-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, A5eMcGiRcSRTn41a/KLdbhKk+1TciRkjr1yD2aYhXmeJPypCJVCSYZeWZD5GEgVV fyRLKY3dbiVgV+kuTqlAxA== 0000060512-94-000015.txt : 19940516 0000060512-94-000015.hdr.sgml : 19940516 ACCESSION NUMBER: 0000060512-94-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940331 FILED AS OF DATE: 19940513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOUISIANA LAND & EXPLORATION CO CENTRAL INDEX KEY: 0000060512 STANDARD INDUSTRIAL CLASSIFICATION: 1311 IRS NUMBER: 720244700 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-00959 FILM NUMBER: 94528122 BUSINESS ADDRESS: STREET 1: 909 POYDRAS ST CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 5045666500 MAIL ADDRESS: STREET 2: P O BOX 60350 CITY: NEW ORLEANS STATE: LA ZIP: 70160 10-Q 1 10Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1994 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ............to............ Commission file number 1-959 THE LOUISIANA LAND AND EXPLORATION COMPANY Exact name of registrant as specified in its charter MARYLAND 72-0244700 State or other jurisdiction of I.R.S. Employer incorporation or organization Identification No. 909 POYDRAS STREET, NEW ORLEANS, LA. 70112 Address of principal executive offices Zip Code Registrant's telephone number, including area code 504-566-6500 NO CHANGE Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Class May 2, 1994 CAPITAL STOCK, $.15 PAR VALUE 00,000,000 SHARES (Total pages herein - 15) THE LOUISIANA LAND AND EXPLORATION COMPANY INDEX Page Number _________________________________________________________________ PART I. FINANCIAL INFORMATION: Item 1. Financial Statements: (The March 31, 1994 and 1993 consolidated financial statements included in this filing on Form 10-Q have been reviewed by KPMG Peat Marwick, independent auditors, in accordance with established professional standards and procedures for such a review. The report of KPMG Peat Marwick commenting upon their review is included herein.) Consolidated Balance Sheets - March 31, 1994 and December 31, 1993............................. 3 Consolidated Statements of Earnings - three months ended March 31, 1994 and 1993................. 4 Consolidated Statements of Cash Flows - three months ended March 31, 1994 and 1993................. 5 Notes to Consolidated Financial Statements........ 6-8 Independent Auditors' Report...................... 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................... 10-11 Petroleum Segment Information......................... 12 Operating Data........................................ 13-14 Part II. OTHER INFORMATION: Item 6. Exhibits and Reports on Form 8-K............ 15 Part I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) CURRENT ASSETS: Cash, including cash equivalents (March 31, 1994-$16.7; December 31, 1993-$15.5) $ 00.0 33.3 Accounts and notes receivable, principally trade 109.7 Income taxes receivable 5.2 Inventories 26.8 Prepaid expenses 12.7 Deferred income taxes 2.6 _____________________________________________________________________________________ TOTAL CURRENT ASSETS 190.3 _____________________________________________________________________________________ Investments in affiliates 23.5 Property, plant and equipment 2,946.5 Less accumulated depletion, depreciation and amortization (1,385.5) _____________________________________________________________________________________ NET PROPERTY, PLANT AND EQUIPMENT 1,561.0 _____________________________________________________________________________________ Deferred income taxes - Other assets 63.9 _____________________________________________________________________________________ $ 0,000.0 1,838.7 _____________________________________________________________________________________ LIABILITIES AND STOCKHOLDERS' EQUITY _____________________________________________________________________________________ CURRENT LIABILITIES: Accounts payable and accrued expenses 000.0 170.9 Income taxes payable 3.8 Deferred income taxes - _____________________________________________________________________________________ TOTAL CURRENT LIABILITIES 174.7 _____________________________________________________________________________________ Deferred income taxes 151.2 Long-term debt 734.5 Other liabilities 178.5 _____________________________________________________________________________________ STOCKHOLDERS' EQUITY: Capital stock 5.7 Additional paid-in capital 82.9 Retained earnings 684.4 _____________________________________________________________________________________ 773.0 Loans to ESOP (8.8) Cost of capital stock in treasury (164.4) _____________________________________________________________________________________ TOTAL STOCKHOLDERS' EQUITY 599.8 _____________________________________________________________________________________ $ 0,000.0 1,838.7 _____________________________________________________________________________________ See accompanying notes to consolidated financial statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (Millions, except per share data)
Three months ended March 31, 1994 1993 _____________________________________________________________________________________ REVENUES: Oil and gas $103.8 82.6 Refined products 96.7 101.2 Gain on sale of oil and gas properties 4.7 - Other 1.5 3.1 _____________________________________________________________________________________ 206.7 186.9 _____________________________________________________________________________________ COSTS AND EXPENSES: Lease operating and facility expenses 31.8 27.0 Refinery cost of sales and operating expenses 94.5 99.9 Dry holes and exploratory charges 9.3 8.4 Depletion, depreciation and amortization 49.3 25.5 Taxes, other than on earnings 6.7 6.6 General, administrative and other expenses 10.1 9.7 Interest and debt expenses 6.1 4.8 Reversal of litigation accrual (10.0) - _____________________________________________________________________________________ 197.8 181.9 _____________________________________________________________________________________ Earnings before income taxes 8.9 5.0 Income tax expense 2.7 2.3 _____________________________________________________________________________________ Earnings before cumulative effect of changes in accounting principles 6.2 2.7 Cumulative effect on years prior to 1993 of changes in accounting principles - .2 _____________________________________________________________________________________ NET EARNINGS $ 6.2 2.9 _____________________________________________________________________________________ Earnings per share before cumulative effect of changes in accounting principles 0.19 0.09 Cumulative effect on years prior to 1993 of changes in accounting principles - 0.01 _____________________________________________________________________________________ EARNINGS PER SHARE $ 0.19 0.10 _____________________________________________________________________________________ AVERAGE SHARES 33.3 28.5 _____________________________________________________________________________________ CASH DIVIDENDS PER SHARE $ 0.25 0.25 _____________________________________________________________________________________ See accompanying notes to consolidated financial statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of dollars)
Three months ended March 31, 1994 1993 _____________________________________________________________________________________ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 6.2 2.9 Adjustments to reconcile to cash flows from operations: Gain on sale of oil and gas properties (4.7) - Changes in accounting principles - (.2) Depletion, depreciation and amortization 49.3 25.5 Deferred income taxes (3.5) .2 Dry holes and impairment charges 4.8 5.0 Other (2.3) 3.5 _____________________________________________________________________________________ 49.8 36.9 Changes in operating assets and liabilities: Net (increase) decrease in receivables 17.2 (2.2) Net decrease in inventories 1.1 3.0 Net (increase) decrease in prepaid items (4.3) 2.2 Net decrease in payables (21.5) (15.8) Other (2.4) .3 _____________________________________________________________________________________ NET CASH FLOWS FROM OPERATING ACTIVITIES 39.9 24.4 _____________________________________________________________________________________ CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (51.4) (44.7) Proceeds from asset sale 10.0 1.1 Other (14.5) (37.4) _____________________________________________________________________________________ Net cash flows from investing activities (55.9) (81.0) _____________________________________________________________________________________ CASH FLOWS FROM FINANCING ACTIVITIES: Additions to long-term debt 126.0 36.5 Repayments of long-term debt (134.3) (.7) Advances against cash surrender value 34.4 - Dividends (8.3) (7.1) Repayment of loans to ESOP .7 .7 Purchase of treasury stock - (1.5) Other (4.9) (.1) _____________________________________________________________________________________ NET CASH FLOWS FROM FINANCING ACTIVITIES 13.6 27.8 _____________________________________________________________________________________ DECREASE IN CASH AND CASH EQUIVALENTS $ (2.4) (28.8) _____________________________________________________________________________________ See accompanying notes to consolidated financial statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of March 31, 1994, and the results of operations and cash flows for the three-month periods ended March 31, 1994 and 1993. Certain amounts have been reclassified to conform with the current period's presentation. 2. On September 28, 1993, the Company completed the acquisition of all of the issued and outstanding common stock of NERCO Oil & Gas, Inc. ("NERCO") for a cash purchase price of approximately $354 million. The cost of the acquisition was allocated under the purchase method of accounting based on the fair value of the assets acquired and liabilities assumed. The results of NERCO's operations were consolidated with the Company's effective October 1, 1993. Pro forma combined results of operations of the Company and NERCO, including appropriate purchase accounting adjustments for the period ending March 31, 1993 as though the acquisition had taken place on January 1, 1993, follows:
(Millions, except per share data) Three months ended March 31, 1993 _________________________________________________________________________________ Revenues $222.0 _________________________________________________________________________________ Earnings before cumulative effect of changes in accounting principle 1.6 Cumulative effect on years prior to 1993 of changes in accounting principles 0.2 _________________________________________________________________________________ Net earnings $ 1.8 _________________________________________________________________________________ Earnings per share $ 0.05 _________________________________________________________________________________
3. The Company adopted SFAS No. 106 - "Employers' Accounting for Postretirement Benefits Other Than Pensions", effective January 1, 1993. Upon adoption, the Company recorded a transition liability of $20.5 million as a one-time non-cash charge against earnings ($13.5 million after income taxes; $0.47 per share) in the first quarter of 1993. 4. The Company adopted SFAS No. 109 - "Accounting for Income Taxes", effective January 1, 1993. Upon adoption, the Company recorded a non- cash credit to earnings of $13.7 million ($0.48 per share) in the first quarter of 1993, which represented the recognition of deferred tax assets existing at December 31, 1992. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. For the three months ended March 31, 1994 and 1993, interest costs incurred were $11.9 million and $8.8 million, respectively, of which $5.8 million and $4.0 million, respectively, were capitalized as part of the cost of property, plant and equipment. 6. Earnings (loss) per share are calculated on the weighted average number of share outstanding during each period for capital stock and, when dilutive, capital stock equivalents, which assumes exercise of stock options. 7. In accordance with Regulation S-X, Rule 3-09, the audited consolidated financial statements of the Company's 50%-owned affiliate, MaraLou Netherlands Partnership (MaraLou) and its wholly-owned consolidated subsidiary, CLAM Petroleum Company (CLAM), were filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1993. Accordingly, the following unaudited summarized consolidated income statement information for MaraLou and its consolidated subsidiary, CLAM, for the three-month periods ended March 31, 1994 and 1993 are presented in accordance with Regulation S-X, Rule 10-01(b).
(Unaudited) Three months ended March 31, 1994 1993 _________________________________________________________________________________ Gross revenues $ 00.0 19.6 _________________________________________________________________________________ Operating profit 12.1 _________________________________________________________________________________ Earnings before cumulative effect of change in accounting principle 3.1 Cumulative effect on years prior to 1993 of change in accounting principle for income taxes (6.0) _________________________________________________________________________________ Net earnings (loss) (2.9) _________________________________________________________________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 8. As explained in Note 15 of "Notes to Consolidated Financial Statements" in the Company's 1993 Annual Report to Shareholders, the State of Louisiana had aserted claims against the Company in its capacity as sublessor to Texaco of certain State leases, based upon Texaco's alleged royalty miscalculations. In February 1994, a settlement was agreed to by all parties under which the Company made a $5 million cash payment and agreed to a reduction of an immaterial amount of future payments to the Company by Texaco related to the Company's 8-1/3% net profits interest (for which the Company has on cost basis) on a limited number of the Company's Louisiana properties. The amounts provided in the financial statements for this litigation exceeded the cash payment required by $10 million, which was reversed during the first quarter of 1994. As also explained in Note 15, the Company has been notified by the U.S. Environmental Protection Agency that it is one of many Potentially Responsible Parties at three National Priorities List sites. In the opinion of Management, the ultimate liability with respect to these matters will not have a material adverse effect on the results of operations, cash flow or financial position of the Company. The Company is subject to other legal proceedings, claims and liabilities which arise in the ordinary course of its business. In the opinion of Management, the amount of ultimate liability with respect to these actions will not have a material adverse effect on results of operations, cash flow or financial position of the Company. INDEPENDENT AUDITORS' REPORT The Board of Directors The Louisiana Land and Exploration Company: We have reviewed the consolidated balance sheet of The Louisiana Land and Exploration Company and subsidiaries as of March 31, 1994, and the related consolidated statements of earnings and cash flows for the three-month periods ended March 31, 1994 and 1993. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of The Louisiana Land and Exploration Company and subsidiaries as of December 31, 1993, and the related consolidated statements of earnings (loss), stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 9, 1994, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1993, is fairly presented, in all material respects, in relation to the consolidated balance sheet from which it has been derived. KPMG PEAT MARWICK New Orleans, Louisiana May 6, 1994 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. REVIEW OF OPERATIONS Pretax earnings of almost $9 million in the first quarter of 1994 benefitted from higher gross revenues and a $10 million pretax gain related to the reversal of a previously established provision for the settlement of the Texaco litigation. Pretax earnings for the comparable 1993 quarter were $5 million. Gross revenues were up nearly $20 million due to higher oil and gas revenues, a $5 million pretax gain on the sale of oil and gas properties and a $3 million increase in equity in earnings of the Company's 50%-owned affiliate, CLAM Petroleum Company. CLAM's improvement in earnings was primarily attributable to the $6 million nonrecurring charge ($3 million net to the Company) in the prior year quarter for the cumulative effect of the change in accounting for income taxes. This increase in revenues was partially offset by higher costs and expenses and lower refining and marketing revenues. OIL AND GAS OPERATIONS Revenues from the Company's oil and gas operations were up $21 million from the first quarter of 1993. Natural gas revenues were up $28 million as a result of higher domestic deliveries ($20 million) and prices ($8 million). Liquids revenues, however, were down $10 million. The effect of lower worldwide crude oil prices ($16 million) more than offset increased crude oil volumes ($9 million) in the first quarter of 1994. Natural gas deliveries were up almost 106 million cubic feet per day from the first quarter of 1993 primarily due to higher domestic deliveries (111 MMCFD). The improvement in domestic natural gas deliveries was due to the late - 1993 acquisition of NERCO and new domestic wells coming onstream. These increases were partially offset by the effects of natural declines at mature producing properties, and the sale of domestic and Canadian oil and gas properties since the 1993 quarter. Crude oil volumes were 5200 barrels per day (BPD) higher than first quarter 1993 volumes. While domestic and North Sea operations were up 4100 BPD and 4000 BPD, respectively, other foreign operations were down 2900 BPD. The increase in domestic volumes was primarily due to the acquisition of NERCO, the purchase of additional working interests in producing properties and new wells coming onstream. North Sea volumes were up due to the T-Block acquisition and new wells onstream at Brae Field. These production increases at domestic and North Sea properties were partially offset by natural declines at mature producing properties. Volumes from other foreign operations were down primarily due to the sale of certain Canadian oil and gas properties in late 1993. Costs and expenses increased during the first quarter of 1994. Lease operating and facility expenses (LOE) were higher due to additional operating costs for properties acquired since the first quarter of 1993, new wells coming onstream, and higher operating costs on older properties. Lower workover costs partially offset the higher LOE. Depletion, depreciation and amortization (DD&A) was up due to DD&A on properties and ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (CONTINUED) working interests acquired in 1993. Dry holes and exploratory charges increased due to the write-off of unsuccessful exploratory wells and higher seismic costs incurred. Interest and debt expenses increased due to the increased debt level. An increase in interest capitalized on qualifying projects partially offset the higher interest expense. REFINING AND MARKETING OPERATIONS Refining operations resulted in a $1 million pretax operating profit for the first quarter of 1994, which was up from the $.5 million operating loss reported in the comparable 1993 quarter. The favorable impact of higher sales volumes ($15 million) and lower crude oil feedstock costs ($4 million) more than offset lower revenues due to declining product prices ($17 million). LIQUIDITY AND CAPITAL RESOURCES In the first quarter of 1994, the Company generated approximately $40 million in cash from operations. However, cash and equivalents were reduced $2 million primarily as the result of expenditures for capital projects ($51 million), net reductions of long-term debt ($8 million) and dividends paid ($8 million). The Company's cash position was supplemented with advances against cash surrender values of life insurance policies ($34 million), the proceeds from assets sales ($10 million) and commercial paper borrowings ($16 million). As explained in Note 8 of "Notes to Consolidated Financial Statements" in the Company's 1993 Annual Report to Shareholders, the Company completed the early retirement of the $133.5 million, 8.92% Term Loan (discounted to yield 10.7%) due July 1994 utilizing the Revolving Credit Facility in January 1994. NOTE: The accompanying consolidated financial statements and notes thereto included in Item 1. of this Form 10-Q and the petroleum segment information and operating data following this Item 2. are an integral part of this discussion and analysis and should be read in conjunction herewith. THE LOUISIANA LAND AND EXPLORATION COMPANY PETROLEUM SEGMENT INFORMATION (Millions of dollars)
Three months ended March 31, 1994 1993 _____________________________________________________________________________________ Sales to unaffiliated customers: Domestic $187.3 162.2 North Sea 12.9 10.4 Other foreign 5.0 11.2 _____________________________________________________________________________________ 205.2 183.8 Interest and other income 1.5 3.1 _____________________________________________________________________________________ Total revenues $206.7 186.9 _____________________________________________________________________________________ Earnings (loss) before income taxes: Operating profit (loss): Domestic 19.9 18.0 North Sea (1.2) .3 Other foreign (3.2) .1 _____________________________________________________________________________________ 15.5 18.4 Other income (expense), net (6.6) (13.4) _____________________________________________________________________________________ Earnings (loss) before income taxes $ 8.9 5.0 _____________________________________________________________________________________ Capital expenditures: Exploration: Domestic 10.6 6.3 North Sea .4 .8 Other foreign 4.5 5.1 _____________________________________________________________________________________ 15.5 12.2 _____________________________________________________________________________________ Development: Domestic 17.6 6.9 North Sea 3.5 17.2 Other foreign 2.0 .3 _____________________________________________________________________________________ 23.1 24.4 _____________________________________________________________________________________ 36.6 Refining and marketing 2.8 3.4 _____________________________________________________________________________________ 41.4 40.0 Capitalized interest 5.8 4.0 Other 1.2 .7 _____________________________________________________________________________________ $ 48.4 44.7 _____________________________________________________________________________________
THE LOUISIANA LAND AND EXPLORATION COMPANY OPERATING DATA
Three months ended March 31, 1994 1993 _____________________________________________________________________________________ OIL AND GAS OPERATIONS1 CRUDE AND CONDENSATE2 Production (thousands of barrels per day): Domestic 24.2 20.1 North Sea 10.4 6.4 Other foreign 4.4 7.3 _____________________________________________________________________________________ 39.0 33.8 _____________________________________________________________________________________ Average price received (per barrel): Domestic $13.90 18.95 North Sea 13.49 17.38 Other foreign 10.97 15.71 Consolidated 13.46 17.95 _____________________________________________________________________________________ PLANT PRODUCTS Production (thousands of barrels per day): Domestic 2.3 2.2 North Sea .3 .4 _____________________________________________________________________________________ 2.6 2.6 _____________________________________________________________________________________ Average price received (per barrel): Domestic $ 8.87 11.81 North Sea 11.02 13.17 Consolidated 9.10 12.00 _____________________________________________________________________________________ NATURAL GAS Production (millions of cubic feet per day): Domestic 243.4 132.5 North Sea .2 .2 Other foreign 3.3 7.2 CLAM Petroleum Company 43.2 44.5 _____________________________________________________________________________________ 290.1 184.4 _____________________________________________________________________________________ Average price received (per MCF): Domestic $ 2.38 2.01 North Sea 1.69 1.43 Other foreign 2.02 1.23 CLAM Petroleum Company 2.11 2.40 Consolidated 2.33 2.07 _____________________________________________________________________________________ 1 Includes the Company's 50% equity interest in its unconsolidated affiliate, CLAM Petroleum Company. 2 Before the elimination of intercompany transfers.
THE LOUISIANA LAND AND EXPLORATION COMPANY OPERATING DATA (CONTINUED)
Three months ended March 31, (Million of dollars) 1994 1993 ____________________________________________________________________________________ REFINING OPERATIONS Refining Operating Profit (Loss): Revenues: Refined products* $102.5 104.9 Other .5 .5 ____________________________________________________________________________________ 103.0 105.4 ____________________________________________________________________________________ Cost and expenses: Cost of sales* 91.1 95.5 Operating expenses 9.2 8.1 Depreciation .8 1.3 Taxes, other than income .8 1.0 ____________________________________________________________________________________ 101.9 105.9 ____________________________________________________________________________________ $ 1.1 (.5) ____________________________________________________________________________________ *Before the elimination of intercompany transfers to the Company's refinery $ 5.8 3.7 ____________________________________________________________________________________ Sales (thousands of barrels per day) 59.8 52.3 ____________________________________________________________________________________ Average price received (per barrel) $19.04 22.27 ____________________________________________________________________________________ ____________________________________________________________________________________ GROSS WELLS DRILLED Working Interest Exploratory: Oil 1 6 Gas 5 2 Dry 4 6 ____________________________________________________________________________________ 10 14 ____________________________________________________________________________________ Development: Oil 1 1 Gas 1 1 Dry - - ____________________________________________________________________________________ 2 2 ____________________________________________________________________________________ Total working interest 12 16 Royalty Interest 6 8 ____________________________________________________________________________________ Total wells 18 24 ____________________________________________________________________________________ NET WELLS DRILLED Exploratory: Oil .5 2.6 Gas 3.0 1.2 Dry 2.1 3.7 ____________________________________________________________________________________ 5.6 7.5 ____________________________________________________________________________________ Development: Oil .3 .3 Gas .2 .2 Dry - - ____________________________________________________________________________________ .5 .5 ____________________________________________________________________________________ Total net wells 6.1 8.0 ____________________________________________________________________________________
PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: NONE (b) Reports on Form 8-K: NONE SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE LOUISIANA LAND AND EXPLORATION COMPANY (REGISTRANT) By: ____________________________________________ JERRY D. CARLISLE VICE PRESIDENT AND CONTROLLER (PRINCIPAL ACCOUNTING OFFICER) Dated: May 13, 1994 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: NONE (b) Reports on Form 8-K: NONE SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE LOUISIANA LAND AND EXPLORATION COMPANY (REGISTRANT) By: /s/ Jerry D. Carlisle _____________________________________________ JERRY D. CARLISLE VICE PRESIDENT AND CONTROLLER (PRINCIPAL ACCOUNTING OFFICER) Dated: May 13, 1994 -----END PRIVACY-ENHANCED MESSAGE-----