Printer Friendly

VINTAGE PETROLEUM INC. REPORTS HIGHER OIL AND GAS PRODUCTION FOR THIRD QUARTER

                 VINTAGE PETROLEUM INC. REPORTS
         HIGHER OIL AND GAS PRODUCTION FOR THIRD QUARTER
    TULSA, Okla., Nov. 11 /PRNewswire/ -- Vintage Petroleum Inc. (NYSE: VPI) continued its trend of higher production in the third quarter ended Sept. 30, 1991.  Oil and gas production for the quarter increased  32 percent on a BOE basis over year earlier levels.
    For the quarter, oil and gas sales rose to $10,650,000, an 8.5 percent gain from the year earlier $9,817,000.  The company posted this increase despite much lower prices than in the third quarter of 1990.  Revenues increased to $19,092,000 up from $13,071,000. Sales from a gas marketing affiliate which commenced operations May 1, 1991, were included in the 1991 quarter, while there were no comparable revenues in the year earlier period.
    Third quarter net income was $1,002,000, or 6 cents per share, compared to the 1990 quarter's $1,628,000, or 10 cents per share. Impacting this quarter's earnings were sharply lower oil and gas prices.  There were 16.8 million weighted average shares outstanding in this quarter compared to 15.9 million in the year earlier quarter.
    For the nine months, oil and gas sales rose to $30,570,000, a 21 percent gain from the year earlier $25,294,000.  Revenues increased to $50,564,000, up from $34,662,000.
    Nine month net income was $5,154,000, or 31 cents per share, compared to the 1990 period's $3,414,000, or 24 cents per share. There were 16.8 million weighted average shares outstanding in this period compared to 14.3 million in the earlier nine month period.
    "Our production was up 32 percent on a BOE basis," said Charles C. Stephenson, Jr., chairman and chief executive officer. "This strong increase helped to partially counteract the effect of this quarter's lower oil and gas prices, which are impacting our entire industry.  Vintage experienced an 18 percent drop in its average oil price and an 11 percent decline in gas prices.
    "We are confident that this is an excellent time for our strategy of growth through acquisition and exploitation.  We are seeing an increase in both the number and quality of properties for sale.  Vintage is well equipped structurally and financially to handle acquisitions of various sizes, although value will remain the final determinant," Stephenson said.
    Vintage Petroleum Inc. is an independent energy company engaged in the acquisition, exploitation and development of oil and gas properties and the marketing of natural gas and crude oil. Company headquarters are in Tulsa, and its common shares are traded on the NYSE under the symbol VPI.
                  CONSOLIDATED STATEMENTS OF INCOME
              (In thousands, except per share amounts)
                            (Unaudited)
                         Three Months Ended       Nine Months Ended
                             Sept. 30,                Sept. 30,
                         1991         1990        1991         1990
    REVENUES:
    Oil and gas sales    $10,650    $ 9,817       $30,570   $25,294
    Crude oil and gas
      gathering            2,006      3,061         6,559     8,583
    Gas marketing          6,184          -         9,342         -
    Other income             252        193         4,093       785
                          19,092     13,071        50,564    34,662
    COSTS AND EXPENSES:
    Lease operating, including
       production taxes    5,169      3,817        14,359     9,983
    Crude oil and gas
       gathering           1,481      2,346         5,013     6,419
    Gas marketing          6,044          -         9,118         -
    General and
       administrative        198        474         1,122     1,272
    Depreciation, depletion
       and amortization    3,485      2,559         9,538     7,355
    Interest               1,099      1,248         3,101     4,126
                          17,476     10,444        42,251    29,155
    Income before provision
       for income taxes    1,616      2,627         8,313     5,507
    PROVISION FOR
       INCOME TAXES          614        999         3,159     2,093
    NET INCOME           $ 1,002    $ 1,628       $ 5,154   $ 3,414
    NET INCOME PER SHARE $   .06    $   .10       $   .31   $   .24
    Weighted average common
      shares and common
      equivalent shares
      outstanding         16,750     15,870        16,765    14,344
    Average price:
      Oil (per Bbl)      $ 19.52    $ 23.71       $ 19.27   $ 20.09
      Gas (per Mcf)      $  1.18    $  1.33       $  1.29   $  1.47
    Production:
      Oil (MBbls)            350        283         1,028       777
      Gas (MMcf)           3,234      2,333         8,333     6,603
    -0-                        11/11/91
    /CONTACT:  William C. Barnes of Vintage Petroleum Inc., 918-592-0101/
    (VPI) CO:  Vintage Petroleum Inc. ST:  Oklahoma IN:  OIL SU:  ERN DB -- SF003 -- 3092 11/11/91 14:20 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1991
Words:720
Previous Article:MEREDITH CORPORATION BOARD DECLARES DIVIDEND
Next Article:GAYLORD CONTAINER REPORTS LOSS FOR FISCAL 1991
Topics:


Related Articles
VINTAGE PETROLEUM REPORTS YEAR END EARNINGS AND RESERVES
VINTAGE PETROLEUM REPORTS FIRST QUARTER RESULTS
VINTAGE PETROLEUM REPORTS STRONG SECOND QUARTER GAINS, RECORD PRODUCTION LEVELS
VINTAGE PETROLEUM INC. PRODUCTION GAINS SPUR THIRD QUARTER RECORDS
VINTAGE PETROLEUM ANNOUNCES RECORD FIRST QUARTER RESULTS
VINTAGE PETROLEUM REPORTS FIRST QUARTER RESULTS
VINTAGE PETROLEUM REPORTS THIRD QUARTER RESULTS
Vintage Petroleum Reports Net Income for The Third Quarter of $9.8 Million, Three And One-Half Times Year Earlier Level
Vintage Petroleum Reports Record First Quarter Results; Sets Records in Production, Oil and Gas Sales, Earnings and Cash Flow
Vintage Petroleum Reports Second Quarter Results; Sets Records in Production and Oil and Gas Sales

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