WAINOCO REPORTS THIRD QUARTER IMPROVEMENT
WAINOCO REPORTS THIRD QUARTER IMPROVEMENT HOUSTON, Nov. 7 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL)
today announced that its revenues of $14.4 million for the three months ended Sept. 30, 1991 were 20 percent higher than those in last year's similar period. Settlement of disputed windfall profit taxes contributed to the gain. Net income of $2.2 million was up 74 percent over $1.3 million in the 1990 quarter.
Oil production of 262,000 barrels increased 11 percent although its $18.10/bbl average price was 15 percent below the $21.24/bbl average received in the previous year's period. Natural gas production of 3.5 billion cubic feet fell one third below that in the prior year's quarter as weak demand caused pipeline curtailments and falling prices also constrained output. A measure of the gas market's descent was seen in the $1.08/mcf average quarterly price received for the company's gas, 14 percent below that in last year's period and a low untouched in 14 years. For the year's first nine months ended Sept. 30, 1991, revenues of $38.9 million were 20 percent above those of $32.4 million in the similar 1990 period. Income of $14.7 million before DD&A and income taxes rose 14 percent above that in the prior year's first three quarters. A $10.9 million loss resulted primarily from the $10 million noncash property write-down taken in the year's second quarter. Cash flow from operating activities of $14.4 million rose 20 percent above that of $12 million in last year's comparable period. Oil production of 819,000 barrels increased 43 percent over that in the previous year's first nine months and its average price of $18.49/bbl was virtually unchanged. Nine months' natural gas production of 13.5 billion cubic feet was 10 percent under that in the 1990 period and its average price of $1.22/mcf declined 7 percent. "Higher oil revenues demonstrate the effectiveness of our initiative to increase oil production in a period of unbelievably depressed natural gas markets," said John B. Ashmun, the company's chairman. He further stated that the recent acquisition of Frontier's refinery in Cheyenne, Wo. represented another step in building Wainoco's cash generating potential. Wainoco Oil Corporation is a publicly held oil and gas exploration, production and refining company with operations throughout North America. Wainoco's common shares are listed on the New York and Alberta Stock Exchanges. WAINOCO OIL CORPORATION Summary of Results (Financial information in thousands except per share) Quarter Ended Sept. 30, 1991 1990 Revenues $ 14,365 $11,959 Income before income taxes 2,094 1,172 Provision (benefit) for inc. taxes (155) (123) Net income 2,249 1,295 Earnings per share .11 .06 Average shares outstanding 19,895 20,199 Oil production (bbls) 262,000 236,000 Gas production (mmcf) 3,510 5,056 Average price oil ($/bbl) 18.10 21.24 Average price gas ($/mcf) 1.08 1.25 Daily average oil production (bbls per day) 2,848 2,565 Daily average gas production (mmcf per day) 38 55 Nine Months Ended Sept. 30, 1991 1990 Revenues $ 38,847 $32,409 Additional DD&A for write-down of U.S. property 10,000 7,200 Income (loss) before income taxes (11,505) (6,313) Provision (benefit) for inc. taxes (594) (394) Net income (loss) (10,911) (5,919) Earnings (loss) per share (.55) (.30) Average shares outstanding 19,848 19,846 Oil production (bbls) 819,000 571,000 Gas production (mmcf) 13,515 14,960 Average price oil ($/bbl) 18.49 18.57 Average price gas ($/mcf) 1.22 1.31 Daily average oil production (bbls per day) 3,000 2,092 Daily average gas production (mmcf per day) 50 55 Sept. 30, Dec. 31, 1991 1990 Long-term debt $106,224 $81,301 Shareholders' equity 53,349 61,774 -0- 11/7/91 /CONTACT: Carolyn Rogan (media) or Julie Edwards (analyst) of Wainoco Oil, 713-658-9900/ (WOL) CO: Wainco Oil Corporation ST: Texas IN: OIL SU: ERN SH -- NY061 -- 2261 11/07/91 13:33 EST
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|Date:||Nov 7, 1991|
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