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BARRETT RESOURCES REPORTS THREE AND SIX MONTH RESULTS

 BARRETT RESOURCES REPORTS THREE AND SIX MONTH RESULTS
 DENVER, May 20 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ: BARC) reported net income of $118,000, or 1 cent per share, on revenues of $15 million for the six months ended March 31, 1992, compared to the prior year's six month earnings of $1.2 million, or 12 cents per share. For the quarter ended March 31, 1992, the company incurred a net loss of $282,000, or 3 cents per share, on revenues of $8.3 million compared to the prior year's quarterly earnings of $620,000, or 6 cents per share. The results for both the quarterly and six month periods include a non-cash write-down of $960,000 to the carrying value of the company's oil and gas properties. Without the write-down, the company would have had net income of $1.0 million for the six months and $601,000 for the quarter. Cash flow from operations before working capital changes for the six months was $2.7 million, or 28 cents per share, virtually unchanged from the six months ended March 31, 1991.
 The company uses the full cost method of accounting for its oil and gas producing activities. Under Securities and Exchange Commission regulations for full cost accounting, the company was required to record a non-cash expense of $960,000 to reduce the carrying value of its oil and gas properties as of March 31, 1992. This write-down was due primarily to declining oil and gas prices at March 31, which caused the full cost ceiling to be less than the carrying value of the properties. The regulations require that the full cost ceiling be computed without considering seasonal or temporary price variations. The write-down is a permanent reduction to the carrying value of oil and gas properties which will reduce future depletion deductions.
 The company's oil and gas production averaged 1,892 barrels of oil equivalent per day for the quarter ended March 31, 1992 and 1,683 barrels of oil equivalent per day for the six months ended March 31, 1992, increases of 10 percent and 5 percent from the respective prior year periods. During the quarter ended March 31, 1992, the company sold its oil and gas production at prices that were 21 percent and 10 percent less, respectively, than the prices received during the quarter ended March 31, 1991. During the six months ended March 31, 1992, the company's oil sales prices were 28 percent lower and its gas sales prices were 9 percent lower than the comparable prior year period.
 Gas trading revenues were $5.6 million for the quarter ended March 31, 1992 and $9.7 million for the six months ended March 31, 1992. Gross profits from gas trading were $427,000 for the quarter and $600,000 for the six months ended March 31, 1992. During the comparable prior year periods, gas trading revenues were $1.5 million for the quarter and $7.6 million for the six months, while quarterly gross profit was $173,000 and six month gross profit was $250,000. The increases in revenues and profits are due to the company continuing to build its gas trading activities from the initiation of these activities in August 1990.
 Barrett Resources is a Denver based independent oil and gas exploration, production and marketing company. The company's stock is traded on the NASDAQ Market System with the symbol BARC.
 BARRETT RESOURCES CORP.
 Consolidated Condensed Statements of Operations
 Three Months Ended Six Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Revenues:
 Oil and gas
 production $1,695,000 $1,687,000 $3,175,000 $3,320,000
 Revenue from
 operating oil and
 gas properties 801,000 644,000 1,565,000 1,373,000
 Gas trading 5,563,000 1,492,000 9,700,000 2,591,000
 Revenue from gas
 gathering 60,000 154,000 142,000 275,000
 Interest income 150,000 278,000 360,000 650,000
 Other income 1,000 6,000 25,000 14,000
 8,270,000 4,261,000 14,967,000 8,223,000
 Operating expenses:
 Oil and gas
 production costs 389,000 449,000 819,000 1,002,000
 Depreciation,
 depletion and
 amortization 863,000 763,000 1,549,000 1,438,000
 Reduction in
 carrying value of
 oil and gas
 properties 960,000 --- 960,000 ---
 Cost of gas
 trading 5,136,000 1,319,000 9,100,000 2,341,000
 Operating,
 general and
 administrative 1,206,000 1,051,000 2,371,000 2,176,000
 Interest expense 8,000 7,000 15,000 15,000
 8,562,000 3,589,000 14,814,000 6,972,000
 Income (loss) for the
 period before
 income taxes (292,000) 672,000 153,000 1,251,000
 Provision (benefit)
 for income taxes (10,000) 52,000 35,000 97,000
 Net income (loss)
 for the period $(282,000) $620,000 $118,000 $1,154,000
 Net income (loss)
 per common share
 and common share
 equivalent $(.03) $.06 $.01 $.12
 Weighted average
 common shares
 outstanding 9,729,057 9,880,642 9,812,682 9,880,642
 -0- 5/20/92
 /CONTACT: Bob Howard or Carolyn Norland both of Barrett Resources, 303-297-3900/
 (BARC) CO: Barrett Resources Corp. ST: Colorado IN: OIL SU: ERN


MC -- DV003 -- 2360 05/20/92 13:57 EDT
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Date:May 20, 1992
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