EEX reports profit (versus expected 11 cent/share loss):
EEX Corporation (ticker: EEX, exchange: The New York Stock Exchange) News Release - Wednesday, May 10, 2000
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EEX Corporation Reports Profit With First Quarter Results
HOUSTON--(BUSINESS WIRE)--May 10, 2000--EEX Corporation (NYSE:EEX) reported a first quarter 2000 net profit of approximately $1 million, or $0.02 per share, compared to a net loss of $18 million, or ($0.43) per share for the first quarter of 1999.
Revenues for the first quarter were $61 million, compared to $40 million for the same quarter last year. The revenue increase reflects higher prices for natural gas and crude oil and increased natural gas production from onshore properties acquired in late 1999.
Expenses for the first quarter were $46 million, compared to $52 million for the same period in 1999. Lower expenses were primarily related to lower exploration expenses and absence of dry hole costs in the first quarter of this year.
"The results for the quarter are a reflection of the profitable base business we are building with significant contribution from our recent acquisition of properties from Tesoro and improvements in crude oil and natural gas prices," said Tom Hamilton, chairman and president, chief executive officer.
EEX Corporation is an oil and natural gas exploration and production company with activities currently focused in Texas, the Gulf of Mexico and Indonesia.
This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EEX believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include political developments in foreign countries, federal and state regulatory developments, the timing and extent of changes in commodity prices, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, and conditions of the capital and equity markets during the periods covered by the forward-looking statements. EEX's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements.
For additional information, call 1-888-EEX-NEWS, or visit our Website at eex.com
(table follows)
EEX CORPORATION
FINANCIAL AND OPERATING HIGHLIGHTS
(In thousands, except per share amounts)
Three Months
Ended March 31
-------------------------
(Unaudited)
2000 1999
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INCOME STATEMENT DATA
Natural gas $37,558 $23,026
Oil, condensate and
natural gas liquids 20,775 14,720
Cogeneration operations 1,912 2,289
Other 623 (480)
-------- --------
Total revenues 60,868 39,555
-------- --------
Production and
operating expenses 10,542 9,202
Exploration 4,748 12,699
Depletion, depreciation
and amortization 21,087 20,470
(Gain) Loss on sales of
property, plant and
equipment 560 (4)
Cogeneration operations 1,354 2,190
General, administrative
and other 6,051 5,504
Taxes, other than income 1,783 1,501
-------- --------
Total expenses 46,125 51,562
-------- --------
Operating income (loss) 14,743 (12,007)
Interest and other -- net (7,389) (2,521)
-------- --------
Income (Loss) before
income taxes 7,354 (14,528)
Income taxes 2,300 985
Minority interest
third party 825 --
-------- --------
Net income (loss) 4,229 (15,513)
Preferred stock
dividends 3,242 2,767
-------- --------
Net income (loss)
applicable to
common shareholders $987 $(18,280)
======== ========
Net income (loss) per
share available to
common shareholders:
Basic $0.02 $(0.43)
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Diluted $0.02 $(0.43)
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Weighted average
shares outstanding:
Basic 42,202 42,200
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Diluted 42,236 42,200
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CASH FLOW DATA
Cash flows provided
by operating activities $4,084 $11,093
Capital expenditures 44,256 25,540
SALES VOLUMES
Natural gas (MMcf) 14,623 11,677
Crude Oil (MBbls) 751 1,303
Natural gas liquids (MBbls) 15 14
Total Volume (MMcfe) 19,222 19,579
AVERAGE SALES PRICE
Natural gas (per Mcf) $2.57 $1.97
Crude oil (per Bbl) 27.26 11.16
Natural gas liquids (per Bbl) 20.00 13.07
CONTACT: EEX Corporation, Houston
John A. McDonald, 713/243-3111
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding EEX Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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