Bellwether Exploration Company Reports 1999 First Quarter Results.HOUSTON--(BUSINESS WIRE)--May 11, 1999-- Bellwether Bellwether A leading indicator of trends. Notes: A bellwether stock is a stock that is used to gauge the performance of the market in general. General Motors was an example of a bellwether stock, hence the saying "What's good for GM is good for America. Exploration Company (Nasdaq:BELW) today announced the following financial and operating results for the first quarter of 1999: -- Revenues for the quarter were $13.2 million compared to revenues of $19.8 million for the first quarter of 1998 -- Earnings before interest, taxes and depreciation EBITD is an initialism or acronym for Earnings Before Interest, Taxes and Depreciation. See EBITDA. Some people find it useful to know this value for a business. ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ") for the first quarter of 1999 were $6.2 million or $0.45 per share. EBITDA for the same period in 1998 was $11.1 million or $0.77 per share -- Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the first quarter, before changes in operating assets Operating Assets Another term for working capital. and liabilities, was $3.6 million, or $0.26 per share, compared to $8.0 million, or $0.56 per share for the same period in 1998 -- The net loss for the quarter was $1.3 million, or $0.09 per share compared to a net loss of $392,000 or $0.03 per share for the same period last year Results for the quarter were adversely impacted by the lowest combined oil and gas prices experienced in more than a decade. The average realized oil price for the first quarter was $9.35 per barrel barrel: see English units of measurement. ("Bbl"), compared to $12.62 per Bbl for the same period last year. Natural gas prices averaged $1.65 per thousand cubic feet ("Mcf") for the first quarter compared to $2.04 per Mcf for the same period of 1998. The Company's production for the first quarter of 1999 averaged 5,778 barrels of oil per day ("Bopd") and 53.2 million cubic feet of gas per day ("MMcfgpd"), or 87.8 million cubic feet of gas equivalent per day ("MMcfe/d"). For the same period in 1998, the Company's production averaged 6,359 Bopd and 63.7 MMcfgpd, or 101.8 MMcfe/d. Capital expenditures for the first quarter were $7.8 million compared to $9.9 million for the same period last year. The Company plans to spend $27.5 MM for 1999 to participate in approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 150 wells with more than 400 Bcfe of unrisked reserve potential net to Bellwether. "Bellwether has survived the recent collapse in oil and gas prices with its capital capacity intact and a strong inventory of opportunities," said J. Darby Darby, borough (1990 pop. 11,140), Delaware co., SE Pa., a suburb adjacent to Philadelphia; settled by Quakers 1682, inc. 1853. Although residential, it has some manufactures. One of the oldest settlements in the state, it retains many colonial landmarks. Sere, its Chief Executive Officer. "With the worst potentially behind us, we expect strong increases in cash flows and earnings for the remainder of the year." The Company will hold a teleconference call Tuesday Tuesday: see week. , May 11, 1999 at 11:00 a.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Savings Time to review the 1999 first quarter results. If you would like to participate, please call 212/896-6121. To review Bellwether's financial statements and financial/operating statistics, please visit the Company's web site at http://www.bellwetherexp.com. Bellwether Exploration Company is an independent oil and gas exploration and production Company headquartered in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; . Bellwether employs a balanced program of strategic acquisitions and technology-driven exploration and exploitation Exploitation See also Opportunism. Barnum, P. T. (1810–1891) circus impressario famous for his saying, “Never give a sucker an even break.” [Am. Hist. to increase its reserves, cash flow and net asset value. The Company's principal area of activity is the Texas/Louisiana Gulf Coast, both onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore. This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurances that forecasted results will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are referenced in the Company's annual report and current reports and registration statements filed with the Securities and Exchange Commission. -0-
BELLWETHER EXPLORATION COMPANY
STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
---------------------------------
1999 1998
------------ ------------
REVENUES:
Oil revenues $ 4,863 $ 7,748
Gas revenues 7,864 11,676
Gas plant revenues, net 221 226
Interest and other income 283 187
------------ ------------
13,231 19,837
------------ ------------
COSTS AND EXPENSES:
Production expenses 5,612 6,133
Depreciation, depletion and
amortization 4,680 8,738
General and administrative
expenses 1,394 2,611
Interest expense 2,829 2,979
------------ ------------
14,515 20,461
------------ ------------
NET LOSS BEFORE TAXES (1,284) (624)
Income taxes
Current -- 331
Deferred -- (563)
------------ ------------
NET LOSS $ (1,284) $ (392)
============ ============
Loss Per Share ($0.09) ($0.03)
Loss Per Share - Diluted (a) ($0.09) ($0.03)
Cash Flow Per Share $0.26 $0.57
Cash Flow Per Share - Diluted $0.26 $0.56
EBITDA Per Share $0.45 $0.79
EBITDA Per Share - Diluted $0.45 $0.77
Common Shares Outstanding 13,854 14,049
Common Shares Outstanding -
Diluted 13,855 14,396
Cash Flow from Operations $3,602 $8,003
EBITDA $6,225 $11,100
(a) Due to a potential antidilutive effect in Loss periods,
Common Shares Outstanding were used for both periods.
BELLWETHER EXPLORATION COMPANY
CONDENSED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
March 31, December 31,
1999 1998
ASSETS: ------------ ------------
Current assets $ 17,938 $ 18,184
Property, plant and equipment,
net 111,485 108,216
Other assets 4,562 4,796
------------ ------------
$ 133,985 $ 131,196
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 11,681 $ 12,107
Long-term debt 108,900 104,400
Other long-term liabilities 200 200
Stockholders' equity 13,204 14,489
------------ ------------
$ 133,985 $ 131,196
============ ============
BELLWETHER EXPLORATION COMPANY
SUMMARY OPERATING INFORMATION
Three Months Ended March 31,
---------------------------------
1999 1998
------------ ------------
AVERAGE REALIZED SALES PRICE:
Oil and condensate ($/Bbl)(a) $ 9.35 $ 12.62
Gas ($/Mcf)(a) $ 1.65 $ 2.04
Equivalent ($/Mcfe) $ 1.61 $ 2.06
AVERAGE DAILY PRODUCTION:
Oil and condensate (Bbls) 5,778 6,359
Gas (Mcf) 53,167 63,680
Equivalent (Mcfe) 87,833 101,834
TOTAL PRODUCTION:
Oil and condensate (MBbls) 520 572
Gas (Mmcf) 4,785 5,731
Equivalent (Mmcfe) 7,905 9,163
OPERATING COSTS PER Mcfe:
Production expenses $ 0.71 $ 0.67
General and administrative
expenses $ 0.18 $ 0.28
Depreciation, depletion, and
amortization(b) $ 0.55 $ 0.90
(a) Average sales prices exclude the effect of hedges, which
decreased revenues by $13,000 and increased revenues by $525,000 in
the three month periods in 1999 and 1998, respectively.
(b) Gas plant depreciation is excluded from this calculation.
BELLWETHER EXPLORATION COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31,
1999 1998
------------ ------------
OPERATING ACTIVITIES:
Net loss $ (1,284) $ (392)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation, depletion and
amortization 4,886 8,958
Other -- (563)
------------ ------------
Cash flow from operations before
changes in operating assets and
liabilities 3,602 8,003
Net changes in operating assets
and liabilities 517 12,835
------------ ------------
Net cash provided by operating
activities 4,119 20,838
INVESTING ACTIVITIES:
Capital expenditures (7,796) (9,874)
Proceeds from sales of properties (80) 289
------------ ------------
Net cash used in investing
activities (7,876) (9,585)
FINANCING ACTIVITIES:
Net proceeds from equity activities -- 1,492
Proceeds from bank borrowings 4,500 --
Purchase of treasury shares (1) --
------------ ------------
Net cash provided by financing
activities 4,499 1,492
------------ ------------
Net increase in cash and cash
equivalents 742 12,745
Cash and cash equivalents at
beginning of period 10 2,699
------------ ------------
Cash and cash equivalents at end
of period $ 752 $ 15,444
============ ============
BELLWETHER EXPLORATION COMPANY
STATISTICS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
-----------------------------------
March 31, 1999 March 31, 1998
--------------- --------------
Total revenues 13,231 19,837
Production expenses (LOE) 5,612 6,133
Depreciation, depletion and
amortization (DD&A) 4,680 8,738
General and administrative
expenses (G&A) 1,394 2,611
Cash interest expense 2,623 2,766
Net (loss) (1,284) (392)
Cash flow from operations (CFFO) 3,602 8,003
EBITDA 6,225 11,100
Net (loss) per share - diluted ($0.09) ($0.03)
Cash flow per share - diluted $0.26 $0.56
EBITDA per share - diluted $0.45 $0.77
Working capital 6,257 13,740
Property, plant and equipment,
net (PP&E) 111,485 180,972
Long term debt (LTD) 108,900 100,000
Stockholders' equity 13,204 92,769
Total assets 133,985 220,617
LTD/EBITDA (LTM) 2.94 1.86
EBITDA (LTM)/Cash interest (LTM) 3.47 4.56
LTD/Total capitalization 0.89 0.52
Total production
Oil and condensate (MBbls) 520 572
Gas (Mmcf) 4,785 5,731
Equivalent (Mmcfe) 7,905 9,163
Daily production
Oil and condensate (Bbls) 5,778 6,359
Gas (Mcf) 53,167 63,680
Equivalent (Mcfe) 87,833 101,834
LOE per Mcfe $0.71 $0.67
G&A per Mcfe $0.18 $0.28
Operating cash flow per Mcfe $0.72 $1.17
Interest expense per Mcfe $0.33 $0.30
DD&A per Mcfe $0.55 $0.90
Capital expenditures 7,791 9,868
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