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AMOCO CORPORATION ANNOUNCES 1ST QUARTER EARNINGS

 CHICAGO, April 21 /PRNewswire/ -- Amoco Corporation (NYSE: AN) today reported estimated earnings from operations of $343 million, or $.69 per share, for the first quarter of 1993, excluding charges of $170 million associated with the writedown of Congo exploration and production operations to current recoverable value. Also excluded were tax benefits of $56 million associated with the disposition of certain operations. Including these items, earnings were $229 million, or $.46 per share.
 For the first quarter of 1992, earnings from operations were $257 million, or $.52 per share, before the cumulative prior-year charges of $924 million associated with accounting changes and net favorable tax benefits of $48 million. Including these items, a loss of $619 million, or $1.25 per share, was incurred for the first quarter of 1992.
 "Exclusive of the accounting changes and special items, the earnings improvement resulted in part from the success of Amoco's continuing cost reduction efforts in all segments of the business," said H. Laurance Fuller, Amoco chairman and chief executive officer.
 "U.S. exploration and production operations improved, reflecting higher natural gas and crude oil prices, and higher natural gas volumes."
 Fuller also noted the foreign exploration and production's earnings decrease primarily reflected a decline of $57 million in currency gains, and lower crude oil production. Partly offsetting were lower exploration expenses.
 Revenues for the first quarter of 1993 were $7 billion, compared with $6.4 billion for the like 1992 period.
 Worldwide capital and exploration expenditures amounted to $597 million in the current quarter, down from $634 million for the first quarter of 1992. Amoco previously announced a full-year capital and exploration expenditure budget of $3.2 billion for 1993.
 Domestic exploration and production earnings of $253 million in the first quarter of 1993 were 78 percent above the $142 million earned in the prior-year period. The increase mainly resulted from higher natural gas prices and volumes, higher crude oil prices, and lower exploration and other expenses. Partly offsetting was lower crude oil production.
 Foreign exploration and production earnings were $76 million in the first quarter of 1993, before the $170 million charge associated with the Congo operations. This compared with earnings of $114 million in the first quarter of 1992, before a $39 million charge related to Norwegian taxes. Exclusive of these items, the decrease in earnings reflected a decline of $57 million in currency gains, and lower crude oil production. Partly offsetting were lower exploration expenses.
 Refining, marketing, and transportation operations earned $80 million during the first quarter of 1993, compared with $59 million earned in the first quarter of 1992. The increase in earnings from a year ago primarily resulted from lower operating expenses.
 Chemical earnings of $54 million for the first quarter of 1993 compared with $30 million earned for the similar 1992 period. The improvement in 1993 first-quarter earnings resulted from cost reduction efforts and higher sales volumes.
 Other operations incurred a loss of $22 million in the first quarter of 1993 compared with a $20 million loss in the corresponding 1992 period.
 Corporate activities, including net interest and general corporate expenses, incurred net expenses of $42 million for 1993. Included in 1993 results were tax benefits of $56 million associated with the disposition of certain operations. Corporate activities reflected a $19 million gain for the first quarter of 1992. Included in 1992 results were benefits of $70 million related to revised estimates of tax obligations and early retirement of debt.
 Worldwide net natural gas production for the first quarter of 1993 was 4.3 billion cubic feet per day, 12 percent above the 1992 level of 3.8 billion cubic feet per day. U.S. natural gas production was 2.5 billion cubic feet per day, up 12 percent compared with the first quarter of 1992. Foreign production of 1.8 billion cubic feet per day also was 12 percent above last year's first quarter.
 First-quarter 1993 worldwide net crude oil and natural gas liquids (NGL) production averaged 685,000 barrels per day compared with 731,000 barrels per day for the corresponding 1992 period. U.S. liquids production averaged 311,000 barrels per day for the current quarter, down 5 percent from the same period in 1992, reflecting normal field declines. Foreign net liquids production averaged 374,000 barrels per day in the current quarter, 7 percent below the corresponding period in 1992, reflecting field declines and dispositions.
 Sales of refined products, including Canadian NGL sales, averaged 1,214,000 barrels per day in 1993, essentially level with the first quarter of 1992. U.S. sales volumes in the first three months of 1993 averaged 1,025,000 barrels per day, compared with 1,032,000 barrels per day for the first quarter of 1992.
 U.S. refinery runs averaged 868,000 barrels per day in the first quarter of 1993 compared with 874,000 barrels per day for the same period in 1992.
 Summary financial and operating data for the first quarter and comparisons with 1992 data are contained in the following tables.
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST QUARTER--1993
 1993
 Estimated 1992
 Segment Earnings ($MM)
 Exploration & Production
 United States $ 253 $ 142
 Foreign (94) 75
 Refining, Mktg., & Trans. 80 59
 Chemicals 54 30
 Other Operations (22) (20)
 Corporate (42) 19
 Income Before the
 Cumulative Effects of
 Accounting Changes 229 305
 Cumulative Effects of
 Accounting Changes:
 Accounting for Postretirement
 Benefits -- (856)
 Accounting for Income Taxes -- (68)
 Net Income (Loss) $ 229 $ (619)
 Earnings per Share Before the
 Cumulative Effects of
 Accounting Changes $ .46 $ .61
 Earnings (Loss) per Share $ .46 $(1.25)
 Revenues ($MM) $6,978 $6,389
 Capital & Exploration
 Expenditures ($MM) $ 597 $ 634
 Direct Taxes, Excluding
 Consumer Excise Taxes ($MM) $ 343 $ 322
 Earnings Before the Cumulative
 Effects of Accounting Changes
 as a Percent of Revenues 3.3Pct. 4.8Pct.
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST QUARTER--1993
 1993
 Estimated 1992
 Rate of Return (Before the
 Cumulative Effects of
 Accounting Changes, twelve
 months ended March 31)
 On Average
 Shareholders' Equity (A) 5.9Pct. 7.4Pct.
 On Average
 Capital Employed (A) 5.2Pct. 6.5Pct.
 Weighted Average Shares
 of Common Stock
 Outstanding (M) 496,546 496,255
 Shares of Common Stock
 Outstanding as of
 March 31 (M) 496,686 496,185
 (A) 1992 Rates of Return, including the cumulative effects
 of accounting changes, in relation to Average
 Shareholders' Equity and Average Capital Employed, were
 .5 percent and 1.7 percent, respectively.
 AMOCO CORPORATION
 FINANCIAL SUMMARY
 FIRST QUARTER--1993
 1993
 Estimated 1992
 Revenues ($MM)
 Refined Products $2,561 $2,442
 Crude Oil 1,774 1,439
 Natural Gas 747 575
 Chemical Products 848 906
 Other 313 290
 Total Sales & Other
 Operating Revenues 6,243 5,652
 Consumer Excise Taxes 646 661
 Other Income 89 76
 Total Revenues $6,978 $6,389
 Capital & Exploration
 Expenditures ($MM)
 Exploration & Production
 United States $ 113 $ 128
 Foreign 268 284
 Refining, Mktg., & Trans. 145 123
 Chemicals 55 76
 Corporate & Other 16 23
 Total $ 597 $ 634
 Petroleum Exploration Expenses
 Charged to Income (Included Above)
 United States--dry holes $ -- $ 38
 --other 9 20
 Foreign --dry holes 20 43
 --other 62 74
 Total $ 91 $ 175
 Income and Other Taxes ($MM)
 Income
 Federal $ (29) $ 69
 Foreign 144 93
 State & Local 7 13
 122 175
 Production & Severance 70 52
 Other Direct 151 95
 Total Direct Taxes 343 322
 Consumer Excise 646 661
 Total Taxes $ 989 $ 983
 AMOCO CORPORATION
 OPERATING SUMMARY
 FIRST QUARTER--1993
 1993
 Estimated 1992
 Net Production of
 Natural Gas (MMCF/Day)
 United States 2,495 2,221
 Canada 964 874
 Europe 346 236
 Other Foreign 476 490
 Total 4,281 3,821
 Net Production of Crude
 Oil and NGL (MBbls/Day)
 United States--crude oil 216 234
 --NGL 95 95
 Canada --crude oil 72 81
 --NGL 16 12
 Europe 49 58
 Other Foreign 237 251
 Total 685 731
 Refined Product Sales
 (MBbls/Day)
 United States
 Gasoline 554 558
 Distillates 316 333
 Other Products 155 141
 Subtotal 1,025 1,032
 Canada 179 184
 Overseas 10 7
 Total 1,214 1,223
 Input to U.S. Crude Units
 (MBbls/Day) 868 874
 Chemical Products Revenues ($MM)
 United States $ 602 $ 629
 Foreign 246 277
 Total $ 848 $ 906
 -0- 4/21/93
 /CONTACT: C. J. Fair, 312-856-5566, or G. L. Clock, 312-856-5481, both of Amoco Corporation, Chicago/
 (AN)


CO: Amoco Corporation ST: Illinois IN: OIL SU: ERN

BM -- CL018 -- 8710 04/21/93 12:02 EDT
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Date:Apr 21, 1993
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