US high yield operator universe: key metrics and benchmarking

With increasing interest in the US energy high yield space, we have created a resource to understand the operational profiles and risks of this unique set of operators.  The key metrics for assessing relative risk and comparing upstream value to the market valuations of the public securities in our view are: (1) distribution of upstream present value through time, (2) price necessary for NPV-accretive production and (3) operational risk across developed producing and undeveloped.