Howell Corporation Posts $0.26 EPS and $0.68 CFPS in First Quarter; Dividends Declared On Common and Preferred Shares.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 24, 2002 Howell How´ell n. 1. The upper stage of a porcelian furnace. Corporation (NYSE NYSE See: New York Stock Exchange :HWL HWL Hutchison Whampoa Limited (Hong Kong) HWL Henry Wadsworth Longfellow (author) HWL High Warlord (gaming, World of Warcraft) HWL Hazardous Waste List HWL High Water Line )(Nasdaq:HWLLP) today announced operating and financial results for the first quarter. Howell reported net income of $2.4 million ($0.26 per common share) for the quarter ended March 31, 2002, on revenues of $18.4 million. These results compared to net income of $6.6 million ($0.70 per common share) on revenues of $23.0 million for the first quarter of 2001. 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 changes was $6.4 million ($0.68 per common share) compared to $9.7 million ($1.02 per common share) for the first quarter of 2001. All per share amounts are presented 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 and reflect a 10% stock dividend issued in the first quarter of 2002. Howell's average net daily production for the first quarter increased to 9,702 barrels of oil, 663 barrels of NGLs, and 8.7 million cubic feet of natural gas. During the first quarter of 2001, average net daily production was 7,707 barrels of oil, 371 barrels of NGLs, and 7.1 million cubic feet of natural gas. The increase in liquids production is primarily attributable to the recent transaction whereby Howell acquired Conoco's interest in the Elk Basin Field, located in northern Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. and southern Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). . The reductions in earnings and cash flow per share were predominately a result of lower commodity prices. Howell's average realized product prices during the first quarter were $18.34 per barrel of oil, $12.46 per barrel of natural gas liquids ("NGLs"), and $1.80 per Mcf of natural gas. These prices are significantly lower than $25.46 per barrel of oil, $26.18 per barrel of NGLs, and $6.47 per Mcf of natural gas that Howell received during the same quarter in 2001. Howell's President & 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. , Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a K. Hebert, commented, "Howell recorded solid financial performance for the first quarter in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite lower prices. We increased total production 27.5% over the first quarter of 2001. Net liquids production (oil and NGLs) climbed to more than 10,000 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. . With the recent recovery in oil and gas prices, these first quarter results provide encouragement as we look forward to the remainder of 2002." At its meeting earlier today, the Board of Directors declared a cash dividend of $0.04 per share on Howell common stock payable May 29, 2002, to shareholders of record on May 15, 2002. A dividend of $0.875 per share on Howell Corporation's $3.50 Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". will be payable June June: see month. 28, 2002, to shareholders of record on June 7, 2002. Howell Corporation, based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , is an independent energy company engaged in the acquisition, exploitation, and exploration of producing oil and gas properties. This press release includes 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. within the meaning of Section 27A of the Securities Exchange Act of 1934. Although Howell believes that its expectations are based upon reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, uninsured risks, environmental risks, drilling and operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. , risks related to exploration and development, the availability of capital resources, uncertainties about the estimates of reserves, competition and government regulation.
HOWELL CORPORATION
CONSOLIDATED FINANCIAL & OPERATIONS SUMMARY
(CONDENSED AND UNAUDITED)
(dollars in thousands, except per share amounts and per unit amounts)
QUARTER ENDED
MARCH 31
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2002 2001
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Revenues:
Oil, gas & NGL $18,172 $22,658
Other 188 313
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Total revenues 18,360 22,971
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Expenses:
Lifting costs 7,073 6,372
Production taxes 2,012 2,322
Depreciation, depletion
and amortization 3,066 2,042
General and administrative 1,630 1,092
Other 34 8
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Total expenses 13,815 11,836
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Operating profit 4,545 11,135
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Interest expense - net 791 1,235
Other expense (income) (1) (249)
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Earnings before income taxes 3,755 10,149
Income tax expense 1,314 3,552
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Net earnings $2,441 $6,597
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Wtd. avg. common shares
outstanding-Basic 6,566 6,629
Earnings per common
share-Basic: $0.28 $0.90
Wtd. avg. common shares
outstanding-Diluted 9,450 9,479
Earnings per common
share-Diluted: $0.26 $0.70
OPERATIONS SUMMARY
Oil production (Mbbls) 873 694
NGL production (Mbbls) 60 33
Gas production (Mmcf) 786 637
MBOE 1,064 833
Oil sales price (average) $18.34 $25.46
NGL price (average) $12.46 $26.18
Gas price (average) $1.80 $6.47
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