earnings annoucement
MIDLAND, Texas, Oct. 24 /PRNewswire/ -- Clayton Williams Energy, Inc.
(Nasdaq-NNM: CWEI) announced today net income for the third quarter of
1996 of $3,470,000, or $0.45 per share, on revenues of $15.6 million,
compared to net income of $4,217,000, or $0.72 per share, on revenues of
$13.6 million for 1995. The 1995 period included a $6 million ($1.02
per share) non-recurring gain on sale of property and equipment. Cash
flow from operations, before changes in working capital, during the
third quarter of 1996 increased to $9.6 million from $5.0 million in
1995.
The principal factors contributing to the significant improvement in
operating income and cash flow over the third quarter of 1995 were
higher oil production, improved oil and gas prices, and lower interest
expense.
For the nine months ended September 30, 1996, the Company reported net
income of $7,313,000, or $0.96 per share, as compared to net income of
$2,719,000, or $0.47 per share, for the 1995 period. Cash flow from
operations, before changes in working capital, during the nine months
ended September 30, 1996 increased to $27.0 million from $17.8 million
in 1995.
Clayton Williams Energy, Inc. is an independent energy company located
in Midland, Texas.
CLAYTON WILLIAMS ENERGY, INC.
SELECTED FINANCIAL AND OPERATING DATA
(Dollars in thousands, except per unit data)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
(Unaudited) (Unaudited)
STATEMENT OF OPERATIONS:
REVENUES
Oil and gas sales $ 14,619 $ 9,911 $ 42,136 $ 33,133
Natural gas services 965 777 2,914 4,494
Total revenues 15,584 10,688 45,050 37,627
COSTS AND EXPENSES
Lease operations 3,647 3,245 10,808 10,231
Exploration 236 431 515 863
Natural gas services 792 588 2,363 3,038
Depreciation, depletion
and amortization 5,891 6,201 17,743 20,011
Impairment of property
and equipment - - 1,186 -
General and administrative 728 722 2,399 2,739
Total costs and
expenses 11,294 11,187 35,014 36,882
Operating income (loss) 4,290 (499) 10,036 745
Interest expense (840) (1,233) (2,783) (4,224)
Gain on sale of property
and equipment, net 9 5,962 21 5,967
Other income (expense) 11 (13) 39 231
INCOME BEFORE INCOME
TAXES 3,470 4,217 7,313 2,719
INCOME TAX EXPENSE - - - -
NET INCOME $ 3,470 $ 4,217 $ 7,313 $ 2,719
Net income per common
share $ .45 $ .72 $ .96 $ .47
Weighted average common
shares outstanding
(in thousands) 7,668 5,842 7,588 5,750
OTHER OPERATING DATA:
Cash flow before changes
in working capital:
Total $ 9,601 $ 4,980 $ 26,962 $ 17,805
Per common share $ 1.25 $ .85 $ 3.55 $ 3.10
Net production:
Oil (MBbls) 521 422 1,601 1,376
Gas (MMcf) 1,367 1,737 4,183 5,377
MBOE 749 712 2,298 2,272
Average sales price:
Oil ($/Bbl) $ 21.19 $ 16.89 $ 19.76 $ 17.40
Gas ($/Mcf) $ 2.62 $ 1.63 $ 2.48 $ 1.70
September 30, December 31,
1996 1995
(Unaudited)
CONDENSED BALANCE SHEET:
Current assets $ 10,897 $ 10,910
Property and equipment, net 84,690 82,146
Other assets 60 105
Total assets $ 95,647 $ 93,161
Current liabilities $ 16,456 $ 24,627
Long-term debt 36,522 33,538
Stockholders' equity 42,669 34,996
Total liabilities and
stockholders' equity $ 95,647 $ 93,161
SOURCE Clayton Williams Energy, Inc.
-0- 10/24/96 /CONTACT: Lajuanda J. Holder,
Director of Investor Relations of Clayton Williams Energy, 915-688-3419,
or email - cwei@marshill.com./
(CWEI)
CO: Clayton Williams Energy, Inc. ST: Texas IN: OIL SU: ERN |
