{
  "docId": "019de06f-43ed-7087-a373-030dd6a85fd7",
  "docSlug": "671ddeaddc5c301c3a72ec1766e601d9",
  "documentTitle": "Evercore | Investment Banking Pitch Book | 47 slides",
  "authorId": "evercore",
  "authorName": "Evercore",
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  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2012-11-01 00:00:00",
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  "pageNumber": 15,
  "pageCount": 47,
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  "nDataPoints": 5,
  "notes": "Slide contains multiple analyst quotes from 2012, highlighting a mix of optimism regarding exploration potential and skepticism regarding financial liquidity and technical risks.",
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      "kind": "paragraph",
      "text": "The Davy Jones discovery and data from Lafitte and Blackbeard indicate significant potential for MMR's Ultra-Deep play. However, questions and risks remain with the completion of and production from these wells.",
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      "kind": "paragraph",
      "text": "MMR increased its 2012 CapEx guidance by 10% to $550 million. A deal of some sort will need to happen soon, as we currently have MMR running out of liquidity in late 1Q13.",
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      "kind": "paragraph",
      "text": "We value the company's oil and gas assets utilizing a 12% pre-tax discount rate. We rate McMoRan Outperform, Speculative Risk. Our risk qualifier is Speculative owing to the Company's very high exploration risk and asset concentration risk.",
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      "kind": "paragraph",
      "text": "Davy Jones flow test could finally be around the corner. Our skepticism has more to do with its economic viability, considering the geological, technical, and financial risks involved. MMR will spend down its cash balance and necessitate new funds by early next year.",
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      "kind": "paragraph",
      "text": "In our view, the company is at an inflection point due to its exploration success in the Ultra Deep shelf of the U.S. Gulf Coast. We believe little upside potential is priced into the stock today.",
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      "kind": "title",
      "text": "McMoRan Situation Analysis",
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      "text": "Research Analyst Commentary",
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      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "McMoRan Situation Analysis and Historical Share Trading Performance are presented.",
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