Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — Q1 2007 Earnings Presentation
22 slides from Helix Energy Solutions's earnings presentation, May 3, 2007
Slide 1: First Quarter 2007 Earnings Conference Call
First Quarter 2007 Earnings Conference Call May 3, 2007
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements, other than statements of historical fact, are statements that could be deemed "forward-looking statements
Slide 3: Presentation Outline
Presentation Outline H E L I X E N E R G Y S O L U T I O N S Summary of Results and Guidance Operational Highlights by Segment A. Contracting Services B. Oil & Gas Questions & Answers
Slide 4: Summary of Results
Summary of Results H E L I X E N E R G Y S O L U T I O N S First Quarter First Quarter Fourth Quarter 2007 2006 2006 Revenues $396.1 $291.6 $395.8 Gross Profit $135.6 $102.3 $151.0 Margins 34% 35% 38% Net Income $55.8 $55.4 $65.9 (2) Margins 14% 19% 17%(2) Diluted EPS $0.60 $0.67 $0.71 (2) EBITDAX(1
Slide 5: Revenue and Gross Profit by Segment
1Q 2006 1Q 2007 Contracting Services 212 265 Oil & Gas Production 80 131 Revenue and Gross Profit by Segment 1Q 2006 1Q 2007 Contracting Services 80 87 Oil & Gas Production 22 49 Contracting Services Oil & Gas 28% 33% 22% 36% 72% 67% 78% 64% Revenue Gross Profit
Slide 6: Net Debt to Book Capitalization
MARAD Other Long Term Debt Term B Facility ($ in millions) 3/31/07 12/31/06 12/31/05 Net Debt To Book Capitalization 40% 38% 43% Convertible Notes H E L I X E N E R G Y S O L U T I O N S Cal Dive Revolver
Slide 7: Key Guidance Variables - Q1 Performance (1)
Key Guidance Variables - Q1 Performance (1) Present Trend ($ in millions) A. Actual Q1 revenues are before intercompany elimination. See GAAP reconciliation on slide 20. B. See GAAP reconciliation on slides 21 and 22 .
Slide 8: Key Guidance Variables - Q1 Performance (2)
Key Guidance Variables - Q1 Performance (2) H E L I X E N E R G Y S O L U T I O N S Present Trend
Slide 9: Key Guidance Variables - Q1 Performance (3)
Key Guidance Variables - Q1 Performance (3) Present Trend (in millions, except percentages) H E L I X E N E R G Y S O L U T I O N S
Slide 10: Contracting Services - Division Reporting (1)
Contracting Services - Division Reporting (1) First Quarter First Quarter First Quarter Fourth Quarter Fourth Quarter Fourth Quarter Fourth Quarter Revenues (A) 2007 2006 2006 2006 Deepwater Construction $92.5 $61.2 $61.2 $98.0 Shelf Construction 149.2 119.8 119.8 137.0 Well Operations 35.4 30.2 30.
Slide 11: Contracting Services - Division Reporting (2)
First Quarter First Quarter Fourth Quarter Utilization 2007 2006 2006 Deepwater - Pipelay 93% 100% 95% - Robotics 70% 70% 67% Shelf Construction 70% 89% 78% Well Operations 65% 71% 85% Marco Polo Production Facility Throughput (MBOE) 2,978 1,273 3,653 Contracting Services - Division Reporting (2) H
Slide 12: Contracting Services commentary on profitability
Overall profitability was up by 16%, year over year, due to asset additions, and continually improving market conditions. The sequential decline in overall profitability was mostly due to seasonality, a planned drydocking for the Seawell and unplanned downtime for the Q4000, caused by a reoccurrence
Slide 13: Oil & Gas - Financial Highlights
Oil & Gas - Financial Highlights H E L I X E N E R G Y S O L U T I O N S First Quarter First Quarter Fourth Quarter 2007 2006 2006 Revenue (in millions) $131.0 $80.3 $123.2 Gross Profit (in millions) $48.6 $22.6 $53.7 Margin 37% 28% 44% Production (BCFe) Shelf 12.2 5.4 12.9 Deepwater 3.4 2.7 2.2 Ave
Slide 14: Oil & Gas - Statistics
Oil & Gas - Statistics (A) First Quarter First Quarter First Quarter First Quarter Fourth Quarter Fourth Quarter 2007 2007 2006 2006 2006 2006 Total Per Mcfe Total Per Mcfe Total Per Mcfe Operating Expenses $22.0 $1.41 $11.9 $1.43 $20.5 $1.38 Exploration Expense(B) 1.2 0.08 22.1 2.67 1.1 0.07 Repair
Slide 15: Exploration Report Card
NOONAN 100% W.I. Exploration Report Card (since 7/1/06) West Cameron 342 100 % W.I. Eugene Island 391 60%W.I. S. Marsh Island 80 2 wells, 60% W.I. South Timbalier 145 75% W.I. Main Pass 211 50% W.I. 14 /16 Exploratory Wells Drilled Were Discoveries (7/06-3/07) Est. Discovered Reserves: >115 Bcfe Pro
Slide 16: Production Update
Production Update Q1 Actual: 15.6 Bcfe Proved Base as of 12/31/06 Low Case New Discoveries Acquisition Wedge Q2 Estimate High Case: 17.3 Bcfe Low Case: 16.4 Bcfe Q3 Estimate High Case: 25.8 Bcfe Low Case: 18.0 Bcfe Q4 Estimate High Case: 31.3 Bcfe Low Case: 25.0 Bcfe High Case: 90 Bcfe Low Case: 75
Slide 17: Helix Hedges - As Of March 31, 2007
Helix Hedges - As Of March 31, 2007 H E L I X E N E R G Y S O L U T I O N S
Slide 18: Non-GAAP Measure Reconciliations
NON-GAAP MEASURE RECONCILIATIONS
Slide 19: Non-GAAP Measure Reconciliations
Non-GAAP Measure Reconciliations
Slide 20: Non-GAAP Measure Reconciliations cont.
Non-GAAP Measure Reconciliations cont. H E L I X E N E R G Y S O L U T I O N S
Slide 21: Non-GAAP Measure Reconciliations cont.
Non-GAAP Measure Reconciliations cont. H E L I X E N E R G Y S O L U T I O N S
Slide 22: Non-GAAP Measure Reconciliations cont.
Non-GAAP Measure Reconciliations cont. H E L I X E N E R G Y S O L U T I O N S
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