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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL
CWEI 131.900.0%Apr 25 5:00 PM EST
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To: Kendell Phillips who wrote (243)12/28/1996 3:04:00 PM
From: Buzz Mills   of 1017
 
Kendell,

You will need to use the weighted average number of shares in your earnings per share calculation which would be around 8.3M; that would raise your estimate to 0.68 + .02 or 0.70. We don't know if, and when, the 3rd rig came on but we do know it hadn't started as of mid-December so there may not be a charge for it in the fourth quarter numbers. Also, since CWEI discounts their oil and gas to the market it is hard to put a number on the average price they received, but if I were to guess I would be lower than your $24.33 on the oil, but considerably higher than $3.00 on the natural gas. In round numbers I agree with your estimate and that once again CWEI will beat all estimates by a substantial amount. Anxious to see Hanifen and Imhoff's numbers as they seem to do a better job of tracking CWEI, and have been historically closer with their estimates (CWEI only beat their estimate by 25% in the third quarter), although you would think Rodman and Renshaw, having worked the Secondary Offering, should be more in tune with CWEI also. I have an Email into Lajuanda for H&I's numbers.

My Investors Business Daily (Monday's IBD) did not show up this morning--I was looking forward to seeing the NH (new high) and everything bolded for CWEI.

Buzz
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