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NORTH CANADIAN ANNOUNCES 1992 THIRD QUARTER AND NINE MONTH RESULTS

NORTH CANADIAN ANNOUNCES 1992 THIRD QUARTER AND NINE MONTH RESULTS
 CALGARY, Alberta, Oct. 27 /PRNewswire/ -- North Canadian Oils Ltd. (AMEX: NCD; Toronto, Montreal: NCO) has announced an increase in revenues and cash generated from operations for the first nine months of 1992 as compared to the same period of 1991.
 Total revenues, net of royalties, rose to $255.5 million from $244.9 million due primarily to an increase in the sale of third party natural gas, higher royalty income from the Polaris Mine and the fees associated with financing the company's two Florida cogeneration projects. Operating revenues, net of royalties, increased to $238.7 million from $228.4 million while the Polaris Mine royalty increased to $7.1 million in 1992 from $3.5 million in 1991. Investment and other income declined because of lower prime interest rates in Canada.
 Cash generated from operations was $72.7 million ($1.85 per common share) in the first nine months of 1992 as compared to $64.5 million ($1.60 per common share) in 1991. Net earnings attributable to common shares, after the deduction of preferred share dividends, was $5.6 million ($0.15 per common share) in 1992 vs. $6.5 million ($0.18 per common share) in 1991.
 Natural gas production averaged 237 mmcfd for the nine-month period of 1992 vs. 231 mmcfd in 1991. Production of crude oil and natural gas liquids declined to 6,175 bpd from 6,665 bpd in 1992 and 1991 respectively because of pipeline restrictions, divestments, and normal declines in mature fields. The average price received for natural gas during the first nine months of 1992 declined to $1.27 per mcf from $1.44 per mcf for the same period of 1991 because of on-going gas-to-gas competition. The average price for crude oil and natural gas liquids increased to $18.73 per bbl from $17.79 per bbl.
 Capital expenditures for the nine months were $105.3 million in 1992 as compared to $73.3 million in 1991. The 1992 amount includes the acquisition of Shell Canada's interests in the progress area of northern Alberta for approximately $75 million which closed on Sept. 10, 1992. A total of 33.6 net exploration and development wells were drilled by the end of Sept. 30, 1992, for an overall success ratio of 83 percent as compared to 92.5 net wells in 1991. The exploration and development projects that were postponed during the first nine months of 1992 because of poor weather conditions, have been deferred to the 1992-93 winter drilling program.
 The company's results for the third quarter of 1992 showed improvement in key areas as compared to the same period of 1991. Total revenues, net of royalties, increased to $89.2 million from $75 million; cash generated from operations rose to $24.9 million ($0.63 per common share) vs. $17.7 million ($0.43 per common share); and net earnings attributable to common shares increased to $3 million ($0.08 per common share) from $1.1 million ($0.03 per common share). Natural gas production increased to 224 mmcfd from 206 mmcfd while production of crude oil and natural gas liquids rose to 6,306 bpd from 6,270 bpd. Further highlights for the three-month period were the start-up of commercial operations of the Syracuse cogeneration facility and closing of financing on the Lake cogeneration project.
 North Canadian Oils Ltd. is a senior exploration, production, marketing and power cogeneration company, NCO's common shares trade on the Toronto and Montreal stock exchanges in Canada and the American Stock Exchange in the United States.
 NORTH CANADIAN OILS LTD.
 Consolidated Results For The Third Quarter
 Ended Sept. 30, 1992
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Operating
 Daily Production
 Natural gas (mmcfd) 224 206 237 231
 Crude oil and NGLs (bpd) 6,306 6,270 6,175 6,665
 Wells drilled (net)
 Natural gas 12.2 19.5 20.2 62.8
 Crude oil --- --- 7.8 7.7
 Dry and abandoned 2.7 5.0 5.6 22.0
 Total 14.9 24.5 33.6 92.5
 Success ratio (percent) 82 80 83 76
 Financial
 ($ millions except per share amounts)
 Total revenues 93.4 81.4 270.7 265.8
 Total revenues,
 net of royalties 89.2 75.0 255.5 244.9
 Cash generated
 from operations 24.9 17.7 72.7 64.5
 Per common share, after
 preferred share dividends 0.63 0.43 1.85 1.60
 Net earnings 4.6 3.0 10.6 12.5
 Attributable to common shares 3.0 1.1 5.6 6.5
 Per common share 0.08 0.03 0.15 0.18
 Capital expenditures
 Crude oil and natural
 gas properties
 Finding and onstream 11.1 14.3 26.5 66.1
 Acquisitions 75.4 1.3 76.2 2.4
 Divestitures (2.1) (0.8) (3.3) (0.8)
 Crude oil and natural
 gas (net) 84.4 14.8 99.4 67.7
 Other 2.2 2.7 5.9 5.6
 Total capital expenditures 86.6 17.5 105.3 73.3
 Total assets 1,117.1 1,101.0(a)
 Weighted average number of common
 shares outstanding (millions) 36.6 36.5
 (a) As of Dec. 31, 1991
 -0- 10/27/92
 /CONTACT: G. Barry Padley, senior VP and CFO of North Canadian Oils Ltd., 403-261-4320/
 (NCD) CO: North Canadian Oils Ltd. ST: Alberta IN: OIL SU: ERN


BP -- LA017 -- 5486 10/27/92 14:07 EST
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