|
|
|
|
1998 THIRD QUARTER REPORT
Consolidated Statements of Income
(Unaudited)
(In Thousands Except Income Per Share)
|
Three
Months |
Nine
Months |
|
Ended
September 30, |
Ended
September 30, |
|
|
|
|
1998 |
1997 |
1998 |
1997 |
| Revenues: |
| Oil and gas sales |
$ 23,859 |
$ 16,412 |
$ 55,342 |
$ 48,853 |
| Fees from limited partnerships
and joint ventures |
93 |
379 |
298 |
643 |
| Interest income |
33 |
415 |
96 |
2,165 |
| Other, net |
573 |
690 |
1,638 |
1,885 |
|
------------- |
------------- |
------------- |
------------- |
|
24,558 |
17,896 |
57,374 |
53,546 |
|
------------- |
------------- |
------------- |
------------- |
| Costs and Expenses: |
| Oil and gas production |
4,045 |
2,190 |
8,920 |
6,362 |
| General and administrative, net |
1,058 |
932 |
2,940 |
2,741 |
| Depreciation, depletion, and
amortization |
13,348 |
6,387 |
27,333 |
17,495 |
| Interest expense, net |
2,386 |
1,362 |
5,355 |
3,755 |
| Write down of oil & gas
properties |
90,773 |
--- |
90,773 |
--- |
|
------------- |
------------- |
------------- |
------------- |
|
111,610 |
10,871 |
135,321 |
30,353 |
|
------------- |
------------- |
------------- |
------------- |
| Income Before Income Taxes |
(87,052) |
7,025 |
(77,947) |
23,193 |
| Provision for Income Taxes |
(29,621) |
2,339 |
(26,642) |
7,624 |
|
------------- |
------------- |
------------- |
------------- |
| Net Income |
$(57,431) |
$4,686 |
$(51,305) |
$15,569 |
|
------------- |
------------- |
------------- |
------------- |
| Per Share Amounts-- |
| Basic |
$(3.50) |
$0.29 |
$(3.11) |
$0.94 |
|
------------- |
------------- |
------------- |
------------- |
| Diluted |
$(3.50) |
$0.27 |
$(3.11) |
$0.88 |
|
------------- |
------------- |
------------- |
------------- |
| Weighted Average Shares Outstanding |
16,419 |
16,418 |
16,481 |
16,508 |
|
------------- |
------------- |
------------- |
------------- |
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