Triton Energy Reports Second-Quarter Results
DALLAS, Aug. 3 /PRNewswire/ -- Triton Energy Limited (NYSE: OIL) today
reported financial results for the second quarter ended June 30, 1999. Triton
reported a loss of $2.9 million, or $0.08 per diluted share, which includes
dividend payments totaling $13.8 million related to the newly issued
8% Preference Shares. In the 1998 second quarter, Triton reported a loss of
$150.1 million, or $4.10 per diluted share. No dividends were paid in the
1998 second quarter.
Excluding the effect of unusual and nonrecurring items, the 1999 second-
quarter loss would have been $1.6 million, or $0.04 per diluted share,
compared with a loss of $10.7 million, or $0.29 per diluted share, in 1998.
Nonrecurring items in the second quarter 1998 include an after-tax charge of
$141.1 million (non-cash) resulting from a decision to discontinue and write-
off exploration activities in certain countries and a full cost ceiling
limitation write-down (oil price related) of the company's Colombian assets.
Triton's second-quarter 1999 revenues totaled $59.6 million compared to
$36.4 million during the second quarter of 1998, an increase of 64 percent.
The increase was driven by production from the company's Cusiana and Cupiagua
fields, which averaged 434,000 (gross) barrels per day compared to
312,000 (gross) barrels per day in the 1998 second quarter, a 39 percent
increase. The benefit of increased oil production was coupled with higher oil
prices, which averaged $15.08 per barrel compared with $12.80 in the prior
year's second quarter.
James C. Musselman, Triton President and Chief Executive Officer, said:
"With our previously announced restructuring plan and cost reductions largely
complete, Triton is well-positioned to capitalize on the convergence of
increased production and improved crude oil prices."
For the first six months of 1999, Triton reported a loss of $1.2 million,
or $0.03 per diluted share, compared with a loss of $107.3 million, or
$2.93 per diluted share, during the first half of 1998. Revenues were
$108.8 million compared to $72.6 million during the 1998 period, a 50 percent
increase.
UPDATE ON SELECT OPERATIONS
The increased production from the Cusiana and Cupiagua fields reflects the
completion of the Cupiagua facilities and the fields continue to benefit from
additional drilling and the application of leading technologies to enhance
recovery. Production from the fields for the month of July averaged
447,000 (gross) barrels per day.
During the 1999 third quarter, Triton acquired a 20 percent working
interest in the Recetor block, which is adjacent to the Cupiagua field. The
acquisition is still subject to government approval. Technical analysis of
3D seismic indicates that the Cupiagua field extends into the Recetor block.
A well is planned to begin on the block during the third quarter of 1999 to
test the Cupiagua field extension.
"We view this acquisition as a low-cost opportunity to add incremental
reserves," said Musselman. "It also increases the value of our existing
assets by leveraging the substantial infrastructure we have developed in
Colombia."
Triton is also planning to drill an offshore well in Equatorial Guinea.
The well is scheduled to spud during the third quarter of 1999 and will be in
water depths of approximately 2,200 feet with a target depth of around
9,000 feet.
UPDATE ON SHARE REPURCHASE PROGRAM
Triton received board authorization in the second quarter of 1999 to
repurchase up to 10 percent of its 36.7 million outstanding shares. To date,
Triton has purchased a total of 948,300 shares for a total of $11.3 million,
an average price of $11.90.
"We continue to believe that repurchasing our shares represents a very
attractive opportunity to enhance shareholder value," said Musselman.
Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and
gas exploration and production company with major oil and gas assets in Latin
America and Southeast Asia. For more information about Triton:
www.tritonenergy.com.
Certain statements in this news release regarding future expectations and
financial performance, other than historical information, may be regarded as
"forward-looking statements" within the meaning of the U.S. Securities
Litigation Reform Act. They are subject to various risks and uncertainties,
such as the timely completion and cost of exploration, appraisal and
development activities, anticipated production volumes and quarterly
fluctuations in results. These are discussed in detail in the Company's
Securities and Exchange Commission filings, including the report on Form 10-K
for the year ended December 31, 1998. Actual results may vary materially.
TRITON ENERGY
Condensed Consolidated Financial Information
(Preliminary Unaudited)
Three months ended Six months ended
June 30, June 30,
In millions, 1999 1998 1999 1998
except per share data
Oil and gas sales $59.6 $36.4 $108.8 $72.6
As reported after preference
dividends:
Loss applicable to ordinary
shares $(2.9) $(150.1) $(1.2) $(107.3)
Basic and diluted loss per
ordinary share (0.08) (4.10) (0.03) (2.93)
Earnings (loss) adjusted for
unusual and nonrecurring items:
Earnings (loss) applicable to
ordinary shares $(1.6) $(10.7) $1.2 $(20.3)
Basic and diluted earnings
(loss) per ordinary share (0.04) (0.29) 0.03 (0.55)
Average diluted shares
outstanding 36.4 36.6 36.5 36.6
Consolidated Oil Production
Statistics (Net to Triton)
Average revenue realized
per Bbl (A) $15.08 $12.80 $13.72 $13.16
Sales volumes - Bbls/day 34,989 22,736 35,304 21,906
Forward oil sales deliveries
- Bbls/day 8,385 8,385 8,425 8,425
Total revenue Bbls/day 43,374 31,121 43,729 30,331
(A) Includes Ecopetrol reimbursement barrels and oil delivered under the
forward oil sale
June 30, Dec. 31,
In thousands 1999 1998
Cash and cash equivalents $213,013 $19,122
Short-term borrowings and current maturities
of long-term debt 9,027 19,027
Long-term debt, excluding current maturities 408,962 413,465
Shareholders' equity 444,612 223,807
Total ordinary shares outstanding 35,869 36,643
SOURCE Triton Energy Limited
CO: Triton Energy Limited
ST: Texas
IN: OIL
SU: ERN
08/03/99 08:15 EDT prnewswire.com |
