Production Enhancement - csinvestingcsinvesting.org/wp-content/uploads/2014/11/Carbo... · 2019....
Transcript of Production Enhancement - csinvestingcsinvesting.org/wp-content/uploads/2014/11/Carbo... · 2019....
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
Payout on Conductivity
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
* Public production data
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
* Public production data
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
* Public production data
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)
* Public production data
48 Month Production Gain
0.51 BCF per well
Net $ Gain @ $4.00 NG
$2,750,000
Payout on Conductivity
< 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)
28 Month Production Gain
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
Chinese 20/40 IDC # 2C
Chinese 20/40 IDC # 3C
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
Chinese 20/40 IDC # 1C
CARBOLITE20/40
Chinese 20/40 IDC # 2C
Chinese 20/40 IDC # 3C
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