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NOBLE AFFILIATES REPORTS GAINS IN SECOND QUARTER AND FIRST HALF RESULTS

NOBLE AFFILIATES REPORTS GAINS IN SECOND QUARTER AND FIRST HALF RESULTS
 ARDMORE, Okla., July 29 /PRNewswire/ -- Noble Affiliates, Inc. (NYSE: NBL) today reported significantly improved results for the second quarter and first six months of 1992 from the same periods of the previous year. The results reflect the revenues and gain (approximately $18 million after tax) from the sale of the company's interest in Natural Gas Clearinghouse in May 1992.
 Net income for the 1992 second quarter was $24,086,000, or 54 cents per share, up 507 percent from the $3,969,000, or 9 cents per share, earned in the same period a year ago. Revenues for the 1992 quarter rose 82 percent to $96,943,000 from $53,165,000 in the comparable 1991 period.
 Net income for the first six months of 1992 was $26,637,000, or 60 cents per share, more than double the previous year's first half income of $12,908,000, or 29 cents per share. Revenue for the first half was $158,474,000 compared with $124,613,000 in the first half of 1991.
 Robert Kelley, Noble's president and chief executive officer said the increases reflected several factors, including the gain recorded from the sale of the company's interest in Natural Gas Clearinghouse and in a gas processing and gathering facility for $51.1 million, and the $7.5 million gas contract settlement announced in early July. This was offset in part by a $6.1 million additional depreciation, depletion and amortization expense related to the company's High Island A4 80 prospect in the Gulf of Mexico, he said.
 Kelley said the results also reflected substantial increases in oil and gas production from a year ago and the strengthening of prices for both products from the levels of the first quarter of this year.
 Oil production in the 1992 second quarter averaged 17,270 barrels per day, up 24 percent from the 13,906 barrels per day averaged in the 1991 second quarter. During the 1992 period, Noble received an average price of $19.33 per barrel compared with the average price of $21.07 per barrel received in the 1991 period.
 During the first half of 1992, Noble's oil production averaged 17,795 barrels per day, for which it received an average price of $18 per barrel. In the 1991 first half, production averaged 13,677 barrels per day and prices averaged $21.75 per barrel.
 Daily gas production averaged 198.5 million cubic feet in the second quarter and 201.3 million cubic feet in the first half of 1992, up 43 percent and 28 percent, respectively, over the same periods a year ago. Gas prices received by Noble averaged $1.69 per thousand cubic feet in the 1992 second quarter compared with $1.71 per thousand cubic feet in the 1991 second quarter. For the first half of 1992, the company's prices averaged $1.61 per thousand cubic feet, down 13 percent from 1991s first half average of $1.86 per thousand cubic feet.
 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, as well as international operations primarily in Canada, Tunisia, Indonesia and Equatorial Guinea.
 NOBLE AFFILIATES, INC. AND SUBSIDIARIES
 Consolidated Summary of Results
 (Unaudited -- Thousands Except Per Share)
 For the Quarter Ended June 30
 1992 1991
 Revenues $96,943 $53,165
 Net income $24,086 $ 3,969
 Net income per share of
 common stock $ .54 $ .09
 Average shares outstanding 44,204 44,125
 For the Six Months Ended June 30
 1992 1991
 Revenues $158,474 $124,613
 Net income $ 26,637 $ 12,908
 Net income per share of
 common stock $ .60 $ .29
 Average shares outstanding 44,202 44,113
 -0- 7/29/92
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL) CO: Noble Affiliates Inc. ST: Oklahoma IN: OIL SU: ERN


PS -- NY059 -- 4602 07/29/92 12:07 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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