J.P. Morgan Clayton Williams Energy, Inc. Global High Yield & Leveraged Finance Conference February 24, 2014 NYSE: CWEI www.claytonwilliams.com
Clayton Williams Energy, Inc. Company Overview Core areas in prolific oil rich regions of Texas Proven developmental drilling program in core areas Proved Reserves: 70 MMBOE 526% Reserve Replacement Permian Basin PV10 1.4…
2013 Achievements Objectives/Actions Results Increase Liquidity Liquidity Tripled from 132M to 397M Reduced capital spending from 463M to 284M Revolver balance reduced from 460M to 40M Monetized Andrews Wolfberry assets for 215M…
Proved Reserves (SEC Case) at 12/31/2013 Proved Reserves (MMBOE) 70 60 Reserve replacement of 526% 50 Reserve Life 13.3 years 40 75.4 70.0 64.3 Trend is towards higher concentration in oil 30 20 51.1 10 0 2010 2011 2012…
2014 Capital Budget Total Capital: Drilling & Completion Costs by Region: 378.8 million 335.8 million Leasing & Facilities Seismic & Other 40.4 2.6 Eagle Ford 155.5 Drilling & Permian Completion Basin 335.8 176.5…
Capitalization and Liquidity As of ( millions) 12/31/2013 Cash & Equivalents 26.6 BB Revolver due 2019 40.0 Total Secured Debt 40.0 7.75% Senior Notes due 2019 599.6 Total Debt 639.6 Shareholders' Equity 353.8 Total…
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CWEI Core Development Areas Permian Basin and Giddings Areas are two of the largest resource plays in the US CWEI has large contiguous acreage positions in both areas Developing proven acreage Continue D&C efficiencies…
Southern Delaware Basin Resource Potential Stacked pay 11 potential producing horizons 3,500 oil column from 8,000 11,500 Resource potential: 400 MMBOIP per section Vertical and horizontal development potential CWEIs Position…
Delaware Basin Reeves County Area Highlights Reeves County Horizontal Activity Ongoing horizontal well program Shell Derisking Wolfcamp A ROSE Testing Wolfcamp C Peak 30day average: 680 BOE/d Optimizing economics through D&C…
Improving Efficiencies & Production Reeves County Wolfcamp A Delaware Basin Peak 30Day Averages BOE/d 1000 4,000 39% 800 3,000 600 2,000 886 3,567 400 680 2,565 1,000 200 423 0 0 3Q 13 4Q 13 9 Well Avg First 4 Wells…
Reeves County Pipeline System Gas 70 miles 3 to 8 diameter 25,000 MMCF/d capacity Oil 71 miles 3 to 8 diameter 18,000 BO/d capacity Salt Water Disposal 65 miles 3 to 6 diameter 20,000 BW/d capacity 1 CWEI disposal well &…
Giddings East Texas Area Highlights Legacy Austin Chalk Area Vertical wells in 70s and 80s Horizontal wells from 90s to present 185,000 net acre position Repeatable Eagle Ford Shale Program Eagle Ford Shale underlies Austin…
Giddings Eagle Ford Shale Thomas Area Highlights Scasta 2 Ongoing horizontal well program Derisking extensive position in Robertson, Sarah Ferrara 1 Burleson and Lee Counties Batten 10 horizontal wells completed to date Peak…
Permian Acreage Footprint per 1,000 Share Holding 14 Acres 6 Acres 5 Acres 4 Acres CWEI Company A * Company B * Company C * * Source: Bloomberg Industries; 18 public companies selected 17
Eagle Ford Acreage Footprint per 1,000 Share Holding 13 Acres 2 Acres 2 Acres 1.5 Acres CWEI Company A * Company B * Company C * * Source: Wood MacKenzie; 28 public companies selected 18
Key Takeaways Focused on oil in core liquidsrich oil plays Significant acreage position in the prolific Permian Basin & Giddings Areas Shareholders have more acreage exposure in two of the most oil prolific regions in the US…
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Guidance Estimated Ranges Year Ending December 31, 2014 (Dollars in thousands, except per unit data) Average Daily Production: Oil (Bbls) ............................................................. 12,800 to 13,200 Gas (Mcf)…
Historical Production & Operating Metrics Year ended December 31, 2011 2012 2013 Production: Oil (MBbls) 3,727 3,821 3,692 Natural Gas (MMcf) 8,594 8,072 6,188 Natural gas liquids (MBbls) 275 433 532 Total Production (MBoe) 5,434…
Historical Financial Summary Year ended December 31, ( thousands, except per unit statistics) 2011 2012 2013 Average Realized Prices: Oil (/Bbl) 92.43 90.97 95.05 Gas (/Mcf) 5.30 3.59 3.59 NGL (/Bbl) 53.37 38.95 33.26 Price After…
EBITDAX Reconciliation to Net Income Year ended December 31, ( thousands) 2011 2012 2013 Net income (loss) 93,823 35,103 (24,862) Interest expense 32,919 38,664 43,079 Income tax expense (benefit) 52,142 22,008 (12,428)…
Contact Information: Clayton Williams Energy, Inc. www.claytonwilliams.com Patti Hollums Director of Investor Relations 432.688.3419 phollumsclaytonwilliams.com 26
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