Efficiency & CleanTech -40.7% S&P 500 +66.6%
10-year avg: 24.8x
13.9x
23.8x
16.3x
44.3x
40.7x
11.0x
19.0x
48.5x
12.3x
31.1x
12.2x
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
60.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
14. 14
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Infrastructure Services
Chicago Bridge & Iron Company N.V. $3,898 $5,729 3% (37%) 62% 118% 5.5x 4.9x 4.9x 5.6x 5.8x
Fluor Corporation $6,966 $6,792 (5%) (15%) 84% 127% 5.4x 4.4x 6.3x 6.6x 6.6x
Jacobs Engineering Group Inc. $6,061 $6,034 16% 12% 97% 142% 7.2x 6.4x 8.8x 9.2x 8.4x
SNC-Lavalin Group Inc. $7,757 $6,779 10% na 99% 144% 9.6x 12.2x 10.5x 10.9x 9.5x
KBR, Inc. $2,002 $1,238 (4%) (24%) 68% 121% (59.2x) 16.9x 3.5x 4.2x 4.4x
Min (5%) (37%) 62% 118% (59.2x) 4.4x 3.5x 4.2x 4.4x
Median 3% (19%) 84% 127% 5.5x 6.4x 6.3x 6.6x 6.6x
Max 16% 12% 99% 144% 9.6x 16.9x 10.5x 10.9x 9.5x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Large-Cap InfrastructureServices -6.0% S&P 500 +1.9%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Large-Cap InfrastructureServices -7.4% S&P 500 +66.6%
10-year avg: 10.9x
16.5x
18.1x
15.0x
6.9x 7.2x
9.1x
7.3x
10.1x 10.8x
12.0x
7.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
15. 15
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Infrastructure Services
Amec Foster Wheeler plc $1,768 $2,728 1% (47%) 52% 141% 13.9x 10.7x 7.6x 7.9x 7.8x
Tutor Perini Corporation $1,164 $1,899 11% 0% 100% 232% 6.9x 8.0x 11.1x 6.7x 6.2x
Granite Construction Incorporated $1,735 $1,511 8% 16% 90% 154% 9.3x 7.2x 9.5x 8.4x 6.7x
Primoris Services Corporation $1,001 $1,166 (10%) (2%) 77% 121% 6.2x 8.3x 8.4x 6.6x 5.7x
Aecon Group Inc. $1,008 $1,132 na 41% 98% 171% 6.6x 7.4x 7.7x 6.4x 5.9x
Great Lakes Dredge & Dock Corporation $291 $642 13% (20%) 78% 162% 9.4x 7.1x 7.5x 6.9x 5.7x
Willbros Group Inc. $182 $221 (6%) 84% 85% 430% na na na 12.1x 7.4x
Orion Group Holdings, Inc. $144 $260 10% (28%) 68% 162% 7.3x 7.5x 11.1x 4.9x 4.3x
Min (10%) (47%) 52% 121% 6.2x 7.1x 7.5x 4.9x 4.3x
Median 8% (1%) 81% 162% 7.3x 7.5x 8.4x 6.8x 6.1x
Max 13% 84% 100% 430% 13.9x 10.7x 11.1x 12.1x 7.8x
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Mid-Cap Infrastructure Services -11.4% S&P 500 -1.0%
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Mid-Cap Infrastructure Services -1.9% S&P 500 +64.7%
10-year avg: 10.9x
21.6x
19.0x
8.5x
5.2x
6.8x
9.4x
11.1x 10.4x 10.4x
9.0x 8.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
16. 16
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
UTILITY SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Utility Services
Quanta Services, Inc. $3,549 $3,802 3% (23%) 77% 140% 8.7x 8.8x 8.3x 6.6x 6.0x
MasTec, Inc. $1,951 $2,960 6% 10% 96% 190% 6.7x 8.6x 13.0x 7.0x 6.3x
MYR Group, Inc. $451 $426 2% (19%) 75% 134% 6.3x 5.6x 5.6x 5.7x 5.2x
Min 2% (23%) 75% 134% 6.3x 5.6x 5.6x 5.7x 5.2x
Median 3% (19%) 77% 140% 6.7x 8.6x 8.3x 6.6x 6.0x
Max 6% 10% 96% 190% 8.7x 8.8x 13.0x 7.0x 6.3x
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Utility Services +18.9% S&P 500 +64.7%
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Utility Services -10.2% S&P 500 -1.0%
10-year avg: 9.7x
15.6x 15.6x
11.5x
9.0x 8.4x
9.1x
8.1x 7.6x 7.6x
6.8x
7.6x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
17. 17
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
INDUSTRIAL SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Industrial Services
EMCOR Group Inc. $2,962 $2,881 6% (0%) 93% 118% 8.4x 7.8x 7.9x 7.8x 7.0x
Bilfinger SE $1,265 $1,388 (24%) (13%) 63% 102% 8.5x 6.2x 6.1x 5.4x 5.6x
Team, Inc. $806 $1,155 8% (34%) 57% 126% 10.3x 8.6x 16.1x 9.6x 7.8x
Aegion Corporation $649 $907 (1%) 3% 86% 121% 6.9x 6.2x 7.7x 7.5x 6.4x
Mistras Group, Inc. $747 $833 3% 24% 94% 197% 11.1x 7.4x 11.7x 9.9x 9.4x
Matrix Service Company $426 $357 (0%) (14%) 61% 114% 13.7x 13.3x 4.9x 5.7x 4.5x
Min (24%) (34%) 57% 102% 6.9x 6.2x 4.9x 5.4x 4.5x
Median 1% (7%) 75% 120% 9.4x 7.6x 7.8x 7.6x 6.7x
Max 8% 24% 94% 197% 13.7x 13.3x 16.1x 9.9x 9.4x
0%
50%
100%
150%
200%
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
IndustrialServices +22.5% S&P 500 +64.7%
0%
20%
40%
60%
80%
100%
120%
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
IndustrialServices -6.3% S&P 500 -1.0%
10-year avg: 9.3x
12.8x
11.5x
9.5x
7.8x
7.3x
7.9x 8.0x
9.3x
10.0x
9.4x 9.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
18. 18
Recent Successes
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
WE ACTED AS SOLEADVISORTO THESELLER
A PORTFOLIO COMPANY OF
TO BE COMBINED WITH
HAS BEEN ACQUIRED BY
WE ACTED AS SOLEADVISORTO THECOMPANY
HAS SECURED SENIOR TERM
FINANCING
$6,300,000
Oilfield Services
Fuel Distribution
Transaction Type:
Sale of Subsidiary
Buyer Description
PE-backed strategic
Oilfield Services
Waste & Container Solutions
Transaction Type:
Private sale
Buyer Description
PE-backed strategic
Industrial/OFS
Industrial tools and lighting
Transaction Type:
PE Sale
Buyer Description
Private Equity
Oil & Gas
Offshore E&P
Transaction Type:
Capital Raise
Buyer Description
Institutional Investor
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
Energy Equipment & Services Update
Energy Equipment & Services Transactions Currently in Market
Testing/
diagnostic service
provider serving
the oil & gas,
power, and
petrochem
sectors.
Closing expected
3Q16.
Equipment Rental and
Technical/Diagnostic
Services
Oilfield Services
Project
Blue
SOLE ADVISOR TO THE SELLER
Capabilities and Experience
M&A Capital Formation Project Finance
– Sell-side advisory
– Buy-side advisory
– Strategic alternatives
– Debt / Equity / Mezz
– Recapitalization
– Restructuring
– Infrastructure development
– Construction/term finance
The professionals in Headwaters Energy & Services practice have collectively closed more than $10 billion in
transactions across the upstream, midstream, downstream, services, and P&U sectors. This experience helps our team
understand market dynamics and consistently achieve outlier results for our clients.
Landman Services and
Proprietary Land
Management Software
Oilfield Services
Project
Purple
SOLE ADVISOR TO THE SELLER
Residential Solar
Installation
Power Services
Project
Orange
SOLE ADVISOR TO THE SELLER
Landman services
and land
management
software for use
in O&G
exploration.
Closing expected
4Q16.
Residential and
commercial solar
panel distribution
and installation
services.
Closing expected
4Q16.
Energy Equipment & Services Update
Energy Equipment & Services Transactions Currently in Market
Testing/
diagnostic service
provider serving
the oil & gas,
power, and
petrochem
sectors.
Closing expected
3Q16.
Equipment Rental and
Technical/Diagnostic
Services
Oilfield Services
Project
Blue
SOLE ADVISOR TO THE SELLER
Capabilities and Experience
M&A Capital Formation Project Finance
– Sell-side advisory
– Buy-side advisory
– Strategic alternatives
– Debt / Equity / Mezz
– Recapitalization
– Restructuring
– Infrastructure development
– Construction/term finance
The professionals in Headwaters Energy & Services practice have collectively closed more than $10 billion in
transactions across the upstream, midstream, downstream, services, and P&U sectors. This experience helps our team
understand market dynamics and consistently achieve outlier results for our clients.
Landman Services and
Proprietary Land
Management Software
Oilfield Services
Project
Purple
SOLE ADVISOR TO THE SELLER
Residential Solar
Installation
Power Services
Project
Orange
SOLE ADVISOR TO THE SELLER
Landman services
and land
management
software for use
in O&G
exploration.
Closing expected
4Q16.
Residential and
commercial solar
panel distribution
and installation
services.
Closing expected
4Q16.
Recent Successes
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
WE ACTED AS SOLEADVISORTO THESELLER
A PORTFOLIO COMPANY OF
TO BE COMBINED WITH
HAS BEEN ACQUIRED BY
WE ACTED AS SOLEADVISORTO THECOMPANY
HAS SECURED SENIOR TERM
FINANCING
$6,300,000
Oilfield Services
Fuel Distribution
Transaction Type:
Sale of Subsidiary
Buyer Description
PE-backed strategic
Oilfield Services
Waste & Container Solutions
Transaction Type:
Private sale
Buyer Description
PE-backed strategic
Industrial/OFS
Industrial tools and lighting
Transaction Type:
PE Sale
Buyer Description
Private Equity
Oil & Gas
Offshore E&P
Transaction Type:
Capital Raise
Buyer Description
Institutional Investor
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
ENERGY EQUIPMENT & SERVICES UPDATE
Testing/ diagnostic
service provider serving
the oil & gas, power,
and petrochem sectors.
Closing expected 3Q16.
Landman services and
land management
software for use in
O&G exploration.
Closing expected 4Q16.
Residential and
commercial solar panel
distribution and
installation services.
Closing expected 4Q16.
WE ACTED AS SOLE ADVISOR TO THE SELLER
H A S B E E N A C Q U I R E D B Y
WE ACTED AS SOLE ADVISOR TO THE SELLER
A P O R T F O L I O C O M PA N Y O F
H A S B E E N A C Q U I R E D B Y
T O B E C O M B I N E D W I T H
WE ACTED AS SOLE ADVISOR TO THE SELLER
H A S B E E N A C Q U I R E D B Y
A P O R T F O L I O C O M PA N Y O F
SENIOR TERM NOTE
WE ACTED AS SOLE ADVISOR
19. 19
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and
acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any security. Any reference
to or omission of any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take any other action
with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter.
The newsletter is published solely for the general information of clients and friends of Headwaters MB, LLC. It does not take into account the particular
investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give
rise to substantial risk and are not suitable for all investors. This newsletter is based upon information that we consider reliable, but we do not represent
that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown
risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this news-
letter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request.
The companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisionsto include any company in this newsletter is unrelat-
ed in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or reproduced in any form,
or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal advice.
About Headwaters MB:
Headwaters MB is an independent, middle-market investment banking firm providing strategic merger and
acquisition, corporate finance, and merchant banking services through proprietary sources of capital. Named
“Investment Bank of the Year” by the M&A Advisor in 2014, Headwaters MB is headquartered in Denver, CO,
with six regional offices across the United States and partnerships with 18 firms covering 30 countries. For
more information, visit www.headwatersmb.com
To learn more about how the Headwaters MB team can help you grow
from opportunities in the Energy Equipment & Services sector, please
contact:
Ted Kinsman | Managing Director
Energy Equipment & Services
303.572.6013 tkinsman@headwatersmb.com
Tim McEuen | Sr. Vice President
Energy Equipment & Services
303.962.5778 tmceuen@headwatersmb.com
Samuel L. Hill | Managing Director
Energy Equipment & Services
214.457.4832 hill@headwatersmb.com
Luis Moya | Vice President
Energy Equipment & Services
214.814.5684 lmoya@headwatersmb.com