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SNYDER OIL POSTS EARNINGS RISE

 SNYDER OIL POSTS EARNINGS RISE
 FORT WORTH, Oct. 26 /PRNewswire/ -- Snyder Oil Corporation ("SOCO")


(NYSE: SNY) announced today record results for the quarter ended Sept. 30, 1992.
 Revenues for the period increased 26 percent to $30.0 million as cash flow rose 21 percent to $11.8 million. Net income jumped 70 percent to $4.5 million. Earnings per common share increased 25 percent to $.15. The increase resulted primarily from enhanced performance in a number of business segments and rising natural gas prices.
 Production during the quarter rose to 15,200 barrels of oil equivalent per day, an increase of 8 percent over the prior year period. The increase was limited by restrictions on Wattenberg Field drilling during the agricultural season, increased line pressures on gathering systems in the area, as well as delays in connecting new wells pending the extension of SOCO's own gathering system. With agricultural constraints out of the way, the company currently has eight drilling rigs running in Wattenberg. An additional 70 wells and 40 recompletions should be placed on stream by year-end, leading to a sharp rise in production. During the quarter, oil prices averaged $20.18 per barrel, slightly below the 1991 level, as gas prices excluding Thomasville rose to $1.70 per Mcf vs. $1.50 in the comparable quarter.
 Pursuant to its adoption of FASB 109, SOCO reversed all prior provisions for deferred taxes effective Jan. 1, 1992. The gain from the cumulative change in accounting for income taxes has been reported in restated results for the first quarter, resulting in a $3.8 million increase in net income for that period. The remaining benefit of approximately $7.5 million is being recognized as earned through the elimination of deferred taxes. As a result, restated net income for the first and second quarters of 1992 increased by $675,000 and $535,000, respectively. In addition, SOCO indicated that it had finalized a series of transactions which permit it to begin monetizing Section 29 tax credits effective Oct. 1, 1992.
 In announcing its results, SOCO indicated that it expects earnings to rise sharply in the fourth quarter, making 1992 the company's sixth consecutive year of record earnings. The increase will reflect rapid increases in production as recently drilled wells are placed on production, higher gas prices and an approximately $.40 per Mcf benefit in the price received for certain gas production generating Section 29 tax credits. Finally, the company indicated that the expansion of its Wattenberg gathering system and Roggen gas processing plant are expected to be operational within 45-60 days.
 On a separate note, the company indicated that James E. McCormick, the retired president of Oryx Energy Company, had been elected to its board, expanding the number of directors to nine. In announcing the appointment, John C. Snyder, chairman of SOCO, said, "We are extremely pleased to have someone of Jim McCormick's stature join us. At a point in our history when domestic and international exploration are expected to play an increasing role in our future growth, his knowledge and experience should prove invaluable."
 SOCO is engaged in the production, development, acquisition and exploration of oil and gas properties and in natural gas processing and transportation. The company's common and convertible preferred shares are traded on the New York Stock Exchange under the symbols "SNY" and "SNY Pr."
 SNYDER OIL CORPORATION
 Unaudited Statements of Operations
 (In thousands, except per share data)
 Periods ended Pct. Three Months Pct. Nine Months
 Sept. 30 Change 1992 1991 Change 1992 1991
 Revenues:
 Oil & gas sales $ 18,239 $ 16,075 $ 53,998 $ 46,127
 Gas processing
 & transportation 10,419 6,314 27,815 13,866
 Other 1,298 1,421 3,005 3,614
 Total 26 29,956 23,810 33 84,818 63,607
 Expenses:
 Direct operating 6,844 6,264 20,100 18,337
 Cost of gas &
 transportation 7,987 3,660 21,144 8,622
 Gross margin 9 15,125 13,886 19 43,574 36,648
 General & admin. 1,483 1,715 4,675 5,492
 Interest & other 1,303 2,236 4,213 6,620
 Depletion,
 depreciation &
 amortization 7,290 6,486 22,993 18,092
 Income taxes 530 790 830 1,250
 Income before
 accounting
 change 70 4,519 2,659 109 10,863 5,194
 Cumulative effect
 of change in
 accounting for
 income taxes --- --- 3,763 ---
 Net income 70 $ 4,519 $ 2,659 182 $ 14,626 $ 5,194
 Net income
 available to
 common $ 3,319 $ 2,659 $ 11,026 $ 5,194
 Net income per
 common share:
 Income before
 accounting
 change $ .15 $ .12 $ .32 $ .23
 Accounting change -- -- .17 --
 Net income
 available to
 common 25 $ .15 $ .12 113 $ .49 $ .23
 Average common
 shares
 outstanding (1) 22,704 22,820 (1) 22,707 22,835
 -0- 10/26/92
 /CONTACT: Patti J. Irwin, vice president of SOCO, 817-882-5902/
 (SNY) CO: Snyder Oil Corporation ST: Texas IN: OIL SU: ERN


GK -- NY084 -- 4864 10/26/92 13:50 EST
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Date:Oct 26, 1992
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