Bobby / Chieftain International
This is company we discussed with operations in Gulf Of Mexico.
CHIEFTAIN REPORTS RECORD NINE MONTH RESULTS
Chieftain International, Inc. today reported record revenues and cash
flow for the first nine months of 1996. Revenues more than doubled and
cash flow, after preferred share dividends, more than tripled from the
comparable period of 1995. Cash flow per share, after preferred share
dividends, was US$2.06 (C$2.81) per share. Financial results for the
period, with comparative amounts for 1995, are as follows:
Nine Months ended September 30
U.S.Dollars Canadian Dollars
1996 1995 1996 1995
(in thousands except per share amounts)
Gross revenue $42,608 $ 20,435 $58,041 $27,460
Cash flow $30,318 $ 11,607 $41,299 $15,597
Cash flow after
pref dividends
shares of subsidiary $26,611 $ 7,900 $36,250 $10,616
Per common share $ 2.06 $ 0.74 $ 2.81 $ 1.00
Depletion and depreci $22,273 $ 11,519 $30,340 $15,479
Income before dividends
on preferred shares
of subsidiary $ 5,262 $ (283) $ 7,168 $ (381)
Preferred share dividends $ 3,707 $ 3,707 $ 5,049 $ 4,981
Net income(loss)applicable
to common shares $ 1,555 $ (3,990) $ 2,119 $(5,361)
Per common share $ 0.12 $ (0.37) $ 0.16 $ (0.50)
Working capl at Sept.30 $48,342 $ 19,012 $65,851 $25,548
Natural gas production almost tripled to 69.1 million cubic feet (mmcf) per
day in the 1996 period compared with 26.7 mmcf per day in the 1995 period.
The average net gas price received in the U.S. Gulf of Mexico, which
contributed 89% of Chieftain's production during the first nine months of 1996,
was US$2.06 (C$2.81) per thousand cubic feet, 38% higher than in the 1995
period. Production of oil and natural gas liquids (ngls) averaged 2,248 barrels
per day, an increase of 20% from the 1995 period. The average net price
received for oil and ngls was US$20.06 (C$27.33) per barrel, 18% higher than
in the comparative 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 September 30, 1996 and 1995. |
