Rational Investing

Exploration and Production - Natural Gas

	Total Market Capitalization of All Firms	$67,011 mm
	Average Market Capitalization	$8,376 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.6
	Average Beta	2.0
	Average EV To Revenue	3.6
	Average EV To EBITDAM	25.9
	Average Price To Free Cash Flow	17.8

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
APA	Apache Corp	1.98	3,636	3.1	10.9	30	-31	4.3	Jun 20
CNX	CNX Resources Corporation	1.83	2,179	6.2	11.2	30	-40	1.4	Jun 20
COG	Cabot Oil & Gas Corp	1.65	7,932	7.4	18.7	30	-37	0.4	Jun 20
NVTK.ME	Novatek OAO	1.34	41,770	0.3	63.6	30	-24	0.9	Jun 20
RRC	Range Resources Corp.	0.96	1,836	3.7	7.3	30	-43	2.6	Jun 20
CLR	Continental Resources Inc.	0.66	4,796	3.9	12.7	30	-44	3.1	Jun 20
TOU.TO	Tourmaline Oil Corp	0.55	3,481	2.2	15.4	10.1	22	1.9	Jun 20
SWN	Southwestern Energy Co	0.52	1,380	1.7	2.6	17.0	-29	1.5	Jun 20