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PANCANADIAN FIRST QUARTER 1992 REPORT

 PANCANADIAN FIRST QUARTER 1992 REPORT
 CALGARY, Alberta, May 1 /PRNewswire/ -- PanCanadian Petroleum


Limited (Toronto, Montreal, Alberta, Vancouver: PCP) today reported first quarter 1992 results, together with comparative 1991 highlights:
 FIRST QUARTER COMPARATIVE HIGHLIGHTS
 Three Months Ended March 31: 1992 1991
 FINANCIAL
 (millions of dollars except per share figures)
 Revenues $200.4 $242.6
 Cash Flow 95.4 122.3
 Per share 0.76 0.98
 Net Income 20.5 49.1
 Per share 0.16 0.39
 Capital Expenditures 63.7 85.1
 DAILY PRODUCTION
 (after royalty)
 Crude Oil and Natural Gas Liquids
 (barrels)
 Conventional crude oil 66,114 57,370
 Synthetic crude oil 17,493 15,806
 Natural gas liquids
 - Field facilities 8,665 7,997
 - Empress plants 13,027 14,635
 Total 105,299 95,808
 Natural Gas
 (million cubic feet) 454 366
 PanCanadian's first quarter production reached record levels for crude oil and natural gas. Crude oil and natural gas liquids volumes averaged 105,299 barrels per day, and natural gas volumes were 454 million cubic feet per day.
 Revenue from conventional crude oil decreased 20 percent from the first quarter of 1991, as lower prices more than offset a 15 percent increase in production volumes. The average price received for conventional crude oil during the quarter was $15.25 per barrel in 1992, compared with $22.10 per barrel in 1991. Despite an 11 percent increase in production volumes, revenue from synthetic crude oil decreased five percent from the previous year as a result of the lower crude oil prices.
 Natural gas liquids revenues were 23 percent lower than in the first quarter of 1991 as a result of a four percent decrease in sales and lower average product prices.
 Natural gas revenue increased marginally in the first quarter of 1992. A 24 percent increase in sales volumes was substantially offset by price decreases, from $1.51 per thousand cubic feet last year to $1.25 per thousand cubic feet in 1992.
 Capital expenditures of $63.7 million in the first quarter of 1992 were 25 percent lower than $85.1 million in 1991 due to lower expenditures on exploratory drilling. In total, however, drilling was up 24 percent with participation in 93 wells, compared with 75 wells in the first quarter of 1991. An additional 68 wells were drilled on lands in which the Company has a royalty interest. The Company anticipates that its capital spending will accelerate during the balance of 1992 and is projecting total expenditures of approximately $370 million for the year.
 PanCanadian's outlook for the remainder of the year is moderately encouraging as it anticipates that strong production volumes, modest price improvements and cost reductions will yield improved results in subsequent quarters.
 -0- 5/1/92
 /CONTACT: Marion J. Wood of PanCanadian Petroleum Limited, 403-290-2220/
 (PCP.) CO: PanCanadian Petroleum Limited ST: Alberta IN: OIL SU: ERN


SC -- SE007 -- 5500 05/01/92 13:22 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:484
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