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Clayton Williams Energy Announces 2007 Financial Results and Reserves
MIDLAND, Texas--(BUSINESS WIRE)--Clayton Williams Energy, Inc. (NASDAQ:CWEI) reported net income for the fourth quarter of 2007 of $8.5 million, or $.74 per share, as compared to a net loss of $8.9 million, or $.81 per share, for the fourth quarter of 2006. Cash flow from operations for the fourth quarter of 2007 was $72.6 million, as compared to $29.5 million during the same period in 2006.
For the year ended December 31, 2007, the Company reported net income of $6 million, or $.52 per share, as compared to net income of $17.8 million, or $1.58 per share, for the same period in 2006. Cash flow from operations for fiscal 2007 was $234.9 million, as compared to $146 million during fiscal 2006.
Oil and gas sales increased 67% from $57.8 million for the fourth quarter of 2006 to $96.3 million for the same quarter in 2007 due to a combination of higher prices and incremental production volumes. Gas production increased 36% to 5.4 Bcf, or 58,924 Mcf per day, from 4 Bcf, or 43,272 Mcf per day, in the 2006 quarter. Oil production for the fourth quarter of 2007 increased 16% to 616,000 barrels, or 6,696 barrels per day, compared to 529,000 barrels, or 5,750 barrels per day, in the 2006 quarter. The increase in gas production was attributable primarily to recent drilling activity in North and South Louisiana. For the fourth quarter of 2007, average realized gas prices increased 9% to $7.06 per Mcf from $6.49 per Mcf in the same quarter of 2006, while oil prices increased 56% to $89.55 per barrel from $57.41 per barrel in the 2006 period. Average realized prices for 2007 and 2006 exclude the effects of any gains or losses realized on commodity hedging transactions since those derivatives were not designated as cash flow hedges and have been reported in the Company’s statements of operations as gain/loss on derivatives under applicable accounting standards.
The following information was filed by Clayton Williams Energy Inc De (CWEI) on Friday, March 14, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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