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Q3 2010 EARNINGS CALL – Constellation Energy Group Inc.

Constellation Energy Group Inc. · Nov 5, 2010 · 16 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. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 1
    Constellation Energy Partners LLC Third Quarter 2010 Earnings Presentation November 5, 2010
  2. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 2
    Third Quarter 2010 Solid Q310 operating performance: Average daily net production of 40.8 MMcfe Average Daily Net Production (MMcfe per day) 60 48.0 Operating cost of 3.52 per Mcfe 50 43.9 42.9 41.2 40.8 41.1 40 Resulted in 12.9…
  3. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 3
    2010 Drilling Program Total capital forecast of between 10 million and 12 million We now expect to complete between 30 and 35 net wells and recompletions in the Cherokee Basin this year Capital spending of 6.4 million for the…
  4. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 4
    CEPs Strategic Focus When we look out over the next five years, we believe our existing asset base and hedge portfolio allows us to continue a limited capital program while substantially reducing our debt Natural gas price levels…
  5. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 5
    Q310 Financial Results Q310 vs. Q210 Q310 vs. Q309 ( in 000s unless noted) Q310 Q210 Q310 Q309 Production (MMcfe) 3,758 3,745 3,758 4,414 Oil & Gas Sales 26,643 27,078 26,643 30,663 Gain (Loss) from Mark-to-Market Activities…
  6. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 6
    Asset Impairment A decrease in natural gas prices has resulted in a non-cash impairment charge in Q310 NYMEX Gas Futures (1) ( per MMBtu) 15 13.63 Greater supply and lower demand for 12.47 natural gas has weakened the long term…
  7. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 7
    2010 Forecast Q310 YTD Actual Actual 2010 Forecast Total Capital (000) 3,628 6,393 10,000 - 12,000 Total Wells(1) 10 18 15 - 25 Net Production (Bcfe) 3.8 11.4 14.5 15.5 Operating Cost (000)(2) 13,252 38,966 52,000 - 56,000…
  8. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 8
    2011 Forecast 2011 Forecast Total Capital (000) 10,000 - 12,000 Total Wells(1) 30 - 35 Net Production (Bcfe) 13.4 14.2 (72% Hedged at Midpoint) Operating Cost (000)(2) 48,000 - 52,000 Debt Reduction (000) 25,000 - 30,000…
  9. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 9
    Net Asset Value ( in millions) Quarter Ending: Q409 Q110 (*) Q210 Q310 Value of Proved Reserves (1),(2) 400.1 359.9 336.9 235.6 +/- Adjustments for: Debt - 195.0 - 185.0 - 180.0 - 172.5 Working Capital (3) 4.7 4.9 7.8 6.7 ARO -…
  10. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 10
    Cherokee Basin Basin economics benefit from: The Cherokee Basin Existing infrastructure Horizontal drilling potential Wichita CHEROKEE BASIN Conventional oil and gas add-on potential Springfield KANSAS CEP CEP benefits from:…
  11. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 11
    Black Warrior Basin Basin economics benefit from: Competitive operating cost structure The Black Warrior Basin Negligible basis risk to date Approved development on 40-acre spacing CEP benefits from: A strategic location West…
  12. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 12
    Appendix
  13. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 13
    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:…
  14. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 14
    Hedge Positions(1) Fixed Price Swaps(2) MMBtu Hedged Weighted Average Sales Price (/MMBtu) 2010 2,880,000 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…
  15. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 15
    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…
  16. Q3 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 16
    Reconciliation Items Reconciliation of Net Income (Loss) to Adjusted EBITDA ( in 000s) YTD Q310 Q410 Q310 Q210 Q110 Q309 Net income (loss) (270,157) -- (267,123) (21,092) 18,058 (9,101) Interest (income) expense, net 11,138 -- 3,695…

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