Printer Friendly

PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1993

 SHREVEPORT, La., Aug. 17 /PRNewswire/ -- Petrol Industries, Inc. (OTC: PTRL) today reported that it had lost $66,329, equal to $.04 per share, during the quarter ended June 30 on revenue of $264,207, compared to a loss of $57,000, equal to $.03 per share, during the quarter ended June 30, 1992 on revenue of $310,498.
 The company lost $67,717 from operations in the second quarter of 1993 on operating revenue of $261,530, compared to a loss of $58,014 from operations in the second quarter of 1992, on operating revenue of $309,484.
 For the six months ended June 30 the company lost $119,486, equal to $.07 per share, compared to a loss of $132,615, equal to $.08 per share in the 1992 period.
 The increased loss for the 1992 second quarter was caused principally by a decline in oil prices operating on somewhat lower production compared to the 1992 period. The decrease in the loss for the 1993 six month period reflects cost savings realized in the first quarter of the current year compared to 1992. The company continues to be strongly affected by overall movements in world oil prices.
 Oil prices averaged $17.84 ($17.68 including the barrel equivalent of gas sold by the company) in the second quarter of 1993, compared to $19.69 ($19.44 including the barrel equivalent for gas) in the second quarter of 1992. For the six month period, oil prices averaged $18.13 ($17.98 including gas sales) in 1993, compared to $18.62 ($18.39 including gas sales) in the 1992 period.
 PETROL INDUSTRIES, INC. AND SUBSIDIARIES
 Operating Highlights
 (Unaudited)
 For the quarter ended 6/30/93 6/30/92
 Oil and gas sales $ 258,216 $ 305,263
 Other operating income 3,314 4,221
 Gross revenues 264,207 310,498
 Net loss (66,329) (57,000)
 Net loss per share ($.04) ($.03)
 Weighted average shares used to
 calculate earnings per share 1,597,241 1,597,258
 For the 6 months ended 6/30/93 6/30/92
 Oil and gas sales $ 521,682 $ 571,482
 Other operating income 6,384 7,728
 Gross revenues 532,659 581,868
 Net loss (119,486) (132,615)
 Net loss per share ($.07) ($.08)
 Weighted average shares used to
 calculate earnings per share 1,597,241 1,597,258
 -0- 8/17/93
 /CONTACT: Howard E. Chase, corporate secretary, 212-735-8600, or David Lerner, counsel, 212-735-8600, both of Petrol Industries/
 (PTRL)


CO: Petrol Industries, Inc. ST: Louisiana IN: OIL SU: ERN

RA-TG -- AT009 -- 3587 08/17/93 13:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 17, 1993
Words:434
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX-- CLOSING, WEDNESDAY, AUG. 11 /PRN/
Next Article:FACTORY STORES OF AMERICA ANNOUNCES EARNINGS - UPDATED FROM AUG. 16
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters