Printer Friendly

WESTERN GAS RESOURCES ANNOUNCES FIRST QUARTER 1992 RESULTS

 WESTERN GAS RESOURCES ANNOUNCES FIRST QUARTER 1992 RESULTS
 DENVER, May 7 /PRNewswire/ -- Western Gas Resources Inc. (NYSE: WGR) announced today to holders of its common stock that the company's financial performance was very strong during the first quarter 1992, setting new records for revenues, net income and cash flow from operations. Given the unusually warm weather during the first quarter which contributes to low natural gas and natural gas liquids prices, and the higher than normal natural gas liquids prices realized during the Persian Gulf crisis included in the first quarter of 1991, the company is very pleased with its first quarter 1992 results.
 During the first quarter, revenues increased 37 percent over 1991 to $125.1 million in 1992 and net income increased 41 percent in 1992 to $8.0 million, or 29 cents per share. Additionally, cash flow from operations (working capital provided by operations) increased 41 percent over 1991 to $16.6 million in 1992.
 As expected, the increase in results from operations in the first quarter 1992 related largely to increased volumes. Average gas sales increased 22 percent to 431 MMcf/D in the first quarter of 1992 compared to 353 MMcf/D in the first quarter 1991. Average liquids sales increased 153 percent to 2,169 MGal/D in the first quarter 1992 compared to 858 MGal/D in 1991.
 Average gas prices decreased substantially to $1.44/Mcf in the first quarter 1992 compared to $1.70/Mcf in the first quarter 1991. Average liquids prices decreased to 30 cents/Gal in the first quarter 1992 compared to 36 cents/Gal for the like period in 1991. Western continues to successfully offset recent price declines by increasing throughput volumes contracted under percentage of proceeds contracts, largely as a result of acquisitions and additional hookups to existing plants. The UTP acquisition, which added 12 additional gas processing facilities to the company's operations on Nov. 1, 1991, is included in first quarter results for the first time in 1992. Additional encouragement is found both in the prices actually being received in April and May for natural gas and natural gas liquids and in forward looking months according to NYMEX futures prices. It now appears that the price of both natural gas and natural gas liquids will be higher in the second quarter than in the first quarter, which is unprecedented.
 Western continues to build its position as a leader in the GTM niche of the natural gas industry. On Feb. 1, 1992, Western purchased the 15 MMcf/D Wakita processing plant and related gathering system in Oklahoma for $6.1 million. The plant was immediately shut down and all of the inlet gas volumes rerouted to the company's Chaney Dell/Lamont complex for processing. The result of that action is that more than 80 percent of the operating costs being incurred by the previous owner of the Wakita system have been eliminated and utilization at the Chaney Dell/Lamont system has been increased. Additionally, the company expects to receive all permits necessary and continues to move forward on its Katy gas storage and interconnect facility at Katy, Texas, with completion now expected in mid-1993. Western continues to pursue new investment opportunities through both acquisitions and new construction to expand its area of operations and related markets toward our goal of enhancing profitability and increasing shareholder value.
 WESTERN GAS RESOURCES INC.
 1992 First Quarter Earnings
 (thousands except share and per share amounts)
 Quarter Ended
 March 31, Percent
 1992 1991 Change
 Financial Statistics:
 Revenues $125,081 $91,074 37
 Net income 8,036 5,688 41
 Earnings per common share .29 .27 7
 Cash flow from operations 16,620 11,796 41
 Weighted average shares
 outstanding 25,403,619 21,131,074 ---
 Operating Statistics:
 Natural gas residue:
 Average gas sales (MMcf/D) 431 353 22
 Average gas sales prices
 ($/Mcf) $1.44 $1.70 (15)
 Natural gas liquids:
 Average liquids sales (MGal/D) 2,169 858 153
 Average liquid sales
 prices ($/Gal) $.30 $.36 (17)
 -0- 5/7/92
 /CONTACT: Ron Wirth of Western Gas Resources, 800-933-5603/
 (WGR) CO: Western Gas Resources Inc. ST: Colorado IN: OIL SU: ERN


BB -- DV003 -- 7393 05/07/92 07:31 EDT
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:May 7, 1992
Words:700
Previous Article:GTE IMAGESPAN DEMONSTRATES IMAGING TECHNOLOGY TO ART EXPERTS HERE AND ACROSS THE ATLANTIC
Next Article:WAL-MART STORES REPORTS APRIL SALES
Topics:


Related Articles
WESTERN GAS RESOURCES ANNOUNCES SECOND QUARTER RESULTS
WESTERN GAS RESOURCES ANNOUNCES THIRD QUARTER RESULTS
WESTERN GAS RESOURCES ANNOUNCES OPERATING RESULTS FOR FOURTH-QUARTER AND YEAR-END DEC. 31, 1992
PARAMOUNT RESOURCES LTD. REPORTS FIRST QUARTER RESULTS
WESTERN GAS RESOURCES INC. ANNOUNCES SECOND QUARTER RESULTS
ALLEGHENY & WESTERN ENERGY CORPORATION ANNOUNCES FISCAL YEAR-END RESULTS
WESTERN GAS RESOURCES ANNOUNCES THIRD QUARTER RESULTS
WESTERN GAS RESOURCES INC. ANNOUNCES FIRST QUARTER 1994 RESULTS
WESTERN GAS RESOURCES INC. ANNOUNCES FIRST QUARTER 1995 RESULTS
WESTERN GAS RESOURCES, INC. REPORTS SIGNIFICANT INCREASE IN FIRST QUARTER EARNINGS

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