Helix Energy Solutions Group, Inc. · NYSE:HLX
Helix Energy Solutions — CAL Dive International — Q2 2004 Earnings Presentation
13 slides from Helix Energy Solutions's earnings presentation, Aug 5, 2004
Slide 1: Second Quarter 2004 Earnings Conference Call
Title Page Owen Kratz - Chief Executive Officer Martin Ferron - President Wade Pursell - Chief Financial Officer Second Quarter 2004 Earnings Conference Call August 5, 2004 EXHIBIT 99.2
Slide 2: Agenda
Agenda I. Summary of Results II. Operational Highlights by Segment Marine Contracting i. Shelf Contracting ii. Deepwater & Robotics iii. Well Operations B. Production Facilities C. Oil & Gas Production III. Strategic Overview and Outlook IV. Questions & Answers
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward- looking statements. All statements, other than statements of historica
Slide 4: Summary of Results
Summary of Results (all amounts in thousands, except per share amounts and percentages) Second Quarter Second Quarter First Quarter 2004 2003 2004 Revenues $127,701 $101,839 $120,714 Gross Profit 41,415 24,197 31,741 32% 24% 26% Net Income 18,208 8,912 13,645 14% 9% 11% Diluted Earnings per share 0.
Slide 5: Marine Contracting
Marine Contracting Second Quarter Second Quarter First Quarter 2004 2003 2004 Revenues $71,763 $76,077 $72,160 Gross Profit 7,834 9,756 4,062 11% 13% 6% 4 Q2: Overall, demand for Marine Contracting services was patchy at best in the Gulf of Mexico (GOM), with May hopefully marking the low point of t
Slide 6: Shelf Contracting
Shelf Contracting Second Quarter Second Quarter First Quarter 2004 2003 2004 48% 49% 32% Utilization Poor weather conditions in April caused a slow start to a quarter which otherwise met our expectations. Demand for vessel-based saturation and surface diving operations was good, but the general divi
Slide 7: Deepwater & Robotics
Deepwater & Robotics Second Quarter Second Quarter First Quarter 2004 2003 2004 Deepwater Contracting 57% 78% 71% Robotics 48% 57% 49% Utilization Demand was mixed in the GOM spot market, with May especially slow. Highlight projects: the Tomahawk/Raptor pipelay and tie-in job provided over 100 days
Slide 8: Deepwater & Robotics
Deepwater & Robotics The Eclipse underwent engine room repairs in April and resumed work for the rest of the quarter at good rates. The Northern Canyon / T750 pipeline burial spread performed 46 days of work in the North Sea after transiting from the GOM in April. Otherwise, the robotics group also
Slide 9: Well Operations
Well Operations Second Quarter Second Quarter First Quarter 2004 2003 2004 73% 90% 82% Utilization As in Q2 last year the Seawell enjoyed almost full utilization (96%) on well intervention and decommissioning work. Margins were better than last year due to flawless performance and a slight improveme
Slide 10: Production Facilities
Production Facilities Second Quarter Second Quarter First Quarter 2004 2003 2004 Equity in Earnings $1,310 $^ $^ Production throughput (MMcFe) ^ ^ ^ 9 Q2: The equity in earnings contribution came entirely from monthly demand fees which commenced following mechanical completion of the Marco Polo plat
Slide 11: Oil & Gas Production
Oil & Gas Production Second Quarter Second Quarter First Quarter 2004 2003 2004 Revenues $61,283 $32,857 $55,195 Gross Profit 33,619 14,760 27,769 55% 45% 50% Production (BCFe): Shelf 8.03 6.73 8.51 Gunnison 2.01 ^ 1.51 Average Commodity Prices (net of hedging impact): Oil/Bbl $32.97 $26.64 $30.66 G
Slide 12: Oil & Gas Production
Oil & Gas Production Shelf: Commodity prices continued to improve, with our net realized price per BCFe up 27% from the prior year and 9% better than last quarter. Shelf production improved 19% over year ago levels due primarily to successful results from last year's well exploitation program and ou
Slide 13: Hedging: As of June 30, 2004
Hedging: As of June 30, 2004 Production Period Instrument Type Average Monthly Volumes Weighted Average Price Crude Oil: July - December 2004 Swaps 77 MBbl $31.18 January - June 2005 Swaps 20 MBbl $35.80 Natural Gas: July - December 2004 Collars 600,000 MMBtu $5.33 - $7.43 January - June 2005 Collar
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