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PANCANADIAN THIRD QUARTER RESULTS IMPRESSIVE

 PANCANADIAN THIRD QUARTER RESULTS IMPRESSIVE
 CALGARY, Alberta, Oct. 29 /PRNewswire/ -- PanCanadian Petroleum


Ltd. (Toronto, Montreal, Vancouver, Calgary: PCP) reported the following results, along with comparative 1991 highlights:
 PANCANADIAN PETROLEUM LTD.
 (millions of dollars, except amounts per share)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Financial
 Revenues $236.0 $203.0 $654.2 $637.0
 Cash Flow 117.5 108.0 332.2 322.0
 Per share 0.94 0.87 2.66 2.58
 Net income 43.2 33.2 101.5 115.4
 Per share 0.34 0.26 0.81 0.92
 Capital expenditures
 Exploration and
 development 89.6 88.8 210.3 255.8
 Net acquisitions
 (dispositions) 13.8 --- (33.3) (29.6)
 Total 103.4 88.8 177.0 226.2
 Daily Production
 (after royalty)
 Crude oil and natural gas
 liquids (barrels)
 Conventional crude oil 68,753 55,172 66,378 56,495
 Synthetic crude oil 17,039 17,460 17,063 15,831
 Natural gas liquids
 -Field facilities 6,398 6,331 7,802 7,589
 -Empress plants 11,224 7,449 10,950 9,466
 Total 103,414 86,412 102,193 89,381
 Natural gas
 (million cubic feet) 433 297 443 338
 PanCanadian's third quarter shows significantly improved operating and financial results over 1991. Revenues, cash flow and net income were up 16 percent, nine percent and 30 percent, respectively, from the third quarter of 1991. These results reflect increased production volumes of crude oil, natural gas liquids and natural gas.
 During the quarter, conventional crude oil production increased 25 percent from 1991, to an average of 68,753 barrels per day. The average price received, excluding the hedging program, rose 11 percent to $19.36 per barrel. Including the hedging program, the average price was $19.55 per barrel, down slightly from $19.72 per barrel last year.
 Daily average natural gas liquids sales were 17,622 barrels per day in the third quarter, a 28 percent increase from the corresponding period in 1991. Revenue increased 21 percent from the same period in 1991, primarily due to higher sales volumes of liquids extracted at the Empress plants.
 Despite a 4 percent reduction in the average price received, natural gas revenue increased 42 percent in the quarter as a result of increased production volumes, which averaged 433 million cubic feet per day.
 During the first nine months of 1992, revenues and cash flow increased three percent from the corresponding period in 1991. Net income, however, decreased 12 percent. These results reflect increased production volumes, offset by reduced crude oil hedging gains, decreased natural gas prices, and higher provisions for depreciation and depletion. Excluding the effect of the hedging program, cash flow and net income rose 14 percent and 22 percent, respectively, from 1991.
 To Sept. 30, conventional crude oil production increased 17 percent, and the average price received, excluding hedging gains, rose marginally to $17.31 per barrel. As a result, conventional crude oil revenue increased 21 percent. This gain, however, was offset by reduced hedging revenue which amounted to $9.5 million in 1992, compared with $65.0 million in 1991. Including hedging gains, the average price received was $17.83 per barrel in 1992, compared with $21.08 per barrel in 1991.
 Synthetic crude oil revenue increased seven percent over the first nine months of 1991, primarily due to an increase in production volumes.
 Natural gas liquids revenue was relatively unchanged from 1991 as increased sales volumes were offset by lower average prices.
 Natural gas revenue rose 20 percent during the first nine months of 1992, primarily due to a 31 percent increase in production volumes, partially offset by reduced average prices. The average price received during the period was $1.25 per thousand cubic feet, a reduction of 9 percent from 1991.
 Capital expenditures for exploration and development to September 30 were $210.3 million, 18 percent lower than 1991. In addition, the company had net property dispositions totalling $33.3 million, compared with $29.6 million in the first nine months of 1991. To Sept. 30, 1992, PanCanadian participated in the drilling of 412 wells, 17 percent more than last year. This drilling yielded 228 oil and 104 gas wells, compared with 169 oil and 100 gas wells in 1991. The increase in PanCanadian's drilling is significant, since the overall level of drilling in western Canada is down 31 percent from 1991.
 PanCanadian expects that its crude oil and natural gas production volumes will remain strong in the fourth quarter for an overall improved year.
 -0- 10/29/92
 /CONTACT: Marion J. Wood of PanCanadian Petroleum, 403-290-2220/
 (PCP.) CO: PanCanadian Petroleum Ltd. ST: Alberta IN: OIL SU: ERN


KJ -- LA036 -- 6872 10/29/92 18:14 EST
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Date:Oct 29, 1992
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