Crestar Announces Record Cash Flow and Earnings for The Third Quarter of 2000.Business Editors 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)--Nov. 7, 2000 Crestar (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist .) Third Quarter Highlights * Production Volumes up 12%, Volumes per share up 22% * Long Term Debt reduced by $52.3 million since June June: see month. 30 * 2.9 million shares repurchased and cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. under issuer bid * 136% Increase in Cash flow Per Share to $3.71 - Highest Ever * 338% increase in Earnings Per Share to $1.49 - a New record Reached Higher production volumes combined with robust commodity prices to drive revenue, cash flow and earnings to record levels for the third straight quarter. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. totalled $201.8 million ($3.71 per share) and net income reached $81.6 million ($1.49 per share). Inclusive of inclusive of prep. Taking into consideration or account; including. production from Block 16 in Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. , acquired in the third quarter, Crestar's sales volumes (on a 10:1 BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip basis) rose 12% from the third quarter a year ago. The Company also recorded outstanding financial results for the year to date. Revenue for the nine months ended September September: see month. 30 rose 81%, resulting in a doubling of cash flow and an 490% increase in net income compared with the same period last year. GULF 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 OFFER SUCCESSFUL On October October: see month. 2, 2000, Crestar and Gulf Canada Resources Limited ("Gulf") jointly announced an agreement for Gulf to acquire Crestar in a transaction valued at C$2.3 billion. Gulf's Offer is on the basis of C$3.25 in cash and 3.333 Gulf Ordinary Shares for each common share of Crestar, subject to certain shareholder elections. The Offer received the unanimous support of the Board of Directors of Crestar. As of November November: see month. 6, 2000, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 95% of Crestar's outstanding shares (on a fully 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) had been tendered to the Offer. Consequently, Gulf announced that it will take up and pay for the shares tendered thus far and Gulf will also proceed to acquire all of the remaining shares of Crestar, pursuant to the compulsory Wikipedia does not currently have an encyclopedia article for . You may like to search Wiktionary for "" instead. To begin an article here, feel free to [ edit this page], but please do not create a mere dictionary definition. acquisition provisions of applicable legislation. "Combining Gulf and Crestar creates a new company that is considerably stronger than either of the two had been on their own", said Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , 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 Crestar. "Crestar's balance sheet, near-term near-term adj. Of, for, or involving a short period of time in the near future. development opportunities and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. gas production, together with Gulf's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , long term assets and tax pools, creates a very unique company. Through this transaction, our shareholders have the opportunity to enjoy the asset base, size and liquidity of one of the top ten independent producers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . With the enhanced financial capability and a scope of operations that spans western Canada
Western Canada, commonly referred to as the West , 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. , Surmount sur·mount tr.v. sur·mount·ed, sur·mount·ing, sur·mounts 1. To overcome (an obstacle, for example); conquer. 2. To ascend to the top of; climb. 3. a. To place something above; top. , the Mackenzie Mackenzie, river, c.1,120 mi (1,800 km) long, issuing from Great Slave Lake, Northwest Territories, Canada, and flowing generally NW to the Arctic Ocean through a great delta. Between Great Slave Lake and Lake Athabasca it is known as the Slave River. Delta, the 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. East Coast and several international areas, this new company will compete aggressively in the global exploration and production arena." "There is an inevitable sense of loss of the Crestar entity, driven by the pride in what our employees have accomplished over the last seven years", continued Jackson. "However, it is my strong belief that the new company will offer great opportunity for our staff through expanded geographical scope and activity levels and at the same time present an exciting alternative for the investment community." PRODUCTION AND MARKETING On a BOE basis (10:1), Crestar's third quarter production volumes climbed 12% from a year ago, in line with our expectations. Our share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. further amplify the production growth between the two quarters: on a BOE volume per share basis, production jumped 22% from the third quarter last year. Sales of natural gas averaged 321 mmcf/d in the third quarter of 2000 and 329 mmcf/d for the nine months ended September 30. Higher natural gas realizations more than offset modest declines in natural gas production in these two periods. Natural gas realizations in the third quarter of 2000 rose 109% to average $5.21 per mcf, reflecting the continued strength of North American natural gas markets. For the year to date, natural gas realizations averaged $4.12 per mcf, 71% higher than the comparable period last year. Crude oil sales averaged 42,300 bbls/d for the third quarter of 2000 (including production from Block 16 in Ecuador), 33% higher than a year ago. Natural gas liquids sales averaged 8,100 bbls/d. A line break on the Pembina Pembina a Canadian French name for the high bush cranberry (viburnum trilobum) which has lent its a name to several places or features:
adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. weather which caused road shut downs at Lapp, resulted in the loss of approximately 1,000 bbls/d of liquids production for the third quarter. For the year to date, crude oil and natural gas liquids sales averaged 46,900 bbls/d, up nine percent from last year, despite the transportation problems at Lapp and asset sales in the second quarter of 1999. Crestar's crude oil realizations rose 48% to average $37.73 per barrel in the third quarter. Natural gas liquids realizations averaged $35.19 per barrel, up 73% from last year, contributing to a 54% improvement in Crestar's overall liquids realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. to $37.32 per barrel. Year to date, liquids realizations averaged $34.82 per barrel, 85% higher than a year ago. The higher realizations are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher crude prices and lower blending costs, partly offset by higher heavy oil differentials in 2000. INTERNATIONAL OPERATIONS Through the purchase of CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. Oil and Gas Ecuador LDC LDC See: Less developed countries LDC See less developed country (LDC). on June 30, 2000, Crestar acquired a 14% working interest in the Block 16 concessions in Ecuador. We are very pleased with the operational performance of this asset to date. Crude oil sales were 5,500 bbls/d during the third quarter, with an average realization of $33.99 per barrel, generating 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 $10.5 million and cash flow of $10.4 million. In the third quarter, net capital expenditures totalled $2.0 million. Crestar participated in the drilling of two successful development wells on Block 16. DOMESTIC OPERATIONS Capital expenditures relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc exploration and development activities totalled $101.8 million in the third quarter, a 33% increase from last year. In the most active quarter in Crestar's history, we spent $58.9 million to drill 300 wells, with an overall success rate of 93% (89% for the year to date). Major development drilling programs were completed at Czar, Little Bow, Jenner Jen·ner , Edward 1749-1823. British physician and vaccination pioneer who found that smallpox could be prevented by inoculation with the substance from cowpox lesions. and Cessford. In the third quarter, ongoing asset management activities resulted in property acquisitions of $6.0 million, largely offset by dispositions totalling $4.7 million. We currently have approximately 10 drilling rigs under contract through the fourth quarter of 2000, with continued exploration and development activity in the Vulcan Vulcan, in astronomy Vulcan, in astronomy, hypothetical planet whose existence was proposed by Leverrier to explain part of the advance of the perihelion of Mercury, not all of which could be accounted for by gravitational effects of the other planets under , Mantario, Alsask, Medicine River and Wembley Wembley: see Brent. areas. Plans are underway to commence our northern, winter-only drilling programs at Sutton Sutton, outer borough (1991 pop. 164,300) of Greater London, SE England. It is mainly residential, but plastics, chemicals, radio components, and paper goods are produced. The areas of Sutton were mentioned in the Domesday Book. , Talbot Lake, Lapp and Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. as soon as
the ground freezes to allow access in these areas. In November,
operations will commence at our Saleski heavy oil pilot project, on a
fly-in basis, until freeze-up enables road access.NORMAL COURSE ISSUER BID Crestar's normal course issuer bid expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on October 14, 2000. During the third quarter, Crestar purchased and cancelled 2,945,400 common shares, at an average price of $22.48 per share. In total, under two issuer bids spanning 1999 and 2000, Crestar purchased and cancelled 5,952,900 million shares at an aggregate cost of $119.0 million. As a result, outstanding shares were reduced by 10% to 52.8 million at September 30, 2000. ANALYST AND MEDIA CONFERENCE CALLS Gulf Canada's third quarter conference call will be available via live audio webcast and telephone on November 8, 2000 at 7:00 a.m. MST See micro systems technology. (9:00am EST EST electroshock therapy. EST abbr. electroshock therapy ). * To hear management's comments via the internet, link to the following URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://webevents.broadcast.com/financecalls/event/index.asp?EarningsID=1792 To listen to the Analyst Conference Call via telephone, listed below are the call-in call-in adj. Being in a format such that listeners or viewers are invited to have their telephone conversations with the host or guests on a show broadcast to other listeners: a call-in radio show. n. and replay numbers:
Call in numbers: 1-888-571-5411 (Canada and U.S.)
1-416-231-6596 (International)
Replay Numbers: 1-877-289-8525 or 1-416-640-1917 (passcode 69857#)
* If you are a member of the media and would like to ask questions after the analyst conference call, please listen to the analyst call first, then call the following phone number(s) prior to 7:45 am MST (9:45 am Eastern)
Call in numbers: 1-877-823-6611 (Canada and U.S.)
1-416-640-4127 (International)
Replay Numbers: 1-877-289-8525 or 1-416-640-1917 (passcode 72632#)
HIGHLIGHTS
(millions of Canadian dollars,
unless otherwise indicated)
Three months ended Nine months ended
September 30 September 30
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2000 1999 Change 2000 1999 Change
------------------------------------------------------------------
Financial
Revenue 327.1 167.0 +96% 819.1 453.6 +81%
Net income 81.6 19.5 +319% 177.4 30.1 +490%
Per share (dollars)
Basic 1.49 0.34 +338% 3.21 0.52 +517%
Fully diluted 1.42 0.32 +344% 3.03 0.51 +494%
Funds from
operations 201.8 90.2 +124% 473.2 226.0 +109%
Per share (dollars)
Basic 3.71 1.57 +136% 8.57 3.92 +119%
Fully diluted 3.50 1.48 +136% 8.05 3.72 +116%
Per BOE at 10:1(2) 26.59 13.26 +101% 21.63 10.58 +104%
Net capital
expenditures 102.8 76.7 +34% 440.6 73.2 +502%
Long term debt at
period end 632.6 555.7 +14% 632.6 555.7 +14%
Shareholders' equity
at period end 557.9 516.5 +8% 557.9 516.5 +8%
Shares outstanding
at period end
(millions)
Basic 52.8 57.9 -9% 52.8 57.9 -9%
Fully diluted 56.9 61.7 -8% 56.9 61.7 -8%
Weighted average
shares outstanding
(millions)
Basic 54.0 57.7 -6% 55.2 57.7 -4%
Fully diluted 58.2 61.5 -5% 59.2 61.4 -4%
Operating
------------------------------------------------------------------
Net undeveloped
land (thousands
of acres) 2,480 2,656 -7% 2,480 2,656 -7%
Drilling activity
(gross wells drilled) 300 166 +81% 596 202 +195%
Sales
Natural gas (mmcf/d) 321 331 -3% 329 354 -7%
Liquids(1)(mbbls/d) 50.4 40.9 +23% 46.9 42.9 +9%
Equivalence at
10:1(2)(mBOE/d) 82.5 74.0 +12% 79.8 78.3 +2%
Equivalence at
6:1(2)(mBOE/d) 103.9 96.0 +8% 101.7 101.9 -
Average realization
Natural gas ($/mcf) 5.21 2.49 +109% 4.12 2.41 +71%
Liquids(1)($/bbl) 37.32 24.30 +54% 34.82 18.83 +85%
Netback ($/BOE
at 10:1)(2)
Product revenue 43.07 24.56 +75% 37.44 21.23 +76%
Royalties 8.52 4.67 +82% 7.71 3.89 +98%
Operating expense 4.63 4.14 +12% 4.66 4.25 +10%
General and
administrative
expense 0.92 0.91 +1% 1.07 0.91 +18%
------------------------------------------------------------------
Operating netback
($/BOE at 10:1)(2) 29.00 14.84 +95% 24.00 12.18 +97%
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(1) Liquids includes volumes of crude oil, natural gas liquids and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. . (2) Natural gas is converted to barrels of oil equivalent (BOE) at 10 thousand cubic feet (10 mcf) of gas per barrel, unless otherwise indicated.
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS (DEFICIT)
(millions of Canadian dollars,
except per share data)
Three months Nine months
ended ended
September 30 September 30
------------------------------------------------------------------
2000 1999 2000 1999
------------------------------------------------------------------
Revenues
Petroleum and natural gas 327.1 167.0 819.1 453.6
Less: royalties 64.7 31.7 168.7 83.1
------------------------------------------------------------------
262.4 135.3 650.4 370.5
------------------------------------------------------------------
Expenses
Operating 35.2 28.2 102.0 90.8
General and administrative 7.0 6.2 23.3 19.4
Interest 12.4 9.4 32.8 30.3
Foreign exchange 6.0 1.4 7.5 4.2
Depletion and depreciation 53.2 49.7 154.2 156.2
Capital taxes 1.8 1.2 5.1 3.4
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115.6 96.1 324.9 304.3
------------------------------------------------------------------
Income before income taxes 146.8 39.2 325.5 66.2
------------------------------------------------------------------
Income taxes (recovery)
Current 4.7 (0.3) 14.7 (0.7)
Future 60.5 20.0 133.4 36.8
------------------------------------------------------------------
65.2 19.7 148.1 36.1
------------------------------------------------------------------
Net income 81.6 19.5 177.4 30.1
Retained earnings (deficit),
beginning of period 27.7 (34.6) - (44.4)
Accounting policy changes(1) - - (52.6) -
Redemption of common shares (39.1) - (54.6) (0.8)
------------------------------------------------------------------
Retained earnings (deficit),
end of period 70.2 (15.1) 70.2 (15.1)
------------------------------------------------------------------
Net income per share
Basic $ 1.49 $ 0.34 $ 3.21 $ 0.52
Fully diluted $ 1.42 $ 0.32 $ 3.03 $ 0.51
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------------------------------------------------------------------
(1) Effective January January: see month. 1, 2000, Crestar adopted the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. new accounting recommendations with respect to income taxes and future employee benefits. The new recommendations were applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin without restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of prior year financial statements. The application of the new liability method for income taxes resulted in a charge to retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. of $51.1 million (largely as a result of prior years' corporate acquisitions) with a corresponding increase in the Company's liability for future income taxes. As a result of the adoption of the new accounting recommendations relating to future employee benefits, a charge of $1.5 million was recorded against retained earnings with the corresponding liability reflected in deferred credits and other obligations.
CONSOLIDATED BALANCE SHEET
(millions of Canadian dollars) September 30 December 31
------------------------------------------------------------------
2000 1999
------------------------------------------------------------------
Assets
Current assets
Cash and short term investments - 20.4
Accounts receivable 138.3 85.8
Other 3.3 0.5
------------------------------------------------------------------
141.6 106.7
Property, plant and equipment 1,750.0 1,456.9
Other 21.4 8.8
------------------------------------------------------------------
1,913.0 1,572.4
------------------------------------------------------------------
------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities
Short term bank indebtedness 3.6 -
Accounts payable 136.1 140.6
Current portion of long term debt 15.1 14.4
Income taxes payable 15.8 0.2
------------------------------------------------------------------
170.6 155.2
------------------------------------------------------------------
Long term debt 632.6 530.8
Future income taxes 489.7 305.2
Deferred credits and other obligations 62.2 57.8
------------------------------------------------------------------
1,355.1 1,049.0
Shareholders' equity
Share capital 487.7 523.4
Retained earnings 70.2 -
------------------------------------------------------------------
557.9 523.4
------------------------------------------------------------------
1,913.0 1,572.4
CONSOLIDATED STATEMENT OF CASH FLOW
(millions of Canadian dollars,
except per share data)
Three months Nine months
ended ended
September 30 September 30
------------------------------------------------------------------
2000 1999 2000 1999
------------------------------------------------------------------
Operating activities
Net income 81.6 19.5 177.4 30.1
Add items not involving cash:
Depletion and depreciation 53.2 49.7 154.2 156.2
Future income taxes 60.5 20.0 133.4 36.8
Other 6.5 1.0 8.2 2.9
------------------------------------------------------------------
Funds from operations 201.8 90.2 473.2 226.0
Changes in non-cash
working capital (14.7) (15.6) (35.8) (14.1)
------------------------------------------------------------------
Cash flow from
operating activities 187.1 74.6 437.4 211.9
------------------------------------------------------------------
Financing activities
Net issue (repayment) of
long term debt (60.6) (2.7) 82.7 (100.9)
Proceeds from exercise
of stock options 3.2 3.3 6.2 5.1
Redemption of common shares (66.2) - (96.5) (5.1)
------------------------------------------------------------------
(123.6) 0.6 (7.6) (100.9)
------------------------------------------------------------------
Cash available for
investing activities 63.5 75.2 429.8 111.0
------------------------------------------------------------------
Investing activities
Expenditures on property,
plant and equipment 108.2 78.0 321.5 135.0
Acquisition of CMS Oil
and Gas Ecuador LDC (0.8) - 140.9 -
Proceeds from dispositions of
property, plant and equipment (4.7) (1.3) (21.9) (61.8)
Expenditures on abandonment
and restoration 1.2 1.1 3.1 1.6
Changes in non-cash working capital (3.0) (29.2) 8.6 (21.5)
Increase in other assets 1.9 - 1.6 0.8
------------------------------------------------------------------
102.8 48.6 453.8 54.1
------------------------------------------------------------------
Increase (decrease) in cash(1) (39.3) 26.6 (24.0) 56.9
Cash, beginning of period 35.7 12.6 20.4 (17.7)
------------------------------------------------------------------
Cash, end of period (3.6) 39.2 (3.6) 39.2
------------------------------------------------------------------
Funds from operations per share
Basic $ 3.71 $ 1.57 $ 8.57 $ 3.92
Fully diluted $ 3.50 $ 1.48 $ 8.05 $ 3.72
------------------------------------------------------------------
------------------------------------------------------------------
(1) Cash is comprised of cash, short term investments and short
term bank indebtedness.
FINANCIAL RATIOS
The following financial ratios are provided in connection with the
Company's continuous offering of medium term notes pursuant to the
shelf prospectus dated October 12, 1999.
------------------------------------------------------------------
Interest coverage on long term debt (times)
Net income(1) 10.0
Funds from operations(2) 14.6
Net tangible asset coverage on long term debt(3) (times) 2.7
------------------------------------------------------------------
------------------------------------------------------------------
(1) Net income plus income taxes plus interest expense on long term debt, divided by interest expense on long term debt, for the twelve months ended September 30, 2000. (2) Funds from operations plus interest on long term debt, divided by interest on long term debt, for the twelve months ended September 30, 2000. (3) Total assets minus intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and current and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. , divided by long term debt based on the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. of the Company as at September 30, 2000.
CONSOLIDATED OIL AND GAS REVENUE
------------------------------------------------------------------
Three months ended Nine months ended
September 30 September 30
------------------------------------------------------------------
2000 1999 Change 2000 1999 Change
------------------------------------------------------------------
Revenue before
royalties ($ millions)
Natural gas 154.1 75.6 +104% 370.9 233.2 +59%
Natural gas liquids 26.4 16.9 +56% 72.3 39.4 +83%
Crude oil 146.6 74.5 +97% 375.9 181.0 +108%
------------------------------------------------------------------
------------------------------------------------------------------
Total oil and gas revenue 327.1 167.0 +96% 819.1 453.6 +81%
------------------------------------------------------------------
Total sales volumes
(mBOE/d @ 10:1) 82.5 74.0 +12% 79.8 78.3 +2%
NET CAPITAL EXPENDITURES
------------------------------------------------------------------
Three months Nine months
ended ended
($ millions) September 30 September 30
------------------------------------------------------------------
2000 1999 2000 1999
------------------------------------------------------------------
Lease acquisitions and rentals 4.7 4.8 31.4 10.0
Geological and geophysical 1.2 7.0 21.1 8.8
Exploration drilling 21.0 12.2 61.1 26.4
Development drilling 37.9 29.9 92.3 39.9
Plant and production facilities 35.0 22.3 92.7 44.2
Ecuador 2.0 - 2.0 -
------------------------------------------------------------------
Expenditures relating to exploration
and development activity 101.8 76.2 300.6 129.3
------------------------------------------------------------------
Property acquisitions 6.0 1.1 18.4 4.6
Ecuador corporate acquisition (0.8) - 140.9 -
Proceeds from property dispositions (4.7) (1.3) (21.9) (61.8)
------------------------------------------------------------------
Net acquisitions (dispositions) 0.5 (0.2) 137.4 (57.2)
------------------------------------------------------------------
Other 0.5 0.7 2.6 1.1
------------------------------------------------------------------
Net capital expenditures 102.8 76.7 440.6 73.2
------------------------------------------------------------------
------------------------------------------------------------------
2000 NINE MONTHS DRILLING SUMMARY
------------------------------------------------------------------
Success (%)
Western Canada
(gross/net wells) Oil Gas Dry Total 2000 1999
------------------------------------------------------------------
Exploratory 29/27 51/45 38/34 118/106 68/68 67/66
Development 140/124 309/192 29/24 478/340 94/93 99/99
------------------------------------------------------------------
Total 169/151 360/237 67/58 596/446 89/87 91/90
------------------------------------------------------------------
------------------------------------------------------------------
This news release is also available on Crestar's Website at www.crestar-energy.com CAUTION TO THE READER The corporate information contained herein contains forward looking (forecast) information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Crestar at the time of preparation, may be proved to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by Crestar that actual results achieved during the forecast period will be the same in whole or in part as those forecast. |
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