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Q3 2010 CONFERENCE CALL – Helix Energy Solutions

Helix Energy Solutions · Oct 28, 2010 · 21 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. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 1
    October 28, 2010 Helix Producer I producing Phoenix oil and gas Third Quarter 2010 Conference Call Changing the way you succeed. 1
  2. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 2
    Presentation Outline Executive Summary Summary of Q3 2010 Results (pg. 4) 2010 Outlook (pg. 7) Operational Highlights by Segment Contracting Ser Services ices (pg. ( 9) Oil & Gas (pg. 15) Key y Balance Sheet Metrics ((pg.…
  3. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 3
    Executive Summary ( in millions, except per share data) Quarter Ended Nine Months Ended 9/30/2010 9/30/2009 6/30/2010 9/30/2010 9/30/2009 (A) (B) Revenues 393 216 299 894 1,282 Gross Profit (Loss): 88 5 66 192 367 Operating…
  4. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 4
    Executive Summary EPS of 0.25 per diluted share o Good cash flow generation with EBITDAX of 143 million o High utilization across the fleet and Helix Producer I deployment on Macondo spill more than offset two loss projects (see (…
  5. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 5
    Executive Summary Oil and Gas (continued) Oil and gas production totaled 10.4 Bcfe for Q3 2010 versus 11.9 Bcfe in Q2 2010 o Avg realized price for oil of 73 73.63 63 / bbl (72 (72.59 59 / bbl in Q2 2010) 2010), inclusive of…
  6. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 6
    2010 Outlook Contracting Services activity in Q4 2010 expected to decline from Q3 2010 levels o Normal reduction due to seasonal factors o Helix Producer I returns mostly to internal utilization on Phoenix field o Slower ROV…
  7. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 7
    2010 Outlook Broad Metrics 2010 Forecast 2009 Oil and Gas Production 45 Bcfe 44 Bcfe EBITDAX 450 million 490 million CAPEX 200 million 328 million Commodity Price Deck 2010 Forecast 2009 Oil 75.96/ bbl 67.11 / bbl…
  8. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 8
    Operations Highlights Helix Producer I processing Macondo oil in MC252 Normand Clough on Lufeng P&A job Helix vessels (Q4000, Helix Producer I and Express) played key roll in Macondo response and returned to their pre-spill…
  9. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 9
    Q4000 in Action for Macondo Response Dynamic Kill Static Kill With Evergreen Burners HBOP Recovery Arrived in staging area within 3d 3 days of calloff f ll ff Multifunctional and ease of adaptability between operating…
  10. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 10
    Contracting Services ( in millions, except percentages) Gross margins adversely impacted Quarter Ended by losses on Anaconda and Lufeng September 30 June 30 projects, and Well Enhancer 2010 2009 2010 d downtime ti ffor coiled il…
  11. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 11
    Equity in Earnings of Equity Investments ( in millions) Quarter Ended Nine Months Ended September 30 June 30 2010 2009 2010 9/30/2010 9/30/2009 Independence Hub 4 5 5 14 17 Deepwater Gateway (Marco Polo) 1 1 1 4 2 CloughHelix JV 1…
  12. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 12
    Contracting Services Q3 2010 Utilization 64% Subsea Construction Vessels 79% Intrepid Express 93% Caesar 85% ROV / Trencher Support Vessels 72% Olympic y p Canyony Olympic Triton eep Cyg Deep Cygnus us Normand Fortress…
  13. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 13
    Contracting Services 4th Quarter Outlook Well Ops Expect high utilization for our four Well Ops vessels but with lower margins mainly due to the Q4000 performing lower margin well P&A work for the remainder of the year Production…
  14. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 14
    Oil & Gas Quarter Ended Financial Highlights September 30 June J ne 30 (A) Reflects hurricane insurance 2010 2009 2010 proceeds less related costs. (B) Second quarter 2010 impairments primarily associated Revenue (millions) 96 64…
  15. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 15
    Oil & Gas Operating Costs ( in millions, except per Mcfe data) Quarter Ended September p 30 June 30 2010 2009 2010 Total per Mcfe Total per Mcfe Total per Mcfe DD&A (A) 54 5.24 35 3.56 67 5.67 O Operating ti and d Other…
  16. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 16
    Summary of Oct 2010 Dec 2011 Hedging Positions Total Volume Swap Average Collar Price Oil (Bbls) Collars Swaps Hedged Pricing Floor Ceiling 2010 300 000 300,000 637,500 637 500 937,500 937 500 79.00 79 00 62 50 62.50 80 73…
  17. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 17
    Key Balance Sheet Metrics Debt (A) 2,500 2,000 2,027 1,803 8 2 1,758 1,668 1,500 12/31/2007 1,361 1,358 12/31/2008 1,000 12/31/2009 1,090 1,032 9/30/2010 500 0 Gross Debt Net…
  18. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 18
    Non-GAAP Reconciliations Changing the way you succeed. 19
  19. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 19
    Non-GAAP Reconciliations Adjusted EBITDAX ( in millions) Quarter Ended Nine Months Ended September 30 June 30 September 30 2010 2009 2010 2010 2009 Net income (loss) applicable to common shareholders 26 4 (85) (77) 158 Non-cash…
  20. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 20
    Non-GAAP Reconciliations Revenue and Gross Profit As Reported ( in millions) Quarter Ended September 30 June 30 2010 2009 2010 Revenues Contracting Services 239 175 202 Production Facilities 74 1 21 Intercompany elim. -…
  21. Q3 2010 CONFERENCE CALL – Helix Energy Solutions – slide 21
    Changing the way you succeed. 22

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