Clayton Williams Energy, Inc. Amends Third Amended and Restated Credit Agreement Dated as of April 23, 2014
Feb 26 15
On February 25, 2015, Clayton Williams Energy, Inc. amended third amended and restated credit agreement dated as of April 23, 2014 pursuant to an amendment No. 2 to third amended and restated credit agreement by and among Clayton Williams Energy, Inc., a Delaware corporation, as borrower, certain of subsidiaries, as guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. Among other modifications, the amendment reduces the borrowing base under the credit agreement from $600 million to $500 million; replaces the consolidated leverage ratio financial covenant in the credit agreement with a consolidated senior debt leverage ratio (testing only indebtedness owed to the lenders, the issuing bank and the administrative agent under the credit agreement and other related documents against the four trailing quarter EBITDAX), which consolidated senior debt leverage ratio may be no greater than 2.50 to 1.00 for each fiscal quarter through and including the fiscal quarter ending June 30, 2016; eliminates ability to incur incremental senior notes, and reduces certain carve-outs for investments and dispositions until the delivery of a compliance certificate for the fiscal quarter ending September 30, 2016; increases the applicable margin on base rate loans from 0.75% to 1.75% and on Eurodollar loans from 1.75% to 2.75%, in each case depending on the undrawn amounts on the credit facility as a percentage of the borrowing base; and permits to add back up to $10 million of restructuring costs to EBITDAX.
Clayton Williams Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Impairment Charges for the Fourth Quarter of 2014
Feb 26 15
Clayton Williams Energy, Inc. reported unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's total revenues were $94,673,000 compared to $112,267,000 a year ago. Operating loss was $3,244,000 compared to operating income of $24,577,000 a year ago. Loss before income taxes was $6,899,000 compared to income before income taxes of $12,690,000 a year ago. Net loss was $4,267,000 compared to net income of $6,425,000 a year ago. Net loss per common share: diluted was $0.35 compared to income per share of $0.53 a year ago. Net cash provided by operating activities was $46,376,000 compared to $66,695,000 a year ago. Additions to property and equipment were $110,505,000 compared to $80,111,000 a year ago. Increase in equipment inventory was $11,541,000 compared to $6,544,000 a year ago. Adjusted net income was $4,011,000 compared to $7,728,000 a year ago. Adjusted earnings per share: diluted was $0.33 compared to $0.64 a year ago. EBITDA was $62,829,000 compared to $70,674,000 a year ago.
For the year, the company's total revenues were $468,456,000 compared to $429,215,000 a year ago. Operating income was $111,639,000 compared to $12,615,000 a year ago. Income before income taxes was $68,568,000 compared to loss before income taxes of $37,290,000 a year ago. Net income was $43,881,000 compared to net loss of $24,862,000 a year ago. Net income per common share: diluted was $3.61 compared to loss per share of $2.04 a year ago. Net cash provided by operating activities was $258,121,000 compared to $220,576,000 a year ago. Additions to property and equipment were $422,473,000 compared to $288,133,000 a year ago. Increase in equipment inventory was $1,886,000 compared to $726,000 a year ago. Adjusted net income was $56,383,000 compared to $35,047,000 a year ago. Adjusted earnings per share: diluted was $4.63 compared to $2.88 a year ago. EBITDA was $299,342,000 compared to $254,656,000 a year ago.
The company also announced impairment of property and equipment for the fourth quarter of 2014 of $8,621,000.
For the quarter, the company reported total production of 1,520 MBOE compared to 1,369 MBOE a year ago. Total production (BOE/d) was 16,521 compared to 14,883 a year ago. Average daily oil production was 11,967 Bbls. Average daily natural gas production was 17,478 Mcf. Average daily natural gas liquids production was 1,641 Bbls.
For the year, the company reported total production of 5,763 MBOE compared to 5,255 MBOE a year ago. Total production (BOE/d) was 15,788 compared to 14,399 a year ago. Average daily oil production was 11,490 Bbls. Average daily natural gas production was 16,167 Mcf. Average daily natural gas liquids production was 1,603 Bbls.
Caza Oil & Gas, Inc. Announces Termination of Clayton Williams Energy, Inc. Agreement
Feb 26 15
Caza Oil & Gas, Inc. announced that, further to the announcement on November 12, 2014 regarding a farmout and exploration agreement entered into with Clayton Williams Energy, Inc. The agreement has now been terminated by mutual agreement. As announced previously, the Parties had agreed to jointly develop CWEI's 14,738 leased net acres in Reeves County, Texas, subject to the terms of the Agreement. These terms required, amongst other things, the drilling of an initial horizontal Wolfcamp well on or before February 1, 2015 with CWEI as the operator. Caza was to provide 75% of the costs attributable for drilling, completing and equipping the Initial Commitment Well through production facilities to earn a 50% working interest (approximate 37.5% net revenue interest) in the well and the right to participate in the balance of the Farmout Area. Beyond the Initial Commitment Well, Caza was obligated to drill and complete, as the operator, two additional horizontal Wolfcamp wells in the Farmout Area by December 31, 2015 in order to continue the Agreement beyond that date or otherwise pay a fee of $1.6 million for each Additional Commitment Well not drilled.