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Petroleum

Enron Oil & Gas Company Reports Third Quarter 1995 Financial Results

Strategic Insights

— 2 min read

Enron Oil & Gas Company (EOG) reported net income of $33.0 million, or $.21 per share, for the third quarter of 1995, compared to net income of $41.0 million, or $.26 per share, for the same period a year ago. Despite the worst gas prices seen in years, EOG continued to generate strong financial results. The company's U.S. wellhead natural gas prices averaged $1.28 per thousand cubic feet (Mcf), resulting in an 18 percent decrease period to period.

Key Takeaways:

  • EOG reported third quarter 1995 net income of $33.0 million, a decrease of 19.5 percent compared to the same period a year ago.
  • Net operating revenues for the third quarter of 1995 were $153.0 million, a decrease of 4.6 percent compared to the same period a year ago.
  • Discretionary cash flow for the third quarter of 1995 was $98.0 million, a decrease of 37.2 percent compared to the same period a year ago.
  • EOG's U.S. wellhead natural gas prices averaged $1.28 per Mcf, resulting in an 18 percent decrease period to period.
  • Increased wellhead natural gas and crude oil and condensate volumes during the third quarter of 1995 resulted in a slight increase in wellhead net revenues, and other marketing and commodity hedging increased $17.3 million to $32.1 million compared to a year ago.
  • The company's crude oil and condensate volumes increased 58 percent, to 20.2 thousand barrels per day (MBD) in the third quarter of 1995 from 12.8 MBD in the third quarter of 1994.
  • EOG benefits from tight gas sand federal income tax credit utilization and expects to realize approximately $21.0 million in tight gas sand federal income tax credit benefits for 1995.
  • For the first nine months of 1995, EOG reported net income of $110.7 million, an increase of 4.7 percent compared to the same period a year ago.

Statistics:

  • Third quarter 1995 net income: $33.0 million
  • Net operating revenues for the third quarter of 1995: $153.0 million
  • Discretionary cash flow for the third quarter of 1995: $98.0 million
  • U.S. wellhead natural gas prices (average): $1.28 per Mcf
  • Increase in wellhead natural gas volumes: 7 percent
  • Increase in wellhead crude oil and condensate volumes: 58 percent
  • Tight gas sand federal income tax credit utilization (1995): $21.0 million
  • Net income for the first nine months of 1995: $110.7 million
  • Net operating revenues for the first nine months of 1995: $492.3 million
  • Discretionary cash flow for the first nine months of 1995: $386.8 million

Sources:

  • "Enron Oil & Gas Company Reports Third Quarter 1995 Financial Results"

+ Houston, Oct. 12 /PRNewswire/

+ Contact: Diane Bazelides of Enron Oil & Gas Company, 713-853-6285

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