Clayton Williams Energy Announces First Quarter Results
MIDLAND, Texas, April 30 /PRNewswire/ -- Clayton Williams Energy, Inc. (Nasdaq-NNM: CWEI) announced
today net income for the first quarter of 1997 of $3.2 million, or $0.35 per share, on revenues of $17.9 million,
compared to net income of $1.4 million, or $0.19 per share, on revenues of $13.3 million in 1996. Cash flow from
operating activities increased to $11.9 million in 1997 from $7.7 million in 1996. Cash flow from operating
activities increased to $11.9 million in 1997 from $7.7 million in 1996.
The principal factors contributing to the improvements over the first quarter of 1996 were higher oil and gas
prices, increased oil production and lower interest expense attributable to decreased debt levels. These
benefits were offset in part by higher exploration costs associated with the Company's on-going Cotton Valley
3-D seismic survey, as well as costs for other exploration projects which the Company initiated in East and
South Texas and Mississippi during the first quarter.
The Company is actively conducting a 3-D seismic survey covering approximately 50,000 net acres in
Robertson County, Texas in connection with its previously announced Cotton Valley Exploratory Project. The
seismic survey is currently on schedule for completion during the third quarter of 1997 at a net cost of
approximately $4 million. Any drilling resulting from the survey is expected to begin during the latter part of the
fourth quarter of 1997.
In addition to the Cotton Valley Exploratory Project expenditures, the Company plans to spend $42 million in
1997 in its horizontal drilling program and $8 million for other exploration projects located in east and south
Texas, Louisiana and Mississippi. The Company plans to have two rigs drilling in its North Giddings Block. As
previously reported, the Company is continuing to evaluate results from drilling in the southern portion of this
block. The Company plans to utilize a third rig drilling on its farm-in acreage in Robertson County, Texas. The
first well has been spudded and is currently drilling in the Georgetown formation.
Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). Such forward-looking statements involve known
and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or
achievements of the Company to be materially different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such factors include, among others, the following:
the volatility of oil and gas prices, the Company's drilling results, the Company's ability to replace short-lived
reserves, the availability of capital resources, the reliance upon estimates of proved reserves, operating hazards
and uninsured risks, competition, government regulation, the ability of the Company to implement its business
strategy, and other factors referenced in the Company's public filings with the Securities and Exchange
Commission.
CLAYTON WILLIAMS ENERGY, INC.
SELECTED FINANCIAL AND OPERATING DATA
(Dollars in thousands, except per unit data)
Three Months Ended
March 31,
1997 1996
STATEMENT OF OPERATIONS: (Unaudited)
REVENUES
Oil and gas sales $ 16,564 $ 12,368
Natural gas services 1,330 964
Total revenues 17,894 13,332
COSTS AND EXPENSES
Lease operations 4,141 3,598
Exploration 1,804 254
Natural gas services 1,145 757
Depreciation, depletion and amortization 6,344 5,677
General and administrative 903 707
Total costs and expenses 14,337 10,993
Operating income 3,557 2,339
OTHER INCOME (EXPENSE)
Interest expense (352) (982)
Other income 26 47
Total other income (expense) (326) (935)
INCOME BEFORE INCOME TAXES 3,231 1,404
INCOME TAX EXPENSE --- ---
NET INCOME $ 3,231 $ 1,404
Net income per common share $ .35 $ .19
Weighted average common shares
outstanding (in thousands) 9,104 7,478
OTHER OPERATING DATA:
Net cash provided by operating activities:
Total $ 11,877 $ 7,663
Per common share $ 1.30 $ 1.02
Net Production:
Oil (MBbls) 577 482
Gas (MMcf) 1,215 1,462
MBOE 780 726
Average sales price:
Oil ($/Bbl) $ 22.27 $ 18.71
Gas ($/Mcf) $ 2.93 $ 2.29
March 31, December 31,
1997 1996
CONDENSED BALANCE SHEET: (Unaudited)
Current assets $ 13,268 $ 15,962
Property and equipment, net 93,894 87,561
Other assets 27 75
Total assets $ 107,189 $ 103,598
Current liabilities $ 21,722 $ 19,384
Long-term debt 17,000 18,000
Stockholders' equity 68,467 66,214
Total liabilities and
stockholders' equity $ 107,189 $ 103,598
/CONTACT: Lajuanda Holder, Director of Investor Relations, 915-688-3419, or Mel G. Riggs, Chief Financial
Officer, 915-688-3431, both of Clayton Williams Energy, Inc. email: cwei@worldnet.att.net, website:
www.marshill.com/cwei/ |
