Printer Friendly

SONAT REPORTS FIRST QUARTER RESULTS, ELECTS DIRECTORS

 SONAT REPORTS FIRST QUARTER RESULTS, ELECTS DIRECTORS
 BIRMINGHAM, Ala., April 23 /PRNewswire/ -- At the Sonat Inc.


Annual Meeting of Stockholders held today in Birmingham, Ronald L. Kuehn, Jr., chairman, president and chief executive officer of Sonat Inc. (NYSE: SNT), announced that the company's earnings from continuing operations for the first three months of 1992 were $42.9 million, or $1.00 per share. This compared with earnings from continuing operations of $45.0 million, or $1.05 per share, for the same period in 1991.
 Also at the annual meeting, the stockholders elected five directors for three-year terms. The directors are John J. Creedon, William C. O'Malley, Benjamin F. Payton, John J. Phelan, Jr. and L. Edwin Smart.
 In other business, the stockholders re-elected Ernst & Young as Sonat's independent auditor and rejected a stockholder proposal that requested that the Board of Directors take actions to amend certain provisions of the company's charter which had been adopted by the stockholders in 1983.
 Sonat, headquartered in Birmingham, is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and oil services.
 SONAT INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1) (2)
 (Unaudited)
 3 Months
 Periods Ended March 31, 1992 1991
 (In Thousands, Except
 Per-Share Amounts)
 Revenues $419,977 $485,513
 Costs and
 Operating Expenses 341,540 392,455
 Operating Income 78,437 93,058
 Other Income,
 Net 3,599 4,610
 Interest Expense,
 Net (27,989) (27,567)
 Income from Continuing
 Operations
 Before Income Taxes 54,047 70,101
 Income Taxes 11,103 25,058
 Income from Continuing
 Operations 42,944 45,043
 Discontinued Operations 292 2,946
 Net Income $ 43,236 $ 47,989
 Primary Earnings Per Share of Common Stock:
 Earnings from
 continuing operations $ 1.00 $ 1.05
 Earnings from
 discontinued operations .01 .07
 Earnings Per Share $ 1.01 $ 1.12
 Fully Diluted Earnings Per Share of Common Stock:
 Earnings from
 continuing operations $ 1.00 $ 1.02
 Earnings from
 discontinued operations .01 .06
 Earnings Per Share $ 1.01 $ 1.08
 Cash Dividends
 Paid Per Common Share $ .50 $ .50
 SONAT INC. AND SUBSIDIARIES
 BUSINESS SEGMENT DATA (1) (2)
 (Unaudited)
 3 Months
 Periods Ended March 31, 1992 1991
 (In Thousands)
 Revenues:
 Natural gas $326,631 $381,996
 Exploration
 and production 63,874 75,357
 Oil services 44,928 47,934
 Other 3,549 1,802
 Intersegment revenue (19,005) (21,576)
 $419,977 $485,513
 Operating Income:
 Natural gas $ 69,425 $ 72,847
 Exploration
 and production 9,377 15,409
 Oil services 934 5,736
 Other, net of
 corporate expenses (1,159) (934)
 Operating Income $ 78,437 $ 93,058
 (1) In January 1992, the Company announced a plan to
 sell Teleco Oilfield Services Inc. The results
 of Teleco are reported as discontinued
 operations in the above financials.
 (2) The Company changed its method of accounting for
 its exploration and production activities from
 the full cost method to the successful efforts
 method during the fourth quarter of 1991, and
 results for all periods reflect the change.
 -0- 4/23/92
 /CONTACT: Bruce L. Connery, 205-325-3898, or Thomas W. Barker, Jr., 205-325-3586, both of Sonat/
 (SNT) CO: Sonat Inc. ST: Alabama IN: OIL SU: ERN


BN-ST -- AT003 -- 1769 04/23/92 10:41 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:Apr 23, 1992
Words:537
Previous Article:- ENTERTAINET - TO ENTERTAINMENT AND BUSINESS EDITOR:
Next Article:KELLY SERVICES REPORTS FIRST QUARTER SALES AND EARNINGS


Related Articles
BENJAMIN F. PAYTON, TUSKEGEE UNIVERSITY PRESIDENT, JOINS SONAT INC. BOARD OF DIRECTORS
SONAT REPORTS SECOND QUARTER RESULTS, DECLARES DIVIDEND
SONAT REPORTS FIRST QUARTER RESULTS,ELECTS DIRECTORS
SONAT OFFSHORE DRILLING ELECTS BOARD OF DIRECTORS
SONAT REPORTS SECOND QUARTER RESULTS, ANNOUNCES DIVIDEND INCREASE AND STOCK SPLIT
SONAT REPORTS FIRST QUARTER RESULTS,ELECTS DIRECTORS
SONAT OFFSHORE DRILLING DECLARES QUARTERLY DIVIDEND, ELECTS DIRECTORS
SONAT REPORTS 21 PERCENT INCREASE IN FIRST QUARTER EARNINGS
Sonat Reports First Quarter Earnings; Announces Restructuring at Sonat Exploration Company
Sonat Inc. Announces Third Quarter Results; Change to Full Cost Accounting; and Declaration of Dividend.

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