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AMOCO CORPORATION REPORTS EARNINGS OF $487 MILLION

 CHICAGO, July 22 /PRNewswire/ -- Amoco Corporation (NYSE: AN) today reported estimated consolidated earnings of $487 million, or $.98 per share, for the second quarter of 1993.
 This compared with earnings from operations of $216 million, or $.43 per share, for the second quarter of 1992, excluding charges of $805 million associated with anticipated asset dispositions, restructuring, and workforce reductions, and the benefits of $90 million related to natural gas contract settlements. Including these items, Amoco reported a loss of $499 million, or $1.00 per share, in the 1992 quarter.
 "The improvement in operating results primarily reflected higher earnings in both U.S. exploration and production activities, and refining, marketing, and transportation operations," said H. Laurance Fuller, Amoco chairman and chief executive officer. "I am especially pleased that our ongoing cost-reduction efforts are making a difference on the bottom line.
 "U.S. exploration and production operations improved on the strength of higher natural gas prices and volumes, and lower exploration expenses, while refining, marketing, and transportation earnings increased significantly from last year's second quarter reflecting higher refined product margins and improved operating costs."
 Fuller noted that foreign exploration and production earnings were up mainly due to lower exploration expenses.
 For the first six months of 1993, Amoco's earnings from operations were $830 million, or $1.67 per share, excluding charges of $170 million associated with the writedown of Congo exploration and production operations to current recoverable value, and benefits of $56 million related to the disposition of certain operations. Including these items, earnings were $716 million, or $1.44 per share.
 Six-month 1992 earnings from operations were $473 million, or $.95 per share, excluding the cumulative prior-year charges of $924 million associated with accounting changes, and net charges of $667 million, primarily associated with restructuring. Including these items, Amoco reported a loss of $1,118 million, or $2.25 per share.
 Worldwide capital and exploration expenditures were estimated to be $1.4 billion in the first six months of 1993, compared with $1.3 billion for the like period of 1992.
 Domestic exploration and production (E&P) operations earned $293 million in the second quarter of 1993, excluding provisions of $63 million for the estimated future costs of environmental remediation activities relating to past E&P operations. Domestic E&P activities earned $154 million in the second quarter of 1992, before restructuring charges of $94 million. The increase between the two periods of $139 million reflected higher natural gas and natural gas liquids prices and volumes, and lower exploration expenses. Partly offsetting were lower crude oil prices and production.
 Foreign E&P earnings totaled $53 million for the second quarter of 1993. This compared with a loss of $27 million for the like 1992 period, excluding charges of $258 million relating to restructuring, and benefits of $90 million associated with natural gas contract settlements. The increase in 1993 earnings resulted from lower exploration expenses and favorable currency effects, which more than offset lower crude oil prices and production volumes.
 Refining, marketing, and transportation activities reported second- quarter 1993 earnings of $203 million, before benefits of $59 million relating to a reduction in previous estimates of future costs for environmental remediation activities relating to past operations. Refining, marketing, and transportation operations earned $109 million in the second quarter of 1992, before charges of $51 million associated with losses on asset dispositions and workforce reductions. The increase in operating results over 1992 of $94 million primarily reflected higher refined product margins and improved productivity.
 Chemical earnings were $43 million in the second quarter of 1993. This compared with earnings of $56 million in the second quarter of 1992, excluding restructuring charges totaling $265 million. The decline in earnings between the two periods occurred as lower operating costs were more than offset by higher scheduled maintenance expense and lower margins in certain commodity product lines.
 Other operations reported a loss of $19 million in the second quarter of 1993. This compared with a loss of $24 million in the like 1992 period, before charges of $99 million relating to anticipated losses on the disposition of non-strategic investments and other adjustments.
 Corporate activities, including net interest and other corporate expenses, incurred net expenses of $82 million in the second quarter of 1993. In the second quarter of 1992, corporate activities incurred net expenses of $52 million, before charges of $38 million related to workforce reductions.
 Worldwide net natural gas production for the first six months of 1993 was 4.2 billion cubic feet per day, 10 percent above the 1992 level of 3.8 billion cubic feet per day. U.S. natural gas production was 2.5 billion cubic feet per day, up 11 percent compared with the first half of 1992. Foreign production of 1.7 billion cubic feet per day was 9 percent above last year's first half.
 First-half 1993 worldwide net crude oil and natural gas liquids (NGL) production averaged 682,000 barrels per day compared with 721,000 barrels per day for the corresponding 1992 period. U.S. liquids production averaged 313,000 barrels per day for the first six months, down 4 percent from the same period in 1992, reflecting normal field declines. Foreign net liquids production averaged 369,000 barrels per day in the first half, 7 percent below the corresponding period in 1992, reflecting field declines and dispositions.
 Sales of refined products, including Canadian NGL sales, averaged 1,269,000 barrels per day in 1993, 3 percent above the first six months of 1992. U.S. sales volumes in the first half of 1993 averaged 1,092,000 barrels per day, compared with 1,071,000 barrels per day for the first half of 1992.
 U.S. refinery runs averaged 916,000 barrels per day in the first half of 1993 compared with 914,000 barrels per day for the same period in 1992.
 Summary financial and operating data for the second quarter and first six months of 1993 and comparisons with 1992 data are contained in the following tables.
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST SIX MONTHS-1993
 Second Quarter Six Months
 1993 1993
 Est. 1992 Est. 1992
 Segment Earnings ($MM)
 Exploration & Production
 United States $ 230 $ 60 $ 483 $ 202
 Foreign 53 (195) (41) (120)
 Refining, Mktg., & Trans. 262 58 342 117
 Chemicals 43 (209) 97 (179)
 Other Operations (19) (123) (41) (143)
 Corporate (82) (90) (124) (71)
 Income (Loss) Before the
 Cumulative Effects of
 Accounting Changes 487 (499) 716 (194)
 Cumulative Effects of
 Accounting Changes:
 Accounting for
 Postretirement Benefits -- -- -- (856)
 Accounting for Income
 Taxes -- -- -- (68)
 Net Income (Loss) $ 487 $ (499) $ 716 $(1,118)
 Earnings (Loss) per Share
 Before the Cumulative
 Effects of Accounting
 Changes $ .98 $ (1.00) $ 1.44 $ (.39)
 Earnings (Loss) per Share $ .98 $ (1.00) $ 1.44 $ (2.25)
 Revenues ($MM) $ 7,225 $ 7,368 $14,168 $13,757
 Capital & Exploration
 Expenditures ($MM) $ 792 $ 672 $ 1,437 $ 1,306
 Direct Taxes, Excluding
 Consumer Excise
 Taxes ($MM) $ 399 $ 165 $ 742 $ 487
 Earnings as a Percent
 of Revenues 6.7Pct. NM 5.1Pct. NM
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST SIX MONTHS-1993
 Second Quarter Six Months
 1993 1993
 Est. 1992 Est. 1992
 Rate of Return (Before
 the Cumulative Effects
 of Accounting Changes,
 twelve months ended
 June 30)
 On Average
 Shareholders' Equity --- --- 13.8Pct. 1.9Pct.
 On Average
 Capital Employed --- --- 10.7Pct. 2.6Pct.
 Weighted Average Shares
 of Common Stock
 Outstanding (M) 496,819 496,034 496,683 496,144
 Shares of Common Stock
 Outstanding as of
 June 30 (M) 496,853 496,039
 AMOCO CORPORATION
 FINANCIAL SUMMARY
 FIRST SIX MONTHS-1993
 Second Quarter Six Months
 1993 1993
 Est. 1992 Est. 1992
 Revenues ($MM)
 Refined Products $ 2,853 $ 2,777 $ 5,414 $ 5,219
 Crude Oil 1,670 1,690 3,432 3,129
 Natural Gas 785 920 1,532 1,495
 Chemical Products 862 941 1,709 1,847
 Other 317 301 633 591
 Total Sales & Other
 Operating Revenues 6,487 6,629 12,720 12,281
 Consumer Excise Taxes 683 692 1,329 1,353
 Other Income 55 47 119 123
 Total Revenues $ 7,225 $ 7,368 $14,168 $13,757
 Capital & Exploration
 Expenditures ($MM)
 Exploration & Production
 United States $ 135 $ 79 $ 248 $ 207
 Foreign 352 329 620 613
 Refining, Mktg., & Trans. 186 156 378 279
 Chemicals 75 82 129 158
 Corporate & Other 44 26 62 49
 Total $ 792 $ 672 $ 1,437 $ 1,306
 Petroleum Exploration
 Expenses Charged to
 Income (Included Above)
 United States-dry holes $ 8 $ 19 $ 8 $ 57
 -other 13 22 22 42
 Foreign -dry holes 4 93 25 136
 -other 79 88 141 162
 Total $ 104 $ 222 $ 196 $ 397
 Income and Other
 Taxes ($MM)
 Income
 Federal $ 115 $ (164) $ 86 $ (95)
 Foreign 74 (133) 218 (40)
 State & Local 5 11 12 24
 194 (286) 316 (111)
 Production & Severance 56 307 127 359
 Other Direct 149 144 299 239
 Total Direct Taxes 399 165 742 487
 Consumer Excise 683 692 1,329 1,353
 Total Taxes $ 1,082 $ 857 $ 2,071 $ 1,840
 AMOCO CORPORATION
 OPERATING SUMMARY
 FIRST SIX MONTHS-1993
 Second Quarter Six Months
 1993 1993
 Est. 1992 Est. 1992
 Net Production of
 Natural Gas (MMCF/Day)
 United States 2,452 2,232 2,473 2,226
 Canada 902 749 933 811
 Europe 179 249 267 242
 Other Foreign 509 512 492 501
 Total 4,042 3,742 4,165 3,780
 Net Production of Crude
 Oil and NGL (MBbls/Day)
 United States--crude oil 210 229 213 231
 --NGL 104 94 100 95
 Canada --crude oil 75 73 73 77
 --NGL 13 13 14 13
 Europe 47 53 48 56
 Other Foreign 236 244 234 249
 Total 685 706 682 721
 Refined Product Sales
 (MBbls/Day)
 United States
 Gasoline 612 599 583 578
 Distillates 335 315 325 324
 Other Products 210 197 184 169
 Subtotal 1,157 1,111 1,092 1,071
 Canada 161 135 170 159
 Overseas 7 5 7 6
 Total 1,325 1,251 1,269 1,236
 Input to U.S. Crude Units
 (MBbls/Day) 963 955 916 914
 Chemical Products
 Revenues ($MM)
 United States $ 628 $ 681 $ 1,230 $1,310
 Foreign 234 260 479 537
 Total $ 862 $ 941 $ 1,709 $1,847
 -0- 7/22/93
 /CONTACT: C. J. Fair of Amoco Corporation, Chicago, 312-856-5566/
 (AN)


CO: Amoco Corporation ST: Illinois IN: OIL SU: ERN

BM -- CL020 -- 4503 07/22/93 11:47 EDT
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