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Triton Energy Reports First-Quarter 2000 Earnings Per Diluted Share of $0.45
DALLAS, May 2 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) today
reports first-quarter 2000 earnings of $26.4 million, or $0.73 per basic share
and $0.45 per diluted share, compared with first-quarter 1999 earnings of
$1.7 million, or $0.05 per basic share and $0.03 per diluted share. First-
quarter 1999 results include a $1.2 million charge for restructuring and cost-
reduction efforts. Results for both periods are reported after dividends on
the Company's 5% convertible preference shares. The Company's 8% convertible
preference shares were included in the calculation of diluted shares
outstanding for both quarters.
First-quarter 2000 revenues were $74.5 million, a 52% increase over
revenues of $49.2 million for the first quarter of 1999.
The substantial improvement in Triton's results was primarily due to the
dramatic rebound in oil prices compared with the year-ago period. Triton's
realized oil price per barrel averaged $23.09, 87% above the average realized
oil price per barrel of $12.37 in the first quarter of 1999.
"We are pleased with Triton's improved operational and financial
performance in the first quarter," said James C. Musselman, Triton President
and Chief Executive Officer. "Our achievements during the quarter included
finalizing a development plan and signing all key contracts to facilitate
initial oil production this year from the Ceiba Field offshore West Africa.
Along with sustained strong oil prices, our project management expertise, top-
notch technical team, capital discipline and financial strength should help us
continue to create value for our investors."
At the end of the first quarter, Triton's delivery requirement under the
forward oil sale was completed. Consequently, approximately 750,000 barrels
of additional oil production will be available for sale each quarter, or about
an additional $19 million in pre-tax cash flow at current oil prices.
Operations Update
Production from the Cusiana and Cupiagua fields in Colombia averaged
364,000 barrels of oil per day (BOPD) during the first-quarter 2000, following
an average production rate for the year 1999 of 430,000 BOPD. Triton
attributed this decline to lower production than forecasted by the fields'
operator. The operator expects the production rate will improve during the
year as it drills and completes additional wells and performs well
maintenance.
Triton's first well on the Recetor license, the LiriaYD-2, is producing at
a limited flow rate pending additional perforations and a hydraulic fracture.
A preliminary development plan for Recetor, which contains a northern
extension of the Cupiagua Field, calls for about two wells to be drilled
annually during the next few years.
Offshore Equatorial Guinea, the Ceiba-3 appraisal well was spudded May 1
by Global Marine's drillship R.F. Bauer. Triton anticipates the well reaching
target depth in about 30 days. A second rig, the Sedco 700, is expected to
arrive on site by early June to drill and/or complete wells. Additional wells
will be drilled and completed by the Bauer drillship and Sedco rig as part of
Triton's accelerated development program for the field. Production
components, including the floating production, storage and offloading vessel,
are being manufactured and/or refurbished at several locations worldwide.
About 8%, or 350 square kilometers, of the 3D seismic acquired over the
Ceiba Field has been processed and is being analyzed by Triton. The remaining
seismic data, approximately 3,850 square kilometers, is being processed and
should be available by the end of May for Triton's analysis. The information
gleaned from the seismic data is helping the Company better determine future
well-site locations and prospectivity.
In late March, the Company announced it had increased its 2000 capital
spending program by $22 million to $213 million to accelerate appraisal and
development activity on its Equatorial Guinea acreage. Triton previously
announced that it anticipates first oil production from the Ceiba Field by
year-end.
Dividends
Dividends on Triton's 5% convertible preference shares, approximately
$0.2 million, are paid in the first and third quarters. Dividends on the
Company's 8% convertible preference shares, approximately $14.5 million, are
paid in the second and fourth quarters.
Internet Teleconference
Triton will hold an Internet teleconference today, May 2, 2000, at
11:30 a.m. Eastern time. The teleconference is open to the public and may be
accessed over the Internet at the following address:
www.videonewswire.com/TRITON/050200. (Please note that TRITON must be typed
in all capital letters for site access.)
About Triton
Triton Energy Limited is a Dallas-based international oil and gas
exploration and production company with major oil and gas assets in Latin
America, Southeast Asia and West Africa. More information about Triton may be
found at the Company's web site, www.tritonenergy.com.
SAFE HARBOR STATEMENT: Certain statements in this news release, as well as
written and oral statements made from time to time by Triton and its
representatives in other reports, filings with the Securities and Exchange
Commission, news releases, conferences, teleconferences or otherwise,
regarding future expectations and financial performance may be regarded as
"forward-looking statements" within the meaning of the U.S. Securities
Litigation Reform Act. These "forward-looking statements" include statements
regarding future cash flow and production, drilling schedules and the number
of wells to be drilled, estimates of first gas production from the Cakerawala
Field, the availability of seismic data and estimates of first oil production
from the Ceiba Field. These statements are subject to various risks and
uncertainties, such as the timely completion and cost of exploration,
appraisal and development activities, contract performance by third parties
and quarterly fluctuations in results. These are discussed in detail in the
Company's Securities and Exchange Commission filings, including its report on
Form 10-K for the year ended December 31, 1999. Actual results may vary
materially.
TRITON ENERGY LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Preliminary Unaudited)
Three months ended March 31,
2000 1999
Oil and gas sales $ 74,505 $ 49,170
Costs and expenses:
Operating 15,831 18,976
General and administrative 4,575 4,935
Depreciation, depletion and amortization 14,009 15,371
Special charges --- 1,220
34,415 40,502
Operating income 40,090 8,668
Interest income 2,777 2,578
Interest expense, net (4,750) (5,983)
Other income (expense), net (1,042) 923
(3,015) (2,482)
Earnings before income taxes 37,075 6,186
Income tax expense 10,551 4,299
Net earnings 26,524 1,887
Dividends on preference shares 163 180
Earnings applicable to ordinary shares $ 26,361 $ 1,707
Average ordinary shares outstanding 35,895 36,663
Basic earnings per ordinary share $ 0.73 $ 0.05
Average dilutive shares outstanding 58,476 56,239
Diluted earnings per ordinary share $ 0.45 $ 0.03
TRITON ENERGY
Condensed Consolidated Financial Information
(Preliminary Unaudited)
March 31, Dec. 31,
2000 1999
(in thousands)
Cash and cash equivalents $ 200,933 $ 186,323
Current maturities of long-term debt 9,110 9,027
Long-term debt, excluding current maturities 400,039 404,460
Shareholders' equity 494,869 463,052
Total ordinary shares outstanding 36,142 35,764
Average diluted ordinary shares outstanding 58,476 36,197
Consolidated Oil Production Statistics
(Net to Triton)
Three months ended
March 31,
2000 1999
Average revenue realized per Bbl* $ 23.09 $ 12.37
Sales volumes - Bbls/day 27,022 35,622
Forward oil sale deliveries - Bbls/day 8,374 8,467
Total revenue Bbls/day 35,396 44,089
* Includes Ecopetrol reimbursement barrels and oil delivered under the
forward oil sale.
SOURCE Triton Energy Limited
CO: Triton Energy Limited
ST: Texas
IN: OIL
SU: ERN
05/02/2000 07:00 EDT prnewswire.com |
