Fourth Quarter & Full Year 2014 Financial Results March 5, 2015
Focused On Delivering Shareholder Value in 2014 Delivering Record Real Estate Segment EBITDA of 100 Million Growing Oil and Gas Production and Reserves 20% Repurchasing almost 25 million of common stock Adding Two New Directors To…
Fourth Quarter and Full Year 2014 Results Impacted By Impairments Principally Related To Lower Oil Prices Q4 Q4 Full Year Full Year ( in Millions, except per share data) 2014 2013 2014 2013 Net Income (Loss) - As Reported (11.8) 13.0…
Delivering Record Real Estate Segment Results ( in Millions) Q4 Q4 Full Year Full Year Segment Earnings (Loss) 2014 2013 2014 2013 Real Estate 30.0 27.7 96.9 68.4 Oil and Gas (39.0) 1.0 (22.7) 18.9 Other Natural Resources 3.3…
Morgan Farms - Tennessee
Delivering Higher Lot Margins and Increasing Lot Profits Annual Lot Sales and Average Lot Margin FOR Share of Total Lot Gross Profit ( in millions) 3,539 3,500 60 30,000 52 3,000 50 25,000 2,500 2,343 40 Average Lot Margin…
Lower Oil Prices Expected to Slow Texas Job Growth, But Real Estate Markets Well Positioned With Low Housing Inventories and Increased Affordability Texas Market Summary Texas Housing Inventories Below Equilibrium 30,000 3.50 Texas…
Delivering Record Real Estate Earnings FY 2014 Highlights Segment Earnings Reconciliation Exchanged 10,000 acres of timber leases into ownership FY 2013 vs. FY 2014 of 5,400 acres of land, generating 10.5 million gain ( in…
Real Estate - Accelerating Value Realization Q4 2014 Highlights Segment Earnings Reconciliation Received 55 million from Cibolo Canyons Special Q4 2013 vs. Q4 2014 Improvement District, generating 6.6 million gain ( in millions)…
Cibolo Canyons Accelerating Value Realization Cibolo Canyons Community Cibolo Canyons - Cumulative Cash Flows 2,800 acre master plan community - San Antonio 1st and 2nd move-up, custom, active adult, multifamily and condominium…
Solid Pipeline of Multifamily Developments Multifamily Development Projects Expected Total Expected % FOR Development Total FOR Project Market Complete Units Ownership Cost Contribution Eleven Austin 100% 257 100% 40 25 Midtown…
Real Estate Business Well Positioned Forestar Real Estate Revenues (Excluding Timberland & Multifamily Revenues) Accelerating Value Realization 160 Capitalizing on housing recovery by driving lot sales, 140 residential tract sales…
Georgia
Harvesting Value From Timberland and Water Rights Segment Earnings Reconciliation FY 2014 Highlights FY 2013 vs. FY 2014 ( in millions) 10.0 1.3 Sold almost 330,000 tons of fiber, down nearly 1.6 46% vs. 2013 due to lower harvest…
The Bakken - North Dakota The Bakken - North Dakota
Working Interest Investments and Asset Sales Drive Higher EBITDAX Segment Earnings (Loss) Reconciliation FY 2013 vs. FY 2014 FY 2014 Highlights ( in millions) 7.2 50.0 25.5 Production of almost 1.3 MMBOE, up 21% vs. FY 2013 40.0…
Non-Cash Asset Impairments Driven By Lower Oil Prices Result in Fourth Quarter Segment Loss Segment Earnings (Loss) Reconciliation Q4 2013 vs. Q4 2014 Q4 2014 Highlights ( in millions) 6.6 Working interest oil volume up 48% vs. Q4…
Reserve Growth Driven By Bakken / Three Forks Net Proved Reserves (MMBOE) Reserve Production Reserve Growth Replaced Increase (MMBOE) (MMBOE) (MMBOE) % Oil* 2014 10.1 2.9 1.3 1.6 76% 2013 8.5 4.0 1.1 2.9 69% 2012 5.6 3.3 0.7 2.6…
Bakken / Three Forks Driving Production and Reserve Growth NSAI Avg. Bakken Reserves Per New PDP Well* Bakken / Three Forks Activity (MBOE) 800 FY 2014 Results: Bakken / Three Forks Avg. PDP Well EUR's (MBOE) 700 680 50% Reserve…
Oil and Gas Operating Plan Bakken/Three Forks Illustrative Returns* 2015 Oil and Gas Operating Plan Well Costs & Recovery Rates at 60 WTI Oil Price Bakken Well EURs (MBOE) Significant planned 2015 capital investment reductions, Well…
Strategic Review Update 23
Focused On Maximizing Long-Term Shareholder Value Board, management and financial advisors exploring strategic alternatives to enhance shareholder value, including review of the oil and gas business Comprehensive strategic review…
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Real Estate Segment KPIs Q4 Q4 FY FY 2014 2013 2014* 2013** Residential Lot Sales Lots Sold 509 530 2,343 1,883 Average Price / Lot 71,800 66,000 58,100 58,300 Gross Profit / Lot*** 35,700 27,700 25,600 25,000 Commercial Tract…
Oil and Gas Segment KPIs Q4 Q4 FY FY 2014** 2013 2014*** 2013 Fee Leasing Activity Net Fee Acres Leased 40 800 3,905 9,200 Avg. Bonus / Acre 200 310 320 270 Total Oil and Gas Interests* Oil Produced (Barrels) 236,900 184,400…
Other Natural Resources Segment KPIs Q4 Q4 FY FY 2014 2013 2014 2013 Fiber Sales Pulpwood Tons Sold 52,000 60,800 209,900 375,200 Average Pulpwood Price / Ton 9.49 10.01 10.62 9.26 Sawtimber Tons Sold 20,000 31,600 120,000…
Full Year 2014 Earnings Reconciliation Net Income Reconciliation FY 2013 vs. FY 2014 ( in millions) 60.0 8.7 50.0 18.5 40.0 Net Income 30.0 29.3 (27.0) 20.0 16.6 (11.8) 10.0 (0.7) (0.4) 0.0 2013 Real Estate Share…
Fourth Quarter 2014 Earnings Reconciliation Net Income Reconciliation Q4 2013 vs. Q4 2014 ( in millions) 20.0 1.5 0.2 1.7 15.0 13.0 Net Income (Loss) 10.0 5.0 0.0 (5.0) (10.0) (26.0) (1.9) (15.0) (0.3) (11.8) Q4 2013…
Reconciliation of Non-GAAP Financial Measures (Unaudited) Forestars Segment EBITDA is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission. Non-GAAP financial measures are not in…
Reconciliation of Non-GAAP Financial Measures (Unaudited) Forestars Oil and Gas Segment EBITDAX is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission. Non-GAAP financial measures…
Proved Reserves Summary 2013-2014 2012-2013 ( in millions) 2014 2013 2012 % Change % Change Proved Developed Producing Reserves1 Oil and NGL Reserves MBBL 4,588.4 3,224.6 2,105.2 42% 53% Gas Reserves BCF 12.2 13.3 12.2 (8%) 9%…
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