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Q1 2011 CONFERENCE CALL – Helix Energy Solutions

Helix Energy Solutions · Apr 26, 2011 · 27 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 CONFERENCE CALL – Helix Energy Solutions – slide 1
    April 26, 2011 First Quarter 2011 Conference Call
  2. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 2
    Presentation Outline Executive Summary Summary of Q1 2011 Results (pg. 4) Operational Highlights by Segment Contracting Services (pg. 9) Oil & Gas (pg. ( 16) Key Balance Sheet Metrics (pg. 19) 2011 Outlook ((pg. g 21))…
  3. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 3
    Executive Summary 4
  4. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 4
    Executive Summary ( in millions, except per share data) Quarter Ended 3/31/2011 3/31/2010 12/31/2010 Revenues 292 202 306 Gross Profit: 77 37 32 Operating 27% 18% 10% Oil & Gas Impairments and Write-offs - (11) (16) Total 77…
  5. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 5
    Executive Summary Q1 2011 EPS of 0.24 per diluted share Balance sheet continues to improve o Cash increased to 441 million at 3/31/2011 from 391 million at 12/31/2010 o Liquidity* increased to 837 million at 3/31/2011 from 787…
  6. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 6
    Executive Summary Oil and Gas o First quarter average production rate of 160 Mmcfe/d (63% oil) o Q2 production through April 22 averaged approximately 140 Mmcfe/d (67% oil) Phoenix production averaged 10.3 MBoe/d for the same period…
  7. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 7
    Operational Highlights 8
  8. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 8
    Contracting Services ( in millions, except percentages) 77% utilization in Well Intervention Quarter Ended Weak GOM market impacts Subsea March 31 Dec 31 2011 2010 2010 Construction and Robotics Revenues (A) Caesar in shipyard…
  9. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 9
    Equity in Earnings of Equity Investments ( in millions) Quarter Ended March 31 Dec 31 2011 2010 2010 Independence Hub 4 5 4 Deepwater Gateway (Marco Polo) 1 1 1 CloughHelix JV - (1) 1 Equity in Earnings 5 5 6 10
  10. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 10
    Contracting Services Well Ops GOM Q4000 worked for Mariner, W&T, Marathon and Shell in the first quarter 88% utilization in the first quarter Strong outlook anticipated for rest of 2011 North Sea Seawell and Well Enhancer posted a…
  11. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 11
    Contracting Services Robotics Weak Q1 utilization due to soft ROV market in the Gulf of Mexico and chartered vessel redeployments Visibility and outlook expected to improve for the remainder of 2011 New day rate contract with…
  12. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 12
    Contracting Services Subsea Construction Low Q1 utilization for Subsea Construction vessels resulting from weak GOM market Customer permitting issues impacting utilization Express completed E l t d pipelay i l operations ti…
  13. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 13
    Helix Fast Response System (HFRS) Utilizes vessels and subsea systems proven in Macondo spill response Capability to capture and process up to 55,000 bpd in p water depths to 8,000 feet (increasing to 10,000 feet later in…
  14. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 14
    Contracting Services Utilization 100% 99% 90% 85% 83% 80% 76% 77% 60% 59% 60% 60% 55% 49% 1Q 2010 Q 4Q 2010 1Q 2011 40% 33% 20% 0% Subsea Construction Vessels ROV / Trencher Support Vessels Well…
  15. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 15
    Oil & Gas Financial Highlights ( in millions, except production and price data) Quarter Ended March 31 Dec 31 2011 2010 2010 Revenue 169 91 137 Gross Profit - Operating 61 12 24 (A) Fourth quarter 2010 impairment Oil & Gas…
  16. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 16
    Oil & Gas Operating Costs ( in millions millions, except e cept per Mcfe data) Quarter Ended March 31 Dec 31 2011 2010 2010 Total per Mcfe Total per Mcfe Total per Mcfe DD&A (A) 69 4.82 44 3.93 69 5.07 Operating and Other:…
  17. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 17
    Summary of Apr 2011 Dec 2012 Hedging Positions * Total Volume Swap Average Collar Price Oil (Bbls) Collars Swaps Hedged Pricing Floor Ceiling 2011 350,000 1,730,000 2,080,000 82.35 95.00 124.64 2012 600,000 - 600,000 - 95.00…
  18. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 18
    Key Balance Sheet Metrics 19
  19. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 19
    Debt and Liquidity Profile ( amounts in millions) 2,027 2,000 1,000 1,803 1,500 750 1,361 1,358 1,356 Liquiditty (B) Debtt (A) 1,090 967 967 916 1,000 500 500 250 0 0 12/31/2008 12/31/2009…
  20. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 20
    2011 Outlook 21
  21. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 21
    2011 Outlook 2011 Forecast 2011 Forecast Broad Metrics 2010 Actual (revised) (original) Oil and Gas 50 Bcfe 49 Bcfe 47 Bcfe Production EBITDAX 550 million 475 million 430 million CAPEX 250 million 225 million 179 million…
  22. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 22
    2011 Outlook Contracting Services o Strong backlog for the Q4000, Well Enhancer and Seawell in 2011 o Robotics utilization recovery in second half of 2011, driven primarily by activity outside the GOM o Current regulatory…
  23. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 23
    2011 Outlook Capital Expenditures o Contracting Services (85 million) No major vessel projects or dry docks planned for 2011 Caesar thruster upgrade in Q2 and Q3 Incremental investment in Robotics business Capital C it l…
  24. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 24
    Non-GAAP Reconciliations 25
  25. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 25
    Non-GAAP Reconciliations Adjusted EBITDAX ( in millions) Quarter Ended M March h 31 Dec 31 D 2011 2010 2010 Net income (loss) applicable to common shareholders 26 (18) (50) Non-cash impairments - 11 22 G i on assett sales…
  26. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 26
    Non-GAAP Reconciliations Revenue and Gross Profit As Reported ( in millions) Quarter Ended March 31 Dec 31 2011 2010 2010 Revenues Contracting Services 131 154 185 Production Facilities 16 1 20 Intercompany elim. - Contracting…
  27. Q1 2011 CONFERENCE CALL – Helix Energy Solutions – slide 27
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