Oil & Gas Update. December 2014 Oil & Gas Update

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2 Trending 1 News Oil Companies Seen Cutting Spending 25% in 2015 Due to Falling Crude Prices Bakken E&P Slashes Budget for the Second Time in Two Months; 2015 Rig Count and Well Costs Under Pressure Saudis to Non-OPEC Producers: Cut Your Own Output, We re Good EIA, Analyst: U.S. Crude Production Strong, Despite Rig Count Decline Introduction to GA GA is a leading provider of appraisal services to the Oil and Gas ( O&G ) sector. When a reliable valuation is required, our industry experts are there to assist private equity groups, investment and commercial banks, finance companies, as well as oilfield service companies across the U.S. and Canada. GA has built a quality team to deliver both tangible and intangible valuations across the O&G platform. Recently appraised assets include: Compression Equipment Drilling & Well Service Equipment Frac Tank Rental/Manufacturing Well Logging Tools Pipeline Equipment Pressure Pumping Units Rental Tools Transportation Assets Wire Line Services Saltwater Disposal Wells Valves Tubular Goods Contact Us Robert Callaway Head of Oil & Gas Great American Group (972) rcallaway@greatamerican.com Drew Jakubek Managing Director Great American Group (214) djakubek@greatamerican.com 1

3 Commodity 2 Prices Rig Count For the week of December 19, 2014, drilling rigs turning totaled 1,875, which represented a decrease of 18 units from the prior week. Land-based rigs decreased by 15 to 1,805 rigs, while the Inland Waters rig count was down one unit and the Offshore rig count was down by two units. Week-over-week, Oil rigs were down by 10 to 1,536 rigs, while the Gas rig count was down by eight. The number of Directional rigs decreased one unit to 195 rigs, Horizontal rigs were down by 11 to 1,356, and Vertical drilling rigs decreased by six to 324. Rigs in the Permian Basin were down by nine to 539, and the Eagle Ford Basin increased by two to 206 rigs. The Williston Basin was down seven to 181, and the Marcellus Basin count was down one rig to 82. 2

4 Wells 3 Started Wells added in the Permian Basin in the third quarter of 2014 was up to 2,701, approximately 20 more than in the second quarter of 2014, and up 350 from the same period in The Eagle Ford Shale added 1,168 wells in the third quarter, and the Williston Basin (home to the Bakken Shale) posted an incremental 713 additional wells. The Marcellus Basin added 525, relatively unchanged from the growth rate in the previous quarter. Barnett Shale activity was flat relative to last quarter, posting 264 additional wells again in the third quarter. 3

5 Texas 4 Drilling Activity The drilling rig count in Texas averaged 904 rigs turning for the month of November 2014 and 879 for December. The current rig count is 868 as of December 19. The Railroad Commission reported approved well completions for the November to be 1,991. Note that these included those that were approved as opposed to submitted. New permits filed in November totaled 1,476, compared to 2,033 in October. While it is easy to assume this is the result of low oil prices, there is certainly a seasonal effect witnessed this time in previous years. In November 2013, there were 1,879 permits submitted, compared to 2,318 in October of that year. In 2012, a similar occurrence passed from November to December. Changes in the completion and permitting activities in the first quarter of 2015 will give a much clearer indication of how things will play out in the coming year. 4

6 Drilling 5 Rig Day Rates While there is about a six-week lag when the data is reported, the below day rate pricing showed steady demand for rigs of all classes in October. We fully expect a reduction in demand as a result of low oil prices, which would be reflected by lower day rates in those respective rig classes or geographic regions. 5

7 Well 6 Service Rigs Well service rig counts as of November are shown above by region. The service rig count in the Permian Basin was down 11 to 692 on a month-over-month basis. The Rockies were down 11 rigs to 349. The Midcontinent was up two rigs to 219. The Texas Gulf Coast ended the month at 216, down by one rig. The ArkLaTex region ended at 141, down two units and the Eastern U.S. was down one to 83. 6

8 Drilling 7 Activity Trends According to RigData s survey dated December 12, drillers are preparing for cuts in day rates as a result of the collapse in oil pricing. Roughly a third of drilling contractors expect volumes to drop during the next six months. Almost 40% of those polled expressed deep uncertainty about work volumes and the inability to predict activity during the next six months. A bout 20% thought volumes would remain steady and 10% felt they may increase. Around 55% expect day rates to decrease during the first half of The remaining 45% thought rates would remain the same. None of those surveyed thought rates would increase. Of the 31 contractors surveyed, 26 stated that leading-edge day rates over the past three months remained the same. A few in the Rockies, Permian Basin, and South Texas said rates had already moved downward in that same period. Around 45% said dialing operating costs were down specifically due to lower fuel costs. About 13% said margins were being compressed and several others stated they expected thinner margins in the coming months. Natural Gas Storage Working gas in storage was 3,295 Bcf as of December 12, 2014, according to EIA estimates. This represents a net decline of 64 Bcf from the previous week. Stocks were six Bcf higher than last year at this time and 258 Bcf below the five-year average of 3,553 Bcf. In the East Region, stocks were 162 Bcf below the five-year average following net withdrawals of 55 Bcf. Stocks in the Producing Region were 83 Bcf below the five-year average of 1,182 Bcf after a net withdrawal of 10 Bcf. Stocks in the West Region were 13 Bcf below the five-year average after a net addition of one Bcf. At 3,295 Bcf, total working gas is within the five-year historical range. 7

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