January 29, 2015 8:26 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Chaparral Energy Inc.

Company Overview

Chaparral Energy, Inc. operates as an independent oil and natural gas exploration and production company in the United States. It acquires, explores for, develops, produces, and operates oil and natural gas properties located in Oklahoma, Texas, New Mexico, Louisiana, Arkansas, and Kansas. The company also operates CO2 enhanced oil recovery projects. As of December 31, 2013, it had estimated proved reserves of 158.5 million barrels of crude oil equivalent. The company was founded in 1988 and is headquartered in Oklahoma City, Oklahoma.

701 Cedar Lake Boulevard

Oklahoma City, OK 73114

United States

Founded in 1988

718 Employees

Phone:

405-478-8770

Fax:

405-478-1947

Key Executives for Chaparral Energy Inc.

Co-Founder
Age: 65
President
Age: 54
Chief Financial Officer
Age: 60
Chief Corporate Development Officer and Senior Vice President
Age: 48
Senior Vice President of Production Operations
Age: 52
Compensation as of Fiscal Year 2014.

Chaparral Energy Inc. Key Developments

Chaparral Energy Inc. Announces Earnings Results for the Nine Months Ended September 30, 2014; Provides Production and Capital Expenditure Guidance For the Year 2014

Chaparral Energy Inc. announced earnings results for the nine months ended September 30, 2014. For the period, net income was $79,485,000 against $55,687,000 a year ago. Adjusted EBITDA was $345,547,000 against $388,951,000 a year ago. For the year 2014, the company expects capital expenditure of $656 million to $683 million and production of 10.6 MMBoe to 11.0 MMBoe.

Chaparral Energy Inc. Reports Production Results for the Third Quarter and Year to Date Ended September 2014; Reports Earnings Results for the Third Quarter Ended September 2014; Announces Drilling Updates; Provides CapEx Guidance for 2015

Chaparral Energy Inc. reported production results for the third quarter and year to date ended September 2014. From a production standpoint, the company produced an average of 30,076 barrels of oil equivalent per day in the third quarter, which, on an absolute basis, is a 4.1% decrease compared to the previous quarter and an 11.7% increase compared to the third quarter of 2013. On a pro forma basis, the company actually increased production by 4.6% over the second quarter and 29.6% year-over-year. From a company-wide production standpoint, the company produced 1.5 million barrels of oil, 5 Bcf of natural gas and 408,000 barrels of natural gas liquids in the third quarter. Total production declined from the previous quarter. Year-to-date, the company has drilled a total of 115 wells, including both horizontal and vertical. This includes 26 in the NOMP, 24 in the Marmaton, 33 in EOR units and 4 in the Oswego play. The company realized revenue prior to the derivative settlements of $179.4 million, a 7% drop from the second quarter but an 11% increase over the same period in 2013. On a pro forma basis, revenue prior to derivative settlements was essentially flat quarter-over-quarter but increased 24.2% compared to the third quarter of last year. Adjusted EBITDA for the quarter was $114 million, which is a 5.7% decrease from the second quarter and a 12.9% increase year-over-year. On a pro forma basis, adjusted EBITDA was flat compared to the previous quarter and grew 23.6% compared to the third quarter of last year. Net income from the quarter was $83.5 million, which is a $92 million increase from the second quarter and an $86.1 million increase year-over-year. Needless to say, net income for the quarter was greatly affected by changes in the mark-to-market value of hedged instruments. Oil and gas capital expenditures for the quarter were $181.6 million compared to second quarter expenditures of $191.8 million. The company expects to drill an additional 31 wells before year end to bring 2014 total to 146 wells drilled. The company expects drilling operation at all 4 wells to be completed late in the fourth quarter and begin hydraulic fracs on each of these wells in December and production coming online in January of 2015. The company expects this rig to continue drilling pad wells throughout 2015. The company currently working on 2015 budget and generally expect CapEx to be lower in accordance with the reduced oil price but still anticipate significant gains in production for the year.

Chaparral Energy Inc. Enters into Letter Agreement to Eighth Restated Credit Agreement

On November 5, 2014, Chaparral Energy Inc. entered into a letter agreement to the company's eighth restated credit agreement. The letter agreement increased the company's borrowing base from $484.5 million to $650.0 million effective November 5, 2014. In addition, the letter agreement extended the waiver of the company's temporary hedging noncompliance through the company's borrowing base redetermination scheduled on May 1, 2015. As of November 5, 2014, the company had $272.0 million in outstanding borrowings under the company's credit facility.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 6, 2014
Chaparral Energy Inc., Leasehold Interests in 5 Counties in Texas
Merger/Acquisition
May 30, 2014
Chaparral Energy Inc., Central Basin Properties Located In Texas And Southeast New Mexico
Merger/Acquisition
April 30, 2014
Chaparral Energy Inc., Ark-La-Tex Properties
 

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