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STRONG GROWTH FOR PANCANADIAN THIRD QUARTER

 CALGARY, Alberta, Oct. 28 /PRNewswire/ -- PanCanadian announces strong growth in third quarter:
 Nine Months
 Ended
 Third Quarter Sept. 30,
 1993 1992 1993 1992
 Production (after royalty)
 Oil (barrels per day)
 Conventional
 Canadian 91,106 67,960 86,142 66,059
 Russian 5,235 793 4,001 319
 Total 96,341 68,753 90,143 66,378
 Synthetic 17,902 17,039 16,270 17,063
 Total 114,243 85,792 106,413 83,441
 Natural gas liquids
 (barrels per day)
 Field facilities 8,493 6,398 8,977 7,802
 Empress plants 13,617 11,224 16,546 10,950
 Total 22,110 17,622 25,523 18,752
 Total oil and natural
 gas liquids 136,353 103,414 131,936 102,193
 Natural gas (million
 cubic feet per day) 493 433 527 443
 Financial (millions of dollars,
 except amounts per share)
 Revenues $271.0 $236.0 $819.7 $654.2
 Cash flow 142.6 117.5 438.3 332.2
 Per share 1.13 0.94 3.50 2.66
 Net income 53.4 43.2 175.9 101.5
 Per share 0.43 0.34 1.41 0.81
 Capital expenditures
 Exploration and
 development 143.2 89.6 373.3 210.3
 Net acquisitions
 (dispositions) (98.1) 13.8 (105.1) (33.3)
 Total 45.1 103.4 268.2 177.0
 Net debt 306.4 266.2 306.4 266.2
 Product Prices
 Canadian conventional
 oil (per barrel) $16.02 $19.38 $16.76 $17.31
 Natural gas (per
 thousand cubic feet) $1.66 $1.26 $1.59 $1.25
 PanCanadian's President and Chief Executive Officer David P. O'Brien said that PanCanadian continues to lead the industry in profitability and production growth.
 Nine Month Synopsis
 -- Conventional oil production up 23,765 barrels per day, or 36 percent, from the first nine months of 1993.
 -- Gas sales up 84 million cubic feet per day or 19 percent.
 -- Oil prices of $16.76 per barrel in the first nine months down slightly from $17.31 in 1992.
 -- Gas prices much stronger at $1.59 per thousand cubic feet, from $1.25 in the first nine months of 1992.
 -- Revenues of $819.7 million, up 25 percent.
 -- Cash flow of $438.3, up 32 percent.
 -- Net income of $175.9 million, up 73 percent.
 -- PanCanadian had an interest in the drilling of 902 working interest wells in the first nine months, yielding 396 oil wells and 374 gas wells.
 -- An agreement to sell Langevin Resources, PanCanadian's non-core holding company, will realize $93 million cash on closing.
 Fourth Quarter Outlook
 PanCanadian anticipates increased oil and gas volumes for the fourth quarter and stronger natural gas prices commencing with the Nov. 1 contract year. The high level of activity on capital projects will continue, and total expenditures for the year are estimated to exceed $550 million. The outlook is for a strong fourth quarter and another outstanding year for PanCanadian.
 -0- 10/28/93
 /CONTACT: Marion J. Wood, Corporate Communications, 403-290-2220/
 (PCP.)


CO: PanCanadian Petroleum Ltd. ST: Alberta IN: OIL SU: ERN

JB-EH -- LA028 -- 8018 10/28/93 14:15 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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