Hallwood Energy Partners, L.P. Announces First Quarter Results for 1999.DENVER--(BUSINESS WIRE)--May 11, 1999-- Hallwood Energy Partners, L.P. (AMEX AMEX See: American Stock Exchange :HEP) today reported revenues for the first quarter of 1999 totaling $9,982,000, compared to $10,674,000 for the first quarter of 1998. Gas production was 3.6 bcf during the first quarter of 1999, compared to 3.3 bcf during the first quarter of 1998. The price received for gas production in the first quarter of 1999 was $1.81 per mcf, compared to $2.07 per mcf during the first quarter of 1998. Oil production totaled 190,000 barrels for the first quarter of 1999, compared to 202,000 barrels for the first quarter of 1998. The oil price received for first quarter 1999 production was $11.41 per barrel, compared to $15.30 per barrel during the first quarter of 1998. The increase in gas production is primarily the result of the acquisition of a production payment during May 1998. The decrease in oil production during 1999 is primarily due to normal production declines. The Class A and Class B limited partners had a net loss of $1,127,000 for the first quarter of 1999, compared to net income of $825,000, for the first quarter of 1998. 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. net loss per Class A and Class B Unit was $.12 per Unit for the first quarter of 1999. Diluted net income per Class A and B Unit was $.09 per Unit for the first quarter of 1998. On May 4, 1999, HEP and its affiliate Hallwood Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Resources Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : HCRC HCRC Human Communication Research Centre (University of Edinburgh) HCRC High Capacity Radio Concentrator HCRC Halton Community Rehabilitation Centre (Ontario, Canada) ) mailed a Joint Proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. Statement/Prospectus to their unitholders and shareholders of record as of April 14, 1999. HEP and HCRC are seeking approval for the consolidation of the two companies into the newly formed Hallwood Energy Corporation. A meeting of the limited partners of HEP to approve the consolidation will be held on May 25, 1999. HEP is a public oil and gas master limited partnership headquartered in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. with properties primarily located in South Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and Colorado, West
Texas, and the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. .
HALLWOOD ENERGY PARTNERS, L.P.
SUMMARIZED FINANCIAL INFORMATION
FIRST QUARTER OF 1999
(In thousands except per Unit and prices)
Quarter Ended
March 31,
1999 1998
---- ----
(Unaudited)
Oil and Gas Revenue $8,657 $9,834
Other Revenue 1,325 840
------- -------
Total Revenue 9,982 10,674
Depreciation & Depletion 4,293 3,539
Other Expenses 6,007 5,384
------- -------
Total Expense 10,300 8,923
------- -------
Net Income (Loss) $ (318) $ 1,751
------- -------
------- -------
General Partner $ 193 $ 310
------- -------
------- -------
Class C Unitholders $ 616 $ 616
------- -------
------- -------
Class A and B Limited Partners $(1,127) $ 825
------- -------
------- -------
Per Class A and B Unit - basic $ (.12) $ .09
------- -------
------- -------
Per Class A and B Unit - diluted $ (.12) $ .09
------- -------
------- -------
Production:
Gas - mcf 3,580 3,265
Oil - barrels 190 202
Price:
Gas - per mcf $ 1.81 $ 2.07
Oil - per barrel $ 11.41 $ 15.30
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion