Remington Oil and Gas Announces Financial Results for the Fourth Quarter of Full Year 2001
DALLAS, March 19 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced the following fourth quarter and year to date total revenues and earnings:
Fourth Quarter Ended Years Ended
December 31, December 31,
2001 2000 2001 2000
Total revenues $19,143 $28,535 $116,068 $100,100
Net income (loss)
As reported $(7,936) $10,798 $8,344 $45,044
Before impairment
expense $(1,235) $11,657 $15,244 $45,903
Basic net income
(loss) per share
As reported $(0.35) $0.50 $0.38 $2.10
Before impairment
expense $(0.06) $0.54 $0.69 $2.14
Diluted income
(loss) per share
As reported $(0.35) $0.46 $0.35 $1.99
Before impairment
expense $(0.06) $0.50 $0.63 $2.03
EBITDAX* $13,147 $24,549 $94,960 $83,963
Production Bcfe 7.3 5.2 28.8 20.3
*Earnings Before Interest, Taxes, Depreciation, Amortization and
Exploration
Key accomplishments for 2001 include:
-- 28.8 Bcfe production -- 42% increase over 2000
-- 195.1 Bcfe reserves -- 29% increase over 2000
-- $113.7 MM oil and gas revenues -- 35% increase over 2000
-- 29 of 36 wells successful -- 81% success ratio
Oil and gas revenues for 2001 increased $29.3 million or 35% compared to 2000. Oil and gas revenues for the fourth quarter of 2001 were $18.6 million compared to $27.7 million for the fourth quarter of 2000 primarily due to lower oil and gas prices. Total gas production increased 65% from 12.9 Bcf during 2000, to 21.3 Bcf for 2001. Total oil production increased 2% from 1,221 MBbls in 2000 to 1,249 MBbls in 2001. On a gas equivalent basis, the company produced 28.8 Bcfe in 2001 and 20.3 Bcfe in 2000 for a 42% increase. Gas production for the fourth quarter of 2001 increased by 52% to 5.2 Bcf from 3.4 Bcf in the fourth quarter of 2000. The average oil price decreased from $27.11 per barrel in 2000 to $22.93 per barrel during 2001 and from $29.48 during the fourth quarter of 2000 to $17.86 during the fourth quarter of 2001. The average gas price increased from $3.97 per Mcf in 2000 to $3.99 per Mcf during 2001 but decreased from $5.55 per Mcf during the fourth quarter of 2000 to $2.40 per Mcf during the fourth quarter of 2001. Other income decreased by $13.3 million primarily because of a non-recurring sale of certain South Texas properties in August 2000.
Cash flow from operations before changes in working capital for 2001 increased by $8.3 million, or 12%, compared to 2000 primarily because of increased gas revenues. Operating costs, including transportation and Net Profits interest expense were $15.4 million ($0.53/Mcfe) during 2001 versus $10.5 million ($0.52/Mcfe) during 2000. Fourth quarter 2001 operating costs including the same components increased by $1.7 million to $3.8 million ($0.53/Mcfe) because of fourth quarter workover costs compared to $2.1 million ($0.41 per Mcfe) in 2000. Exploration expenses increased during the fourth quarter because of dry hole costs from a well drilled in the Gulf of Mexico. Depreciation, depletion and amortization for 2001 increased to $1.33 per Mcfe compared to $1.04 per Mcfe in 2000, as a result of increased production from higher cost properties. During the fourth quarter we recorded non-cash impairments of oil and gas properties totaling $10.3 million before tax, $6.7 million after tax.
G&A expenses including legal expense increased slightly to $5.7 in 2001 compared to $5.6 million for 2000. On a per unit of production basis, these costs were $0.20/Mcfe, a 28% decrease from 2000 levels. We recorded $13.5 million during the second quarter of 2001 in connection with our settlement of the Phillips Petroleum litigation. In 2000, we settled certain royalty audit exceptions with the Minerals Management Service for $5.4 million.
James A. Watt, President and Chief Executive Officer said, ``Our reserves and production increased 29% and 42%, respectively, over prior year levels reflecting the continued success of our drill bit driven exploration program. We are excited about the number of opportunities we see in our prospect inventory to continue our growth and increase shareholder value.'' |
