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NUEVO ENERGY COMPANY REPORTS THIRD QUARTER RESULTS

 NUEVO ENERGY COMPANY REPORTS THIRD QUARTER RESULTS
 HOUSTON, Nov. 5 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV)


today reported third quarter 1992 net income of $953,000 or $0.11 per share, on revenues of $17,744,000 as compared to net income of $948,000 or $0.11 per share, on revenues of $10,314,000 for the third quarter 1991.
 Cash flow for the period was $5,612,000, or $0.65 per share vs. $5,172,000, or $0.59 per share for the comparable period in 1991.
 Company President Robert L. Gerry III stated, "We are pleased that our 1992 third quarter results compare favorably with 1991 results despite approximately $1.5 million in higher financing costs and preferred stock dividends, and the amortization of $336,000 of loan costs due to retirement of the company's bank debt."
 For the nine months ended Sept. 30, the company reported net income of $1,436,000 or $0.17 per share on revenues of $39,129,000 as compared to net income of $2,438,000 or $0.28 per share on revenues of $24,551,000 for the nine months in 1991. Cash flow for the nine month period was $13,183,000 or $1.52 per share vs. $11,857,000 or $1.37 per share for the 1991 comparable period.
 Third quarter crude oil production in 1992 and 1991 was 315,000 barrels and 211,000 barrels, respectively. Natural gas production in the third quarter of 1992 was 2,438 million cubic feet, compared to 3,425 million cubic feet in the third quarter of 1991. 1992 oil volumes were higher due to additional production from the Weeks Island, Giddings and North Frisco City fields. Gas volumes were lower in 1992 due to the divestiture of certain Kilroy properties and an interest reduction in the Century Offshore Venture subsequent to payout. Total oil and gas production was slightly reduced due to the temporary shut-in of certain wells following Hurricane Andrew, although no damage was sustained.
 The average price received for a barrel of oil in the third quarter was $20.53 in 1992 compared to $20.10 in 1991. The average price received per thousand cubic feet of gas in 1992 was $1.88 vs. $1.53 in the third quarter 1991, an increase of 23 percent.
 Gerry added: "We have already begun to see positive results from investing the proceeds of our new financing activities. In the first full quarter since its acquisition, operating results of the Benedum Gas Processing Plant were 33 percent above the acquisition projections. The recompletion program at the Oak Hill Field is on schedule and thus far, initial production rates exceed expectations. We expect growth in both oil and gas volumes in the fourth quarter due to expanding production at our Oak Hill and North Frisco City fields, which should result in an increase in revenues for the fourth quarter. Also, we will commence the drilling of our fourth well at Weeks Island in mid-November."
 Nuevo Energy is an independent oil and gas company primarily engaged in the production, development, exploration and acquisition of oil and gas properties.
 NUEVO ENERGY COMPANY
 STATEMENT OF OPERATIONS & CASH FLOWS FROM OPERATIONS
 (Amounts in thousands, except per share amounts)
 (Unaudited)
 3 mos. ended 9 mos. ended
 9/30/92 9/30/91 9/30/92 9/30/91
 REVENUES:
 Oil & gas revenues $11,058 $ 9,494 $ 26,938 $ 21,936
 Pipeline revenues 669 703 1,736 2,366
 Gas plant revenues 5,756 --- 10,127 ---
 Interest & other income 261 117 328 249
 Total revenues 17,744 10,314 39,129 24,551
 COST AND EXPENSES:
 Lease operating expenses 2,701 2,110 7,182 4,501
 Pipeline operating expenses 209 222 587 591
 Gas Plant operating expenses 4,284 --- 7,827 ---
 Depreciation, depletion and
 amortization 4,659 4,224 11,747 9,419
 General and admin. expenses 1,515 1,223 4,742 3,904
 Interest expense 2,144 1,093 3,831 2,430
 Other expense 114 --- 114 ---
 Total costs and expenses 15,626 8,872 36,030 20,845
 Net income before taxes 2,117 1,442 3,099 3,706
 Provision for income taxes 726 494 1,065 1,268
 Net income 1,391 948 2,034 2,438
 Preferred stock dividends 438 --- 598 ---
 Earnings on common stock 953 948 1,436 2,438
 Common shares outstanding 8,681 8,680 8,681 8,680
 Earnings per share of common
 stock 0.11 0.11 0.17 0.28
 Operating cash flow 5,612 5,172 13,183 11,857
 Operating cash flows per share
 of common stock 0.65 0.59 1.52 1.37
 -0- 11/5/92
 /CONTACT: Lisa Elliott of Nuevo Energy, 713-652-0706/
 (NEV) CO: Nuevo Energy Company ST: Texas IN: OIL SU: ERN


EA-BN -- AT008 -- 3021 11/05/92 11:06 EST
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