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COASTAL ANNOUNCES IMPROVED FIRST QUARTER RESULTS

 HOUSTON, April 27 /PRNewswire/ -- The Coastal Corporation reported today net earnings for the three months ended March 31, 1993, to $25.0 million, equal to 24 cents per share. This compares to a loss in the 1992 first quarter of $6.0 million, or 6 cents per share.
 The diversified energy company's operating profit for the first three months of 1993 totaled $154.6 million, up from $106.4 million a year ago. Operating revenues for the first quarter were $2,647.1 million in 1993 compared with $2,536.1 million in 1992.
 "Coastal's increased profits are largely due to improved results in refining and marketing," said Coastal President and Chief Executive Officer James R. Paul. "Progressively improving margins in the quarter and the impacts of the restructuring which we previously announced returned the segment to profitability, reversing earlier losses. We expect further improvement as industry conditions stabilize and we continue our focus on efficiency."
 "Meanwhile, our other major segments performed in line with our expectations and are well-positioned for future growth."
 On a segment basis, refining and marketing posted an operating profit of $1.7 million for the quarter, compared with a $50.5 million operating loss for the same quarter a year earlier. Sales of refined products, including products purchased from others, averaged 855,900 barrels per day compared with 929,300 barrels per day a year ago.
 Operating profit for natural gas, Coastal's largest profit contributor, was $122.9 million compared with $135.6 million in the first quarter a year earlier. The first-quarter results reflect new rates implemented late in 1992 by a major pipeline subsidiary, which have the effect of allowing revenues to be earned more evenly throughout the year. Total throughput volumes for Coastal's natural gas pipelines amounted to 533.0 billion cubic feet for the first quarter, compared with 529.5 billion cubic feet a year ago.
 Operating profit for exploration and production totaled $10.3 million for the first three months of 1993, compared with $4.8 million for the period a year earlier. Average production of natural gas for the quarter of 225.6 million cubic feet per day was up from 100.7 million cubic feet per day a year ago. The rising in production volumes is due to increased deliverability from successful drilling activities and improved prices, which later factor allowed the company to resume sales of natural gas which had been shut in during the year-earlier period because of unacceptably low prices. Net production of crude oil and condensate averaged 12,663 barrels daily, compared with 10,682 barrels a day for the same period in 1992.
 The coal segment's operating profit for the quarter was $23.1 million, up from $21.9 million for the corresponding quarter a year ago. Despite lower prices, production efficiencies allowed increased operating profit as coal sales from the company's own facilities climbed to 4.0 million tons from 3.7 million tons for the period a year earlier.
 The Coastal Corporation (NYSE: CGP) is a Houston-based energy holding company. Coastal has consolidated assets of more then $10 billion and subsidiary operations in natural gas marketing, transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 THE COASTAL CORPORATION AND SUBSIDIARIES
 (millions except per share)
 Three months ended March 31 1993 1992(A)
 (Restated)
 Operating revenues $2,647.1 $2,536.1
 Operating costs and expenses:
 Purchases 1,968.6 1,908.0
 Operating expenses 434.3 431.1
 Depreciation, depletion & amort. 89.6 90.6
 TOTAL $2,492.5 $2,429.7
 Operating profit $154.6 $106.4
 Other income - net 19.1 16.3
 Other expense
 General & administrative 12.9 12.3
 Interest and debt expense 121.6 118.8
 Taxes on income 14.2 (2.4)
 TOTAL $148.7 $128.7
 Net earnings (loss) $25.0 $(6.0)
 Dividends on preferred stock .1 .1
 Net earnings (loss) available
 to common stockholders 24.9 (6.1)
 Earnings (loss) per share $.24 $(.06)
 Average common & common
 equivalent shares 104.6 103.8
 Operating profit/(loss) by segment:
 Natural gas $122.9 $135.6
 Refining and marketing 1.7 (50.5)
 Exploration and production 10.3 4.8
 Coal 23.1 21.9
 Other (3.4) (5.4)
 TOTAL $154.6 $106.4
 (A) -- Restated in accordance with previously announced accounting changes.
 -0- 4/27/93
 /CONTACT: Dave Scott, 713-877-3839, or Steve Eames, 713-877-6733, both of the Coastal Corporation/
 (CGP)


CO: The Coastal Corporation ST: Texas IN: OIL SU: ERN

CK-LS -- NY037 -- 1233 04/27/93 10:18 EDT
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Date:Apr 27, 1993
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