Printer Friendly

PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1992

 PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS
 FOR SECOND QUARTER AND SIX MONTHS OF 1992
 SHREVEPORT, La. Aug. 14 /PRNewswire/ -- Petrol Industries, Inc. (NASDAQ: PTRL) today reported that it had lost $57,000, equal to $.03 per share, during the quarter ended June 30, 1992 on revenue of $310,498, compared to a loss of $101,377, equal to $.06 per share, on revenue of $275,403, in the second quarter of 1991. The company lost $58,014 from operations in the second quarter of 1992, on operating revenue of $309,484, compared to a loss of $96,005 from operations for the 1991 period on operating revenue of $265,775.
 For the six months ended June 30, 1992, the company lost $132,615, equal to $.08 per share, on revenue of $581,868, compared to a loss of $145,211, equal to $.09 per share, on revenue of $578,176. The company sustained an operating loss of $135,273, on operating revenue of $579,210 in the six months ended June 30, 1992, compared to an operating loss of $150,339, on operating revenue of $558,048 in the first six months of 1991.
 The improvement in operating results for the three month period is due primarily to relief from persistent adverse weather prevailing in the company's drilling region throughout the first three months of the year as well as throughout the bulk of the six month period in 1991, coupled with slightly higher oil prices realized during the second quarter of 1992. Expenses were essentially unchanged throughout the comparable periods. Prices were somewhat lower, however, over the entire six month period in 1992, compared to 1991, however, because of a sharp increase in oil prices during the first quarter of 1991 as a result of the Persian Gulf war.
 Oil prices averaged $19.69 ($19.44 including the barrel equivalent for gas sold by the company) in the second quarter of 1992, compared to an average of $19.11 per barrel in the second quarter of 1991 ($18.56 including the barrel equivalent for gas sold by the company). For the six month period, oil prices averaged $18.62 ($18.39 including gas sales) in the 1992 period, compared to $19.65 ($18.53 including gas sales) in the 1991 period.
 PETROL INDUSTRIES, INC. AND SUBSIDIARIES
 Operating Highlights
 (Unaudited)
 For the quarter ended June 30, 1992 1991
 Oil and gas sales $305,263 $261,202
 Other operating income 4,221 4,573
 Gross revenues 310,498 275,403
 Net loss (57,000) (101,377)
 Net loss per share ($.03) ($.06)
 Weighted average shares used to
 calculate earnings per share 1,597,258 1,695,192
 For the six months ended June 30, 1992 1991
 Oil and gas sales $571,482 $550,648
 Other operating income 7,728 7,400
 Gross revenues 581,868 578,176
 Net loss (132,615) (145,211)
 Net loss per share ($.08) ($.09)
 Weighted average shares used to
 calculate earnings per share 1,597,258 1,709,976
 -0- 8/14/92
 /CONTACT: Howard E. Chase, corporate secretary, 212-735-8600 or David Lerner, counsel, 212-735-8600, of Petrol Industries/
 (PTRL) CO: Petrol Industries, Inc. ST: Louisiana IN: OIL SU: ERN


TM-DC -- NY003 -- 9857 08/14/92 08:16 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 14, 1992
Words:543
Previous Article:ZEUS COMPONENTS REPORTS THIRD QUARTER RESULTS
Next Article:PRIMARK ANNOUNCES AGREEMENT TO ACQUIRE DATASTREAM; REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
PETROL INDUSTRIES, INC., REPORTS RESULTS OF OPERATIONS FOR THIRD QUARTER AND NINE MONTHS OF 1992
PETROL INDUSTRIES, INC. REPORTS INCOME FOR YEAR ENDED DEC. 31, 1992
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1993
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR THIRD QUARTER AND NINE MONTHS OF 1993
PETROL INDUSTRIES, INC. REPORTS LOSS FOR YEAR ENDED DECEMBER 31, 1993
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1994
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1995
Petrol Industries, Inc. Reports Results of Operations For Second Quarter and Six Months of 1996
Petrol Industries, Inc. Reports Results of Operations for Second Quarter and Six Months of 1997
Petrol Industries, Inc. Reports Results of Operations for Second Quarter and Six Months of 1998

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters