Last $55.55 USD
Change Today +1.34 / 2.47%
Volume 139.1K
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clayton williams energy inc (CWEI) Key Developments

Clayton Williams Energy, Inc. Amends Third Amended and Restated Credit Agreement

On November 12, 2014, Clayton Williams Energy, Inc. amended Third Amended and Restated Credit Agreement dated as of April 23, 2014 to increase the Borrowing Base from $415 million to $600 million and to increase the Aggregate Commitments from $415 million to $500 million.

Clayton Williams Energy, Inc. Announces Strategic Farmout Agreement with Caza Oil and Gas, Inc

Clayton Williams Energy, Inc. announced that it had entered into a farmout and exploration agreement with Caza Oil and Gas, Inc. covering a portion of the company's 71,000 net acre resource play in Reeves County, Texas. All of the approximate 15,000 net undeveloped acres covered by this agreement are located along the western flank of the Company's acreage block. The company has drilled no horizontal Wolfcamp wells within the farmout area. Under the terms of the agreement, Caza will pay 75% of the costs of the initial horizontal Wolfcamp well to earn 50% of the acreage associated with that well (either 640 or 1,280 gross acres, depending on lateral length). After the initial well, Caza will pay 100% of the costs of all other Carried Wells (as defined in the agreement) to earn 75% of the associated acreage. The company will pay its 25% of the cost to drill and complete all density wells drilled on previously earned acreage. In addition to the initial well, Caza is obligated to drill and complete two additional horizontal Wolfcamp wells in the farmout area by December 31, 2015.

Clayton Williams Energy, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production Guidance for the Fourth Quarter and Year Ending December 31, 2014

Clayton Williams Energy, Inc. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $119,283,000 compared to $111,165,000 a year ago. Operating income was $45,565,000 compared to $33,918,000 a year ago. Income before income taxes was $42,991,000 compared to $16,852,000 a year ago. Net income was $27,429,000 or $2.25 per basic and diluted share compared to $10,951,000 or $0.90 per basic and diluted share a year ago. Net cash provided by operating activities was $86,678,000 compared to $70,995,000 a year ago. Additions to property and equipment were $127,750,000 compared to $74,916,000 a year ago. Adjusted net income was $17,410,000 or $1.43 per basic and diluted share compared to $15,098,000 or $1.24 per basic and diluted share a year ago. EBITDA was $78,117,000 compared to $68,648,000 a year ago. For the nine months period, the company reported total revenues of $373,783,000 compared to $316,948,000 a year ago. Operating income was $114,883,000 compared to operating loss of $11,962,000 a year ago. Income before income taxes was $75,467,000 compared to loss before income taxes of $49,980,000 a year ago. Net income was $48,148,000 or $3.96 per basic and diluted share compared to net loss of $31,287,000 or $2.57 per basic and diluted share a year ago. Net cash provided by operating activities was $211,745,000 compared to $153,881,000 a year ago. Additions to property and equipment were $311,968,000 compared to $208,022,000 a year ago. Adjusted net income was $52,072,000 or $4.28 per basic and diluted share compared to $23,352,000 or $1.92 per basic and diluted share a year ago. EBITDA was $236,513,000 compared to $183,982,000 a year ago. For the quarter, the company reported total production of 1,434 MBOE compared to 1,270 MBOE a year ago. Total (BOE/d) was 15,586 compared to 13,799 a year ago. Average daily oil production was 11,304 Bbls. Average daily gas production was 16,304 Mcf. Average daily natural gas liquids production was 1,565 Bbls. For the nine months period, the company reported total production of 4,243 MBOE compared to 3,886 MBOE a year ago. Total (BOE/d) was 15,541 compared to 14,236 a year ago. Average daily oil production was 11,330 Bbls. Average daily gas production was 15,725 Mcf. Average daily natural gas liquids production was 1,590 Bbls. The company provided production guidance for the fourth quarter and year ending December 31, 2014. For the fourth quarter, the company expected average daily oil production range of 12,400 Bbls to 12,600 Bbls, average daily gas production rang of 15,500 Mcf to 16,500 Mcf, average daily natural gas liquids production range of 1,600 Bbls to 1,700 Bbls and average daily total oil equivalents production range of 16,583 BOE to 17,050 BOE. For the year, the company expected average daily oil production range of 11,500 Bbls to 11,700 Bbls, average daily gas production rang of 15,500 Mcf to 16,500 Mcf, average daily natural gas liquids production range of 1,550 Bbls to 1,650 Bbls and average daily total oil equivalents production range of 15,633 BOE to 16,100 BOE.

Clayton Williams Seeks Acquisitions

Clayton Williams Energy, Inc. (NYSE:CWEI) is looking for acquisition opportunities. Mel Riggs, Director of Clayton Williams Energy,"We are continually looking to grow our acreage position in Reeves County, through hopefully acquisitions because there aren't many unleased acreage blocks in Reeves County in our area, but we do continue to try to acquire more acreage, because we're still happy with the play, and we only think it's going to get better over time."

Clayton Williams Energy, Inc. Presents at Capital One Southcoast 2014 Energy Conference, Dec-10-2014 04:00 PM

Clayton Williams Energy, Inc. Presents at Capital One Southcoast 2014 Energy Conference, Dec-10-2014 04:00 PM. Venue: Omni Royal Orleans Hotel, 621 St. Louis St, New Olreans, Louisiana, United States.

 

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