Printer Friendly

RANGER OIL LTD. REPORTS RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1992

 RANGER OIL LTD. REPORTS RESULTS FOR
 THE SIX MONTHS ENDED JUNE 30, 1992
 CALGARY, Alberta, Aug. 7 /PRNewswire/ -- Ranger Oil Ltd. (NYSE: RGO; Toronto, Montreal: RGO) today announced its financial and operating results for the six months ended June 30, 1992.
 Funds generated from operations for the first six months of 1992 were U.S. $63.1 million (U.S. $0.64 per share) compared to U.S. $36.4 million (U.S. $0.37 per share) for the same period in 1991. This increase was mainly attributable to higher revenues of U.S. $11.5 million and higher current tax recoveries of U.S. $14.5 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 six-month period ended June 30, 1992 increased by 84 percent to U.S. $14.9 million (U.S. $0.15 per share) from U.S. $8.1 million (U.S. $0.08 per share) in 1991. This increase is due to higher revenues and a U.S. $1.0 million increase in tax recoveries, offset by an increase in depletion and depreciation expense of U.S. $5.7 million that was due primarily to increased production.
 Total revenues for the first six months of 1992 increased by 19 percent to U.S. $72.1 million from U.S. $60.6 million in the first six months of 1991. This increase in revenue was because of higher gas production in the United Kingdom ("U.K.") and North America, offset by lower oil prices and production. The higher gas production in the U.K. is from the Anglia field which commenced production on Nov. 30, 1991. Increased North American gas production resulted from a combination of 1991 acquisitions and bringing new discoveries on stream. Lower U.K. oil production was because of the decline of the Ninian field and platform shutdowns for construction of future revenue producing facilities for processing and transporation of crude oil from other third party fields. Partially offsetting Ninian's reduced production is oil and natural gas liquids production from the Staffa field which commenced in March 1992. Staffa is currently producing 4,000 barrels per day, net to Ranger.
 Capital expenditures during the first six months of 1992 were U.S. $69.5 million compared to U.S. $67.2 million during the same period last year. In the first six months of 1992, capital expenditures incurred on North Sea exploration and development were U.S. $34.2 million and U.S. $23.5 million, respectively. Capital expenditures in North America decreased from U.S. $7.3 million in 1991 to U.S. $6.3 million in 1992.
 In July 1992, the company entered into an agreement with Mutual Life Assurance Co. of Canada to purchase the oil and gas interests of MLC Oil and Gas Ltd. for Cdn. $68.3 million effective July 1, 1992. The acquisition will be financed from the company's current working capital and established bank loan facilities.
 Working capital at June 30, 1992 was U.S. $42.5 million compared with U.S. $48.6 million at Dec. 31, 1991.
 RANGER OIL LTD.
 Consolidated Results For The Six Months Ended June 30, 1992


(In thousand of U.S. Dollars, except per share amounts and prices)
 Financial
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $37,957 $26,047 $72,134 $60,597
 Funds generated
 from operations 31,854 15,909 63,084 36,368
 Earnings 7,395 3,412 14,894 8,087
 Per common share
 Funds generated from
 operations $.32 $.16 $.64 $.37
 Earnings $.08 $.03 $.15 $.08
 Dividends --- --- --- ---
 Capital expenditures $33,327 $37,898 $69,511 $67,207
 Average Prices
 Oil (per barrel)
 United Kingdom $20.07 $19.04 $19.22 $20.63
 North America 16.14 17.49 15.79 19.37
 Weighted average $19.32 $18.69 $18.52 $20.38
 Gas (per thousand
 cubic feet)
 United Kingdom $3.05 --- $3.03 ---
 North America 1.18 1.21 1.17 1.28
 Weighted average $1.61 $1.21 $1.62 $1.28
 Daily Production,
 Before Royalties:
 Oil (barrels)
 United Kingdom 11,156 9,159 10,109 10,643
 North America 2,599 2,581 2,626 2,565
 Total 13,755 11,740 12,735 13,208
 Gas (millions of
 cubic feet)
 United Kingdom 17.2 --- 20.0 ---
 North America 57.2 44.0 62.8 47.1
 Total 74.4 44.0 82.8 47.1
 RANGER OIL LTD.
 Balance Sheet
 (Unaudited)
 June 30, Dec. 31,
 1992 1991
 Current assets $76,771 $92,844
 Current liabilities 34,249 44,198
 Working capital 42,522 48,646
 Property, plant and equipment 525,951 497,059
 Long-term debt --- 2,016
 Deferred revenue 755 1,092
 Future site restoration costs 42,497 39,888
 Deferred taxes 85,983 70,646
 Shareholders' equity $439,238 $432,063
 Common shares outstanding
 (thousands) 98,486 98,461
 -0- 8/6/92
 /CONTACT: J.G. Faulds, VP-investor relations, of Ranger Oil Ltd., 403-263-1500/
 (RGO) CO: Ranger Oil Ltd. ST: Alberta IN: OIL SU: ERN


EH -- LA003 -- 7925 08/07/92 10:09 EDT
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:Aug 7, 1992
Words:872
Previous Article:MTEL SECOND QUARTER REVENUE AT $28 MILLION VERSUS $22 MILLION LAST YEAR
Next Article:ISCO RESPONDS TO RECENT DROP IN STOCK PRICE
Topics:


Related Articles
COHO RESOURCES ANNOUNCES SIX MONTHS RESULTS
TOTAL PETROLEUM (NORTH AMERICA) LTD. ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1992
TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR THE SIX MONTHS AND SECOND QUARTER ENDED JUNE 30, 1992
GULF SIX-MONTH RESULTS REFLECT INCREASED LIQUIDS PRODUCTION
GLOBAL ANNOUNCES SIX MONTHS EARNINGS
WILSHIRE OIL COMPANY REPORTS SHARP INCREASE IN REVENUES AND EARNINGS
SAMSON ENERGY ANNOUNCES 1992 SECOND QUARTER FINANCIAL RESULTS
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1992
RANGER OIL LTD. REPORTS RESULTS FOR THE NINE MONTHS ENDED SEPT. 30, 1992
RANGER OIL LTD. REPORTS RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1993

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