Printer Friendly

WAINOCO REPORTS THIRD QUARTER RESULTS

 WAINOCO REPORTS THIRD QUARTER RESULTS
 HOUSTON, Nov. 11 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL)


today reported net income of $1.4 million and earnings per share of $.07 for the quarter ended Sept. 30, 1992. This compares to earnings of $2.2 million or $.11 per share for the same period in 1991, which included $5.2 million in tax settlement income. Earnings before interest, taxes and depreciation were $11.3 million in the recent quarter compared to $8.2 million during last year's third quarter.
 For the nine months ended Sept. 30, 1992, the company had net income of $1.4 million and earnings per share of $.07 compared with a net loss of $10.9 million, or $.55 per share, for the first nine months of 1991. The loss in 1991 primarily resulted from a $10.0 million charge to depletion, depreciation and amortization for the writedown of U.S. oil and gas properties. Earnings before interest, taxes and depreciation of $31.2 million for the first nine months of 1992 were 49 percent higher than last year's $21.0 million for the same period.
 Revenues from oil and gas operations for the first nine months of 1992 were approximately 21 percent lower than for the same period of 1991 despite increased production volumes for both oil and gas. This is primarily due to the aforementioned tax settlement and the low gas prices received in Canada so far this year, as the Canadian natural gas markets continue to lag the United States. However, recent increases in the prices the company is receiving in Canada should show up in the final quarter of 1992 and will help improve the results of its oil and gas operations.
 The Frontier refining operations, which Wainoco did not own in the first nine months of 1991, have been strong contributors to the company's 1992 earnings before interest, taxes and depreciation as well as net income. Earnings before interest, taxes and depreciation for this segment for the first nine months of 1992 totaled $16.4 million, compared with $14.7 million on a pro forma basis for the same period in 1991. Management believes that this improvement in results reflect the tight supply of motor fuels in Frontier's marketing area which has kept product prices strong during the second and third quarters of 1992. Despite slightly lower sales volumes in the most recent quarter compared to the first six months of 1992 caused by some maintenance and repair downtime during the quarter, the operating margin in its refining operations continues to generate strong cash flow and positive net income for the company.
 Wainoco Oil Corporation is a North American oil and gas exploration, production and refining company with operations in the United States and Canada. Wainoco's common shares are listed on the New York and Alberta Stock Exchanges under the symbol "WOL".
 WAINOCO OIL CORPORATION
 Periods ended Nine Months Three Months
 Sept. 30 1992 1991 1992 1991
 FINANCIAL (Financial information
 in thousands except per share)
 Revenues:
 Refining Operations $252,827 $ - $88,398 $ -
 Oil and Gas Operations 30,389 38,618 10,164 14,283
 Total 283,525 38,847 98,673 14,365
 Earnings before interest,
 taxes and depreciation:
 Refining Operations 16,424 - 5,957 -
 Oil and Gas Operations 16,366 22,987 5,580 8,911
 Total 31,180 20,953 11,278 8,159
 Income before DD&A and taxes 18,465 14,678 6,812 6,060
 Net income (loss) $ 1,440 $(10,911) $ 1,365 $ 2,249
 Earnings (loss) per share $.07 $(.55) $.07 $.11
 Average shares outstanding
 (fully diluted) 22,062 19,848 22,062 19,895
 OIL AND GAS
 Oil production (bbls) 851,000 819,000 273,000 262,000
 Gas production (mmcf) 13,617 13,515 4,790 3,510
 Daily average oil
 production (bopd) 3,106 3,000 2,967 2,848
 Daily average gas
 production (mmcfd) 50 50 52 38
 Average oil price ($/bbl) 17.24 18.49 18.86 18.10
 Average gas price ($/mcf) 1.09 1.22 1.02 1.08
 REFINING (bpd)
 Total charge 32,813 - 30,884 -
 Gasoline sales 12,888 - 11,046 -
 Distillate sales 10,994 - 9,761 -
 Total sales 31,424 - 29,588 -
 KEY TERMS
 bbl -- barrel
 bpd -- barrels per day
 bopd -- barrels of oil per day
 mcf -- thousand cubic feet
 mmcf -- million cubic feet
 mmcfd -- million cubic feet per day
 -0- 11/11/92
 /CONTACT: Julie Edwards of Wainoco, 713-658-9900/
 (WOL) CO: Wainoco Oil Corporation ST: Texas IN: OIL SU: ERN


GK -- NY060 -- 9806 11/11/92 14:35 EST
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:Nov 11, 1992
Words:763
Previous Article:JOHN NUVEEN COMPANY DECLARES QUARTERLY DIVIDEND; FIRM'S SECOND DIVIDEND SINCE MAY PUBLIC OFFERING
Next Article:SEARS DECLARES DIVIDENDS
Topics:


Related Articles
WAINOCO REPORTS THIRD QUARTER IMPROVEMENT
WAINOCO OIL REPORTS RESULTS
WAINOCO OIL CORPORATION COMMENTS ON PRELIMINARY RESULTS
WAINOCO REPORTS 1994 RESULTS
WAINOCO REPORTS 1994 RESULTS
WAINOCO REPORTS THIRD QUARTER RESULTS
WAINOCO REPORTS 1995 RESULTS
Wainoco Reports 1996 Results
Wainoco Reports Strong Second Quarter Results
Wainoco Reports Record Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters