Clayton Williams Energy, Inc. reported net income of $14 million, or $1.15 per diluted share, for the second quarter of 2010. The company reported a net loss of $38.6 million, or ($3.18) per diluted share, in the corresponding quarter of 2009.
Clayton Williams Energy, Inc. attributed the large improvement in earnings on a year over year basis to higher realized prices for oil and gas sales. The company reported that the average realized price for oil in the second quarter of 2010 was $74.27 per barrel, compared to only $56.55 per barrel in the second quarter of 2009.
Clayton Williams Energy, Inc. also received a higher price for the natural gas that the company sold. The company reported that the average realized price for natural gas in the second quarter of 2010 was $5.14 per thousand cubic feet, compared to only $3.84 per thousand cubic feet in the second quarter of 2009.
Clayton Williams Energy, Inc. also revised the company’s planned capital expenditures for 2010. The company now estimates that it will spend $315.4 million in 2010 for the exploration and development of oil and gas reserves on its properties, compared to the previous estimate of $281.9 million.
Clayton Williams Energy, Inc. said that most of the extra capital would be used to develop new acreage purchased in Texas that is prospective for the Wolfberry oil formation.
For more information on the company, go to www.claytonwilliams.com
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