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Stone Energy's CEO Presents At Barclays Capital CEO Energy-Power Conference - Transcript

Stone Energy Corporation (SGY)

Barclays Capital CEO Energy-Power Conference

September 04, 2012, 14:25 p.m. ET


Dave Welch - Chairman, President and CEO


Jeffrey Robertson - Barclays Capital


Jeffrey Robertson - Barclays Capital

We'd like to start our next presentation, we would like to welcome to our conference Stone Energy, with us from the company today to do the presentation is Dave Welch, Stone's CEO and I will turn it over to Dave.

Dave Welch

Thank you, Jeff. It's pleasure to be here with you. And we have a new format that we are going to unveil this afternoon and Thank you for being here to listen to it. I'll just skip the disclosure but obviously everyone knows that there is some speculative information in our presentation.

To tell you little bit about our company, we are growing E&P Company, we are about $2 billion enterprise value, we have a 12 month trailing EBITDA of about $640 million and cash on the balance sheet a little over $200 million. We are about $875 million of long-term debt in addition we have a $400 million bank facility and revolving facility with zero drawn on that facility.

We are growing our reserve base and also diversifying that reserve base at the same time we have about 100 million barrels of oil equivalent as of the beginning of this year. You can see the breakdown in the pie chart on the upper left that shows that about 27 million of this barrels are currently producing an importantly 33 million barrels are behind pipe, meaning we just have to put those on production when the zone on the bottom of the well waters out are pressure depletes we just set a plug and move up hole that’s generally less than $5 a barrel to conduct those operations. Than we have about 40 million barrel equivalents of proved but undeveloped reserves most of those are in the Marcellus Shale and our liquids rich Marcellus area.

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