Burlington Resources Announces Second Quarter 2000 Operating Results.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 20, 2000 Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. Inc. (NYSE NYSE See: New York Stock Exchange :BR) today reported second quarter 2000 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $201 million and net income of $94 million, or $.43 per basic common share. For the same period last year, the Company reported operating income of $86 million and net income of $24 million, or $.11 per basic common share. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the second quarter of 2000 was $298 million compared to $220 million in the same period of 1999. Discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. , which is 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 and other changes was $336 million or $1.56 per share. Discretionary cash flow for the same period last year was $242 million or $1.12 per share. Realized natural gas prices increased 34 percent to $2.44 per thousand cubic feet (MCF) from $1.82 per MCF in the second quarter of 1999. Oil prices rose 55 percent to $24.38 per barrel in 2000's second quarter from $15.68 per barrel in the same period of 1999. Natural gas sales averaged 1,963 million cubic feet per day (MMCFD) during the second quarter of 2000 compared to 1,927 MMCFD in the second quarter of 1999. BR's gas production volumes decreased by 7 percent from the first quarter of 2000, primarily because of plant maintenance and unscheduled unscheduled Adjective not planned or intended Adj. 1. unscheduled - not scheduled or not on a regular schedule; "an unscheduled meeting"; "the plane made an unscheduled stop at Gander for refueling" downtime. Second quarter 2000 oil sales volumes were 84,200 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. (BPD Borderline personality disorder (BPD) A pattern of behavior characterized by impulsive acts, intense but chaotic relationships with others, identity problems, and emotional instability. ) versus 88,400 BPD in the second quarter of 1999. The reported oil production for the quarter of 79,300 barrels per day includes prior period adjustments related to certain non-operated properties. During the second quarter of 2000, BR's capital expenditures were $239 million. Development spending amounted to $130 million, exploration spending was $75 million and $20 million was spent on plant, pipeline and facility projects. The remaining capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. was for property acquisitions and administrative projects. The Company's second quarter conference call will be available via live audio webcast today at 3:00 p.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of its website, located at www.br-inc.com. Financial statement is attached. 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. This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission.
BURLINGTON RESOURCES INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Second Quarter Six Months
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2000 1999 2000 1999
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(In Millions, Except per Share Amounts)
Revenues $620 $455 $1,272 $891
Costs and Expenses 419 369 884 751
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Operating Income 201 86 388 140
Interest Expense 53 52 103 105
Other Expense (Income) - Net 10 (4) 10 (8)
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Income Before Income Taxes 138 38 275 43
Income Tax Expense 44 14 104 19
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Net Income $94 $24 $171 $24
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Basic Earnings per Common Share $.43 $.11 $.79 $.11
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Diluted Earnings per Common Share $.43 $.11 $.78 $.11
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Basic Common Shares 216 216 216 216
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Diluted Common Shares 216 217 217 217
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Note: 1999 amounts and shares have been restated to combine BR and
Poco Petroleums Ltd. ("Poco"). All historical amounts are as reported
in financial statements as of March 31, 2000.
This statement of income should be read in conjunction with the
attached press release.
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