NUEVO ENERGY COMPANY REPORTS THIRD QUARTER RESULTS
NUEVO ENERGY COMPANY REPORTS THIRD QUARTER RESULTS HOUSTON, Nov. 8 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV)
today reported third quarter 1991 net income of $948,000 or $0.11 per share, on revenues of $10,314,000 as compared to a net income of $123,000 or $0.01 per share on revenues of $6,528,000 and after a nonrecurring formation cost of $1,694,000 for the period from July 10 (date of formation) through Sept. 30, 1990 ("third quarter 1990").
Third quarter 1991 cash flow was $5,172,000, or $0.59 per share compared to $2,547,000 or $0.29 per share for the third quarter 1990. For the nine months ended Sept. 30, the company reported net income of $2,438,000 or $0.28 per share on revenues of $24,551,000. Cash flow for the nine month period was $11,857,000 or $1.37 per share. The company does not have comparable nine month figures since the company was formed in July of 1990. For the third quarter 1991, the average daily natural gas production was 37,600 Mcf with an average price of $1.53 per thousand cubic feet compared to gas production of 32,000 Mcf at an average price of $1.53 in the third quarter 1990. The average daily crude oil production for the third quarter 1991 was 2,300 barrels with an average price of $20.13 per barrel, inclusive of gains from crude oil price swaps vs. 1,050 barrels on an average price of $22.28, inclusive of losses from crude oil price swaps for the comparable 1990 quarter. -0- 11/8/91 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/ (NEV) CO: Nuevo Energy Company ST: Texas IN: OIL SU: ERN BR-BN -- AT007 -- 2670 11/08/91 15:32 EST
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|Date:||Nov 8, 1991|
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