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2007 in Review: Insights from Private Capital Conference & MLP Meeting in Global Energy Sector

Discover key takeaways from the 2007 IPAA Private Capital Conference and OGIS MLP Meeting, focusing on trends and investments in the global energy sector. With insights from industry leaders, this review highlights significant mergers, acquisitions, and market activities, including record-breaking asset transactions led by major players like Dominion and Anadarko. Learn about the evolution of Master Limited Partnerships, transaction volumes, and projections for 2008 amid fluctuating market conditions in energy.

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2007 in Review: Insights from Private Capital Conference & MLP Meeting in Global Energy Sector

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  1. IPAA’s Private Capital Conference / OGIS MLP Meeting 2007 in ReviewJanuary 16, 2008 global energy sector specialists INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS 1

  2. About Us the insight behind energy success • One of the largest independent, global energy advisory firms • Unmatched evaluation, advisory and execution capabilities • Over 150 employees, 5 locations on 3 continents 2

  3. A Global Energy Advisory Firm LONDON Core Services INVESTMENT BANKING Mergers & Acquisitions Strategic Advisory Equity Underwriting Fairness Opinions ACQUISITIONS & DIVESTITURES Negotiated Sale Mid-Value Negotiated GLOBAL EQUITY CAPITAL MARKETS Institutional Research Institutional Sales Institutional Trading Asset Management BUENOS AIRES CALGARY HOUSTON DENVER connected, responsive, insightful 3

  4. US Producer Research Coverage • Tristone provides highly regarded, technically focused, in-depth research coverage on 25 US exploration & production companies • Tristone’s US E&P research team is led by Joe Magner and Larry Busnardo Initiating Coverage: US E&P 4

  5. 2007 In Review • Portfolio refocusing efforts put record supply of asset transactions on the market • Dominion & Anadarko led the way • MLP’s broke into $1bln+ transactions • Linn, Breitburn & Atlas all made sizeable acquisitions J.S. Herold & Tristone data 5

  6. Quarterly Transaction Volumes vs. Implied $/MCFE Linn/Dominion Plains/Pogo Breitburn/Quicksilver ENI/Dominion XTO/Dominion McMoran/Newfield Encana/Leor Oxy/Plains Linn/Lamamco FST/Houston Exp Apache/APC Nippon/APC J.S. Herold & Tristone data 6

  7. MLP Overview – Current & Prospective J.S. Herold & Tristone data 7

  8. MLP Overview - Transaction Volumes – US Onshore Transactions MLPs acquired ~25% of transactions in 2007 vs. 15% in 2006 J.S. Herold & Tristone data 8

  9. Top Sellers in 2007 by Value J.S. Herold & Tristone data 9

  10. Top Buyers in 2007 by Value J.S. Herold & Tristone data 10

  11. Top Buyers in 2007 by Count J.S. Herold & Tristone data 11

  12. Tombstones & New Entrants 12

  13. 2007 Transaction Values by Region vs. 2006 Mid-Continent transactions grew the most in 2007, while GOM transactions were not as large as 2006 J.S. Herold & Tristone data 13

  14. Top Buyers by Region J.S. Herold & Tristone data 14

  15. Top Buyers by Region J.S. Herold & Tristone data 15

  16. What’s Ahead for 2008 • Consolidation • MLPs • Equity markets • New entries? • Prices • Gas inventory • Crude – Can it sustain $100/bbl • Election Year – Same old story “Big Oil” Tristone Capital is a Member of the CIPF, SIPC, IDA and FINRA 16

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