KEY REPORTS THIRD QUARTER EARNINGS
KEY REPORTS THIRD QUARTER EARNINGS DENVER, Oct. 23 /PRNewswire/ -- Key Production Company Inc.
(NASDAQ: KPCI) today announced third quarter net income of $97,000 compared to $133,000 during the like period last year. Earnings per share of 1 cent were essentially flat with that of last year as a result of fewer shares outstanding. Cash from operations totaled $2 million versus $2.3 million a year ago. Impacting results were lower production due to property sales, depletion and curtailments and lower oil price realizations.
For the nine months ended Sept. 30, 1992, Key recorded a loss of $32,000, which compared to net income of $1.9 million, or 17 cents per share, during the corresponding 1991 period. Cash from operations decreased 37 percent to $5.7 million versus $9 million in 1991. Using cash from operations, Key repurchased 529,000 shares of its common stock and reduced debt by $2.8 million, bringing total debt to $3.1 million at the close of the quarter. Third quarter production of 1.4 billion cubic feet (Bcf) of gas and 86,755 barrels of oil compared to 2.2 Bcf and 99,346 barrels, respectively, during last year's quarter. The decline in gas production was due to property sales, natural production declines and curtailments. Key benefitted from a higher percentage of gas being sold under premium long-term contracts, reporting an average gas price of $1.95 per thousand cubic feet (Mcf), versus 1991's third quarter price of $1.42 per Mcf. The price of oil dropped to $18.76 per barrel from the previous year's $18.90. Key Production 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 Quarter For the Nine Months Ended Sept. 30, Ended Sept. 30, 1992 1991 1992 1991 FINANCIAL DATA Revenues $ 4,463 $ 5,136 $ 13,105 $ 18,066 Net Income $ 97 $ 133 $ (32) $ 1,914 Income per Common Share $ .01 $ .01 --- $ .17 Weighted Average Common Shares Outstanding 10,253 10,982 10,898 11,344 PRODUCTION AND PRICING DATA Natural Gas Production (MMcf) 1,414 2,229 4,821 6,882 Average Price (per Mcf) $ 1.95 $ 1.42 $ 1.72 $ 1.54 Oil and Condensate Production (thousand barrels) 87 99 271 303 Average price per Barrel $ 18.76 $ 18.90 $ 17.01 $ 19.47 -0- 10/23/92 /CONTACT: Jeanne Buchanan of Key Production, 713-296-6155/ (KPCI) CO: Key Production Co. Inc. ST: Colorado IN: OIL SU: ERN
MC -- DV003 -- 4055 10/23/92 10:23 EDT
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|Date:||Oct 23, 1992|
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