Shale Gas Valuation Index

By Reuters Staff
February 20, 2010

Following is the Thomson Reuters North America Shale Gas Valuation Index, based on closing share prices from Feb. 18.

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> 10.2
EQT Corp <EQT> 9.3
Exco Resources Inc <XCO> 9.3
Southwestern Energy Co <SWN> 9.0
Petrohawk Energy Corp <HK.N> 8.4
Carrizo Oil And Gas Inc <CRZO> 8.3
Cabot Oil & Gas Corp <COG> 7.9
Quicksilver Resources Inc <KWK> 7.8
Forest Oil Corp <FST> 7.7
Encana Corp <ECA> 7.7
Goodrich Petroleum Corp <GDP> 7.4
Encore Acquisition Co <EAC> 6.9
Chesapeake Energy Corp <CHK> 6.4
Anadarko Petroleum Corp <APC> 6.1
EOG Resources Inc <EOG> 6.0
Devon Energy Corp <DVN> 5.5
Comstock Resources Inc <CRK> 5.5
Newfield Exploration Co <NFX> 5.0
Apache Corp <APA> 4.5
Cimarex Energy Co <XEC> 4.4
Talisman Energy Inc <TLM> 4.0
—————

PRICE/EPS

Aggregate 16.3
Range Resources Corp <RRC> 65.5
Comstock Resources <CRK> 42.9
Encore Acquisition Co <EAC> 39.7
Anadarko Petroleum Co <APC> 37.0
Cabot Oil & Gas <COG> 32.0
Petrohawk Energy Corp <HK.N> 30.5
EOG Resources Inc <EOG> 25.7
CNX Gas Corp <CXG> 23.9
Talisman Energy Inc <TLM> 23.6
EQT Corp <EQT> 22.1
Encana Corp <ECA> 21.9
Southwestern Energy Co <SWN> 21.1
Exco Resources Inc <XCO> 18.9
Carrizo Oil And Gas Incorporated <CRZO> 16.8
Quicksilver Resources Inc <KWK> 16.5
Forest Oil Corporation <FST> 12.3
Newfield Exploration Company <NFX> 10.8
Devon Energy Corp <DVN> 10.6
Chesapeake Energy Corp <CHK> 10.0
Apache Corp <APA> 9.8
Cimarex Energy Co <XEC> 8.9
Goodrich Petroleum Corp <GDP>
—————

PRICE/INTRINSIC VALUE

Aggregate 1.03
Range Resources Corp <RRC> 2.40
Anadarko Petroleum Corp <APC> 1.96
Comstock Resources Inc <CRK> 1.84
Encore Acquisition Co <EAC> 1.72
CNX Gas Corp <CXG> 1.64
Cabot Oil & Gas Corp <COG> 1.54
EOG Resources Inc <EOG> 1.45
Petrohawk Energy Corp <HK.N> 1.44
Talisman Energy Inc <TLM> 1.39
Southwestern Energy Co <SWN> 1.26
EQT Corp <EQT> 1.16
Exco Resources Inc <XCO> 0.94
Cimarex Energy Co <XEC> 0.93
Apache Corp <APA> 0.92
Quicksilver Resources Inc <KWK> 0.91
Newfield Exploration Co <NFX> 0.90
Carrizo Oil And Gas Inc <CRZO> 0.83
Forest Oil Corp <FST> 0.77
Encana Corp <ECA> 0.75
Devon Energy Corp <DVN> 0.75
Chesapeake Energy Corp <CHK> 0.69
Goodrich Petroleum Corp

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<GDP>
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