Clayton Williams Energy, Inc.(CWEI)- NYSE
  • Mon, Aug. 8, 11:57 AM
    • SM Energy’s (SM +7.2%) $980M purchase of drilling rights in the Permian Basin shows that producers are willing to pay a premium for access to one of the few spots where oil exploration still turns a profit, Bloomberg reports.
    • SM will pay the equivalent of $39.5K/acre for drilling rights across 24,783 acres in the Permian Basin, will ahead of the $25K-$35K that acreage in the Permian’s Midland Basin section had been fetching as recently as May and almost doubling SM's holdings in the region.
    • Other Permian producers also are trading higher, including: PXD +2.2%, CXO +1.8%, XEC +2.1%, CWEI +6.1%, APA +3.8%, FANG +2.1%, PE +1.2%, QEP +3.6%, RSPP +2.4%, APC +2.6%, DVN +3.7%, MTDR +2.3%.
    | Mon, Aug. 8, 11:57 AM | 1 Comment
  • Thu, Aug. 4, 3:57 PM
    • Clayton Williams Energy (CWEI +10.6%) continues its recent upward momentum despite mixed Q2 results that included a large loss but the hope of promising well results.
    • CWEI characterizes 2015 as a hunker down period while 2016 is the turnaround period, sparked by the Ares financing deal that put cash on the balance sheet and enabled the company to start a drilling program again.
    • CWEI says it expects to complete 10 horizontal wells this year in its 65K-acre leasehold in the Delaware basin of Texas; so far, it has drilled four wells into Permian Wolfcamp strata and completed two.
    • Wunderlich upgrades shares to Hold from Sell with a new $35 price target, raised from $15, believing that CWEI is showing signs of a turnaround for the second straight quarter yet still needs to provide more results before it can become truly bullish; given the progress so far, the firm seems optimistic.
    • But Roth Capital's John White, who has a Sell rating on the shares with a $12 target, warns that CWEI displays "by far the highest leverage” of the Permian pure plays, with $23 of debt per proven barrel of reserves, and shares are at a nosebleed 12.4x EV/EBITDA.
    | Thu, Aug. 4, 3:57 PM
  • Fri, Jun. 17, 2:00 PM
    | Fri, Jun. 17, 2:00 PM | 6 Comments
  • Fri, Jun. 17, 12:47 PM
    | Fri, Jun. 17, 12:47 PM
  • Wed, Jun. 8, 2:00 PM
    | Wed, Jun. 8, 2:00 PM | 8 Comments
  • Wed, May 25, 2:00 PM
    | Wed, May 25, 2:00 PM | 4 Comments
  • Tue, May 17, 12:47 PM
    | Tue, May 17, 12:47 PM | 1 Comment
  • Mon, May 16, 11:43 AM
    • Clayton Williams Energy (CWEI +12.6%) surges following Friday's after-hours disclosure that 10% owner Ares Management purchased 515K shares last week worth ~$9.3M.
    • The P-E firm now owns ~879K CWEI shares; the stock has gained 44% since the company issued its Q1 earnings on May 4.
    • In March, Ares loaned $350M to CWEI, which agreed to issue warrants to purchase 2.25M common shares (18.5% of current outstanding shares) at $22/share, and allow Ares to appoint two directors to the company’s board.
    | Mon, May 16, 11:43 AM | 1 Comment
  • Wed, Apr. 6, 12:46 PM
    | Wed, Apr. 6, 12:46 PM
  • Wed, Mar. 16, 1:20 PM
    • Clayton Williams Energy (CWEI +5.8%) is higher on news after yesterday's close that it closed a $350M term loan transaction with P-E firm Ares Management, and announced recent hedging transactions for part of expected production in 2016 and 2017.
    • Under the terms of the deal with Ares, CWEI issued warrants to purchase 2.25M common shares (18.5% of current outstanding shares) at $22/share, and Ares gets to appoint two directors to the company’s board.
    • It's "a steep price" but CWEI has few options, 24/7's Paul Ausick says, as banks that have come under regulatory pressure to maintain larger cash reserves to cover potential losses on energy lending are loath to make new loans, and 15%-20% cuts in borrowing capability are possible when the banks review credit lines.
    • CWEI also says it will delay its 10-K filing because of the new financing deal.
    | Wed, Mar. 16, 1:20 PM | 17 Comments
  • Thu, Mar. 10, 12:48 PM
    | Thu, Mar. 10, 12:48 PM
  • Thu, Mar. 10, 10:21 AM
    • Clayton Williams Energy (CWEI -23.9%) is downgraded to Sell from Buy with a $6 price target, slashed from $66, at Wunderlich, which says it now must evaluate the company as a going concern rather than a takeover candidate.
    • The firm notes CWEI announced earlier this week that it took a $350M term loan from Ares Management and reduced the borrowing base on its credit facility to $100M, indicating that the company is buying time and hoping crude prices will strengthen enough to enable it to reconfigure its capital structure.
    • CWEI reported a larger than expected Q4 loss, a 57% Y/Y revenue decline, and a 16% Y/Y drop in oil, gas and natural gas liquids production per boe.
    | Thu, Mar. 10, 10:21 AM | 3 Comments
  • Tue, Mar. 8, 3:58 PM
    • Clayton Williams Energy (CWEI -21.5%) plunges after lining up a $350M term loan from Ares Capital Management, but to secure the deal, it agreed to issue warrants to Ares to buy up to 2.25M common shares at $22/share along with the right to appoint two members to its board.
    • CWEI plans to use proceeds to repay debt owned under its revolving credit facility as well as funding its operations and future development.
    • CWEI also amended its bank revolving credit facility to limit lender commitments to $100M while easing financial covenants.
    | Tue, Mar. 8, 3:58 PM | 25 Comments
  • Nov. 12, 2015, 5:48 PM
    • Clayton Williams Energy (NYSE:CWEI) +8.4% AH following a Bloomberg report that Concho Resources (NYSE:CXO) is seeking to buy the company.
    • CWEI has drawn interest from other suitors, according to the report, after saying last month that it had retained Goldman Sachs to help it explore options including a sale.
    • CXO is viewed as a strong candidate to win a sale process for CWEI, given its relatively strong share price, which means it can outbid other suitors using its stock as currency, and it could save money by combining overlapping operations it has with CWEI in the Permian Basin.
    | Nov. 12, 2015, 5:48 PM
  • Oct. 15, 2015, 2:29 PM
    • Clayton Williams Energy (CWEI +15.1%) surges after confirming earlier that it has initiated a review of strategic alternatives to enhance shareholder value, including a possible sale; shares had spiked late yesterday after Bloomberg 's initial report.
    • Wunderlich analyst Irene Haas believes CWEI could be worth up to $113/share in an acquisition, since the Permian shale basin is still enjoying premium valuations, and thinks a potential bidder could bring more efficient operations and an acceleration of CWEI's development program.
    | Oct. 15, 2015, 2:29 PM | 2 Comments
  • Aug. 7, 2015, 5:40 PM
    | Aug. 7, 2015, 5:40 PM | 7 Comments
Company Description
Clayton Williams Energy, Inc. engages in the exploration and production of oil and natural gas. It operates through two segments: Oil & Gas Exploration and Production; and Contract Drilling Services. The company was founded by Clayton W. Williams in September 1991 and is headquartered in... More
Industry: Independent Oil & Gas
Country: United States