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CABOT OIL & GAS REPORTS THIRD QUARTER RESULTS

 HOUSTON, Oct. 26 /PRNewswire/ -- Cabot Oil & Gas Corp. (NYSE: COG) today reported a 39 percent increase in third quarter 1993 operating income to $2.5 million, up from $1.8 million reported for the same period last year. However, the company reported a net loss of $3.4 million, or 16 cents per share available to common stockholders, after charges of $2.9 million, or 14 cents per share, to reflect changes in the federal income tax rate, and $0.6 million, or 3 cents per share, for the payment of dividends on the company's preferred stock issued in May 1993. For the same period last year, the company reported a net loss of $0.2 million, of 1 cent per share. Discretionary cash flow rose 58 percent to $11.2 million for the quarter, or 55 cents per share, compared with $7.1 million, or 35 cents per share, in the third quarter of 1992.
 Excluding the charge for federal income tax described above, year-to-date earnings available to common stockholders were $4.2 million, or 20 cents per share, compared with $3.3 million or 16 cents per share in the comparable period of 1992. Results for 1992 exclude charges of $3.9 million of 19 cents per share related to a tax settlement and the adoption of SFAS 106. Year-to-date discretionary cash flow increased $11.2 million, to $36.9 million from $25.7 million in the first nine months of 1992.
 Revenues were $33.5 million for the quarter and $115.4 million year-to-date, compared with $32.7 million and $101.8 million, respectively, in 1992.
 Operating income during the quarter was helped by higher gas prices and production and lower general and administrative expenses, compared with last year. Gas sales were down, however, due to lower gas purchases made for resale.
 Chairman and chief executive officer, John H. Lollar noted, "Our year-to-date earnings and cash flow show substantial improvement over 1992 levels due to acquisitions and improved industry conditions. We are confident that our strategic plan to acquire additional producing properties with enhancement and development opportunities will increase our earnings and cash flow in the future. On Sept. 30, the company closed another key acquisition which expands our presence in Appalachia and increases production beginning in the fourth quarter. Although the amount of improvement in earnings and cash flow remains sensitive to gas prices, which have softened recently, and to the timing of closing on pending acquisitions, the company expects improved earnings and cash flow for the fourth quarter and full year 1993, compared with 1992."
 Cabot Oil & Gas is a leading independent natural gas producer and marketer with substantial interests in the Appalachian and Anadarko regions. The company maintains headquarters in Houston, Texas, and regional offices in Pittsburgh, Pa. and Oklahoma City, Okla.
 CABOT OIL AND GAS RESULTS
 OPERATING DATA
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Produced Natural Gas
 Volumes (Bcf)
 Appalachia 6.1 6.2 19.0 19.4
 Anadarko 5.1 4.5 14.3 14.9
 Total 11.2 10.7 33.3 34.3
 Purchased Natural Gas
 Volumes (Bcf)
 Appalachia 4.0 5.7 11.9 12.3
 Anadarko 1.1 1.0 3.2 3.0
 Total 5.1 6.7 15.1 15.3
 Purchased Gas Cost($/Mcf) $2.07 $1.79 $2.06 $1.69
 Natural Gas Sales
 Volumes (Bcf)
 Appalachia 7.6 9.7 27.8 30.2
 Anadarko 6.0 5.4 17.5 17.9
 Total 13.6 15.1 45.3 48.1
 Average Gas Sales
 Prices ($/Mcf)
 Appalachia $2.60 $2.30 $2.68 $2.35
 Anadarko $1.96 $1.66 $1.93 $1.45
 Total $2.31 $2.07 $2.39 $2.02
 Crude/Condensate
 Volumes (MBbl) 103 43 240 122
 Crude/Condensate Price
 ($/Bbl) $15.71 $20.87 $17.27 $19.27
 Number of wells drilled
 Gross 50 37 90 70
 Net 46.2 34.2 83.1 60.8
 CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
 (in millions, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Natural Gas $31.5 $31.2 $108.3 $96.9
 Crude Oil
 and condensate 1.6 0.9 4.2 2.3
 Other 0.4 0.6 2.9 2.6
 Total 33.5 32.7 115.4 101.8
 Costs and Expenses:
 Costs of natural gas 6.8 9.0 30.6 25.7
 Operations 7.1 6.2 21.0 18.5
 Exploration 1.6 1.3 5.2 4.3
 Taxes other than
 income 2.3 1.8 6.8 5.1
 Administrative 4.5 5.0 12.7 14.5
 Depreciation,
 depletion and
 amortization 8.7 7.7 24.8 23.8
 Total 31.0 31.0 101.1 91.9
 Other income 0.0 0.1 0.7 0.2
 Income from
 operations 2.5 1.8 15.0 10.1
 Interest expense (2.4) (2.4) (7.5) (7.2)
 Income before
 income taxes 0.1 (0.6) 7.5 2.9
 Income tax expense
 (benefit) 2.9 (0.4) 5.3 3.5
 Net income (loss) (2.8) (0.2) 2.2 (0.6)
 Dividend requirement
 on preferred stock 0.6 --- 0.9 ---
 Net income (loss)
 available to common $(3.4) $(0.2) $1.3 $(0.6)
 Net income (loss) per
 common share (16 cents) (1 cent) 6 cents (3 cents)
 Average common
 shares outstanding
 (in thousands) 20,522 20,465 20,491 20,465
 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
 (in millions)
 Sept. 30, Dec. 31,
 1993 1992
 Assets:
 Current assets $40.2 $41.7
 Property, equipment and other assets 392.8 307.0
 Total assets $433.0 $348.7
 Liabilities and stockholders equity:
 Current liabilities $33.2 $32.8
 Long-term debt 161.0 120.0
 Deferred income taxes 77.8 71.6
 Other liabilities 6.9 6.0
 Stockholders' equity 154.1 118.3
 Total liabilities and stockholders'
 equity $433.0 $348.7
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
 (in millions)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Cash Flows From Operating
 Activities:
 Net income (loss) $(2.8) $(0.2) $2.2 $(0.6)
 Income charges not
 requiring cash 12.4 6.0 29.5 21.9
 Changes in assets and
 liabilities, net (1.3) (6.2) 6.9 1.3
 Exploration expense 1.6 1.3 5.2 4.3
 Cash provided by
 operations 9.9 0.9 43.8 26.9
 Cash flow from investing
 activities:
 Capital expenditures (a) (59.5) (11.1) (75.3) (26.7)
 Proceeds from sale
 of assets 0.0 0.1 1.2 0.2
 Exploration expense (1.6) (1.3) (5.2) (4.3)
 Cash used by investing (61.1) (12.3) (79.3) (30.8)
 Cash Flows From Financing
 Activities:
 Sale of common stock 0.5 0.0 1.1 0.0
 Increase in debt 54.0 11.6 39.2 4.6
 Dividends and other, net (1.2) (0.8) (2.8) (2.4)
 Cash provided by financing 53.3 10.8 37.5 2.2
 Net increase (decrease) in
 cash and cash equivalents $2.1 $(0.6) $2.0 $(1.7)
 Discretionary cash flow $11.2 $7.1 $36.9 $25.7
 (a): Includes third quarter acquisition of oil and gas properties for approximately $45 million and excludes non-cash purchase of oil and gas properties in the second quarter (valued at approximately $35 million) for preferred stock of the company.
 -0- 10/26/93
 /CONTACT: Steven Tholen, 713-589-4696, or Sharon Van Huss, 713-589-4698, both of Cabot Oil and Gas/
 (COG)


CO: Cabot Oil & Gas Corp. ST: Texas IN: OIL SU: ERN

CM-JL -- NE013 -- 6811 10/26/93 13:16 EDT
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Date:Oct 26, 1993
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