1994 third-quarter results for Morgan Hydrocarbons.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Nov. 3, 1994--Cash flow from operations for the nine months ended Sept. 30, 1994 was $33.3 million ($0.82 per share), an increase of 51 per cent from $22.1 million ($0.63 per share) for the first nine months of 1993. For the three months ended Sept. 30, 1994, cash flow was $11.3 million ($0.28 per share), an increase of 41 per cent from $8.0 million ($0.21 per share) reported for the third quarter of 1993. Cash flow for the first nine months of this year approached the cash flow for all of 1993. Natural gas revenue, after royalties, increased 68 per cent to $17.7 million in the nine months ended Sept. 30, 1994, while crude oil revenue increased 22 percent to $34.5 million. Total revenue for the first three quarters of 1994 was $55.2 million compared with $44.9 million for the comparable period last year. Under the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. full cost accounting guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , the company has reduced the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its oil and gas properties by $22.2 million, net of deferred income taxes, effective Sept. 30, 1994. As a result, Morgan reported The Morgan Report was an 1894 report concluding an official U.S. Congressional investigation into the events surrounding the Hawaiian Revolution of 1893, including the alleged role of U.S. a net loss of $20.1 million ($0.50 per share) for the nine months ended Sept. 30, 1994 compared with net income of $1.5 million ($0.04 per share) for the same period last year. On a going-forward basis, this adjustment to the carrying value of its assets will have a beneficial impact on future net income due to reduced depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able charges and will not affect future cash flow. The per-share numbers were based on weighted average shares outstanding of 40.6 million in 1994 compared with 35.3 million shares last year. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. had a weighted average of 45.2 million shares outstanding for the first nine months of 1994 compared with 39.5 million shares last year. Natural gas production for the first nine months of 1994 averaged 40.9 mmcf per day, an increase of 38 per cent over 29.6 mmcf per day produced during the comparable period of 1993. Morgan's natural gas production for the first three months ended September September: see month. 30, 1994 averaged 37.6 mmcf per day compared with 30.8 mmcf per day for the comparable three months of last year. Production volumes were restricted in the third quarter due to transportation curtailments and low spot gas prices. Morgan is currently producing approximately 50 mmcf per day of natural gas and is in a position, barring any future delays in pipeline transportation, to enter 1995 at 70 mmcf per day. Light oil and liquids production averaged 3,324 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. in the first nine months of 1994, an increase of 14 per cent over the 2,927 barrels per day produced in the comparable period of 1993. Heavy oil production increased 19 per cent from 4,268 barrels per day in 1993 to 5,089 barrels per day in 1994. As a result, total crude oil and liquids production averaged 8,413 barrels per day in the first nine months of 1994, an increase of 17 per cent over the 7,195 barrels per day for the comparable period of 1993. Production for the three months ended Sept. 30, 1994 was 8,092 barrels per day, an increase of five per cent from 7,696 barrels per day for the comparable period last year. Morgan sold its remaining working interest, effective Aug. 1, 1994 in the Nipisi oil field for proceeds of $11.25 million. Also, effective July July: see month. 1, 1994, Morgan acquired the Saskatchewan Saskatchewan, province, Canada Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. interests of a joint venture partner by issuing 1.55 million Common Shares. After giving effect to these transactions, Morgan expects to average approximately 8,400 barrels of oil per day for the fourth quarter of 1994. The average wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. price which Morgan received for natural gas for the nine months ended Sept. 30, 1994 was $1.95 per mcf compared with $1.52 per mcf for the comparable period last year. The average price for the three months ended Sept. 30, 1994 was $1.69 per mcf compared to $1.47 per mcf. Morgan's crude oil and liquids price averaged $16.54 per barrel during the first nine months of 1994 compared to $16.06 per barrel last year. The price received during the three months ended Sept. 30, 1994 was $18.98 per barrel compared to $16.02 per barrel for the comparable period last year. Narrowing differentials between light and heavy oil and a weak Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents were the primary factors which resulted in Morgan receiving an average of $16.75 per barrel for heavy oil during the third quarter of 1994 compared with $12.47 in the third quarter of last year. -0-
MORGAN HYDROCARBONS
FINANCIAL HIGHLIGHTS
Three months ended
Sept. 30
%
($000s except per 1994 1993 Change
share data)
Financial
Revenue $17,976 $15,752 14
Net income (loss) $(21,379) $ 437 -
Per common share
- basic $ (0.53) $ 0.01 -
- fully diluted (0.53) 0.01 -
Cash flow from $11,265 $ 8,005 41
operations
Per common share
- basic $ 0.28 $ 0.21 33
- fully diluted 0.26 0.20 30
Capital expenditures $25,690 $23,098 11
Operations
Average daily production
- natural gas (mmcf) 37.6 30.8 22
- crude oil/liquids 8,092 7,696 5
(bbl)
Average sales price
- natural gas (mcf) $1.69 $1.47 15
- crude oil/liquids 18.98 16.02 18
(bbl)
Wells drilled
Gross 36.0 63.0
Net 29.3 39.7
-0-
Nine months ended
Sept. 30
%
($000s except per 1994 1993 Change
share data)
Financial
Revenue $55,201 $44,879 23
Net income (loss) $(20,073) $ 1,463 -
Per common share
- basic $ (0.50) $ 0.04 -
- fully diluted (0.50) 0.04 -
Cash flow from $33,285 $22,054 51
operations
Per common share
- basic $ 0.82 $ 0.63 30
- fully diluted 0.77 0.59 31
Capital expenditures $71,701 $51,699 39
Total assets $227,496 $237,945 (4)
Weighted average number
of common shares
Basic 40,599 35,265 15
Fully diluted 45,154 39,463 14
Operations
Average daily production
- natural gas (mmcf) 40.9 29.6 38
- crude oil/liquids 8,413 7,195 17
(bbl)
Average sales price
- natural gas (mcf) $1.95 $1.52 28
- crude oil/liquids 16.54 16.06 3
(bbl)
Wells drilled
Gross 129.0 157.0
Net 89.5 96.9
CONTACT: Morgan Hydrocarbons hydrocarbons (hīˈ·drō·kärˑ·b  nz),n. Inc. W.A. Trickett/Allen F. Emes, 403/298-8300 INDUSTRY KEYWORD: ENERGY OIL/GAS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-330-5311 or 80 |
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