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COASTAL ANNOUNCES FIRST QUARTER RESULTS

 COASTAL ANNOUNCES FIRST QUARTER RESULTS
 HOUSTON, April 30 /PRNewswire/ -- The Coastal Corporation


(NYSE: CPG) reported today net earnings for the three months ended March 31, 1992, of $22.4 million, equal to 21 cents per common share. This compares to net earnings in the 1991 first quarter of $54.3 million or 52 cents per common share.
 The diversified energy company's operating profit for the first three months of 1992 totaled $152.5 million compared with $203.6 million a year ago. Operating revenues for the first quarter were $2,536 million in 1992 compared with $2,583 million in 1991.
 "Although first quarter results came in below last year, the energy industry saw a number of positive developments near the end of the quarter, including improved natural gas prices and refining and marketing margins, and the first signs of an improving United States economy," said Coastal President and Chief Executive Officer James R. Paul.
 "Our natural gas and coal businesses again performed positively, reflecting the strategic investments we have made in recent years.
 "However, for most of the first quarter, the sluggish U.S. economy and another warmer-than-normal winter combined to reduce demand, resulting in narrow refinery margins and low prices for natural gas and refined products. These factors tempered results from our refining and marketing, and exploration and production groups for the period.
 "As the economy improves, we believe Coastal is well positioned for growth in all of its segments."
 On a segment basis, operating profit for natural gas, Coastal's largest profit contributor, increased to $146.1 million compared with $143.8 million in the first quarter a year ago. Total throughput volumes for Coastal's natural gas pipelines amounted to 527.7 billion cubic feet for the first quarter, compared with 544.3 billion cubic feet a year ago.
 Refining and marketing's operations resulted in a $14.8 million loss compared with a $30.6 million profit for the period a year earlier. Particularly poor refining and marketing margins in the quarter resulted from the continuing weak U.S. economy and soft demand caused by the warm 1991-1992 heating season.
 Operating profit for exploration and production totaled $4.8 million for the first three months of 1992, compared with $7.8 million for the period a year earlier. Average production of natural gas for the quarter of 100.7 million cubic feet per day was down from 129.4 million cubic feet per day a year earlier. The 1992 production level represents less than half of this segment's deliverability and reflects the company's policy of shutting in production when prices fall below acceptable levels. Net production of crude oil and condensate averaged 10,682 barrels daily, compared with 10,579 barrels a day for the same period in 1991.
 The coal segment's operating profit for the quarter was $21.8 million, compared with $20.5 million last year. The increase was due largely to production efficiencies as coal sales from the company's own facilities dipped slightly to 3.7 million tons from 3.8 million tons for the period a year earlier.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of $9 billion and subsidiary operations in natural gas transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 THE COASTAL CORPORATION AND SUBSIDIARIES
 (In millions except per share)
 Three months ended March 31 1992 1991
 Operating revenues $2,536.1 $2,582.8
 Operating costs and expenses
 Purchases and operating expenses $2,303.4 $2,300.5
 Depreciation, depletion &
 amortization 80.2 78.7
 Total $2,383.6 $2,379.2
 Operating profit $ 152.5 $ 203.6
 Other income - net $ 16.0 $ 11.7
 Other expense
 General and administrative $ 12.3 $ 12.9
 Interest and debt expense 118.8 113.4
 Taxes on income 15.0 34.7
 Total $ 146.1 $ 161.0
 Net earnings $ 22.4 $ 54.3
 Dividends on preferred stock $ .1 $ .1
 Net earnings available
 to common stockholders $ 22.3 $ 54.2
 Earnings per share $ .21 $ .52
 Average common and common
 equivalent shares 104.4 104.6
 Operating profit/(loss)
 by segment
 Natural gas $ 146.1 $ 143.8
 Refining and marketing (14.8) 30.6
 Exploration and production 4.8 7.8
 Coal 21.8 20.5
 Other (5.4) .9
 Total $ 152.5 $ 203.6
 -0- 4/30/92
 /CONTACT: Dave Scott, 713-877-3839, or Steve Eames, 713-877-6733, for Coastal Corporation/
 (CGP) CO: Coastal Corporation ST: Texas IN: OIL SU: ERN


SM -- NY026 -- 4794 04/30/92 09:42 EDT
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Date:Apr 30, 1992
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