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NUEVO ENERGY COMPANY REPORTS THIRD QUARTER RESULTS

 HOUSTON, Nov. 10 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) today reported a 71 percent increase in net income to $2.4 million for the third quarter, or 18 cents per share.
 This compares to the 1992 third quarter net income of $1.4 million, or 11 cents per share. The quarter's results are inclusive of a one- time charge of $0.1 million, or 1 cent per share, relating to the increase in the corporate federal income tax rate from 34 percent to 35 percent.
 Total consolidated revenues increased 58 percent over 1992 results to $28.1 million for the 1993 quarter. Operating cash flow totaled $11.6 million, or $1.05 per share, up 82 percent from the 1992 results of $6.4 million, or 72 cents per share.
 "On a year-to-year basis, we are pleased with Nuevo's growth. Revenues from all segments of Nuevo's business are well ahead of last year, despite realizing a 22 percent lower average oil price in the third quarter. Margins also improved reflecting the company's increased relative gas production and its associated lower unit operating costs. We look forward to continued operating strength through year-end, and beyond," commented J.P. Bryan, chairman and chief executive officer.
 Oil production increased 50 percent to 473,000 barrels (5,140 barrels per day) for the third quarter of 1993. This compares to 315,000 barrels (3,425 barrels per day) produced during the 1992 quarter. Gas production for the same period rose 75 percent to 4.3 Bcf (46.4 MMcf per day) as compared to 2.4 Bcf (26.5 MMcf per day) reported during the 1992 quarter.
 During the third quarter, the average price received per thousand cubic feet of gas was $2.03 in 1993 inclusive of gas hedge arrangements, vs. $1.90 in 1992. Nuevo's gas price hedges, which negatively impacted revenues, expired as of the end of August 1993. Oil prices averaged $16.03 and $20.63 per barrel during the 1993 and 1992 periods, respectively.
 Net income for the nine months ended Sept. 30 totaled $6.9 million, or 56 cents per share, as compared to $2.0 million, or 17 cents per share, generated during the 1992 period. Total consolidated revenues received during the nine months ended Sept. 30 totaled $81.4 million, up 108 percent from the comparable period in 1992. Operating cash flow totaled $32.2 million, or $3.24 per share, up 126 percent from the 1992 results of $14.3 million, or $1.64 per share. Both quarterly and nine- month results were affected by a greater number of shares outstanding following a common stock public offering completed late in the second quarter.
 Oil production for the nine months ended Sept. 30 totaled 1.4 million barrels (5,165 barrels per day), an 82 percent increase, as compared to 775,000 barrels (2,840 barrels per day) produced during the comparable 1992 period. Gas production for the nine months ended Sept. 30 totaled 12.8 Bcf (46.9 MMcf per day), reflecting a 76 percent increase over 1992 production of 7.3 Bcf (26.6 MMcf per day). During the nine months ended Sept. 30, the average price received per thousand cubic feet of gas was $1.85, inclusive of the gas hedges, compared to $1.64 received during 1992. Oil prices averaged $17.29 and $19.57 per barrel for the nine months ended Sept. 30, 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, gathering and storage systems. Nuevo's oil and gas properties are primarily located in East Texas, the onshore and offshore areas of the Gulf Coast and Alabama.
 NUEVO ENERGY COMPANY
 STATEMENT OF OPERATIONS & CASH FLOWS FROM OPERATIONS
 (Amounts in thousands, except per share amounts)
 (Unaudited)
 3 mos. ended 9 mos. ended
 9/30/93 9/30/92 9/30/93 9/30/92
 REVENUES:
 Oil & gas revenues $17,079 $11,058 $ 50,376 $ 26,938
 Gas plant revenues 6,805 5,756 18,502 10,127
 Pipeline revenues 3,870 669 11,262 1,736
 Gas storage revenues 124 --- 124 ---
 Interest & other income 225 261 1,086 328
 Total revenue 28,103 17,744 81,350 39,129
 COSTS AND EXPENSES:
 Lease operating expenses 3,179 2,701 9,204 7,182
 Gas plant operating expenses 5,922 4,284 15,226 7,827
 Pipeline operating expenses 2,589 209 7,570 587
 Gas storage operating exps. 12 --- 12 ---
 Depreciation, depletion and
 amortization 7,344 4,689 21,745 11,777
 General and admin. expenses 2,102 1,486 7,082 4,712
 Interest expense 2,912 2,144 8,928 3,831
 Other expenses (49) 114 64 114
 Total costs and expenses 24,011 15,627 69,831 36,030
 Income before taxes and
 minority interest 4,092 2,117 11,519 3,099
 Provision for income taxes 1,653 726 4,449 1,065
 Minority interest 59 --- 218 ---
 Net income 2,380 1,391 6,852 2,034
 Preferred stock dividends 438 438 1,313 598
 Earnings available to
 common stockholders $ 1,942 $ 953 $ 5,539 $ 1,436
 Earnings per common and
 common equivalent share $ 0.18 $ 0.11 $ 0.56 $ 0.17
 Wtd. avg. common and common
 equivalent shares outstng. 11,014 8,794 9,951 8,716
 Operating cash flow:
 Earnings available to common
 stockholders $ 1,942 $ 953 $ 5,539 $ 1,436
 Depreciation, depletion and
 amortization 7,344 4,689 21,745 11,777
 Deferred income taxes 2,250 726 4,705 1,065
 Minority interest 59 --- 218 ---
 Operating cash flow $11,595 $ 6,368 $ 32,207 $ 14,278
 Cash flow per share $ 1.05 $ 0.72 $ 3.24 $ 1.64
 Summary of Operating Data
 Exploration and Production Operations:
 Gas production (MMcf) 4,265 2,438 12,799 7,262
 Daily gas production (MMcf/d) 46.4 26.5 46.9 26.6
 Oil production (MBbl) 473 315 1,410 775
 Daily oil production (Bbl/d) 5,141 3,424 5,165 2,839
 Average sales prices:
 Natural gas ($ per Mcf) $2.03 $1.90 $1.85 $1.64
 Oil ($ per Bbl) $16.03 $20.63 $17.29 $19.57
 Gas Plant Operations:
 Avg. daily inlet vols. (MMcf) 84.6 55.9 65.6 55.8
 Avg. daily net prod. (MBbl) 6.5 4.4 5.2 4.5
 Avg. NGL sales price
 ($ per gal) $0.27 $0.34 $0.30 $0.30
 Pipeline Operations:
 Throughput (MMcf) 4,475 3,354 14,168 9,577
 Throughput per day (MMcf/d) 48.6 36.5 51.9 35.1
 Operating margins ($MM) $1.3 $0.5 $3.7 $1.1
 Condensed Balance Sheet Sept. 30, 1993 Dec. 31, 1992
 ASSETS: (Restated)
 Current assets $ 40,275 $ 31,494
 Net property, plant and equipment 238,035 202,766
 Other assets 5,003 4,631
 Total $283,313 $238,891
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 16,071 $ 17,656
 Long-term debt 86,999 88,742
 Deferred taxes 17,225 12,523
 Other long-term liabilities 1,899 2,835
 Minority interest 1,487 1,611
 Stockholders' equity 159,632 115,524
 Total $283,313 $238,891
 -0- 11/10/93
 /CONTACT: Charles M. Lapeyre, vice president-Finance, Nuevo Energy, 713-652-0706/
 (NEV)


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

BR-BN -- AT006 -- 2685 11/10/93 10:54 EST
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Date:Nov 10, 1993
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