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PLAINS PETROLEUM REPORTS HIGHER OPERATING PROFITS

 LAKEWOOD, Colo., April 28 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) today reported an increase in operating earnings for the first quarter due to higher natural gas revenues generated by increased volumes sold. Plains' operating earnings for the quarter were $2.8 million or 28 cents per share, up 12 percent from last year's results of $2.4 million (25 cents per share). Reported net earnings for the quarter were impacted by the previously announced extraordinary charge related to certain oil properties and the effect of two mandated accounting changes.
 An impairment provision of $3.3 million (pretax) was made for certain oil properties located in the Permian Basin in west Texas and southeast New Mexico. A one-time cumulative credit of $2 million for deferred income taxes was recorded to reflect Statement No. 109 issued by the Financial Accounting Standards Board (FAS 109). This tax credit was reduced by a one-time charge of $800,000 (pretax) to recognize accumulated retiree benefits for Plains as required by FAS 106. Reported net earnings after these three extraordinary items were $1,419,000 or 14 cents per share.
 Gas production for the quarter was 6.6 billion cubic feet (Bcf), 27 percent higher than 1992's first quarter. Revenues increased 22 percent to $17.2 million and cash flow of $7.5 million was up 23 percent from the prior year.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 PLAINS PETROLEUM COMPANY
 Digest of Earnings
 First quarter ended March 31 1993 1992
 Oil and gas revenues $17,215,000 $14,153,000
 Earnings before accounting changes 75,000(A) 2,435,000
 Accounting changes:
 Deferred income taxes (FAS 109) 2,000,000 --
 Postretirement benefits (FAS 106) (656,000) --
 Net credit 1,344,000 --
 Net earnings $ 1,419,000 $ 2,435,000
 Earnings per share:
 Before accounting changes $.01(A) $.25
 Accounting changes .13 --
 Net earnings $.14 $.25
 Shares outstanding 9,800,000 9,792,000
 (A) -- Includes an extraordinary one-time charge of $3.3 million (pretax) for impairment of properties. Before the impairment charge, operating earnings were $2,781,000, or 28 cents per share.
 -0- 4/28/93
 /CONTACT: Darrel Reed of Plains Petroleum, 303-969-9325; or Tracey Stearns or Wendi Kopsick of Kekst and Company, 212-593-2655, for Plains Petroleum/
 (PLP)


CO: Plains Petroleum Company ST: Colorado IN: OIL SU: ERN

CK-GK -- NY047 -- 1925 04/28/93 11:05 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:426
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