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PrivateEquity
1.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 1 of 7 Private Equity Stalks E&Ps With Billions to Vie for Fewer Deals Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 Expectations for M&A involving exploration and production companies may be too high, given that debt and equity markets remain open for them to finance their capital-intensive operations even after oil and gas prices plunged. The decline in E&P equities has helped to draw the attention of private equity firms, which have raised billions of dollars to buy energy companies and assets. Those that do occur may push valuations higher for purchasers, with private equity and strategic bidders pitted against each other. Key Points (5 of 7): * Private Equity Funds Amassing War Chest to Chase Energy Deals * Where in Energy Will the Private Equity Money Go? Maybe Not Far * E&P's Credit-Market Access Will Determine Whether M&A Picks Up * Competition May Make U.S. E&P Deals Pricey, Assuming They Happen * Free-Flowing Capital Keeps Oil Pumping, Even for Distressed E&Ps Crude Oil Production Team Bloomberg Intelligence
2.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 2 of 7 Private Equity Funds Amassing War Chest to Chase Energy Deals Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 Energy companies will likely draw the interest of private equity investors while oil and gas prices are depressed. Funds have raised about $70 billion for deals, which will affect valuations as they compete with other financial sponsors and energy companies. Their access to capital, operating acumen and ability to recycle investments in liquid markets allows funds to maintain a critical role by purchasing assets, investing at different levels of a target's capital structure or buying operating companies outright. Crude Oil Production Team For interactive exhibit on Bloomberg, run: Bloomberg Intelligence PEFR<GO>
3.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 3 of 7 Where in Energy Will the Private Equity Money Go? Maybe Not Far Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 Private equity funds are seeking to raise more than $126 billion to invest across sectors including energy in addition to $70 billion already committed by investors. Opportunities to deploy that capital may be limited if credit markets remain open to E&Ps, given that producers have been able to finance themselves as they await a recovery in oil and gas prices. Fewer assets for sale will restrict private equity purchases and lead prices to rise among competition from buyers. Crude Oil Production Team For interactive exhibit on Bloomberg, run: Bloomberg Intelligence PEFR<GO>
4.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 4 of 7 E&Ps' Credit-Market Access Will Determine Whether M&A Picks Up Analysts: Vincent G Piazza & Spencer Cutter Apr 15, 2015 The plunge in oil and gas prices hasn't prevented E&Ps from raising debt, and while several producers have cut capacity, the industry overall seems to be weathering the down cycle better than anticipated. Credit is the lifeblood of capital- intensive E&Ps and a decline in its availability would force companies to seek alternative financing, sell assets or place themselves up for sale. With access to credit markets still relatively robust, M&A may remain at less-than-expected levels. Additional Reading: * Credit Should Still Be There for E&Ps Even With Oil Price Plunge * High-Yield Energy Bond Offerings Approached $9 Billion in March * Antero Resources, Newfield Sell Debt, Timing Bond-Market Rebound * BreitBurn Deal Lifts Distressed-Energy Issuance to $4.3 Billion Crude Oil Production Team Bloomberg Intelligence
5.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 5 of 7 Smart-Money Private Equity May Not Be Good for Public Investors Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 Private equity funds have partially exited energy investments through equity offerings worth $7 billion in the past year. Those equities have lost 20% on average, trailing the S&P 500's 16% gain and the Energy Select Sector SPDR Fund ETF's 11% drop. Private equity's performance can influence investor perception of future deals and may limit capital raising. Selling investments via public markets or private auction allows funds to recycle capital and provide a return for themselves and their investors. Crude Oil Production Team For interactive exhibit on Bloomberg, run: Bloomberg Intelligence IPO T:5992631034824360010<GO>
6.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 6 of 7 Competition May Make U.S. E&P Deals Pricey, Assuming They Happen Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 The precipitous decline in crude oil and natural gas prices should reset expectations of potential buyers and sellers in E&P deals. Yet valuations suggest that either fewer deals will occur or multiples will retreat further, given that equities across the three main U.S. oil-levered plays still trade near where they did when oil and gas were higher. While M&A will likely center on distressed companies, liquidity for deals may outstrip the assets available, stoking competition and pulling bid prices higher. Crude Oil Production Team For interactive exhibit on Bloomberg, run: Bloomberg Intelligence MA T:5995488858771816713<GO>
7.
Crude Oil Production,
North America (BI OILSN) The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and Bloomberg Intelligence (the "Services") are owned and distributed by Bloomberg Finance L.P. ("BFLP") in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the "BLP Countries"). BFLP is a wholly owned subsidiary of Bloomberg L.P. ("BLP"). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to "buy", "sell" or "hold" an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. © 2015 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Themes > Will PE Pounce on Energy in 2015? >> Exhibit 7 of 7 Free-Flowing Capital Keeps Oil Pumping, Even for Distressed E&Ps Analysts: Vincent G Piazza & Gurpal Dosanjh Apr 16, 2015 The pace of domestic hydrocarbon production may be more resilient than expected, as E&Ps seek operational efficiencies and other cost savings that should generate higher returns and more productive wells. Liquid capital markets are supporting this level of activity, and even distressed operators have obtained financing during the latest slump in oil and gas prices. That is keeping output robust and suppressing commodity benchmark prices. Once capital is rationed, retreating output should support prices. Crude Oil Production Team For interactive exhibit on Bloomberg, run: Bloomberg Intelligence BI SERVG NM11 |1201-A-DATA|12||USD|R34144256,34275328<GO>
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