Benton Oil and Gas Company Reports Higher Revenues and Narrowing Losses in Its Third Quarter Results.CARPINTERIA, Calif.--(BUSINESS WIRE)--Nov. 10, 1999-- 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. 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 a loss of $14.1 million, or $0.48 per share, 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 for the quarter ended September September: see month. 30, 1999, compared to a loss of $7.8 million, or $0.27 per share, on a diluted basis for the third quarter 1998. The loss in the third quarter of 1999 included non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. uarter. 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 of $6.2 million for the third quarter 1998. Cash flow from operations, before working capital changes, and 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 period ended September 30, 1999 were the highesfor 1999, the corresponding loss was $16.0 milliding loss was $20.4 million, or $0.69 per dilute di·lute v. To reduce a solution or mixture in concentration, quality, strength, or purity, as by adding water. adj. Thinned or weakened by diluting. year earlier period. Oil sales for the nine-m from operations, before working capital change0, 1999 was $22.2 million compared to $26.7 milment company with operations worldwide. xpectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical and economic factors. -0-
BENTON OIL AND GAS COMPANY
CONSOLIDATED BALANCE SHEETS
($ millions)
Sept. 30, Dec. 31,
1999 1998
ASSETS:
CURRENT ASSETS:
Cash and equivalents $23.4 $18.1
Marketable securities 16.4 41.2
Accounts receivable, net 33.6 29.8
Prepaid expenses and other 3.0 3.7
Total current assets 76.4 92.8
RESTRICTED CASH 47.3 65.7
OTHER ASSETS 10.7 11.7
DEFERRED INCOME TAXES 3.2 3.0
INVESTMENTS IN AND ADVANCES TO
AFFILIATED COMPANY 20.9 11.9
PROPERTY AND EQUIPMENT, net 141.7 153.5
TOTAL ASSETS $300.2 $338.6
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable $5.0 $10.0
Accrued interest 10.4 5.5
Accrued expenses 20.4 19.3
Income taxes payable 2.8 1.9
Current portion of long term debt 0.1 0.2
Total current liabilities 38.7 36.9
LONG TERM DEBT 275.7 288.2
MINORITY INTEREST 1.0 0.5
STOCKHOLDERS' EQUITY:
Common stock and paid-in capital 147.4 147.4
Retained deficit (161.9) (131.6)
Treasury stock (0.7) (0.7)
Employee notes receivable, net -- (2.1)
Total stockholders' equity (15.2) 13.0
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $300.2 $338.6
-0-
BENTON OIL AND GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per BOE and per share amounts)
THREE MONTHS ENDED: Sept. 30, 1999 Sept. 30, 1998
Barrels of oil sold: 2,652 2,916
Mcf of gas sold: 0 0
Barrel of oil equivalents
(BOE) sold: 2,652 2,916
Average price/barrel $10.15 $6.87
$ $/BOE $ $/BOE
REVENUES:
Oil sales $26,922 $10.15 $20,030 $6.87
Net gain (loss) on exchange
rates (120) (0.05) 526 0.18
Investment earnings and other 2,325 0.88 3,323 1.14
29,127 10.98 23,879 8.19
EXPENSES:
Lease operating costs 10,919 4.12 10,277 3.52
Production taxes 448 0.17 333 0.11
Depletion 4,123 1.55 7,375 2.53
Write-down and impairment of oil
and gas properties 13,047 4.92
Depreciation and amortization 391 0.15 344 0.12
General and administrative 5,392 2.03 5,244 1.80
Interest 7,313 2.76 8,244 2.83
41,633 15.70 31,817 10.91
LOSS BEFORE INCOME TAXES AND
MINORITY INTEREST (12,506) (4.72) (7,938) (2.72)
Income tax expense 1,446 0.55 197 0.07
LOSS BEFORE MINORITY INTEREST (13,952) (5.27) (8,135) (2.79)
Minority interest in Venezuela 177 0.07 (296) (0.10)
NET LOSS ($14,129) ($5.34) ($7,839) ($2.69)
NET LOSS PER COMMON SHARE:
Basic ($0.48) ($0.27)
Diluted ($0.48) ($0.27)
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES $4,214 $1.59 ($1,159) ($0.40)
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES,
Per Share $0.14 ($0.04)
Weighted average shares
outstanding:
Basic 29.6 million 29.6 million
Diluted 29.6 million 29.6 million
EBITDA $11,133 $6,249
-0-
BENTON OIL AND GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per BOE and per share amounts)
NINE MONTHS ENDED: Sept. 30, 1999 Sept. 30, 1998
Barrels of oil sold: 8,468 10,126
Mcf of gas sold: 0 0
Barrel of oil equivalents (BOE) sold: 8,468 10,126
Average price/barrel $7.95 $7.13
$ $/BOE $ $/BOE
REVENUES:
Oil sales $67,312 $7.95 $72,157 $7.13
Net gain on exchange rates 2,435 0.29 2,025 0.20
Investment earnings and other 7,172 0.85 11,163 1.10
76,919 9.09 85,345 8.43
EXPENSES:
Lease operating costs 31,475 3.72 34,164 3.37
Production taxes 1,132 0.13 1,188 0.12
Depletion 13,721 1.62 27,753 2.74
Write-down and impairment of
oil and gas properties 14,322 1.69 71,467 7.06
Depreciation and amortization 1,288 0.15 911 0.09
General and administrative 19,457 2.30 16,696 1.65
Interest 22,841 2.70 24,354 2.41
104,236 12.31 176,533 17.44
LOSS BEFORE INCOME TAXES AND
MINORITY INTEREST (27,317) (3.22) (91,188) (9.01)
Income tax expense (benefit) 2,499 0.30 (7,767) (0.77)
LOSS BEFORE MINORITY INTEREST (29,816) (3.52) (83,421) (8.24)
Minority interest in Venezuela 532 0.06 (4,553) (0.45)
NET LOSS ($30,348) ($3.58) ($78,868) ($7.79)
NET LOSS PER COMMON SHARE:
Basic ($1.03) ($2.67)
Diluted ($1.03) ($2.67)
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES $3,346 $0.40 $5,406 $0.53
CASH FLOW FROM OPERATIONS, BEFORE
WORKING CAPITAL CHANGES,
Per Share $0.11 $0.18
Weighted average shares
outstanding:
Basic 29.6 million 29.5 million
Diluted 29.6 million 29.5 million
EBITDA $22,181 $26,665
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