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EQUITABLE RESOURCES REPORTS HIGHER EARNINGS

 PITTSBURGH, Aug. 3 /PRNewswire/ -- Equitable Resources, Inc. (NYSE: EQT) today reported continued growth in earnings through the second quarter and six months ended June 30.
 Profits for the latest quarter more than doubled those of a year ago, reaching $8.8 million or 28 cents per share compared with $3.6 million or 12 cents per share a year ago. For the six months, Equitable posted a 33 percent gain to $39.6 million or $1.26 per share from last year's $29.7 million or 95 cents per share.
 Increases in production volumes and wellhead prices of natural gas combined to boost earnings from the company's energy resource segment for both the second quarter and first half of the year. The 24.9 billion cubic feet produced by mid-year set a new six-month record and stood approximately 7 percent above the year-ago level -- well within the 5 to 10 percent growth rate forecast by the company for 1993 as a whole. Wellhead prices, continuing their upturn from 1992, were higher by 70 cents per thousand cubic feet on average for the six months and 83 cents for the second quarter.
 The year's gains have been bolstered by increased earnings from Equitable's other major business segment, utility services, which operates the company's natural gas distribution and transmission businesses. The improvement over 1992 results has been attributable mainly to the effects of rate increases.
 The company added that its newest operation, Louisiana Intrastate Gas Corporation (LIG), is already benefiting from its functional relationship within Equitable. Since being acquired on June 30, transactions generated by Equitable companies accounted for half of LIG's increase in throughput.
 EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
 (Thousands Except Per Share Amounts)
 Three Months Ended Six Months Ended Twelve Months Ended
 June 30, June 30, June 30,
 1993 1992 1993 1992 1993 1992
 OPERATING
 REVENUES $207,782 $161,352 $477,601 $406,560 $883,415 $740,504
 PURCHASED
 GAS 121,903 84,029 259,269 202,812 463,512 344,800
 NET OPERATING
 REVENUES 85,879 77,323 218,332 203,748 419,903 395,704
 OPERATING
 EXPENSES 71,901 68,645 149,005 144,719 295,179 271,837
 OPERATING
 INCOME 13,978 8,678 69,327 59,029 124,724 123,867
 OTHER
 INCOME (145) (64) 138 365 1,554 739
 INTEREST
 CHARGES 8,633 8,842 17,697 20,225 34,883 37,196
 INCOME
 TAXES (3,631) (3,854) 12,142 9,438 21,474 20,779
 NET
 INCOME $ 8,831 $ 3,626 $ 39,626 $ 29,731 $ 69,921 $ 66,631
 COMMON SHARES
 OUTSTANDING
 -- AVERAGE 31,429 31,326 31,418 31,321 31,390 31,285
 EARNINGS PER
 SHARE $ .28 $ .12 $1.26 $ .95 $2.23 $2.13
 Notes:
 (A) Share and per share amounts have been adjusted for three-for-two stock split in January 1993.
 (B) Due to the seasonal nature of the business, the interim statements for the three-month and six-month periods are not indicative of results for a full year.
 (C) The company adopted the provisions of SFAS No. 109 in the first quarter of 1993. The company has elected to restate retained earnings by reducing the balance as of January 1, 1988, by approximately $11 million without restatement of periodic net income because the effect of the change in accounting on all periods reported since that date was not material. As a result, application of the new rules increased deferred income tax liabilities at Jan. 1, 1993, by approximately $80 million and created regulatory assets of approximately $69 million.
 (D) The company also adopted SFAS No. 106 - "Employers' Accounting for Postretirement Benefits Other Than Pensions" in the first quarter of 1993. Under the deferral method, the company's estimated transition obligation of $46 million at Jan. 1, 1993, will be amortized over the next 20 years. Although annual accruals under the new standard will increase approximately $3.7 million, net income will be reduced by only $.5 million after reflecting the impact of regulated rate treatment.
 (E) Net income for the twelve months ended June 30, 1993 and 1992, includes $4.7 million ($.15 per share) and $14.9 million ($.48 per share), respectively, from settlements for the recovery of higher NGPA prices on natural gas produced between 1978 and 1983 as approved by the Federal Energy Regulatory Commission (FERC) in 1990. Approximately $57 million from the settlements remains to be recovered in future gas cost filings with the Pennsylvania Public Utility Commission over the next eight years.
 In addition, a final settlement proposal negotiated with Columbia Gas Transmission Company for the recovery of $19 million was approved by the FERC in February 1993. However, in view of Columbia's filing for reorganization under Chapter 11 of the Bankruptcy Code, the amount of recovery from Columbia remains uncertain and therefore no income has been recognized.
 This information is not given in connection with any sale or offer for sale or offer to buy any security.
 -0- 8/3/93
 /CONTACT: Joseph L. Giebel of Equitable Resources, 412-553-5950/
 (EQT)


CO: Equitable Resources, Inc. ST: Pennsylvania IN: OIL SU: ERN

CD-KC -- PG004 -- 8927 08/03/93 13:05 EDT
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Date:Aug 3, 1993
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