On May 12, Clayton Williams Energy Inc. (NYSE: CWEI) detailed financial results for first-quarter 2014, as well as year-end 2014.

The company contrasted the actual expenditures from first-quarter 2014, which ended March 31, with the planned expenditures from year-end 2013, which was Dec. 31, 2013. For first-quarter 2014, there was $84,400 in the capex for exploration and production (E&P), the company said. The planned expenditure from year-end 2013 for E&P had been $418,700, the company added. Throughout fiscal year 2014, the company plans to spend about $418.7 million in E&P, Clayton Williams noted.

Regarding acquisitions and divestitures, on March 1 Clayton Williams sold interests in some properties scattered across Brazos, Frio, La Salle, Robertson and Wilson counties, Texas, for $61 million, the company said. These properties had produced about 385 barrels of oil equivalent throughout first-quarter 2014, the company said. Specifically, 367 bbl of oil, 44 thousand cubic feet (Mcf) of natural gas and 11 bbl of NGL were produced, Clayton Williams noted.

Production estimates were detailed. Throughout first-quarter 2014, 11,233 bbl/d of oil was produced, while 15,711 Mcf of natural gas and 1,622 bbl of NGL was produced in all operations, the company said. Compared with year-end 2013, the average daily amount of oil produced was lower, while the other two commodities' amounts were either lower, even with, or higher than the year-end, the company said.

Some of the commodity price differentials to Nymex in first-quarter 2014 were higher than they were at year-end 2013. Oil stood at 95%, natural gas stood at 105% and NGL stood at 40%, the company said. At year-end 2013, oil stood between 94% and 97%, while natural gas stood between 90% to 100% and NGL stood between 30% and 40%, Clayton Williams added.

Exploration costs for first-quarter 2014 were lower than they were at year-end 2013, as were general and administrative and all depreciation, depletion and amortization costs, the company noted.

Midland, Texas-based Clayton Williams Energy Inc. explores and produces domestic oil and natural gas.