Energy & Power Industry Update - Harris Williams · • Black & Veatch‟s2011 electric utility...

Energy & Power Industry UpdateJuly 2011

Member FINRA/SIPC

July 2011

www.harriswilliams.com


What We’ve Been Reading

page 1

• With a string of reports released this past month across a range of topics, July is an unofficial

“summer reading” month. The reports begin at the macro level with BP‟s latest release of its annual

Statistical Review of World Energy. BP‟s website provides helpful reviews by energy type, plenty

of downloadable statistics for those inclined to make their own charts, and their “Energy Outlook

2030.” If time is a constraint, the following summary may be helpful. Global energy demand grew

at the fastest level since 1973 with growth rates above long-term trends in every region of the world.

While non-hydro renewables grew at the fastest rate (15.6% off of a small base), coal consumption

led the charge, growing 7.6% and outpacing natural gas (7.4%) and hydro power (5.3%). Expect

this trend to continue as inefficient energy consumers (read: developing nations) continue to drive

economic growth.

• Those trends may help explain why energy efficiency is top-of-mind for executives, building

owners, and facility managers in China and India. According to Johnson Controls‟ 2011 Energy

Efficiency Indicator: Global Results, China and India once again outpaced their North American

counterparts with regards to the prioritization of energy management initiatives. Globally, energy

efficiency remains a top priority, and this year‟s report shows some moderate improvement from

last year. More than three-quarters of respondents now have an energy reduction goal in place.

However, the greatest barrier to implementing efficiency improvements remains return on

investment. Not surprisingly, capital costs are a bigger issue for North American and European

survey respondents.

• Black & Veatch‟s 2011 electric utility survey, Strategic Directions in the Electric Utility Industry,

was released this past month. While the top ten “insights” published as part of the study will

surprise few (in no particular order these include: your utility bill will go up, coal will still be used

to supply energy, energy infrastructure is crumbling, the lack of U.S. energy policy is not a good

thing, natural gas is the new wind, and China is a competitive threat), they do provide a glimpse of

how the utility industry is thinking about the current environment.

• The Wall Street Journal proclaimed this past month that “Natural Gas [is] Entering „Golden Age‟.”

Also in June, MIT released its comprehensive interdisciplinary study, The Future of Natural Gas,

which seems to say, “Maybe it is, maybe it isn‟t.” Acknowledging that “shale gas is

transformative” and that we are still in the early stages of its effects, the study indicates that the U.S.

will most likely be an importer of natural gas within two decades. While in recent months the

“abundance” of natural gas seems to have shifted discussion of the resource from a “bridge to the

future” to just “the future,” Henry Jacoby, a professor of management at MIT, notes, “you had better

have something at the other end of the bridge.”

• Finally, the White House was kind to provide us with some additional reading material through its

heralded (read: a press conference was held for its release) report, A Policy Framework for the 21st

Century Grid: Enabling Our Secure Energy Future. While we applaud the effort, it may be best to

refer them to the Black & Veatch study above. Until a more holistic energy policy is created, we

may have to classify this report under the fiction category (for this summer at least).

http://www.bp.com/sectionbodycopy.do?categoryId=7500&contentId=7068481









http://www.institutebe.com/InstituteBE/media/Library/Resources/Energy Efficiency Indicator/2011-EEI-Global-Results-Executive-Summary.pdf












http://www.bv.com/ElectricUtilityTrends/default.aspx













http://online.wsj.com/article/SB10001424052702304432304576369051577701960.html?mod=ITP_moneyandinvesting_0












http://web.mit.edu/mitei/research/studies/natural-gas-2011.shtml









http://www.whitehouse.gov/sites/default/files/microsites/ostp/nstc-smart-grid-june2011.pdf




























LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Infrastructure and Industrial Services Indexed LTM EBITDA Multiple has continued to

climb from its three year low in November 2008 and shown particular strength through 2011.

• The Energy LTM Indexed Stock Performance continues to outperform the overall market due

to rising oil prices, surging natural gas activity, and increased aggregate demand.

• Commodity prices remain close to 52 week highs:

– Gasoline and ethanol trade at $2.72 and $2.52 per gallon, respectively.

– Oil currently trades at $91.16 per barrel.

– Central Appalachian Coal prices remain high at $76.16 per ton.

60

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Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

S&P 500 Energy Power Industrial & Infrastructure Services

0

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40

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80

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120

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11

Energy Power Industrial & Infrastructure Services

page 2

Index

%

Change

S&P 18.04

Energy 34.88

Power 20.87

I & IS 22.99

Index

%

Change

Energy (9.78)

Power (15.32)

I & IS (42.49)


Key Trading Statistics1

Current Valuations Versus Historical 5-Year Average1

Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EV /

LTM Sales.

5-Year

Average

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Exploration and

Production

Refining Storage and

Transportation

Energy Services and

Equipment

Electric Utilities

Independent Power

Producers

Integrateds Mid-Cap Power

Industrial & Infrastructure

Services

Coal Producers

Engineering and

Construction

Diversified Power

Cleantech Renewables

page 3

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Enegy Power Industrial & Infrastructure Services

Enegy Power Industrial & Infrastructure Services

Stock Price % Change TEV / 2011 P/E Ratio

Industry Segment 1 Month 12 Month 6/27/10 12/27/10 Current EBITDA Current 2009

Energy

Integrateds (6.5%) 34.8% 5.3x 4.8x 4.7x 3.5x 10.2x 8.3x

Energy Services and Equipment (8.2%) 59.5% 9.2x 10.7x 9.4x 5.9x 20.5x 11.8x

Exploration and Production (10.1%) 18.3% 7.4x 7.4x 9.5x 5.0x 31.2x 13.8x

Coal Producers (8.2%) 20.2% 7.3x 10.2x 9.3x 3.8x 19.2x 7.5x

Refining (3.9%) 89.7% 14.2x 10.6x 6.9x 4.4x NM 9.6x

Storage & Transportation (1.2%) 16.4% 13.0x 14.2x 13.8x 10.1x 24.9x 17.2x

Power

Diversified Power (3.3%) 31.9% 9.1x 10.6x 10.0x 8.0x 17.7x 12.2x

Mid-Cap Power (6.2%) 38.8% 8.0x 9.0x 8.7x 6.4x 21.7x 13.5x

Independent Power Producers (7.0%) 25.9% 5.7x 7.0x 17.5x 8.7x 28.9x 19.9x

Electric Utilities (0.3%) 15.5% 8.0x 7.7x 8.8x 7.9x 14.1x 13.2x

Renewables (6.4%) (5.1%) 1.5x 1.4x 1.3x 1.4x 14.5x 9.6x

Cleantech (7.5%) (26.1%) 1.8x 1.5x 1.2x 1.0x 18.3x 14.7x

Industrial & Infrastructure Services

Engineering & Construction (5.8%) 15.4% 7.2x 8.7x 8.9x 6.4x 23.8x 13.5x

Industrial & Infrastructure Services (5.7%) 40.8% 8.1x 10.0x 8.8x 7.3x 22.0x 14.0x

2011 Revenue

TEV /

TEV / LTM EBITDA Multiple as of

LTM Revenue


Gasoline and Ethanol1

Oil1 Natural Gas1

U.S. Rig Counts3

Electricity Prices1Coal1

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

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Ma

y-1

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Jun

-11

($ p

er b

bl)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Jun

-10

Jul-

10

Au

g-1

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Sep

-10

Oct-

10

No

v-1

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Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

($ p

er M

MB

tu)

0.00

0.75

1.50

2.25

3.00

3.75

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

($ p

er g

all

on

)

Gasoline Ethanol

0

500

1,000

1,500

2,000

2,500

Ap

r-1

0

Ma

y-1

0

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

(# r

igs)

0.0

40.0

80.0

120.0

160.0

0.0

20.0

40.0

60.0

80.0

100.0

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11 ($

per t

on

-R

ott

erd

am

)

($ p

er t

on

-C

en

tra

l

Ap

pa

lach

ian

)

Central Appalachian Rotterdam

0.00

20.00

40.00

60.00

80.00

100.00

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

Jun

-11

($ p

er M

Wg

)

$91.16 per bbl

$58.81 per MWg

page 4

$4.28 per MMBtu

$2.52 per gallon

$2.72 per gallon

CAPP:

$76.17 per ton

Rotterdam:

$121.45 per ton

1,979 rigs


Quarterly United States E&P M&A Activity1

Select Recently Announced Energy & Power Transactions1,2

page 5

Date Target Business Description Acquirer

06/22/2011 Bealine Service Co., Inc. US based full-service carrier specializing in the

transportation of waste

Sprint Industrial Holdings, LLC

06/13/2011 Grizzly Wire Rope & Chain US based provider of wire rope, chain, hardware, and

cordage to the O&G industry

Delta Rigging & Tools, Inc.

06/02/2011 Maverick Group US based provider of fracturing and stimulation

services to the O&G industry

Basic Energy Services, Inc.

06/01/2011 Telvent Spain based provider of information technology

services for customers in the infrastructure markets

Schneider Electric SA

05/24/2011 FMC Tech Ltd. Ireland based developer of network management

systems for the transmission grid

General Electric Company

05/24/2011 Sietel Inc. US based provider of seismic data to the O&G industry Centerbridge Partners

05/18/2011 MACTEC, Inc. US based engineering and environmental services

company

AMEC plc

05/18/2011 USM Services Holdings, Inc. US based provider of electrical and mechanical

construction and facilities services

EMCOR Group, Inc.

05/16/2011 LeTourneau Technologies, Inc. US based manufacturer of equipment for the coal

mining industry

Joy Global, Inc.

05/16/2011 Patrick Energy Services Inc., T&D

Engineering Capabilities

US based provider of services for power transmission,

control, and distribution

SAIC, Inc.

05/12/2011 MXEnergy, Inc. US based supplier of natural gas and electricity to

homeowners and small businesses

Constellation Energy Group, Inc.

05/10/2011 Power Engineering Associates, Inc. US based consulting firm to electric, water, and gas

utilities

Metadigm Services

05/06/2011 Blackeagle Energy Services US based provider of oil and natural gas construction

and engineering services

Deseo Corporation

05/04/2011 TC Inspection US based provider of inspection and non-destructive

testing services to the energy sector

Clearview Capital, LLC

0

10

20

30

40

50

60

70

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011

Nu

mb

er o

f T

ran

sact

ion

s

Member FINRA/SIPC


page 6

Stock Performance Net Debt /

Current Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 6/27/11 Prior Month Prior Year LTM High 6/27/10 12/27/10 Current EBITDA Current 2011 12/27/2010


Energy

Integrateds

Exxon Mobil Corporation $387,318.9 $77.91 (5.7%) 31.8% 88.3% 6.4x 7.4x 6.3x 4.0x 10.9x 8.6x 0.1x

Chevron Corporation $192,253.6 $98.91 (4.2%) 41.2% 90.0% 4.6x 4.9x 4.6x 3.2x 9.5x 7.6x (0.1x)

ConocoPhillips $121,149.8 $71.56 (1.5%) 37.8% 87.5% 5.5x 4.7x 4.7x 3.8x 8.6x 8.2x 0.8x

Occidental Petroleum Corporation $82,683.7 $98.81 (7.3%) 20.9% 83.8% 7.5x 7.6x 7.3x 4.8x 16.5x 10.2x 0.3x

Marathon Oil Corporation $37,685.0 $49.04 (8.1%) 49.7% 90.3% 5.0x 4.6x 4.1x 3.2x 11.4x 8.1x 0.3x

Hess Corporation $27,208.1 $69.13 (12.0%) 28.5% 79.1% 3.8x 4.2x 4.0x 3.2x 9.1x 8.4x 0.5x

Median (6.5% ) 34.8% 87.9% 5.3x 4.8x 4.7x 3.5x 10.2x 8.3x 0.3x

Energy Services and EquipmentLarge Cap Diversified

Schlumberger Limited $114,463.6 $80.37 (5.1%) 38.0% 84.0% 11.1x 17.8x 14.5x 8.9x 23.2x 15.8x 0.7x

Halliburton Company $43,929.6 $45.97 (8.3%) 74.5% 89.3% 9.0x 10.8x 9.7x 6.2x 20.0x 11.9x 0.6x

Baker Hughes Incorporated $31,938.9 $67.66 (7.9%) 58.3% 85.4% 12.7x 12.4x 10.1x 5.9x 26.9x 12.8x 1.2x

National Oilwell Varco, Inc. $27,424.7 $70.36 (3.4%) 99.3% 85.0% 4.6x 8.7x 9.3x 7.1x 17.8x 13.3x (0.8x)

Weatherford International Ltd. $20,193.3 $17.57 (10.6%) 20.5% 62.5% 12.0x 14.2x 10.4x 6.0x NM 11.3x 4.3x

Median (7.9% ) 58.3% 85.0% 11.1x 12.4x 10.1x 6.2x 21.6x 12.8x 0.7x

Mid and Small Cap Equipment and Service ProvidersMid and Small Cap Equipment and Service Providers

Cameron International Corporation $11,045.3 $45.50 (3.9%) 28.0% 72.0% 8.7x 11.8x 10.6x 7.7x 20.6x 13.2x (0.2x)

Oil States International Inc. $4,583.4 $72.54 (7.3%) 74.9% 87.3% 7.0x 8.8x 10.4x 6.3x 20.4x 11.7x 2.3x

RPC Inc. $3,482.3 $23.05 (7.1%) 142.0% 79.3% 13.4x 10.6x 7.6x 4.7x 16.6x 9.9x 0.5x

Exterran Holdings, Inc. $3,241.5 $19.59 (9.1%) (26.5%) 65.4% 7.3x 7.6x 7.8x 6.1x NM NM 3.5x

Key Energy Services Inc. $2,967.7 $16.39 (6.5%) 59.7% 86.6% 18.4x 20.6x 17.6x 5.5x NM 11.7x 5.0x

Complete Production Services, Inc. $2,891.1 $29.74 (10.7%) 110.2% 85.6% 11.8x 9.8x 6.5x 4.1x 18.8x 9.1x 1.7x

Dril-Quip, Inc. $2,366.1 $65.19 (11.6%) 41.7% 77.8% 9.4x 16.3x 14.3x 10.3x 26.8x 17.4x (1.5x)

Basic Energy Services, Inc. $1,730.6 $27.99 0.5% 231.6% 88.7% 24.8x 14.0x 10.8x 5.3x NM 13.8x 6.9x

Median (7.2% ) 67.3% 82.5% 10.6x 11.2x 10.5x 5.8x 20.4x 11.7x 2.0x

Member FINRA/SIPC






page 7

Construction and Equipment ContractorsConstruction and Equipment Contractors

Transocean Ltd. $26,604.3 $60.16 (12.7%) 20.9% 70.0% 4.6x 6.2x 7.5x 5.8x 45.3x 9.4x 1.5x

Noble Corp. $12,653.7 $37.56 (9.6%) 28.3% 80.4% 3.3x 6.2x 12.2x 6.2x 21.1x 9.3x 1.5x

Nabors Industries Ltd. $10,429.4 $22.66 (18.0%) 18.6% 69.8% 7.2x 8.1x 6.9x 4.7x 45.9x 9.5x 2.9x

Diamond Offshore Drilling Inc. $9,914.4 $67.07 (7.9%) 8.7% 82.6% 4.1x 5.0x 5.9x 6.6x 10.3x 12.4x 0.3x

Technip $8,756.7 $98.58 (6.7%) 61.6% 89.1% 4.1x 8.5x 7.9x NA 17.9x NA (1.9x)

Subsea 7 SA $8,126.4 $23.11 (10.3%) 46.1% 81.1% 6.0x 8.6x 16.1x NA 17.6x NA (0.1x)

Helmerich & Payne Inc. $6,600.3 $60.49 (3.3%) 54.8% 85.8% 7.0x 7.7x 7.7x 5.7x 18.7x 13.5x 0.2x

Rowan Companies Inc. $5,562.4 $36.09 (9.2%) 52.9% 80.5% 5.2x 8.7x 10.6x 6.2x 17.7x 9.4x 1.7x

Patterson-UTI Energy Inc. $4,728.1 $27.76 (12.4%) 103.7% 85.6% 8.7x 8.5x 7.4x 4.2x 23.8x 10.8x 0.9x

Oceaneering International, Inc. $3,891.8 $37.44 (6.7%) 59.9% 81.1% 5.9x 8.2x 8.6x 7.2x 20.3x 15.9x (0.4x)

Hercules Offshore, Inc. $1,393.8 $5.05 (19.8%) 80.4% 72.2% 10.4x 9.2x 7.7x 8.7x NM NM 5.6x

Pioneer Drilling Co. $1,002.1 $13.53 (7.3%) 112.1% 83.3% 10.9x 9.5x 7.6x 4.4x NM 19.2x 3.4x

Cal Dive International Inc $666.9 $5.42 (16.4%) (14.8%) 66.2% 5.6x 13.2x 9.9x 4.4x NM 11.2x 2.8x

Median (9.6% ) 52.9% 81.1% 5.9x 8.5x 7.7x 5.8x 19.5x 11.0x 1.5x

Exploration and ProductionLarge Cap

Apache Corp. $53,503.2 $115.87 (6.0%) 28.9% 86.4% 4.9x 6.1x 5.4x 4.0x 12.5x 8.7x 1.0x

Anadarko Petroleum Corporation $46,681.4 $71.77 (8.8%) 90.5% 83.9% 5.8x 6.7x 8.5x 4.7x 138.3x 17.1x 1.5x

Devon Energy Corporation $36,150.0 $76.39 (8.3%) 20.0% 81.7% 6.1x 5.7x 7.3x 4.8x 20.2x 9.7x 0.6x

EOG Resources, Inc. $29,992.5 $98.16 (9.2%) (10.6%) 80.8% 15.5x 12.1x 12.5x 4.8x 141.1x 16.0x 1.6x

Chesapeake Energy Corporation $29,985.2 $27.86 (10.4%) 21.2% 77.5% 4.6x 4.9x 10.4x 5.0x 23.6x 8.9x 1.4x

Noble Energy, Inc. $16,438.1 $85.25 (7.7%) 35.5% 86.1% 8.6x 7.7x 10.2x 5.0x 30.1x 12.7x 0.7x

Southwestern Energy Co. $15,395.0 $40.14 (7.4%) (3.4%) 89.8% 10.5x 8.6x 9.7x 7.1x 25.1x 17.3x 0.7x

Pioneer Natural Resources Co. $11,991.8 $84.90 (6.8%) 30.1% 80.0% 10.8x 8.4x 12.8x 5.6x 64.1x 16.3x 1.4x

Murphy Oil Corporation $11,977.1 $62.39 (8.9%) 18.6% 79.8% 3.9x 4.6x 4.1x 3.0x 13.2x 8.0x (0.1x)

Newfield Exploration Co. $10,944.1 $64.30 (13.3%) 23.0% 82.5% 7.2x 6.8x 9.2x 5.0x 33.2x 10.5x 1.4x

Ultra Petroleum Corp. $8,314.3 $43.52 (9.9%) (7.1%) 85.0% 12.7x 7.8x 9.9x 7.2x 20.4x 14.8x 1.5x

Quicksilver Resources Inc. $4,524.4 $14.36 (1.5%) 20.0% 89.9% 3.0x 7.7x 7.6x 8.0x 7.3x 38.4x 3.2x

Median (8.5% ) 20.6% 83.2% 6.6x 7.3x 9.4x 5.0x 24.3x 13.7x 1.4x

Member FINRA/SIPC






page 8

Mid and Small Cap

Petrohawk Energy Corporation $10,047.0 $23.14 (11.9%) 21.9% 84.3% 10.6x 7.6x 14.1x 5.1x 88.3x 13.9x 2.8x

Plains Exploration & Production Company $8,355.7 $34.73 (4.8%) 60.2% 86.7% 8.2x 7.6x 9.5x 5.3x 42.8x 11.9x 3.7x

Cabot Oil & Gas Corporation $7,449.6 $61.41 5.7% 86.5% 96.8% 7.9x 8.9x 14.6x 7.8x 74.0x 30.2x 1.9x

SandRidge Energy, Inc. $7,441.8 $10.19 (10.9%) 60.0% 76.4% 16.0x 13.4x NM 7.2x NM 21.4x 7.1x

Forest Oil Corp. $4,587.8 $24.75 (16.8%) (17.0%) 61.5% 8.5x 7.5x 7.9x 5.0x 25.1x 10.3x 2.2x

Swift Energy Co. $1,877.3 $33.33 (11.4%) 10.0% 69.2% 6.3x 7.6x 6.3x 4.2x 25.9x 15.9x 1.6x

Delta Petroleum Corp. $524.1 $0.50 (29.1%) (48.1%) 37.8% NM 20.3x 41.7x 0.0x NM NM 10.3x

PetroQuest Energy Inc. $502.4 $6.44 (18.0%) (14.1%) 66.1% 4.2x 4.6x 4.6x 3.3x 33.5x 9.8x 0.8x

Median (11.7% ) 16.0% 72.8% 8.2x 7.6x 9.5x 5.0x 38.1x 13.9x 2.5x

Coal Producers

Peabody Energy Corp. $16,832.9 $56.49 (8.3%) 29.7% 76.4% 10.2x 11.2x 9.4x 5.5x 18.9x 9.4x 0.8x

CONSOL Energy Inc. $14,119.7 $47.13 (7.1%) 26.1% 83.7% 7.0x 11.6x 10.1x 6.0x 24.3x 10.7x 2.9x

Alpha Natural Resources, Inc. $9,619.3 $42.94 (19.1%) 14.4% 63.1% 7.7x 8.0x 12.2x 3.4x 39.2x 7.0x (0.1x)

Arch Coal Inc. $6,884.2 $25.01 (15.5%) 12.6% 67.6% 11.3x 11.3x 9.3x 3.8x 19.2x 6.4x 2.4x

Alliance Resource Partners LP $2,846.9 $74.98 3.1% 59.1% 89.2% 5.3x 5.5x 5.4x 4.5x 10.5x 8.9x 0.9x

Patriot Coal Corporation $2,126.8 $21.30 (6.5%) 53.3% 72.9% 5.0x 18.8x 32.4x 3.4x NM 7.5x 2.1x

James River Coal Co. $855.3 $19.52 (10.0%) 4.7% 72.1% 4.7x 5.2x 6.7x 3.3x 31.6x 7.4x 1.2x

Farmacol SA $287.5 $11.07 (8.0%) (11.7%) 64.7% 8.3x 9.3x 8.1x NA 10.6x NA 0.7x

Median (8.2% ) 20.2% 72.5% 7.3x 10.2x 9.3x 3.8x 19.2x 7.5x 1.0x

Refining

Valero Energy Corp. $16,914.4 $23.48 (12.8%) 25.1% 75.4% 14.1x 6.4x 4.7x 3.3x 12.0x 6.0x 1.3x

Sunoco, Inc. $6,477.3 $39.40 (1.9%) 8.7% 83.9% 14.2x 7.9x 6.1x 6.4x 24.1x 15.7x 1.1x

Holly Corporation $4,350.8 $61.59 0.1% 120.3% 90.2% 22.3x 11.5x 7.7x 5.0x 14.8x 10.0x 2.0x

Tesoro Corporation $4,199.2 $21.08 (12.7%) 67.3% 73.3% NM 17.0x 5.1x 3.5x 12.7x 7.4x 5.0x

Frontier Oil Corp. $2,726.3 $29.61 0.3% 103.9% 90.1% NM 42.5x 6.0x 4.4x 14.0x 9.6x (7.9x)

Western Refining Inc. $2,516.8 $16.55 (4.1%) 198.2% 84.9% 23.3x 9.8x 6.9x 4.2x 56.2x 6.7x 5.3x

CVR Energy, Inc. $2,146.9 $22.91 6.2% 187.1% 92.0% 6.9x 9.6x 7.7x 3.9x 28.8x 8.5x 0.1x

Alon USA Energy, Inc. $1,441.5 $10.21 (14.3%) 52.6% 65.5% NM NM 15.0x 5.7x NM 10.5x (6.0x)

Delek US Holdings Inc. $976.4 $14.04 (3.9%) 89.7% 91.1% NM 24.1x 9.3x 5.0x NM 14.4x 6.1x

Median (3.9% ) 89.7% 84.9% 14.2x 10.6x 6.9x 4.4x NM 9.6x 1.3x

Member FINRA/SIPC






page 9

Storage & Transportation

Kinder Morgan Energy Partners LP $36,023.4 $71.25 (4.0%) 8.0% 91.3% 13.7x 14.3x 13.3x 9.8x 43.4x 30.1x 5.1x

El Paso Corp. $31,975.1 $19.49 (6.8%) 64.6% 90.5% 8.0x 8.0x 12.7x 8.8x 34.6x 14.8x 4.3x

Plains All American Pipeline, L.P. $15,558.1 $62.74 1.0% 6.3% 95.1% 13.7x 15.1x 14.3x 11.2x 24.9x 17.1x 5.7x

Enbridge Energy Partners LP $13,619.0 $30.55 (1.5%) 15.8% 88.3% 11.8x 25.7x 28.9x 10.4x NM 19.2x 9.7x

Magellan Midstream Partners LP $8,558.3 $58.73 (0.5%) 27.1% 93.1% 15.7x 16.2x 15.7x 13.3x 19.3x 16.6x 3.9x

Buckeye Partners LP $8,524.7 $63.66 1.0% 7.4% 88.8% 13.4x 14.0x 22.9x 14.1x 27.4x 17.2x 7.0x

Sunoco Logistics Partners L.P. $4,170.5 $83.97 (0.8%) 17.0% 92.2% 12.0x 13.4x 11.5x 9.7x 9.1x 15.0x 4.1x

Holly Energy Partners L.P $1,534.8 $52.55 (4.5%) 22.8% 86.1% 12.6x 13.4x 12.1x 9.7x 23.2x 19.2x 4.8x

Median (1.2% ) 16.4% 90.9% 13.0x 14.2x 13.8x 10.1x 24.9x 17.2x 4.9x

Power

Diversified Power

General Electric Co. $577,346.9 $18.29 (5.9%) 22.7% 84.5% 26.5x 23.9x 20.2x 17.6x 14.3x 10.8x 14.9x

Siemens AG $116,771.2 $132.47 3.4% 43.3% 93.4% 7.4x 8.3x 7.6x 6.6x 13.4x 11.6x 0.1x

ABB Ltd. $54,984.4 $24.89 (5.9%) 37.2% 86.6% 7.7x 1.5x 11.1x 8.0x 18.9x 13.9x (0.5x)

Schneider Electric S.A. $46,017.2 $156.62 (0.7%) 48.4% 88.8% 8.7x 10.4x 9.9x NA 16.8x NA 0.8x

Emerson Electric Co. $43,958.0 $53.76 (0.7%) 19.8% 86.4% 9.6x 10.8x 9.3x 8.1x 18.7x 13.8x 0.8x

Alstom SA $20,135.5 $59.47 0.8% 26.6% 92.0% 4.2x 5.9x 6.7x NA 26.7x NA 0.9x

Eaton Corporation $19,237.4 $48.11 (6.4%) 37.1% 85.2% 9.7x 11.8x 10.1x 7.2x 15.5x 10.4x 1.7x

Cooper Industries plc $10,022.1 $58.41 (6.1%) 25.1% 83.4% 10.9x 12.1x 11.7x 9.2x 20.3x 12.8x 0.5x

Median (3.3% ) 31.9% 86.5% 9.1x 10.6x 10.0x 8.0x 17.7x 12.2x 0.8x

Mid-Cap Power

Ametek Inc. $7,759.7 $42.40 (0.6%) 54.0% 90.2% 12.1x 14.4x 12.8x 10.4x 21.7x 16.6x 1.8x

Thomas & Betts Corp. $2,833.3 $51.08 (6.2%) 38.8% 82.5% 8.0x 9.0x 8.7x 6.4x 18.4x 12.5x 0.5x

Valmont Industries, Inc. $2,607.8 $91.55 (8.1%) 18.4% 78.9% 9.6x 10.2x 9.6x 7.0x 22.9x 13.5x 0.5x

Littelfuse Inc. $1,195.7 $55.83 (6.9%) 70.4% 84.1% 7.8x 6.9x 7.7x 6.3x 14.5x 11.6x (0.4x)

Powell Industries, Inc. $286.3 $35.06 1.6% 22.5% 85.8% 3.1x 3.9x 6.2x 5.3x 38.8x 16.5x (1.7x)

Median (6.2% ) 38.8% 84.1% 8.0x 9.0x 8.7x 6.4x 21.7x 13.5x 0.5x

Independent Power Producers

NRG Energy, Inc. $13,352.8 $22.90 (6.9%) 4.8% 89.7% 4.1x 5.1x 5.8x 6.9x 38.3x 19.9x 3.2x

Dynegy Inc. $5,099.1 $6.00 1.4% 29.0% 90.0% 7.3x 8.9x 17.5x 12.5x NM NM 8.0x

GenOn Energy, Inc. $4,916.4 $3.69 (8.7%) NA 84.8% NA NA 21.9x 8.7x NM NA 2.3x

Mirrabooka Investments Limited $230.4 $1.88 (7.1%) 25.9% 89.6% NM NM NM NA 19.5x NA NM

Median (7.0% ) 25.9% 89.6% 5.7x 7.0x 17.5x 8.7x 28.9x 19.9x 3.2x

Member FINRA/SIPC






page 10

Electric Utilities

Southern Company $54,958.9 $39.75 (0.1%) 19.4% 97.3% 8.9x 9.2x 9.7x 9.0x 17.5x 14.6x 3.6x

Dominion Resources, Inc. $45,403.5 $47.70 1.0% 18.7% 98.2% 9.5x 10.1x 9.1x 9.0x 8.9x 14.6x 4.4x

NextEra Energy, Inc. $44,826.2 $56.83 (0.9%) 15.5% 96.4% 8.0x 7.7x 9.5x 8.2x 14.1x 11.9x 3.9x

Duke Energy Corporation $41,806.0 $18.56 (0.3%) 14.8% 95.2% 8.1x 7.9x 8.2x 7.8x 17.8x 13.2x 3.4x

Exelon Corporation $40,912.5 $42.20 1.2% 10.0% 94.9% 5.3x 5.5x 6.1x 7.9x 11.2x 13.5x 1.9x

FirstEnergy Corp. $36,265.2 $43.35 (2.3%) 20.4% 94.7% 8.8x 9.1x 11.9x 8.2x 19.9x 13.1x 6.5x

American Electric Power Co., Inc. $35,649.4 $37.21 (2.9%) 12.8% 95.4% 7.5x 7.4x 7.4x 7.2x 14.6x 11.5x 3.8x

PPL Corporation $28,282.2 $27.33 (1.9%) 9.6% 96.3% 11.5x 7.4x 9.3x 7.0x 11.2x 10.9x 5.4x

Progress Energy Inc. $26,357.8 $47.25 (0.2%) 20.3% 96.4% 7.7x 8.4x 8.8x 8.6x 16.2x 14.7x 4.2x

Edison International $25,252.9 $38.84 (1.2%) 18.8% 96.7% 5.8x 6.4x 6.7x 6.6x 10.4x 14.6x 3.1x

Entergy Corporation $23,734.3 $69.30 2.3% (5.6%) 85.8% 6.9x 6.5x 6.3x 7.1x 9.8x 11.1x 3.1x

Median (0.3% ) 15.5% 96.3% 8.0x 7.7x 8.8x 7.9x 14.1x 13.2x 3.8x

Renewables 6/27/10 12/27/10 Current

First Solar, Inc. $9,619.4 $116.94 (3.6%) (1.9%) 66.7% 4.2x 4.1x 3.8x 2.0x 16.6x 11.0x (0.5x)

Vestas Wind Systems A/S $5,802.8 $21.56 (23.3%) (51.6%) 35.8% 1.5x 1.2x 0.6x NA 27.8x NA 7.0x

Suntech Power Holdings Co. Ltd. $2,986.3 $7.56 (6.0%) (20.8%) 66.3% 1.3x 0.9x 0.9x 0.8x 5.6x 7.7x 4.5x

GT Solar International, Inc. $1,683.7 $15.64 35.6% 158.4% 101.7% 1.1x 1.5x 1.9x 1.4x 12.3x 8.5x (1.1x)

SunPower Corporation $1,094.0 $17.09 (17.8%) 28.8% 75.6% 1.1x 0.9x 0.5x 0.3x 11.3x 9.6x 2.5x

Clean Energy Fuels Corp. $920.4 $12.32 (13.7%) (22.9%) 63.6% 6.6x 6.0x 3.9x 2.3x 67.4x 57.0x 1.9x

Evergreen Solar Inc. $382.2 $0.59 (19.4%) (87.5%) 8.2% 1.6x 1.4x 1.3x 1.5x NM NM 29.8x

Rentech, Inc. $283.6 $1.02 5.7% (5.1%) 68.6% 1.6x 2.5x 1.9x 1.4x NM NM (5.3x)

FuelCell Energy Inc. $220.5 $1.42 (2.7%) 13.8% 58.9% 2.5x 3.9x 2.3x 1.4x NM NM 0.5x

Energy Conversion Devices, Inc. $159.5 $1.21 (11.7%) (73.6%) 20.9% 1.4x 1.1x 0.6x 0.7x NM NM (2.3x)

Ballard Power Systems Inc. $86.4 $1.60 (6.4%) (2.7%) 64.5% 1.4x 1.2x 1.3x 0.8x NM NM 1.3x

Median (6.4% ) (5.1% ) 64.5% 1.5x 1.4x 1.3x 1.4x 14.5x 9.6x 1.3x

Cleantech

Itron, Inc. $2,346.6 $46.94 (7.5%) (27.8%) 69.5% 1.8x 1.3x 1.0x 1.0x 18.0x 11.1x 1.5x

ESCO Technologies Inc. $1,046.9 $35.48 (3.8%) 28.9% 82.2% 1.6x 1.9x 1.5x 1.4x 15.0x 14.7x 1.2x

Ameresco, Inc. $807.9 $13.82 (7.0%) NA 79.1% 0.0x 1.2x 1.2x 1.0x 18.6x 14.8x 3.9x

Echelon Corporation $341.4 $9.22 (2.3%) 24.3% 86.0% 2.5x 3.5x 2.8x 2.0x NM NM 1.8x

EnerNOC, Inc. $313.6 $15.58 (13.5%) (51.1%) 42.4% 3.3x 1.6x 1.1x 0.9x 89.5x 25.7x (2.9x)

PowerSecure International, Inc. $129.8 $7.06 (12.0%) (24.3%) 63.9% 1.8x 1.5x 1.3x 0.9x NM 14.1x (2.1x)

Comverge, Inc. $73.0 $2.84 (21.8%) (70.7%) 27.2% 2.1x 1.3x 0.6x 0.4x NM NM 2.5x

Median (7.5% ) (26.1% ) 69.5% 1.8x 1.5x 1.2x 1.0x 18.3x 14.7x 1.5x

Revenue

TEV / LTM Revenue Multiple as of TEV / 2011

Member FINRA/SIPC






page 11


Engineering & Construction

Fluor Corporation $8,422.4 $61.81 (9.1%) 39.3% 81.6% 5.0x 10.4x 11.2x 6.3x 30.6x 15.4x (2.4x)

Jacobs Engineering Group Inc. $4,879.0 $40.95 (9.8%) 3.7% 73.5% 7.0x 8.9x 8.9x 7.0x 21.4x 13.3x (0.6x)

KBR, Inc. $4,708.4 $36.11 (2.4%) 67.0% 93.1% 5.2x 6.0x 8.5x 6.5x 14.5x 13.8x (1.2x)

Dresser-Rand Group Inc. $4,322.3 $49.86 (3.5%) 51.1% 89.2% 7.2x 10.4x 15.7x 8.2x 32.6x 15.3x 1.0x

McDermott International Inc. $4,130.1 $18.50 (14.2%) (20.7%) 70.8% 15.9x 8.5x 9.3x 6.9x 17.8x 11.6x (0.8x)

Quanta Services, Inc. $3,705.8 $19.60 0.1% (10.3%) 81.1% 10.6x 8.6x 10.7x 6.7x 36.9x 17.3x (1.1x)

URS Corporation $3,670.3 $43.38 (0.6%) 6.3% 89.8% 7.1x 6.2x 5.9x 4.8x 13.6x 10.6x 0.3x

Chicago Bridge & Iron Company N.V. $3,159.3 $34.45 (8.1%) 67.6% 81.1% 5.4x 8.7x 8.6x 6.3x 16.4x 12.4x (1.0x)

Shaw Group Inc. $1,789.4 $31.85 (13.2%) (10.6%) 76.5% 6.4x 6.3x 5.6x 4.2x 67.0x 11.6x (1.6x)

MYR Group, Inc. $417.8 $22.53 1.2% 24.4% 84.9% 9.0x 10.4x 8.9x 5.9x 26.1x 15.7x (0.9x)

Pike Electric Corporation $387.6 $8.87 5.1% (9.7%) 84.6% 10.1x 12.9x 10.4x 6.7x NM 29.3x 2.7x

ENGlobal Corp. $99.3 $3.07 (20.3%) 38.9% 54.0% 35.1x NM NM 3.6x NM 6.1x (1.1x)

Median (5.8% ) 15.4% 81.3% 7.2x 8.7x 8.9x 6.4x 23.8x 13.5x (0.9x)


EMCOR Group Inc. $1,430.7 $28.34 (6.2%) 19.6% 86.5% 3.7x 5.7x 5.4x 4.5x NM 12.3x (1.8x)

Cape plc $1,114.0 $8.61 NA NA 96.5% NA NA 7.5x NA 13.2x NA 0.6x

Team Inc. $489.4 $23.30 1.2% 73.2% 81.2% 7.4x 10.0x 9.6x 7.3x 20.7x 15.0x 1.0x

Mistras Group, Inc. $451.1 $15.83 (5.7%) 40.8% 85.7% 8.8x 8.9x 10.1x 7.6x 28.1x 20.4x 0.6x

Furmanite Corporation $295.4 $7.98 16.3% 85.2% 92.8% 16.5x 13.2x 10.4x 7.9x 22.0x 14.0x 0.1x

Matrix Service Co. $259.6 $12.28 (6.2%) 22.8% 84.1% NA 10.2x 8.0x 4.7x 35.7x 12.3x NM

Median (5.7% ) 40.8% 86.1% 8.1x 10.0x 8.8x 7.3x 22.0x 14.0x 0.6x


page 12

Harris Williams & Co. is the premier middle market advisor

with a two-decade legacy of sell side excellence serving

clients worldwide.

Experience

Focus

Market Intelligence

Stability

Global Reach

Exceptional Results

Middle market leader – closed nearly 200 transactions in the last four years.

Execution focus with unparalleled senior-level attention.

Over 10,000 conversations with buyers and lenders each year.

Unparalleled retention of senior professionals.

Approximately 20% of our transactions are cross-border.

Best-in-class execution produces unmatched closing rate.

• Locations

London, UK

Richmond, VA

Boston, MA

Cleveland, OH

London, UK

Minneapolis, MN

Philadelphia, PA

San Francisco, CA


page 13

Harris Williams & Co.’s Energy & Power Group has a broad

range of experience including products, services, and

technologies that support or enhance the overall energy and

power infrastructure.

Key Niches:

• Cleantech, Energy Efficiency, and Renewables

• Power Products, Services, and Technologies

• Oil & Gas Products, Services, and Technologies

• Industrial & Infrastructure Services

• Engineering & Construction

For more information on Harris Williams & Co.’s Energy & Power Group as well as archived

copies of the Energy & Power Industry Update, please visit our website. Archived copies of the

Group’s industry whitepapers, including Transmission & Distribution Infrastructure and ESCOs

– Enabling Energy Efficiency, can also be found on the site.

http://www.harriswilliams.com/industry-energy.html


page 14

Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.’s second employee, joining the

firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transactional

experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers and

acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and power,

consumer products, building products, business services, distribution, retailing, specialty chemicals, and technology.

As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining Harris

Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. with a

concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chartered

Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG and is

currently a director of the Greater Richmond YMCA.

Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment banking

career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignments, as

well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in the

energy and power industries. Key niche focus areas have included demand response solutions, power quality

equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy and

power companies, Mr. Spitzer developed experience in numerous industries including industrial manufacturing,

chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining Harris

Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in the

Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Columbia

Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the University

of Virginia.

Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School at the

University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams & Co.,

working on mergers and acquisitions transactions in a broad range of industries, including general industrial,

consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. Lucas

worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience also

includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, with a

concentration in Finance from The McIntire School of Commerce at the University of Virginia.

Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Group at

SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wachovia

Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations. Mr.

White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Business

Administration from the University of North Carolina at Chapel Hill.

Tiff B. Armstrong

Managing [email protected]

+1 (804) 648-0072

Andrew G. Spitzer

Managing [email protected]

+1 (804) 915-0174

Brian S. Lucas

[email protected]

+1 (804) 932-1323

Matthew G. White

Vice [email protected]

+1 (804) 915-0131

Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Within

energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficiency

and clean technology products and services, oilfield products and services, transmission distribution products and

services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at the

University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.

Luke R. Semple

Vice [email protected]

+1 (804) 648-1158


Sources:

1. Capital IQ.2. MergerMarket.3 B k H h

1001 Haxall Point9th FloorRichmond, VA 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

h i illi

July 2011

3. Baker Hughes.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc.(NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence servingclients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisitionadvisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member ofFINRA and SIPC and Harris Williams & Co Ltd an Appointed Representative of Sturgeon Ventures LLP which

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FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, whichis Authorised and Regulated by the Financial Services Authority. Harris Williams & Co. is a trade name underwhich Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKSAND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THETHIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALLNOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES,FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND

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,SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THEREPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHERFINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FORMORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASECONTACT US AT +1 804-648-0072.

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herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject tochange without notice. The financial instruments discussed in this report may not be suitable for all investors, andinvestors must make their own investment decisions using their own independent advisors as they believenecessary and based upon their specific financial situations and investment objectives. Also, past performance isnot necessarily indicative of future results. No part of this material may be copied or duplicated in any form or byany means, or redistributed, without Harris Williams’ prior written consent.

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page 15

© 2011. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the FSA. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

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