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19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc.

Clayton Williams Energy Inc. · Apr 15, 2013 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 1
    IPAA OGIS New York Clayton Williams Energy, Inc. April 15, 2013 NASDAQ: CWEI www.claytonwilliams.com
  2. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 2
    Company Overview CWEI as of 12/31/12 Asset Overview Market Cap: 486.6 million Oil focused strategy Enterprise value: 1.3 billion Developmental drilling program in proven oil producing areas Proved Reserves at 12/31/12: 75.4 MMBOE…
  3. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 3
    Proved Reserves (SEC Case) at 12/31/2012 Reserve replacement of 365% Reserve Life 13 years Trend is towards higher concentration in oil By Location Proved Reserves (MMBOE) 100% 4% 3% 3% 70 15% 17% 13% 22% 60 75% 26% 50 50% 40…
  4. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 4
    2013 Capital Budget 2013 Capital Budget 2013 Drilling & Completion 229.2 million* 191.6 million Drilling & Completion 191.6 Facilities Eagle Ford Permian Basin 3.6 Shale 108.6 71.3 Leasehold & Seismic 34.0 Other…
  5. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 5
    Average Daily Production (BOE) 14,000 11,623 11,750 12,000 10,964 10,047 10,000 8,507 8,000 7,283 Gas 6,000 4,909 Oil 3,924 4,000 3,676 3,500 2,000 - 2009 2010 2011 2012 2013E 6
  6. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 6
    Summary of Hedges Swaps: Oil Gas (a) Bbls Price MMBtu Price Production Period: 665,000 1st Quarter 2013....... 93.70 400,000 3.34 2nd Quarter 2013 648,000 93.94 390,000 3.34 3rd Quarter 2013. 300,000 104.60 360,000 3.34 4th…
  7. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 7
    Capitalization and Liquidity As of ( millions) 12/31/2012 Cash & Equivalents 10.7 BB Revolver due 2019 460.0 Total Secured Debt 460.0 7.75% Senior Notes due 2019 349.6 Total Debt 809.6 Shareholders' Equity 378.6 Total…
  8. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 8
    Achieving Balance Capital Requirements Capital Resources Asset Rich Highly Leveraged o Significant positions in o Outspent cash flows by 460 resource plays million in 2 years Wolfbone o Lack capital resources to meet Eagle Ford…
  9. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 9
    Operations Overview 10
  10. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 10
    Desta Drilling 14 Rigs 7 1300 HP Rigs - Triples Drills vertical & horizontal wells Rated to 14,000 5 1300 HP RG Rigs Drills vertical & horizontal wells Rated to 13,500 2 1000 HP RG Rigs Drills vertical & horizontal wells Rated…
  11. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 11
    CWEI Core Development Areas CWEI has strong positions in the Permian Basin and Giddings Areas Emerging plays driven by resource potential and technology expansion Oil and liquid rich areas Permian Basin Giddings Area 4Q 2012 Avg…
  12. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 12
    Permian Basin Properties Developing Areas Andrews County Fuhrman-Mascho San Andres Andrews County Loco Hills Wolfberry Yeso Warwink Bone Springs Glasscock/Sterling County Wolfberry/Cline Shale Reeves/Loving County…
  13. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 13
    Permian Basin Delaware Basin Oil Play Area Overview Emerging oil rich resource play 3,500 oil column 82 wells spud to date 69 vertical 13 horizontal Over 400 potential locations using 160 acre spacing 80 acre development both…
  14. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 14
    Permian Basin - Delaware Basin Oil Play Activity 1 rig currently drilling Vertical & horizontal well program with multi-stage frac Pipeline system in place & operating Economics Vertical: Gross Reserves: 170-200 MBOE AFE…
  15. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 15
    Delaware Basin - Reeves County Activity City of Pecos BHP CRK CXO OXY EXL CRK OXY Shell Chevron BHP CXO OXY CXO 16
  16. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 16
    Decreasing Vertical Well Costs 6,000,000 5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 Well 17
  17. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 17
    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 BOPD capacity Salt Water Disposal 65 miles 3 to 6 diameter 20,000 BWPD capacity 1 CWEI disposal…
  18. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 18
    Permian Basin Andrews County Wolfberry Activity 1 rig in area 185 wells drilled 4Q 2012 Avg. Net Daily Prod: 2,497 790 potential locations PUDs: 99 on 80 acre 211 on 40 acre Probables: 480 on 20 acre Horizontal activity in…
  19. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 19
    Permian Basin East HOWARD MITCHELL DVN Area Overview Midland Basin Primarily Glasscock & Sterling APA Counties 37,000 net acres 22 Vertical Wolfberry wells drilled or participated in 7,000 to 9,000 depth 1 Cline Shale…
  20. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 20
    Permian Basin Future Exploitation Opportunities Area Overview Flying M Field Lea County, NM East & South Huntley Fields CWEI controls operations Garza County, TX Yates, Queen, Grayburg & San Andres Formations Cover…
  21. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 21
    Giddings East Texas Giddings Area Area Highlights Legacy Austin Chalk Area Vertical wells in 70s & 80s Horizontal wells from 90s to present 177,000 Net Acre Position Resource Potential in Eagle Ford Shale Early stages of…
  22. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 22
    Giddings Eagle Ford Shale Giddings Area Activity Thomas Sarah Ferrara 1 Horizontal wells Scasta 2 Well cost: 5.5 MM 100% working interest Balcar 1 6 wells on production 1 well completing Edward 1 well drilling Hosek 1…
  23. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 23
    Key Takeaways Focused on oil Significant acreage position in the Permian Basin & Giddings Areas Large resource drilling inventory Strategic actions to reduce debt in 2013 Plan to achieve balance between future drilling…
  24. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 24
    Appendix 25
  25. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 25
    Guidance Estimated Ranges Year Ending December 31, 2013 (Dollars in thousands, except per unit data) Average Daily Production: Oil (Bbls) ......................................................... 10,300 to 10,500 Gas…
  26. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 26
    Historical Production & Operating Metrics Year ended December 31, 2010 2011 2012 Production: Oil and NGL (MBbls) 3,667 4,002 4,254 Natural Gas (MMcf) 10,750 8,594 8,072 Total Production (MBoe) 5,459 5,434 5,599 Operating Metrics…
  27. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 27
    Historical Financial Summary Year ended December 31, ( thousands, except per unit statistics) 2010 2011 2012 Average Realized Prices: Oil (/Bbl) 76.44 92.43 90.97 Gas (/Mcf) 5.17 5.30 3.59 NGL (/Bbl) 42.47 53.37 38.95 Price After…
  28. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 28
    EBITDAX Reconciliation to Net Income Year ended December 31, ( thousands) 2010 2011 2012 Net income 36,938 93,823 35,103 Interest expense 24,402 32,919 38,664 Income tax expense (benefit) 20,634 52,142 22,008 Exploration: Abandonments…
  29. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 29
    Historical Credit Metrics Debt/Prov. & Prov. Dev. Reserves (/Boe) Debt / EBITDAX 20 18.67 3.4x 16 13.49 12 11.17 10.74 8.23 1.6x 1.6x 7.54 8 4 - 2010 2011 2012 Debt / Proved Reserves Debt / Proved Developed Reserves 2010…
  30. 19TH ANNUAL IPAA OGIS NEW YORK – Clayton Williams Energy Inc. – slide 30
    Contact Information: Clayton Williams Energy, Inc. www.claytonwilliams.com Patti Hollums Director of Investor Relations 432.688.3419 phollumsclaytonwilliams.com 31

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