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RANGER OIL LTD. REPORTS RESULTS FOR THE NINE MONTHS ENDED SEPT. 30, 1992

 RANGER OIL LTD. REPORTS RESULTS
 FOR THE NINE MONTHS ENDED SEPT. 30, 1992
 CALGARY, Alberta, Nov. 12 /PRNewswire/ -- Ranger Oil Ltd. (NYSE: RGO; Toronto, Montreal: RGO) today announced its financial and operating results for the nine months ended Sept. 30, 1992.
 Funds generated from operations for the first nine months of 1992 were U.S.$91.9 million (U.S.$0.94 per share), compared to U.S.$54.2 million (U.S.$0.56 per share) for the same period in 1991. This increase of 70 percent was mainly attributable to higher revenues of U.S.$24.8 million and higher current tax recoveries of U.S.$17.5 million offset by increased operating expenses of U.S.$4.5 million. The increase in current tax recoveries is primarily because of Petroleum Revenue Tax recoveries resulting from carrying back tax deductions arising from 1992 exploration expenditures.
 Earnings for the first nine months of 1992 increased by 20 percent to U.S.$16.8 million (U.S.$0.17 per share) from U.S.$13.6 million (U.S.$0.14 per share) from the corresponding period in 1991. This increase was primarily because of higher revenues offset by an increase in operating expenses and an increase of U.S.$16.9 million in depletion and depreciation expense.
 Total revenues for the first nine months of 1992 increased by 28 percent to U.S.$112.7 million from U.S.$87.9 million in the first nine months of 1991. Oil and gas revenues before royalties increased by 28 percent to U.S.$108.8 million in the first nine months of 1992 from U.S.$84.9 million in 1991. This increase in revenue was because of higher oil and gas production in both the United Kingdom ("U.K.") and North America. Increased gas production in the U.K. is from the Anglia field which commenced production on Nov. 30, 1991. Higher U.K. oil production is because of oil and natural gas liquids production from the Staffa field offset by lower production from the Ninian field. The Staffa field became operational in March 1992 and is currently producing 3,000 barrels per day, net to Ranger. The decrease in Ninian production is because of its natural decline and platform shutdown for construction of future revenue producing facilities for processing and transportation of crude oil from other third-party fields. Higher North American oil and gas production resulted from acquisitions in 1991, the acquisition of the oil and gas interest of MLC Oil and Gas Ltd. effective July 1, 1992 and bringing new discoveries on stream.
 Capital expenditures during the first nine months of 1992 were U.S.$162.9 million, compared to U.S.$102.4 million during the same period last year. In the first nine months of 1992, capital expenditures incurred on North Sea exploration and development were U.S.$47.3 million and U.S.$30.6 million, respectively. During the same period in 1991, capital expenditures incurred on North Sea exploration and development were U.S.$19.0 million and U.S.$55.1 million, respectively. Exploration and development expenditures in North America increased from U.S.$8.8 million in 1991 to U.S.$10.0 million in 1992. Property acquisition costs increased significantly from U.S.$5.7 million in 1991 to U.S.$57.2 million in 1992 because of the acquisition of the oil and gas interests of MLC Oil and Gas Ltd. This was substantially financed by increasing long-term debt to U.S.$54.2 million.
 Working capital at Sept. 30, 1992, was U.S.$32.8 million, compared with U.S.$48.6 million at Dec. 31, 1991.
 RANGER OIL LTD.
 Consolidated Results for the Nine Months Ended Sept. 30, 1992 (In thousand of U.S. dollars, except per share amounts and prices)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 FINANCIAL - unaudited
 Revenues $40,552 $27,303 $112,686 $87,900
 Funds generated from
 operations 28,826 17,822 91,910 54,190
 Earnings 1,876 5,895 16,770 13,982
 Per common share
 Funds generated from
 operations $.29 $.18 $.94 $.56
 Earnings $.02 $.06 $.17 $.14
 Dividends --- --- $.08 $.08
 Capital
 expenditures $93,367 $35,149 $162,878 $102,356
 AVERAGE PRICES
 Oil (per barrel)
 United Kingdom $20.27 $19.73 $19.97 $20.35
 North America 17.40 18.79 16.55 19.66
 Weighted Average $19.45 $19.56 $18.88 $20.21
 Gas (per thousand
 cubic feet)
 United Kingdom $3.25 --- $3.11 ---
 North America .96 1.10 1.10 1.17
 Weighted Average $1.53 $1.10 $1.59 $1.17
 DAILY PRODUCTION,
 BEFORE ROYALTIES
 Oil (barrels)
 United Kingdom 11,618 9,436 10,616 10,236
 North America 4,687 2,539 3,318 2,556
 Total 16,305 11,975 13,934 12,792
 Gas (millions of
 cubic feet)
 United Kingdom 21.6 --- 20.6 ---
 North America 66.2 56.6 63.9 50.3
 Total 87.8 56.6 84.5 50.3
 Sept. 30, Dec. 31,
 1992 1991
 BALANCE SHEET - unaudited
 Current assets $59,354 $92,844
 Current liabilities 26,564 44,198
 Working capital 32,790 48,646
 Property, plant, equipment
 and other assets 596,008 497,059
 Long-term debt 54,166 3,108
 Future site restoration costs 44,032 39,888
 Deferred taxes 89,486 70,646

 Shareholders' equity 441,114 432,063
 Common shares outstanding
 (thousands) 98,486 98,461
 -0- 11/12/92
 /CONTACT: T.C. Sandeman, treasurer of Ranger Oil Ltd., 403-232-5200/
 (RGO) CO: Ranger Oil Ltd. ST: Alberta IN: OIL SU: ERN


JL -- LA034 -- 0458 11/12/92 18:55 EST
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Date:Nov 12, 1992
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