{ "docId": "019de06f-4706-704a-a254-e96389bd2c3e", "docSlug": "fe2452fcd3ab32d89dedadc378fde70c", "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 28 slides", "authorId": "credit-suisse", "authorName": "Credit Suisse", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "investment_bank", "sourceTypeLabel": "Investment bank", "presentationDate": "2012-12-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.47806, "pageNumber": 11, "pageCount": 28, "prevPage": 10, "nextPage": 12, "slideType": "appendix_data", "function": "summarize", "density": "dense", "nDataPoints": 20, "notes": "The slide details the methodology and inputs for a financial valuation model, specifically focusing on oil and gas reserve estimates and forward pricing.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de06f-4706-704a-a254-e96389bd2c3e/11", "deckHref": "/decks/019de06f-4706-704a-a254-e96389bd2c3e", "deckJsonHref": "/decks/019de06f-4706-704a-a254-e96389bd2c3e.json", "deckAnchorHref": "/decks/019de06f-4706-704a-a254-e96389bd2c3e#slide-11", "components": [ { "bbox": { "h": 0.08, "w": 0.7, "x": 0.18, "y": 0.89 }, "kind": "disclaimer", "text": "Note: Tax assumptions per Maine management as follows: Capital recovery assumes 25% of future capital expenditures allocated to tangible assets and 75% to intangible drilling costs expensed in year incurred. Tangible assets depreciated using a 7-year MACRS schedule. Analysis doesn't account for AMT and withholding taxes. (1) Not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012. (2) Source: Bloomberg, FactSet Research Systems. (3) Represents average of spot prices until 9/30/12 and forward curve pricing for remaining 2012.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c0cf248a-8b44-4043-9cc9-1b2d3eab4bbe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.95, "x": 0.03, "y": 0.11 }, "kind": "list", "text": "3P reserve estimates based on reserve reports prepared by Ryder Scott, Maine's third-party reserve engineers. Projection model with production and costs for ~3 Tcfe of net resource potential provided by Maine management. Scaled up to 21.5 Tcfe of net unrisked resource potential per analysis provided by RPS, the Special Committee's reserve engineers, and 63.5 Tcfe of net unrisked resource potential per Maine management. Recently revised RPS estimate of 21.5 Tcfe of net unrisked ultra-deep resource potential based on additional diligence sessions and new information received from Maine management (see page 22). In addition, included development plan for Davy Jones discovery, provided by Maine management (~200 Bcfe of ~4 Tcfe discoveries net to Maine). Analyzed 14.25-year unlevered free cash flows (9/30/12–12/31/2026E). Projected unlevered free cash flows to 9/30/12; discounted using discount rates of 11–13%. Cash flows from remaining reserves after 2026E discounted to 9/30/12 based on the weighted average remaining life of production. Assumes forward curve pricing as of 11/30/2012.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8cbea8b2-0e3e-483e-92d2-59b6dedfae75", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.03, "y": 0.645 }, "kind": "list", "text": "Reserve and resource risking assumed per RPS and Maine management. 13% risking for ultra-deep resource potential per RPS. 30% risking for ultra-deep resource potential per Maine management. Cash G&A and non-cash G&A per Maine management. Plan tax rate of 38% per Maine management. Tax basis of assets per Maine management.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b771d882-545d-46a8-9af2-df1d348928de", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.03, "y": 0.535 }, "kind": "table", "text": "WTI ($/bbl) and Henry Hub ($/MMbtu) pricing from 2012 to Thereafter.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0654dd53-21c0-472f-9f6c-711ed79c5483", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Maine NAV analysis assumptions", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec0ff11b-893b-4eb0-a877-387276cc3e4b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "from": 9, "beatId": "96f49572-50fa-44dd-85b2-7a78ba6a8db9", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The appendix methodology and financial analysis provide evidence and proof for the proposal's viability.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 12, "from": 10, "name": "Mece Breakdown", "slug": "40-mece-breakdown", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "matchId": "d45a7025-66bf-4169-809e-e976a0bd0e18", "evidence": "The detailed financial analysis and assumptions provide a clear breakdown of the investment's potential.", "position": 0, "objective": "To break down the Maine NAV analysis assumptions into a logical and comprehensive framework.", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "confidence": 0.7, "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }