ENERGY IN PERSPECTIVE

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ENERGY IN PERSPECTIVEMonthly UpdateINSIDE THIS ISSUE: Recent Simmons Transactions Select M&A Transactions Energy Industry Statistics and Forecasts Public Markets - Key Trading StatisticsMarch 2017

TABLE OF CONTENTSRecent Simmons Transactions. 3Select M&A Transactions . 4Energy Industry Statistics and Forecasts. 5 - 6Public Markets - Key Trading Statistics . 7 - 15Page 2Energy In Perspective Monthly Update - As of February 28, 2017

RECENT SIMMONS TRANSACTIONSPage 3

SELECT M&A h Partners LP ("HiCrush")Permian Basin Sand ("PBS")2/16/17Benefit Street PartnersL.L.C. ("Benefit Street")California ResourcesCorporation ("CRC")2/14/17Mike Mullen EnergyEquipment Resources, Inc.("MMEER")Hercules LiftboatCompany, LLC ("Hercules")2/13/17Noble Midstream PartnersLP ("Noble");Plains AllAmerican Pipeline LP("Plains")Advantage Pipeline, LLC("Advantage Pipeline")2/13/17MPLX LP ("MPLX")2/9/17TransactionAmount ( MM)DescriptionSector 275Hi-Crush has agreed to acquire PBS, the owner of a 1,226-acre frac sandreserve consisting of more than 55 million tons of 100 mesh frac sand in thePermain Basin, for 275 million.EnergyEquipment &Services 250CRC entered a joint venture with Benefit Street covering CRC’s oil and gasExploration &properties in California. CRC will operate the properties, and Benefit Street will Productioninvest up to 250 million for development opportunities in both conventionaland unconventional assets.UndisclosedMMEER has agreed to acquire Hercules' Middle East Liftboat Fleet, comprisingthe Amberjack, Kingfish and Whaleshark, for an undisclosed amount.EnergyEquipment &Services 133Plains All American Pipeline LP ("Plains") and Noble Midstream Partners LP("Noble") will form a 50-50 joint-venture to acquire the Advantage Pipeline inthe Southern Delaware basin.Midstream /DownstreamEnbridge Incorporated("Enbridge") 220A subsidiary of MPLX LP ("MPLX") has entered into an asset purchaseMidstream /agreement with a subsidiary of Enbridge Incorporated ("Enbridge") to acquire the DownstreamOzark Pipeline which originates in Cushing, OK and terminates in Wood River,IL.EQT Corporation ("EQT")Stone Energy Corporation("Stone Energy") 527EQT won a bankruptcy auction to acquire 53,400 core net Marcellus acres,Exploration &including drilling rights on 44,100 net acres in the Utica from Stone Energy for Production 527 million in cash. The acquisition includes current natural gas production of80 MMcfe/d, and the transaction implies a deal value of 6,588 per Mcfe ofdaily production and 9,869 per acre.2/7/17Pelican Energy PartnersQuinn Artificial Lift Services("Quinn ALS")2/7/17Parsley Energy, Inc.("Parsley")Double Eagle EnergyPermian LLC ("DoubleEagle")2/7/17Savage Inland Marine, LLC Settoon Towing, LLC("Savage")("Settoon")2/6/17Solstad Offshore ASA("Solstad")Farstad Shipping ASA("Farstad") and Deep SeaSupply12/20/16National Oilwell Varco("NOV")Axiom Process Limited("Axiom")UndisclosedPelican Energy Partners completed an equity investment in Quinn ALS, adownhole rod pump manufacturing and service company headquartered in RedDeer, Alberta, for an undisclosed amount.EnergyEquipment &Services 2,800Parsley agreed to acquire undeveloped acreage and producing oil and gasExploration &properties inthe Midland Basin from Double Eagle for an aggregate purchaseProductionprice of approximately 2.8 billion. The deals implies a deal value of 39,437per acre. The acquisition also includes 23 drilled uncompleted wells, variouslytargeting the Lower Spraberry, Middle Spraberry, Wolfcamp A, and Wolfcamp Bformations, with an average lateral length of approximately 8,400 feet.UndisclosedSettoon Towing, LLC ("Settoon") sold its Liquid Bulk Division consisting primarily Midstream /of 35 towboats and 63 liquid tank barges with total capacity of nearly 2 million Downstreambarrels, to Savage Inland Marine, LLC ("Savage"). Settoon will retain andcontinue to operate its legacy Gathering & Storage and Logistics & VesselManagement business lines. 1,270Solstad has agreed to merge with Farstad and Deep Sea Supply, suppliers ofoffshore service vessels (OSVs), for 1,926 million. The newly-consolidatedgroup will be called Solstad Farstad.EnergyEquipment &ServicesUndisclosedNOV has acquired Axiom, a leading developer and provider of solids controltechnologies used in oil and gas drilling, for an undisclosed amount.EnergyEquipment &ServicesSource: Capital IQ, IHS Herold and Public Filings*Simmons transactions denoted in light blue.Page 4Energy In Perspective Monthly Update - As of February 28, 2017

ENERGY INDUSTRY STATISTICS AND FORECASTSEquity Market Indices - Indexed to Price as of 02/28/2016U.S. Rig Count By Type% HorizontalRigs190%800S&P 500OSX IndexEPX IndexAlerian MLP IndexOil DirectedGas Directed90%% t-16Dec-1610%0Feb-16Feb-17Apr-16Jun-16Source: Capital IQSource: Baker HughesBrent vs. WTI Spot PricesNYMEX 3-2-1 Crack Spread 160Dollars Per BarrelOct-16Dec-160%Feb-17Dollars Per Barrel 50WTI SpotAug-16Brent Spot 140 40 120 100 30 80 20 60 40 10 20 020102011201220132014201520162017 02010201120122013Source: BloombergSource: BloombergNatural Gas Cash Prices - Henry Hub MarketWorking Natural Gas StorageDollars Per MMBtu4,500 5.50HHUB Spot4,000 4.503,500 4.003,000 3.502,500 3.002,000 2.501,500 2.001,000 1.50500201520162017Bcf2008 - 2013 RangeNYMEX Gas Futures 5.002014201320142015201620170 1.0020102011Source: nJulAugSepOctNovDecSource: Energy Information AdministrationPage 5

ENERGY INDUSTRY STATISTICS AND FORECASTSFutures Pricing 70Futures PricingDollars per BarrelWTI - 02/28/2017Brent - 02/28/2017 65WTI ( /Bbl) 70WTI - 01/31/2017Brent - 01/31/2017 65Henry Hub ( /MMBtu)WTI - 02/28/2017WTI - 01/31/2017Henry Hub - 02/28/2017Henry Hub - 01/31/2017 6.00 5.50 5.00 60 60 55 55 50 50 45 45 40 40 35 35 2.00 30Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 1.50 4.50 4.00 3.50 3.00 30Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 2.50Contract Expiry MonthContract Expiry MonthSource: BloombergSource: BloombergInternational Jackup Rig Count & UtilizationInternational Deepwater Rig Count & Utilization560RigsUtilizationTotal Supply% UtilizationRigs100%35090%300540UtilizationTotal Supply100%% 50%420400201040%2011Source: IHS PetrodataPage 1201220132014201520162017Source: IHS PetrodataEnergy In Perspective Monthly Update - As of February 28, 2017

PUBLIC MARKETS - KEY TRADING STATISTICS - ENERGY SERVICES & EQUIPMENT(dollar amounts in millions, except for per share data )52 WeekMonth EndPriceEV / EBITDATTM PeriodEndedCurrent FiscalYear EndBaker Hughes12/31/201612/31/2016 60.28 39.36 66.89China Oilfield High% of 52Week HighTTM EBITDAMarginEV /Adjusted BookValueNet Debt /EnterpriseValueEquity MarketCapEnterpriseValue90% 25,684 6x5,56612,1017%29.1xnmf16.8x1.4x54%15.7x87% 38,935 13%23.6x16.1x12.9x2.2x30%6.8xTTMCurrent FYNext FYNet Debt /TTM EBITDALarge Diversified Upstream ServicesGeophysical & Geosciences ServicesCGGVeritas9/30/201612/31/2016 9.01 8.98 31.1529% 199 2,26441%3.8x5.8x4.5x0.7x98%3.8xCore 5%5,0725,27723%nmfnmf25.4x14.8x4%1.5xDawson .7xGeospace 22184nmfnmfnmfnmf0.9xnmfnmfION 0nmfnmfn/an/a1.1x63%nmfMitcham %17.7x23.1xnmf0.7x18%3.1xPetroleum 1,82749%4.9x4.6x3.7x0.7x61%3.0xTGS 07379%5.8x5.3x4.5x2.1xnmfnmfAverage73% 1,122 %5.8x5.8x5.6x0.9x41%3.0xOffshore Construction Services & InfrastructureGulf Island Fabrication9/30/201612/31/2016 11.40 6.37 13.9082% 167 1114%10.3x3.5x5.1x0.5xnmfnmfHelix Energy 7212%3.9x4.1x5.1x0.8x18%0.7xSBM 88,94734%11.6x11.7x10.6x1.1x58%6.8xSubsea .8xnmfnmfAverage79% 5,434 15%6.9x8.4x8.0x1.0x18%0.8xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 7

PUBLIC MARKETS - KEY TRADING STATISTICS - ENERGY SERVICES & EQUIPMENT(dollar amounts in millions, except for per share data )52 WeekMonth EndPriceEV / EBITDATTM PeriodEndedCurrent FiscalYear EndBourbon6/30/201612/31/2016 13.42 11.11 15.93Bristow 12/31/20160.120.08ERA Group9/30/201612/31/201613.7813.78Farstad Shipping9/30/201612/31/20160.250.08GulfMark Offshore9/30/201612/31/20161.40Hornbeck Offshore /2016SEACOR9/30/201612/31/2016Solstad Offshore9/30/2016Tidewater12/31/2016EV /Adjusted BookValueNet Debt /EnterpriseValueEquity MarketCapEnterpriseValueTTM EBITDAMargin84% 1,019 1xnmf0.5x98%24.3xAverage56% 666 9825%11.5x10.5x10.4x0.7x84%9.6x17.4xLowHigh% of 52Week HighTTMCurrent FYNext FYNet Debt /TTM EBITDAOffshore Transportation ServicesProduction & Well ServicesArcher9/30/201612/31/2016 1.33 0.29 2.0964% 78 7785%16.6x17.0x9.9x1.0x105%Basic Energy 1,142nmfnmfnmf15.7xnmf11%nmfCiveo 220%9.2x8.7x11.6x0.8x49%4.5xFrank's 2,7132,18411%nmfnmfnmf3.0xnmfnmfKey Energy 4nmfnmfn/a19.6xnmf16%nmfMammoth Energy 516%24.8x22.8x12.3x2.4x8%2.0xNewpark mfnmfnmf15.3x1.3x11%nmfNuverra Environmental fnmfnmf22.2x1.5x90%nmfOil States 74%31632812%12.0x9.6x9.9x2.5x3%0.4xSuperior Energy ,4984%nmfnmf20.7x1.4x29%15.8xTETRA 793%nmf18.6x7.0x1.8x38%14.1xAverage83% 1,212 %14.3x17.8x13.8x1.6x22%9.3xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 8Energy In Perspective Monthly Update - As of February 28, 2017

PUBLIC MARKETS - KEY TRADING STATISTICS - ENERGY SERVICES & EQUIPMENT(dollar amounts in millions, except for per share data )52 WeekTTM PeriodEndedCurrent FiscalYear EndMonth EndPriceLowEV / EBITDAHigh% of 52Week HighEquity MarketCapEnterpriseValueTTM EBITDAMarginTTMCurrent FYNext FYEV /Adjusted BookValueNet Debt /EnterpriseValueNet Debt /TTM EBITDAProduction & Well Services (Canadian Oriented) - Financials are presented in Canadian dollarsCalfrac Well Services12/31/201612/31/2017 3.72 1.19 5.2471% 449 1,316nmfnmf23.2x6.6x1.0x67%nmfCanadian Energy 482%nmfnmf19.0x2.7x13%29.7xCanyon Services fnmf14.0x1.4x4%nmfEssential Energy Services mf7.3x0.6x24%nmfMullen 11817%11.7x10.9x9.1x1.6x20%2.3xSecure Energy ,8435%nmf20.4x13.1x1.6x11%3.3xTrican Well mfnmfnmf27.5x1.8x18%nmfWestern Energy Services f15.9x6.9x0.7x53%nmfXtreme nmfnmf8.0x0.4xnmfnmfAverage81% 859 73%11.7x18.2x9.1x1.4x19%3.3x3.4xLand DrillersEnsign Energy Services9/30/201612/31/2016 5.98 3.60 7.3581% 919 1,42922%9.5x10.7x8.8x0.7x36%Helmerich & 7934%13.8x20.0x12.3x1.7xnmfnmfIndependence Contract %15.8x15.5x14.1x0.8x7%1.0xNabors 527,34329%11.2x10.1x7.1x1.1x45%5.0xParker %23.0x10.7x4.8x0.9x66%15.1xPatterson-UTI ,20422%26.3x16.6x8.4x1.9x11%2.8xPioneer Energy %nmf13.4x6.5x1.2x45%27.6xPrecision 83225%16.0x10.8x7.0x1.0x47%7.6xSavanna Energy %8.7x8.0x6.8x0.6x58%5.0xTrinidad %7.0x6.7x7.5x0.6x61%4.3xUnit 972,25534%11.2x9.5x7.0x1.1x38%4.2xAverage81% 1,947 22%12.5x10.7x7.1x1.0x45%4.6xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 9

PUBLIC MARKETS - KEY TRADING STATISTICS - ENERGY SERVICES & EQUIPMENT(dollar amounts in millions, except for per share data )52 WeekTTM PeriodEndedCurrent FiscalYear EndMonth EndPriceLowEV / EBITDAHigh% of 52Week HighEquity MarketCapEnterpriseValueTTM EBITDAMarginTTMCurrent FYNext FYEV /Adjusted BookValueNet Debt /EnterpriseValueNet Debt /TTM EBITDAOffshore DrillersAtwood Oceanics12/31/20169/30/2017 10.51 6.48 14.0575% 846 1,98457%4.0x10.2x14.6x0.5x57%2.3xDiamond Offshore x50%1.9xFred .5x8.8x14.1x0.5x76%1.2xNoble 858%4.6x12.1x13.3x0.6x61%2.8xNorth Atlantic Drilling %6.8x7.7xnmf0.9x98%6.6xOcean 9x5.8xnmf1.0x98%2.9xPacific ,25155%4.6x4.4x7.6x0.5x107%5.0xSonga 5x52%3.2xAverage57% 1,394 6%4.6x7.4x9.3x0.6x69%2.8xUpstream Equipment Manufacturing & DistributionAker Solutions12/31/201612/31/2017 5.79 2.86 5.79100% 1,573 1,8858%8.2x11.1x10.8x1.8x16%1.3xCARBO 7nmfnmfnmf17.1x0.6xnmfnmfChart 7xnmf2.1xnmfnmfEnerflex 21,35814%11.4x10.2x7.4x1.2x15%1.7xFairmount 53nmfnmfnmf17.4x3.3x30%nmfFlotek 8180%nmf26.7x9.3x2.5x5%nmfForum Energy 0x10%nmfMRC ,577nmfnmf17.1x10.8x1.8x26%nmfNOW, 16nmfnmfnmf18.5x1.8xnmfnmfNational Oilwell 7,177nmfnmf27.8x14.0x1.1x11%nmfPason .7829.1491%1,8662,0296%nmfnmf10.9x2.5x9%2.9xSmart 300nmfnmfnmfnmf1.3xnmfnmfU.S. Silica Holdings, erage85% 3,154 83613%8.7x17.1x16.3x1.8x10%2.3xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 10Energy In Perspective Monthly Update - As of February 28, 2017

PUBLIC MARKETS - KEY TRADING STATISTICS - ENERGY SERVICES & EQUIPMENT(dollar amounts in millions, except for per share data )52 WeekTTM PeriodEndedCurrent FiscalYear EndMonth EndPriceLowEV / EBITDAHigh% of 52Week HighEquity MarketCapEnterpriseValueTTM EBITDAMarginTTMCurrent FYNext FYEV /Adjusted BookValueNet Debt /EnterpriseValueNet Debt /TTM EBITDADiversified Manufacturers With Energy ExposureCIRCOR10/2/201612/31/2016 62.11 40.09 71.8087% 1,032 x21%2.9xEmerson rker ,47122,50414%14.0x12.4x11.2x4.0x5%0.6xRoper %21,69523,90134%18.6x15.3x14.9x3.0x9%1.7xSmiths 918%11.4x12.3x11.5x2.5x15%1.7xSPX 6310%11.7x9.4x8.2x1.4x38%4.4xWeir 3314%15.6x14.9x13.1x2.2x19%2.9xAverage94% 11,329 ,50316%14.0x12.3x11.5x2.5x13%1.7xEngineering & Construction ServicesAMEC Foster Wheeler6/30/201612/31/2016 5.46 5.05 7.8170% 2,090 3,4842%23.2x6.7x7.3x1.2x41%nmfChicago Bridge & nmfJacobs 779%3,7644,4548%7.1x6.2x5.8x2.4x20%1.4xWood x1.3x34%nmfAverage86% 3,941 5%10.9x8.6x7.3x1.6x27%1.4xEnergy Infrastructure Services & EquipmentMatrix Service12/31/20166/30/2017 16.20 14.28 23.4569% 432 4375%7.2x5.7x5.0x1.3x1%0.1xNorth American Energy .2xWillbros f28.9x11.7x1.2x20%nmfAverage83% 446 x10.0x8.3x1.2x23%1.9xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 11

PUBLIC MARKETS - KEY TRADING STATISTICS - OTHER(dollar amounts in millions, except for per share data )52 WeekMonth EndPriceEV / EBITDATTM PeriodEndedCurrent FiscalYear EndCMS Energy12/31/201612/31/2017 44.52 39.38 46.17Dominion Resources9/30/201612/31/201777.6468.7778.92Duke 01612/31/201741.85Kinder aThe Williams CompaniesEV /Adjusted BookValueNet Debt /EnterpriseValueEquity MarketCapEnterpriseValueTTM EBITDAMargin96% 12,528 9.4x1.5x49%6.8xAverage93% 34,187 70,10043%13.9x11.4x10.3x1.5x44%5.7xLow% of 52Week HighHighTTMCurrent FYNext FYNet Debt /TTM EBITDADiversified EnergyAlternative EnergyClean Energy Fuels9/30/201612/31/2016 2.45 2.39 4.6852% 335 59215%9.3xnmf14.1x0.9x39%nmfFirst 1x50%nmfVestas Wind 712,06516%6.5x6.8x6.6xnmfnmfnmfAverage56% 5,259 16%6.5x8.7x8.6x0.9x45%nmfTTM Period EndedCurrent FiscalYear EndAlon USA9/30/201612/31/2017CVR Energy9/30/2016Delek US9/30/2016HollyFrontier CorporationMarathon Petroleum Corp.MonthEnd Price52 Week% of 52WeekHighEquityMarket CapEnterpriseValueTTMEBITDAMarginEV / EBITDANet Debt /EnterpriseNet Debt /ValueTTM x8.6x7.1x1.6x29%3.2x2,35521,643 12,421 6%9.3x7.3x6.3x1.4x23%2.2x7618,820TTMCurrent FYNext FYEV / AdjustedBook ValueLowHigh 12.16 5.99 12.8095% 866 2398%8.8x7.2xPBF 4,8903%9.9xPhillips 92%10,01213,65010%Valero 4,553Western Average88%Median92%Independent RefinersSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 12Energy In Perspective Monthly Update - As of February 28, 2017

PUBLIC MARKETS - KEY TRADING STATISTICS - MLP(dollar amounts in millions, except for per share data )52 WeekTTM PeriodEndedCurrentFiscal YearEndArchrock Partners9/30/201612/31/2016CSI Compressco9/30/201612/31/2016Cypress Energy Partners9/30/2016Emerge Energy ServicesHi-Crush PartnersMonth EndPriceEV / EBITDA% of ldTTMEV / Unlevered DCFCurrentFYNext FYNet Debt /EV /Net DebtEnterprise Adjusted/ TTMValueBook Value EBITDATTMEquity Value / DCFCurrentFYNext FYTTMCurrentFYNext FYLowHigh 23.64 9.40 23.8799% 1,549 fSeadrill USA Compression Partners12/31/2016 age86% 901 x5.6x11.8x13.5x14.0x9.1x9.9x9.5xEnergy Service & Equipment MLPs9.5xTransportation MLPsBoardwalk Pipeline Partners12/31/2016 12/31/2017 23.97 16.46 24.9096% 6,000 6x11.7x12.3xDelek Logistics x18.4x18.3xEnbridge Energy 9.2x8.9x8.7xEnergy Transfer 13.0x12.5x9.8xEnterprise Products 18.8x19.2x18.2xHolly Energy .7x19.1x16.4xNuStar x15.2x15.1xONEOK 20.7x20.1x19.9xPlains All 19.6x19.5x17.3xAverage91% 19,662 .0x3.4x15.7x19.0x17.1x14.9x18.4x16.4x52 WeekTTM Period Current Fiscal MonthEndedYear EndEnd PriceLowHigh% of 52WeekHigh8,305EquityProvedCurrentCurrent FYNext FYMarket Enterprise Reserves % Gas of Production Production ProductionCapValue(Bcfe) Reserves (Mmcfe/d) (Mmcfe/d) (Mmcfe/d)EV /EV /Proved AdjustedCurrentReservesBookFYNext FY ( /Mcfe)ValueEV / EBITDAXTotalDebt /EquityNet Debt / Net Debt /TTMCurrent FYEBITDAXEBITDAXExploration & Production MLPsLegacy Reserves LPMemorial Production Partners 7x5.2x1.470.8xnmf10.9x4.7xAverage24% 90 1,6311,41260%2422512525.0x5.1x 12525.0x5.1x1.191.4x649%15.1x4.3xSource: Company filings for historical data. Capital IQ and Simmons for projected financial information.Page 13

PUBLIC MARKETS - KEY TRADING STATISTICS - E&P(dollar amounts in millions, except for per share data and per proved reserves metrics)52 WeekTTM PeriodEndedCurrentFiscal YearEndMonthEnd Price% of 52WeekHighLowHighAnadarko Petroleum Corporation12/31/201612/31/2016 64.65 49.87 97.1267%Antero Resources he etCapEnterpriseValueProvedReserves(Bcfe) 36,138 52,92810,33459%7,68513,56358%20,06828,676EV / EBITDAXCurrentProduction(Mmcfe/d)Current FYProduction(Mmcfe/d)Next FYProduction(Mmcfe/d)43%4,7544,7575,4556.5x5.4x 3%2,7553,1643,1795.3x4.4x1.99% Gas ofReservesCurrentFYNext FYEV / ProvedReserves( /Mcfe)TotalDebt /EquityNet Debt /TTMEBITDAXNet Debt /Current FYEBITDAXIndependent Exploration & ProductionApproach Resources, %7.6x4.0xBill Barrett Corp.12/31/201612/31/20165.513.5912.4244%

American Pipeline LP ("Plains") Advantage Pipeline, LLC ("Advantage Pipeline") 133 Plains All American Pipeline LP ("Plains") and Noble Midstream Partners LP ("Noble") will form a 50-50 joint-venture to acquire the Advantage Pipeline in the Southern Delaware basin. Midstream / Downstream 2/13/17 MP

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