DORCHESTER HUGOTON REPORTS 1991 ANNUAL RESULTS
DORCHESTER HUGOTON REPORTS 1991 ANNUAL RESULTS DALLAS, Jan. 28 /PRNewswire/ -- Dorchester Hugoton, Ltd.
(NASDAQ/NMS: DHULZ) announced today net earnings for the year ended Dec. 31, 1991 of $2,157,000 or 20 cents per unit compared to $2,475,000 or 23 cents per unit for the previous year. Revenues were $5,095,000 and $6,087,000, respectively.
The partnership has continued to significantly reduce its recurring general and administrative expenses. Despite these cost reductions net earnings continue to be adversely affected by the previously reported reduction in the state regulated allowable quantities of natural gas which can be produced from its Kansas properties and the costs associated with various legal actions. Net earnings for the three months ended Dec. 31, 1991 were $643,000 or six cents per unit compared to $518,000 or five cents per unit for the same period last year. Revenues were $1,382,000 and $1,523,000, respectively. Net earnings for the quarter increased compared to the same period last year due to the elimination in 1991 of certain severance and related costs. DORCHESTER HUGOTON, LTD. Periods ended 12 Months Three Months Dec. 31; 1991 1990 1991 1990 Revenues $5,095,000 $6,087,000 $1,382,000 $1,523,000 Net earnings 2,157,000 2,475,000 643,000 518,000 Earnings per unit 20 cents 23 cents 6 cents 5 cents Kansas spot market prices and volumes remain depressed as a result of continued weak market demand. The partnership continues to receive only "minimum prices" for its Oklahoma natural gas production, while Oklahoma production volumes continue to increase. Revenues from the partnership's natural gas properties less production taxes and lease operating expenses exclusive of legal costs (the "properties' earnings contribution") amounted to $3,807,000 for 1991 compared to $4,839,000 in 1990. During the fourth quarter of 1991, the properties' earnings contribution was $1,054,000 compared to $1,135,000 for the same period last year. Although Kansas revenues continue to decline, Kansas ad valorem taxes have increased $78,000 and $15,000 compared to the year and three months ended Dec. 31, 1990, respectively. However, general and administrative expenses were reduced $240,000 and $81,000 (exclusive of severance and related expenses) compared to the year and three months ended Dec. 31, 1990, respectively. Dorchester Hugoton, Ltd., is a Dallas based producer of natural gas. -0- 1/28/92 /CONTACT: Preston A. Peak, president of P.A. Peak, Inc., 214-340-3443, for Dorchester Hugoton/ (DHULZ) CO: Dorchester Hugoton, Ltd. ST: Texas IN: OIL SU: ERN
JT -- NY100 -- 4477 01/28/92 18:05 EST
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|Date:||Jan 28, 1992|
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