-----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, M2Vf6tJeDEb+ow7bZHuwZbrQyyo6zE6HfBPyW3AEgOVCSy8JAz1cWzRh7SMRrCh5 90aMSpYtBrIiZeEDbaiMwA== 0000060512-96-000004.txt : 19960513 0000060512-96-000004.hdr.sgml : 19960513 ACCESSION NUMBER: 0000060512-96-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 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: 96559286 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 MARCH 31, 1996 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 1, 1996 CAPITAL STOCK, $.15 PAR VALUE 33,967,905 SHARES THE LOUISIANA LAND AND EXPLORATION COMPANY INDEX Page Number _________________________________________________________________ PART I. FINANCIAL INFORMATION: Item 1. Financial Statements: (The March 31, 1996 and 1995 consolidated financial statements included in this filing on Form 10-Q have been reviewed by KPMG Peat Marwick LLP, independent auditors, in accordance with established professional standards and procedures for such a review. The report of KPMG Peat Marwick LLP commenting upon their review is included herein.) Consolidated Balance Sheets - March 31, 1996 and December 31, 1995............................. 3 Consolidated Statements of Earnings - three months ended March 31, 1996 and 1995................. 4 Consolidated Statements of Cash Flows - three months ended March 31, 1996 and 1995................. 5 Notes to Consolidated Financial Statements........ 6-7 Independent Auditors' Review Report............... 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................... 9-11 Petroleum Segment Information......................... 12 Operating Data........................................ 13-14 PART II. OTHER INFORMATION: Item 6. Exhibits and Reports on Form 8-K............ 15 Part I. FINANCIAL INFORMATION Item 1. Financial Statements. THE LOUISIANA LAND AND EXPLORATION COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) CURRENT ASSETS: Cash, including cash equivalents (March 31, 1996-$.7; December 31, 1995-$1.0) $ 9.2 10.3 Accounts and notes receivable, principally trade 144.5 143.6 Income taxes receivable .4 .2 Inventories 35.0 38.7 Prepaid expenses 8.6 12.9 Deferred income taxes .9 .9 _____________________________________________________________________________________ TOTAL CURRENT ASSETS 198.6 206.6 _____________________________________________________________________________________ Investments in affiliates 21.2 19.9 Property, plant and equipment 3,150.9 3,120.9 Less accumulated depletion, depreciation and amortization (1,956.2) (1,913.3) _____________________________________________________________________________________ NET PROPERTY, PLANT AND EQUIPMENT 1,194.7 1,207.6 _____________________________________________________________________________________ Other assets 32.5 33.6 _____________________________________________________________________________________ $ 1,447.0 1,467.7 _____________________________________________________________________________________ LIABILITIES AND STOCKHOLDERS' EQUITY _____________________________________________________________________________________ CURRENT LIABILITIES: Accounts payable and accrued expenses 187.5 199.8 Income taxes payable 3.6 .8 _____________________________________________________________________________________ TOTAL CURRENT LIABILITIES 191.1 200.6 _____________________________________________________________________________________ Deferred income taxes 56.4 49.6 Long-term debt 642.5 691.6 Other liabilities 159.6 155.2 _____________________________________________________________________________________ STOCKHOLDERS' EQUITY: Capital stock 5.1 5.0 Additional paid-in capital 22.2 14.8 Retained earnings 371.4 352.8 _____________________________________________________________________________________ 398.7 372.6 Loans to ESOP (1.3) (1.9) _____________________________________________________________________________________ TOTAL STOCKHOLDERS' EQUITY 397.4 370.7 _____________________________________________________________________________________ $ 1,447.0 1,467.7 _____________________________________________________________________________________ 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, 1996 1995 _____________________________________________________________________________________ REVENUES: Oil and gas $147.7 109.1 Refined products 114.8 82.2 Other 3.7 1.8 _____________________________________________________________________________________ 266.2 193.1 _____________________________________________________________________________________ COSTS AND EXPENSES: Lease operating and facility expenses 30.0 29.5 Refinery cost of sales and operating expenses 114.4 79.6 Dry holes and exploratory charges 21.5 15.2 Depletion, depreciation and amortization 43.5 36.9 Taxes, other than on earnings 6.2 6.4 General, administrative and other expenses 9.6 10.7 Interest and debt expenses 9.2 9.4 _____________________________________________________________________________________ 234.4 187.7 _____________________________________________________________________________________ Earnings before income taxes 31.8 5.4 Income tax expense 11.2 1.9 _____________________________________________________________________________________ NET EARNINGS $ 20.6 3.5 _____________________________________________________________________________________ EARNINGS PER SHARE $ 0.61 0.11 _____________________________________________________________________________________ AVERAGE SHARES 33.7 33.5 _____________________________________________________________________________________ CASH DIVIDENDS PER SHARE $ 0.06 0.06 _____________________________________________________________________________________ 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, 1996 1995 _____________________________________________________________________________________ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 20.6 3.5 Adjustments to reconcile to cash flows from operations: Depletion, depreciation and amortization 43.5 36.9 Deferred income taxes 6.8 - Dry holes and impairment charges 13.3 8.5 Other .4 (1.6) _____________________________________________________________________________________ 84.6 47.3 Changes in operating assets and liabilities: Net (increase) decrease in receivables (3.4) 28.2 Net decrease in inventories 3.7 7.4 Net decrease in prepaid items 4.3 2.0 Net decrease in payables (7.0) (36.2) Other (6.3) (3.0) _____________________________________________________________________________________ NET CASH FLOWS FROM OPERATING ACTIVITIES 75.9 45.7 _____________________________________________________________________________________ CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (43.4) (52.3) Proceeds from asset sales .1 2.7 Other 3.3 (2.1) _____________________________________________________________________________________ Net cash flows from investing activities (40.0) (51.7) _____________________________________________________________________________________ CASH FLOWS FROM FINANCING ACTIVITIES: Additions to long-term debt 42.9 12.3 Repayments of long-term debt (92.0) (9.5) Advances against cash surrender value 9.6 9.0 Dividends (2.0) (2.0) Repayment of loans to ESOP .6 .8 Other 3.9 (4.8) _____________________________________________________________________________________ NET CASH FLOWS FROM FINANCING ACTIVITIES (37.0) 5.8 _____________________________________________________________________________________ DECREASE IN CASH AND CASH EQUIVALENTS $ (1.1) (.2) _____________________________________________________________________________________ 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, 1996, and the results of operations and cash flows for the three-month periods ended March 31, 1996 and 1995. Maryland General Corporate Law was amended whereby repurchased stock of a corporation constitutes authorized but unissued stock rather than treasury stock. Accordingly, effective January 1, 1994, the par value of treasury stock ($.7 million) has been reclassed as a reduction of capital stock issued. The cost of treasury stock in excess of par value has been charged to additional paid-in capital ($81.5 million), to the extent available, and the balance ($82.2 million) has been charged to retained earnings. All capital stock transactions subsequent to January 1, 1994 are reflected as either issuances or retirements of capital stock. This change in the law had no effect on total stockholders' equity. 2. For the three months ended March 31, 1996 and 1995, interest costs incurred were $12.6 million and $13.6 million, respectively, of which $3.4 million and $4.2 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, 1995. Accordingly, the following unaudited summarized consolidated income statement information for MaraLou and its consolidated subsidiary, CLAM, for the three-month periods ended March 31, 1996 and 1995 are presented in accordance with Regulation S-X, Rule 10-01(b).
(Unaudited) Three months ended March 31, 1996 1995 _________________________________________________________________________________ Gross revenues $ 31.7 25.0 _________________________________________________________________________________ Operating profit 16.9 12.5 _________________________________________________________________________________ Net earnings 8.0 5.4 _________________________________________________________________________________ /TABLE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. The Company has been notified by the U.S. Environmental Protection Agency that it is one of many Potentially Responsible Parties (PRP) with respect to certain National Priorities List sites. Based on its evaluation of the potential 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 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, 1996, and the related consolidated statements of earnings and cash flows for the three-month periods ended March 31, 1996 and 1995. 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, 1995, 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 2, 1996, 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, 1995, 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 May 10, 1996 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. REVIEW OF OPERATIONS First quarter 1996 net earnings totaled $20.6 million, up significantly from the $3.5 million earned in the first quarter of 1995. The improvement in net earnings resulted from a 35% increase in oil and gas revenues due to higher natural gas volumes and improved product prices. OIL AND GAS OPERATIONS Revenues from the Company's oil and gas operations were up almost $39 million from the first quarter of 1995. Liquids revenues were up $1 million due to the effect of higher worldwide crude oil prices ($6 million) which more than offset the effect of reduced volumes ($5 million). Natural gas revenues were up $36 million as a result of higher deliveries ($5 million) and prices ($31 million). Crude oil volumes were 2300 barrels per day (BPD) lower than first quarter 1995 volumes. Domestic and North Sea operations were down 1700 BPD and 1500 BPD, respectively, primarily due to natural declines at mature properties and increased downtime due to drilling, maintenance and repair activities. New wells onstream at south Louisiana properties and the Brae Complex partially offset these production declines. Other foreign operations were up 900 BPD primarily due to new wells coming onstream in mid-1995 from the KAKAP concession, offshore Indonesia. The increase in other foreign production was partially offset by natural declines at mature properties and the effect of the 1995 sale of the Company's Canadian properties. Natural gas deliveries were up 37 million cubic feet per day from the prior year first quarter primarily due to higher domestic and North Sea production. Domestic deliveries were up due to new domestic wells onstream and the weather-related demand for natural gas which resulted in the return to production of domestic wells which had been voluntarily curtailed due to low prices during the prior year period. The higher domestic deliveries were partially offset by the effects of natural declines at mature producing properties and the sale of certain oil and gas properties since the 1995 quarter. North Sea deliveries were up due to increased demand caused by colder than normal weather. Also, contributing to the increase, were higher volumes from the Company's 50%-owned affiliate, CLAM Petroleum Company. Other foreign production was down due to the sale of Canadian properties. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. (Continued) Costs and expenses were higher in the first quarter of 1996. Lease operating and facility expenses (LOE) were up marginally as reductions in operating costs almost offset higher workover costs, repair charges and facilities expenses. Depletion, depreciation and amortization (DD&A) was up $7 million as a result of the DD&A associated with new wells onstream. Dry holes and exploratory charges increased due to the write-off of an increased number of unsuccessful exploratory wells and higher seismic costs incurred. Interest and debt expenses were essentially unchanged from the 1995 quarter as a decline in interest incurred on a lower debt level was offset by reduced interest capitalized on qualifying projects. REFINING OPERATIONS Refining operations resulted in a $.3 million pretax operating loss for the first quarter of 1996, which was down from the $1.4 million pretax operating profit reported in the comparable 1995 quarter. This resulted primarily from volume related increases in crude oil feedstock costs ($31 million) and operating expenses ($2 million) which more than offset the favorable impact of higher sales volumes ($27 million) and product prices ($4 million). LIQUIDITY AND CAPITAL RESOURCES In the first quarter of 1996, the Company generated approximately $76 million in cash from operations. However, cash and equivalents were reduced $1 million from the December 31, 1995 level primarily as the result of expenditures for capital projects ($43 million), reductions of long-term debt ($49 million) and dividends paid ($2 million). The Company's cash position was supplemented with advances against cash surrender values of life insurance policies ($10 million). In 1995, the Company initiated a hedging program designed to minimize the price risks associated with future natural gas and crude oil pro- duction. This program utilizes futures, forwards, options and swap contracts in series of transactions designed to set a floor price for future production and at the same time allow the Company to participate in market price increases above a set level over the floor price. At March 31, 1996, approximately 69 trillion British Thermal Units (BTU) of domestic gas production for the remainder of 1996 were covered by a series of transactions designed to set an average floor price of $1.79 per million BTU and at the same time allow the Company to participate in natural gas Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. (Continued) price increases more than $0.19 per million BTU above the floor price. For 1997, approximately 40 trillion BTU of domestic gas production were similarly hedged at an average floor price of $1.82 per million BTU with the Company participating in price increases more than $0.15 per million BTU above the floor price. While these transactions have no carrying value, their fair value, represented by the estimated amount that would be required to terminate the contracts, was a net cost of $4.9 million for the 1996 hedges and a net benefit of $1.1 million for the 1997 hedges. (The Company estimates that its domestic natural gas production averages approximately 1.07 million BTU for each thousand cubic feet.) In addition, approximately 4.7 million barrels of the Company's worldwide 1996 crude oil production for the period of April through August were similarly hedged at an average floor price of $18.90 per barrel with the Company participating in price increases more than $1.25 per barrel above the floor price. These transactions also do not have carrying values, but their fair value at March 31, 1996 amounted to a net benefit of $.9 million. The Company expects to fund its 1996 expenditures, including an increased level of capital and exploration expenditures of approximately $237 million, primarily from operating cash flows. The Company continues to pursue the sale or other alternatives for its Mobile Refinery. The Company's expenditures are continually reviewed, and revised as necessary, based on perceived current and long-term economic conditions. CAPITAL STOCK, DIVIDENDS AND OTHER MARKET DATA As more fully discussed in Note 14 of "Notes to Consolidated Financial Statements" in the Company's 1995 Annual Report to Shareholders, the Company's Board of Directors in 1986 declared a dividend to shareholders consisting of Capital Stock Purchase Rights ("Rights") issued under the Shareholder Rights Agreement ("Agreement") to protect shareholders. At its regularly scheduled meeting held on May 9, 1996, the Board of Directors has amended and restated the terms of the Agreement to extend the expiration date to June 6, 2006, increase the exercise price of Rights to $175, lower the ownership threshold at which Rights become exercisable to 20% and eliminate the provision that excluded an all-cash offer made to shareholders for all outstanding shares. 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, 1996 1995 _____________________________________________________________________________________ Sales to unaffiliated customers: Domestic $218.9 152.6 North Sea 37.1 34.9 Other foreign 6.5 3.8 _____________________________________________________________________________________ 262.5 191.3 Interest and other income 3.7 1.8 _____________________________________________________________________________________ Total revenues $266.2 193.1 _____________________________________________________________________________________ Earnings (loss) before income taxes: Operating profit (loss): Domestic 41.7 18.7 North Sea 12.1 10.4 Other foreign (4.3) (3.7) _____________________________________________________________________________________ 49.5 25.4 Other income (expense), net (17.7) (20.0) _____________________________________________________________________________________ Earnings before income taxes $ 31.8 5.4 _____________________________________________________________________________________ Capital expenditures: Exploration: Domestic 17.9 11.7 North Sea - - Other foreign 2.1 3.9 _____________________________________________________________________________________ 20.0 15.6 _____________________________________________________________________________________ Development: Domestic 10.2 12.3 North Sea 6.0 2.7 Other foreign 2.4 3.8 _____________________________________________________________________________________ 18.6 18.8 _____________________________________________________________________________________ 38.6 34.4 Refining and marketing .3 1.1 _____________________________________________________________________________________ 38.9 35.5 Capitalized interest 3.4 4.2 Other .5 1.5 _____________________________________________________________________________________ $ 42.8 41.2 _____________________________________________________________________________________
THE LOUISIANA LAND AND EXPLORATION COMPANY OPERATING DATA
Three months ended March 31, 1996 1995 _____________________________________________________________________________________ OIL AND GAS OPERATIONS1 CRUDE AND CONDENSATE2 Production (thousands of barrels per day): Domestic 19.9 21.6 North Sea 16.3 17.8 Other foreign 4.0 3.1 _____________________________________________________________________________________ 40.2 42.5 _____________________________________________________________________________________ Average price received (per barrel): Domestic $19.06 17.88 North Sea 18.76 17.27 Other foreign 17.68 12.94 Consolidated 18.80 17.27 _____________________________________________________________________________________ PLANT PRODUCTS Production (thousands of barrels per day): Domestic 1.9 3.4 North Sea .9 1.0 _____________________________________________________________________________________ 2.8 4.4 _____________________________________________________________________________________ Average price received (per barrel): Domestic $12.35 11.26 North Sea 16.56 15.89 Consolidated 13.71 12.34 _____________________________________________________________________________________ NATURAL GAS Production (millions of cubic feet per day): Domestic 255.2 232.8 North Sea 37.9 27.4 Other foreign - 2.4 CLAM Petroleum Company 60.0 53.6 _____________________________________________________________________________________ 353.1 316.2 _____________________________________________________________________________________ Average price received (per MCF): Domestic $ 2.87 1.51 North Sea 2.22 2.38 Other foreign - 0.72 CLAM Petroleum Company 2.83 2.49 Consolidated 2.80 1.75 _____________________________________________________________________________________ 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, (Millions of dollars) 1996 1995 ____________________________________________________________________________________ REFINING OPERATIONS Refining Operating Profit (Loss): Revenues: Refined products* $121.1 90.5 Other .1 - ____________________________________________________________________________________ 121.2 90.5 ____________________________________________________________________________________ Cost and expenses: Cost of sales* 109.2 78.0 Operating expenses 11.5 9.9 Depreciation .4 .4 Taxes, other than income .4 .8 ____________________________________________________________________________________ 121.5 89.1 ____________________________________________________________________________________ $ (.3) 1.4 ____________________________________________________________________________________ *Before the elimination of intercompany transfers to the Company's refinery $ 6.3 8.3 ____________________________________________________________________________________ Sales (thousands of barrels per day) 63.3 49.5 ____________________________________________________________________________________ Average price received (per barrel) $21.02 20.31 ____________________________________________________________________________________ ____________________________________________________________________________________ GROSS WELLS DRILLED Working Interest Exploratory: Oil 2 - Gas 2 7 Dry 3 1 ____________________________________________________________________________________ 7 8 ____________________________________________________________________________________ Development: Oil 5 2 Gas 1 2 Dry - - ____________________________________________________________________________________ 6 4 ____________________________________________________________________________________ Total working interest 13 12 Royalty Interest 2 5 ____________________________________________________________________________________ Total wells 15 17 ____________________________________________________________________________________ NET WELLS DRILLED Exploratory: Oil .7 - Gas 1.0 3.3 Dry .9 .7 ____________________________________________________________________________________ 2.6 4.0 ____________________________________________________________________________________ Development: Oil .6 .4 Gas .5 .5 Dry - - ____________________________________________________________________________________ 1.1 .9 ____________________________________________________________________________________ Total net wells 3.7 4.9 ____________________________________________________________________________________
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 SIGNATURE 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 10, 1996 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF EARNINGS OF THE LOUISIANA LAND AND EXPLORATION COMPANY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1996 MAR-31-1996 9,200 0 144,900 0 35,000 198,600 3,150,900 1,956,200 1,447,000 191,100 642,500 5,100 0 0 392,300 1,447,000 262,500 266,200 0 215,600 9,600 0 9,200 31,800 11,200 20,600 0 0 0 20,600 .61 .61 -----END PRIVACY-ENHANCED MESSAGE-----