Printer Friendly

SNYDER OIL EARNINGS RISE SHARPLY

 SNYDER OIL EARNINGS RISE SHARPLY
 FORT WORTH, July 22 /PRNewswire/ -- Snyder Oil Corporation (SOCO)


(NYSE: SNY) today announced its results for the quarter ended June 30, 1992. Revenues increased 41 percent to $27.9 million as cash flow rose 48 percent to $11.3 million. Net income jumped 125 percent to $2.5 million. After deduction of preferred dividends, earnings per common share were $.06, a 20 percent increase.
 Production increased significantly over second quarter 1991 levels, primarily due to drilling in the Wattenberg Field of Colorado. Average daily production in the quarter climbed to 17,000 barrels of oil equivalents, an increase of 27 percent from the prior year period. Rising production more than offset a 6 percent decrease in average prices received. At June 30th, over 200 wells in the Wattenberg drilling program were on production. The company expanded the program in April through the farm-in of additional locations and expects to spend a total of $50 million on Wattenberg drilling in 1992. It is anticipated that at least 400 additional wells will be drilled in the field. A number of initiatives are under way to further expand the company's inventory of development locations and its gas gathering and processing facilities in Wattenberg.
 The company's gross margin from gas marketing, processing and transportation jumped 88 percent to $2.0 million in the quarter. The rise was primarily due to the benefits of a long-term gas contract with a cogeneration facility signed in July 1991 and improved processing margins. The gas contract provides particularly wide margins when prices are low, thereby helping to insulate the company from seasonal price declines.
 As indicated previously, the company's sale of $60 million of convertible preferred stock in late 1991 has positioned it to make a major acquisition. While promising discussions are under way, they should be regarded as preliminary. Given the number of major oil companies committed to sizeable disposition programs, the company is increasingly optimistic that a significant transaction can be finalized.
 SOCO is engaged in the production, development, acquisition and exploration of oil and gas properties and in natural gas processing and transportation. The company's common and convertible preferred shares are traded on the New York Stock Exchange under the symbols "SNY" and "SNY Pr."
 Snyder Oil Corporation
 Unaudited Statements of Operations
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 Percent Percent
 Change 1992 1991 Change 1992 1991
 Revenues
 Oil and
 gas sales $ 18,818 $ 15,704 $ 35,759 $ 30,052
 Gas processing
 and
 transportation 8,357 3,249 17,396 7,552
 Other 774 832 1,707 2,193
 Total 41 27,949 19,785 38 54,862 39,797
 Expenses
 Direct operating 6,920 5,971 13,256 12,073
 Cost of
 gas and
 transportation 6,321 2,166 13,157 4,962
 Gross
 margin 26 14,708 11,648 25 28,449 22,762
 General
 and
 administrative 1,820 1,718 3,192 3,777
 Interest and
 other 1,395 2,310 2,910 4,384
 Depletion,
 depreciation
 and
 amortization 8,213 6,279 15,703 11,606
 Income taxes 775 230 1,510 460
 Net income 125 $ 2,505 $ 1,111 103 $ 5,134 $ 2,535
 Net income
 available to
 common $ 1,305 $ 1,111 $ 2,734 $ 2,535
 Net income
 per common
 share 20 $ .06 $ .05 9 $ .12 $ .11
 Average
 common
 shares
 outstanding (1) 22,674 22,812 (1) 22,708 22,843
 -0- 7/22/92
 /CONTACT: Patti J. Irwin, vice president of Snyder Oil, 817-882-5902/
 (SNY) CO: Snyder Oil Corporation ST: Texas IN: OIL SU: ERN


KD -- NY121 -- 2181 07/22/92 18:16 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:Jul 22, 1992
Words:610
Previous Article:SPECTRUM DIAGNOSTICS OFFERING CLOSES
Next Article:UPDATE ON SOLID WASTE SHIPMENT
Topics:


Related Articles
SNYDER OIL ANNOUNCES RECORD EARNINGS
SNYDER OIL REPORTS RESULTS
SNYDER OIL REPORTS RESULTS
SNYDER OIL REPORTS RESULTS
SNYDER OIL REPORTS RESULTS
SNYDER OIL REPORTS 1995 RESULTS
SNYDER OIL RETURNS TO PROFITABILITY
Snyder Oil Reports Second Quarter Results
Snyder Oil Reports Third Quarter Earnings
Devon Energy's Net Earnings Soar 460 Percent: Second Quarter 2000 Earnings Per Share Top $1.00.

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