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COASTAL REPORTS 1991 EARNINGS

 COASTAL REPORTS 1991 EARNINGS
 HOUSTON, Jan. 31 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP)


today reported net earnings for 1991 of $96.3 million on operating profits of $601 million. Comparative numbers for 1990 were $225.6 million for net earnings and $776.5 million for operating profits.
 Earnings per common share were 92 cents compared to $2.15 per share in 1990. Earnings-per-share results for the full year are based on an average of 104.7 million shares in 1991 and 104.8 million shares in 1990.
 "The energy industry has been affected by the recession, warmer- than-normal weather, and the lack of a cohesive national energy policy," said James R. Paul, president and chief executive officer of Coastal.
 "Profits increased in our natural gas and coal segments. However, these were more than offset by declines in refining and marketing, and exploration and production.
 "The recession weakened demand for refined products at the same time that over-supply forced down prices. As a result, refined product prices fell faster than crude oil costs, reducing margins for all refined products.
 "However, Coastal remains well-positioned for growth in all of its segments."
 For the 1991 fourth quarter, Coastal's net earnings were $12.4 million, equal to 12 cents per share, compared to $94.9 million, or 90 cents per share in 1990.
 Operating profit for the fourth quarter totaled $128.7 million compared with $247.4 million the prior year.
 Twelve-month operating profit for natural gas, Coastal's largest profit contributor on a segment basis, was $444.1 million, an increase from $368.5 million in 1990 not including a $25 million one-time benefit relating to termination of certain agreements with a pipeline customer. Fourth-quarter operating profit was $126.2 million, up from $108 million in 1990. Annual throughput volume for Coastal's interstate pipelines totaled approximately 1.87 trillion cubic feet, up 11 percent from 1.69 trillion cubic feet in 1990.
 Refining and marketing reported a $24.9 million operating profit for the full year, which included a $44.9 million loss in the fourth quarter. Fourth-quarter results reflected a $79 million non-cash charge to adjust the carrying value of inventories, as refined product and crude oil prices declined. Weak demand and reduced margins also hurt results for the fourth quarter and the year. Sales of refined products totaled 283 million barrels in 1991 compared to 298 million barrels in 1990. In 1990 operating profits were $243.4 million for the year and $84.8 million for the fourth quarter.
 Exploration and production reported a 1991 operating profit of $45.2 million compared to last year's $60.8 million. Fourth-quarter operating profit for the segment was $27.9 million compared to $34.3 million in the final 1990 quarter. The effects of lower prices and lower natural gas production were partially offset in the 1991 fourth quarter by a gain on the sale of certain gathering and processing assets. Because prices were below acceptable levels, approximately 50 percent of the company's 1991 natural gas deliverability was shut-in.
 The coal segment's operating profit for the full year was $91.1 million, up from $76.7 million in 1990. The fourth quarter figure was $26 million, an increase from $19.9 million in the final 1990 quarter. Sales of coal totaled 15.6 million tons in 1991, compared to 15.1 million tons in 1990.
 The Coastal Corporation is a Houston-based energy holding company. It has consolidated assets of $9 billion and subsidiary operations in natural gas transmission and storage, oil and gas exploration and production, refining and marketing, coal and chemicals, trucking and independent power production.
 THE COASTAL CORPORATION AND SUBSIDIARIES
 (Millions except per share)
 Periods ended Three Months 12 Months
 Dec. 31 1991 1990(A) 1991 1990(A)
 Operating revenues $2,593.9 $2,951.4 $9,548.8 $9,613.8
 Operating costs & expenses:
 Purchases 2,017.6 2,234.0 7,014.1 6,899.6
 Operating & other expenses 380.5 390.7 1,635.0 1,625.3
 Depreciation, depletion &
 amortization 67.1 79.3 298.7 312.4
 Total 2,465.2 2,704.0 8,947.8 8,837.3
 Operating profit 128.7 247.4 601.0 776.5
 Other income - net 13.1 40.8 51.3 105.9
 Other expense:
 General & administrative 18.8 20.4 56.3 54.2
 Interest & debt expense 104.4 113.4 437.8 448.6
 Taxes on income 6.2 59.5 61.9 154.0
 Total 129.4 193.3 556.0 656.8
 Net earnings 12.4 94.9 96.3 225.6
 Dividends on preferred stock .1 .1 .5 .5
 Net earnings available to
 common stockholders $ 12.3 $ 94.8 $ 95.8 $ 225.1
 Earnings per share $.12 $.90 $.92 $2.15
 Average common & common
 equivalent shares 104.6 104.8 104.7 104.8
 Operating profit/(loss) by
 segment:
 Natural gas $ 126.2 $ 108.0 $ 444.1 $ 393.5
 Refining & marketing (44.9) 84.8 24.9 243.4
 Exploration & production 27.9 34.3 45.2 60.8
 Coal 26.0 19.9 91.1 76.7
 Other (6.5) .4 (4.3) 2.1
 Total $ 128.7 $ 247.4 $ 601.0 $ 776.5
 (A) -- Reclassified to include trucking operations, which had been accounted for as a discontinued operation.
 -0- 1/31/92
 /CONTACT: Steven M. Eames of Coastal, 713-877-6733/
 (CGP) CO: Coastal Corporation ST: Texas IN: OIL SU: ERN


CK-JG -- NY029 -- 5592 01/31/92 12:00 EST
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