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Clayton Williams Output Drops 21% on Asset Write-Downs
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Clayton Williams Energy, Inc. reported its financial results for the first quarter of 2016.
Highlights: Oil, gas and NGL production per barrel of oil equivalent decreased 21% in 1Q16 as compared to 1Q15, with oil production decreasing 25% to 9,868 barrels per day Lower commodity prices negatively impacted the Company's results of operations due to asset impairments. The Company recorded an impairment of proved properties in 1Q16 of $2.3 million related to the write-down of certain non-core properties located primarily in Oklahoma and the Permian Basin Net Loss of $35.3 million; Adjusted Net Loss (non-GAAP) of $30.7 million Cash Flow from Operations of $0.5 million; EBITDAX2 (non-GAAP) of $9.5 million Liquidity of $283 million, including cash of $185 million Financial Results for the…- ✓ Full news archive — U.S., Canada & international coverage
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