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Helix Energy Solutions' CEO Discusses Q2 2012 Results - Earnings Call Transcript

On the slide 6 and 7, Quarter two’s reported EPS is $0.42, which is inclusive of absorbing $15 million of impairment charges or $0.09 after tax associated with the decision to cold stack our oldest pipe lay vessel, the Intrepid. The Intrepid was due to for its regulatory dry dock in April and based on the lack of contract visibility in the amount of expenditures that we projected would be required by the regulatory dry dock, we determined that it was better economic decision to cold stuck the vessel. The Intrepid has not really contributed anything to the bottom line for us lately. Canyon, our robotics business unit, as well as our subsea construction continue to put up good numbers in the second quarter. The Express, our other real pipe lay vessel made a nice contribution to our results in Q2 from a Subsea construction project offshore Israel.

Our oil and gas production in the second quarter totaled 1.7 million barrels of oil equivalent, down from 2 million barrels of oil equivalent in Q1. Quarter two’s production declined was impacted by a prolonged shutdown of our South Marsh Island 130 deal for repairs as well as natural declines.

We continue to benefit from our oil production being sold at Louisiana light sweet prices, which is at a significant premium to the West Texas intermediate prices, realizing $107 plus a barrel net of our oil hedge contracts. In addition, natural gas liquid production along with our natural gas hedge contracts allowed us to realize $5.76 for our natural gas production in Q1. Additionally, we are very pleased to report last week that success from drilling the Danny II well. Johnny will speak to that later. Tony?

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