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Clayton Williams Energy Inc. (NYSE:CWEI)

Q3 2009 Earnings Call

November 4, 2009 2:30 pm ET

Executives

Clayton W. Williams Jr. – Chairman of the Board, President, Chief Executive Officer

Mel G. Riggs – Chief Financial Officer, Senior Vice President, Director

Paul Latham – Executive Vice President and Chief Operating Officer

Patti Hollums – Director of Investor Relations

Analysts

Jason Wangler – Wunderlich Securities

Brad Evans –Heartland

Gregg Brody – JP Morgan

[Nicolas Dougliano]

[Monroe Helm] – Cimarron Capital

[Lawrence Flood] – Wellington Management

Operator

Welcome to the third quarter 2009 Clayton Williams Energy Incorporated results call. (Operator Instructions). I would now like to turn the presentation over to for today's call Ms. Patti Hollums, Director of Investor Relations.

Patti Hollums

Thank you for joining the Clayton William Energy third quarter 2009 results conference call. On our call today is Clayton Williams, President and CEO, Mel Riggs, Senior Vice President and CFO and Paul Latham, Executive Vice President and COO.

During this call, we will discuss our results from the third quarter and our operations release that was issued this morning. This call will be recorded and will be available for replay on our website at www.Ccaytonwilliams.com. You can access this replay through the Investor Relations tab and by clicking on the conference call link in the top right hand corner of the screen.

We will have two question-and-answer sessions today. The first will be after the financial presentation given by Mr. Riggs and the second will be after the operations update given by Mr. Williams.

Please be advised that our remarks and answers to your questions include statements that we believe to be forward-looking statements. All statements that relate to future results are forward-looking statements and are based on current expectations.

Actual results may differ materially from those expressed or implied by these forward-looking statements because of a number of risks and uncertainties affecting our business including those discussed in our quarterly and annual SEC filings and in the cautionary statements contained in our press release and on our website.

With that, I will turn the call over to Mr. Mel Riggs. Mel?

Mel G. Riggs

I'm going to walk through the quarterly results and then I'll turn the conference back over to Clayton here in a few moments. We reported a consolidated net loss for third quarter of this year of $13.6 million or $1.12 per share compared to net income last year of $94.6 million or $7.79 per share.

All of these comparisons to third quarter of last year are fairly extreme as far as the difference because last year was like a record, probably for our company for product prices and probably for every company in the industry. So the comparisons are pretty much out of whack. But we need to go through and then we'll talk about where we sit today and what we're looking at going forward.

Consolidated cash flow from operations for the quarter of this year was $28.3 million. That's $2.33 per share. That's compared to $73.6 million last year or $6.06 per share. Again, volatility in the commodity markets was the key reason for the extreme change in these operating results. Now, when we compare back to '08, oil and gas sales for the current quarter decreased by 54% or $68.9 million, and almost all of that, roughly about $60 million or so, was really caused by lower commodity prices.

Average realized oil prices for this quarter decreased 44% compared to last year. This year it's $64.60 per barrel. That's what we realized at the wellhead compared to $116 last year for the same period. Extreme differences in gas prices, gas last year, our average realized wellhead prices was $9.88, almost $10 in Mcf compared to $3.79 this year, so big impact from the gas market.

The realized prices for both years exclude the effects of any gains or losses on commodity hedging transactions since we do not designate our hedges as cash flow hedges. Talking about the hedges, we reported a $4.7 million net gain related to hedges in the current quarter; $10.6 million of that was non-cash to mark our derivative positions to their fair value at the end of the quarter. And we had a $5.9 million realized loss, mainly due to losses on oil hedges offset by actually profits on gas hedges.

Compared to last year at the same quarter, we reported $132.7 million net gain on derivatives, $169 million, almost $170 million last year was a non-cash gain offset by $36.8 million losses on settle contracts related to the old Southwest Royalty hedges that were in place at the time.

Oil production for the third quarter of' '09 decreased 12% to roughly 7,200 barrels per day compared to 8,200 barrels a day last year. Again, we have not been drilling much really for about a year. We'll get into that here in a moment and talk about our plans.

Gas production was about the same, actually, though compared to last year, 3.9 Bcf, 43.4 million cubic feet per day this quarter compared to 42.6 million last year.

All in all, though, our production was in line with our previous guidance which was issued for the third quarter, and during the first half of 2009 the company's drilling program was gear toward exploration prospects which ended up being mostly non-productive.

During the third quarter, the company has begun to shift its business strategy toward drilling oil wells in the Permian Basin and the Austin Chalk. We are utilizing our own rigs which are operating under the Desta Drilling name, and we have had a substantial change in focus. And we believe that this will turn around our production. The production declines we've seen this year, it will turn the tide on that for the fourth quarter with the activity. And Clayton is going to give a lot of detail about that plan here in a few moments.

The company's production mix is also going to shift more to oil, at least for the next couple of years, if not longer. And we're really pleased with our results so far of what we're getting out of this new program.

Also in this current quarter, we recorded an abandonment and impairment cost of $24.1 million. That had a big impact in helping create this loss for the quarter. That included a $17.5 million pre-tax charge-off on the previously announced abandoned Miami Corp. well in South Louisiana, and we also impaired some leases, $5.3 million in North Louisiana and the East Texas Bossier areas.

Looking at the balance sheet, during the third quarter we paid off the outstanding debt related to the drilling rigs, and we paid that off by borrowings under our bank facility and somewhat cleaned up the balance sheet.

We have, at the end of the quarter we had $170 million outstanding on our senior secured credit facility. Our borrowing basis was $250 million. That leaves us with about $79.2 million of liquidity available on the line. And I'd like to note here that we just completed a borrowing base redetermination with our bank group, and then effectively reaffirmed the $250 million borrowing base for the next six months. We're in good shape with our banking relationships.

We continue to believe that maintaining a high level of liquidity remains very important to us in the coming months, and we are currently expecting our outstanding debt level to remain somewhat flat to where it is today by year end. Looking at the capital spending for the year, again, we're gearing our spending more toward oil drilling.

We had spent nearly $90 million on exploration and development through the first nine months. At that, 54% of that drilling or those expenses were related to exploratory drilling. We're increasing our estimate for capital expenditures for 2009 to $131.1 million. So that means we're projecting to spend $41.2 million for the fourth quarter. And nearly all of that increase is going to be adding rigs in the Permian Basin and in the Austin Chalk areas where we're currently focusing.

The strengthening of oil prices combined with using our company-owned rigs. We've got some new vendor arrangements for drilling resulting in better margins for drilling in these areas, for oil drilling. And I think as Clayton will say, we've got our margin back.

Again, our capital spending is still dependent upon our liquidity position and product prices. We're going to continue to reserve the right to increase or decrease it depending on all those relevant factors. One thing here recently, we had a rise in oil prices in the last few weeks and that enabled us to enter into additional hedge positions for oil.

We've added another 1.2 million barrels in 2010. We did those at price of $81.75. So we now have for 2010 over 6,000 barrels a day of production hedged at an average price of $76.50. That coupled with our gas hedges of $6.80 next year on 7.5 Bcf of gas and then $7.07 or 6.4 Bcf of gas in 2011 gives us a lot of cash flow totally locked down for the next couple of years.

I think I've kind of covered, I think, the high points at this point in time. I'll take any questions that anyone might have.

Question-and-Answer Session

Operator

(Operator Instructions). Your question comes from Jason Wangler –Wunderlich Securities.

Jason Wangler – Wunderlich Securities

Just a quick question with these contracts that you guys have signed as far as the service cost, will we see kind of a flat LOE, and do you think it'll be kind of in the run rate of what you saw in the third quarter, or where do you think that's going to go from here forward?

Mel G. Riggs

Yes, the contracts we have signed, and Clayton will talk in a lot more detail about those contracts in a minute, but the LOE is really not affected. It's more on the drilling side. Our LOE is actually trending down, though. Operating costs decreased 11% compared to last year. I think this quarter's a little over $14 of BOE. We've had fuel costs coming down, fuel services are coming down and also production taxes are a big part of that, too.

Jason Wangler – Wunderlich Securities

And just looking forward, I know you said on the debt remaining rather flat for the rest of this year, and I'm sure you haven't really gotten the 2010 CapEx finalized yet, but do you see a situation where you guys will be able to keep that active drilling program that you guys have kind of set out and even pay some of that debt down and increase availability on the facility?

Mel G. Riggs

Yes, we probably won't be able to pay the debt down much through the end of the year because we're actually going to be accelerating the program somewhat and if things work the way we think they are or hope they do, we will probably increase the rig count even next year. So sometime next year I think we'll start building a cash position or paying down the debt sometime early first quarter or early second quarter.

Jason Wangler – Wunderlich Securities

And then just one quick one if I could, on the DD&A I thought it was a little bit higher than the last couple of quarters. Is that an anomaly or is that kind of a good run rate going forward?

Mel G. Riggs

That is a good run rate for now. What's happened there is we have a very large cost pool in our South Louisiana program and we have continued to have to write down the reserves. And that happened to us again the third quarter and that's what's increasing the DD&A rate.

Operator

(Operator Instructions). Your next question comes from Brad Evans – Heartland.

Brad Evans – Heartland

Mel, could you just repeat what percent of your oil volumes are hedged for 2010?

Mel G. Riggs

Brad, again, we hedge our PDP volumes. We're pretty much, I would say, close to 100% right now on PDP. Now we're adding, we've got I believe five rigs running right now so there's a lot of new oil coming online, but at the time, our best guess was we were getting close to 100% of our oil hedge.

But our focus is going to be oil wells and we're going to have a lot more production we expect coming on.

Operator

At this time there are no more questions in the audio queue.

Mel G. Riggs

With that, no more questions. And again, if there are any later on, we can cover them then, but I'm going to turn the conference over to Clayton.

Clayton W. Williams, Jr.

I'm excited. I'm really excited. We survived this very difficult period that's faced us and our nation. But we have a little over 170 proven locations that are economic and profitable at $60 oil. We have another high potential of location that we're doing some step-out and further evaluation to determine their profitability.

We have a lot of work, a lot of opportunity ahead of us and here's how we're dealing with it. We talked before about locking in our profit margin, drilling better with our own rigs, having the security of hedged production.

So let me bring you up to date on what's happening and this is why I'm excited. We have locked in 90% of our well costs for two years. Why is that important? In the last boom, pipe was $10, $15, it went to $33; a one-stage frac was $29, it went to $80. So it's been very important to me from my years and experience to lock in your profit margins. We have done so. I'll say it again. We have locked in 90% of our well costs, drilling and completion costs.

Number two, we are very excited about our own rig fleet and working under our management. For example, in our valuation going ahead with this development program, our target when we started for Andrews County drilling was 25 days to complete and spud the next well. Our average today is 15. We've cut it substantially under better management. This is a savings of $300,000 per well. This is important.

The third item, we have purchased pipe for 120 wells. Pipe, as I said, went from $10 to $30 last time. Why would I do that now? Well, many of the lead reunions are pushing to have the embargo to raise the prices on imports of foreign pipe, particularly Chinese pipe. We are protected. We've laid some groundwork for further purchases.

Number four, we have hedged our production at an average of $76.50. We had a fear hedge, I'm going to call it, back in the first of the year that was $53. We lifted that a few days later, but nonetheless, that's dragging down our averages.

But $76.50 is a solid price and that averages all our recent better hedges with our early poor hedge. We got out a profit margin because we know what we're going to get for all of our existing production. Of course, then we'll get the market price which is somewhat better today. But what counts to me is that we've got a fixed price for a year for this proven drilling.

So, we have five of our own rigs drilling today. Three are drilling in the Permian and that's where we've had the major increases in drilling time. We have two in the Austin Chalk. Those are about the same, but we're happy with that performance. We plan to add a third well in the Chalk after the first of the year. Then we would have six.

Depending on the success of this program, we hope to have all 10 of our rigs drilling on our own properties as we step-out and further evaluate some prospects that we've got the first well we need offset, proven production, so forth.

So we're excited because we have locked in our profit with these things I've just told you and I'm excited about it. For almost two years, at least for the price of oil is for one year our costs for two years as time goes by we will probably hedge 2011. We've not done so yet.

We are basically drilling no further gas wells. We've been moving to oil for some period of time and so basically the Permian and the Chalk are our all and we're happy to be there.

So the main footnote I have now, these opportunities are there. They produce a location there. Now, our job is to execute, to perform as we've continued the last short period to continue that performance on out until we've drilled all these locations.

I'll take your questions, but we are bullish.

Operator

(Operator Instructions). Your first question comes from Jason Wangler – Wunderlich Securities.

Jason Wangler – Wunderlich Securities

Just a question on those contracts you have for the service companies. In addition obviously to having the cost locked in, do you have the crews that you have locked in or do you have a choice of what crew or are they allowed to sign what they will?

Clayton W. William, Jr.

In that case, a very good question, we have their word that they won't give us beginners. But occasionally as their business grows, we will keep experienced crews, and that's in the wording of the contract. And that's very important and that's a real good question.

Jason Wangler – Wunderlich Securities

And then obviously you have a ton of activity in a lot of locations drilled, but do you see anything as far as the acquisition front? Do you see any land to pick up or even small companies out there that are looking to distressed going forward?

Clayton W. William, Jr.

I think that we're so focused on doing this job, the first time you drill a well your crews are not as good. You get better. I say no, we're really not focused on acquisition because we're focused on getting these 400 flush locations drilled and drilled profitably, so that's our focus.

And at some point out a ways when we've added substantial reserves which we're pretty comfortable we're going to do, then we may look at it. We may buy us a few more leases, but not production acquisitions most likely.

Jason Wangler – Wunderlich Securities

And then my last one for you, and thanks for all the color is, is just you have these BP wells recently that were dry holes. Are you just focused on all of these producing and pretty much proven assets and not looking at anything exploratory for the near-term at least for the next couple of years based on these contracts?

Clayton W. William, Jr.

At least for one year. Now, that was a major disappointment. You had gas plays at a major field all the way down the last sand before we drilled to the sand we were earning produced 104 Bs. And we went into the next sand and five more and they were all wet. So a major disappointment. I thought it was close to being productive, so at this point we're leaving gas. We're leaving exploration.

We do a good job drilling these and execute these, whatever. We may have no less than 170 and probably a lot more. Then we do a good job drilling and completing those and that's what we need to do. And we're focused on that.

Operator

Your next question comes from Gregg Brody – JP Morgan.

Gregg Brody – JP Morgan

I'm working on it, we've got a – eventually I'll get it. You mentioned in your operational update you were looking into the Bone Spring?

Clayton W. Williams Jr.

I didn't hear. What?

Mel G. Riggs

The Bone Springs.

Gregg Brody – JP Morgan

And you were mentioning –

Clayton W. Williams Jr.

There are 20 wells scheduled into Bone Springs, they're a part of our proven wells. They're in the War-Wink field. To state that differently, we've drilled some horizontals and we didn't – we weren't comfortable that that frac would frac up to the other five sands around the target sands. So we're now drilling them vertical where we are comfortable we can put a good frac on each of the five sands.

Gregg Brody – JP Morgan

Do you have a sense of the cost of those wells to drill and complete as well as estimated ultimate recovery?

Clayton W. Williams Jr.

The cost of those will be similar to Andrews.

Mel G. Riggs

A million six, I mean the [inaudible].

Clayton W. Williams Jr.

I don't have that at my fingertips but roughly the same. We're taking a rig from Andrews to drill it using the same pipe, so I think they'll be within 10%, 1.6 million, maybe less.

Mel G. Riggs

Right, and about 150,000 BOE something like that's sort of the target.

Clayton W. Williams Jr.

That is slightly better economics than Andrews.

Gregg Brody – JP Morgan

I was just –

Clayton W. Williams Jr.

The reserves about the same cost.

Gregg Brody – JP Morgan

I was just noticing that you're planning on picking up your drilling in the Austin Chalk next year. It looks like you lowered your CapEx there for this year. Is there something operational there or?

Clayton W. Williams Jr.

I'm not sure if I'd agree with you. The Austin Chalk, the minute you frac it, you have return of production very quickly. We have I think about 40 proven locations in the Chalk and 35 possible probables and on the operations, as you drill those, you've got a very good cash flow as soon as you get the water off in a couple of months you're down to a very efficient production.

I would say our lifting costs are probably less than the Austin Chalk than they are in the Permian because even the old wells make a little more than our average. We bought [Safus Rawdi] you had 1,600 wells making two barrels a day, so you're going to have higher lifting costs of those old wells than our new wells were drilling.

Mel G. Riggs

Yeah and Greg on the Austin Chalk actually for the fourth quarter – for the revised CapEx budget we're actually increasing slightly the Chalk. We're increasing a lot in the Permian but we're actually going to be adding another rig to the Chalk I think at the end of the year, early 2010. So we're actually going to be stepping up the pace there.

Gregg Brody – JP Morgan

And that's what I thought. I've got to go match up my numbers, I thought it looked like your numbers went down for this year in the Chalk.

Mel G. Riggs

No.

Clayton W. Williams Jr.

Come back again, we're still here. Next.

Operator

Your next question comes from the line of [Nicolas Dougliano].

[Nicolas Dougliano]

Yes sir, good afternoon. What do you see all this doing for the stock prices because there's been quite a fluctuation from last year to present?

Clayton W. Williams Jr.

Well the best way I can answer that is to perform. Taken the gyration, we received $33 at the bottom from Shell Oil. We've not received anywhere near the oil prices but our key is to add reserves, like last year we didn't add reserve because we were fearful of drilling, fearful of the prices, fearful of the economy and now we've got a locked in profit, we've got a lot of wells to drill. We're very well positioned and I think we'll do our job. The stock price will take care of itself.

[Nicolas Dougliano]

Okay, good. Thank you.

Operator

Your next question comes from the line of [Monroe Helm] – Cimarron Capital, please proceed.

[Monroe Helm] – Cimarron Capital

I guess you haven't given any guidance yet for 2010 CapEx, but maybe can you talk maybe in terms of how your CapEx would relate to your cash flow for next year?

Mel G. Riggs

We have not guided for 2010 and we have, like Clayton said, we have a two year period where we've got our cost locked in so obviously the thing we want to do, if it's prudent, if we're making money is to drill as much as we can. And that's what we're going to try to do and if the seminal prices hold up. And so we'll probably be spending our cash flow next year as long as our program's working.

[Monroe Helm] – Cimarron Capital

Okay, is there any update on what's going on in the Utah over thrust plate? I think you had a well scheduled here for the fourth quarter. Is that still the case?

Clayton W. Williams Jr.

No it's not. We've backed away. We had some conflicting seismic data that the location we had picked was not a good one. We bought some new lines. We're looking at that so I can tell you that it's – that we're not as certain that we will drilled a well in the fourth quarter as we had planned. We're reevaluating it and I don't know more than that.

Operator

Your next question comes from the line of [Lawrence Flood] – Wellington Management.

[Lawrence Flood]Wellington Management

I wondered if you could give us a little bit more color on the Permian with particular reference to Sterling County where you have arguably your highest number of locations, but possibly the most marginally economic wells. Can you tell me – comment on that a little bit and what your –

Clayton W. Williams Jr.

We drilled four exploration wells there and only one was successful. That one well is probably one of the best wells we've drilled. Now we were on the edge of an old stratigraphic wood camp field, we're now doing wells – we've scheduled well, we've not announced them. So this would be news and we're going to do some step-outs around that fields where we have acreage.

We've basically surrounded a field with our acreage and then we'll evaluate is it going to be the same around the field? There's some risk in that. So right now we're counting those in the possibles outside of one or two offsets to the one we drilled.

I'm hopeful that we'll have maybe 30 or 40 wells there, but we've got to do our step-outs before we know what others. But that's a very good well. The other area where we had all acreage is – we made oil but we didn't make money. And it's still about making money when you get down to it.

[Lawrence Flood]Wellington Management

So do you drop the land?

Clayton W. Williams Jr.

We still have some of the land and we may farm out or something, but we are focused now on developing what we have proven, strengthen our balance sheet. We're making some money.

Operator

Your next question comes from the line of Brad Evans – Heartland.

Brad Evans – Heartland

Just with respect to your Bossier acreage, East Texas Bossier acreage, if memory serves me correct you had about 40,000 acres under control there and I'm just curious as to whether you still have those acres and whether they would be available to allow for any farm-in opportunities or to bring an industry partner as that place seems to be gaining some momentum.

Clayton W. Williams Jr.

Well if it is I haven't seen it. We have a buck an acre and we drilled a dry hole, we've dropped those acres. We drilled a margin well in Leon County which we will probably drill another well. We have pipe bought for it, but I'm pretty nervous about natural gas prices myself. I hope I'm wrong.

Then in the Giddings field we have some potential. A lot of that's held by production. We're drilling chalk wells in that area, so basically I am not focusing on the Bossier except in the area of the well we call Big Bill.

We renewed those leases and I would like to drill another well there if not this year next year. But natural gas is just – I think it's a tough business. You got 700 rigs stacked waiting to go to work as soon as the price comes up. I'm nervous about gas.

Brad Evans – Heartland

Can you just speak to your plans for 2010? I know that you have a sizeable acreage position in Robertson, Burleson and Brazos County in Texas, I guess. Are they – what amount of acreage do you think do you have as perspective for the Eagle Ford if any?

Clayton W. Williams Jr.

We have substantial acreage that's perspective for the Eagle Ford, most if it's in Lee and Robertson and Burleson. We're watching them and of course like everyone we hope that's good, but we don't – we're going to focus on our proven stuff and we may play with that, but we're trying to watch what other people are doing because we're fortunate that both of our Eagle Ford acreage is held by production.

Brad Evans – Heartland

One last question for Mel. Mel, could you give us your current oil production where you stand most recently? Do you have an up-to-date number?

Mel G. Riggs

No, I don't have a good – I guess we talked about what we were producing in the quarter. I mean, it's up, obviously we're got all these rigs running. I'm not sitting here at my office somewhat here in [Guyson]. I'm not sure what the current production is to date.

But I can bet though – I can tell you that we would probably look at the fourth quarter guidance and we had plans with these rigs. We forecasted what we thought the production will be. I think we'll be on track for the guidance for the fourth quarter if not exceed it.

Clayton W. Williams Jr.

Let me add a little bit to that, Brad, that might be appropriate. Our Austin Chalk wells come on pretty much as they always have; pretty quick we get up to full production. Our Permian stuff, you got 10 or 12 stage fracs. There's a lot of water and so we're two to three months before we know what that well will do. We built it long enough this in field drilling time that we're happy with it, we're comfortable with the result.

But now where we thought budget-wise we were going to be drilling 25 days, that's one well a month, we're drilling at almost twice as fast so we're drilling a lot faster, which we're delighted with, but everything happening faster.

We're having to add a few people because of the success of our drilling program and yet it's going – it's going better than what we thought, so we probably hadn't time to deal with something better. Generally it's always something worse.

Operator

At this time we have no further questions in queue. I would now like to turn the call back over to Mr. Clayton Williams for closing remarks.

Clayton W. Williams Jr.

Thank you. We appreciate it very much and we looking forward to talking to you next time. We're excited. Thank you.

Operator

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

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Source: Clayton Williams Energy Inc. Q3 2009 Earnings Call Transcript
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