Bellwether Exploration Company Reports 2000 Third Quarter Financial and Operating Results for the First Nine Months of 2000.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 8, 2000 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the Third Quarter of 2000 -- $0.37; CFPS CFPS Centre for Public Scrutiny (UK) CFPS Cash Flow Per Share CFPS Certified Fire Protection Specialist (NFPA) CFPS Combat Flight Planning Software CFPS Chongfu Primary School for the Third Quarter of 2000 -- $1.20; Production for the Third Quarter of 2000 -- 102 MMcfed The Company will hold a teleconference call Wednesday Wednesday: see week. , November November: see month. 8, 2000 at 10:00 a.m. Central Standard Time to review the 2000 third quarter and nine months results. If you would like to participate, please call 212/346-6404 just prior to the scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas . 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 third quarter and nine months of 2000:
-- Revenues for the third quarter were $30.7 million compared to revenues of
$17.7 million for the third quarter of 1999. Revenues for the first nine months
of 2000 were $81.2 million compared to revenues of $46.2 million for the first
nine months of 1999.
-- Earnings before interest, taxes, depreciation and other non-cash
amortization ("EBITDA") for the third quarter of 2000 was $21.2 million or
$1.48 per share. EBITDA for the same period of 1999 was $9.0 million or $0.64
per share. EBITDA for the first nine months of 2000 was $53.7 million or $3.80
per share compared to EBITDA of $24.0 million or $1.73 per share for the first
nine months of 1999.
-- Cash flow from operations for the third quarter, before changes in working
capital, was $17.1 million, or $1.20 per share, compared to $6.6 million, or
$0.48 per share for the same period in 1999. For the first nine months of 2000,
cash flow from operations was $43.0 million or $3.04 per share, compared to
$16.3 million or $1.18 per share for the first nine months in 1999.
-- Net income was $5.4 million, or $0.37 per share, for the third quarter of
2000 compared to net income of $2,000 or $0.00 per share for the third quarter
1999. Net income for the first nine months of 2000 was $31.8 million, or $2.24
per share, compared to a net loss of $1.2 million, or $(0.08) per share for the
same period in 1999.
The Company's production for the third quarter of 2000 averaged 6,946 barrels of oil per day ("Bopd") and 60.3 million cubic feet of gas per day ("MMcfgpd"), or 102.0 million cubic feet of gas equivalent per day ("MMcfed"). For the same period in 1999, the Company's production averaged 5,543 Bopd and 50.3 MMcfgpd, or 83.6 MMcfed. Production for the first nine months of 2000 averaged 6,478 Bopd and 55.6 MMcfgpd or 94.5 MMcfed compared to 5,608 Bopd and 49.9 MMcfgpd or 83.5 MMcfed for the same period in 1999. The average realized oil price for the third quarter was $21.34 per barrel barrel: see English units of measurement. ("Bbl"), compared to $11.38 per Bbl for the same period last year. For the first nine months of 2000, the average realized oil price was $20.38 per Bbl, compared to $10.77 for the same period in 1999. Natural gas prices averaged $2.91 per thousand cubic feet ("Mcf") for the third quarter compared to $2.44 per Mcf for the same period of 1999. For the first nine months of 2000, natural gas prices averaged $2.76 per Mcf, compared to $2.01 for the corresponding period in 1999. These prices include the effects of our production hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. . Capital expenditures for the third quarter were $28.1 million compared to $8.5 million, for the same period last year. Capital expenditures for the first nine months of 2000 were $78.4 million compared to $33.3 million for the same period in 1999. Total spending for the first nine months of 2000 was comprised of $11.3 million for exploration, $48.4 million for United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. development, $6.8 million for Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. development, and $11.9 million for land, seismic and acquisitions. During the third quarter Bellwether participated in 34 total wells, 26 of which were completed at the end of the quarter and eight were in progress (six in the U.S. and two in Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. ). Of the 26 completed wells, 19 (73%) were successful and 7 were unsuccessful. Of the 19 successful wells, nine are located in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , five in Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: Southwest or south west may also refer to:
 ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and one in Ecuador. These wells were on production by the end
of the quarter. Year to date Bellwether has participated in 62 completed
wells, 48 of which have been successful (77%)."We are pleased with our growth in earnings so far this year," commented Doug DOUG Dumb Old Utility Guy Manner, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our production growth through our 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. in the Shelf, as well as the newly established operations in Ecuador have been the key to our performance this year, and these same areas will continue to be a strong component of our future earnings and growth." 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; , with oil and gas properties located in three core areas: the Gulf of Mexico 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, Southeast New Mexico/West Texas and Ecuador. 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 10-K for year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999 and current reports and registration statements filed with the Securities and Exchange Commission.
BELLWETHER EXPLORATION COMPANY
STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
---------------- ----------------
2000 1999 2000 1999
------- ------- ------- -------
REVENUES:
Oil revenues - U.S. $12,100 $5,806 $33,194 $16,487
Oil revenues - Ecuador 1,542 -- 2,975 --
Gas revenues 16,163 11,283 42,129 27,353
Gas plant revenues, net 750 432 2,141 907
Interest and other income 191 175 757 1,444
------- ------- ------- -------
30,746 17,696 81,196 46,191
------- ------- ------- -------
COSTS AND EXPENSES:
Production expenses - U.S. 7,385 5,426 20,447 16,051
Production expenses - Ecuador 685 -- 958 --
Depreciation, depletion and
amortization - U.S. 8,151 6,412 22,111 16,856
Depreciation, depletion and
amortization - Ecuador 240 -- 456 --
General and administrative
expenses - U.S. 1,888 3,320 6,701 6,188
General and administrative
expenses - Ecuador (235) -- 67 --
Interest expense 3,993 3,001 11,150 8,720
------- ------- ------- -------
22,107 18,159 61,890 47,815
------- ------- ------- -------
NET INCOME (LOSS) BEFORE TAXES 8,639 (463) 19,306 (1,624)
Income taxes (benefit)
Current 296 (465) 335 (465)
Deferred 2,986 -- (12,805) --
------- ------- ------- -------
3,282 (465) (12,470) (465)
------- ------- ------- -------
NET INCOME (LOSS) $5,357 $2 $31,776 $(1,159)
======= ======= ======= =======
Earnings (Loss) Per Share $0.38 $0.00 $2.29 ($0.08)
Earnings (Loss) Per Share
- Diluted (a) $0.37 $0.00 $2.24 ($0.08)
Cash Flow Per Share $1.23 $0.48 $3.10 $1.18
Cash Flow Per Share
- Diluted (a) $1.20 $0.48 $3.04 $1.18
EBITDA Per Share $1.52 $0.65 $3.87 $1.73
EBITDA Per Share - Diluted (a) $1.48 $0.64 $3.80 $1.73
Common Shares Outstanding 13,921 13,854 13,888 13,854
Common Shares Outstanding
- Diluted 14,288 13,923 14,156 13,854
Cash Flow from Operations $17,147 $6,619 $42,988 $16,312
EBITDA $21,157 $8,950 $53,738 $23,952
(a) Due to a potential antidilutive effect in loss periods, Common
Shares Outstanding were used for periods with a loss.
BELLWETHER EXPLORATION COMPANY
SUMMARY OPERATING INFORMATION
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
---------------- ----------------
2000 1999 2000 1999
------- ------- ------- -------
AVERAGE REALIZED SALES PRICE:
Oil and condensate ($/Bbl)
- U.S. (b) $20.75 $11.38 $20.02 $10.77
Oil and condensate ($/Bbl)
- Ecuador $27.54 $ -- $25.43 $ --
Gas ($/Mcf) (b) $2.91 $2.44 $2.76 $2.01
Equivalent ($/Boe) $19.06 $13.33 $18.14 $11.54
Equivalent ($/Mcfe) $3.18 $2.22 $3.02 $1.92
AVERAGE DAILY PRODUCTION:
Oil and condensate (Bbls)
- U.S. 6,337 5,543 6,051 5,608
Oil and condensate (Bbls)
- Ecuador 609 -- 427 --
Total Oil and condensate (Bbls) 6,946 5,543 6,478 5,608
Gas (Mcf) 60,294 50,326 55,622 49,857
Equivalent (Boe) 16,995 13,931 15,748 13,918
Equivalent (Mcfe) 101,970 83,584 94,490 83,505
TOTAL PRODUCTION:
Oil and condensate (MBbls)
- U.S. 583 510 1,658 1,531
Oil and condensate (MBbls)
- Ecuador 56 -- 117 --
Total Oil and condensate (MBbls) 639 510 1,775 1,531
Gas (Mmcf) 5,547 4,630 15,241 13,611
Equivalent (MBoe) 1,564 1,282 4,315 3,800
Equivalent (Mmcfe) 9,381 7,690 25,891 22,797
OPERATING COSTS PER BOE:
Production expenses $5.16 $4.23 $4.96 $4.22
General and administrative
expenses $1.06 $2.59 $1.57 $1.63
Depreciation, depletion, and
amortization (c) $5.11 $4.75 $4.96 $4.19
OPERATING COSTS PER Mcfe:
Production expenses $0.86 $0.71 $0.83 $0.70
General and administrative
expenses $0.18 $0.43 $0.26 $0.27
Depreciation, depletion, and
amortization (c) $0.85 $0.79 $0.83 $0.70
(b) Average sales prices include the effect of hedges, which decreased
revenues by $9,218,000 and $14,640,000 in the three and nine month
periods in 2000, respectively, and decreased revenues by
$2,576,000 and $4,220,000 in the three and nine month periods in
1999.
(c) Depreciation of gas plants and other assets is excluded.
BELLWETHER EXPLORATION COMPANY
CONDENSED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
Sept. 30, Dec. 31,
2000 1999
-------- --------
ASSETS:
Current assets $31,518 $22,017
Property, plant and equipment,
net - U.S. 180,398 136,573
Property, plant and equipment,
net - Ecuador 9,897 --
Leasehold, furniture and
equipment, net 2,604 364
Investment in outside companies 4,554 4,554
Notes receivable 721 --
Deferred tax asset 15,610 2,739
Other assets 5,830 5,514
-------- ---------
$251,132 $171,761
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $52,633 $18,247
Long-term debt 140,400 130,000
Other long-term liabilities 1,853 200
Stockholders' equity 56,246 23,314
-------- --------
$251,132 $171,761
======== ========
BELLWETHER EXPLORATION COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Nine Months Ended
Sept. 30,
----------------------
2000 1999
-------- --------
OPERATING ACTIVITIES:
Net income (loss) $31,776 $(1,159)
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:
Depreciation, depletion and
amortization 23,302 17,471
Stock option expense
amortization 715 --
Deferred taxes (12,805) --
-------- --------
Cash flow from operations before
changes in operating assets
and liabilities 42,988 16,312
Net changes in operating
assets and liabilities 21,810 2,721
-------- --------
Net cash provided by operating
activities 64,798 19,033
INVESTING ACTIVITIES:
Acquisition of oil and gas
properties (6,853) (14,739)
Capital expenditures (71,928) (18,714)
Leasehold, furniture and equipment (2,716) (77)
Notes receivable (581) --
Proceeds from sales of properties 3,870 3,222
-------- --------
Net cash used in investing
activities (78,208) (30,308)
FINANCING ACTIVITIES:
Net proceeds from equity
activities 377 --
Proceeds from bank borrowings 28,900 25,000
Payments of long-term debt (18,500) (11,500)
Purchase of treasury shares -- (1)
-------- --------
Net cash provided by financing
activities 10,777 13,499
-------- --------
Net (decrease) increase in cash
and cash equivalents (2,633) 2,224
Cash and cash equivalents at
beginning of period 6,101 10
-------- --------
Cash and cash equivalents at
end of period $3,468 $2,234
======== ========
BELLWETHER EXPLORATION COMPANY
STATISTICS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
-------------------------------
Sept. 30, June 30, March 31,
2000 2000 2000
-------- -------- --------
Total revenues 30,746 25,905 24,545
Production expenses (LOE) 8,070 7,021 6,314
Depreciation, depletion and
amortization (DD&A) 8,391 6,886 7,290
General and administrative
expenses (G&A) 1,653 3,239 1,876
Cash interest expense 3,713 3,520 3,181
Net income 5,357 3,029 23,390
Cash flow from operations (CFFO) 17,147 12,740 13,101
EBITDA 21,157 16,226 16,355
Net income per share - diluted $0.37 $0.21 $1.67
Cash flow per share - diluted $1.20 $0.88 $0.93
EBITDA per share - diluted $1.48 $1.12 $1.17
Common market value 107,053 115,699 96,190
Long term debt (LTD) 140,400 140,900 134,900
Total enterprise value (TEV) 247,453 256,599 231,090
Equity as a percentage of TEV 0.43 0.45 0.42
Working capital (21,115) (10,198) (1,189)
Property, plant and equipment,
net (PP&E) 190,295 171,185 150,916
Leasehold, furniture and
equipment, net 2,604 2,007 925
Investment in outside companies 4,554 4,554 4,554
Note receivables 721 281 663
Deferred tax asset 15,610 18,596 20,545
Stockholders' equity 56,246 50,722 46,739
Total assets 251,132 227,482 202,462
LTD/ EBITDA (LTM) 2.0 2.4 2.6
EBITDA (LTM)/ Cash interest (LTM) 5.3 4.8 4.5
LTD/ Total capitalization 0.7 0.7 0.7
PV-10/Debt 1.5 1.5 1.5
Total production
Oil and condensate (MBbls) 639 573 562
Gas (Mmcf) 5,547 4,685 5,008
Equivalent (MBoe) 1,564 1,354 1,397
Equivalent (Mmcfe) 9,381 8,123 8,380
Daily production
Oil and condensate (Bbls) 6,946 6,297 6,176
Gas (Mcf) 60,294 51,484 55,033
Equivalent (Boe) 16,995 14,878 15,348
Equivalent (Mcfe) 101,970 89,266 92,089
LOE per Boe $5.16 $5.19 $4.52
G&A per Boe $1.06 $2.39 $1.34
Operating cash flow per Boe $12.84 $10.76 $11.08
Cash interest expense per Boe $2.37 $2.60 $2.28
DD&A per Boe $5.11 $4.82 $4.95
Capital expenditures 28,054 28,789 21,520
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