Excerpts from latest earnings report:
Reserves
Triton's estimated year-end proved oil and gas reserves are 240 million barrels of oil equivalent (mmboe). The 1998 year-end reserves reflect the sale of one-half of the subsidiary that contains Triton's Gulf of Thailand Joint Development Area gas project and production during 1998 of ten mmboe from the Cusiana and Cupiagua fields. Triton's year-end estimated resource base, which includes proved, probable and other resources is 634 mmboe.
Fourth-Quarter Results
Triton's 1998 fourth quarter loss was $130.3 million, or $3.55 per diluted share, compared with a loss of $3.8 million ($0.10 per diluted share) in the comparable 1997 period, after preference dividends. The fourth quarter results include a non-cash charge to earnings of $126.3 million after tax ($3.45 per diluted share), primarily associated with the application of the SEC's mandated ceiling test based on year-end oil price (Cusiana crude oil held constant into the future at $10.83 per barrel).
Excluding the effect of extraordinary and unusual items, the fourth- quarter loss would have been $6.7 million, or $0.18 per diluted share, compared with a loss of $0.5 million ($0.01 per diluted share) in the comparable 1997 period. Increased production partially offset the effect of a 35 percent drop in oil price realizations compared with the year ago quarter.
Fourth quarter production reached a new record with average daily gross production of 425,000 barrels of oil per day from the Company's Cusiana and Cupiagua fields, a 44 percent increase over the fourth quarter of 1997. During the quarter, the second and final oil production unit at the Cupiagua Central Processing Facility began operations.
The following table provides details on full-year and fourth-quarter 1998 results:
In millions, except per share data
Three months ended Twelve months ended
12/31/98 12/31/97 12/31/98 12/31/97
Revenues $50.2 $46.2 $228.6 $149.5
Oil and Gas Sales $45.7 $46.2 $160.9 $145.4
As reported after preference dividends:
Net loss $(130.3) $(3.8) $(190.6) $ (9.3)
Loss per diluted
share $(3.55) $(0.10) $(5.21) $(0.25)
Adjusted for extraordinary and unusual items:
Net loss $(6.7) $(0.5) $(33.9) $(1.0)
Loss per diluted
share $(0.18) $(0.01) $(0.93) $(0.03)
Average diluted shares
outstanding 36.6 36.5 36.6 37.0
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Recently OIL hit an all-time low (perhaps lower for a brief period in Winter, 1991) of 5 3/16. Today it traded at 7-7 1/2, close 7 1/16. OIL traded between 30 and 50 from 1992 through 1997. Hopefully it will again become a boring $40 oil stock. Next post will have entire report, which indicates they have already implemented the cap expenditures reductions for 1999, so the mega-losses seem to be past.
Book value: $6.03
Cash per share: $1.62
Float: 22.3 (36.6m outstanding)
about 5million convertible shares, 8% at $70. |
