Benton Oil and Gas Company Reports Fourth Quarter and Year-end 1997 Earnings.CARPINTERIA, Calif.--(BUSINESS WIRE)--March 24, 1998--Benton Oil and Gas Company (NYSE NYSE See: New York Stock Exchange : BNO BNO Beroepsorganisatie Nederlandse Ontwerpers BNO Boys' Night Out (band) BNO Boyz Nite Out BNO Big Night Out (band) BNO Bau- und Nutzungsordnung BNO Baksan Neutrino Observatory ) today reported financial and operating results for its fourth quarter and 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. 1997. Net income for the fourth quarter ended December December: see month. 31, 1997 was $2.1 million, or 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on a 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, compared to $9.3 million, or 30 cents on a diluted basis, during the same period in 1996. Revenues for the fourth quarter 1997 were $46.6 million, as compared to $49.3 million for the quarter ended December 31, 1996. 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 , before working capital changes, was $21.7 million, or 70 cents per diluted share, for the period ended December 31, 1997, compared to $40.7 million, or $1.31 on a diluted basis, for the period ended December 31, 1996. Average production for the quarter of 46,791 barrels of oil per day was up 12% over the year earlier fourth quarter of 41,633 barrels of oil per day. Earnings before interest, taxes, 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 , depreciation and amortization ("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 ") were $19.8 million for the quarter ended December 31, 1997 compared to EBITDA of $26.4 million for the same period in 1996. For the year ended December 31, 1997, net income totaled $18.0 million, or 59 cents per diluted share, compared to $28.3 million, or 95 cents per diluted share, in the year ended December 31, 1996. Net income for the year ended December 31, 1996 included a $10.1 million extraordinary charge related to the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of certain long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Revenues for the year ended December 31, 1997 were $179.0 million, up 13% over the year earlier period of $157.9 million, excluding the second quarter 1996 $7.2 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain related to the sale of the Company's Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. oil and gas properties. Cash flow from
operations, before working capital changes, was $81.5 million, or $2.64
per diluted share, for the year ended December 31, 1997 compared to
$95.4 million, or $3.20 per diluted share, for the period ending
December 31, 1996. Average production for the year was 44,589 barrels of
oil per day, a 19% increase over 1996 production of 37,359 barrels of
oil per day. EBITDA for the twelve months of 1997 was $89.3 million
compared to $92.3 million for the same period in 1996."Record oil production for 1997 was paced by the continuing development of our Venezuelan operation, where we look for steadying production over the next several years," said A. E. Benton Benton, city (1990 pop. 18,177), seat of Saline co., central Ark.; founded 1836. Once a significant aluminum producer, the city manufactures fabricated-metal and wood products. , Chairman, 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. of Benton Oil and Gas Company. "Looking forward, we see our Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. project as our next big production growth vehicle, with six drilling rigs now running and three hundred wells to drill over the next five years." Benton Oil and Gas Company, headquartered in Carpinteria, Calif., is an independent oil and gas exploration and development company with operations worldwide. -0- CONFERENCE CALL: Beginning promptly prompt adj. prompt·er, prompt·est 1. Being on time; punctual. 2. Carried out or performed without delay: a prompt reply. tr.v. at: 11 AM PST PST Paroxysmal supraventricular tachycardia, see there (2:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy ) Date Tuesday Tuesday: see week. , March 24, 1998 To Participate: Phone 913-981-5509 Request call: Benton Oil and Gas Company Fourth Quarter/Year-End Earnings -0- This press release may contain "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 and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this release may constitute forwarding-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical and economical factors. -0-
BENTON OIL AND GAS COMPANY
CONSOLIDATED BALANCE SHEETS
($ millions)
December 31, December 31,
1997 1996
ASSETS:
CURRENT ASSETS:
Cash and equivalents 11.9 32.4
Restricted cash 0 4.5
Marketable securities 156.4 52
Accounts receivable 53.5 60
Prepaid expenses and other 2.5 1.6
Total current assets 224.3 150.5
RESTRICTED CASH 74.3 68
OTHER ASSETS 12.5 6.2
PROPERTY AND EQUIPMENT, (net) 273.2 211
TOTAL ASSETS 584.3 435.7
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable 43.6 43.5
Accrued interest 5.5 3.8
Other liabilities 1.8 1.9
Income taxes payable 4.5 0.9
Short term borrowings 1.5 0.9
Current portion of long term debt 1.5 1.1
Total current liabilities 58.4 52.1
DEFERRED INCOME TAXES 24.8 16.7
LONG TERM DEBT 280 175
MINORITY INTEREST 23.4 17
STOCKHOLDERS' EQUITY:
Common stock and paid-in capital 146.4 140.9
Retained earnings 52 34
Treasury stock (0.7) ---
Total stockholders' equity 197.7 174.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 584.3 435.7
-0-
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per BOE and per share amounts)
THREE MONTHS ENDED: December 31, 1997 December 31, 1996
Barrels of oil sold: 4,305 3,830
Mcf of gas sold: 0 0
Barrel of oil equivalents (BOE) sold: 4,305 3,830
Average price/barrel $9.78 $11.82
Average price/mcf $0.00 $0.00
$ $/BOE $ $/BOE
REVENUES:
Oil and gas sales $42,088 $9.78 $45,286 $11.82
Gain (loss) on exchange rates 573 0.13 793 0.21
Investment earnings and other 3,894 0.90 3,236 0.84
Gain on sale of
Gulf Coast Properties 0 -- 22 0.01
46,555 10.81 49,337 12.88
EXPENSES:
Lease operating costs 11,627 2.70 9,340 2.44
Production taxes 382 0.09 (95) (0.02)
Depletion 14,671 3.41 11,529 2.99
Depreciation and amortization 259 0.06 186 0.05
General and administrative 6,710 1.56 6,309 1.65
Interest 7,524 1.74 5,352 1.40
41,173 9.56 32,621 8.51
INCOME BEFORE TAXES
AND MINORITY INTEREST 5,382 1.25 16,716 4.37
Income taxes 2,569 0.60 4,665 1.22
INCOME BEFORE MINORITY INTEREST 2,813 0.65 12,051 3.15
Minority interest in Venezuela 749 0.17 2,707 0.71
NET INCOME 2,064 0.48 9,344 2.44
NET INCOME PER SHARE:
Basic $0.07 $0.33
Diluted $0.07 $0.30
CASH FLOW FROM OPERATIONS,
BEFORE WORKING CAPITAL CHANGES $21,659 $5.03 $40,696 $10.62
CASH FLOW FROM OPERATIONS,
BEFORE WORKING CAPITAL CHANGES,
Per Share (diluted) $0.70 $1.31
Weighted average shares outstanding:
Basic 29.4 million 28.1 million
Diluted 31.0 million 31.0 million
EBITDA $19,819 $26,442
-0-
BENTON OIL AND GAS COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per BOE and per share amounts)
TWELVE MONTHS ENDED: December 31, 1997 December 31, 1996
Barrels of oil sold: 16,275 13,420
Mcf of gas sold: 0 1,523
Barrel of oil equivalents
(BOE) sold: 16,275 13,674
Average price/barrel $10.07 $10.88
Average price/mcf $0.00 $3.04
$ $/BOE $ $/BOE
REVENUES:
Oil and gas sales $163,957 $10.07 $147,703 $10.80
Gain on exchange rates 2,285 0.14 2,820 0.21
Investment earnings and other 12,777 0.79 7,368 0.54
Gain on sale of
Gulf Coast Properties 0 -- 7,175 0.52
179,019 11.00 165,066 12.07
EXPENSES:
Lease operating costs 40,143 2.47 21,815 1.60
Production taxes 1,744 0.11 2,703 0.20
Depletion 46,708 2.87 33,975 2.48
Depreciation and amortization 884 0.05 550 0.04
General and administrative 23,436 1.44 18,906 1.38
Interest 24,245 1.49 16,128 1.17
Partnership exchange expenses 0 -- 2,140 0.16
137,160 8.43 96,217 7.03
INCOME BEFORE TAXES AND
MINORITY INTEREST 41,859 2.57 68,849 5.04
Income taxes 17,477 1.07 20,508 1.50
INCOME BEFORE MINORITY INTEREST 24,382 1.50 48,341 3.54
Minority interest in Venezuela 6,333 0.39 9,984 0.73
INCOME BEFORE EXTRAORDINARY CHARGE 18,049 1.11 38,357 2.81
Extraordinary charge on
debt retirement 0 -- 10,075 0.74
NET INCOME 18,049 1.11 28,282 2.07
NET INCOME PER SHARE:
Basic $0.62 $1.04
Diluted $0.59 $0.95
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES $81,510 $5.01 $95,405 $6.98
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES, Per
Share (diluted) $2.64 $3.20
Weighted average shares outstanding:
Basic 29.1 million 27.1 million
Diluted 30.8 million 29.8 million
EBITDA $89,254 $92,290
CONTACT: Benton Oil & Gas Co., Carpenteria n. 1. a California evergreen shrub (Carpenteria californica) having glossy opposite leaves and terminal clusters of a few fragrant white flowers. Noun 1. Linda A set of parallel processing functions added to languages, such as C and C++, that allows data to be created and transferred between processes. It was developed by Yale professor David Gelernter, when he was a 23-year old graduate student. Blount-Strauss, 805/566-5600 |
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