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Petroleum industry

Coastal Corporation Reports 66% Increase in Quarterly Results

Strategic Insights

— 2 min read

Coastal Corporation, a Houston-based energy holding company, reported a significant increase in quarterly results, with earnings rising by 66% to $44.2 million, or 38 cents per share, for the quarter ended September 30. This marks a notable improvement from the same period last year, where earnings were $26.6 million, or 21 cents per share. The company's nine-month earnings stood at $159 million, or $1.39 per share, up from $150.8 million, or $1.31 per share, for the same period in 1994.

Key Takeaways:

  • Coastal Corporation reported a 66% increase in quarterly earnings, reaching $44.2 million, or 38 cents per share, for the quarter ended September 30.
  • The company's nine-month earnings rose to $159 million, or $1.39 per share, up from $150.8 million, or $1.31 per share, for the same period in 1994.
  • Operating profit for the quarter increased to $151.4 million, up from $132.3 million during the same period last year.
  • Refining and Marketing reported an operating profit in the third quarter of $29.2 million, up from $2.9 million in the same quarter a year earlier.
  • Petrochemicals played a significant role in the company's performance, with demand for paraxylene remaining strong.
  • The company's natural gas pipelines saw a total throughput of 1,571.1 billion cubic feet for the first nine months, compared with 1,508.1 billion cubic feet last year.
  • Exploration and Production reported third-quarter operating profit of $5.8 million compared with $7.4 million last year, with the results affected by depressed natural gas prices.
  • Coal operations benefited from increased prices and reported a third-quarter operating profit of $25.4 million, unchanged from the previous year.
  • Coastal Power Production Company continued to make progress toward becoming the company's fifth major business segment, with new power plants coming online in El Salvador and China.

Statistics:

  • Quarterly earnings: $44.2 million
  • Nine-month earnings: $159 million
  • Operating profit for the quarter: $151.4 million
  • Total throughput for Coastal's natural gas pipelines: 1,571.1 billion cubic feet
  • Exploration and Production's operating profit: $5.8 million (Q3 1995), $7.4 million (Q3 1994)
  • Coal's third-quarter operating profit: $25.4 million
  • Coastal Power Production Company's power plant capacity in El Salvador: 91 megawatts
  • Coastal Power Production Company's power plant capacity in Wuxi, China: 41 megawatts

Sources:

  • The Coastal Corporation press release, October 24, 1995
  • Business Wire, October 24, 1995
  • The Coastal Corporation website (archived)

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