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
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|Date:||Apr 23, 1992|
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