Printer Friendly

NUEVO ENERGY COMPANY REPORTS SECOND QUARTER RESULTS

 HOUSTON, Aug. 5 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today reported net income for the second quarter of 1993 of $2.3 million, or $0.19 per share, as compared to $929,000, or $0.09 per share, reported during the same 1992 period.
 Revenues improved 94 percent over 1992 results to $26.7 million for the 1993 quarter. Operating cash flow totaled $10.5 million, or $1.07 per share, up 81 percent on a per share basis from the 1992 results of $5.1 million ($0.59 per share).
 J.P. Bryan, chairman and chief executive officer, stated: "Results for the second quarter of 1993 reflect strong production performance across all major development projects. Production levels for oil and gas are up 85 percent and 82 percent, respectively, from the levels achieved during the 1992 quarter, and, more importantly, have improved 4 percent and 12 percent from the impressive levels reported during the first quarter of 1993. I am particularly pleased with Nuevo's second quarter results in light of lower oil prices received and gas hedge positions which limited our participation in summer's higher gas prices."
 Oil production during the second quarter of 1993 totaled 478,000 barrels (5,300 barrels per day), as compared to 258,000 barrels (2,800 barrels per day) produced during the 1992 period. Gas production for the same period rose 82 percent to 4.5 Bcf (49.5 MMcf per day), as compared to 2.5 Bcf (27.1 MMcf per day) reported during the 1992 quarter. During the three-month period, the average price received per thousand cubic feet of gas was $1.63 in 1993 inclusive of the gas hedges, vs. $1.49 in 1992. The gas price hedges reduced earnings and cash flow by $0.11 and $0.17 per share respectively. The expiration of all remaining gas hedge positions during the third quarter is not expected to significantly impact reported results prospectively. The hedge positions were executed to insulate the company from lower prices traditionally received during the summer months. Oil prices averaged $17.54 and $20.03 per barrel during the 1993 and 1992 periods respectively.
 Net income for the first half of 1993 totaled $4.5 million, or $0.38 per share, as compared to $639,000, or $0.06 per share, generated during the 1992 period. Revenues generated during the first six months of 1993 totaled $53.2 million, up 149 percent from the comparable period in 1992. Operating cash flow totaled $20.6 million, or $2.19 per share, up 141 percent on a per share basis from the 1992 results of $7.9 million ($0.91 per share).
 Oil production for the first half of 1993 totaled 937,000 barrels (5,200 barrels per day) as compared to 460,000 barrels (2,500 barrels per day) produced during the comparable 1992 period. Gas production for the first half of 1993 totaled 8.5 Bcf (47.1 MMcf per day), reflecting a 77 percent increase over 1992 production of 4.8 Bcf (26.7 MMcf per day). During the first six months of 1993 the average price received per thousand cubic feet of gas was $1.77 inclusive of the gas hedges, compared to $1.50 received during 1992. Oil prices averaged $17.94 and $18.88 per barrel during the first six months of 1993 and 1992 respectively.
 Nuevo is an independent energy company primarily engaged in the acquisition, development, production and exploration of oil and gas properties. Nuevo also owns interests in a natural gas processing plant and gas pipeline and gathering systems. Nuevo's oil and gas properties are primarily located in East Texas, the onshore and offshore areas of the Gulf Coast and Alabama.
 -0- 8/5/93
 /CONTACT: John C. Vanderhider, vice president-Finance of Nuevo Energy, 713-652-0706/
 (NEV)


CO: Nuevo Energy Company ST: Texas IN: OIL SU: ERN

BR-RA -- AT008 -- 9844 08/05/93 11:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1993
Words:656
Previous Article:TAB DECLARES REDUCED CASH DIVIDEND AND ANNOUNCES COST REDUCTION PROGRAM
Next Article:NORD RESOURCES CORPORATION ANNOUNCES 1993 SECOND QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters