DORCHESTER HUGOTON REPORTS SECOND QUARTER RESULTS
DORCHESTER HUGOTON REPORTS SECOND QUARTER RESULTS DALLAS, Aug. 4 /PRNewswire/ -- Dorchester Hugoton, Ltd.
(NASDAQ-NMS: DHULZ) announced today net earnings for the second quarter ended June 30, 1992, of $425,000 or 4 cents per unit compared to $430,000 or 4 cents per unit for the same period last year. Net operating revenues were $1,104,000 and $1,203,000, respectively. Earnings for the six months ended June 30, 1992 were $893,000 or 8 cents per unit compared to $972,000 or 9 cents per Unit for the same period last year. Net operating revenues were $2,285,000 and $2,483,000, respectively.
DORCHESTER HUGOTON, LTD. Three Months Ended Six Months Ended June 30 June 30 1992 1991 1992 1991 Net Operating Revenues $1,104,000 $1,203,000 $2,285,000 $2,483,000 Net Earnings 425,000 430,000 893,000 972,000 Earnings Per Unit 4 cents 4 cents 8 cents 9 cents While Kansas spot market gas prices increased 12 percent and 16 percent compared to last quarter and the same period last year, respectively, Kansas gas production volumes, as expected, decreased significantly compared to the same periods as a result of state allowables. The reductions are expected to have a materially adverse effect on the partnership's 1992 net operating revenues, net earnings and cash flows. However, the dollar impact of these reductions cannot be quantified because of the volatility of natural gas pricing in the marketplace. A modest increase in state allowables is expected for Kansas effective Oct. 1, 1992. Oklahoma gas production volumes are approximately the same as last year. However, the partnership continues to receive the federally mandated "minimum prices" for its Oklahoma natural gas production. As a result of elimination of "minimum prices" effective Jan. 1, 1993, under the Natural Gas Wellhead Decontrol Act of 1989, and, in conjunction with the pending litigation in Wharton County, Texas District court against the gas purchaser, Natural gas Pipeline Company of America, the partnership is seeking an order by the Texas Court declaring that the 1946 Gas Contract will expire as of Jan. 1, 1993. The request has been opposed by Natural. Depending on the outcome of the partnership's request, gas pricing could increase or decrease significantly effective in 1993. Dorchester Hugoton, Ltd., is a Dallas-based producer of natural gas and its Depositary Receipts are traded on the NASDAQ National Market System under the symbol DHULZ. -0- 8/4/92 /CONTACT: Preston A. Peak, president of P.A. Peak, Inc., general partner of Dorchester Hugoton, Ltd., 214-340-3443/ (DHULZ) CO: Dorchester Hugoton, Ltd. ST: Texas IN: OIL SU: ERN
PS -- NY065 -- 6839 08/04/92 17:15 EDT
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|Date:||Aug 4, 1992|
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