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Q1 2012 CONFERENCE CALL – Helix Energy Solutions

Helix Energy Solutions · Apr 23, 2012 · 28 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 2012 CONFERENCE CALL – Helix Energy Solutions – slide 1
    April 23, 2012 First Quarter 2012 Conference Call
  2. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 2
    Presentation Outline Executive Summary Summary of Q1 2012 Results (pg. 4) Operational Highlights by Segment Contracting Services (pg. 9) Oil & Gas (pg. 15) Key Balance Sheet Metrics (pg. 18) 2012 Outlook (pg. 21) Non-GAAP…
  3. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 3
    Executive Summary 4
  4. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 4
    Executive Summary ( in millions, except per share data) Quarter Ended 3/31/2012 3/31/2011 12/31/2011 Revenues 408 292 396 Gross Profit: 162 77 140 Operating 40% 27% 35% Oil & Gas Impairments / ARO Increases - - (108)…
  5. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 5
    Executive Summary Q1 2012 EPS of 0.62 per diluted share compared with 0.16 per diluted share in Q4 2011 o Included impact of approximately 17.1 million (11.1 million, or 0.10 per share after tax) related to early extinguishment of…
  6. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 6
    Executive Summary Oil and Gas (continued) o Avg realized price for oil of 109.18 / Bbl (110.75 / Bbl in Q4 2011), inclusive of hedges o Avg realized price for gas of 5.82 / Mcfe (6.16 / Mcfe in Q4 2011), inclusive of hedges Gas…
  7. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 7
    Operational Highlights 8
  8. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 8
    Contracting Services ( in millions, except percentages) Quarter Ended March 31 Dec 31 94% utilization in Subsea Construction 2012 2011 2011 Q4000 and Seawell enter regulatory dry Revenues (A) dock in March Contracting Services 245…
  9. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 9
    Earnings (Loss) of Equity Investments ( in millions) Quarter Ended March 31 Dec 31 2012 2011 2011 Independence Hub 3 4 4 Deepwater Gateway (Marco Polo) 1 1 1 SapuraCrest Helix JV (Australia) (4) - 1 Equity in Earnings - 5…
  10. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 10
    Contracting Services Well Ops GOM Q4000 worked on Shell and Helix Oil and Gas projects in Q1 67% utilization in Q1 Entered dry dock early March and scheduled to complete sea trials last week of April Full slate of backlog through…
  11. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 11
    Contracting Services Robotics 93% chartered vessel utilization and 68% ROV utilization in Q1 Purchased two new 200hp work-class ROV systems and deployed one in Q1 Completed five ROVDrill subsea coring projects for renewable…
  12. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 12
    Contracting Services Subsea Construction Near full utilization for Subsea Construction vessels in Q1 Express had 89% utilization in Q1 in the GOM completing projects for Anadarko, ENI, Helix Oil and Gas and Newfield Intrepid had…
  13. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 13
    Contracting Services Utilization 100% 98% 94% 93% 93% 87% 84% 80% 77% 68% 69% 65% 60% 49% 1Q 2012 4Q 2011 1Q 2011 40% 33% 20% 0% Subsea Construction Vessels ROV / Trencher Support Vessels Well Intervention…
  14. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 14
    Oil & Gas Financial Highlights ( in millions, except production and price data) Quarter Ended March 31 Dec 31 2012 2011 2011 Revenue 178 169 196 (A) Fourth quarter 2011 impairments Gross Profit - Operating 90 61 97 (A)…
  15. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 15
    Oil & Gas Operating Costs ( in millions, except per Boe data) Quarter Ended March 31 Dec 31 2012 2011 2011 Total per Boe Total per Boe Total per Boe DD&A (A) 48 23.67 69 28.94 48 21.64 (B) Operating and Other: Operating…
  16. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 16
    Summary of Apr 2012 Dec 2013 Hedging Positions * Total Volume Pricing Swap Average Collar Price Oil (Bbls) Collars Swaps Hedged Basis Pricing Floor Ceiling 2012 675,000 - 675,000 WTI - 96.67 118.57 2012 1,067,500 102,500 1,170,000…
  17. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 17
    Key Balance Sheet Metrics 18
  18. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 18
    Debt and Liquidity Profile ( amounts in millions) 2,027 2,000 1,100 1,803 1,500 825 1,361 1,358 1,155 1,180 Liquidity (B) 1,090 Debt (A) 967 1,000 550 609 560 500 275 0 0 12/31/2008 12/31/2009…
  19. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 19
    Debt Maturity Profile Total funded debt of 1.2 billion at end of Q1 Maturity Profile 2012 consisting of: ( amounts in millions) o 358 million Convertible Senior Notes 3.25%(A) 500 479 (319 million net of unamortized debt…
  20. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 20
    2012 Outlook 21
  21. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 21
    2012 Outlook 2012 Outlook 2012 Outlook Broad Metrics 2011 Actual (revised) (original) Oil and Gas 7.5 MMboe 7.5 MMboe 8.7 MMboe Production EBITDAX 600 million 600 million 669 million CAPEX 450 million 445 million 229…
  22. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 22
    2012 Outlook Contracting Services o Strong backlog for the Q4000, Well Enhancer and Seawell through 2013 Q4000 building backlog into 2014 o Intrepid completing repairs and working on LLOG and Nexen projects before entering dry dock…
  23. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 23
    2012 Outlook Oil and Gas o Forecasted 2012 overall production of 7.5 MMboe, including Danny 2 (Bushwood field) exploration well Danny 2 production commences Q4 Well expected to spud late April Wang (Phoenix field) expected to be…
  24. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 24
    2012 Outlook - Capex Capital Expenditures o Contracting Services (260 million) Announced new build semi submersible intervention vessel (approximately 130 million of capex in 2012) 60 million incurred in Q1 Regulatory dry docks…
  25. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 25
    Non-GAAP Reconciliations 26
  26. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 26
    Non-GAAP Reconciliations Adjusted EBITDAX ( in millions) Quarter Ended March 31 Dec 31 2012 2011 2011 Net income (loss) applicable to common shareholders 66 26 17 Non-cash impairments - - 96 Loss (gain) on asset sales 1 (1)…
  27. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 27
    Non-GAAP Reconciliations Revenue and Gross Profit As Reported ( in millions) Quarter Ended March 31 Dec 31 2012 2011 2011 Revenues Contracting Services 245 131 206 Production Facilities 20 16 19 Intercompany elim. - Contracting…
  28. Q1 2012 CONFERENCE CALL – Helix Energy Solutions – slide 28
    Follow Helix ESG on Twitter: www.twitter.com/Helix_ESG Join the discussion on LinkedIn: www.linkedin.com/company/helix 29

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