Shale Gas Valuation Index

By Reuters Staff
February 18, 2010

Following is the Thomson Reuters North America Shale Gas Valuation Index, based on closing share prices from Feb. 17.

The data comes from StarMine, a Thomson Reuters company, using the 12-month forward SmartEstimate, a measure that selects estimates from only the most accurate analysts.

StarMine Intrinsic Value is a variation on the dividend-discount model methodology that adjusts for biases uncovered in analyst forecasts.

EV/EBITDA
Index average 7.3
Range Resources Corp <RRC> 13.0
CNX Gas Corp <CXG> 10.3
EQT Corp <EQT> 9.3
Exco Resources Inc <XCO> 9.3
Southwestern Energy Co <SWN> 9.0
Petrohawk Energy Corp <HK.N> 8.5
Carrizo Oil And Gas Inc <CRZO> 8.3
Cabot Oil & Gas Corp <COG> 7.8
Quicksilver Resources Inc <KWK> 7.7
Forest Oil Corp <FST> 7.7
Encana Corp <ECA> 7.6
Goodrich Petroleum Corp <GDP> 7.5
Encore Acquisition Co <EAC> 6.9
Chesapeake Energy Corp <CHK> 6.4
Anadarko Petroleum Corp <APC> 6.0
EOG Resources Inc <EOG> 5.9
Comstock Resources Inc <CRK> 5.6
Devon Energy Corp <DVN> 5.6
Newfield Exploration Co <NFX> 5.1
Cimarex Energy Co <XEC> 4.9
Apache Corp <APA> 4.6
Talisman Energy Inc <TLM> 4.0
—————

PRICE/EPS

Aggregate 16.6
Range Resources Corp <RRC> 65.4
Comstock Resources Inc <CRK> 43.3
Encore Acquisition Co <EAC> 39.8
Anadarko Petroleum Corp <APC> 36.2
Cabot Oil & Gas Corp <COG> 31.6
Petrohawk Energy Corp <HK.N> 30.9
EOG Resources Inc <EOG> 25.3
CNX Gas Corp <CXG> 24.0
Talisman Energy Inc <TLM> 23.4
EQT Corp <EQT> 22.0
Encana Corp <ECA> 21.4
Southwestern Energy Co <SWN> 21.1
Exco Resources Inc <XCO> 18.9
Carrizo Oil And Gas Inc <CRZO> 16.8
Quicksilver Resources Inc <KWK> 16.1
Forest Oil Corp <FST> 12.3
Devon Energy Corp <DVN> 11.1
Newfield Exploration Co <NFX> 10.8
Cimarex Energy Co <XEC> 10.3
Apache Corp <APA> 10.2
Chesapeake Energy Corp <CHK> 10.1
Goodrich Petroleum Corp <GDP>
—————

PRICE/INTRINSIC VALUE

Aggregate 1.03
Range Resources Corp <RRC> 2.40
Anadarko Petroleum Corp <APC> 1.91
Comstock Resources Inc <CRK> 1.85
Encore Acquisition Co <EAC> 1.73
CNX Gas Corp <CXG> 1.65
Cabot Oil & Gas Corp <COG> 1.52
Petrohawk Energy Corp <HK.N> 1.46
EOG Resources Inc <EOG> 1.42
Talisman Energy Inc <TLM> 1.38
Southwestern Energy Co <SWN> 1.26
EQT Corp <EQT> 1.15
Newfield Exploration Co <NFX> 1.06
Exco Resources Inc <XCO> 0.94
Cimarex Energy Co <XEC> 0.91
Quicksilver Resources Inc <KWK> 0.89
Apache Corp <APA> 0.88
Carrizo Oil And Gas Inc <CRZO> 0.84
Devon Energy Corp <DVN> 0.81
Forest Oil Corp <FST> 0.77
Encana Corp <ECA> 0.74
Chesapeake Energy Corp <CHK> 0.66
Goodrich Petroleum Corp

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<GDP>
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