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Q1 2011 EARNINGS CALL – Constellation Energy Group Inc.

Constellation Energy Group Inc. · May 6, 2011 · 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. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 1
    Constellation Energy Partners LLC First Quarter 2011 Earnings Presentation May 6, 2011
  2. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 2
    First Quarter 2011 Operating performance: Average Daily Net Production Average daily net production of 38.0 MMcfe (MMcfe per day) 50 42.9 41.2 40.8 39.9 38.0 37.8 Average for the quarter impacted by cold 40 weather in our areas of…
  3. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 3
    2011 Capital Program We expect to complete between 30 and 35 net wells and recompletions in 2011 Primary focus on organic oil opportunities and capital efficient recompletions Total capital forecast of between 10 million and 12…
  4. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 4
    Q111 Financial Results Q111 vs. Q410 Q111 vs. Q110 ( in 000s unless noted) Q111 Q410 Q111 Q110 Production (MMcfe) 3,424 3,674 3,424 3,860 Oil & Gas Sales 25,913 25,734 25,913 29,237 Gain (Loss) from Mark-to-Market Activities…
  5. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 5
    2011 Forecast Q111 Actual 2011 Forecast Total Capital (000) 1,316 10,000 - 12,000 Total Wells(1) 20 30 - 35 Net Production (Bcfe) 3.4 13.4 14.2 (74% Hedged at Midpoint) Operating Cost (000)(2) 12,041 48,000 - 52,000 Debt…
  6. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 6
    Net Asset Value ( in millions) Quarter Ending: Q110 (*) Q210 Q310 Q410 Q111 Value of Proved Reserves (1),(2) 359.9 336.9 235.6 247.5 308.0 +/- Adjustments for: Debt - 185.0 - 180.0 - 172.5 - 165.0 - 157.5 Working Capital (3) 4.9…
  7. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 7
    Appendix
  8. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 8
    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…
  9. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 9
    Natural Gas Hedge Positions(1) Fixed Price Swaps(2) MMBtu Hedged Weighted Average Sales Price (/MMBtu) 2011 7,405,000 8.49 2012 8,955,000 8.34 2013 8,212,500 7.33 2014 6,387,500 7.03 Basis Swaps MMBtu Hedged Weighted Average…
  10. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 10
    Oil Hedge Positions(1) Fixed Price Swaps(2) Bbl Hedged Weighted Average Sales Price (/Bbl) 2011 37,675 110.10 2012 51,846 108.00 2013 41,958 104.32 2014 35,295 102.25 2015 30,843 101.10 (1) As of May 6, 2011 (2) NYMEX NOTE:…
  11. Q1 2011 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. Q1 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 12
    Reconciliation Items Reconciliation of Net Income (Loss) to Adjusted EBITDA ( in 000s) YTD Q411 Q411 Q311 Q211 Q111 Q410 Q110 Net income (loss) (5,152) -- -- -- (5,152) (6,753) 18,058 Interest (income) expense, net 1,852 -- -- --…

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