Printer Friendly

PLAINS PETROLEUM REPORTS LOWER PROFITS BUT INCREASED REVENUE AND CASH FLOW FOR 1991

 PLAINS PETROLEUM REPORTS LOWER PROFITS BUT INCREASED
 REVENUE AND CASH FLOW FOR 1991
 LAKEWOOD, Colo., Jan. 30 /PRNewswire/ -- Plains Petroleum Co. (NYSE: PLP) today reported a decrease in earnings for 1991 due to lower oil and natural gas prices and increased expenses attributable to higher production volumes and expanded exploration efforts. Plains' earnings for 1991 decreased 1 percent to $16.6 million, versus the prior year of $16.8 million. Earnings per share, reflecting a larger number of shares outstanding in 1991, declined 3 percent from $1.76 for 1990 to $1.71 per share in 1991.
 Revenues for 1991 increased 20 percent to $58.7 million and cash flow from operations amounted to $30 million, up 15 percent over the previous year. Both were record highs for Plains.
 For the fourth quarter, earnings decreased 19 percent to $4.9 million, or 50 cents per share, versus 1990 fourth quarter earnings of $6 million (63 cents per share). This decrease was due largely to the unseasonable mild weather in December (23 percent warmer than December 1990) that reduced Plains' December gas volumes. Furthermore a previously announced gas pricing concession reduced fourth quarter revenue by approximately $500,000.
 Plains, on a reserve equivalent basis converting oil to gas at the ratio of 6:1, through its 1991 property acquisitions and drilling efforts added reserves more than offsetting its 1991 production. Year-end 1991 proved reserves for oil and natural gas amounted to 11 million barrels of oil and 338 billion cubic feet (Bcf) of gas, or approximately 404 Bcf of equivalent gas. This represents a 1 percent increase in reserve equivalents over 1990.
 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 CO.
 Digest of Earnings
 Year Ended Dec. 31,
 1991 1990
 Oil and gas revenues $58,706,000 $48,791,000
 Net earnings 16,659,000 16,796,000
 Earnings per share $1.71 $1.76
 Shares outstanding 9,769,000 9,556,000
 Fourth Quarter Ended
 Dec. 31,
 1991 1990
 Oil and gas revenues $17,131,000 $16,703,000
 Net earnings 4,925,000 6,052,000
 Earnings per share $.50 $.63
 Shares outstanding 9,783,000 9,638,000
 -0- 1/30/92
 /CONTACT: Darrel Reed of Plains Petroleum, 303-969-9325; or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum/
 (PLP) CO: Plains Petroleum Co. ST: Colorado, Texas, Kansas IN: OIL SU: ERN


BB -- DV004 -- 5219 01/30/92 11:57 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 30, 1992
Words:440
Previous Article:UNIVERSITY OF PENNSYLVANIA MEDICAL CENTER TO HOST A ONE-DAY SYMPOSIUM TOMORROW ON 'LIFE AFTER BREAST CANCER'
Next Article:UAL REPORTS 1991 RESULTS
Topics:


Related Articles
UNION TEXAS PETROLEUM REPORTS $333 MILLION IN NET INCOME FOR 1991
EQUITY OIL REPORTS 1991 FOURTH QUARTER AND YEAR-END RESULTS
UNION TEXAS PETROLEUM REPORTS SECOND QUARTER RESULTS
PLAINS PETROLEUM REPORTS LOWER PROFITS
ABRAXAS PETROLEUM ANNOUNCES RESULTS
PLAINS PETROLEUM REPORTS HIGHER PROFITS
ABRAXAS PETROLEUM CORPORATION ANNOUNCES RESULTS
PANCANADIAN PETROLEUM LTD. ANNOUNCES RESULTS
PLAINS PETROLEUM REPORTS LOWER PROFITS FOR 1992
PARAMOUNT RESOURCES LTD. ANNOUNCES ITS 1992 RESULTS AND SIGNIFICANT 1993 DEVELOPMENTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters