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ENRON CORP. REPORTS NET INCOME OF $115.8 MILLION, OR $1.08 PER SHARE FOR FIRST QUARTER OF 1992

 ENRON CORP. REPORTS NET INCOME OF $115.8 MILLION, OR $1.08 PER
 SHARE FOR FIRST QUARTER OF 1992
 HOUSTON, April 13 /PRNewswire/ -- Enron Corp. (NYSE: ENE) today reported net income of $115.8 million for the first quarter of 1992, or $1.08 per share after preferred dividends. The amounts compare to net income in the first quarter of 1991 of $108.8 million, or $1.02 per share after preferred dividends.
 Comparable revenues were $3.3 billion in the most recent quarter and $3.6 billion in 1991.
 "Enron's earnings in the first quarter of 1992 were very strong in spite of lower natural gas and crude oil prices," said Kenneth L. Lay, chairman and CEO
of Enron Corp. "We remain on target to achieve a


20 percent earnings per share growth in 1992 and at least 15 percent growth rate in 1993. We look forward to a very positive year this year with two major construction projects moving toward completion.
 "Late this summer, we will begin testing and generating power at our Teesside cogeneration facility in the United Kingdom and in early fourth quarter, our MTBE facility at Morgan's Point, Texas, will begin commercial operation. These two projects reflect Enron's success in diversifying into businesses that benefit from lower natural gas prices and largely offset the negative price impact on our exploration and production business."
 Enron's interstate natural gas pipelines reported earnings before interest and taxes of $110.6 million in the first quarter of 1992 compared to $115.4 million a year ago. The modest decline reflects one of the warmest winters in nearly 60 years in Northern Natural's service territory and the competitive effect of lower No. 6 fuel oil prices in the Florida market, which were largely offset by higher interest income. Future quarters will benefit from Transwestern Pipeline Company's $280 million mainline expansion and San Juan extension, which became operational late in the first quarter of 1992.
 "We are also pursuing two additional major pipeline expansion projects," Lay said. "This month we will file an amended application with the Federal Energy Regulatory Commission (FERC) on final design specifications for the Florida Gas Transmission (FGT) Phase III expansion, and we have already accepted an order which will allow us to expand the Northern Border pipeline by 300 million cubic feet per day by November of this year," he said.
 The Gas Services Group, which includes results from Enron Gas Services and Houston Pipe Line's intrastate operations, reported earnings before interest and taxes of $30.4 million in the first quarter of 1992 compared to $14.9 million a year ago for the combined operations. Earnings increased due to the group's successful long-term natural gas marketing and finance activities.
 Enron Power Corp. reported earnings before interest and taxes of $29.0 million compared to $39.9 million a year ago. Results in 1992 reflect earnings from operating facilities and construction work in progress while 1991 results were largely reported in the first two quarters and reflected significant construction and development revenues and related profits from economic hedges on future construction revenues on the Teesside project.
 "We will continue to report strong profits throughout 1992 from construction work in progress as well as earnings from our U.S. facilities and from the Teesside project when testing of equipment begins and electricity is generated and sold starting later this year," Lay said.
 Enron Liquid Fuels reported earnings before interest and taxes of $28.8 million in the first quarter of 1992 compared to $50.0 million in 1991. Natural gas liquids marketing margins were soft in January due to unfavorable international contracts, which have now expired, and lower first quarter average crude oil margins in the crude oil gathering business. In addition, gas processing earnings declined as anticipated due to higher industry gas processing margins experienced during the Persian Gulf crisis a year ago.
 "In spite of these factors, our natural gas processing business continues to benefit from continued low natural gas prices and now higher crude oil prices," Lay said. "The group expects to record stronger earnings in 1992 when Enron's MTBE plant comes on line and when two new isomerization units become operational."
 Earnings before interest, minority interest and taxes from Enron Oil & Gas Company (EOG) were essentially flat at $20.3 million in the first quarter of 1992 compared to $20.0 million a year ago. EOG's separately reported net income increased to $22.3 million in the current quarter from $11.9 million a year ago, largely reflecting higher tight gas sand federal income tax credits.
 "These results are particularly noteworthy considering 1992 average wellhead natural gas prices were $1.23 per thousand cubic feet (Mcf), down 12 percent from $1.39 per Mcf in 1991," Lay said.
 EOG's wellhead natural gas sales volumes averaged 535 MMcf/d in the first quarter of 1992, a 10 percent increase compared to 486 MMcf/d a year ago. The company held as much as 25 percent of its deliverability off the market during portions of the quarter due to lower than acceptable wellhead natural gas prices.
 EOG's tight gas sand sales were in excess of 180 MMcf/d at the end of the first quarter of 1992. EOG's net income for the first quarter of 1992 benefited significantly from the recognition of a $12.8 million portion of total tight gas sand federal income tax credits estimated to be realized during the year.
 Enron's corporate and other income increased significantly from $8.3 million in the first quarter of 1991 to $18.2 million in the first quarter of 1992 due to lower corporate overhead and due to $15.8 million in pretax gains ($10.4 million after tax) from the sale of Mobil stock compared to $9.4 million in pretax gains ($6.2 million after tax) from the settlement of litigation in the same period a year ago. Approximately 662,000 shares of Mobil stock remain available for sale in 1992 and beyond.
 Interest expense declined $15.5 million reflecting lower short-term interest rates. The corporation's effective tax rate also declined to approximately 24.7 percent compared to 28.0 percent a year ago, primarily as a result of increased tight gas sand federal income tax credits.
 Enron Corp., America's leading natural gas company with more than $13 billion in revenues and $10 billion in assets, operates the nation's largest natural gas transmission system; markets natural gas, natural gas liquids, crude oil and refined products nationally and worldwide; owns 84 percent of Enron Oil & Gas Company, one of the country's largest independent (non-integrated) natural gas exploration and production companies; is one of the largest independent developers and producers of electricity in the United States and the United Kingdom, with extensive experience in combined heat and power installations; and is a leading purchaser and marketer of long-term natural gas supplies.
 -0- 4/14/92
 /CONTACT: Diane Bazelides of Enron Corp., 713-853-6285/
 (ENE) CO: Enron Corp. ST: Texas IN: OIL SU: ERN


SH -- NY016 -- 8079 04/14/92 09:04 EDT
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Date:Apr 14, 1992
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