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NUEVO ENERGY COMPANY REPORTS FIRST QUARTER RESULTS

 HOUSTON, May 4 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today reported net income for the first quarter of 1993 of $2.2 million, or $0.20 per share, as compared to a net loss of $289,000 ($0.03 loss per share) incurred during the first quarter of 1992.
 Revenues generated during the 1993 quarter totaled $26.5 million, up 247 percent from the comparable period in 1992. Operating cash flow totaled $10.1 million, or $1.12 per share, up 262 percent from the 1992 results of $2.8 million ($0.32 per share).
 J.P. Bryan, chairman and chief executive officer, said: "Results for the first quarter of 1993 in comparison to the 1992 period reflect a 90 percent increase in oil and gas production levels on a barrel of oil equivalent basis due primarily to the success of our major development projects, and significant improvement in gas prices. We are quite pleased with the production performance of our recently concluded recompletion program in the Oak Hill Field, and the significant production contributions from our other major properties in the Weeks Island and North Frisco City Fields, as well as from the Austin Chalk formation in the Giddings Field."
 Oil production during the first quarter of 1993 totaled 459,000 barrels (5,100 barrels per day), as compared to 202,000 barrels (2,200 barrels per day) produced during the 1992 period. Gas production for the same period rose 71 percent to 4.0 billion cubic feet ("BCF")(44.8 MMCF per day) as compared to 2.4 BCF (26.2 MMCF per day) reflecting primarily a 147 percent production increase from Oak Hill.
 During the three month period, the average price received per thousand cubic feet of gas was $1.91 in 1993 vs. $1.49 in 1992. Oil prices averaged $18.35 and $17.37 per barrel during the 1993 and 1992 periods, respectively.
 Nuevo is an independent energy company primarily engaged in the acquisition, development, production and exploration of oil and gas properties. Nuevo also owns interests in a natural gas processing plant and gas pipeline and gathering systems. Nuevo's oil and gas properties are primarily located in East Texas, in the onshore and offshore areas of the Gulf Coast and in Alabama.
 As previously reported, a registration statement was filed with the Securities and Exchange Commission on April 22 relating to the proposed sale of 2.7 million shares of common stock, including 1.2 million shares to be sold by stockholders who are subsidiaries of Torchmark Corporation (NYSE: TMK) and currently own approximately 31 percent of Nuevo's common stock. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement is declared effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 NUEVO ENERGY COMPANY
 STATEMENT OF OPERATIONS & CASH FLOWS FROM OPERATIONS
 (Amounts in thousands, except per share amounts)
 (Unaudited)
 3 mos. ended March 31 1993 1992
 Revenues:
 Oil and gas revenues $16,874 $ 7,021
 Gas plant revenues 5,735 ---
 Pipeline revenues 3,857 592
 Interest and other income 68 33
 Total 26,534 7,646
 Costs and expenses:
 Lease operating expenses 3,111 2,188
 Gas plant operating expenses 4,571 ---
 Pipeline operating expenses 2,573 199
 Depreciation, depletion and amortization 7,091 3,234
 General and administrative expenses 2,342 1,619
 Interest expense 3,102 838
 Other expenses 69 ---
 Total 22,859 8,078
 Income (loss) before income taxes and
 minority interest 3,675 (432)
 Provision (benefit) for income taxes 1,385 (143)
 Minority interest 82 ---
 Net income (loss) 2,208 (289)
 Preferred stock dividends 438 ---
 Earnings available to common stockholders $ 1,770 $ (289)
 Earnings per common and common equiv. share $ 0.20 $ (0.03)
 Weighted average common and common
 equivalent shares outstanding 9,064 8,681
 Operating cash flow:
 Earnings available to common stockholders $ 1,770 $ (289)
 Depreciation, depletion and amortization 7,091 3,234
 Deferred income taxes 1,199 (143)
 Minority interest 82 ---
 Operating cash flow $10,142 $ 2,802
 Cash flow per share $ 1.12 $ 0.32
 SUMMARY OPERATING DATA
 (Dollar amounts in thousands, except per unit data)
 3 mos. ended March 31 1993 1992
 Exploration and production operations:
 Gas production (MMcf) 4,033 2,354
 Oil production (MBbl) 459 202
 Average sales prices:
 Natural gas ($ per Mcf) $ 1.91 $ 1.49
 Oil ($ per Bbl) $ 18.35 $ 17.37
 Gas plant operations:
 Average daily inlet volumes (MMcf) 52.0 ---(a)
 Average daily net production (MBbl) 4.3 ---(a)
 Average NGL sales prices ($ per gallon) $ .32 ---(a)
 Pipeline operations:
 Throughput (MMcf) 5,161 3,690
 Operating margins ($) $ 1,284 $ 393
 (a) Gas plant operations were acquired effective April 1992.
 CONDENSED BALANCE SHEET
 3/31/93 12/31/92
 (Unaudited)
 Assets:
 Current assets $ 20,494 $ 31,494
 Net property, plant and equipment 218,843 202,766
 Other assets 4,477 4,631
 Total $243,814 $238,891
 Liabilities and stockholders' equity:
 Current liabilities $ 20,273 $ 17,656
 Long-term debt 87,862 88,742
 Deferred taxes 13,719 8,893
 Other long-term liabilities 2,955 2,835
 Minority interest 1,528 1,611
 Stockholders' equity 117,477 119,154
 Total $243,814 $238,891
 -0- 5/3/93
 /CONTACT: John C. Vanderhider, vice president-Finance of Nuevo Energy, 713-652-0706/
 (NEV)


CO: Nuevo Energy Company ST: Texas IN: OIL SU: ERN OFR

RA-BN -- AT002 -- 4221 05/04/93 10:10 EDT
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