BPT 14.1% Div and at 52 week low Message Board

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Gold/Mining/Energy : BPT 14.1% Div and at 52 week low

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To: EyeDrMike who wrote (10)	12/31/1998 2:26:00 AM
From: Snowshoe	Read Replies (1) of 26

The adjustment factor and taxes ARE high. That's the problem! Here's the 1997 figures from the 10-K. Look at the 4th quarter. Given a WTI price of $19.94/bbl, the royalty was only $6.45/bbl. Do the math: 19.94 - 6.45 = total overhead costs of $13.49/bbl. Average Cost Adjusted Per WTI Chargeable Adjustment Chargeable Production Barrel Price Costs Factor Costs Taxes Royalty ----- ----- ------ ----- ----- ------- 1997: 1st Qtr $22.86 $8.85 1.265 $11.19 $2.61 $ 9.06 2nd Qtr 19.91 8.85 1.269 11.23 2.16 6.52 3rd Qtr 19.75 8.85 1.274 11.28 2.14 6.34 4th Qtr 19.94 8.85 1.280 11.33 2.16 6.45

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