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NOBLE AFFILIATES ANNOUNCES 1991 RESULTS, ANNOUNCES 1992 CAPITAL BUDGET

NOBLE AFFILIATES ANNOUNCES 1991 RESULTS, ANNOUNCES 1992 CAPITAL BUDGET
 ARDMORE, Okla., Jan. 29 /PRNewswire/ -- Noble Affiliates, Inc. (NYSE: NBL) today reported consolidated net income of $19,308,000, or 44 cents per share, on revenues of $250,417,000 for 1991, compared with consolidated net income of $28,554,000, or 65 cents per share, on revenues of $243,196,000, for 1990.
 Consolidated net income for the 1991 fourth quarter was $5,388,000, or 12 cents per share, on revenues of $71,986,000. In the same period of 1990, Noble reported net income of $10,679,000, or 24 cents per share, on revenues of $76,336,000.
 Robert Kelley, Noble's president and chief executive officer, pointed out that the company's oil and gas production reached record levels in 1991. "The increased production, along with acquisitions and increased activity in the international area," he explained, "resulted in higher operating and administrative costs and expenses, which could not be offset because of the lower prices received for both oil and gas during the year."
 Kelley said 1991 oil production averaged 15,001 barrels per day, 17 percent above the previous high of 12,856 barrels per day in 1990. During 1991, the company received an average price of $20.39 per barrel, a drop of 9 percent from the average price of $22.47 per barrel received in the prior year.
 Average daily oil production increased throughout the year as new properties were acquired or development completed and brought on line, Kelley said. During the fourth quarter, average production was 16,590 barrels per day. Production is growing in the international area, he added, as new fields came on line in Indonesia and Equatorial Guinea during the year.
 Gas production averaged 178.4 million cubic feet per day in 1991, a 13 percent increase from the 1990 average of 158.2 million cubic feet per day. The majority of this increase came from the company's Gulf of Mexico properties, primarily as a result of properties acquired during 1991.
 Meanwhile, gas prices received by the company in 1991 averaged $1.74 per thousand cubic feet, down 13 percent from the average price of $2 per thousand cubic feet received in 1990.
 During the fourth quarter, gas production averaged 225.6 million cubic feet per day, up 24 percent from the average daily production of 181.5 million cubic feet in the same quarter of 1990. Gas prices received in the fourth quarter averaged $1.83 per thousand cubic feet, 5 cents below the average received in the comparable quarter of the prior year.
 Kelley said the company's gas production capacity continues to exceed its production level, as it again voluntarily curtailed production from many of its properties during the year due to low spot market prices.
 The company also disclosed it has set its 1992 capital budget at $107.7 million, up 4 percent over the $103.5 million budgeted in 1991.
 Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico and offshore California, as well as international operations primarily in Canada, Tunisia and Indonesia.
 NOBLE AFFILIATES, INC. AND SUBSIDIARIES
 (Unaudited; thousands except per share)
 Quarter ended Dec. 31 1991 1990
 Revenues $71,986 $76,336
 Net income 5,388 10,679
 Net income per share of common stock $.12 $.24
 Average shares outstanding 44,185 44,087
 Year ended Dec. 31 1991 1990
 Revenues $250,417 $243,196
 Net income 19,308 28,554
 Net income per share of common stock $.44 $.65
 Average shares outstanding 44,135 43,986
 -0- 1/29/92
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL) CO: Noble Affiliates, Inc. ST: Oklahoma IN: OIL SU: ERN


CK -- NY057 -- 4763 01/29/92 13:11 EST
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Date:Jan 29, 1992
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