Remington Oil and Gas Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, December 31,
Assets 2001 2000
Current assets (Unaudited)
Cash and cash equivalents $14,294 $18,131
Restricted cash and cash equivalents 800 2,592
Accounts receivable 19,071 21,142
Prepaid expenses and other current assets 1,328 2,375
Total current assets 35,493 44,240
Properties
Oil and natural gas properties
(successful-efforts method) 381,520 336,558
Other properties 2,747 2,701
Accumulated depreciation, depletion and
amortization (209,348) (201,506)
Total properties 174,919 137,753
Other assets
Cash collateral for Phillips judgment -- 9,000
Other assets 907 1,481
Total other assets 907 10,481
Total assets $211,319 $192,474
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued liabilities $22,277 $25,273
Short-term notes payable and current
portion of other long-term payables 3,872 7,229
Total current liabilities 26,149 32,502
Long-term liabilities
Phillips judgment -- 19,733
Notes payable 24,500 24,685
8 1/4% Convertible subordinated notes payable
due in 2002 3,633 5,880
Other long-term payables 5,393 6,966
Deferred income tax liability 7,075 --
Total long-term liabilities 40,601 57,264
Total liabilities 66,750 89,766
Commitments and contingencies
Temporary equity 18,857 --
Stockholders' equity
Preferred stock, $.01 par value, 25,000,000
shares authorized, no shares Outstanding -- --
Common stock, $.01 par value, 100,000,000
shares authorized, 23,104,835 shares issued
and 23,070,476 shares outstanding in 2001,
21,598,605 shares issued and 21,564,246
outstanding in 2000 231 216
Additional paid-in capital 50,209 45,897
Restricted common stock 8,055 --
Unearned compensation (5,276) --
Retained earnings 72,493 56,595
Total stockholders' equity 125,712 102,708
Total liabilities and stockholders' equity $211,319 $192,474
Remington Oil and Gas Corporation
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Revenues
Oil sales $7,619 $8,221 $15,633 $15,691
Gas sales 25,776 10,602 56,984 19,001
Other income 786 794 1,552 1,365
Total revenues 34,181 19,617 74,169 36,057
Costs and expenses
Operating costs and
expenses 3,686 3,653 6,734 6,033
Exploration expenses 2,755 927 4,171 1,209
Depreciation, depletion
and amortization 9,459 4,781 18,249 9,199
General and administrative 1,566 1,349 2,901 2,698
Stock based compensation 389 -- 2,820 --
Settlements 13,524 -- 13,524 3,216
Interest and financing
expense 888 1,148 2,192 2,164
Total costs and expenses 32,267 11,858 50,591 24,519
Income before taxes and
minority interest 1,914 7,759 23,578 11,538
Income tax expense 673 -- 7,680 --
Minority interest in income
of subsidiaries -- -- -- (5)
Net income $1,241 $7,759 $15,898 $11,543
Basic income per share $0.06 $0.36 $0.73 $0.54
Diluted income per share $0.05 $0.35 $0.66 $0.53
Production
Oil (MBbls) 307 321 612 613
Gas (MMcf) 5,496 3,175 10,698 6,329
Average prices
Oil $24.82 $25.61 $25.54 $25.60
Gas $ 4.69 $ 3.34 $5.33 $3.00
Remington Oil and Gas Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended
June 30,
2001 2000
Cash flow provided by operations
Net income (loss) $15,898 $11,543
Adjustments to reconcile net income
Depreciation, depletion and amortization 18,249 9,199
Deferred income taxes 7,075 --
Amortization of deferred charges 85 80
Deferred net profits expense 1,270 --
Dry hole costs 1,884 693
Minority interest in income of subsidiaries -- (5)
Royalty settlement -- 3,216
Stock issued to directors and employees
for compensation 2,914 88
(Gain) on sale of properties -- (13)
Changes in working capital
Decrease (increase) in accounts receivable 2,063 (5,746)
Decrease in prepaid expenses and other current
assets 522 1,514
(Decrease) increase in accounts payable and
accrued liabilities (22,697) 5,208
Decrease (increase) in restricted cash 10,792 (400)
Net cash flow provided by operations 38,055 25,377
Cash from investing activities
Payments for capital expenditures (57,299) (20,560)
Proceeds from property sales -- 232
Net cash (used in) investing activities (57,299) (20,328)
Cash from financing activities
Proceeds from note payable 5,000 1,790
Loan origination costs for line of credit (307) --
Payments on notes payable and other long-term
payables (10,115) (1,329)
Common stock issued 20,829 11
Dividends paid to minority stockholders of
subsidiaries -- (18)
Net cash provided by financing activities 15,407 454
Net increase (decrease) in cash and cash
equivalents (3,837) 5,503
Cash and cash equivalents at beginning of
period 18,131 4,356
Cash and cash equivalents at end of period $14,294 $9,859 |
