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Q4 2010 EARNINGS CALL – Constellation Energy Group Inc.

Constellation Energy Group Inc. · Feb 25, 2011 · 14 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. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 1
    Constellation Energy Partners LLC Fourth Quarter & Full Year 2010 Earnings Presentation February 25, 2011
  2. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 2
    Fourth Quarter 2010 Operating performance: Average daily net production of 39.9 MMcfe Average Daily Net Production (MMcfe per day) 43.9 42.9 46.7 50 41.2 40.8 39.9 41.2 Operating cost of 3.68 per Mcfe 40 30 Resulted in 11.7…
  3. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 3
    2010 Capital Program Total capital forecast of between 10 million and 12 million We expected to complete between 30 and 35 net wells and recompletions in the Cherokee Basin in 2010 Capital spending of 8.5 million(1) in 2010 resulted…
  4. Q4 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. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 5
    A Right-Sized Opportunity On December 21, 2010, we acquired interests in 36 producing oil wells in Northern Kansas and Southern Nebraska (Central Kansas Uplift) KANSAS - A&D EVALUATION VERSION Hitchcock Red Willow Furnas The…
  6. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 6
    2010 Financial Results Full Year Q410 vs. Q310 ( in 000s unless noted) 2010 2009 Q410 Q310 Production (MMcfe) 15,037 17,061 3,674 3,758 Oil & Gas Sales 108,692 123,126 25,734 26,643 Gain (Loss) from Mark-to-Market Activities…
  7. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 7
    2010 Forecast Q410 YTD Actual Actual 2010 Forecast Total Capital (000) (1) 2,084 8,477 10,000 - 12,000 Total Wells(2) 13 31 15 - 25 Net Production (Bcfe) 3.7 15.0 14.5 15.5 Operating Cost (000)(3) 13,513 52,479 52,000 - 56,000…
  8. Q4 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. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 9
    Net Asset Value ( in millions) Quarter Ending: Q409 Q110 (*) Q210 Q310 Q410 Value of Proved Reserves (1),(2) 400.1 359.9 336.9 235.6 247.5 +/- Adjustments for: Debt - 195.0 - 185.0 - 180.0 - 172.5 - 165.0 Working Capital (3) 4.7…
  10. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 10
    Appendix
  11. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 11
    Portfolio Summary Portfolio Estimated total reserves: 492 Bcfe (includes estimated proved reserves of 221 Bcfe) Mix: 98% natural gas Net producing wells: 2,783 Estimated net daily production: Approximately 39.5MMcfe Proved…
  12. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 12
    Hedge Positions(1) Fixed Price Swaps(2) MMBtu Hedged Weighted Average Sales Price (/MMBtu) 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 Average Sales Price…
  13. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 13
    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…
  14. Q4 2010 EARNINGS CALL – Constellation Energy Group Inc. – slide 14
    Reconciliation Items Reconciliation of Net Income (Loss) to Adjusted EBITDA ( in 000s) YTD Q410 Q410 Q310 Q210 Q110 YTD Q409 Q409 Net income (loss) (276,910) (6,753) (267,123) (21,092) 18,058 (9,023) (2,111) Interest (income)…

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