We've brought together the top insights into energy industry trends and best practices in our downloadable eBook, State of the Energy Industry. A helpful resource of industry-leading insights on gas and crude production, job growth, the current regulatory and political environment, capital and technology, and the pulse on the global markets.

1. PERSPECTIVES
ON THE ENERGY
INDUSTRY
2014 State of the Industry

2. Chairman’s Letter
To Our Readers,
As part of our commitment to knowing our energy clients’
business, we collect insights from some of the best minds in
the industry. This understanding contributes to how we deliver
counsel that exceeds our clients’ expectations and our ability
to help them make strategy decisions about their business.
The information in this ebook has been invaluable to us and
to our clients, and we hope that it will benefit you as well.
Read some of the trends and best practices gathered from
industry-leading clients and our own energy team. If you find
value in it and would like to hear more, join us for our next
BoyarMiller Breakfast Forum.
Sincerely,
Chris Hanslik
Firm Chairman
1

3. TABLE OF CONTENTS
2
State of the Industry
UNITED STATES MARKET
GLOBAL MARKETS
Practice Leaders
Expert Insights
REGULATORY & POLITICAL CLIMATE
CAPITAL & TECHNOLOGY: SHAPING THE FUTURE OF ENERGY
GLOBAL MARKETS: A MANUFACTURER’S PERSPECTIVE

4. UNITED STATES MARKET
Oil & gas industry
has created
3.9M new jobs
1 MARCELLUS
2 UTICA
3 EAGLE FORD
Areas will see enough growth
through the end of the decade
to support LNG exports – up to
3.5 billion cubic feet by 2020
STATE OF THE INDUSTRY
3
REFINERS BENEFIT FROM
OVERSUPPLY
OF LIGHT, SWEET
CRUDE THAT CANNOT
BE EXPORTED
1
2
3
Oil & gas production –
boosted by shale –
CONTRIBUTES
APPROXIMATELY
3.5% TO U.S. GDP
•Basin
•Shale Gas Plays
250 and above
110 to 250
50 to 110
less than 50
Operable refinery
location and
capacity volumes
as of January 1, 2012
(thousands of barrels per day)
*SOURCE: U.S. Energy Information Administration
*SOURCE: EIA, “The Long-term
Outlook for Natural Gas”, Feb 2011
Metros with the
highest concentrations
of oil & gas jobs
(a location quotient of 1.0
equals the national average)
*SOURCE: EMSI 2013.4 Class of Worker
Shale has given the U.S.
a structural, long-term
COMPETITIVE
ADVANTAGE
in the natural gas and
electricity markets

5. 4
STATEOFTHEINDUSTRY
GLOBAL MARKET
5 EUROPE
The resolution of the
conflict involving Ukraine
and Russia will have a
major,long-term impact
on manufacturers in the U.S.,
U.K. and the rest of the world
3 GLOBAL OFFSHORE
Global offshore market is currently
strong, but may decline because of
comparatively
low cost
of land
rigs
2 LATIN AMERICA
Instability in the government and
currencies of Venezuela and
Argentina have made them
lukewarm
marketsat best
1
3
2
4
5
7
State of the Industry, continued
1 NORTH AMERICA
By 2035,
natural gas in
the U.S. will cost
halfwhat it costs in
Europe or Asia
Cautious optimism about North
American fracturing because the
oversupply
situationcauses pricing pressures
4 MIDDLE EAST/AFRICA
North Africa’s
instability
for the past several
years has made it an
area of concern
Not a promising well service
market because of the
anti-fracing
regulations
Middle East has lots of drilling
and well service activity,
and will continue to be a
STRONG
market for the near term
7 AUSTRALIA
significant
growth predicted
in the near future from
Chevron’s large projects
Gorgon and Wheatstone
6 ASIA
China will be a
BIGopportunity
for years to come, especially
as they potentially sit on
the largest shale reserves
in the world
Malaysia, Indonesia and
Vietnam have seen modest but
steadygrowth

6. EXPERT INSIGHT
55
Regulatory Political Climate
“Outside of the U.S., there is no oil production growth. What’s going on in
the U.S. is miraculous.”
2014 INSIGHTS
David Pursell, Managing Director Head of Securities, Tudor, Pickering, Holt Co.
• THERE CAN BE NO LNG EXPORTS WITHOUT HYDRAULIC FRACTURING: It’s been suggested that
the U.S. use LNG exports to project power globally, but that supply is simply not possible with-
out hydraulic fracturing. Allowing natural gas exports and fracturing are regulations that go
hand in hand.
• MARCELLUS, UTICA AND EAGLE FORD ARE THE KEY: All basins outside of Marcellus, Utica and
Eagle Ford are in decline – but in a $5 gas world, those basins don’t need to grow. The three key
basins will show significant enough growth through the end of the decade to support exports.
• HYDRAULIC FRACTURING SAVED THE U.S. INDUSTRIAL SECTOR: With natural gas prices at $4 in
the U.S., compared to $12 in Europe or $16 in Japan, U.S. manufacturing has a distinct advan-
tage. Steel, glass, paper – any number of industries benefit from low gas and power prices.
• OIL PRICES ARE HIGH BECAUSE THE GLOBAL MARKET IS TIGHT: The market is not oversupplied,
as some analysts suggest. Inventories are actually near ten-year lows, and the U.S. is the only
place in the non-OPEC world where oil production is growing.
• WHEN WE CAN’T EXPORT CRUDE, BIG OIL WINS: With a surplus of light, sweet crude in the
U.S., domestic supplies will be priced significantly lower than the global market, meaning
a loss for oil producers. The winners will be refiners like Shell, BP and Exxon – “Big Oil.”
As Managing Director and Head of Securities, David Pursell is responsible
for TPH’s analysis of global oil gas markets, including inventory and price
forecasts, supply/demand modeling and rig count/production relation-
ships. He is a board member of private energy companies Oxane Materi-
als and Unconventional Gas Resources. He holds a BS and MS in Petroleum
Engineering from Texas AM University.

7. 6
EXPERTINSIGHT
Capital Technology:
Shaping the Future of Energy
“Shale plays are secular, not cyclical; their economic impact is huge;
and they will last a generation or longer.”
2014 INSIGHTS
Thomas Bates, Co-Chair Energy MBA Advisory Board, Neeley School of Business, TCU
• UNCONVENTIONAL PLAYS HAVE HAD A MASSIVE ECONOMIC IMPACT: Depending on which
economist you listen to, the economic impact of shale in the U.S. is between $500 billion
and $700 billion annually. They probably contributed 3.5% to the U.S. GDP last year and
will generate more than 3.9 million new jobs.
• LOW NATURAL GAS PRICES ARE A BIG WIN FOR AMERICAN CONSUMERS: Low gas prices and
electric power prices benefit residential, commercial and industrial markets. In fact, high
domestic production and low prices delivered an estimated $250 billion annual benefit
to the American consumer.
• U.S. COMPETITIVE ADVANTAGE: PLENTY OF CHEAP NATURAL GAS: We have a potential 150-
year supply of natural gas in this country, which can be produced for 75% less than the
cost we currently pay for imported crude oil. This is a structural, long-term competitive
advantage for our nation’s economy.
• AS OUR OIL IMPORTS GO DOWN, CHINA’S GO UP: Domestic oil production is up 60% in only 6
years – and total imports have dropped from 13 million barrels a day to 7 million. Meanwhile,
China moved from importing virtually no oil in the mid-1990s to 6 million barrels a day last year.
• BECAUSE OF SHALE, WE COULD BECOME ENERGY INDEPENDENT: If through improved mileage
standards and substitution of CNG and LNG for gasoline and diesel we could drop con-
sumption of oil derivatives in the transportation market from 12 million to 6 million barrels
a day. We would then drop to 1 million barrels a day imported and would be virtually
energy independent!.
Tom Bates has more than 25 years of experience in oil service management
and operations. He serves on the boards of directors of Hercules Offshore,
TETRA Technologies, Southwest Oilfield Products, Independence Contract
Drilling and Wellflex Energy Solutions. He is Adjunct Professor of Finance
and co-chair of the Energy MBA Advisory Board at the Neeley School of
Business at Texas Christian University. Tom received the 1995 University
of Houston/American Society of Engineers OTC Award for outstanding
leadership and citizenship.

8. 7
EXPERTINSIGHT
Global Markets:
A Manufacturer’s Perspective
“What we’re seeing is the renaissance in technology for land drilling.
Companies that don’t keep up with the curve are going to struggle
in years to come.”
2014 INSIGHTS
Paul DeWeese, CEO, Southwest Oilfield Products
• TECHNOLOGICAL ADVANCES MEAN FEWER RIGS, MORE OIL AND GAS: Technology like pad
drilling, walking rigs, AC rigs and improved mud pump systems mean faster, more efficient
drilling. Fewer rigs are able to drill more feet and ultimately discover more oil and gas.
• CHINA IS KEEPING U.S. MANUFACTURING ON ITS TOES: Because of increased ease of
transport and long-term relationships with U.S. companies, China is putting heavy
pressure on U.S. manufacturing companies to stay competitive. Manufacturing is a
heavy-hitting, contact sport.
• THE BIG CREW CHANGE ADDS SERIOUS HURDLES: With many of the best employees in the
industry retiring out of the business, companies are in dire need of good, young talent.
The cost and unavailability of talent makes many critical positions a challenge to fill.
• COMPARATIVELY INEXPENSIVE LAND RIGS MAY HURT OFFSHORE MARKET: Due to lower
operating cost, U.S. land rigs have a significant cost-advantage versus offshore rigs.
While the global offshore market is currently strong, we may see a downtick in rig count
offshore over time.
• STABILITY OF A MARKET IS KEY: The political and currency stability of Asia has made it
a solid market, while Latin American markets like Venezuela and Argentina are only
lukewarm now because of uncertainty and instability in politics and economy.
Paul DeWeese has more than 18 years’ experience in the oil and gas field
services industry, running both public and private equity-backed companies
headquartered domestically and internationally. He is the CEO of Southwest
Oilfield Products, a domestic, US-based leader of pump and well service
equipment production, and an OEM manufacturer of frac pumps, and
mud pump fluid ends and consumables. Paul holds a Bachelor in Business
Administration from Regis University and an MBA from the University of Michigan.

9. 8
Chris Hanslik
Firm Chairman
Represents companies in all aspects of the energy sector, both
domestically and international, in disputes ranging from breach
of contract and fraud to misappropriation of trade secrets and
employment-related disputes. Has secured favorable results in
both state and federal courts, as well as international arbitration
proceedings for energy clients.
Gary Miller
Founding Shareholder, Business Group
Represents numerous domestic and offshore-based companies
in connection with acquisitions and divestitures, financings, joint
ventures and general corporate matters in the United States.
ENERGY
PRACTICE LEADERS
Bill Boyar
Founding Shareholder, Business Group
Represents the various parties involved in the acquisition, disposition,
capitalization and financing of national and international businesses.
Served as lead counsel for numerous complex, multi-party acquisi-
tions and project financings with significant experience in corporate
finance, mergers and acquisitions, private equity and
structure finance.

10. PRACTICELEADERS
9
Steve Kesten
Shareholder, Business Group
Represents multiple international energy and energy services
clients with outbound expansion (i.e., U.S. companies expanding
internationally) and inbound expansion (international companies
expanding to the U.S.), including start-up expansion or expansion
by acquisition, as well as in connection with financing and merger
and divestiture transactions.
Gus Bourgeois
Shareholder, Business Group
Represents clients doing business domestically and internationally
in connection with mergers and acquisitions, customer and vendor
contracts – including master services agreements – technology
licensing, employment agreements and related matters.
Craig Dillard
Shareholder, Litigation Group
Handles litigation in both state and federal courts, as well as on
appeal, for both domestic and international oil and gas clients who
have been sued in the United States or in arbitration. Specializes in
litigation of commercial contracts, including indemnity obligations;
technology protection, including trademark infringement claims,
trade secret misappropriation claims and intellectual property
disputes; and enforcement of oil and gas companies’ non-compete,
confidentiality and other employment agreements.
Energy Practice Leaders, continued

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