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  "documentTitle": "Evercore | Investment Banking Pitch Book | 37 slides",
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  "presentationDate": "2012-12-01 00:00:00",
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  "notes": "The slide outlines the specific inputs for a financial model, focusing on Ultra-Deep Asset development.",
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      "text": "The projections incorporate all activity associated with McMoRan's conventional Gulf Coast onshore and Gulf of Mexico Shelf assets (the “Conventional Assets”)",
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      "text": "Assumed 35% U.S. Federal corporate tax rate",
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      "text": "100% success rate on exploration wells (no dry hole costs); Gross prospect size of 2 Tcfe; To develop a 2 Tcfe discovery requires 3 development wells drilled per year following an initial discovery well up to 10 total successful wells; 200 Bcfe gross reserves per well (95% natural gas, 5% condensate); Drilling cost per well of $100 million; Completion cost per well of $100 million; Facilities cost of $43 million per well; 1 year drilling duration per well and 6 months to complete per well; Wells commence 18 months following spud date",
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      "text": "In addition, the projections incorporate the development of MMR's Ultra-Deep Assets utilizing the following assumptions:",
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      "text": "NYMEX strip pricing as of December 3, 2012 through 2017E and held flat thereafter",
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      "text": "Financing for free cash flow shortfall assumed to come from a revolving credit facility with a 4.0% annualized interest rate",
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      "text": "The following financial projections summarize McMoRan's operating model (the “MMR Operating Model”) as provided by McMoRan management",
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      "text": "Summary Financial Projections – Assumptions",
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