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AMOCO FIRST QUARTER EARNINGS $234 MILLION COMPARED WITH $492 MILLION IN FIRST QUARTER 1991 BEFORE ACCOUNTING CHANGE; PER SHARE $ .47 VS $ .98.

AMOCO FIRST QUARTER EARNINGS $234 MILLION COMPARED WITH $492 MILLION IN FIRST QUARTER 1991 BEFORE ACCOUNTING CHANGE; PER SHARE $ .47 VS $ .98.
 CHICAGO, April 21 /PRNewswire/ -- Amoco Corporation (NYSE: AN) today reported estimated earnings of $234 million for the first quarter of 1992. This compared with $492 million earned for the first quarter of 1991. Including the cumulative benefit associated with adoption in 1991 of Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," first-quarter 1991 net earnings totaled $803 million.
 "The earnings decline reflects lower crude oil and natural gas prices and continued weak margins and sales volumes for chemicals and lower margins for refining, marketing, and transportation," said H. Laurance Fuller, Amoco chairman and chief executive officer.
 Fuller added that first-quarter 1992 earnings included a benefit of $67 million relating to revised estimates of future tax obligations and $20 million relating to early debt retirement, partially offset by a charge of $39 million due to the effects of Norwegian tax legislation on existing deferred tax liabilities.
 Earnings on a per-share basis were $.47 for the first quarter of 1992, compared with $.98, before the cumulative effect of the accounting change, for the first quarter of 1991.
 Revenues for the first quarter of 1992 were $6.4 billion, compared with $7.3 billion for the like 1991 period.
 For the 12-month period ended March 31, 1992, return on average shareholders' equity was 6.4 percent compared with 13.9 percent for the 12 months ended March 31, 1991, before the cumulative effect of the accounting change. Return on average capital employed was 5.7 percent for the 12-month period ended March 31, 1992, vs. 11.4 percent for the corresponding prior-year period before the cumulative effect of the accounting change.
 Worldwide capital and exploration expenditures amounted to $648 million in the current quarter, down from $793 million for the first quarter of 1991. Amoco previously announced a full-year capital and exploration expenditure budget of $3.7 billion for 1992. In view of the current adverse economic conditions affecting the industry, anticipated expenditures for the year are being reevaluated.
 Domestic exploration and production earnings of $145 million in the first quarter of 1992 were 33 percent below the $218 million earned in the prior-year period. The decline mainly resulted from lower crude oil and natural gas prices and lower crude oil production.
 Foreign exploration and production activities incurred an $11 million loss in the first quarter of 1992 compared with earnings of $95 million in the first quarter of 1991. The decrease vs. 1991 reflected lower crude oil prices and natural gas volumes, and the adverse effects of Norwegian tax legislation.
 Refining, marketing, and transportation operations earned $65 million during the first quarter of 1992. This compared with $214 million in the corresponding period of 1991. The decline in earnings from a year ago primarily resulted from lower refined product margins.
 Chemical earnings of $35 million for the first quarter of 1992 compared with $83 million earned for the similar 1991 period. Lower margins and sales volumes for most product lines, reflecting industry overcapacity, adversely affected 1992 chemical results.
 Other operations reported a loss of $20 million in the first quarter of 1992 compared with a $22 million loss in the corresponding 1991 period.
 Corporate activities, including net interest and general corporate expenses, reflected a gain of $20 million for 1992 compared with a $96 million loss in 1991. The improvement primarily related to the revised estimate of future tax obligations, and a benefit associated with early retirement of debt.
 First-quarter 1992 worldwide net crude oil and natural gas liquids (NGL) production averaged 731,000 barrels per day compared with 772,000 barrels per day for the corresponding 1991 period. U.S. liquids production averaged 329,000 barrels per day for the current quarter, down 8 percent from the same period in 1991, primarily reflecting property dispositions. Foreign net liquids production averaged 402,000 barrels per day in the current quarter, down 3 percent from the corresponding period in 1991.
 Worldwide net natural gas production for the first quarter of 1992 was 3.8 billion cubic feet per day, 4 percent below the 1991 level of 4 billion cubic feet per day. U.S. natural gas production was 2.2 billion cubic feet per day, down 4 percent vs. the first quarter of 1991, primarily reflecting property dispositions. Foreign production averaged 1.6 billion cubic feet per day, 3 percent below the first quarter of 1991. Increased production in Trinidad and Canada was more than offset by lower production in the U.K. and the Netherlands.
 Sales of refined products, including Canadian NGL sales, averaged 1,223,000 barrels per day in 1992, 6 percent above the first quarter of 1991. U.S. sales volumes in the first three months of 1992 averaged 1,032,000 barrels per day, compared with 953,000 barrels per day for the first quarter of 1991.
 U.S. refinery runs averaged 874,000 barrels per day in the first quarter of 1992 compared with 849,000 barrels per day for the same period in 1991.
 Summary financial and operating data for the first quarter and comparisons with 1991 data are contained in the following tables.
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST QUARTER--1992
 1992
 Estimated 1991
 Segment Earnings ($MM)
 Exploration & Production
 United States $ 145 $ 218
 Foreign (11) 95
 Refining, Mktg., & Trans. 65 214
 Chemicals 35 83
 Other Operations (20) (22)
 Corporate 20 (96)
 Income Before the
 Cumulative Effect of the
 Accounting Change 234 492
 Cumulative Benefit of Change in
 Accounting for Income Taxes -- 311
 Net Income $ 234 $ 803
 Earnings per Share Before
 the Cumulative Effect of
 the Accounting Change $ .47 $ .98
 Earnings per Share $ .47 $ 1.60
 Revenues ($MM) $6,384 $7,315
 Capital & Exploration
 Expenditures ($MM) $ 648 $ 793
 Direct Taxes, Excluding
 Consumer Excise Taxes ($MM) $ 333 $ 607
 Earnings Before the Cumulative
 Effect of the Accounting Change
 as a Percent of Revenues (a) 3.7 Pct. 6.7 Pct.
 (a) 1991 Earnings as a Percent of Revenues including the cumulative effect of the accounting change was 11 percent.
 AMOCO CORPORATION
 SUMMARY DATA
 FIRST QUARTER--1992
 1992
 Estimated 1991
 Rate of Return (Before the
 Cumulative Effect of the
 Accounting Change, twelve
 months ended March 31)
 On Average
 Shareholders' Equity (b) 6.4 Pct. 13.9 Pct.
 On Average
 Capital Employed (b) 5.7 Pct. 11.4 Pct
 Weighted Average Shares
 of Common Stock
 Outstanding (M) 496,255 500,787
 Shares of Common Stock
 Outstanding as of
 March 31 (M) 496,185 499,946
 (b) 1991 Rates of Return, including the cumulative effect
 of the accounting change, in relation to Average
 Shareholders' Equity and Average Capital Employed, were
 15.9 percent and 12.9 percent, respectively.
 AMOCO CORPORATION
 FINANCIAL SUMMARY
 FIRST QUARTER--1992
 1992
 Estimated 1991
 Revenues ($MM)
 Refined Products $2,442 $2,784
 Crude Oil 1,435 1,788
 Natural Gas 574 724
 Chemical Products 906 1,002
 Other 292 330
 Total Sales & Other
 Operating Revenues 5,649 6,628
 Consumer Excise Taxes 662 597
 Other Income 73 90
 Total Revenues $6,384 $7,315
 Capital & Exploration
 Expenditures ($MM)
 Exploration & Production
 United States $ 147 $ 186
 Foreign 273 400
 Refining, Mktg., & Trans. 125 86
 Chemicals 78 92
 Corporate & Other 25 29
 Total $ 648 $ 793
 Petroleum Exploration Expenses
 Charged to Income (Included Above)
 United States--dry holes $ 37 $ 21
 --other 38 40
 Foreign --dry holes 57 64
 --other 66 72
 Total $ 198 $ 197
 Income and Other Taxes ($MM)
 Income
 Federal $ 77 $ 184
 Foreign 93 169
 State & Local 13 14
 Total 183 367
 Production & Severance 54 85
 Other Direct 96 155
 Total Direct Taxes 333 607
 Consumer Excise 662 597
 Total Taxes $ 995 $1,204
 AMOCO CORPORATION
 OPERATING SUMMARY
 FIRST QUARTER--1992
 1992
 Estimated 1991
 Net Production of Crude
 Oil and NGL (MBbls/Day)
 United States--crude oil 234 266
 --NGL 95 93
 Canada --crude oil 81 88
 --NGL 12 13
 Europe 58 55
 Other Foreign 251 257
 Total 731 772
 Net Production of
 Natural Gas (MMCF/Day)
 United States 2,221 2,325
 Canada 874 800
 Europe 236 449
 Other Foreign 490 396
 Total 3,821 3,970
 Refined Product Sales
 (MBbls/Day)
 United States
 Gasoline 558 539
 Distillates 333 296
 Other Products 141 118
 Subtotal 1,032 953
 Canada 184 188
 Overseas 7 8
 Total 1,223 1,149
 Input to U.S. Crude Units
 (MBbls/Day) 874 849
 Chemical Products Revenues ($MM)
 United States $ 629 $ 696
 Foreign 277 306
 Total $ 906 $1,002
 -0- 4/21/92
 /CONTACT: Patricia Wright of Amoco, 312-856-5566/
 (AN) CO: Amoco Corporation ST: Illinois IN: OIL SU: ERN


KD -- NY068 -- 0628 04/21/92 12:08 EDT
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