KEY REPORTS FIRST QUARTER RESULTS
KEY REPORTS FIRST QUARTER RESULTS DENVER, April 21 /PRNewswire/ -- Key Production Company Inc.
(NASDAQ: KPCI) today reported a first quarter net loss of $173,000, or 2 cents per share, compared to net income of $1.4 million, or 12 cents per share, for the corresponding quarter of 1991. First quarter 1991 earnings benefitted from nonrecurring items totaling $933,000, or 8 cents per share. Cash from operations fell 62 percent to $1.6 million. The loss and decrease in cash flow were attributed to production declines and curtailments, lower oil realizations and spot market natural gas prices which dropped to the lowest level in 13 years.
Production for the quarter totaled 1.7 billion cubic feet (Bcf) of gas and 90,000 barrels of oil, down from 2.4 Bcf and 104,000 barrels of oil during 1991's first quarter. The company received an average price of $1.60 per Mcf, off 6 cents from first quarter 1990. Key realized an average oil price of $15.27 per barrel, $4.82 lower than a year ago. Using cash from operations and working capital, Key reduced its debt by $2.2 million to $3.7 million during the quarter, and reacquired 125,000 shares of its common stock through open market transactions at prices ranging from $3.13 to $3.25 per share. Key Production Company is an independent natural gas and oil production company. Common stock shares of Key trade on the NASDAQ system (symbol KPCI). KEY PRODUCTION COMPANY INC. SUMMARY FINANCIAL INFORMATION (In thousands, except per share data) For the Three Months Ended March 31, 1992 1991 FINANCIAL DATA Revenues $ 4,125 $ 7,364 Net Income (Loss) $ (173) $ 1,435 Income (Loss) Per Common Share $ (.02) $ .12 Weighted Average Shares Outstanding 10,773 11,631 PRODUCTION AND PRICING DATA Natural Gas Production - (Million Cubic Feet) 1,655 2,353 Average Price per Thousand Cubic Feet $ 1.60 $ 1.66 Oil and Condensate Production - (Thousands of Barrels) 90 104 Average Price per Barrel $ 15.27 $ 20.09 -0- 4/21/92 /CONTACT: Jeanne Buchanan of Key Production, 303-837-5017/ (KPCI) CO: Key Production Company Inc. ST: Colorado IN: OIL SU: ERN
BB -- DV009 -- 0712 04/21/92 13:27 EDT
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|Date:||Apr 21, 1992|
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