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MAPCO REPORTS EPS OF $4.20 FOR YEAR AND $1.04 FOR FOURTH QUARTER

 MAPCO REPORTS EPS OF $4.20 FOR YEAR AND $1.04 FOR FOURTH QUARTER
 TULSA, Okla., Jan. 29 /PRNewswire/ -- MAPCO Inc. (NYSE: MDA) today reported earnings per share of $4.20 for the year ended Dec. 31, 1991, based on net income of $125.9 million. For 1990, earnings per share were $4.13, based on net income of $130.0 million, after financial adjustments. Operating profit for the year was $258.7 million, compared to $274.5 million in 1990. Average shares outstanding were 30.0 million in 1991 and 31.5 million in 1990.
 For the quarter ended Dec. 31, 1991, earnings per share were $1.04, based on net income of $31.1 million, compared to $.89 per share, based on net income of $27.1 million, after financial adjustments, in the 1990 quarter. Operating profit for the fourth quarter was $61.7 million in 1991 and $62.4 million in 1990. Average shares outstanding in the quarter were 30.0 million in 1991 and 30.6 million in 1990.
 Commenting on the quarter and the year, James E. Barnes, chairman and chief executive officer, said, "On a normal operating basis, we exceeded our expectations for the year. Funds provided by operations were over $220 million and return on stockholders' equity for the year was 34.2 percent." He also noted that MAPCO Transportation had operating profit records for the quarter and the year reflecting continued strong demand for natural gas liquids on the Texas Gulf Coast, and MAPCO Coal's production and sales were also at record levels. Financial results for the year were adversely affected by several unanticipated events including higher than planned expenses associated with the scheduled two-month shutdown at the Memphis refinery, operating problems with the refinery's cat cracker which resulted in reduced throughput for the last two months of the year, and current and anticipated environmental costs. In addition, there was the cost of early redemption of the 10-3/4 percent debentures, which will result in significant interest savings in the future.
 Looking ahead, Barnes noted that the current economic environment is causing weak demand levels in several of MAPCO's business areas. "We also will be operating in an energy environment with plentiful supplies. MAPCO's response is to place heavy emphasis on cost controls and organizational efficiency, and to optimize the use of our strong asset base. One of MAPCO's strengths is our ability to generate cash and we will continue to explore ways to use that cash for the benefit of MAPCO's stockholders."
 During 1991, MAPCO began a medium term note program and approximately $200 million has been issued with maturities ranging from two to 14 years at an average rate below 8-1/2 percent.
 MAPCO Coal generated operating profit of $13.8 million for the quarter and $54.6 million for the year. The segment had record sales of 14.9 million tons for the year. Approximately 80 percent of the anticipated 1992 production is committed under short- and long-term contracts.
 MAPCO Gas Products had operating profit of $11.9 million for the quarter and $36.6 million for the year. Propane and fertilizer sales volumes were flat with the prior year. Natural gas liquids production averaged 6,531 barrels per day in the fourth quarter and 6,056 barrels for the year, compared to 6,490 and 6,394, respectively, in 1990. 1991 results were adversely affected by lower liquids prices and trading margins.
 MAPCO Petroleum had operating profit of $5.7 million for the quarter and $63.4 million for the year. Refined product sales by MAPCO's Alaska refinery were at a record level for the year, reflecting increased market penetration throughout the state. The refinery averaged crude runs over 115,000 barrels per day with approximately 38,000 barrels per day of refined product. The Memphis refinery was adversely affected by problems with operation of the newly expanded cat cracker during the last two months of the year. The refinery is currently operating at almost 80,000 barrels per day, which is above the expansion design rate. During the year the Mid-South retail operation completed conversion of part of its Memphis operation to the Shell brand and consolidation of operations in the Nashville area. In spite of flat demand, per station gasoline volumes and merchandise sales were up over the prior year; however, operations were adversely impacted by weak margins as well as higher operating and environmental costs.
 MAPCO Transportation had operating profit records of $30.3 million for the fourth quarter and $104.1 million for the year. The segment continues to benefit from demand for gas liquids on the Texas Gulf Coast. Total system deliveries for the year averaged over 583,000 barrels per day on the Mid-America system and 158,000 on the Seminole pipeline. Movements on the Rocky Mountain extension for the year averaged over 61,000 barrels per day. In December 1991, MAPCO Transportation announced a $150 million expansion of the 80 percent owned Seminole pipeline. The expansion consists of an additional 535- mile, 14-inch pipeline from West Texas to Mont Belvieu, increasing capacity of the line to over 300,000 barrels per day. The expansion is expected to be completed in the first quarter of 1993.
 MAPCO is a diverse energy company whose principal businesses are conducted by four operating subsidiaries: MAPCO Coal produces and markets bituminous steam and metallurgical coal; MAPCO Gas Products produces and markets natural gas liquids and fertilizers; MAPCO Petroleum operates refineries and retail marketing networks through the Mid-South and Alaska systems; and MAPCO Transportation operates natural gas liquids and ammonia pipelines, and fractionation and storage facilities.
 MAPCO INC.
 Consolidated Statement of Income
 (Unaudited)
 (Dollars and shares in millions, except per share amounts)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Sales and Operating
 Revenues:
 Coal $116.7 $111.0 $ 439.6 $ 415.1
 Gas products 139.1 208.9 478.5 560.2
 Petroleum 425.7 517.7 1,677.1 1,708.5
 Transportation 55.9 47.0 206.1 159.5
 Eliminations (4.7) (6.8) (18.5) (20.8)
 Total $732.7 $877.8 $2,782.8 $2,822.5
 Operating Profit:
 Coal $ 13.8 $ 9.2 $ 54.6 $ 49.0
 Gas products 11.9 17.6 36.6 40.9
 Petroleum 5.7 8.3 63.4 103.3
 Transportation 30.3 27.3 104.1 81.3
 Total $ 61.7 $ 62.4 $ 258.7 $ 274.5
 General corporate expense (4.7) (11.0) (22.5) (28.1)
 Interest expense (15.5) (15.7) (57.1) (59.3)
 Other income -- net 1.8 (.1) 3.5 (1.4)
 Income before income taxes 43.3 35.6 182.6 185.7
 Income taxes
 - current (9.8) (23.8) (51.4) (76.1)
 - deferred (1.9) 14.4 (2.8) 16.4
 Minority interest in
 earnings of subsidiary (.5) -- (2.5) --
 Income from affiliate -- .9 -- 4.0
 Net income $ 31.1 $ 27.1 $ 125.9 $ 130.0
 Earnings per common share $1.04 $.89 $4.20 $4.13
 Average common shares
 outstanding 30.0 30.6 30.0 31.5
 -0- 1/29/92
 /CONTACT: David S. Leslie, 918-599-3655, or home, 918-747-0500; or Terri A. Willson, 918-599-3608, or home, 918-742-3535, both of MAPCO/
 (MDA) CO: MAPCO Inc. ST: Oklahoma IN: OIL SU: ERN


GK-TS -- NY005 -- 4568 01/29/92 08:59 EST
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Date:Jan 29, 1992
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