Lower 48 production has doubled over the last decade, existing production is an increasing portion of transaction value, and the collapse in the E&P MLP markets has created opportunity in the PDP heavy buyer universe. On May 19th, TPH hosted a mini-conference focused on the buyers, sellers, valuation frameworks, financing and structures for these PDP heavy assets. Over 100 industry and finance professionals attended the conference which included keynotes from John Walker of EnerVest and Eric Mullins of Lime Rock Resources. In addition, there was lively discussion and debate on a valuation panel with Chris Phelps of Citation, Jordan Marye of Denham Capital and Mohit Singh of BP and a structuring panel with Dan Shea of Fortress, Dave Beathard of TPH, and Rob Raymond of RCH Energy. Early in the day, the audience was presented with a mock E&P sales process in which they were allowed to “bid” on five PDP heavy assets. At the end of the day, we opened and analyzed the bids during a happy hour and drew some very interesting data from the process. TPH appreciates the participation of all of our speakers and attendees and we look forward to seeing you at the next TPH event.
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