Oil & Gas Report Q4 2017

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Strategic92%

Financial8%

17

6 10

40

- - 5

10 15 20 25 30 35 40 45

Midstream Oil &Gas

Refining &Marketing

Equipment &Services

Exploration &Production

Integrated Oil &Gas

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA12/20/2017 Cabot Oil & Gas Corp. (Eagle Ford Shale) Venado Oil & Gas LLC Exploration & Production 765.00 - -

12/15/2017 CONE Gathering LLC CNX Gas Co. LLC Midstream Oil & Gas 610.00 - -

12/12/2017 Saddle Butte Rockies Midstream LLC Flatrock Energy Advisors LLC Midstream Oil & Gas 625.00 - -

12/11/2017 Forge Energy LLC (Permian Assets) Oasis Petroleum, Inc. Exploration & Production 946.16 - -

12/5/2017 Fifth Creek Energy Operating Co. LLC Bill Barrett Corp. Exploration & Production 649.00 - -

11/21/2017 Talos Energy LLC Stone Energy Corp. Exploration & Production 1,212.34 - -

11/13/2017 Marathon Petroleum Corp. (2 Subsidiaries) MPLX LP Midstream Oil & Gas 8,100.00 - -

11/8/2017 Alon USA Partners LP Delek US Holdings, Inc. Refining & Marketing 1,040.63 0.50x 6.63x

11/8/2017 Tesoro Refining & Marketing Co. LLC (Anacortes

Assets)

Andeavor Logistics LP Midstream Oil & Gas 445.00 - -

11/1/2017 Southcross Energy Partners LP American Midstream Partners LP Exploration & Production 614.34 0.94x 10.63x

11/1/2017 Armstrong Energy LLC (3 Assets) Oil Search Ltd. Exploration & Production 400.00 - -

10/16/2017 Elizabethtown Gas Co. South Jersey Industries, Inc. Midstream Oil & Gas 1,690.00 - -

10/6/2017 Carrizo Oil & Gas Inc (Marcellus Shale Play Assets) Kalnin Ventures LLC Exploration & Production 228.75 - -

10/2/2017 Medallion Gathering & Processing LLC Global Infrastructure Management

LLC

Equipment & Services 1,825.00 - -

10/2/2017 Delta House FPS LLC American Midstream Partners LP Exploration & Production 809.03 - -


Financial Buyer Inv. Date Select Corporate Acquisitions12/12/2017 ▪ Warren Resources Inc (Northeast Marcellus Shale)10/6/2017 ▪ Carrizo Oil & Gas Inc (Marcellus Shale Play Assets)10/6/2017 ▪ Reliance Marcellus II LLC (Marcellus Shale Play Assets)3/20/2017 ▪ Radler 2000 LP (Marcellus Shale Assets)1/17/2017 ▪ Chief Exploration & Development LLC (Marcellus Shale Assets)

12/7/2017 ▪ WPX Energy Inc (San Juan Basin Legacy Gas Assets)9/14/2017 ▪ Olympic Pipe Line Co.7/11/2017 ▪ 2 Subsidiaries of Halcon Energy Properties, Inc.2/9/2017 ▪ Axeon Marketing LLC11/1/2016 ▪ Delta House FPS, LLC

12/7/2017 ▪ Linn Energy, Inc. (Williston Basin)9/12/2017 ▪ Oil & Natural Gas Assets from Chevron USA, Inc.7/18/2016 ▪ Sabinal Energy, LLC4/11/2016 ▪ Phoenix Natural Resources, LLC1/13/2016 ▪ Invictus Energy LLC

8/16/2017 ▪ Alta Mesa Holdings LP8/16/2017 ▪ Kingfisher Midstream LLC7/7/2016 ▪ Centennial Resource Development, Inc.11/28/2015 ▪ Rover Petroleum Holdings, LLC5/26/2015 ▪ Carrier Energy Partners II, LLC

5/18/2017 ▪ CONE Midstream Partners LP11/8/2016 ▪ Xplorer Midstream LLC10/14/2016 ▪ Freeport-Mcmoran, Inc. /California Oil & Gas Properties/4/27/2016 ▪ Sentinel Peak Resources LLC7/30/2015 ▪ Basic Energy Services, Inc. (NYSE:BAS)

ArcLight Capital Partners

Kayne Anderson Capital Advisors

Riverstone Holdings

Quantum Energy Partners

Kalnin Ventures

Strategic Buyer Inv. Date Select Corporate Acquisitions11/6/2017 ▪ Trans-Union Interstate Pipeline LP11/1/2017 ▪ Southcross Energy Partners LP11/1/2017 ▪ Southcross Holdings LP10/30/2017 ▪ Destin Pipeline Co. LLC10/2/2017 ▪ Delta House FPS LLC

11/30/2017 ▪ HJH Resources LLC (South Texas Oil & Gas Assets)9/12/2017 ▪ Solstice Capital LLC (Lost Lake & Goose Creek Oil Fields)8/2/2017 ▪ Anasazi New Ventures LLC (South Texas Oil & Gas Assets)8/2/2017 ▪ Safari Production Co., Inc. (South Texas Oil & Gas Assets)10/19/2016 ▪ JMD/Entrada Holdings, Inc.

Warburg Pincus 11/30/2017 ▪ HJH Resources LLC (South Texas Oil & Gas Assets)8/29/2017 ▪ Arc Logistics Partners LP8/15/2017 ▪ Whiting Resources Corp. (Oil & Gas Properties)11/14/2016 ▪ Top-Co Holdings, Inc.

2/24/2016 ▪ RimRock Oil & Gas

Shell Midstream 11/28/2017 ▪ Odyssey Pipeline LLC11/22/2017 ▪ Mars Oil Pipeline Co.8/3/2017 ▪ Crestwood Permian Basin Holdings LLC (Permian Basin GGS)12/28/2016 ▪ Endymion Oil Pipeline Co. LLC9/27/2016 ▪ 20% Stake In Mars Oil Pipeline Company And 49% Stake in Odyssey Pipeline L.L.C.

Phillips 66 Partners 9/22/2017 ▪ Merey Sweeny LP9/22/2017 ▪ 2 Subsidiaries of Bakken Holdings Co. LLC10/11/2016 ▪ 30 Crude Products & NGL Logistics Assets8/25/2016 ▪ Natural Gas Liquids (NGL) Logistics System in Louisiana7/25/2016 ▪ Explorer Pipeline, Inc.

American Midstream Partners

American Patriot Oil & Gas



($ in Mil)

TEV/

Rev

TEV/

EBITDA12/28/2017 Red Butte Pipe Line LLC Silver Creek Midstream LLC Midstream Oil & Gas - - -

12/21/2017 Ultra Petroleum Corp. (Marcellus Shale Assets) Alta Marcellus Development LLC Exploration & Production 115.00 - -

12/21/2017 Intergulf Corp. Kinderhook Industries LLC Refining & Marketing - - -

12/20/2017 Cabot Oil & Gas Corp. (Eagle Ford Shale) Venado Oil & Gas LLC Exploration & Production 765.00 - -

12/19/2017 Gas Tap Corp. West Texas Resources, Inc. Exploration & Production 4.50 - -

12/19/2017 Alliance Welding Supplies, Inc. CI Capital Partners LLC; TA

Corporate Holdings, Inc.

Refining & Marketing - - -

12/15/2017 CONE Gathering LLC CNX Gas Co. LLC Midstream Oil & Gas 610.00 - -

12/14/2017 Carrizo Oil & Gas, Inc. (Eagle Ford Shale Properties) EP Energy Corp. Exploration & Production 245.00 - -

12/12/2017 Saddle Butte Rockies Midstream LLC Flatrock Energy Advisors LLC; Noble

Midstream Partners LP; Black

Diamond Gathering LLC

Midstream Oil & Gas 625.00 - -

12/12/2017 Texas Rotating Equipment, Inc. The CapStreet Group LLC; Siguler

Guff & Co. LP; T.F. Hudgins, Inc.

Equipment & Services - - -

12/12/2017 Warren Resources Inc (Northeast Marcellus Shale) Kalnin Ventures LLC Exploration & Production 112.50 - -

12/11/2017 Resource Rock Exploration LLC (Eddy County Asset) Warburg Pincus LLC; Chisholm

Energy Holdings LLC

Exploration & Production - - -

12/11/2017 Forge Energy LLC (Permian Assets) Oasis Petroleum, Inc. Exploration & Production 946.16 - -

12/8/2017 Magnetic Variation Services LLC Helmerich & Payne, Inc. Equipment & Services - - -

12/7/2017 Linn Energy, Inc. (Williston Basin) Kayne Anderson Capital Advisors LP;

Valorem Energy LLC

Exploration & Production 285.00 - -

12/7/2017 WPX Energy Inc (San Juan Basin Legacy Gas Assets) ArcLight Capital Holdings LLC;

LOGOS Resources II LLC


12/7/2017 Dover Corp. (Wellsite Business) Shareholders Exploration & Production - - -

12/7/2017 Energes Oilfield Solutions LLC Intervale Capital LLC; Dynacorp

Fabricators, Inc.


12/6/2017 Mavrix LLC Aria Energy Operating LLC Exploration & Production - - -

12/5/2017 Fifth Creek Energy Operating Co. LLC Bill Barrett Corp. Exploration & Production 649.00 - -

12/4/2017 Rife Energy Operating LLC East West Energy Ltd. Exploration & Production 4.00 - -

12/4/2017 The Prudential Insurance Co. of America, Inc. (Liquids

Systems)

CorEnergy Infrastructure Trust, Inc. Equipment & Services 173.09 - -

11/30/2017 HJH Resources LLC (South Texas Oil & Gas Assets) American Patriot Oil & Gas Ltd. Exploration & Production 1.20 - -

11/30/2017 Energy Corp. of America (Gas Production &

Midstream Assets)

Greylock Energy LLC Exploration & Production - - -

11/28/2017 Odyssey Pipeline LLC Shell Midstream Partners LP Midstream Oil & Gas - - -

11/22/2017 J. B. Hunt Gas & Oil Drilling LLC Predator Drilling LLC Exploration & Production - - -

11/22/2017 Mars Oil Pipeline Co. Shell Midstream Partners LP; Shell

Midstream Operating LLC

Midstream Oil & Gas - - -

11/21/2017 Bay Gas Service, Inc. Paraco Gas of New York, Inc. Refining & Marketing - - -

11/21/2017 Talos Energy LLC Stone Energy Corp. Exploration & Production 1,212.34 - -

11/21/2017 Anchor Drilling Fluids USA LLC Q'Max America, Inc. Exploration & Production 84.00 - -

11/20/2017 Earthstone Energy, Inc. (Baken Assets) Statoil Oil & Gas LP Exploration & Production 27.00 - -

11/18/2017 Glori Energy Technology, Inc. Star Energy International Corp. Exploration & Production - - -

11/14/2017 Mid-Con Energy Partners LP Exponent Energy III LLC Exploration & Production 25.00 - -

11/13/2017 Marathon Petroleum Corp. (2 Subsidiaries) MPLX LP Midstream Oil & Gas 8,100.00 - -

11/9/2017 Glass Mountain Pipeline LLC Navigator Energy Services LLC;

Global Energy & Power Infrastructure

Group; Glass Mountain Pipeline LLC


11/8/2017 Alon USA Partners LP Delek US Holdings, Inc. Refining & Marketing 1,040.63 0.50x 6.63x

11/8/2017 Tesoro Refining & Marketing Co. LLC (Anacortes

Assets)

Andeavor Logistics LP Midstream Oil & Gas 445.00 - -

11/7/2017 Hicksgas LLC DCC Energy Ltd. Refining & Marketing 200.00 - -

11/6/2017 Trans-Union Interstate Pipeline LP American Midstream Partners LP Midstream Oil & Gas 48.00 - -

11/6/2017 Bandolier Energy LLC Petro River Oil Corp. Exploration & Production 5.77 - -

11/3/2017 Katko Ltd. Turning Basin Capital Partners LLC;

Basin Energy Group LLC


11/2/2017 Interstate Energy Co. LLC Adelphia Gateway LLC Midstream Oil & Gas 189.00 - -

11/2/2017 Plains Products Terminals LLC (Martinez & Richmond

Terminal)

TransMontaigne Partners LP Exploration & Production 275.00 - -



($ in Mil)

TEV/

Rev

TEV/

EBITDA11/1/2017 Southcross Energy Partners LP American Midstream Partners LP Exploration & Production 614.34 0.94x 10.63x

11/1/2017 Rockdale Marcellus LLC (Midstream Assets) UGI Energy Services LLC; UGI Texas

Creek LLC

Refining & Marketing - - -

11/1/2017 Southcross Holdings LP American Midstream Partners LP Exploration & Production 185.07 - -

11/1/2017 Armstrong Energy LLC (3 Assets) Oil Search Ltd. Exploration & Production 400.00 - -

10/31/2017 Ergon, Inc. (Asphalt Facilities) BlueKnight Energy Partners LP LLC Midstream Oil & Gas - - -

10/31/2017 Pine Prairie Field Coral Reef Capital Group LLC; Krewe

Energy LLC; SRC Management Co.

LP


10/30/2017 Destin Pipeline Co. LLC American Midstream Partners LP Midstream Oil & Gas 176.47 - -

10/26/2017 Parkway Pipeline LLC Valero Energy Partners LP Midstream Oil & Gas 200.00 - -

10/26/2017 Pirate Oilfield Services, Inc. Elite Group, Inc. Equipment & Services - - -

10/25/2017 QOT, Inc. Chromatic Industries, Inc. Equipment & Services - - -

10/24/2017 Pinnacle Midstream LLC I Squared Capital Advisors (US) LLC Midstream Oil & Gas - - -

10/20/2017 Cutters Group Management, Inc. Anderson Perforating Ltd.; Api

Holdings LLC; Tong Petrotech Inc

Equipment & Services 72.38 1.86x -

10/18/2017 Genesis Energy LP (Wink Oil Terminal) Exxon Mobil Corp. Exploration & Production - - -

10/17/2017 Gravity Midstream LLC Mercuria Energy Group Ltd.; Pin Oak

Corpus Christi LLC; Dauphine

Midstream, LLC


10/16/2017 Elizabethtown Gas Co. South Jersey Industries, Inc. Midstream Oil & Gas 1,690.00 - -

10/16/2017 Elkton Gas Co. South Jersey Industries, Inc. Midstream Oil & Gas 10.00 - -

10/16/2017 Sanchez Midstream Partners Dallas Petroleum Group LLC Exploration & Production 6.25 - -

10/13/2017 Chaparral Energy, Inc. (EOR Assets) Perdure Petroleum LLC Exploration & Production 170.00 - -

10/12/2017 Borie Oil Field Incremental Oil & Gas Ltd. Exploration & Production 0.93 - -

10/10/2017 Energy One LLC (Williston Basin Assets) Statoil Oil & Gas LP Exploration & Production 6.20 - -

10/10/2017 Patriot Rentals LLC (Filtration Business) BlueFin, Inc. Equipment & Services - - -

10/10/2017 Leleux Field Krewe Energy LLC Exploration & Production - - -

10/10/2017 Wright Field Coral Reef Capital Group LLC; Krewe

Energy LLC; Sage Road Capital LP


10/10/2017 West Coquille Bay Field Coral Reef Capital Group LLC; Krewe

Energy LLC; Sage Road Capital LP


10/6/2017 Carrizo Oil & Gas Inc (Marcellus Shale Play Assets) Kalnin Ventures LLC Exploration & Production 228.75 - -

10/6/2017 Reliance Marcellus II LLC (Marcellus Shale Play

Assets)

Kalnin Ventures LLC Exploration & Production 228.75 - -

10/5/2017 Continental Resources, Inc. (400 Producing Wells) White Deer Management LLC;

Corterra Energy LLC


10/4/2017 Seneca Resources Corp. (16 Shale Wells) Seneca Resources Corp.; Pin Oak

Energy Partners LLC


10/2/2017 Medallion Gathering & Processing LLC Global Infrastructure Management

LLC

Equipment & Services 1,825.00 - -

10/2/2017 Delta House FPS LLC American Midstream Partners LP Exploration & Production 809.03 - -


Oil & Gas Report Q4 2017

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