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SEAGULL ENERGY CORPORATION ANNOUNCES FINANCIAL RESULTS

 SEAGULL ENERGY CORPORATION ANNOUNCES FINANCIAL RESULTS
 HOUSTON, Feb. 24 /PRNewswire/ -- Seagull Energy Corporation


(NYSE: SGO) today reported its financial results for 1991 and the year's fourth quarter.
 Its earnings applicable to common stock for the year fell to $5.1 million, or 45 cents per share, compared with $20.6 million, or $2.09 per fully diluted share, in 1990, which was the company's best ever. Revenues for 1991 increased to $248.5 million, vs. $219.9 million the prior year, while operating profit declined year-to-year to $30.2 million from $42.1 million.
 The operating profit and earnings declines were caused by a combination of four factors. Because of materially higher levels of gas and oil production, non-cash DD&A charges were significantly higher in 1991. Prices received for both gas and oil declined about 15 percent each from 1990 to 1991. Interest expense increased materially in 1991 as Seagull serviced new debt incurred to make a major acquisition. And the company had no construction profits in 1991 comparable to those of 1990.
 These same four factors were the primary reasons for declines in year-to-year fourth quarter performance comparisons. Earnings applicable to common stock for 1991's fourth quarter totaled $3.5 million, or 30 cents per share, on revenues of $72.2 million. In the same quarter of 1990, which was Seagull's most profitable ever, the company had earnings applicable to common stock of $10.4 million, or 93 cents per fully diluted share, on revenues of $75.0 million.
 Operating profit was $11.0 million in 1991's last quarter, compared with $16.7 million in the same quarter of 1990.
 "Despite these factors, we registered modest year-to-year improvement in net cash provided by operating activities before changes in operating assets and liabilities, which we consider an appropriate measure of our financial performance," said Chairman Barry J. Galt. "For calendar 1991, this amount came to $65.9 million, compared with $64.5 million in the previous year.
 "For the fourth quarter of 1991, net cash provided by operating activities before changes in operating assets and liabilities totaled $23.7 million, vs. $22.7 million in the prior-year quarter," he added.
 As of Feb. 1, Galt said the company has curtailed its production of natural gas by about 30 percent because of abnormally low prices, and is prepared to maintain lower levels of production until prices improve.
 "Consistent with that decision, which reflects a long-standing company philosophy, we plan lower levels of capital expenditures in 1992 and have put into place certain other measures to reduce previously projected expenses," he said. While we recognize that 1992 will be a difficult year for everyone in the gas industry, Seagull will stay focused on its objectives and remains confident that the longer-term outlook for natural gas is bright."
 Houston-based Seagull is engaged in gas and oil exploration and production; the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing.
 SEAGULL ENERGY CORPORATION
 Consolidated Fourth Quarter and Annual Results
 (dollars in thousands except share and per-share amounts)
 Periods ended Three months Twelve months
 Dec. 31, 1991 1990 1991 1990
 (unaudited)
 Revenues $ 72,161 $ 75,000 $248,537 $219,908
 Operating profit $ 11,006 $ 16,728 $ 30,183 $ 42,102
 Net cash provided by
 operating activities
 bef. changes in
 operating assets &
 liabilities $ 23,746 $ 22,739 $ 65,909 $ 64,519
 Net cash provided
 by operating
 activities $ 29,314 $ 15,395 $ 66,572 $ 87,321
 Net earnings $ 3,486 $ 10,420 $ 5,107 $ 20,569
 Earnings applicable
 to common stock $ 3,486 $ 10,420 $ 5,107 $ 20,564
 Primary earnings
 per share $ 0.30 $ 0.93 $ 0.45 $2.21
 Fully diluted
 earnings per share $ 0.30 $ 0.93 $ 0.45 $2.09
 Wtd. avg. common
 shares outstg.:
 Primary 11,664,985 11,201,832 11,346,030 9,324,059
 Fully diluted 11,664,985 11,201,832 11,346,030 9,821,321
 BUSINESS SEGMENT INFORMATION
 (Dollars in Thousands)
 (Unaudited)
 Periods ended Three months Twelve months
 Dec. 31, 1991 1990 1991 1990
 Financial Data
 Revenues:
 Exploration &
 production 27,248 18,172 81,099 47,305
 Pipeline
 operations 10,604 12,834 37,823 43,589
 Alaska transmission
 and distribution 34,309 43,994 129,615 129,014
 Operating profit (loss):
 Exploration and
 production (802) 1,714 1,275 4,480
 Pipeline operations 3,074 4,542 7,884 14,077
 Alaska Transmission
 and distribution 8,734 10,472 21,024 23,545
 Operations Data
 Exploration and
 production
 Net daily production:
 Natural gas (Mcf) 121,131 55,197 90,152 39,022
 Oil & condensate (Bbl) 3,898(A) 2,726 3,661(A) 2,226
 Average sales prices:
 Natural gas ($ per Mcf) 1.85 2.14 1.69 1.99
 Oil & condensate
 ($ per Bbl) 19.05 28.09 18.76 21.92
 Pipeline operations
 Pipeline margins
 (Dollars in thousands):
 Gathering sales 148 207 501 993
 Transportation fees 1,547 1,612 6,314 6,127
 Marketing sales (B) 895 719 2,432 2,473
 Pipeline margins 2,590 2,538 9,247 9,593
 Average daily pipeline
 volumes (MMcf):
 Gas gathering 180 180 193 170
 Gas marketing 257 199 250 220
 Partnership systems (net) 103 82 91 85
 Matagorda gas processing
 plant:
 Average daily inlet
 volumes (MMcf) 248 246 247 237
 Average daily net
 production (Bbls) 3,722 3,363 3,453 2,664
 Average NGL sales
 price (per gallon) 34.7 43.7 30.1 32.9
 Alaska transmission
 and distribution
 Degree days 3,553 4,198 10,178 10,874
 Volume of gas
 delivered (MMcf) 11,979 14,865 39,625 44,540
 (A) Includes net daily natural gas liquids production of 740 barrels for the three months and 618 barrels for the twelve months.
 (B) Marketing fees and gas sales net of gas costs and transportation expenses.
 -0- 2/24/92
 /CONTACT: Alan Payne of Seagull Energy, 713-951-4700/
 (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU: ERN SH -- NY061 -- 1980 02/24/92 14:43 EST
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