Sheet 1 - Scenarios at $800M EB
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Price Bid
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-4,600
|
-4,800
|
-5,000
|
-5,200
|
-5,400
|
-5,600
|
-5,800
|
|
Year 1
|
650
|
650
|
650
|
650
|
650
|
650
|
650
|
|
Year 2
|
670
|
670
|
670
|
670
|
670
|
670
|
670
|
|
Year 3
|
690
|
690
|
690
|
690
|
690
|
690
|
690
|
|
Year 4
|
710
|
710
|
710
|
710
|
710
|
710
|
710
|
|
Year 5
|
732
|
732
|
732
|
732
|
732
|
732
|
732
|
|
Year 6
|
754
|
754
|
754
|
754
|
754
|
754
|
754
|
|
Year 7
|
776
|
776
|
776
|
776
|
776
|
776
|
776
|
|
Year 8
|
799
|
799
|
799
|
799
|
799
|
799
|
799
|
|
Year 9
|
823
|
823
|
823
|
823
|
823
|
823
|
823
|
|
Year 10
|
848
|
848
|
848
|
848
|
848
|
848
|
848
|
|
Year 11
|
874
|
874
|
874
|
874
|
874
|
874
|
874
|
|
Year 12
|
900
|
900
|
900
|
900
|
900
|
900
|
900
|
|
Year 13
|
927
|
927
|
927
|
927
|
927
|
927
|
927
|
|
Year 14
|
955
|
955
|
955
|
955
|
955
|
955
|
955
|
|
Year 15
|
983
|
983
|
983
|
983
|
983
|
983
|
983
|
|
Year 16
|
1,013
|
1,013
|
1,013
|
1,013
|
1,013
|
1,013
|
1,013
|
|
Year 17
|
1,043
|
1,043
|
1,043
|
1,043
|
1,043
|
1,043
|
1,043
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|
Year 18
|
1,074
|
1,074
|
1,074
|
1,074
|
1,074
|
1,074
|
1,074
|
|
Year 19
|
1,107
|
1,107
|
1,107
|
1,107
|
1,107
|
1,107
|
1,107
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|
Year 20
|
1,140
|
1,140
|
1,140
|
1,140
|
1,140
|
1,140
|
1,140
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|
Year 21
|
1,174
|
1,174
|
1,174
|
1,174
|
1,174
|
1,174
|
1,174
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|
Year 22
|
1,209
|
1,209
|
1,209
|
1,209
|
1,209
|
1,209
|
1,209
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|
Year 23
|
1,245
|
1,245
|
1,245
|
1,245
|
1,245
|
1,245
|
1,245
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|
Year 24
|
1,283
|
1,283
|
1,283
|
1,283
|
1,283
|
1,283
|
1,283
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|
Year 25
|
1,321
|
1,321
|
1,321
|
1,321
|
1,321
|
1,321
|
1,321
|
|
|
|
|
|
|
|
|
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|
Overall IRR
|
16.5%
|
15.8%
|
15.2%
|
14.6%
|
14.1%
|
13.6%
|
13.1%
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|
Return on Equity
|
60.4%
|
57.1%
|
54.1%
|
51.2%
|
48.5%
|
46.0%
|
43.7%
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Sheet 1 - Scenarios at $500M EB
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|
Price
|
-4,600
|
-4,800
|
-5,000
|
-5,200
|
-5,400
|
-5,600
|
-5,800
|
|
Year 1
|
350
|
350
|
350
|
350
|
350
|
350
|
350
|
|
Year 2
|
360
|
360
|
360
|
360
|
360
|
360
|
360
|
|
Year 3
|
371
|
371
|
371
|
371
|
371
|
371
|
371
|
|
Year 4
|
382
|
382
|
382
|
382
|
382
|
382
|
382
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|
Year 5
|
394
|
394
|
394
|
394
|
394
|
394
|
394
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|
Year 6
|
406
|
406
|
406
|
406
|
406
|
406
|
406
|
|
Year 7
|
418
|
418
|
418
|
418
|
418
|
418
|
418
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|
Year 8
|
430
|
430
|
430
|
430
|
430
|
430
|
430
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|
Year 9
|
443
|
443
|
443
|
443
|
443
|
443
|
443
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|
Year 10
|
457
|
457
|
457
|
457
|
457
|
457
|
457
|
|
Year 11
|
470
|
470
|
470
|
470
|
470
|
470
|
470
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|
Year 12
|
484
|
484
|
484
|
484
|
484
|
484
|
484
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|
Year 13
|
499
|
499
|
499
|
499
|
499
|
499
|
499
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|
Year 14
|
514
|
514
|
514
|
514
|
514
|
514
|
514
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|
Year 15
|
529
|
529
|
529
|
529
|
529
|
529
|
529
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|
Year 16
|
545
|
545
|
545
|
545
|
545
|
545
|
545
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|
Year 17
|
562
|
562
|
562
|
562
|
562
|
562
|
562
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|
Year 18
|
578
|
578
|
578
|
578
|
578
|
578
|
578
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Year 19
|
596
|
596
|
596
|
596
|
596
|
596
|
596
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Year 20
|
614
|
614
|
614
|
614
|
614
|
614
|
614
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Year 21
|
632
|
632
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632
|
632
|
632
|
632
|
632
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Year 22
|
651
|
651
|
651
|
651
|
651
|
651
|
651
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Year 23
|
671
|
671
|
671
|
671
|
671
|
671
|
671
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Year 24
|
691
|
691
|
691
|
691
|
691
|
691
|
691
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Year 25
|
711
|
711
|
711
|
711
|
711
|
711
|
711
|
|
|
|
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|
Overall IRR
|
8.6%
|
8.1%
|
7.7%
|
7.3%
|
7.0%
|
6.6%
|
6.3%
|
|
Return on Equity
|
20.8%
|
18.6%
|
16.6%
|
14.6%
|
12.8%
|
11.0%
|
9.4%
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Sheet 1 - Table 3
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Escalation on annual free cash flow
|
3.00%
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Interest Rate
|
5.50%
|
|
Debt Leverage
|
80.00%
|
|