Production Enhancement - csinvestingcsinvesting.org/wp-content/uploads/2014/11/Carbo... · 2019. 10. 18. · Bakken - Liberty Resources Williams County Source: Bakken/Three Forks

Production Enhancement

....provides industry leading technology for:

Barclays CEO Energy-Power ConferenceSeptember 2-4, 2014 Investor Presentation

“One of the biggest economic opportunities in the oil and gas industry is to increase the recovery factor. In the shale reservoirs we are leaving over 90% of the oil in the ground.”

Fracturing Technology Evolution

Shale Reservoirs – Need For Improved % Recovery

Current Shale

RecoveryFactor

< 5%-8%

“Millidarcies”1 md

Conventional Sands Tight Sands Shale

“Microdarcies”.001 md

“Nanodarcies”.000001 md

Tighter rock needs fracs with more Contact Area and Conductivity

Conductivity• Convergent Flow from Transverse Fracs

creates enormous flow velocity near wellbore, and choke points

• Overcome convergent flow issues with high conductivity tail-in proppant

• Overcome the reduced flowrates caused by multi-phase flow in these liquid rich reservoirs, with higher conductivity fracs

• The proppant needs to be strong enough to withstand the increasing closure stress and cyclic loading

Contact Area• To be economical, low perm reservoirs

require large contact areas to drain

• Create multiple transverse fracs, in a horizontal well, & place large volumes of proppant

• Create complex fractures by using techniques such as slickwater, more stages, & more perf density to enable more frac initiation points

• Complex network fracture creation is dependent on formation factors, including brittleness

To Increase Recovery In Shales…..We Need

Dependent upon the reservoir, the industry has attempted several methods to create more Contact Area

– Transverse fracs in horizontal wells

– Longer laterals

– # Stages, spacing, perf density

– Zipper fracs

– Frac Fluids - crosslinked, linear, slickwater, hybrids

– Smaller mesh proppant for transport

– Microseismic to measure

Progress has been made, however….

– Most wells are still under stimulated

– Recovery % is still too low

Contact Area – Techniques To Create More

6

Contact Area – Creating Complex Network Fracs?

“One Size Does Not Fit All”

The Brittleness of the shale reservoirs greatly influences whether a complex network frac is being created, or a more planer-type frac. Ex. Barnett Eagle Ford

In softer rocks (lower Young’s Modulus), more proppant embedment takes place. Therefore they need higher concentrations of proppant to achieve necessary Conductivity

SPE 115769, 136183

Eagle

Ford

Barnett

Barnett

vs

Eagle Ford

Conductivity - Connecting The Reservoir & Wellbore

Vertical Well Frac

2 x 200 ft perfs provides 400’ linear feet of intersection with frac

The frac height growth of a vertical frac and a transverse frac are assumed to be the same

The difference is the much smaller area that hydrocarbons have to enter the transverse frac’s wellbore

Horizontal Well Transverse Frac

The 6” casing provides 1.6 linear feet of intersection with frac

Hydrocarbons must travel 250 times faster due to converging flow. Pressure losses are proportional to velocity-squared

2502 = > 62,500 times greater pressure loss

Always need more Conductivity near wellbore in transverse fracs

Hydrocarbons enter 6” casing. Very large pressure drop & high velocities

200 ft height

200 ft perfs200 ft perfs

SPE 146376

685

4310

225

1410

0

1000

2000

3000

4000

5000

6000

7000

Eff

ecti

ve

Co

nd

ucti

vit

y (

md

-ft)

Dry Gas

Flow

Multiphase

Flow

White Sand

Low Density Ceramic

Conductivity – Multi-phase Flow Restricts Production

• Modest liquids addition of 2 bbl/day, reduces effective conductivity 60 to 70%

• Overcome with higher Conductivity proppant

Test Conditions: • 6,000 psi, 250°F, zero gel damage, 2 lb/ft2

• Flow: 500 mcfd, 2 blpd, 1000 psi bhfp• 20 ft pay, YM=5e6 psi

liquid

gas

Add 2 bpd Liquid

SPE 106301

x

y

Conductivity - Effects of Pressure on Sand

Northern White Sand 20/40Conditions:

• 9,000 psi, 250 F

• Flowing 2% KCL for 30 days

• Cross sections of Proppant pack shown

• At 9,000 psi, the Sand experienced severe crushing and the conductivity was only 215 md-ft

Sand Crushes into fine particles• Loss of frac width• Particles plug flow channels• Leads to loss of Conductivity

Conductivity = only 215 md-ft

Conductivity - Sand Crushes at High Pressure

Widthfrac Widthfrac

White Sand @6,000 psi stress White Sand @10,000 psi stress

….most wells are conductivity limited with Sand

Form

atio

n

Form

atio

n

Sand crushes and limits oil & gas flow.

Reduces EUR

0

1,000

2,000

3,000

4,000

5,000

6,000

6,000 8,000 10,000

CARBOLITE 20/40

CARBOLITE 30/50

CARBOLITE 40/70

White Sand 20/40

White Sand 30/50

White Sand 40/70

100 Mesh Sand

Conductivity – Proppant Comparisons

Closure Stress (psi)

Co

nd

uct

ivit

y (

md

-ft)

Reference conductivity - does not include effects of non-darcy flow, multi-phase flow, gel damage, etc.

Smaller mesh size proppant, has lower Conductivity

Animation depicts flow through a 16/20 Low Density Ceramic proppant pack, @2 lb/ft2 and 4000 psi

ISO Test Conditions: Velocity at 2 ml/min

Well Conditions: 100 bopd, or 120 MSCFD at 1500 psi BHFP

Darcy Dominated

P/L = v / k P/L = v / k + v2

Inertia Dominated

Conductivity – Flow Through The Proppant Pack

Forcheimer’s equation

Conductivity – Proppant Options To Increase % Recovery

Ceramic will have the highest Conductivity and EUR

Sand will have lower Conductivity and EUR

Sometimes 100 mesh Sand is used as a lead-in proppant in slickwater, with expectations it will propagate the fracture network further from the wellbore, given its transport capabilities. The downside is the very low conductivity of 100 mesh.

Often, a combination of all three will be incorporated. Lead with 100 mesh Sand, followed by Sand, and tail-in with Ceramic for strength and higher conductivity. Optimize the percentages to fit the reservoir characteristics.

AFE ( $ )

Shorter Term Perspective Longer Term Perspective

EUR ( BOE )

“What is the right balance between initial Investment and maximizing Recovery %?”

Shorter Term Perspective

Fracs Are Not Optimized

Longer Term Perspective

Reasons to Optimize Fracs

“Over 150 SPE papers have been written documenting the benefits of increased conductivity on well Production and EUR. Generally, the payout on the additional Proppant investment is less than 2 - 6 months, and increases Production and EUR in a range of 20% to 100%.”

Case Histories

118,992

309,781

65,064

217,824

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

0 6 12 18 24 30 36

Cu

mu

lati

ve O

il P

rod

uct

ion

(b

bls

)

Months

CARBO (7 Wells)

White Sand (12 Wells)

CARBOECONOPROP (7 wells)

White Sand (12 wells)

Bakken - Statoil Mountrail County

Note: Oil Production Only

Production Gains

Net $ Gain@ $75 Oil

6 Months 54,000 bbls $4,050,000

36 Months 92,000 bbls $6,900,000

Ceramic wells out produce offset Sand wells by 42%

SPE Paper 134595 & 146376 – Brigham Exp/Statoil

Conductivity investment payback < 4 mo

Bakken - Liberty Resources Williams County

Source: Bakken/Three Forks American Business Conference

180 Day Cum Oil

81,000 73,000 56,500

• Liberty Resources has lead the way in increasing Contact Area and Conductivity

• Higher well production results compared to offset wells, has verified the technical success of their completions

“In liquid-rich or unconventional oil reservoirs, operators have typically sacrificed some contact area to maximize fracture conductivity. They have done this by lowering fluid volumes, pumping gelled fluids, and altering completion practices.

“We came to the Bakken intent on maximizing both Contact Area and Conductivity. Our goal for a Bakken well is to expose five million square feet of reservoir contact area per well. So far the results have been very encouraging.”

Liberty Resources – Leader in Contact Area & Conductivity

Typical Bakken Well

10,000’ lateral, 35 stages, slickwater

Contact Area: 5,000,000 ft2 reservoir

Conductivity: Ceramic proppant

Source: OGFJ

Period of Time Initial Wells Tested Sand Tested More Stages Today’s Design

Stages 20 20 30 30

Proppant Type Ceramic Sand Sand Ceramic

Well Cost $5.5M $5.0M $5.4M $6.7M

Model EUR 409 MBO 359 MBO 469 MBO 605 MBO

Pay Out 14.8 mo 15.5 mo 12.6 mo 12.5 mo

Well Count 5 63 42 5

34

27

32

52

$0

$2

$4

$6

$8

$10

$12

$14

$16

0

10

20

30

40

50

60

70

Conductivity Low Cost Contact Area Contact &Conductivity

NP

V (

$M

)

6 M

o C

um

Oil

(bb

l)

Tho

usands

6 Mo Cum Oil

NPV ($M)

Bakken Operator – Optimizing Completion Design

6 Month Production Gain

~ 20,000 bbl oil per

well

Net $ Gain @ $75 oil

$1,500,000

Payout on Conductivity

~ 5 Months

60%

* Public production data

Offset Wells:

• One well with 30% white sand lead and 70% Ceramic tail-in

• One well with 80% white sand lead and 20% RCS tail-in

• 6,000 foot laterals. Completion parameters consistent.

Eagle Ford – Field Trial on Offset Wells, Karnes County

0

85,278

101,982

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

$2.40

0

20,000

40,000

60,000

80,000

100,000

120,000

0 2 4 6 8 10 12

Incr

emen

tal V

alu

e (M

illio

n D

olla

rs)

Pro

du

ctio

n (

BO

E)

Time (months)

Karnes Trial

White Sand/RCS

White Sand/ECONOPROP

Incremental Value

1st Year BOE Production Gain

16,704

Net $ Gain @ $92 Oil & $3.25 NG

$1,400,000

Conductivity Investment

<$600,000>

1st Year Net Value Gain

$800,000


7 Months7

20%

12,41413,260

23,400

0

5,000

10,000

15,000

20,000

25,000

Conductivity Design (Ceramic) Increased Contact Design (Sand) Increased Contact & Conductivity(Ceramic)

30

Day

Oil

(bb

l)

30 Day Cum Oil

Eagle Ford Operator – Optimizing Completion Design

Period of Time 2013 Incr Length, Stages, Sand Incr Length, Stages, CeramicAvg # Stages 19 25 29

Proppant Type Ceramic Sand Ceramic

30 Day Oil 12,414 13,260 23,400Well Count 13 3 2


Eagle Ford - Operator Design Comparison

0

20,000

40,000

60,000

80,000C

om

pa

ny A

Co

mpa

ny B

Com

pa

ny C

Com

pa

ny D

Com

pa

ny X

Com

pa

ny E

Co

mpa

ny F

Com

pa

ny G

Oil

Re

co

ve

ry

Six Months Oil – 5th Highest

0

40,000

80,000

120,000

160,000

Co

mpa

ny X

Co

mpa

ny B

Co

mpa

ny C

Co

mpa

ny D

Co

mpa

ny G

Co

mpa

ny A

Co

mpa

ny E

Co

mpa

ny F

Oil

Recovery

Two Year Oil - HighestChart Name 6 Mo - # Wells 2 Yrs - # Wells

Company A 11 0

Company B 2 2

Company C 35 5

Company D 18 10

Company X 14 4

Company E 2 0

Company F 10 0

Company G 34 3


McMullen County

Production Drivers:

• Initiated a study of the impact of using primarily small mesh sand, may have on a well’s long term production

Preliminary observations:

• Early production governed by Contact Area

• Longer term production governed by Conductivity

• The early production ( 2mo, 6mo, 12 month) using large volumes of small mesh sand, can fall behind the later production ( 1 to 2 years) of wells using larger mesh or higher conductivity proppant

• The “rocks matter”. High GOR wells have been shown to produce high early production no matter what proppant is used; however, the later production will likely be governed by conductivity.

• Opportunity to protect and improve long term production, with a tail-in of high conductivity ceramic proppant

Small Mesh Proppant Study


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

0 1 2 3 4 5 6 7 8

Cu

mu

lati

ve G

as (

MC

F)

Months

CARBOECONOPROP

White Sand (Normalized)

2.4 x increase in sand/ft lateral yields 32% less Production

Gas Production Only

Production Gains

Net $ Gain@ $3/MCF

8 months 0.51 BCF $1,530,000

Ceramic well out produces offset Sand well by 32%

Approx. Lateral Length (ft)

Proppant (Mlb)

Frac StagesNo.

Cumulative GasNormalized on 6,800 Lateral

CARBOECONOPROP 6,800 5.5 27 2.12 BCF

White Sand 9,000 17.0 38 1.61 BCF

NorthEast – Field Trial on Offset Wells, Belmont County

Permian Basin - Bone Spring Operators, Lea County

49,181

24,540

31,257

0

10,000

20,000

30,000

40,000

50,000

60,000

0 1 2 3 4 5 6 7

Cu

mu

lati

ve O

il (b

bls

)

Time (months)

CARBOLITE & CARBOECONOPROP (3 wells)

RCS (4 wells)

Sand (19 wells)

CARBOLITE (1 well < 6 mo)

Note: Oil Production Only - 6 mo

Ceramic Production Gains

Net $ Gain@ $80 Oil

Ceramic vs Sand

17,924 bbls $1,434,000

Ceramic vs RCS

24,641 bbls $1,971,000

Ceramic wells out produce offset Sand wells by 57%

603,445

2,528,761

470,694

2,018,835

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

0 10 20 30 40 50

Cu

mu

lati

ve P

rod

uct

ion

(M

MC

F),

pe

r w

ell

avg.

Months After Initial Production

Haynesville – High Stress Reservoirs Need Ceramic

SPE Paper 160206

3

---- CARBOHYDROPROP 40% Tail-in (20 wells)

---- Resin Coated Sand 40% Tail-in (33 wells)



0.51 BCF per well

Net $ Gain @ $4.00 NG

$2,750,000


< 3 Months

25%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

0 5 10 15 20 25 30

Cum

ulat

ive

Prod

ucti

on (M

CFE)

Time (Months)

Well Groups - Cumulative MCFE

Avg. Ceramic

Avg. Offset

~ 2.6 Million lbs proppant in each well4,100 to 4,600 ft laterals in Wheeler, CountyDirect Offset Wells

Granite Wash – Ceramics Out-Produce Resin-Coated Sand

---- CARBOHYDROPROP (3 wells)

---- Resin Coated Sand (3 wells)


0.36 BCF per well

Net $ Gain @ $4.00 NG

$1,800,000

Payout on $390,000 Conductivity investment

5 Months

19%

• Frac Conductivity & Durability

• Production Assurance

• Fracture Evaluation

• Flow Enhancement

•Well Site Supervision

• Frac Diagnostics & Optimization

• Field Development Optimization

• Reservoir & Formation Analysis

• Frac Design

• Economic Optimization

• Reservoir Performance

• Post Job Analysis

….a leading production enhancement company

• KRYPTOSPHERE creates a paradigm shift in improved proppant performance

• ICDS – Infused Chemicals Delivery System creates a step change in the performance of production chemicals. We improve well performance with ‘Proppant Delivered’ treatments, which have a controlled release. In addition, we are putting Fracture Evaluation technology into proppant.

Technology to Increase the Recovery Factor

Proppant Delivered Technology Platforms

Proppant Delivered

Production Assurance

Proppant Delivered

Flow Enhancement

Proppant Delivered

FractureEvaluation

“More Space to Flow”

Higher

EUR

Production

R.O.I.

Ceramics

CA

RB

OH

SP

CA

RB

OP

RO

P

CA

RB

OLI

TE

CA

RB

OEC

ON

OP

RO

P

CA

RB

OH

YD

RO

PR

OP

KR

YP

TOSP

HER

E

Resin Coated Products CARBOBOND

ICDS

32

Production Assurance - SCALEGUARD

• Most effective scale inhibitor product in the industry

• Increases Production and EUR, and lowers L.O.E. costs for E&P Operators‐ Provides production protection for months/years

‐ Reduces costly work-overs & pump repairs

• Chemically infused porous proppant with controlled release of scale inhibitor

• 12 wells completed recently in Rockies & N. Texas. Effective scale control, with controlled release as designed.

• Expanding into other basins now

– Bakken, Permian and Marcellus

Flow Enhancement - CARBORPM

• Increases Production and EUR by improving the permeability to hydrocarbons in the propped fracture

• Minimize capillary pressures in propped fracture with neutral wettability

• Increase effective fracture conductivity

– Improve fracture clean-up

– Reduce multiphase flow effects

• Recent activity in Permian basin for several operators has shown favorable results

34

Fracture Evaluation - CARBONRT

• Identifying proppant placement, helps identify production improvement

• Non-radioactive tagged proppant

– Environmentally friendly, manufactured into proppant grains

– Direct measurement of proppant placement

• In vertical wells, measurement of fracture height allows estimate of fracture geometry

• In horizontal wells, helps determine stage spacing and coverage

• Integrate with other measurements

– Surface &downhole microseismic

– Fiber optic temperature & acoustics

• Sold globally

SPE 168603, Shell Pinedale

Hierarchy of Proppant Conductivity

Highest ConductivityHighest Production, EUR, ROI

Ceramic - Engineered product

Ultra-high strengthMono-size and spherical

High strengthUniform size and shapeThermal resistant

Medium strengthIrregular size and shape

Low strengthIrregular size and shape

Sand - Naturally occurring product

Conductivity = Permeability of the frac x width of the frac = Kfrac x Wfrac

Ultra-conductive Ceramic

Tier 1 – High conductivity

Ceramic

Tier 2 – Medium conductivityResin-coated Sand

Tier 3 – Low conductivitySand

Chart prepared by and property of CARBO

KRYPTOSPHERE HD

KRYPTOSPHERE is a paradigm shift in improved Conductivity

Competitors Bauxite • KRYPTOSPHERE HD is the strongest, highest conductivity Proppant commercially available today for the industry’s deepest, highest stress wells

• Tested successfully @30,000 psi (industry API RP19C crush test)

• KRYPTOSPHERE HD has 4 times the conductivity of competitors Bauxite Proppant @20,000 psi

• Superior Shape, Surface, Microstructure, and Durability

0

1

2

3

4

KRYPTOSPHEREHD25

CompetitorsBauxite

AP

I/IS

O M

eas

ure

d C

on

du

ctiv

ity

@ 2

0,0

00

psi

4 times the conductivityafter cyclic loading

Lbs (Millions)

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

CRR Manufacturing Capacity (Year End)

CRR Ceramic Sales Volume

Millen Line 2 est completion near end of H1-2015Environmental permits obtained for all 4 Millen lines

Ceramic Proppant Sales vs Capacity

New Technology Products Growth (Estimated)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Base ProppantBusiness

New TechnologyProducts

Percentage of Total

Technology Products Growth

New Production Enhancement products being commercialized

Expected to provide growth with higher margins than base proppant products

New Technology products do not include any sand-based products.

Includes KRYPTOSPHERE, Production Assurance, Flow Enhancement, Fracture Evaluation, Other Coated products, HYDROPROP.

“Proppant is one of the biggest factors in determining Production and EUR in fracture stimulated wells. It is important that E&P Operators know what Proppant is being used in their wells. Make sure you are getting the Conductivity and Quality you are paying for.”

Proppant Conductivity and Quality in the industry

The Stakeholders - E&P Operators, Service Companies, Royalty Owners, State Agencies…..

• ………are becoming more aware of the losses to well Production and EUR that can occur when using low quality,low conductivity Chinese ceramic proppants, or other low quality proppants, and the subsequent loss of revenue

• ………are becoming more aware of the need to test Proppant and know what they are paying for. CARBO is committed to quality and testing – everyday.

Industry Awareness of Low Quality Chinese Ceramics

Proppant Quality Matters in Well Production

As an E&P Operator investing $4M – $12M on a well, how much Production & EUR are you sacrificing by using low quality Chinese ceramic proppant?

Chinese 20/40 IDC # 1C

Production & EUR Loss due to Poor Quality:

• Irregular Size &Shape reducingflowrates

• Rough Surfacereducing flowrates

• High Internal Porosityleads to LowStrength & Crushingas Closure StressIncreases

• All lead to ReducedFrac Conductivity



Field Samples #1, #2, #3 taken in North Dakota from 3 Chinese Suppliers

Bottom Row Represents Whole Pellet Cross Sections

CARBO vs Low Quality Chinese Ceramic


CARBOLITE20/40



Bottom Row Represents Whole Pellet Cross Sections

Comparison of three field samples from North Dakota from low quality, low Conductivity Chinese ceramic proppant suppliers, compared to CARBOLITE :

Field Samples #1, #2, #3 taken in North Dakota from 3 Chinese Suppliers

43

0

2

4

6

8

10

12

ECONOPROPAverage

Chinese IDCAverage

+20%

Bakken Operator Field Trial CARBO vs Chinese

0

50

100

150

200

250

300

ECONOPROPAverage

Chinese IDCAverage

+120,000 bbl Oil

30 Day Cum Oil *EUR

*Operator projected EUR from early time data

6 wells with CARBOECONOPROP lowdensity ceramic

4 wells with Chinese intermediate density ceramic (IDC)

Frac Design (per well)

~ 24 stages

~ 3 million lbs

Finance

Q3-14 Operations Update• KRYPTOSPHERE – Patent allowed on our innovative, high conductivity proppant

• KRYPTOSPHERE HD

‐ Targeting 12 to 16 GOM Lower Tertiary wells in 2015. Strong likelihood that KRYPTOSPHERE HD will be used by a client in a deep well application during Q4-14.

• SCALEGUARD‐ Commercialization is underway, expect incremental margins over base ceramic

proppant. Large opportunity in liquids-rich, multi-phase flow wells.

• Bakken Operations

‐ A number of multi-well pads in the Bakken are scheduled for quarter-end, the potential exists that one or more could slip into Q4-14. Experiencing some completion delays due to rain.

• We are confident we can replace the volumes associated with the recent (1) client loss, with other client(s)

• Q3-14 ceramic proppant volumes may be similar to Q2-14 results

CARBO Financials

* Cash from operations is equal to net income plus depreciation and amortization and non-cash stock compensation

231

284300

388

342

473

626646 667

691

0

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

3,000

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

05 06 07 08 09 10 11 12 13 TTM

Revenue $M

NAM Total Rigcount

56

70 71

8780

110

171

156

138

147

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

05 06 07 08 09 10 11 12 13 TTM

Cash From Operations $M

4552 50

6053

79

130

106

8592

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

05 06 07 08 09 10 11 12 13 TTM

Net Income $M

CARBO Financials

1.882.14

2.02

2.462.27

3.40

5.62

4.59

3.67

4.00

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

05 06 07 08 09 10 11 12 13TTM

Earnings Per Share

231

284300

388

342

473

626646

667691

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

05 06 07 08 09 10 11 12 13 TTM

Revenue $M

Cash Flow Per Share = Cash from operations (= net income plus depreciation and amortization and non-cash stock based compensation)/diluted shares

2.33

2.882.91

3.573.47

4.80

7.43

6.80

6.02

6.42

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

05 06 07 08 09 10 11 12 13 TTM

Cash Flow Per Share

Dividends Increased - 14 Years$ Per Share

$0.20$0.23 $0.24 $0.25

$0.29

$0.36

$0.44

$0.52

$0.62

$0.70

$0.76

$0.88

$1.02

$1.14

$1.26

12

14

16

18

20

22

24

26

28

30

32

34

36

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14e

Dividend Amount Paid Per Share Per Year

Shares Outstanding

Shares - Millions

Cash Flow from Operations Reconciliation

$ in 000s

Results from Continuing Operations

2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM

Net Income 45,463$ 52,245$ 49,641$ 60,405$ 52,810$ 78,716$ 130,136$ 105,933$ 84,886$ 92,446$

Plus: depreciation and amortization 10,935 15,630 19,895 24,638 24,905 27,728 36,015 44,893 47,472 47,784

Plus: non-cash stock compensation - 2,311 1,709 2,052 2,571 3,812 4,719 5,335 5,837 7,102

Cash Flow from Continuing Operations 56,398$ 70,186$ 71,245$ 87,095$ 80,286$ 110,256$ 170,870$ 156,161$ 138,195$ 147,332$

Weighted Average Shares Oustanding 24,177 24,400 24,451 24,418 23,112 22,977 23,012 22,969 22,957 22,945

Cash Flow Per Share 2.33$ 2.88$ 2.91$ 3.57$ 3.47$ 4.80$ 7.43$ 6.80$ 6.02$ 6.42$

For The Years Ended Dec 31

Cash from operations is equal to net income plus depreciation and amortization and non-cash stock compensation

Production Enhancement - csinvestingcsinvesting.org/wp-content/uploads/2014/11/Carbo... · 2019. 10. 18. · Bakken - Liberty Resources Williams County Source: Bakken/Three Forks

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