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NUEVO ENERGY COMPANY REPORTS YEAR END RESULTS

 HOUSTON, Feb. 10 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today reported fourth quarter 1992 net income of $1,648,000 or $0.13 per share, on revenues of $22,323,000 as compared to net income of $1,493,000 or $0.17 per share, on revenues of $11,701,000 for the fourth quarter 1991.
 The 10 percent increase in net income was offset by preferred stock dividends during the period. Cash flow (net income, deferred taxes and depreciation, depletion and amortization) increased to $7,609,000, or $0.85 per share for the period vs. $6,173,000, or $0.71 per share for the comparable period in 1991.
 The chairman of the company, J.P. Bryan, stated: "We are pleased by our significant growth in revenues and cash flow for the three month period and, had we not incurred a royalty obligation of $704,000 due on a take or pay settlement on certain Louisiana properties, net income per share would have also compared favorably."
 For the 12 months ended Dec. 31, 1992, the company reported net income of $3,682,000 or $0.30 per share on revenues of $61,452,000 as compared to net income of $3,931,000 or $0.45 per share on revenues of $36,252,000 for the 12 months of 1991. Cash flow for the 12 month period was $21,632,000 or $2.46 per share vs. $17,854,000 or $2.06 per share for the 1991 comparable period.
 Nuevo also reported 1992 year end proved reserves which reflect a 24 percent increase over prior year reserves. Proved oil reserves increased from 3.5 million barrels in 1991 to 4.3 million barrels in 1992. The growth was due primarily to development of the North Frisco City Field in Monroe County, Ala. Proved gas reserves increased from 135.6 billion cubic feet to 168.4 billion cubic feet, predominantly from extensions, discoveries and purchases in the Oak Hill Field in East Texas.
 Fourth quarter crude oil production in 1992 and 1991 was 339,000 barrels and 242,000 barrels, respectively. Natural gas production in the fourth quarter of 1992 was 3,304 million cubic feet, compared to 3,155 million cubic feet in the fourth quarter of 1991. 1992 oil and gas volumes were higher due to additional production from the Weeks Island, North Frisco City and Oak Hill Fields. For the 12 month periods, Nuevo produced 1,114,000 barrels of oil and 10,566 million cubic feet of gas during 1992 compared to 610,000 barrels of oil and 11,789 million cubic feet of gas in 1991. The 83 percent increase in 1992 oil volumes is a result of successful development drilling activity. Nuevo's recently concluded recompletion program in the Oak Hill Field largely offset gas volume declines resulting from the sale of certain Kilroy properties and an interest reduction in the Century Offshore Venture, such that the decline from 1991 to 1992 was only 10 percent.
 The average price received for a barrel of oil in the 1992 quarter was $19.28 compared to $20.18 in the 1991 quarter. The average oil price received for the 12 month periods was $19.49 in 1992 vs. $20.71 in 1991. In the three month period, the average price received per thousand cubic feet of gas in 1992 was $2.38 vs. $1.93 in 1991, and the average gas price for the 12 months in 1992 and 1991 was $1.86 and $1.72, respectively.
 Nuevo Energy is an independent oil and gas company primarily engaged in the production, development, exploration and acquisition of oil and gas properties.
 STATEMENT OF OPERATIONS & CASH FLOWS FROM OPERATIONS
 (Amounts in Thousands, except per share amounts)
 (Unaudited)
 3 mos. ended 12/31/92 12/31/91
 REVENUES:
 Oil & gas revenues $14,393 $10,992
 Pipeline revenues 1,838 692
 Gas plant revenues 5,756 ---
 Interest & other income 336 17
 Total revenues 22,323 11,701
 COST AND EXPENSES:
 Lease operating expenses 2,766 2,330
 Pipeline operating expenses 905 211
 Gas plant operating expenses 5,147 ---
 Depreciation, depletion and
 amortization 5,521 4,430
 General & admin. expenses 2,014 1,675
 Interest expense 2,701 787
 Other expense 704 ---
 Total costs & expenses 19,758 9,433
 Net income before taxes 54,000 2,268
 Provision for income taxes 877 775
 Minority interest 40 ---
 Net income 1,648 1,493
 Preferred stock dividends 437 ---
 Earnings on common stock 1,211 1,493
 Common shares outstanding 8,914 8,680
 Earnings per share of common stock 0.13 0.17
 CASH FLOW FROM OPERATIONS
 Net income availabile to common
 shareholders 1,211 1,493
 Deferred income taxes 877 250
 Depreciation, depletion and
 amortization 5,521 4,430
 Total cash flow 7,609 6,173
 Cash flows per share of common stock 0.85 0.71
 12 mos. ended 12/31/92 12/31/91
 REVENUES:
 Oil & gas revenues $41,331 $32,928
 Pipeline revenues 3,574 3,058
 Gas plant revenues 15,883 ---
 Interest & other income 664 266
 Total revenues 61,452 36,252
 COST AND EXPENSES:
 Lease operating expenses 9,948 6,831
 Pipeline operating expenses 1,492 802
 Gas plant operating expenses 12,974 ---
 Depreciation, depletion and
 amortization 17,298 13,849
 General & admin. expenses 6,726 2,673
 Interest expense 6,532 6,123
 Other expense 818 ---
 Total costs & expenses 55,788 30,278
 Net income before taxes 5,664 5,974
 Provision for income taxes 1,942 2,043
 Minority interest 40 ---
 Net income 3,682 3,931
 Preferred stock dividends 1,035 ---
 Earnings on common stock 2,647 3,931
 Common shares outstanding 8,794 8,680
 Earnings per share of common stock 0.30 0.45
 CASH FLOW FROM OPERATIONS
 Net income availabile to common
 shareholders 2,647 3,931
 Deferred income taxes 1,687 74
 Depreciation, depletion and
 amortization 17,298 13,849
 Total cash flow 21,632 17,854
 Cash flows per share of common stock 2.46 2.06
 -0- 2/10/93
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV)


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

BR-RA -- AT008 -- 5113 02/10/93 11:33 EST
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Date:Feb 10, 1993
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