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Q2 2010 EARNINGS CALL – Constellation Energy Group Inc.

Constellation Energy Group Inc. · Aug 6, 2010 · 12 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. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 1
    Constellation Energy Partners LLC Second Quarter 2010 Earnings Presentation August 6, 2010
  2. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 2
    Second Quarter 2010 Solid Q210 operating performance: Average Daily Net Production Average daily net production of 41.2 MMcfe (MMcfe per day) 60 46.6 48.0 43.9 42.9 Operating cost of 3.20 per Mcfe 50 41.2 41.1 40 30 Resulted in…
  3. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 3
    2010 Drilling Program Total capital forecast of between 10 million and 12 million At this level of spending, we expect to complete approximately 25 net wells A mix of horizontal, vertical, and recompletion wells are planned in the…
  4. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 4
    CEPs Strategic Focus Reduce debt levels Suspension of distributions expected through 2010 2010 capital spending expected to be below maintenance levels Continuing focus on managing operating costs Capitalize on organic growth…
  5. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 5
    Q210 Financial Results Q210 vs. Q110 Q210 vs. Q209 ( in 000s unless noted) Q210 Q110 Q210 Q209 Production (MMcfe) 3,745 3,860 3,745 4,242 Oil & Gas Sales 27,078 29,237 27,078 30,698 Gain (Loss) from Mark-to-Market Activities…
  6. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 6
    2010 Forecast Q210 YTD Actual Actual 2010 Forecast Total Capital (000) 2,089 2,765 10,000 - 12,000 Total Wells(1) 8 8 15 - 25 Net Production (Bcfe) 3.7 7.6 14.5 15.5 Operating Cost (000)(2) 12,001 25,714 52,000 - 56,000 NYMEX…
  7. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 7
    Net Asset Value ( in millions) Quarter Ending: Q409 Q110 (*) Q210 Value of Proved Reserves (1),(2) 400.1 359.9 336.9 +/- Adjustments for: Debt - 195.0 - 185.0 - 180.0 Working Capital (3) 4.7 4.9 7.8 ARO - 12.1 - 12.3 - 12.5…
  8. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 8
    Appendix
  9. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 9
    Portfolio Summary Portfolio Estimated total reserves: 549 Bcfe (includes estimated proved reserves of 254 Bcfe) Mix: 99% natural gas Net producing wells: 2,760 Estimated net daily production: Approximately 47MMcfe Proved developed:…
  10. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 10
    Hedge Positions(1) Fixed Price Swaps(2) MMBtu Hedged Weighted Average Sales Price (/MMBtu) 2010 5,730,000 8.13 2011 9,985,000 8.46 2012 8,955,000 8.34 2013 8,212,500 7.33 2014 6,387,500 7.03 Basis Swaps MMBtu Hedged Weighted…
  11. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 11
    Non-GAAP Financial Measures Use of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA are non-GAAP financial measures that are reconciled to their most comparable GAAP financial measure under Reconciliation of Non-GAAP Financial…
  12. Q2 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 12
    Reconciliation Items Reconciliation of Net Income YTD to Adjusted EBITDA ( in 000s) Q210 Q410 Q310 Q210 Q110 Q209 Net Income (3,034) -- -- (21,092) 18,058 (16,744) Interest expense 7,443 -- -- 3,387 4,056 3,278 DD&A(1) 54,393 -- --…

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