EARNINGS / Chieftain International reports 1997 Results
EDMONTON, Feb. 17 /CNW/ -- Chieftain International, Inc. (TSE & AMEX:
CID) today reported record financial and operating results for 1997. Cash
flow from operations, net of preferred dividends, was US$49.5 (C$70.7) million
or US$3.63 (C$5.19) per basic common share. Net income after preferred
dividends was US$5.2 (C$7.5) million or US$0.38 (C$0.55) per basic common
share. Financial results for 1997, with comparative amounts for 1996, are as
follows:
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Year ended December 31
U.S. $ Canadian $
1997 1996 1997 1996
(in thousands except per share amounts)
Gross revenue 86,647 75,325 123,827 103,165
Revenues, net of royalties 72,055 63,099 102,974 86,420
Cash flow before dividends
on preferred shares of
a subsidiary 54,415 46,783 77,765 64,074
Cash flow from operations
after dividends on preferred
shares of a subsidiary 49,473 41,841 70,702 57,305
Per common share - basic 3.63 3.20 5.19 4.39
Per common share - fully diluted 3.06 2.73 4.37 3.74
Depletion and depreciation 36,951 30,920 52,807 42,348
Income before dividends on
preferred shares of a subsidiary 10,160 9,784 14,520 13,401
Preferred share dividends 4,942 4,942 7,063 6,769
Net income applicable to
common shares 5,218 4,842 7,457 6,632
Per common share - basic(x) 0.38 0.37 0.55 0.51
Working capital at Dec. 31 22,676 42,854 32,407 58,693
(x) no dilution for the periods shown
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Average daily gas production was 77.6 million cubic feet per day (mmcfd)
in 1997 compared with 71.8 mmcfd during 1996. Average daily production was
78.0 mmcfd during the fourth quarter of 1997 compared with 79.9 mmcfd during
the comparative quarter of 1996. Average daily oil and natural gas liquids
production was 2,636 barrels per day (bd) compared with 2,340 bd in 1996.
Average daily production was 3,104 bd during the fourth quarter of 1997
compared with 2,614 bd during the 1996 period.
The average price received for natural gas in 1997 was US$2.33 (C$3.33)
per thousand cubic feet (mcf) compared with US$2.09 (C$2.86) in 1996. The
average price received for oil and ngls was US$18.94 (C$27.07) per barrel
compared with US$20.99 (C$28.75) in the 1996 period.
Chieftain has no debt. The Company reports financial information in U.S.
dollars. For convenience, Canadian dollar equivalents are provided using
exchange rates as at December 31, 1997 and 1996. |
