Rational Investing

Exploration and Production - Natural Gas

	Total Market Capitalization of All Firms	$90,904 mm
	Average Market Capitalization	$11,363 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.4
	Average Beta	2.0
	Average EV To Revenue	4.1
	Average EV To EBITDAM	21.9
	Average Price To Free Cash Flow	18.6

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
CNX	CNX Resources Corporation	2.00	2,703	6.6	13.8	30	-46	1.6	Sep 20
NVTK.ME	Novatek OAO	1.77	56,982	0.3	64.5	30	-14	1.1	Jun 20
RRC	Range Resources Corp.	1.13	2,562	3.0	2.9	6.3	-27	2.6	Sep 20
APA	Apache Corp	0.96	6,532	4.2	9.3	12.4	-43	4.4	Sep 20
COG	Cabot Oil & Gas Corp	0.93	8,072	6.8	19.1	20.6	-31	0.3	Sep 20
CLR	Continental Resources Inc.	0.92	7,290	7.4	14.2	16.1	-63	3.1	Sep 20
SWN	Southwestern Energy Co	0.88	2,265	1.9	4	30	-22	1.5	Sep 20
TOU.TO	Tourmaline Oil Corp	0.74	4,498	2.9	21.1	30	20	1.6	Sep 20