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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: willcan who wrote (28709)	6/14/2002 9:35:36 PM
From: JoeinIowa	Read Replies (1) \| Respond to of 29382

No there was a deferred tax gain. They only earned .24 last year. Benton Oil and Gas Announces 2001 financial Results DISCRETIONARY CASH FLOW OF $28.2 MILLION TOTAL YEAR END PROVED RESERVES OF 113 MILLION BARRELS REPOSITIONED COMPANY TO BE CALLED HARVEST NATURAL RESOURCES, INC. HOUSTON, March 6, 2002 /PRNewswire-FirstCall/ -- Benton Oil and Gas Company (NYSE: BNO) today announced unaudited net income of $8.2 million, or $0.24 per diluted share, and discretionary cash flow of $33.9 million, or $1.00 per diluted share for 2001, before the nonrecurring items described below. This compares with net income of $16.5 million, or $0.53 per diluted share, and discretionary cash flow of $47.0 million, or $1.53 per diluted share for 2000 before extraordinary items described below. Net income for 2001 was $43.2 million, or $1.27 per diluted share, and discretionary cash flow of $28.2 million, or $0.83 per diluted share. This performance compared with 2000 net income of $20.5 million, or $0.66 per diluted share, and discretionary cash flow of $47.3 million, or $1.53 per diluted share. Discretionary cash flow was down in 2001 primarily due to lower oil prices and certain nonrecurring items, which affected both 2000 and 2001. Net income increased primarily due to the reversal of a $42.4 million deferred tax asset valuation allowance related to net operating loss carryforwards. The expected closing of the previously announced sale of the 68 percent interest in Arctic Gas Company should enable the Company to realize the carryforwards. bentonoil.com This year they predict cash flow between $2.30-$2.60/share. HOUSTON - (April 22, 2002) - Benton Oil and Gas Company (NYSE:BNO) today provided further guidance on certain financial and operating assumptions that are expected to be realized during 2002. As a result of anticipated increases in production and sharp reductions in cash expenses, Benton expects operating cash flow (defined as earnings before interest taxes and depreciation, depletion and amortization) of $80 million to $90 million, or $2.30 to $2.60 per share. The Company also projects that its equity investment in its Russian affiliate Geoilbent will return earnings (defined as Benton's 34 percent share of Geoilbent's earnings based on US generally accepted accounting principles) of $10 million to $15 million net to its interest for the year. Dr. Peter Hill, President and Chief Executive Officer, said, "While these estimates are subject to many influences both within and beyond our immediate control, we expect our operations in both Venezuela and Russia will continue last year's progress of growing production and decreasing cash costs per barrel. Success in both areas of focus could be expected to support better year-over-year comparisons for 2002, especially if oil prices remain above last year's average."