Printer Friendly

EL PASO NATURAL GAS COMPANY REPORTS SECOND QUARTER EARNINGS

 EL PASO NATURAL GAS COMPANY REPORTS SECOND QUARTER EARNINGS
 EL PASO, Texas, July 7 /PRNewswire/ -- El Paso Natural Gas Company (NYSE: EPG) (EPG) reported second quarter 1992 net income of $17 million, or $0.46 per share based on 37.3 million shares outstanding. In 1991's second quarter when EPG was a wholly owned subsidiary of Burlington Resources (BR), the company earned $19 million, or $0.61 per share from continuing operations, based on 31.4 million shares then outstanding.
 In March 1992, EPG sold 5.75 million shares (representing approximately 15 percent of total outstanding shares) in an initial public offering. On June 30, 1992, the remaining 85 percent of EPG common stock held by BR was distributed to BR's shareholders in a tax- free distribution.
 Second quarter 1992 operating income was $44 million compared with $48 million a year ago. The change resulted from lower take-or-pay income (due to the sale of the company's take-or-pay receivables in the first quarter of 1992), partially offset by decreased operation and maintenance expense. Pipeline throughput totaled 3.5 billion cubic feet per day.
 Six Months Results
 Six months 1992 net income totaled $46 million or $1.31 per share. For the first six months of 1991, the company reported income from continuing operations of $48 million or $1.52 per share. The change in earnings per share between periods was largely due to the increase in shares outstanding from the initial public offering.
 Capital expenditures during the first half of 1992 totaled $129 million compared to $63 million from continuing operations in 1991. The increase was due to EPG's expansion program completed in April of this year. First half cash flow from operations was $221 million compared with $251 million from continuing operations a year ago.
 EL PASO NATURAL GAS COMPANY
 Consolidated Statement of Income
 (In Thousands, Except per Share Amounts)
 (unaudited)
 Periods ended Second Quarter Six Months
 June 30 1992 1991 1992 1991
 Revenues $ 188,424 $ 175,645 $ 362,834 $ 385,120
 Costs and expenses 144,377 127,965 262,011 276,804
 Operating Income 44,047 47,680 100,823 108,316
 Interest expense (17,546) (26,868) (35,232) (53,623)
 Other Income
 (expense) - net 1,876 10,071 8,601 21,921
 Inc. from continuing
 operations before
 income taxes 28,377 30,883 74,192 76,614
 Income taxes 11,082 11,783 28,475 28,816
 Inc. from cont.
 operations 17,295 19,100 45,717 47,798
 Discont. operations -
 net of income taxes -- 14,406 -- 48,940
 Net Income $ 17,295 $ 33,506 $ 45,717 $ 96,738
 Earnings per
 common share:
 Continuing
 operations $ 0.46 $ 0.61 $ 1.31 $ 1.52
 Discontinued
 operations -- 0.45 -- 1.55
 Earnings per
 common share $ 0.46 $ 1.06 $ 1.31 $ 3.07
 Average common
 shares 37,304 31,422 34,948 31,422
 Consolidated Balance Sheet
 June 30, 1992
 (In thousands -- unaudited)
 PRO FORMA
 June 30, Dec. 31, Dec. 31,
 1992 1991 1991
 ASSETS
 Current Assets
 Cash and temporary cash
 investments $ 99,955 $ 170,160 $ 324,771
 Accounts and notes
 receivable 134,507 162,951 162,951
 Inventories 50,472 51,347 51,347
 Current portion of take-or-
 pay buy-outs, buy-downs and
 prepayments 56,526 211,491 305,472
 Other 34,252 9,951 9,951
 Total current assets 375,712 605,900 854,492
 Property, plant and
 equipment, net of
 accumulated depreciation
 and amortization 1,370,979 1,283,796 1,283,796
 Take-or-pay buy-outs,
 buy-downs and prepayments 125,777 62,025 62,025
 Other 129,989 142,619 101,619
 Total assets $2,002,457 $2,094,340 $2,301,932
 Liabilities and Stockholders'
 Equity
 Current liabilities
 Accounts payable and
 accrued liabilities $ 251,218 $ 272,767 $ 303,412
 Payable to BR -- -- 250,793
 Other current liabilities 34,988 195,914 5,000
 Total current liabilities 286,206 468,681 559,205
 Payable to BR, less
 current portion -- -- 374,011
 Long-term debt 637,017 638,533 249,942
 Deferred income taxes 219,264 221,575 221,575
 Other liabilities 128,997 71,312 20,960
 Deferred credits 61,774 61,361 61,361
 Total 1,047,052 992,781 927,848
 Stockholders' equity,
 including retained
 earnings of $100,744,
 $68,353 and $338,353 669,199 632,878 814,876
 Total liabilities and
 stockholders' equity $2,002,457 $2,094,340 $2,301,932
 The Pro Forma Balance Sheet presented above reflects the adjustments as reported on page 13 of the company's March 12, 1992 prospectus.
 Consolidated Cash Flow
 (In thousands -- unaudited)
 Six months ended
 June 30,
 1992 1991
 Cash flows from operating activities
 Net income $ 45,717 $ 47,798
 Adjustments to reconcile net
 income to cash
 Depreciation and amortization 36,326 31,763
 Deferred income taxes (29,261) (48,656)
 Other 168,478 219,792
 Net cash provided by operating
 activities 221,260 250,697
 Cash flows from investing activities
 Capital expenditures (128,709) (63,207)
 Other 9,639 (42,119)
 Net cash used in investing
 activities (119,070) (105,326)
 Net cash used in financing
 activities (327,006) (174,994)
 Decrease in cash and temporary
 cash investments (224,816) (29,623)
 Cash and temporary cash investments
 Beginning of period 324,771 624,808
 End of period $ 99,955 $595,185
 -0- 7/7/92
 /CONTACT: Norma F. Dunn of El Paso Natural Gas, 915-541-5443/
 (EPG) CO: El Paso Natural Gas Company ST: Texas IN: OIL SU: ERN


SH -- NY032 -- 6971 07/07/92 11:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 7, 1992
Words:911
Previous Article:PIZZA HUT USES LOCAL EXPERTS TO INTRODUCE ITS FLAVORS OF NEW YORK AND PHILLY
Next Article:SOUTHERN CALIFORNIA EDISON OFFERS PREFERRED STOCK
Topics:


Related Articles
El Paso Energy Corporation Reports Record First Quarter 1997 Earnings
El Paso Energy Corporation Reports 16 Percent Increase in Third Quarter Earnings Per Share, Declares Quarterly Dividend.
El Paso Energy Corporation Reports Record 1998 and Fourth Quarter Earnings, Announces Dividend Increase.
El Paso Tennessee Pipeline Co. Reports Full Year 1998 and Fourth Quarter Earnings.
El Paso Energy Corporation Reports Record First Quarter Earnings.
El Paso Energy Corporation Reports 84% Increase in Adjusted First Quarter Earnings Per Share.
El Paso Tennessee Pipeline Co. Reports First Quarter 2000 Earnings.
El Paso Energy Corporation Reports Record Second Quarter Earnings Per Share.
El Paso Tennessee Pipeline Co. Reports Second Quarter 2000 Earnings.
El Paso to Beat Second Quarter Consensus Earnings; Reiterates 2001 EPS Guidance.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters