-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PVm1cUfnsXsUmv3NQVS1tmYjUHSCfBnMfQC3XB9uXq1VxQfzRVlT4cF5AAqf+R3P LtDJLCDpesLRomcIngSGiQ== 0000060512-95-000022.txt : 19951119 0000060512-95-000022.hdr.sgml : 19951119 ACCESSION NUMBER: 0000060512-95-000022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOUISIANA LAND & EXPLORATION CO CENTRAL INDEX KEY: 0000060512 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [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: 95590228 BUSINESS ADDRESS: STREET 1: 909 POYDRAS ST CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 5045666500 MAIL ADDRESS: STREET 1: P O BOX 60350 CITY: NEW ORLEANS STATE: LA ZIP: 70160 10-Q 1 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 SEPTEMBER 30, 1995 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 October 31, 1995 CAPITAL STOCK, $.15 PAR VALUE 33,480,692 SHARES THE LOUISIANA LAND AND EXPLORATION COMPANY INDEX Page Number _________________________________________________________________ PART I. FINANCIAL INFORMATION: Item 1. Financial Statements: (The September 30, 1995 and 1994 consolidated financial statements included in this filing on Form 10-Q have been reviewed by KPMG Peat Marwick LLP, independent auditors, in accordance with established professional standards and procedures for such a review. The report of KPMG Peat Marwick LLP commenting upon their review is included herein.) Consolidated Balance Sheets - September 30, 1995 and December 31, 1994............................. 3 Consolidated Statements of Earnings (Loss) - three months and nine months ended September 30, 1995 and 1994...................................... 4 Consolidated Statements of Cash Flows - nine months ended September 30, 1995 and 1994............. 5 Notes to Consolidated Financial Statements........ 6-7 Independent Auditors' Review Report............... 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................... 9-11 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)
(Millions of dollars) September 30, December 31, ASSETS 1995 1994 _____________________________________________________________________________________ CURRENT ASSETS: Cash, including cash equivalents (September 30, 1995-$2.6; December 31, 1994-$8.6) $ 7.6 12.5 Accounts and notes receivable, principally trade 117.0 126.4 Income taxes receivable 1.2 1.9 Inventories 20.7 31.8 Prepaid expenses 5.9 8.9 Deferred income taxes 2.6 2.6 _____________________________________________________________________________________ TOTAL CURRENT ASSETS 155.0 184.1 _____________________________________________________________________________________ Investments in affiliates 21.4 23.4 Property, plant and equipment 3,136.0 3,049.9 Less accumulated depletion, depreciation and amortization (1,913.0) (1,809.5) _____________________________________________________________________________________ NET PROPERTY, PLANT AND EQUIPMENT 1,223.0 1,240.4 _____________________________________________________________________________________ Other assets 32.3 30.2 _____________________________________________________________________________________ $ 1,431.7 1,478.1 _____________________________________________________________________________________ LIABILITIES AND STOCKHOLDERS' EQUITY _____________________________________________________________________________________ CURRENT LIABILITIES: Accounts payable and accrued expenses 151.6 187.7 Income taxes payable 2.6 2.8 _____________________________________________________________________________________ TOTAL CURRENT LIABILITIES 154.2 190.5 _____________________________________________________________________________________ Deferred income taxes 44.7 40.0 Long-term debt 711.7 739.5 Other liabilities 157.3 155.7 _____________________________________________________________________________________ STOCKHOLDERS' EQUITY: Capital stock 5.7 5.7 Additional paid-in capital 88.0 87.3 Retained earnings 429.9 424.2 _____________________________________________________________________________________ 523.6 517.2 Loans to ESOP (2.6) (5.2) Cost of capital stock in treasury (157.2) (159.6) _____________________________________________________________________________________ TOTAL STOCKHOLDERS' EQUITY 363.8 352.4 _____________________________________________________________________________________ $ 1,431.7 1,478.1 _____________________________________________________________________________________ See accompanying notes to consolidated financial statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED) (Millions, except per share data)
Three months ended Nine months ended September 30, September 30, 1995 1994 1995 1994 _____________________________________________________________________________________ REVENUES: Oil and gas $116.0 105.1 340.4 313.8 Refined products 97.1 92.3 272.5 270.6 Gain (loss) on sale of oil and gas properties (.7) .2 1.5 6.8 Other (.4) .3 3.8 4.1 _____________________________________________________________________________________ 212.0 197.9 618.2 595.3 _____________________________________________________________________________________ COSTS AND EXPENSES: Lease operating and facility expenses 29.0 28.6 88.4 86.3 Refinery cost of sales and operating expenses 96.3 93.9 267.7 268.3 Dry holes and exploratory charges 17.7 25.6 49.8 51.6 Depletion, depreciation and amortization 40.7 44.9 116.6 137.5 Taxes, other than on earnings 5.8 6.1 18.5 18.9 General, administrative and other expenses 9.8 10.7 30.3 31.5 Interest and debt expenses 9.9 6.7 28.9 18.7 Reversal of litigation accrual - - - (10.0) _____________________________________________________________________________________ 209.2 216.5 600.2 602.8 _____________________________________________________________________________________ Earnings (loss) before income taxes 2.8 (18.6) 18.0 (7.5) Income tax expense (benefit) 1.0 (7.3) 6.3 (3.0) _____________________________________________________________________________________ NET EARNINGS (LOSS) $ 1.8 (11.3) 11.7 (4.5) _____________________________________________________________________________________ EARNINGS (LOSS) PER SHARE $ 0.05 (0.34) 0.35 (0.14) _____________________________________________________________________________________ AVERAGE SHARES 33.6 33.4 33.5 33.4 _____________________________________________________________________________________ CASH DIVIDENDS PER SHARE $ 0.06 0.25 0.18 0.75 _____________________________________________________________________________________ See accompanying notes to consolidated financial statements.
THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of dollars)
Nine months ended September 30, 1995 1994 _____________________________________________________________________________________ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings (loss) $ 11.7 (4.5) Adjustments to reconcile to cash flows from operations: Gain on sale of oil and gas properties (1.5) (6.8) Depletion, depreciation and amortization 116.6 137.5 Deferred income taxes 4.7 (3.3) Dry holes and impairment charges 29.9 29.1 Other 3.6 2.0 _____________________________________________________________________________________ 165.0 154.0 Changes in operating assets and liabilities: Net decrease in receivables 21.7 20.7 Net (increase) decrease in inventories 11.1 (8.5) Net decrease in prepaid items 3.0 6.8 Net decrease in payables (38.5) (24.0) Other .6 1.6 _____________________________________________________________________________________ NET CASH FLOWS FROM OPERATING ACTIVITIES 162.9 150.6 _____________________________________________________________________________________ CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (133.7) (166.1) Proceeds from asset sales 7.6 14.9 Other (14.5) (19.9) _____________________________________________________________________________________ NET CASH FLOWS FROM INVESTING ACTIVITIES (140.6) (171.1) _____________________________________________________________________________________ CASH FLOWS FROM FINANCING ACTIVITIES: Additions to long-term debt 40.5 152.0 Repayments of long-term debt (68.3) (153.0) Advances against cash surrender value 9.0 34.4 Dividends (6.0) (24.9) Repayment of loans to ESOP 2.6 2.8 Other (5.0) (5.2) _____________________________________________________________________________________ NET CASH FLOWS FROM FINANCING ACTIVITIES (27.2) 6.1 _____________________________________________________________________________________ DECREASE IN CASH AND CASH EQUIVALENTS $ (4.9) (14.4) _____________________________________________________________________________________ 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 September 30, 1995, and the results of operations and cash flows for the three-month and nine-month periods ended September 30, 1995 and 1994. Certain amounts have been reclassified to conform with the current period's presentation. 2. For the three months ended September 30, 1995 and 1994, interest costs incurred were $13.4 million and $11.8 million, respectively, of which $3.5 million and $5.1 million, respectively, were capitalized as part of the cost of property, plant and equipment. For the nine months ended September 30, 1995 and 1994, interest costs incurred were $41.0 million and $35.3 million, respectively, of which $12.1 million and $16.6 million, respectively, were capitalized as part of the cost of property, plant and equipment. 3. Earnings per share are calculated on the weighted average number of shares outstanding during each period for capital stock and, when dilutive, capital stock equivalents, which assumes exercise of stock options. 4. 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, 1994. Accordingly, the following unaudited summarized consolidated income statement information for MaraLou and its consolidated subsidiary, CLAM, for the three-month and nine-month periods ended September 30, 1995 and 1994 are presented in accordance with Regulation S-X, Rule 10-01(b).
(Unaudited) Three months ended Nine months ended September 30, September 30, 1995 1994 1995 1994 ________________________________________________________________________________ Gross revenues $14.0 12.9 59.7 44.1 ________________________________________________________________________________ Operating profit 2.8 2.5 23.1 22.2 ________________________________________________________________________________ Net earnings (loss) $ .6 (4.8) 8.8 2.9 ________________________________________________________________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. As explained in Note 15 of "Notes to Consolidated Financial Statements" in the Company's 1994 Annual Report to Shareholders, the Company has been notified by the U.S. Environmental Protection Agency that it is one of many Potentially Responsible Parties (PRP) at various National Priorities List sites. Based on its evaluation of the total cleanup costs, its estimate of its potential exposure, and the viability of the other PRP's, the Company believes that any costs ultimately required to be borne by it at these sites 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' REVIEW REPORT The Board of Directors and Stockholders The Louisiana Land and Exploration Company: We have reviewed the consolidated balance sheet of The Louisiana Land and Exploration Company and subsidiaries as of September 30, 1995, and the related consolidated statements of earnings (loss) and cash flows for the three-month and nine-month periods ended September 30, 1995 and 1994. These consolidated 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, 1994, 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 3, 1995, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 1994, is fairly presented, in all material respects, in relation to the consolidated balance sheet from which it has been derived. /KPMG PEAT MARWICK LLP KPMG PEAT MARWICK LLP New Orleans, Louisiana November 9, 1995 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. REVIEW OF OPERATIONS Third quarter operations resulted in pretax earnings of $2.8 million for the 1995 quarter and $18 million for the first nine months. These were significant improvements over the $18.6 million and $7.5 million pretax losses reported for the comparable 1994 quarter and first nine months, re- spectively. Higher oil and gas revenues, reduced depletion, depreciation and amortization (DD&A) and lower dry holes and exploratory charges contributed to the improvement. The prior year-to-date period also included $16.8 million of nonrecurring pretax gains; $10 million due to the reversal of a litigation accrual and $6.8 million from the sale of oil and gas properties. The comparable 1995 year-to-date period included $1.5 million of nonrecurring gains from oil and gas properties sold. OIL AND GAS OPERATIONS Revenues from the Company's oil and gas operations for the third quarter of 1995 were up $11 million from the third quarter of 1994. Liquids revenues were up $6 million primarily due to higher crude oil volumes ($7 million), which more than offset the effect of lower prices ($2 million). Natural gas revenues were up $5 million as a result of higher deliveries ($8 million), which were partially offset by lower prices ($3 million). In the first nine months of 1995, revenues from the Company's oil and gas operations were up $27 million from the comparable 1994 period. Liquids revenues were up $39 million primarily as a result of higher crude oil prices ($22 million) and volumes ($12 million). Even though natural gas deliveries increased ($17 million), natural gas revenues were down approximately $11 million due to lower prices ($28 million). Crude oil volumes in the third quarter and first nine months of 1995 increased 4900 and 3000 barrels per day, respectively, from the comparable 1994 periods primarily due to higher North Sea and other foreign volumes. The North Sea volumes were up due to a short-term increase in T-Block production following a maintenance shutdown and rising production at the East Brae Field. These increases more than offset natural production declines at mature Brae fields. Volumes from other foreign operations were up in 1995 primarily due to the initiation of oil production from the KG Field and entitlement adjustments in the Kakap Concession, offshore Indonesia. Domestic volumes were lower in both the 1995 third quarter and first nine months primarily due to natural declines and production interruptions resulting from weather, maintenance, and drilling activities. The decline in domestic volumes was partially offset by production from new wells onstream. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (CONTINUED) Natural gas deliveries were up 34 million and 31 million cubic feet per day in the third quarter and first nine months of 1995, respectively, from the prior year periods primarily due to the late-1994 initiation of North Sea gas sales through the SAGE Pipeline System, new domestic wells coming onstream, and the return to production of domestic wells which were shut- in for repairs and maintenance in the comparable prior year periods. While deliveries by the Company's 50%-owned affiliate, CLAM, were down in the 1995 third quarter, higher deliveries for the first nine months also contributed to the increase. These increases were partially offset by the effects of natural declines at mature producing properties, the voluntary curtailment of domestic natural gas deliveries due to low prices, domestic wells shut-in for weather, maintenance and drilling activities, and the sale of certain oil and gas properties since the 1994 comparable periods. Lease operating and facility expenses (LOE) were higher in the 1995 periods due to volume-related increases in operating costs and facilities expenses. DD&A was down from the comparable 1994 third quarter and first nine months ($4 million and $21 million, respectively) primarily due to the impact of the 1994 write-down of petroleum assets ($12 million and $38 million, respectively) and natural production declines on mature producing properties ($3 million and $19 million, respectively). These reductions were partially offset by DD&A associated with new wells onstream since the 1994 periods ($9 million and $15 million, respectively) and higher production at T-Block and Brae Field ($5 million and $17 million, respectively). Dry hole and exploratory charges were down for both 1995 periods due to the write-off of fewer exploratory wells and lower seismic costs incurred. General, administrative and other expenses were reduced in each of the current year periods from 1994 levels. Interest and debt expenses increased due to higher interest rates and a reduction in interest capitalized on qualifying projects. REFINING OPERATIONS Refining operations resulted in a $.4 million pretax operating loss for the third quarter of 1995, compared to the $2.9 million operating loss reported in the 1994 quarter. Increased revenue due to higher sales volumes ($8 million) offset the impact of lower product prices ($2 million) and higher crude oil feedstock costs ($4 million). For the first nine months of 1995, refining operations resulted in a $1.4 million pretax operating profit, which was an improvement from the $.9 million operating loss reported in the comparable 1994 period. Increased revenue due to higher product prices ($18 million) were partially offset by reduced sales volumes ($11 million) and increased feedstock costs ($4 million). LIQUIDITY AND CAPITAL RESOURCES In the first nine months of 1995, the Company generated approximately $163 million in cash from operations. However, cash and equivalents were reduced $5 million from the December 31, 1994 level primarily as the result of expenditures for capital projects ($134 million), reductions of long-term debt ($28 million) and dividends paid ($6 million). The Company expects to fund its 1995 expenditures, including capital and exploration expenditures of approximately $202 million, primarily from operating cash flows and partially from the proceeds from sales of nonstrategic assets. The Company does not expect to realize any significant losses from these sales. However, the Company expects to supplement its working capital, from time-to-time, through its commercial paper program and its existing revolving credit facility. Near the end of the third quarter, the Company agreed to sell its remaining oil and gas assets in Canada. The sale, which was closed in early October at a price of approximately $13 million, resulted in a minimal pretax loss. Effective with July production the Company initiated a natural gas hedging program designed to minimize price risks covering substantially all of its domestic gas production for the second half of the year. Gains and losses under this program are offset by losses and gains on the hedged natural gas production. The hedging program consists of a series of monthly forward sales at fixed prices combined with purchased call options which together establish an average floor price of approximately $1.75 per MCF for the period and allow the Company to participate in gas price increases more than $0.15 above the floor price. The Company had a $450 million reducing revolving credit facility under which the participating banks' lending commitments were to be reduced by $20 million quarterly from June 1995 through September 2000. In June 1995, the facility was replaced by a $450 million revolving credit facility due June 30, 2000. In March 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 121 (SFAS No. 121), "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". SFAS No. 121 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. SFAS No. 121 is effective for financial statements for fiscal years beginning after December 15, 1995. Earlier application is encouraged. Based on current economic conditions, the Company presently estimates that adoption of SFAS No. 121 would not have a material adverse affect on its financial position or results of operations. 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 Nine months ended September 30, September 30, 1995 1994 1995 1994 _____________________________________________________________________________________ Sales to unaffiliated customers: Domestic $ 169.0 166.0 494.5 517.0 North Sea 33.3 26.4 99.6 60.4 Other foreign 10.1 5.2 20.3 13.8 _____________________________________________________________________________________ 212.4 197.6 614.4 591.2 Interest and other income (.4) .3 3.8 4.1 _____________________________________________________________________________________ Total revenues $ 212.0 197.9 618.2 595.3 _____________________________________________________________________________________ Earnings (loss) before income taxes: Operating profit (loss): Domestic 19.5 6.3 63.9 46.7 North Sea 9.6 4.3 27.0 4.0 Other foreign (4.5) (10.4) (12.7) (16.8) _____________________________________________________________________________________ 24.6 .2 78.2 33.9 Other income (expense), net (21.8) (18.8) (60.2) (41.4) _____________________________________________________________________________________ Earnings (loss) before income taxes $ 2.8 (18.6) 18.0 (7.5) _____________________________________________________________________________________ Capital expenditures: Exploration: Domestic 14.4 12.2 37.2 35.6 North Sea - .8 .4 1.6 Other foreign 5.0 5.0 13.2 12.7 _____________________________________________________________________________________ 19.4 18.0 50.8 49.9 _____________________________________________________________________________________ Development: Domestic 16.3 25.6 44.7 62.3 North Sea 2.8 4.3 9.9 13.8 Other foreign 2.3 4.1 9.3 9.4 _____________________________________________________________________________________ 21.4 34.0 63.9 85.5 _____________________________________________________________________________________ 40.8 52.0 114.7 135.4 Refining and marketing 1.1 2.8 2.7 9.6 _____________________________________________________________________________________ 41.9 54.8 117.4 145.0 Capitalized interest 3.5 5.1 12.1 16.6 Other .8 1.2 3.2 2.5 _____________________________________________________________________________________ $ 46.2 61.1 132.7 164.1 _____________________________________________________________________________________
THE LOUISIANA LAND AND EXPLORATION COMPANY OPERATING DATA
Three months ended Nine months ended September 30, September 30, 1995 1994 1995 1994 _____________________________________________________________________________________ OIL AND GAS OPERATIONS1 CRUDE AND CONDENSATE2 Production (thousands of barrels per day): Domestic 20.1 21.9 20.8 22.8 North Sea 18.3 16.1 17.2 13.6 Other foreign 7.4 2.9 4.9 3.5 _____________________________________________________________________________________ 45.8 40.9 42.9 39.9 _____________________________________________________________________________________ Average price received (per barrel): Domestic $17.47 17.66 18.16 16.15 North Sea 16.52 17.17 17.31 15.73 Other foreign 14.87 15.94 14.90 12.42 Consolidated 16.67 17.35 17.45 15.68 _____________________________________________________________________________________ PLANT PRODUCTS Production (thousands of barrels per day): Domestic 2.6 2.6 2.9 2.4 North Sea 1.1 .7 1.0 .5 _____________________________________________________________________________________ 3.7 3.3 3.9 2.9 _____________________________________________________________________________________ Average price received (per barrel): Domestic $11.58 10.16 11.43 9.70 North Sea 11.83 11.07 13.37 11.51 Consolidated 11.66 10.35 11.92 10.00 _____________________________________________________________________________________ NATURAL GAS Production (millions of cubic feet per day): Domestic 229.5 215.7 237.0 232.8 North Sea 27.1 1.1 25.1 .6 Other foreign .9 2.4 1.8 3.0 CLAM Petroleum Company 26.1 29.9 39.7 35.9 _____________________________________________________________________________________ 283.6 249.1 303.6 272.3 _____________________________________________________________________________________ Average price received (per MCF): Domestic $ 1.78 1.78 1.65 2.05 North Sea 1.74 2.62 2.14 2.34 Other foreign 0.74 1.87 .68 1.79 CLAM Petroleum Company 2.72 2.25 2.64 2.19 Consolidated 1.86 1.84 1.81 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 Nine months ended September 30, September 30, 1995 1994 1995 1994 _____________________________________________________________________________________ REFINING OPERATIONS Refining Operating Profit (Loss): Revenues: Refined products* $103.3 97.2 294.9 288.2 Other .1 .5 .2 1.7 _____________________________________________________________________________________ 103.4 97.7 295.1 289.9 _____________________________________________________________________________________ Cost and expenses: Cost of sales* 92.7 88.6 260.3 256.4 Operating expenses 9.8 10.2 29.8 29.5 Depreciation .5 .9 1.3 2.4 Taxes, other than income .8 .9 2.3 2.5 _____________________________________________________________________________________ 103.8 100.6 293.7 290.8 _____________________________________________________________________________________ $ (.4) (2.9) 1.4 (.9) _____________________________________________________________________________________ *Before the elimination of intercompany transfers to the Company's refinery $ 6.2 4.9 22.4 17.6 _____________________________________________________________________________________ Sales (thousands of barrels per day) 54.2 50.3 51.2 53.3 _____________________________________________________________________________________ Average price received (per barrel) $20.71 21.04 21.11 19.82 _____________________________________________________________________________________ _____________________________________________________________________________________ GROSS WELLS DRILLED Working Interest Exploratory: Oil 4 - 5 3 Gas - 5 8 10 Dry 3 6 7 10 _____________________________________________________________________________________ 7 11 20 23 _____________________________________________________________________________________ Development: Oil 7 3 14 5 Gas 2 7 4 10 Dry - - - - _____________________________________________________________________________________ 9 10 18 15 _____________________________________________________________________________________ Total working interest 16 21 38 38 Royalty Interest 9 4 20 18 _____________________________________________________________________________________ Total wells 25 25 58 56 _____________________________________________________________________________________ NET WELLS DRILLED Exploratory: Oil 1.4 - 1.8 .9 Gas - 1.9 3.6 4.9 Dry 1.3 4.3 2.7 6.4 _____________________________________________________________________________________ 2.7 6.2 8.1 12.2 _____________________________________________________________________________________ Development: Oil 1.3 .2 2.2 .7 Gas .7 2.0 1.2 2.6 Dry - - - - _____________________________________________________________________________________ 2.0 2.2 3.4 3.3 _____________________________________________________________________________________ Total net wells 4.7 8.4 11.5 15.5 _____________________________________________________________________________________
PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: Exhibit 27 - Financial Data Schedule (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: November 13, 1995 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF EARNINGS (LOSS) OF THE LOUISIANA LAND AND EXPLORATION COMPANY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 SEP-30-1995 7,600 0 118,200 0 20,700 155,000 3,136,000 1,913,000 1,431,700 154,200 711,700 5,700 0 0 358,100 1,431,700 614,400 618,200 0 541,000 30,300 0 28,900 18,000 6,300 11,700 0 0 0 11,700 .35 .35 -----END PRIVACY-ENHANCED MESSAGE-----