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Petroleum

Giant Industries Reports Improved Earnings in Third Quarter of 1995

Strategic Insights

— 1 min read

Giant Industries, a refiner and marketer of petroleum products, has reported improved earnings in the third quarter of 1995, with net earnings for the period reaching $2.0 million, compared to a net loss of $2.3 million in the same quarter of 1994. The company's Chairman and Chief Executive Officer, James E. Acridge, attributed the improvement to a 8% increase in refinery sales barrels, primarily due to an accident in 1994 that impaired normal operations for 61 days. Additionally, the retail division generated operating income slightly higher than levels in 1994, and the exploration and production division recorded its fourth consecutive quarter of positive earnings.

Key Takeaways:

  • Net earnings for the third quarter of 1995 reached $2.0 million, compared to a net loss of $2.3 million in the same quarter of 1994.
  • Refinery sales barrels increased by 8% compared to the same quarter last year, primarily due to an accident in 1994 that impaired normal operations for 61 days.
  • Refinery margins were approximately 5% higher than in 1994.
  • The retail division generated operating income slightly higher than levels in 1994.
  • The exploration and production division recorded its fourth consecutive quarter of positive earnings.
  • The company is taking aggressive steps to consolidate activities and complete the integration of recent acquisitions.

Statistics:

  • Net earnings for the third quarter of 1995: $2.0 million
  • Net loss for the third quarter of 1994: $2.3 million
  • Increase in refinery sales barrels: 8%
  • Refinery margins in 1995: approximately 5% higher than in 1994
  • Operating income of the retail division in 1995: slightly higher than levels in 1994
  • Distinctive performance of exploration and production division: recorded its fourth consecutive quarter of positive earnings
  • Total cash flow for the nine months ended September 30, 1995: $16.4 million
  • Cash flow per share for the nine months ended September 30, 1995: $1.42
  • Total cash flow for the nine months ended September 30, 1994: $15.4 million
  • Cash flow per share for the nine months ended September 30, 1994: $1.27

Sources:

  • Business Wire, "Giant Industries, Inc. Reports 1995 Third Quarter Earnings" (Oct. 24, 1995)
  • Business Wire, exact format as mentioned in the original text, no embellishments.

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