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PANCANADIAN PETROLEUM LTD. ANNOUNCES RESULTS

 CALGARY, Alberta, Jan. 27 /PRNewswire/ -- President David P. O'Brien announced today that PanCanadian ended one of its best years with an outstanding fourth quarter. Canadian oil production was 19,000 barrels per day higher than in the last quarter of 1991, and cash flow was up 57 percent.
 PANCANADIAN PETROLEUM LTD.
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Daily Production
 (after royalty)
 Crude oil and natural gas
 liquids - barrels
 Conventional crude oil 78,946 59,995 69,298 57,377
 Russian crude oil 4,182 --- 1,290 ---
 Synthetic crude oil 20,280 18,541 17,872 16,514
 Natural gas liquids --
 Field 9,559 7,734 8,244 7,625
 Empress 14,941 13,464 11,953 10,474
 Total oil and liquids 127,908 99,734 108,657 91,990
 Natural gas --
 million cubic feet 467 378 449 348
 Financial Highlights
 (millions of dollars, except amounts per share)
 Revenues $296.9 $215.7 $951.1 $852.7
 Net income 69.1 (67.9) 170.6 47.5
 Per share 0.56 (0.54) 1.37 0.38
 Cash flow 158.1 100.4 490.3 422.4
 Per share 1.27 0.80 3.93 3.38
 Capital expenditures
 exploration and development 126.1 127.1 336.4 382.9
 Acquisitions (dispositions) net (4.0) 6.4 (37.3) (23.2)
 Total 22.1 133.5 299.1 359.7
 1992 Annual Highlights
 -- Conventional crude oil production in 1992 increased 13,200 barrels per day or 23 percent.
 -- Natural gas sales increased by 29 percent or 100 million cubic feet per day.
 -- PanCanadian drilled 411 wells and had interests in an additional 477 wells in 1992, totaling 19 percent of all wells drilled in western Canada.
 -- Proved reserves additions of 77 million barrels of oil equivalent replaced approximately 130 percent of 1992 production.
 -- Cash flow increased by 16 percent from the previous year to $490 million.
 -- Net income of $171 million was 259 percent higher than in 1991.
 1993 Outlook
 O'Brien stated that PanCanadian plans to build on the momentum established in 1992 with a significant increase in its capital programs. He stated that the company plans to drill approximately 660 wells in 1993, up 60 percent from last year. Follow-up to the drilling successes of 1992, combined with a more active drilling program, should lead to further increases in production in 1993.
 -0- 01/27/93
 /CONTACT: Marion J. Wood, Corporate Communications, PanCanadian Petroleum Ltd., 403-290-2220/
 (PCP)


CO: PanCanadian Petroleum Ltd. ST: Alberta IN: OIL SU: ERN

MS-LS -- LA034 -- 9915 01/27/93 17:13 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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