UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Quarterly Report Pursuant to Section 13 or 15(d) |
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For the quarterly period ended June 30, 2002 |
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or |
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Transition Report Pursuant to Section 13 or 15(d) |
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For the transition period from to |
CLAYTON WILLIAMS ENERGY, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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75-2396863 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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6 Desta Drive, Suite 6500, Midland, Texas |
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79705-5510 |
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(Address of principal executive offices) |
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(Zip code) |
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Registrant’s Telephone Number, including area code: (915) 682-6324 |
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Not applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Number of shares of Common Stock outstanding as of August 9, 2002 9,253,941.
CLAYTON WILLIAMS ENERGY, INC.
TABLE OF CONTENTS
2
CLAYTON WILLIAMS ENERGY, INC.
(Dollars in thousands)
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June 30, |
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December
31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
8,934 |
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$ |
2,856 |
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Accounts receivable: |
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Oil and gas sales, net |
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8,996 |
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7,489 |
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Joint interest and other, net |
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2,222 |
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2,103 |
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Affiliates |
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264 |
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210 |
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Inventory |
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3,602 |
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2,663 |
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Deferred income taxes |
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412 |
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438 |
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Fair value of derivatives |
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— |
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4,426 |
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Prepaids and other |
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2,420 |
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1,035 |
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26,850 |
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21,220 |
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PROPERTY AND EQUIPMENT |
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Oil and gas properties, successful efforts method |
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577,923 |
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576,784 |
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Natural gas gathering and processing systems |
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14,915 |
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14,513 |
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Other |
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11,588 |
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11,370 |
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604,426 |
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602,667 |
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Less accumulated depreciation, depletion and amortization |
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(450,672 |
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(443,307 |
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Property and equipment, net |
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153,754 |
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159,360 |
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OTHER ASSETS |
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Deferred income taxes |
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5,058 |
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401 |
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Fair value of derivatives |
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— |
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505 |
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Investments and other |
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1,862 |
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1,793 |
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6,920 |
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2,699 |
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$ |
187,524 |
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$ |
183,279 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable: |
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Trade |
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$ |
13,681 |
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$ |
28,742 |
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Oil and gas sales |
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7,447 |
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7,890 |
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Affiliates |
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1,207 |
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374 |
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Fair value of derivatives |
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6,439 |
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659 |
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Accrued liabilities and other |
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861 |
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1,334 |
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29,635 |
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38,999 |
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LONG-TERM DEBT |
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84,000 |
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62,000 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, par value $.10 per share; authorized - 3,000,000 shares; issued and outstanding - none |
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— |
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— |
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Common stock, par value $.10 per share; authorized - 30,000,000 shares; issued - 9,245,741 shares in 2002 and 9,246,046 shares |
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925 |
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925 |
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Additional paid-in capital |
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72,500 |
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72,525 |
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Retained earnings |
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5,353 |
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7,019 |
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Accumulated other comprehensive income (loss) |
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(4,889 |
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1,811 |
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73,889 |
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82,280 |
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$ |
187,524 |
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$ |
183,279 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
CLAYTON WILLIAMS ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share)
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Three Months Ended
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Six Months Ended
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2002 |
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2001 |
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2002 |
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2001 |
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REVENUES |
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Oil and gas sales |
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$ |
18,797 |
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$ |
30,202 |
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$ |
37,415 |
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$ |
62,952 |
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Natural gas services |
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1,418 |
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2,678 |
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2,617 |
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5,529 |
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Total revenues |
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20,215 |
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32,880 |
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40,032 |
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68,481 |
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COSTS AND EXPENSES |
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Lease operations |
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4,850 |
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5,164 |
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10,020 |
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10,106 |
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Exploration: |
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