Constellation Energy Partners LLC Fourth Quarter and Full Year 2012 Earnings Presentation March 5, 2013
Updates Q412 operating performance: Average Daily Net Production Average daily net production of 33.9 MMcfe (MMcfe per day) includes average daily net oil production of 50.0 approximately 396 Bbl, which is up 45% vs. 40.0 35.8 35.5…
Robinsons Bend Sale Closed the sale of Robinsons Bend in millions Amount Field assets on February 28, 2013 Sales Price (Dec. 1, 2012 Effective Date) 63.0 Sale encompassed all of CEPs assets in the Black Warrior Basin NORM Deduction…
Our Continuing Focus on Oil Opportunities Our capital program has been focused on the oil potential we see in our existing asset base and our most capital efficient recompletion opportunities As a result of this focus, oil continues to…
Q412 Financial Results Q412 vs. Q312 Full Year ( in 000s unless noted) Q412 Q312 2012 2011 Production (MMcfe) 3,119 3,126 12,613 13,679 Oil & Gas Sales 17,521 16,653 68,041 144,639 Gain (Loss) from Mark-to-Market Activities (253)…
Net Asset Value ( in millions) Quarter Ending: Q412* Value of Proved Reserves (1),(2) 116.4 +/- Adjustments for: Debt -34.0 Working Capital (3) 4.4 ARO -7.7 Value of Hedges in Place (2) 26.2 = Net Asset Value (NAV) --…
G&A Cost Reductions Changes that will impact our future operating results include: Closure of our Tulsa, OK and Dewey, OK offices (employees relocated to our Skiatook,OK field office) Headcount reductions (impacts G&A and LOE)…
2013 Forecast Forecast Component 2013 Forecast Total Capital Spending 19.0MM - 21.0MM Total Net Production 7.6 Bcfe 8.6 Bcfe Production Mix Mcfe, Oil / Natural Gas 15% / 85% Natural Gas 6.5 7.3 Bcfe Oil 190,000 210,000 Bbls Sales…
Appendix
Portfolio Summary Portfolio Existing Reserves New Activity Central Kansas Uplift Total: 402 Bcfe Drilling focus: Cherokee Basin oil opportunities in the Pennsylvanian aged Proved reserves, total: 136 Bcfe horizon with the Burgess,…
Natural Gas Hedge Positions(1) Fixed Price Swaps(2) MMBtu Hedged Weighted Average Sales Price (/MMBtu) BOY 2013 6,187,500 5.75(3) 2014 6,387,500 5.75 2015 1,839,490 4.30 Basis Swaps MMBtu Hedged Weighted Average Sales Price…
Oil Hedge Positions(1) Fixed Price Swaps Bbl Hedged Weighted Average Sales Price (/Bbl) BOY 2013 106,757 96.31 2014 113,127 94.02 2015 87,680 93.53 2016 66,117 85.50 (1) As of March 5, 2013 NOTE: The company accounts for…
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…
Reconciliation Items Reconciliation of Net Income (Loss) YTD YTD to Adjusted EBITDA ( in 000s) 2012 Q412 Q312 Q212 Q112 2011 Q411 Net income (loss) (86,543) (76,255) (11,163) (5,010) 5,885 19,586 15,127 Interest (income) expense,…
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