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Clayton Williams Replaces 61% of Reserves; Talks 4Q Financials
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Clayton Williams Energy, Inc. reported its financial results for the quarter and year ended December 31, 2015.
Highlights Fiscal 2015 Results Oil and Gas Production of 15.8 MBOE/d Adjusted Net Loss1 (non-GAAP) of $70.4 million EBITDAX2 (non-GAAP) of $112.1 million Year-End 2015 Reserves Total Proved Reserves of 46.6 MMBOE 61% of 2015 Production Replaced by Reserve Additions 83% Oil and NGL and 78% Proved Developed Recent Financing Transactions New $350 million five-year 2nd lien term loan, fully funded at closing Proceeds to repay outstanding balance on revolver Reduces 1st lein bank facility to $100 million commitment Provides a dedicated source of liquidity Significantly eases financial covenants for three years ReservesThe Company reported that its total estimated proved oil and…
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