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Clayton Williams Energy Announces 2008 Financial Results and Reserves
MIDLAND, Texas--(BUSINESS WIRE)--March 10, 2009--Clayton Williams Energy, Inc. (NASDAQ: CWEI) reported net income for the fourth quarter of 2008 of $59.9 million, or $4.93 per share, as compared to net income of $8.5 million, or $.74 per share, for the fourth quarter of 2007. Cash flow from operations for the fourth quarter of 2008 was $158.9 million, as compared to $72.6 million during the same period in 2007.
For the year ended December 31, 2008, the Company reported net income of $140.5 million, or $11.67 per share, as compared to net income of $6 million, or $.52 per share, for the same period in 2007. Cash flow from operations for fiscal 2008 was $382 million, as compared to $234.9 million during fiscal 2007.
Gains on derivative contracts resulting from declines in oil and gas prices during the fourth quarter of 2008 had a significant impact on reported net income and cash flow from operations.
Oil and gas sales decreased 14% from $96.3 million for the fourth quarter of 2007 to $82.4 million for the same quarter in 2008 despite a 6% increase in oil and gas production on an equivalent Mcf basis. Oil production for the fourth quarter of 2008 increased 31% to 810,000 barrels, or 8,804 barrels per day, compared to 616,000 barrels, or 6,696 barrels per day, in the fourth quarter of 2007. Gas production for the fourth quarter 2008 decreased 9% to 4.9 Bcf, or 53,348 Mcf per day, from 5.4 Bcf, or 58,924 Mcf per day, in the 2007 quarter. The comparability of production between the two quarters was affected by the sale of certain South Louisiana properties during the second quarter of 2008 which produced a daily average of approximately 740 barrels of oil and 13,000 Mcf of gas during the fourth quarter of 2007.
The following information was filed by Clayton Williams Energy Inc De (CWEI) on Tuesday, March 10, 2009 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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