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SEAGULL ENERGY CORPORATION ANNOUNCES FINANCIAL RESULTS

 SEAGULL ENERGY CORPORATION ANNOUNCES FINANCIAL RESULTS
 HOUSTON, Oct. 26 /PRNewswire/ -- Seagull Energy Corporation


(NYSE: SGO) today reported revenues of $48.9 million, operating profit of $2.5 million and a loss applicable to common stock of $2.3 million, or 18 cents per share, for the third quarter of 1992.
 Although operating profit declined, revenues improved and the loss, which is customary for Seagull in each year's third quarter, was smaller than in the same quarter of 1991. In that quarter, the company had revenues of $48.0 million, operating profit of $3.0 million and a loss applicable to common stock of $3.0 million, or 26 cents per share.
 Cash flow (net cash provided by operating activities before changes in operating assets and liabilities) totaled $15.7 million in the 1992 quarter, up 33 percent from $11.8 million in the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, Seagull had revenues of $165.6 million, operating profit of $14.3 million and earnings applicable to common stock of $3.2 million, or 25 cents per share. A legal settlement contributed $2.9 million, or 23 cents per share, to net earnings for 1992's first nine months. The cumulative effect of two changes in accounting principles contributed $2.3 million, or 18 cents per share, to the same net earnings total.
 During the first nine months of 1991, the company had revenues of $176.4 million, operating profit of $19.2 million and earnings applicable to common stock of $1.6 million, or 14 cents per share.
 Cash flow improved from $42.2 million in the first nine months of 1991 to $55.1 million for the same period in 1992.
 "We had favorable quarterly and nine-month comparisons in operating profit for both our pipeline and Alaska distribution operations," said Seagull Chairman Barry J. Galt. "In our consolidated results, we also continued to benefit from lower interest expense, which resulted from both reduced debt levels and favorable interest rates.
 "In exploration and production," he added, "higher natural gas prices and increased production levels were the chief contributors to our higher cash flow. But because of our increased production, non-cash depreciation, depletion and amortization charges were higher, thus depressing operating profit. We also had higher exploration charges and more workover expense in 1992's third quarter."
 Galt said Seagull continues to be encouraged by the improved market for natural gas and higher prices. As a result, he said the company plans to produce gas at close to maximum deliverability for the coming winter months and has stepped up development efforts, particularly along the Gulf Coast, aimed at boosting deliverability still further.
 Houston-based Seagull is engaged in natural gas exploration and production; the transportation, distribution and marketing of natural gas, liquids products and petrochemicals; and natural gas processing.
 SEAGULL ENERGY CORPORATION
 Consolidated Third Quarter and Nine-Month Results (Unaudited)
 (Dollars in thousands except share and per-share amounts)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $48,898 $47,962 $165,647 $176,376
 Operating Profit $ 2,547 $ 2,955 $ 14,303 $ 19,177
 Net Cash Provided by
 Operating Activities
 Before Changes in
 Operating Assets and
 Liabilities $15,672 $11,822 $55,134 $ 42,163
 Net Cash Provided by
 Operating Activities $ 7,605 $ 7,868 $36,064 $ 37,258
 Earnings (Loss) Before
 Cumulative Effect of
 Changes in Accounting
 Principles $(2,310) $(2,962) $ 962 $ 1,621
 Earnings (Loss) Applicable
 to Common Stock $(2,310) $(2,962) $ 3,235 $ 1,621
 Per Share:
 Earnings (Loss) Before
 Cumulative Effect of
 Changes in Accounting
 Principles $ (0.18) $ (0.26) $ 0.07 $ 0.14
 Earnings (Loss) Applicable
 to Common Stock $ (0.18) $ (0.26) $ 0.25 $ 0.14
 Weighted Average Common
 Shares Outstanding 12,794,139 11,255,478 12,786,944 11,237,307
 BUSINESS SEGMENT INFORMATION (Unaudited)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 FINANCIAL DATA (Dollars in Thousands)
 Revenues:
 Exploration and Production $22,501 $17,597 $63,830 $53,851
 Pipeline Operations 10,417 8,950 28,230 27,219
 Alaska Transmission and
 distribution 15,980 21,415 73,587 95,306
 Operating Profit (Loss):
 Exploration and Production (1,313) 536 (5,270) 2,077
 Pipeline Operations 2,496 1,463 6,288 4,810
 Alaska Transmission and
 Distribution $ 1,364 $ 956 $13,285 $12,290
 OPERATIONS DATA
 Exploration and Production
 Net Daily Production:
 Natural Gas (Mcf) 96,327 79,638 102,023 79,712
 Oil and Condensate (Bbl) 2,601 3,255 2,834 3,005
 Natural Gas Liquids (Bbl) 778 751 743 576
 Average Sales Prices:
 Natural Gas ($ per Mcf) 1.91 1.52 1.70 1.61
 Oil and Condensate ($ per Bbl) 20.06 19.71 18.56 20.22
 Natural Gas Liquids ($ per Bbl) 10.99 9.85 9.66 10.47
 Pipeline Operations
 Pipeline Margins (Dollars in Thousands):
 Gathering Sales Margin 131 43 366 353
 Transportation Fees 1,802 1,412 4,889 4,767
 Marketing Sales (A) 1,044 550 2,152 1,537
 Pipeline Margins 2,977 2,005 7,407 6,657
 Average Daily Pipeline Volumes (MMcf):
 Gas Gathering 196 167 182 197
 Gas Marketing 298 231 288 248
 Partnership Systems (net) 97 80 96 87
 Matagorda Gas Processing Plant:
 Average Daily Inlet Volumes (MMcf) 244 243 246 248
 Average Daily Net Production (Bbl) 3,278 3,452 3,411 3,350
 Average NGL Sales Price
 (cents per gallon) 35.4 28.9 30.9 28.5
 Alaska Transmission and Distribution
 Degree Days 1,171 924 6,966 6,625
 Volume of Gas Delivered (MMcf) 6,706 6,317 27,776 27,646
 (A) -- Gas marketing sales net of gas costs and transportation expenses.
 -0- 10/26/92
 /CONTACT: Alan Payne of Seagull, 713-951-4700/
 (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU: ERN


GK -- NY056 -- 4748 10/26/92 11:49 EST
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