Clayton Williams Energy Inc. provided an update on its ongoing developmental drilling programs in the Permian Basin and Austin Chalk, two of its core oil-producing areas. The company reported it has taken significant steps to create drilling efficiencies and control drilling and completion costs. The company has locked-in unit costs for approximately 90% of the estimated services to be provided by third party vendors for two years; Significantly improved drilling times by operating and managing its own drilling rigs; Purchased pipe for more than 120 wells at major discounts; and Hedged most of its existing 2010 oil production at an average price of $76.50 per barrel. The company plans to move one of the Andrews County rigs to Ward County to begin a multi-well Bone Springs drilling program and plans to add a third Desta drilling rig to the Austin Chalk area in early 2010.

Clayton Williams Energy Inc. reported unaudited consolidated earnings results for the third quarter and nine months September 30, 2009. For the quarter, the company has posted net loss attributable to company stockholders of $13.6 million, or $1.12 diluted per share, as compared to net income attributable to company stockholders of $94.6 million, or $7.79 diluted per share, for the third quarter of 2008. Cash flow from operations was $28.3 million as compared to $73.6 million during the same period in 2008. Total Revenue was $62.42 million compared to $146.98 million for the same period a year ago. Operating loss was $19.57 million compared to operating income of $18.12 million for the same period a year ago. LBIT was $21.45 million compared to EBIT of $147.46 million for the same period a year ago. Additions to property and equipment was $30.72 million compared to $112.81 million for the same period a year ago. For the nine months ended September 30, 2009, the company reported a net loss attributable to company stockholders of $74.5 million, or $6.14 diluted per share, as compared to $80.6 million, or $6.72 diluted per share, for the same period in 2008. Cash flow from operations for the nine-month period in 2009 was $68.2 million as compared to $223.1 million during the same period in 2008. Total Revenue was $180.7 million compared to $475.1 million for the same period a year ago. Operating loss was $84.6 million compared to operating income of $201.5 million for the same period a year ago. LBIT was $115.2 million compared to EBIT of $126.3 million for the same period a year ago. Additions to property and equipment was $99.8 million compared to $231.3 million for the same period a year ago.

Clayton Williams Energy Inc. expected to Report Fiscal Year 2009 Results on March 8, 2010. This event was calculated by Capital IQ (Created on November 4, 2009).