JANUARY 2023

Oil & Gas

VOLUME

368

OIL PRICES COOL AFTER HOT SUMMER

LNG IMPORTS, STORES OIL, GAS PRICES FALL U.S. OIL PRODUCTION
KEEP EUROPE WARM FROM SUMMER HIGHS TO BREAK RECORDS
Europe used U.S. LNG imports to After a boost from the war in Ukraine U.S. oil production is slated to reach
replenish stocks ahead of winter and fill and a warm summer, fossil fuel prices consecutive record highs in 2023 and
void left by lack of Russian natural gas fell throughout most of the U.S. 2024 to meet rising demand
In This Issue VOLUME
MONITOR OIL & GAS

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03 Trend Tracker - Inventory 11 Energy Production

Trend Tracker - Machinery &

04 Equipment 12 Drilled But Uncompleted Wells

05 Overview 13 Monitor Information

Experience

07 Rig Counts 15 Meet Our Team

08 Oil and Natural Gas Prices 16 About B. Riley

Advisory Services

09 Texas Drilling Activity 17 Capitalize On The

B. Riley Difference

10 Texas Completion Activity

Deals are a moving target. A constantly shifting mix of people, numbers and

timing. We’re here to simplify this process for you. Our experts are dedicated

to tracking down and flushing out the values you need even on the most

complex deals, so you can leverage our hard-won knowledge to close the deal.

© 2023 B. Riley Advisory Services. All Rights Reserved.

Trend Tracker - Inventory

Trends
(Since Publication of Prior Monitor in August 2022)

NOLVs Increasing

Sales Trends Increasing

Gross Margin Increasing

Inventory Increasing

• NOLVs: NOLVS increased amid strong oilfield activity and • Gross Margin: In the face of inflationary cost increases,
demand in the energy sector as oil and gas prices remain companies were generally able to pass much of the increases
elevated as a result of a global supply imbalance that will likely along to customers and avoid margin degradation. Through
require multiple years of investment in new and expanded improved pricing efforts, many management teams were able
production capabilities to address. Customer demand remained to take advantage of tight supplies and particularly strong
high and backlogs remained strong, which contributed to customer and market demand to raise pricing above the rate of
margin expansion and improvements in inventory mix as rising costs. Managers’ efforts to focus on a more profitable mix
companies have been able to continue working down levels of of product sales, as well as operational efficiency improvements
slower-moving inventory. and production cost reductions, have also contributed to higher
margins. More recently, margins have been positively impacted
• Sales Trends: The second half of 2022 saw sales continue to by reductions in shipping costs, moderating material costs, and
increase as customer demand remained strong, as reflected favorable currency exchange rates with China.
by higher drilling, completion, and production activity. The high
level of oilfield activity has been supported by elevated oil and • Inventory: Inventory levels have increased to support the
natural gas prices, in relation to pre-pandemic levels, as the increase in demand and strong backlogs, as well as to mitigate
global supply imbalance persists, which has resulted in higher longer lead times, supply chain disruptions, delays, and
capital equipment spending and modestly increasing rig counts. shortages. Higher commodity material costs also contributed to
Sales levels were also positively impacted by inflationary pricing increased inventory levels.
pressures.

3 | MONITOR­OIL & GAS JANUARY 2023

Trend Tracker - Machinery & Equipment
Trends
(Since Publication of Prior Monitor in
August 2022)

Used Pricing Increasing

Used Trade Movement Increasing

OEM Pricing Increasing

Technological Advancement Consistent

Auction Activity Consistent

• Used Pricing/Trade Movement: Used equipment pricing has • Technological Advancement: There is a continued emphasis in
continued to gain ground, although not at the level of the first the areas of real-time data management, remote operation, and
half of 2022. Late-model equipment that has utility continues analytics. In an age where real-time and accurate information
to actively trade through alternative channels, while older, is key, the way companies manage this data becomes more
less-utilized equipment is being sent to auction. As new important.
opportunities continue to present themselves for operators,
companies look to expand offerings through the acquisition of • Auction Activity: Auction activity continues to be focused on
used equipment. older, underutilized equipment in need of refurbishment or
overhaul. The sale of land rigs remains very slow; however, there
• OEM Pricing: While demand for new equipment continues to has been increased activity for workover rigs.
outpace the supply, shorter lead times are being reported.
Overall, new equipment offered by OEMs has continued to see
a slight increase in pricing, although not at the hurried pace of
the first half of 2022.

4 | MONITOR­OIL & GAS JANUARY 2023

Overview

The war between Russia and Ukraine has dominated the energy picture
in recent months, primarily due to concerns about Europe’s natural
gas supplies heading into winter as natural gas pipeline flows into the
continent from Russia slowed to a trickle. Europe was able to turn to
other sources of natural gas and, so far, has avoided a winter energy
crunch.
Among the countries that stepped in to provide Europe with However, driven by a relatively mild winter in much of northern
much-needed natural gas was the U.S., which became the Europe and well-stocked natural gas storage facilities, front-
world’s top exporter of liquified natural gas (“LNG”) in the month natural gas futures at the TTF fell to pre-invasion
process. LNG represents natural gas that has been cooled levels of approximately $24 per MMBtu, or roughly $82 per
into a low-volume liquid state, allowing it to be transported megawatt-hour, in late December 2022. Prices continued to
overseas via tankers. fall in January 2023 on news that China is overstocked on
LNG, which could result in more LNG supplies being diverted
Europe’s energy concerns began soon after European to Europe. However, with China recently ending the COVID-19
countries placed sanctions on Russian energy and other lockdowns it had in place throughout much of 2022, the
products in response to the country’s invasion of its neighbor country’s level of natural gas consumption could increase,
Ukraine in late February 2022, which was followed by Russia which could decrease its stocks and place upward pressure
turning off the natural gas tap to Europe. Then, in September on natural gas prices in the future.
2022, explosions damaged Russia’s Nordstream 1 and
Nordstream 2 pipelines, which carry natural gas to Europe. In the U.S., the price of natural gas averaged $5.45 per
Officials throughout Europe say the explosions were the result MMBtu at the U.S. benchmark Henry Hub in Louisiana in
of sabotage, though the responsible party remains a mystery. November 2022. Henry Hub natural gas prices then rose
European buyers paid hefty prices as winter approached as slightly to $5.53 per MMBtu in December 2022. However,
they raced to fill their natural gas stores via non-Russian gas according to the U.S. Energy Information Administration
sources. (“EIA”), high natural gas prices have hit the West Coast this
winter, where lower-than-normal temperatures, coupled
Real prices for natural gas futures for delivery at Europe’s with low natural gas stores, brought prices to above $50
benchmark Title Transfer Facility (“TTF”) in the Netherlands per MMBtu at some West Coast natural gas trading hubs in
were over $99 per million British thermal units (“MMBtu”), December 2022.
or roughly $338 per megawatt-hour, in late August 2022, a
record high. Per EIA forecasts, Henry Hub natural gas prices will decline
slightly in the coming months, likely averaging $5.00 per
MMBtu in the first quarter of 2023.

5 | MONITOR­OIL & GAS JANUARY 2023

Overview
The reopening of the Freeport LNG export facility in Texas, The peak followed an announcement by the U.S. regarding
which was closed following a fire in June 2022, has been plans to ban Russian oil imports due to Russia’s invasion of
pushed back to February 2023. The reopening was originally Ukraine, prompting concerns about oil supply levels. Gasoline
expected in late 2022. The EIA notes that a reopening of the and diesel prices followed suit, reaching record highs in
facility, which is awaiting regulatory approval, could place the summer of 2022. The U.S. then unleashed oil from its
upward pressure on domestic natural gas prices as more U.S. Strategic Petroleum Reserve to help ease the pricing surge.
natural gas is converted to LNG for export.
As of January 9, 2023, the price of WTI was approximately
In addition, five new projects, including one that is under $75 per barrel, well below the March high. Gasoline and
construction, will increase the natural gas takeaway capacity diesel prices have normalized as well. The EIA expects WTI
out of the Permian Basin, located primarily in Texas, by a to average around $73 per barrel through 2023 and decrease
combined 4.18 billion cubic feet per day over the next two slightly in 2024 to average $72 per barrel. European oil prices
years, further boosting supplies, according to the EIA. are expected to follow a similar trend.

Oil prices have followed a similar trajectory as natural gas Certain geopolitical factors could impact oil supplies and
prices, with prices rising over the first several months of 2022, prices, such as plans by the Organization of the Petroleum
driven largely by the war in Ukraine and a post-pandemic Exporting Countries (“OPEC”) and its allies to reduce oil
economic revival, followed by a decline later in the year as production, Venezuela’s recent resumption of oil shipments
supply and demand rebalanced and concerns about an to the U.S. after a lifting of sanctions, a resurgence of unrest
economic slowdown took hold. in Libya, a pending E.U. ban on seaborne imports of Russian
petroleum products, and the ongoing war in Ukraine.
U.S. oil prices for 2022 peaked at roughly $130 per barrel for
West Texas Intermediate (“WTI”), the U.S.’s benchmark grade
of crude oil, in March.

6 | MONITOR­OIL & GAS JANUARY 2023

Rig Counts
U.S. RIG COUNT - JANUARY 13, 2023

Current Weekly Prior 12-Month 12 Months Current Weekly Prior 12-Month 12 Months
Week Change Week Change Prior Week Change Week Change Prior

Location Major Basins

Land 754 0 754 173 581 Ardmore Woodford 7 0 7 6 1

Inland Waters 2 0 2 0 2 Arkoma Woodford 2 0 2 0 2

Offshore 19 3 16 1 18 Barnett 2 (1) 3 2 0

Total 775 3 772 174 601 Cana Woodford 24 (2) 26 (2) 26

Type DJ-Niobrara 16 (1) 17 4 12

Oil 623 5 618 131 492 Eagle Ford 73 2 71 23 50

Gas 150 (2) 152 41 109 Granite Wash 10 0 10 6 4

Miscellaneous 2 0 2 2 0 Haynesville 68 (1) 69 16 52

Total 775 3 772 174 601 Marcellus 38 0 38 7 31

Directional 49 3 46 14 35 Mississippian 4 1 3 4 0

Horizontal 700 0 700 159 541 Permian 356 3 353 63 293

Vertical 26 0 26 1 25 Utica 14 0 14 3 11

Total 775 3 772 174 601 Williston 42 0 42 15 27

State
The U.S. drilling rig count for the week of January 13, 2023
Alaska 9 0 9 3 6
totaled 754 rigs, which is consistent with the prior week but
California 5 1 4 (3) 8
represents an increase of 173 rigs versus the prior year,
Colorado 20 (1) 21 8 12
according to data from Baker Hughes. The number of drilling
Louisiana 67 1 66 12 55
rigs operating in the U.S. is approaching levels seen just
New Mexico 103 3 100 8 95
prior to the COVID-19 pandemic, which resulted in a drastic
North Dakota 39 0 39 12 27 reduction in demand for energy and culminated in a record
Ohio 14 0 14 3 11 low rig count in August 2020. The rig count has surged over
Oklahoma 64 (2) 66 15 49 the past year, driven by the ongoing economic recovery from
Pennsylvania 21 0 21 1 20 the pandemic, as well as elevated energy prices stemming
Texas 379 1 378 98 281 from Russia’s invasion of Ukraine in early 2022. In the
Utah 12 0 12 3 9 January 13, 2022 count, oil rigs totaled 623 units versus 150
West Virginia 17 0 17 6 11 units for natural gas. The count for oil rigs increased five and

Wyoming 20 0 20 4 16
131 units versus the prior week and year, respectively, while
the count for natural gas rigs decreased two units versus the
Source: Baker Hughes
prior week but increased 41 units versus the prior year.

7 | MONITOR­OIL & GAS JANUARY 2023

 Oil and Natural Gas Prices
Average Monthly WTI Crude Oil Prices Average Monthly Henry Hub Natural Gas Prices
1 December 2021 to December 2022 ($ Per Barrel) 2 December 2021 to December 2022 ($ Per MMBtu)

$120 $9.50

$8.50
$110

$7.50
$100

$6.50

$90

$5.50

$80
$4.50

$70
$3.50

Source: EIA Source: EIA

8 | MONITOR­OIL & GAS JANUARY 2023

Texas Drilling Activity
The number of drilling rigs in the U.S.’s top oil-producing state, Texas, marched upward throughout 2022, though growth largely
leveled off during the last two months of the year as rig levels approached pre-pandemic levels. Completion levels spiked in the
summer of 2022 before tapering off in the fall and winter.

Texas - Total Completions versus Rigs

3 December 2019 to December 2022

1,500 550

1,400
500

1,300

450
1,200

1,100 400
Total Completions1

1,000
350

900

Total Rigs
300
800

700 250

600
200

500

150
400

300 100

Total Completions Total Rigs

Note:
(1) Includes new drill, re-enter, and re-completions

Source: Railroad Commission of Texas

9 | MONITOR­OIL & GAS JANUARY 2023

Texas Completion Activity
Texas - Oil versus Gas Completions1
4 December 2019 to December 2022

1,400

1,200

1,000

800

600

400

200

Oil Completions Gas Completions

Note:
(1) Includes new drill, re-enter, and re-completions

Source: Railroad Commission of Texas

10 | MONITOR­OIL & GAS JANUARY 2023

Energy Production
The U.S. is forecast to increase its production of crude oil through Chevron recently received authorization from the U.S. government
2024, with U.S. producers expected to account for 40% and to restart oil operations in Venezuela for export to the U.S., with
60% of production growth among non-OPEC countries in 2023 the first shipment departing in early January 2023. The EIA notes
and 2024, respectively, according to the EIA. In 2023, the U.S. is that the oil market is replete with uncertainty, which could alter
expected to produce a record 12.3 million barrels of oil per day. outcomes, such as volatility in OPEC member countries Iran and
By 2024, U.S. production is slated to set another record, reaching Libya.
13.0 million barrels per day.
The EIA expects natural gas production to grow, particularly in
OPEC crude production is forecast to average 29.5 million barrels the Permian and Haynesville regions, as a result of the scheduled
per day in 2024, up 0.8 million barrels per day versus 2022. completion of major pipeline infrastructure expansions in 2023
A portion of the group’s growth is slated to come via OPEC and 2024. The U.S. has also become the world’s top supplier of
member Venezuela, which for years has produced below its LNG due to major infrastructure projects in recent years and the
potential due to civil unrest and economic difficulties. ongoing war in Ukraine.

U.S. Crude Oil Production1 U.S. Dry Natural Gas Production1

5 (Million Barrels Per Day) 6 (Billion Cubic Feet Per Day)
12.60 101.40

100.40
12.40

99.40
12.20

98.40

12.00

97.40

11.80
96.40

11.60
95.40

11.40 94.40

Note: Note:
(1) Figures for 2023 are projected (1) Figures for 2023 are projected

Source: EIA Source: EIA

11 | MONITOR­OIL & GAS JANUARY 2023

Drilled But Uncompleted Wells
Since July 2020, the number of drilled but uncompleted wells DUCs represent oil and natural gas wells that have been drilled but
(“DUCs”) in the U.S. has been decreasing and has fallen below have not yet undergone casing, cementing, and other procedures
figures from 2014, the first full year the metric became publicly that are necessary to create a fully functional well. DUCs enable
available. The number of DUCs in the U.S. averaged 4,443 in producers to bring production online quickly in response to rising
November 2022, per the EIA. energy prices.

Drilled But Uncompleted Wells

7 November 2019 to November 2022

9,000

8,500

8,000

7,500

7,000

6,500

6,000

5,500

5,000

4,500

4,000

Source: EIA

12 | MONITOR­OIL & GAS JANUARY 2023

Monitor Information
B. Riley Advisory Services’ Oil & Gas Monitor relates The information contained herein is based on a composite of
information covering the oil and gas sectors, including industry B. Riley Advisory Services’ industry expertise, contact with
trends and their relation to our valuation process. Due to the industry personnel, liquidation and appraisal experience, and
dynamic nature of the oil and gas industry, timely reporting data compiled from a variety of respected sources believed
is necessary to understand an ever-changing marketplace. to be reliable. B. Riley Advisory Services does not make any
B. Riley Advisory Services strives to contextualize important representation or warranty, expressed or implied, as to the
indicators in order to provide a more in-depth perspective of accuracy or completeness of the information contained in
the market as a whole. B. Riley Advisory Services welcomes this issue. Neither B. Riley Advisory Services nor any of its
the opportunity to make our expertise available to you in every representatives shall be liable for use of any of the information
possible way. Should you need any further information or wish in this issue or any errors therein or omissions therefrom.
to discuss recovery ranges for a particular segment, please
feel free to contact your B. Riley Advisory Services Business
Development Officer.

Experience
B. Riley Advisory Services has worked with and appraised a number of companies within the oil and gas industry. B. Riley
Advisory Services has built a quality team to deliver both tangible and intangible valuations across the oil and gas platform.

B. Riley Advisory Services’ extensive experience includes valuations across a broad range of assets including:

MACHINERY, EQUIPMENT, AND OTHER INVENTORY VALUATIONS

• Pressure pumping units • Rental tools

• Drilling and well service equipment • Transportation assets
• Frac tank rental/manufacturing • Wire line services
• Well logging tools • Saltwater disposal wells
• Pipeline equipment • Valves
• Compression equipment • Tubular goods

TRANSACTION ADVISORY SERVICES

• Fairness Opinions and Solvency Opinions • Operational, financial, and technical due diligence
• Buy-side, Sell-side, and Merger advisory services • Complex financial modeling
• Deal Screening and Target Identification • 100-day operating plans
• Quality of Earnings analysis and reports • Interim management (CEO/CFO/CRO/COO)
• Market-sizing and commercial due diligence • Transaction Support (“arms and legs”)

13 | MONITOR­OIL & GAS JANUARY 2023

Experience
Valuation Services

• Fair Value Measurements & Disclosures (ASC 820) • Stock Compensation (ASC 718)
• Intangibles, Goodwill and Other (ASC 350) • Property transferred for services (IRC 83 (b))
• Business Combinations (ASC 805) • Stock purchases treated as asset acquisitions (IRC 338)
• Derivatives & Hedging (ASC 815) • Compensation (IRC 409A)
• Financial Instruments (ASC 825) • Transfer Pricing (IRC 482)
• Long-lived asset impairment (ASC 360)

In addition, B. Riley Advisory Services maintains experts within the oil and gas industry, such as Dan Daitchman and
Taylour Bennett.

Dan Daitchman is a Director with B. Riley Advisory Services. He has over 12 years of financial advisory and consulting experience
helping clients resolve complex financial issues. He specializes in transaction and advisory services related to enterprises,
derivatives, fractional equity interests, pre-deal diligence, and intangible assets. These services are used for strategic planning,
transaction financing, financial statement reporting, capital raising, tax, litigation, bankruptcy, fairness opinions, solvency
opinions, and merger and acquisition advisory. Prior to joining B. Riley Advisory Services, Dan spent four years as a financial
analyst with Hilco Valuation Services and one year as an analyst in the Alternative Investment Products group at US Bancorp.
Dan earned his BS in Finance and Real Estate from Marquette University and an MBA in Finance from DePaul University. He is
also an Accredited Senior Appraiser with the American Society of Appraisers.

Taylour Bennett has valued more than $2 billion in assets and businesses, providing valuation, advisory, and litigation services
to clients. Throughout his career, Taylour has specialized in valuing and providing services to firms within the energy complex.
Taylour is actively involved in Young Professionals in Energy and is working toward his designation as an Accredited Senior
Appraiser, and as a Chartered Financial Analyst. Prior to joining B. Riley Advisory Services, Taylour served as a finance intern at
Chick-Fil-A. Taylour received his BA and MS in Finance from Texas Tech University.

14 | MONITOR­OIL & GAS JANUARY 2023

Meet Our Team
APPRAISAL & VALUATION TEAM
ENERGY OPERATIONS

Dan Daitchman Taylour Bennett

Director Senior Analyst
(312) 777-7954 (713) 403-3985
ddaitchman@brileyfin.com tbennett@brileyfin.com

BUSINESS DEVELOPMENT
Bill Soncini Jennie Kim
National Marketing Manager Managing Director
Managing Director Western Region
Midwest Region (818) 746-9370
(773) 495-4534 jkim@brileyfin.com
bsoncini@brileyfin.com

Ryan Mulcunry David Seiden

Managing Director Managing Director
Northeast/New York Metro Region Southeast Region
(617) 951-6996 (404) 242-0683
rmulcunry@brileyfin.com dseiden@brileyfin.com

Nick Disimile Akilah Moore

Managing Director Director, Business Development
Southwest Region Midwest Region
(516) 707-7040 (312) 777-7956
ndisimile@brileyfin.com anmoore@brileyfin.com

OPERATIONS
Chad P. Yutka, ASA Chris Gonzalez Jason Stellino Walt Cook
Senior Managing Director Project Manager Senior Project Manager Senior Writer
Corporate Advisory Valuation Services (214) 438-6693 (818) 746-9378 (818) 746-9343
(312) 909-6078 cgonzalez@brileyfin.com jstellino@brileyfin.com wacook@brileyfin.com
cyutka@brileyfin.com

ASSET DISPOSITION TEAM

Scott Carpenter Paul Brown

CEO Senior Vice President
B. Riley Retail Solutions Wholesale & Industrial Solutions
(818) 746-9365 (203) 313-8935
scarpenter@brileyfin.com pbrown@brileyfin.com

15 | MONITOR­OIL & GAS JANUARY 2023

About B. Riley Advisory Services
B. Riley Advisory Services works with lenders, law firms, private equity sponsors and companies of all types. Our Advisory
Services are a unique mix of Valuation and Appraisal Services including asset-based lending (ABL) Valuations; Restructuring
and Turnaround Management; Forensic Accounting and Litigation Support; Operations Management; Compliance, Risk
& Resilience Services; and Transaction Support Services including Due Diligence and Quality of Earnings Reviews. B.
Riley Advisory Services is the trade name for GlassRatner Advisory & Capital Group, LLC, Great American Group Advisory
& Valuation Services, LLC, Great American Group Machinery & Equipment, LLC, and Great American Group Intellectual
Property, LLC.

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16 | MONITOR­OIL & GAS JANUARY 2023

Capitalize On The B. Riley Difference
B. Riley Financial (“B. Riley”) provides collaborative solutions tailored to fit the capital raising and business advisory needs of
its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end
capabilities.
B. Riley recently announced the acquisition of FocalPoint Securities, LLC, a leading middle market M&A advisory investment
bank. The combination of B. Riley and FocalPoint significantly enhances B. Riley’s debt capital markets and financial
restructuring capabilities.

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