Permian Resources (NYSE:PR) Financial Model PDF
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Uploaded by RockStarOnyx5029
Queen's University
2024
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Summary
This document presents a financial model for Permian Resources (NYSE:PR), focusing on valuations, sensitivity analyses, and potential upside scenarios. The model considers assumptions related to commodity prices and operations.
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## Permian Resources (NYSE:PR) ### Input and Output #### Inputs **All Units in MM Unless Otherwise Stated** ##### Global Assumptions | Currency | Date | Ticker | 2024 Onwards Inflation % | Period | |---|---|---|---|---|---| | USD | 8/23/2024 | NYSE:PR | 2.00% | LTM22024 | ##### Industry Assump...
## Permian Resources (NYSE:PR) ### Input and Output #### Inputs **All Units in MM Unless Otherwise Stated** ##### Global Assumptions | Currency | Date | Ticker | 2024 Onwards Inflation % | Period | |---|---|---|---|---|---| | USD | 8/23/2024 | NYSE:PR | 2.00% | LTM22024 | ##### Industry Assumptions | Barrel of Oil Equivalent Conversion | | |---|---| | bbl Crude/mcf Natural Gas | 6.00000 | #### Sensitvity | Active Case | Base Case | Scenario 1 | |---|---|---| | Commodity Prices | Base Case | Base Case | | Commodity Prices Scenario | Base Case | Base Case | | Commodity Pricing Flex (%) | -- | -- | | Royalty | | | | Additional New Mexico Royalty (%) | -- | -- | | New Mexico Production Share (%) | -- | -- | | Overall Operation | | | | Overall Production Flex (%) | -- | -- | | Operating Cost Flex (%) | -- | -- | | Development Cost Flex (%) | -- | -- | | PUD - Standalone | | | | %Actual Crude Oil (%) | 100.0% | 100.0% | ##### Scenario 2 | Downside Case | Downside Case | [Spare 2] | |---|---|---| | -- | -- | -- | | 3.0% | 3.0% | -- | | 10.0% | 10.0% | -- | | -- | -- | -- | | 10.0% | 10.0% | -- | | 10.0% | 10.0% | -- | | 80.0% | 80.0% | 100.0% | ##### Scenario 3 Waterfall ##### Scenario 4 [Spare 2] #### Outputs **All Units in MM Unless Otherwise Stated** ##### Valuation 1 - NAV Model ###### Assets: | | | |---|---| | (+) PD - Standalone | $ | | (+) PD - Barilla Draw | $ | | PD NAV | $ | | (+) PUD - Standalone | $ | | (+) Exploration | $ | | Asset NAV | $ | | (−) G&A | $ | | (−) Net Debt | $ | | Corporate NAV | $ | | Shares Outstanding | # | | Implied NAVPS | $ | | P/NAV | x | | Implied Share Price | $ | | Share Price (Aug 23, 2024) | $ | | Potential Upside | % | | Implied Trading P/NAV | x | ##### Valuation 2 - COMPS 2P Multiple | 2P | MMbbl | |---|---| | Comps TEV/2P (MMbbl) | x | | Implied TEV | $ | | (−) Net Debt | $ | | (−) Preferred Shares | $ | | (−) Minority Interest | $ | | Implied Equity Value | $ | | Shares Outstanding | # | | Implied Share Price | $ | | Share Price (Aug 23, 2024) | $ | | Potential Upside | % | ##### Valuation 3 - COMPS TEV/EBITDA | EBITDA | $ | |---|---| | Comps TEV/EBITDA | x | | Implied TEV | $ | ##### Valuation 4 - PROCS TEV/EBITDA | EBITDA | $ | |---|---| | Comps TEV/EBITDA | x | | Implied TEV | $ | | (−) Net Debt | $ | | (−) Preferred Shares | $ | | (−) Minority Interest | $ | | Implied Equity Value | $ | | Shares Outstanding | # | | Implied Share Price | $ | | Share Price (Aug 23, 2024) | $ | | Potential Upside | % | ##### Valuation 5 - PROCS TEV/Production | Production | boe/d | |---|---| | Comps TEV/Production | x | | Implied TEV | $ | | (−) Net Debt | $ | | (−) Preferred Shares | $ | | (−) Minority Interest | $ | | Implied Equity Value | $ | | Shares Outstanding | # | | Implied Share Price | $ | | Share Price (Aug 23, 2024) | $ | | Potential Upside | % | ##### Valuation 6 - PROCS TEV/2P ##### Valuation ###### Implied Share Price Buildout | | | |---|---| | V1 - NAV Model | $ | | V2 - EV/2025E Production COMPS | $ | | V3 - EV/2025E EBITDA PROCS | $ | | Implied Share Price | $ | | Share Price (Aug 23, 2024) | $ | | Potential Upside | % | ##### Sensitivity Analysis ### Notes ### Potential Upside ##### Development Cost (-/+%) | Cost (-/+%) | Operating Cost (-/+%) | #NAME? | #NAME? | #NAME? | |---|---|---|---|---|---| | -20.00% | -10.00% | 0.00% | +10.00% | | | +20.00% | #NAME? | #NAME? | #NAME? | #NAME? | | +10.00% | #NAME? | #NAME? | #NAME? | #NAME? | | 0.00% | #NAME? | #NAME? | #NAME? | #NAME? | | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | | -20.00% | #NAME? | #NAME? | #NAME? | #NAME? | ##### Potential Upside ##### Production (-/+%) | (-/+%) | Commodity Price (-/+%) | #NAME? | #NAME? | #NAME? | #NAME? | |---|---|---|---|---|---| | -20.00% | -10.00% | 0.00% | #NAME? | #NAME? | #NAME? | | +20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | +10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | 0.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | ##### Implied Share Price ##### Development Cost (-/+%) | Cost (-/+%) | Operating Cost (-/+%) | #NAME? | #NAME? | 0.00% | #NAME? | #NAME? | |---|---|---|---|---|---|---| | -20.00% | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | +20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | +10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | 0.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | ##### Implied Share Price ##### Production (-/+%) | (-/+%) | Commodity Price (-/+%) | #NAME? | #NAME? | 0.00% | #NAME? | #NAME? | |---|---|---|---|---|---|---| | -20.00% | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | +20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | +10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | 0.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -10.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | | -20.00% | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | #NAME? | ### Slide Pasting **All Units in MM Unless Otherwise Stated** ##### 2024E ###### Production | | mboe / d | |---|---| | PD Standalone | 337 | | PUD Standalone | -- | | PD Barilla Draw | -- | | Total | 337 | | Oil Mix (%) | 46.3% | | Oil Mix PD (%) | 46.3% | ###### Net Revenue (UFCF) | | $ | |---|---| | PD Standalone | 1,343 | | PUD Standalone | -- | | PD Barilla Draw | -- | | After-tax G&A | (237) | | Total | 1,105 | ###### Operating Netback Margin | | % | |---|---| | | 73.1% | ###### NAV Bridge | | $ | |---|---| | (+) PD - Standalone | #NAME? | | (+) PD - Barilla Draw | #NAME? | | PD NAV | #NAME? | | (+) PUD - Standalone | #NAME? | | Asset NAV | #NAME? | | (−) Net Debt | #NAME? | | Corporate NAV | #NAME? | ###### NAV Bridge | | $/share | %Mix | |---|---|---| | V1 - NAV Model | #NAME? | 80.0% | | V2 - EV/2025E Production COMPS | #NAME? | 10.0% | | V3 - EV/2025E EBITDA PROCS | #NAME? | 10.0% | | Implied Share Price | #NAME? | 100.0% | | Share Price (Aug 23, 2024) | #NAME? | | | Potential Upside | #NAME? | | ###### Valuation Comparison QCAP - V3 vs. QCAP - V1 vs. QCAP - V2 ###### Football Chart | | | |---|---| | Implied Share Price (LT Realized Price -20%-+20%) | (Internal) | | Implied Share Price (Operating Cost -20%-+20%) | (Internal) | | Implied Share Price (Production -20%-+20%) | (Internal) | | Implied Share Price (Development Cost -20%-+20%) | (Internal) | | Equity Research Price Consensus | (Capital Mkt.) | | 52-Week H/L | (Capital Mkt.) | ##### Downside Case Bridge | | | |---|---| | LIVE | #NAME? | | Base Case | 19.85 | | Unfavorable Strip Price | 16.72 | | Reduced PUD Crude | 15.55 | | Additional Operating Cost | 14.55 | | Additional Development Cost | 14.08 | | Additional New Mexico Royalty | 13.99 | | Downside Case | 13.99 | ##### Commodity Price Deck ###### 2024E | | Unit | | |---|---|---| | Crude Oil | US$ / bbl | 77.00 | | Natural Gas | US$ / Mcf | 1.67 | | NGL | US$ / bbl | 21.27 | ###### 2024E | | Unit | | |---|---|---| | Crude Oil | US$ / bbl | 77.00 | | Natural Gas | US$ / Mcf | 1.67 | | NGL | US$ / bbl | 21.27 | ##### Comparable Companies | Company | Tier | |---|---| | #NAME? | 2 | | #NAME? | 2 | | #NAME? | 1 | | #NAME? | 2 | | #NAME? | 2 | | #NAME? | 2 | | #NAME? | | | #NAME? | 1 | | #NAME? | 1 | | #NAME? | 2 | | #NAME? | 2 | ##### Precendent | | | |---|---| | #NAME? | #NAME? | | #NAME? | | | #NAME? | #NAME? | ### 2024E- 2033E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 337 337 337 319 181 128 -- -- -- -- -- -- -- 202 202 202 -- -- 15 15 15 15 15 15 -- -- -- 352 352 352 334 398 345 202 -- -- 46.6% 46.6% 46.6% 43.6% 30.0% 34.6% 55.2% -- -- 46.3% 46.3% 46.3% 43.1% -- -- -- -- -- $3,504 $3,608 $3,689 $3,289 $378 $266 -- -- -- -- -- -- -- $1,231 $1,231 $1,231 -- -- $45 $82 $86 $86 $86 $86 -- -- -- ($248) ($248) ($248) ($235) ($284) ($247) ($146) -- -- $3,301 $3,442 $3,526 $3,140 $1,410 $1,336 $1,085 -- -- 75.0% 75.5% 75.9% 74.8% 68.3% 70.9% 78.2% -- -- $1,105 $3,301 $3,442 $3,526 $3,140 $1,410 $1,336 $1,085 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 2034E 2035E 2036E 2037E 2038E 2039E 2040E -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -% -% -% -% -% -% -% -% -% -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- ### Key Holders & Ownership | | MM | (C$M) | % | |---|---|---|---| | Institutions | #NAME? | #NAME? | #NAME? | | Insiders | #NAME? | #NAME? | #NAME? | | Other / Unclassifi | #NAME? | #NAME? | #NAME? | | Total Basic | #NAME? | #NAME? | #NAME? | ### Capitalization & Market Data | | (US$M) | | |---|---|---| | IQ_CLOSEPRICE | | Share Price (Aug 23, 2024)| | IQ_SHARESOUTSTANDING | | Basic Shares Outstanding (mm) | | | | Basic Market Capitalization | | IQ_SHARESOUTSTANDING_OUT | | Dilutive Securities (FDITM - Treasury) | | | | Fully Diluted Shares Outstanding | | | | Fully Diluted Market Capitalization | | IQ_TOTAL_DEBT | | (+) Total Debt | | IQ_CASH_EQUIV | | (−) Cash and Cash Equivalents | | IQ_MINORITY_INTEREST | | (+) Minority Interest | | | | Fully Diluted Enterprise Value | | | | Proven Developed Reserve (mmboe)| | | | Proven Undeveloped Reserve (mmboe) | | | | 2025 Oil Equivalent Production (mmboe/d) | ### Metrics | | | |---|---| | Levered Beta | | | Total Debt / Equity | | | EBITDAX / Interest Exp. | | | TEV/DACF | | | Operating Netback (/boe) | | ### Share Price Build-out | | | |---|---| | | Implied Share Price Buildout | | | V1 - NAV Model | | | V2 - EV/2025E Production COMPS | | | Implied Share Price | | | Share Price (Aug 23, 2024)| | | Potential Upside | ### M&A History #### Colgate Energy | | | |---|---| | BOE Production | boe / d | 70,000 | | Deal Value | US$ mm | 4,100 | | 2022E Unhedged EBITDAX | US$ mm | 1,121 | | EV/EBITDAX | x | 3.66x | | EV/Production | $ / boepd | 58,571 | #### Earthstone | | | |---|---| | BOE Production | boe / d | 133,000 | | Deal Value | US$ mm | 4,500 | | EBITDAX | US$ mm | 1,552 | | EV/EBITDAX | x | 2.90x | | EV/Production | $ / boepd | 33,835 | #### Barilla Draw | | | |---|---| | 2025E BOE Production | boe / d | 15,000 | | Deal Value | US$ mm | 818 | | 2025E EBITDAX | US$ mm | 240 | | 2025E EBITDAX Margin | % | 91.3% | | EV/EBITDAX | x | 3.40x | | EV/Production | $ / boepd | 54,500 | | 2025E Net Oil Production | bbl / d | 8,000 | | 2025E Net Natural Gas Production | Mcf / d | 42,000 | | Crude Price Assumption | US$ / bbl | 75.00 | | Natural Gas Price Assumption | US$ / Mcf | 2.89 | | 2025E Revenue | US$ mm | 263 | | 2025E Free Cash Flow Yield | % | 17.0 | | 2025E Free Cash Flow | US$ mm | 45 | ### Comparable Analysis _(All Units in MM Unless Otherwise Stated)_ #### Assumption | | | |---|---| | Date | 8/23/2024 | | Currency | USD | | Season Period | NYSE:PR | | Season Period 2 | IQ_LTM | | Barrel of Oil Equivalent Conversion | | | bbl crude/mcf | 6.00000 | #### Tier 1: Permian M&A | #NAME? | #NAME? | |---|---| | Mean | | | Median | | ### IQ_TR_BUYERNAME #### Transaction | Acquirer | Ticker | Transaction ID | Purchase Price | Implied Equity Val | |---|---|---|---|---| | #NAME? | #NAME? | IQTR1853296340 | #NAME? | #NAME? | | #NAME? | #NAME? | IQTR1858729436 | #NAME? | #NAME? | #### Implied | Implied TEV | Production (Mboe/d) | EV/EBITDA (x) | EV/Mboe/d (x) | |---|---|---|---| | #NAME? | 117 | #NAME? | #NAME? | | #NAME? | 746 | #NAME? | #NAME? | | #NAME? | | #NAME? | #NAME? | | #NAME? | | #NAME? | #NAME? | ### Comparable Analysis _(All Units in MM Unless Otherwise Stated)_ #### Assumptions | | Ticker | Share Price | Market Cap | TEV | |---|---|---|---|---| | Date | 8/23/2024 | | | | | Currency | USD | | | | | Season Period | LTM22024 | | | | | Season Period 2 | IQ_LTM | | | | | Barrel of Oil Equivalent Conversion | | | | | | bbl crude/mcf | 6.00000 | | | | ##### Tier 1: Permian Intermediate E&P (2024E MBOEpd < 500) | #NAME? | NYSE:PR | #NAME? | #NAME? | #NAME? | |---|---|---|---|---| | #NAME? | NASDAQ:FANG | #NAME? | #NAME? | #NAME? | | #NAME? | NYSE:MTDR | #NAME? | #NAME? | #NAME? | | #NAME? | NYSE:SM | #NAME? | #NAME? | #NAME? | | | | |---|---| | Mean | #NAME? | | Median | #NAME? | ##### Tier 2: Permian Senior E&P (2024E MBOEpd < 500) | #NAME? | NASDAQ:APA | #NAME? | #NAME? | #NAME? | |---|---|---|---|---| | #NAME? | NYSE:CTRA | #NAME? | #NAME? | #NAME? | | #NAME? | NYSEAM:REI | #NAME? | #NAME? | #NAME? | | #NAME? | NYSEAM:REPX | #NAME? | #NAME? | #NAME? | | #NAME? | NYSE:EOG | #NAME? | #NAME? | #NAME? | | #NAME? | NASDAQ:HPK | #NAME? | #NAME? | #NAME? | | #NAME? | NYSE:VTLE | #NAME? | #NAME? | #NAME? | | | | |---|---| | Mean | #NAME? | | Median | #NAME? | ##### Summary | | | |---|---| | Mean | #NAME? | | Median | #NAME? | ### IQ_RETURN_CAPITAL | IQ_BETA_5YR | IQ_TOTAL_DEBT_EQUITY | IQ_EBITDA | IQ_EBITDA | IQ_PRICE_TARGET_CIQ | ROIC | Levered Beta | Total Debt /Equity | 2025E EBITDA | TEV/ EBITDA | EBITDAX /Interest Exp | Return -> Consen. Target| |---|---|---|---|---|---|---|---| | #NAME? | #NAME? | #NAME? | 4,314 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 11,782 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 2,977 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 2,619 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 5,793 | #NAME? | #NAME? | | | #NAME? | #NAME? | #NAME? | 2,977 | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 6,188 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 4,631 | #NAME? | #NAME? | 32.75 | | #NAME? | #NAME? | #NAME? | 251 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 313 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 13,541 | #NAME? | #NAME? | 144.38 | | #NAME? | #NAME? | #NAME? | 849 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 1,271 | #NAME? | #NAME? | #NAME? | | #NAME? | #NAME? | #NAME? | 3,864 | #NAME? | #NAME? | | | #NAME? | #NAME? | #NAME? | 1,271 | #NAME? | #NAME? | | | #NAME? | #NAME? | #NAME? | 4,442 | #NAME? | #NAME? | | | #NAME? | #NAME? | #NAME? | 2,798 | #NAME? | #NAME? | ### E_TARGET_CIQ | Potential Upside | NAV -> NAVPS | P/NAV | 2025E Mboe/d | TEV/ Mboe/d | Production (MMboe) | |---|---|---|---|---|---| | #NAME? | 21.71 | #NAME? | 352 | #NAME? | 129 | | #NAME? | 211.88 | #NAME? | 827 | #NAME? | 302 | | #NAME? | 90.68 | #NAME? | 202 | #NAME? | 74 | | #NAME? | 67.95 | #NAME? | 205 | #NAME? | 75 | | #NAME? | #NAME? | #NAME? | 412 | #NAME? | 150 | | #NAME? | #NAME? | #NAME? | 205 | #NAME? | 75 | | #NAME? | 43.78 | #NAME? | 495 | #NAME? | 181 | | #NAME? | 35.21 | #NAME? | 675 | #NAME? | 246 | | #NAME? | 3.06 | #NAME? | 20 | #NAME? | 7 | | #NAME? | 49.67 | #NAME? | 24 | #NAME? | 9 | | #NAME? | 143.49 | #NAME? | 1,113 | #NAME? | 406 | | #NAME? | 31.87 | #NAME? | 46 | #NAME? | 17| | #NAME? | 66.60 | #NAME? | 135 | #NAME? | 49 | | #NAME? | #NAME? | #NAME? | 358 | #NAME? | 131 | | #NAME? | #NAME? | #NAME? | 135 | #NAME? | 49 | | #NAME? | #NAME? | #NAME? | 374 | #NAME? | 137 | | #NAME? | #NAME? | #NAME? | 204 | #NAME? | 74 | ### Permian Resources (NYSE:PR) #### PUD - Standalone **All Units in mm Unless Otherwise Specified** ##### Assumptions | | US$ / bbl | | |---|---|---| | Crude Oil | | | | Natural Gas | US$ / Mcf | | | NGL | US$ / bbl | | | Discount Factor | % | | ##### Inventory | | | |---|---| | Proven Undeveloped (Ownership Basis) | Flex | | Crude Oil | mmbbl | 100.00% | | Natural Gas | bcf | | | NGL | mmbbl | | | Total BOE | mmboe | | | %Liquid | % | | | %Oil | % | | | %Gas | % | | ##### Production And Drilling | | yr | | |---|---|---| | Reserve Life | | 3 | | Physical Production (Ownership Basis) | Flex | | | Crude Oil | mmbbl | -- | 122 | | Natural Gas | bcf | -- | 324 | | NGL | mmbbl | -- | 45 | | Total BOE | mmboe | | 221 | | Physical Production (Ownership Basis) | Mbbl / d | | |---|---|---| | Crude Oil | | 334 | | Natural Gas | MMcf / d | | 888 | | NGL | Mbbl / d | 123 | | | Total BOE | Mboe / d | | 606 | | | % | | |---|---|---| | %Liquid | | 75.56% | | %Oil| | 55.19% | | %Gas | | 44.81% | | | # | | |---|---|---| | Rig Count | | | | Gross | | | | Net | | | | Ownership | | | ##### Development Drilling Summary (Ownership Basis) | | # | | |---|---|---| | | | | | Productive Well | | | | Dry Well | | | | Total Development Well Drilled | | -- | | %Dry of Productive | % | -- | | Revenue / Productive Well | $ / Well | | ##### Exploration Drilling Summary (Ownership Basis) | | # | | |---|---|---| | | | | Productive Well | | | | Dry Well | | | | Total Exploration Well Drilled | # | -- | | %Dry of Productive | % | | | Total Well Drilled | # | | ##### Financial ###### Net Revenue | | US$ mm | | |---|---|---| | Crude Oil | | 9,639 | | Natural Gas | US$ mm | 973 | | NGL | US$ mm | 1,036 | | Total Revenue | US$ mm | 11,647 | ##### Additional New Mexico Royalty | | US$ mm | Royalty Rate | |---|---|---| | Crude Oil | | -- | | Natural Gas | US$ mm | -- | | NGL | US$ mm | -- | | Total Revenue | US$ mm | -- | ###### Net Revenue (Incl. Partial GP&T) | | US$ mm | | |---|---|---| | Crude Oil | | 9,639 | | Natural Gas | US$ mm | 840 | | NGL | US$ mm | 824 | | Total Revenue | US$ mm | 11,303 | ##### Partial GP&T | | | |---|---| | | Flex | | Crude Oil | US$ / bbl | -- | | Natural Gas | US$ / Mcf | -- | | NGL | US$ / bbl | -- | | Total Per BOE | US$ / boe | | ##### Operating Expenses | | | |---|---| | Lease Operating Expenses | US$ mm | | | Severance And Ad Valorem Taxes | US$ mm | | | GP&T Expenses | US$ mm | | | Total Operating Expenses Per BOE | US$ mm | | ##### Operating Expenses Per BOE | | | |---|---| | | Flex | | Lease Operating Expenses| US$ / boe | -- | | Severance And Ad Valorem Taxes | US$ / boe | -- | | GP&T Expenses | US$ / boe | -- | | Total Operating Expenses Per BOE | US$ / boe | -- | | Operating Netback | US$ mm | 9,112 | | Operating Netback Per BOE | US$ / boe | | | Operating Netback Margin | % | 78.23% | ##### Development Cost | | | |---|---| | |
