Canadian Occidental Petroleum Ltd. Reports Continued Growth in Oil Production, Cash Flow and Net Income During the Third Quarter of 1995 and Declaration of the Quarterly Dividend.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Oct. 19, 1995-- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Ltd. reports cash flow of $146 million ($2.17 per common share) for the quarter ended September September: see month. 30, 1995 versus $142 million ($2.12 per common share) for the third quarter of 1994. Net income increased by 12% to $38 million ($0.57 per common share) compared to $34 million ($0.51 per common share) during the comparable period of 1994. These increases were achieved despite lower oil and gas prices. For the first nine months of 1995, cash flow totalled $464 million ($6.89 per common share) and net income totalled $110 million ($1.63 per common share) compared to $351 million ($5.23 per common share) and $67 million ($1.00 per common share) respectively during the first nine months of 1994. Crude oil production averaged 134,000 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. , compared to 125,000 barrels per day in the third quarter of 1994. Natural gas production averaged 194 million cubic feet per day, compared to 226 million cubic feet per day for the comparable period of 1994. At the end of the quarter, net debt totalled $634 million, a reduction of $44 million during the third quarter of 1995 and $303 million over the past 12 months. In the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Division, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and cash flow were $27 million and $45 million, respectively, compared to $39 million and $68 million during the third quarter of 1994. These declines were due to lower oil and gas prices and declines in natural gas production. The third quarter of 1994 included a Syncrude This article is about Syncrude Canada Ltd.. For synthetic crude oil, see synthetic crude. Syncrude Canada Ltd. is the world's largest producer of synthetic crude oil from oil sands and the largest single source producer in Canada. insurance claim and lower Syncrude royalties. Oil production averaged 38,900 barrels per day, unchanged from the third quarter of 1994. Due to the disposition of several non- non- word element [L.]not . non- pref. Not: noninvasive. core assets and the delay of a number of projects due to low prices, natural gas production declined 12% to 177 million cubic feet per day in the third quarter of 1995. The Division is significantly increasing its portfolio of opportunities in the 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. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . In the United States, the Division is acquiring a 100% working interest in Eugene Island Eugene Island is a submerged mountain 70-85 miles off the Louisiana coast in the Gulf of Mexico. The nearby oil field Eugene Island 330 is best known for its unusual depletion profile. According to the article "Sustainable Oil?" by Chris Bennett WorldNetDaily. Block 259 and the southern half of Eugene Island Block 254 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 for U.S. $45.2 million. Current production is approximately 2,760 barrels of oil and 23 million cubic feet of gas per day and the blocks contain significant exploitation potential. This acquisition complements CanadianOxy's existing operations in the Eugene Island area which include a 100% interest in the adjacent Eugene Island 257 and 258 Blocks and a 60% interest in Block 255. Through an intensive exploitation program, over the past three years the Division has increased existing reserves on these blocks by approximately 30 million barrels of oil equivalent. This program will be extended to the two new blocks. In Canada, the Division is entering into a joint venture to acquire a 50 percent working interest in one million acres of undeveloped land in southwestern Saskatchewan Saskatchewan, province, Canada Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. . This will substantially increase the Division's inventory of undeveloped land, and expand its exploration activity in Canada. The International Division reported strong performance during the third quarter. Cash flow increased 20% to $118 million and operating profit increased 18% to $41 million compared to the third quarter of 1994. International crude oil production increased to 95,100 barrels per day from 85,200 barrels per day during the third quarter of 1994. The majority of this increase was from Yemen Yemen (yĕm`ən), officially Republic of Yemen, republic (2005 est. pop. 20,727,000), 207,300 sq mi (535,800 sq km), SW Asia, at the southern edge of the Arabian peninsula. where gross production from the Company operated Masila project averaged 174,200 barrels per day during the quarter; CanadianOxy's share averaged 90,600 barrels per day. Exploration activity continued during the quarter. In Yemen, The Sunah-8 horizontal well is currently drilling. This well is testing the extent of oil bearing fractures Fractures Definition A fracture is a complete or incomplete break in a bone resulting from the application of excessive force. Description in fractured Fractured is the Industrial Music band created by Canadian Nick Gorman in 2003. Located in Toronto Canada, his self produced release CD-R demo entitled Contami-Nation caught the attention of European label Dependent Records, who signed them. granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. beneath the Sunah field and a possible southern extension to this Core Area field. Outside the Core Area, the Masila East exploration well was dry and abandoned. Two exploratory wells are scheduled to be drilled outside the Core Area during the fourth quarter, one oat oat member of the plant genus Avena in the family Poaceae. oats see avenasativa. oat grain seed of Avena sativa, and as 'oats' the favored grain for the feeding of horses. East Hemlar and one along the coast. In Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. , the Company drilled two high risk exploration wells during the quarter. The Kedukul-1 well on the Sintang Block was dry and abandoned. The remaining exploration potential of this block is under review. On the Kai kai Noun NZ informal food [Maori] kai noun N.Z. (informal) food, grub (slang) provisions, fare, board, commons, eats (slang Block in the Arafura Basin, The Barakan-1 well tested a major prospect on the southern region of the block. Although the well was unsuccessful, the block has singificant further exploration potential and additional drilling is planned for 1996. The Chemicals Division reported record performance during the quarter with the addition of the Taft chlorate chlorate (klōr`āt, klôr`–) and perchlorate (pərklōr`āt, –klôr`–), salts of chloric acid, HClO3, and perchloric acid, HClO4, respectively. plant in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and further
improvements in product prices. Cash flow reached $21 million, an
increase of 72% compared to the third quarter of 1994, while operating
profit increased 97% to $16 million. The expansion of the Taft plant
was completed on June June: see month. 28, adding 66,000 tons of capacity. The expansion
operated at full capacity throughtout the third quarter. The original
Taft plant is undergoing modernization modernizationTransformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, to improve operating performance and reduce costs. Full capacity of 61,000 tons per year will be resumed by mid- mid- pref. Middle: midbrain. 1996. The Board of Directors has declared a quarterly dividend of 12 1/2 cents per common share, payable January January: see month. 1, 1996 to shareholders of record on December 11, 1995. -0- FINANCIAL HIGHLIGHTS (Amounts in millions of Canadian dollars except per share data)
Three Months Nine Months
1995 1994 1995 1994
---------------------------------------
Net sales $285.3 $269.5 $869.3 $745.3 Net income 38.1 33.9 109.7 66.9 Per Common Share 0.57 0.51 1.63 1.00 Funds flow from operations 146.3 142.2 463.8 350.7 Per Common Share 2.17 2.12 6.89 5.23 Capital and exploration expenditures 84.3 45.2 239.4 184.5 Net debt 633.6 936.1 PRODUCTION HIGHLIGHTS
Three Months Nine Months
1995 1994 1995 1994
---------------------------------------
Natural Gas (Million cubic feet per day) International North Sea 17.7 24.4 36.0 40.9
North America
United States 47.9 65.3 48.7 70.6
Canada 128.7 136.3 133.8 129.2
-----------------------------------------
194.3 226.0 218.5 240.7
-----------------------------------------
Crude Oil, Condensate and Natural Gas Liquids (thousands barrels per day) International Republic of Yemen 90.6 80.9 89.0 76.0 South America 4.3 4.1 4.5 4.1 Other 0.2 0.2 0.2 0.2
North America
United States 10.6 12.3 11.0 11.3
Canada 12.7 11.6 12.5 11.4
Alternate Fuels 15.6 15.5 14.4 13.7
-----------------------------------------
134.0 124.6 131.6 116.7
-----------------------------------------
AVERAGE COMMODITY PRICES RECEIVED
Three Months Nine Months
1995 1994 1995 1994
---------------------------------------
Natural Gas (per thousand cubic feet) International North Sea $ 4.23 $ 4.29 $ 4.46 $ 4.22 North America United States 2.42 2.83 2.50 3.03 Canada 1.08 1.73 1.14 2.00 Corporate Average 1.72 2.32 1.99 2.69 Crude Oil (per barrel) International Republic of Yemen $21.52 $21.62 $23.02 $19.75 South America 14.32 12.69 14.28 13.45 North America United States 22.70 23.90 24.11 21.07 Canada 20.58 20.87 21.34 17.85 Corporate Average 21.28 21.47 22.63 19.45 WTI Average $17.76 $18.50 $18.49 $17.02 Synthetic Crude Oil (per barrel) $22.93 $23.64 $24.10 $21.52 DIVISIONAL OPERATING RESULTS (Amounts in millions of Canadian dollars)
Three Months NIne Months
1995 1994 1995 1994
--------------------------------------
Operating Profit
Oil and Gas
International
Republic of
Yemen $ 51.1 $ 37.6 $ 153.6 $ 95.2
North Sea (0.3) 1.7 4.3 14.3
South America 2.0 1.7 5.2 4.3
Other (12.2) (6.5) (26.2) (19.9)
----------------------------------------
40.6 34.5 136.9 93.9
----------------------------------------
North America
United Stated 4.9 10.9 25.5 26.2
Canada 14.2 11.4 27.1 26.7
Alternate Fuels 7.9 17.0 20.7 15.1
-----------------------------------------
27.0 39.3 73.3 68.0
-----------------------------------------
Total Oil and Gas 67.6 73.8 210.2 161.9
Chemicals 15.6 7.9 41.3 23.1
-------------------------------------------
83.2 81.7 251.5 185.0
Corporate Expenses
and Interest (21.6) (22.2) (62.8) (72.1)
Income taxes (23.5) (25.6) (79.0) (46.0)
------------------------------------------
Net Income $38.1 $33.9 $109.7 $66.9
------------------------------------------
Funds Flow from Operations
Oil and Gas
International
Republic of
Yemen $111.7 $92.0 $339.0 $235.5
North Sea 4.3 6.3 35.0 33.3
South America 3.3 2.3 7.8 6.1
Other (1.7) (2.3) (8.0) (10.0)
------------------------------------------
117.6 98.3 373.8 264.9
North America
United States 18.5 25.8 67.3 74.1
Canada 16.3 23.2 53.4 63.9
Alternate Fuels 10.1 18.8 26.8 21.7
-----------------------------------------
44.9 67.8 147.5 159.7
-----------------------------------------
Total Oil and Gas 162.5 166.1 521.3 424.6
Chemicals 21.1 12.3 56.0 33.2
----------------------------------------
183.6 178.4 577.3 457.8
Corporate Expenses
& Interest (18.3) (21.9) (57.4) (66.9)
Income Taxes (19.0) (14.3) (56.1) (40.2)
-----------------------------------------
$146.3 $142.2 $463.8 $350.7
-----------------------------------------
CONTACT: Canadian Occidental Petroleum Ltd., Calgary V.J. Zaleschuk, 403/234-6712 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion