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Q2 2011 EARNINGS CALL – Constellation Energy Group Inc.

Constellation Energy Group Inc. · Aug 5, 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. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 1
    Constellation Energy Partners LLC Second Quarter 2011 Earnings Presentation August 5, 2011
  2. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 2
    Updates Q211 operating performance: Average Daily Net Production Average daily net production of 39.0 MMcfe (MMcfe per day) 50.0 41.2 40.8 39.9 39.0 38.0 37.8 Average daily net oil production of 40.0 approximately 276 Bbl for…
  3. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 3
    2011 Capital Program Capital spending of 3.1 million in Q211 resulted in: Program Summary(1) Q211 YTD Q211 2011E Completed Wells 10 15 Completed Recompletions 9 24 Total Completed 19 39 Wells and Recompletions In- 16 16 Progress…
  4. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 4
    Q211 Financial Results Q211 vs. Q111 Q211 vs. Q210 ( in 000s unless noted) Q211 Q111 Q211 Q210 Production (MMcfe) 3,545 3,424 3,545 3,745 Oil & Gas Sales 68,080 25,913 68,080 27,078 Gain (Loss) from Mark-to-Market Activities…
  5. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 5
    2011 Forecast Q211 YTD Q211 2011 Forecast* Total Capital (000) 3,055 4,371 12,000 - 14,000 Total Wells(1) 19 39 70 80 Net Production (Bcfe) 3.5 7.0 13.4 14.2 (74% Hedged at Midpoint) Operating Cost (000)(2) 10,933 22,974 48,000…
  6. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 6
    Net Asset Value ( in millions) Quarter Ending: Q210 Q310 Q410 Q111 Q211 Value of Proved Reserves (1),(2) 336.9 235.6 247.5 308.0 286.6 +/- Adjustments for: Debt - 180.0 - 172.5 - 165.0 - 157.5 - 115.5 Working Capital (3) 7.8 6.7…
  7. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 7
    Appendix
  8. Q2 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. Q2 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 4,800,000 8.42 2012 8,955,000 5.75 2013 8,212,500 5.75 2014 6,387,500 5.75 Basis Swaps MMBtu Hedged Weighted Average…
  10. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 10
    Oil Hedge Positions(1) Fixed Price Swaps Bbl Hedged Weighted Average Sales Price (/Bbl) 2011 31,823 110.10 2012 51,846 108.00 2013 41,958 104.32 2014 35,295 102.25 2015 30,843 101.10 (1) As of June 30, 2011 NOTE: The company…
  11. Q2 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. Q2 2011 EARNINGS CALL – Constellation Energy Group Inc. – slide 12
    Reconciliation Items Reconciliation of Net Income (Loss) to Adjusted EBITDA ( in 000s) YTD 2011 Q411 Q311 Q211 Q111 Q210 Net income (loss) (1,805) -- -- 3,347 (5,152) (21,092) Interest (income) expense, net 5,048 -- -- 3,196 1,852…

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