Third Quarter 2010 Conference Call November 2, 2010
Key Takeaways Average Daily Production: o Up 26% compared to 3rd Quarter 2009 o Up 23% compared to Nine Months 2009 Oil & Gas Revenue (1): o Up 22% compared to 3rd Quarter 2009 o Up 24% compared to Nine Months 2009 Lease Operating…
Daily Production & Pricing 1st Quarter 2nd Quarter 3rd Quarter Quarter to Quarter 2010 2010 2010 Change % Change Production Average Per Day Oil (Bbls) 1,886 1,856 1,912 56 3% Gas (Mcf) 7,394 7,357 8,415 1,058 14% Natural Gas Liquids…
Selected Financial Highlights 1st Quarter 2nd Quarter 3rd Quarter (in millions except per share data) 2010 2010 2010 Change % Change Operating Revenue 16.8 15.7 16.9 1.2 8% Gain (Loss) on Oil & Gas Cash Settled Derivatives (0.2) 0.3…
Hedging Summary as of November 1, 2010 (1) Current Production Hedged 110% 100% Crude Oil & NGLs % of Current % of Current Avg. Floor Avg. Ceiling 90% with Floor with Ceiling Price Price 80% 2010 76% 76% 62.71 79.31 70% 2011 75%…
Balance Sheet ( in millions) Sept. 30, 2010 Assets Cash & Cash Equivalents 64.8 Other Current Assets 25.7 Net Property and Equipment 309.8 Other Net Assets 57.4 Total Assets 457.7 Liabilities and Owners Equity Current…
Guidance 4th Quarter 2010 Full Year 2010 Production 22.0 24.0 MMcfe/d 20.0 23.0 MMcfe/d (unchanged) % Production Oil 51% 56% Exit Rate (December 2010 Production) 23.0 26.0 MMcfe/d (revised) Lease Operating Expenses 7.8 million 26.0…
Marcellus Projects Butler 34,900 net acres / 70% working interest (1) E&P o 11 horizontal wells drilled to date 5 completed & inline 1 flow testing 5 awaiting completion o Drilling 2nd of 5 horizontal well pad o 13 additional…
Marcellus Projects Westmoreland Operated by Williams Appalachia, LLC 6,700 net acres / 40% working interest E&P o 9 horizontal wells completed & inline o Drilling 4th of 5 horizontal well pad Midstream o Currently constrained at…
Marcellus Projects Central Centre & Clearfield Counties, Pennsylvania o Operated by Williams Appalachia, LLC o 11,000 net acres / 40% working interest o E&P 3 horizontal wells drilled to date 2 inline and producing 1 drilled…
Lawrence Field ASP Update Project Update o University of Texas Coreflooding Results and Recipe Middagh Unit Design Design ASP recovery of 90% of the remaining oil after waterflood Equates to 22 25% OOIP Recovery o Field Testing of…
Niobrara Overview 56,000 gross (40,000 net) acres DJ Basin o 1 rig currently drilling in the play Rex Energy BJB 1H o 1 horizontal well drilled, fractured Spud by Year-End and recovering load 2010 Rex Energy Silo State 41-22H o 1…
Upcoming Events November 2010 o Pritchard Capital Appalachia Forum November 10 Boston, Massachusetts o Stifel Nicolaus Midwest One-on-One Conference November 11 Chicago, Illinois o Canaccord Genuity Global Energy Conference…
Appendix Non-GAAP Reconciliation Tables
EBITDAX 1st Quarter 2nd Quarter 3rd Quarter (in thousands) 2010 2010 2010 Net Income (Loss) from Continuing Operations 1,992 813 9,540 Add Back (Less): DD&A & Accretion 5,092 5,139 4,979 Non-Cash Compensation 433 521 213 Interest…
Net Earnings (Loss) Comparable to Analysts Estimates 1st Quarter 2nd Quarter 3rd Quarter (in thousands) 2010 2010 2010 Income (Loss) Before Income Taxes, as reported 3,273 956 16,150 Add Back (Less): Unrealized (Gain) on…
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