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NORCEN CASH FLOW UP 23 PERCENT IN THIRD QUARTER

 CALGARY, Alberta, Nov. 4 /PRNewswire/ -- Norcen Energy Resources Ltd. announced today that, for the third quarter of 1993, cash generated from operations amounted to $84.5 million, up 23 percent from $68.5 million in the third quarter a year ago, despite a $3.73 per barrel drop in the average price realized by the company from its oil and gas liquids production. Net earnings, at $5.0 million, were up 25 percent from $4.0 million.
 On a fully diluted per share basis, cash generated was $0.90, compared to $0.79 and earnings were $0.06 up from $0.04 per common share.
 The major factor contributing to the improved financial performance was the consolidation of North Canadian Oils Ltd., which became effective on April 1, 1993. Another factor was a 7 percent increase in Norcen's average gas price.
 Production of oil and gas liquids in the quarter average 62,400 barrels per day, up 11 percent from 56,000 barrels per day a year earlier. And production of natural gas, at 516 million cubic feet per day, was up 92 percent from 269 million cubic feet per day. While North Canadian Oils was the major contributor to these production gains, new crude oil production from both Russia and Argentina since the third quarter a year ago, plus a 21 million cubic feet per day improvement in U.S. gas volumes, also were significant factors.
 A total of 155 working interest wells were drilled in the third quarter, resulting in 39 oil and 103 gas discoveries or extensions, for an overall success ratio of 92 percent. Of the successful wells, 38 gross (16.7 net) oil wells and 100 gross (29.7 net) gas wells were located in Western Canada, and one gross (0.4 net) oil well and 3 gross (0.1 net) gas wells were in the United States.
 For the first nine months of 1993, cash generated from operations totaled $281.9 million, up 30 percent from $216.2 million in the same period a year earlier. Net earnings for the nine months at $29.8 million were up 17 percent from $25.4 million.
 On a fully diluted per share basis, cash generated from operations for the nine months amounted to $3.10 and earnings were $0.36 per common share. Norcen's consolidated cash generation includes North Canadian's cash generation since acquisition on April 1, 1993. This contribution to Norcen's cash flow for the first nine months of 1993 equated to $0.45 per fully diluted Norcen common share.
 Capital Expenditures for the nine months, excluding acquisitions, amounted to $184.5 million, compared to $160.5 million a year earlier. Proceeds from asset sales, net of outlays on small property acquisitions amounted to $63.1 million in the first nine months of 1993, compared to outlays of $53.8 million on net acquisitions in the same period of 1992.
 Norcen also announced that subsequent to quarter end, the Porong-1 exploration well on the Brantas production sharing contract in East Java, Indonesia, was plugged and abandoned. The next well, Baluran-1, located in the Madura Strait, north of Bali, will commence drilling in December.
 NORCEN ENERGY RESOURCES LTD.
 Financial Highlights
 (Millions of dollars, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Sales and other revenues $329.1 $226.2 $1,004.8 $703.0
 Operating income
 Oil and gas $36.1 $36.8 $102.8 $99.3
 Propane marketing (6.7) (5.9) 12.7 9.7
 Mineral resources 6.2 5.7 15.5 18.9
 Corporate and other 0.3 0.7 1.0 0.3
 Total 35.9 37.3 132.0 128.2
 Interest and other financial
 Expense 24.2 21.0 76.0 70.1
 Income taxes 4.4 12.0 24.4 31.8
 Minority interests 2.3 0.3 1.8 0.9
 Net earnings $5.0 $4.0 $29.8 $25.4
 Per ordinary share
 Basic $0.06 $0.04 $0.36 $0.31
 Fully diluted $0.06 $0.04 $0.36 $0.31
 Cash generated from
 operations $84.5 $68.5 $281.9 $216.2
 Per ordinary share
 Basic $1.03 $0.97 $3.59 $3.29
 Fully diluted $0.90 $0.79 $3.10 $2.49
 Capital expenditures,
 excluding acquisitions
 Oil and gas $61.0 $73.4 $170.6 $143.6
 Propane marketing 4.9 5.4 13.9 16.9
 Total $65.9 $78.8 $184.5 $160.5
 Operating
 Production of oil and gas
 liquids
 (thousands of barrels per day) 62.4 56.0 60.1 56.2
 Production of natural gas
 (millions of cubic feet
 per day) 516 269 467 275
 Average prices received
 Oil and gas liquids
 (per barrel) $16.80 $20.53 $17.93 $19.03
 Natural gas (per thousand
 cubic feet) $1.63 $1.52 $1.70 $1.47
 Sales of propane (millions
 of liters) 299 302 1,123 1,057
 -0- 11/4/93
 /CONTACT: Ron Burrows, manager of investor relations, 403-231-0107/
 (NCN.)


CO: Norcen Energy Resources Ltd. ST: Alberta IN: OIL SU: ERN

LM-JL -- LA012 -- 0535 11/04/93 09:03 EST
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Date:Nov 4, 1993
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