Printer Friendly

CHIEFTAIN INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 CHIEFTAIN INTERNATIONAL REPORTS FIRST QUARTER RESULTS
 EDMONTON, Alberta, April 28 /PRNewswire/ -- Chieftain International,


Inc. (AMEX: CID, Toronto, Calgary: CID) today announced its financial results for the three month period ended March 31, 1992. Results, with comparative figures for the first quarter of 1991, are as follows:
 Three Months Ended March 31
 U.S.$ Canadian $
 1992 1991 1992 1991
 (restated)(a) (restated)(a)
 (in thousands except per share amounts)
 Gross revenue $ 6,228 $ 8,707 $ 7,410 $10,088
 Cash flow $ 3,229 $ 6,500 $ 3,842 $ 7,531
 Per Common Share $ 0.34 $ 0.69 $ 0.40 $ 0.79
 Net income (loss) $ (752) $ 514 $ (895) $ 595
 Per Common Share $ (0.08) $ 0.05 $ (0.09) $ 0.06
 Working capital at
 March 31 $32,446 $43,641 $38,607 $50,567
 (a) Results for 1991 are restated to reflect discontinuance of contract drilling operations.
 Chieftain reduced natural gas sales by 22 percent during the first quarter of 1992 from the comparative period of 1991 in response to weak prices in the Gulf of Mexico where the average February spot price declined to the lowest level in 13 years. Reduced gas sales and the 14 percent decline in the average price, compared with the first quarter of 1991, contributed to the 28 percent decline in gross revenue. Natural gas sales averaged 33.1 million cubic feet (mmcf) per day during the period compared with 42.2 mmcf per day in the first quarter of 1991.
 In response to higher gas prices subsequent to March 31st, Chieftain increased contracted sales to approximately 46 mmcf per day for April and May, compared with sales of 23 mmcf per day in the comparative months of 1991. Consequently, the company anticipates that with continued high volumes, cash flow during the quarter ending June 30, 1992, could be stronger than the comparative quarter of 1991.
 Chieftain has no debt. The company reports financial information in U.S. dollars. For convenience, Canadian dollar equivalents are provided using exchange rates as at March 31, 1992 and 1991.
 -0- 4/28/92
 /CONTACT: Tom Campbell of Chieftain International, 403-425-1950/
 (CID) CO: Chieftain International, Inc. ST: Alberta IN: OIL SU: ERN


CH -- LA021 -- 3706 04/28/92 11:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:369
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR APRIL 28, 1992
Next Article:DOMINION TEXTILE EXTENDS COMMON SHARE BUY AND SELL PROGRAMS


Related Articles
CHIEFTAIN INTERNATIONAL REPORTS FIRST HALF RESULTS
CHIEFTAIN INTERNATIONAL FUNDING CORP. DECLARES REGULAR DIVIDEND ON $1.8125 CONVERTIBLE REDEEMABLE PREFERRED SHARES
CHIEFTAIN INTERNATIONAL FUNDING CORP. AMENDS RECORD DATE
CHIEFTAIN REPORTS FIRST QUARTER RESULTS
CHIEFTAIN REPORTS FIRST HALF RESULTS
CHIEFTAIN INTERNATIONAL FUNDING CORP. DECLARES REGULAR DIVIDEND ON US$1.8125 CONVERTIBLE REDEEMABLE PREFERRED SHARES
CHIEFTAIN REPORTS FIRST QUARTER RESULTS
Interim Report and News Release - Three Months ended March 31, 1999.
Chieftain Reports Offshore Drilling Successes.
Chieftain Updates Drilling and Development Activities.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters